Groupe Bruxelles Lambert : Results as of September 30, 2022

Delivering meaningful growth

November 3, 2022 - After 5:45pm CET

Regulated information

Results as of September 30, 2022

GBL is providing its shareholders with stability

through the execution of its strategy in a complex environment

• Announcement of a FY22 dividend per share of EUR 2.751, stable compared to the prior year
• Continued share buybacks, bringing the total to EUR 507 million over the nine months of 2022
• Sales growth of consolidated private companies of + 24%2 over nine months compared to the same period in 2021
• Continued rollout of Sienna's new third-party asset management activities
• Net asset value ("NAV3") per share of EUR 112.39, down - 3.6% compared to the end of June (EUR 116.53) and - 20%4 since the beginning of the year, while private and alternative assets are up + 2.7%5 in the third quarter, representing NAV per share of EUR 46.34 at the end of September

Ian Gallienne, CEO of GBL, stated, "In an uncertain market environment, GBL's strengths will contribute to long-term performance - a strong liquidity profile, long-term vision, attractive returns to our shareholders, discipline in the deployment of private and alternative assets and proximity to our portfolio companies."

1. In the absence of major events and subject to approval of GBL's General Meeting scheduled for May 4, 2023 (see section 5)
2. Including external growth
3. Alternative performance indicators are defined in the glossary available on GBL's website:https://www.gbl.be/en/glossary
4. Adjusted for the dividend paid in May 2022
5. Prior to taking into account new investments in Sanoptis and Affidea

Press release November 3, 2022 // Page 1 / 16 // For more information: https://www.gbl.be/en

Key financial data1

EUR million	End of September			End of December
					Variation2
(Group's share)	2022	2021	2021
Consolidated net result	(473)	291	279	(763)
Consolidated net result per share3	(3.21)	1.91	1.83	(5.12)
Cash earnings	377	444	474	- 15.0%
Cash earnings per share3	2.47	2.75	3.03	- 10.3%
Net asset value	17,196	22,489	22,501	- 23.6%
Net asset value per share3	112.39	139.37	143.91	- 21.9%
Market capitalization	10,998	15,342	15,348	- 28.3%
Market capitalization per share3	71.88	95.08	98.16	- 26.8%
Discount	36.0%	31.8%	31.8%	+ 4.3%
Net investments/(divestments)4	2,008	(872)	(624)	2,880
Net cash/(Net debt)	(3,122)	(737)	(990)	(2,132)
Loan To Value	15.7%	3.3%	4.3%	+ 11.4%

Strong growth in revenues of consolidated private companies

For the portfolio's consolidated private assets, growth on a pro forma basis as of September 30, 2022 compared to the same period of 2021 is + 24%5 and consists of the following:

EUR million
	Webhelp	Canyon6	Sanoptis7	Affidea8	Total
September 30, 2022	1,797.4	502.7	232.09	539.6	3,071.7
September 30, 2021	1,502.8	370.9	194.39	417.9	2,485.9
Variation	+ 19.6%	+ 35.5%	+ 19.4%	+ 29.1%	+ 23.6%

1. Alternative performance indicators are defined in the glossary available on GBL's website:https://www.gbl.be/en/glossary
2. Variation between September 2022 and September 2021 for the consolidated net result, cash earnings and net investments/(divestments), and between September 2022 and December 2021 for net asset value, market capitalization, discount, net debt and Loan To Value
3. Calculation per share based on the number of shares issued as of September 30, 2022, December 31, 2021 and September 30, 2021 (153.0 million, 156.4 million and 161.4 million respectively), except for the net result per share which refers, in accordance with IFRS, to the weighted average number of shares (147.3 million as of September 30, 2022)
4. Including returns to Sienna
5. Including external growth
6. Canyon has been consolidated by GBL since March 2021
7. Sanoptis has been consolidated by GBL since July 2022
8. Affidea has been consolidated by GBL since July 2022
9. Non-IFRSfigures

Press release November 3, 2022 // Page 2 / 16 // For more information: https://www.gbl.be/en

A market environment that remains volatile for listed assets

The sharp market volatility that marked the beginning of 2022 has not abated. New challenges surfaced in the third quarter such as drastic currency swings, particularly against the dollar, accelerating global inflation and the fastest rate of interest rate hikes in several decades. These factors accentuated market volatility, weighing on the stock market performances of companies and indexes. For GBL, the share prices of nine of its ten listed investments declined over the first nine months of the year, constituting the most significant impact on the evolution of net asset value. GBL's net asset value per share as of September 30, 2022 totaled EUR 112.39, down - 19% compared to the end of September 2021 and - 22% compared to the end of December 2021 (- 20% adjusted for the dividend paid in May 2022).

