Results as of September 30, 2021

	November 4, 2021 - After 5:45pm CET
	Regulated information - Interim statement
Delivering meaningful growth	Results as of September 30, 2021

Accelerated strategy deployment with a focus on portfolio rotation, private and alternative assets and enhanced shareholder returns

• Net Asset Value rebound of + 24.9% over the last 12 months, outperforming the Stoxx Europe 50 (+ 20.5%), and a record high for GBL's share price
• Cash earnings up double digits
• Third share buyback envelope finalized in October 2021 and a fourth envelope doubled to EUR 500 million
• Cancellation of 5 million treasury shares approved at the Extraordinary General Meeting
• Portfolio rotation of EUR 3.9 billion, mainly due to investments in Sienna Investment Managers and private assets Canyon and Voodoo, and reduced positions in listed companies, Holcim in particular
• Private and alternative assets now 23.2% of the portfolio
• Rapid development in third party asset management through Sienna Investment Managers
• Reinforcement of internal structure with the appointment of Deputy CEO Bernard Delpit

Ian Gallienne, CEO of GBL, commented, "We accelerated the deployment of our strategy through ongoing portfolio rotation, prioritizing assets with more growth potential. We reduced our position in several listed companies, Holcim in particular. We increased our exposure to private and alternative assets, thereby creating a less replicable portfolio. In July, we took a position in Voodoo, a global leader in mobile gaming. Sienna Investment Managers, our alternative asset platform, has rapidly transformed into a third party asset manager following the L'Etoile Properties acquisition. I am impressed by our teams' agility in realizing these deals in a challenging market environment. Our 4.7 billion euro liquidity profile will enable us to pursue deals as we strive to sustainably grow net asset value."

Press release November 4, 2021 // Page 1 / 17 // For more information: www.gbl.be

Key financial data 1

EUR million	End of September	End of December
(Group's share)	2021	2020	2020	Variation 2
Consolidated net result	291	323	391	(32)
Cash earnings	444	395	440	+ 12.2%
Net asset value	22,489	18,008	20,498	+ 9.7%
Market capitalization	15,342	12,421	13,315	+ 15.2%
Discount	31.8%	31.0%	35.0%	- 3.3%
Net investments / (divestments)	(872)	1,333 3	1,433 3	(2,205)
Net cash / (Net debt)	(737)	(1,498)	(1,563)	826
Loan To Value	3.3%	7.9%	7.3%

Strong performance in a complex market environment

The macroeconomic context continues to be impacted by the Covid-19 pandemic and its ripple effects, although the situation has evolved significantly since the start of 2021. In the beginning of the year, the sanitary situation was not yet under control, leading to a series of lockdowns. As we have moved throughout the year, thanks to widespread vaccine campaigns, notably in Europe and North America, the health situation has improved, leading to a loosening of restrictions and an opening of the real economy. Despite their volatility, financial markets continued to rebound, and several major indices even reached record highs in the third quarter of 2021. However, certain effects related to the sanitary crisis, such as supply chain issues, continue to impact the economy.

As for GBL, net asset value reached EUR 22.5 billion as of September 30, 2021, up sharply by + 24.9% over the last 12 months and once again outperforming our reference index, the Stoxx Europe 50 (+ 20.5%).

We continued to outperform our reference index in terms of total shareholder returns. Over the last 12 months, GBL generated a total return of 27.0%, compared to 24.4% for the index. On a longer period, since the launch of our portfolio rebalancing strategy in 2012, which has entailed approximately EUR 25 billion in asset rotation, we have generated an annualized total return of 10.7% vs. 8.3% for the Stoxx Europe 50 at the end of September 2021.

Significant asset rotation, favoring private assets with promising growth potential

Despite the challenges of the market environment, over the first nine months of 2021, GBL pursued EUR 2.5 billion of disposals and EUR 1.4 billion of investments4, favoring private assets with greater growth prospects. In the third quarter of 2021, disposals and investments1 totaled EUR 99 million and EUR 517 million, respectively.

The most significant of the disposals has been Holcim, as GBL pursued stake reduction begun in the second half of 2019. In the first nine months of 2021, GBL reduced its stake from 7.57% to 2.14% of the group's capital through EUR 1,640 million of net disposals.

In the second quarter of 2021, GBL lowered its position in Umicore from 18.02% of the capital to 15.92% for an amount of EUR 256 million.

In the first nine months of 2021, GBL also reduced its position in GEA, from 8.51% of the capital to 6.64%, for an amount of EUR 118 million.

Over the period, GBL increased its exposure to private assets (23.2% of the portfolio as of September 30, 2021 vs. 17.2% as of December 31, 2020).

1. Alternative performance