Good resilience of private assets and Sienna

In contrast, private and alternative assets (Sienna), representing respectively 23% and 14% of the portfolio as of September 30, 2022, held up in the third quarter.

Private assets were up1 + 4% in the third quarter and + 12% over the nine months. All assets recorded an increase in fair value2, testament to the high quality and strong growth of these businesses focused on attractive industries and sectors over the long term which we systematically seek out when selecting our investments.

In terms of alternative assets, Sienna also reported a slight increase in NAV3 in the third quarter. As in every quarter, a rigorous analysis of each investment was conducted and resulted in the write-down of two assets already written down in June. The rest of the portfolio is performing well.

Lower consolidated net income

Cash earnings as of September 30, 2022 declined - 15% compared to September 2021 to EUR 377 million, notably due to a lesser contribution, as expected, from reimbursements from withholding taxes as well as lower dividends from Holcim. Interest income from Sienna also declined, partially offset by the increase in the dividends from Imerys.

Consolidated net income amounted to EUR - 473 million at end September (EUR - 329 million at end June). In the third quarter, the change is mainly due to the contribution of consolidated companies (including the non-recurring items from the divestment of Imerys' activities). Year to date, the mark to market of Sienna's portfolio (in accordance with IFRS 9) accounts for most of this net income.

Active balance sheet management

In July 2022, the group increased its committed credit lines by EUR 300 million, bringing the total to EUR 2,450 million, of which EUR 500 million was drawn as of September 30, 2022. Separately, in August, the group issued a EUR 500 million, 7-year institutional bond with a 3.125% coupon, that was close to 3.3x oversubscribed. As of September 30, 2022, GBL's liquidity profile stood at EUR 3.1 billion. The Loan To Value at end September 2022 at 15.7% remains below the 25% upper limit that the group has set. In addition to the completion of major investments, it reflects the movement of financial markets.

Recognition of efforts made to integrate ESG criteria

In September 2022, the Principles for Responsible Investment ("PRI") awarded GBL top scores for several modules in its annual 2021 assessment.

1. Excluding recent investments Sanoptis and Affidea, which are valued at cost, these valuations being considered the best estimates of fair value
2. Unlisted investments are valued quarterly at their fair value in accordance with the recommendations of the International Private Equity and Venture Capital Valuation Guidelines (IPEV). Recent investments are valued at acquisition cost, provided that these valuations are considered the best estimates of fair value
3. Value corresponds to the sum of the various participations, at their fair value on the basis of information provided by the fund managers, to which is added Sienna's net cash or, where applicable, from which is deducted Sienna's external net debt

Press release November 3, 2022 // Page 3 / 16 // For more information: https://www.gbl.be/en

1. Portfolio rotation, net asset value and financial position evolution

1.1. Highlights as of September 30, 2022

Private investments: closing of strategic acquisitions in the growing and resilient healthcare sector

Affidea and Sanoptis: The closings of majority stake acquisitions in Affidea and Sanoptis for EUR 1,000 million and EUR 728 million, respectively, occurred in July 2022. These investments are the first of significant size in the healthcare sector for GBL and represent 39% of the group's private assets as of September 30, 2022. The third quarter results of these two companies are consolidated for the first time.

Sienna: ongoing transformation of Sienna Investment Managers into a third-party asset manager and results of Sienna Capital's proprietary business

Sienna Investment Managers made several key acquisitions for its third-party asset management business during the year. Following the completion of the major transactions of Sienna Gestion and Sienna Private Credit in March 2022, which increased third-party assets under management from EUR 6.6 billion at the end of December 2021 to more than EUR 30 billion at the end of March 2022, two new activities were created.

Sienna Private Equity: This private equity activity acquired a minority stake in Eight Advisory, a leading transaction, restructuring, transformation and financial engineering firm, to support its growth plan and its strengthening of organizational structure.

Sienna Venture Capital: The venture capital offering was announced in July 2022. Sienna Venture Capital aims to invest in companies and startups that it wants to see sustainably transform their industry and, more broadly, civil society.

Separately, the Board of Directors of Sienna Investment Managers has appointed, effective October 1, 2022, Paul de Leusse as CEO. He will bring his general management experience and his extensive knowledge of the financial industry to support the transformation of this business.

In terms of proprietary investments, Ergon distributed EUR 56 million in July 2022 following the exit of Indo, the optical and ophthalmic equipment distributor. This transaction generated a capital gain of EUR 43 million.

Listed investments: completion of several disposals

Mowi: In June 2022, GBL sold approximately 3.5% of the capital, reducing its position from 7.0% at the end of 2021 to 3.5%, for proceeds of EUR 386 million. This operation generated a capital gain1 of EUR 86 million.

Holcim: GBL began in September to sell its position of 2.14% of the capital. From September 20 to September 30, 2022, the group entered into forward sales (expiring May 31, 2023) for a fraction of its holding, representing 0.30% of the capital (1.9 million shares), for a net amount of EUR 75 million. These sales will generate a net capital gain1, including a prefinancing cost, of EUR 7 million.

Other: In the first nine months of 2022, GBL disposed of EUR 165 million of undisclosed assets.

Treasury share buybacks: continuation in the context of a significant discount

During the first nine months of 2022, GBL acquired, directly and through its subsidiaries, 5,844,756 GBL shares, representing 3.82% of the capital as of September 30, 2022, for EUR 507 million. Some of these shares were acquired within the framework of a fifth envelope of EUR 500 million approved by the Board of Directors on May 5, 2022. At the end of September 2022, this envelope was 35.8% executed.

1 In accordance with IFRS 9, capital gains from disposals do not impact GBL's net consolidated result

Press release November 3, 2022 // Page 4 / 16 // For more information: https://www.gbl.be/en

1.2. Net asset value

As of September 30, 2022, GBL's net asset value amounts to EUR 17.2 billion (EUR 112.39 per share) compared to EUR 22.5 billion (EUR 143.91 per share) at year-end 2021, i.e., a decrease of - 23.6% (EUR - 31.52 per share). Relative to the stock price of EUR 71.88, the discount as of end September 2022 stands at 36.0%, an increase of + 4.3% compared to year-end 2021.

		September 30, 2022		December 31, 2021
	% in	Stock	(EUR million)	% in	Stock	(EUR million)
	capital	price (EUR)1		capital	price (EUR)1
Listed assets			12,476.7			16,933.11
Pernod Ricard	7.711	188.85	3,756.8	7.601	211.50	4,207.31
SGS	19.111	2,222.57	3,182.7	19.111	2,949.38	4,223.41
adidas	7.141	118.88	1,630.4	7.141	253.20	3,472.51
Imerys	54.641	31.06	1,441.5	54.641	36.54	1,695.81
Umicore	15.921	30.13	1,182.1	15.921	35.75	1,402.61
Holcim	2.141	42.86	563.9	2.141	45.02	592.31
GEA	6.411	33.34	378.8	6.291	48.09	455.3 2
Mowi	3.501	13.09	237.0	7.011	20.89	756.91
Ontex	19.981	5.52	90.7	19.981	6.99	115.01
TotalEnergies	0.011	48.28	12.9	0.011	44.63	11.91
Private assets			4,421.2			2,403.81
Webhelp	61.831		1,711.8	59.151		1,553.21
Affidea	99.511		1,000.2	-1		-1
Sanoptis	89.381		727.7	-1		-1
Canyon	50.013		429.1	51.873		348.61
Parques Reunidos	23.001		282.0	23.001		236.01
Voodoo	16.181		270.4	16.181		266.01
Sienna			2,669.1			3,181.9
Other			0.0			193.7
Portfolio			19,566.9			22,712.5
Treasury shares			751.1			778.91
Gross debt			(4,280.7)			(3,283.0)
Gross cash			1,158.2			2,292.51
Net asset value (global)			17,195.6			22,501.0
Net asset value (EUR p.s.)4			112.39			143.91
Stock price (EUR p.s.)			71.88			98.16
Discount			36.0%			31.8%

1. Share price converted in EUR based on (i) the ECB fixing of 0.9561 CHF/EUR as of September 30, 2022, and of 1.0331 CHF/EUR as of December 31, 2021 for SGS and Holcim and (ii) the ECB fixing of 10.5838 NOK/EUR as of September 30, 2022 and of 9.9888 NOK/EUR as of December 31, 2021 for Mowi
2. As of December 31, 2021, the value of the shares underlying the bonds exchangeable into GEA shares has been capped at the exchange price, i.e., EUR 40.00 per share
3. GBL's ownership in Canyon, excluding shares held by Sienna (additional indirect ownership of 1.37% as of September 30, 2022 and 1.45% as of December 31, 2021)
4. Based on 153,000,000 shares as of September 30, 2022 and 156,355,000 shares as of December 31, 2021

Press release November 3, 2022 // Page 5 / 16 // For more information: https://www.gbl.be/en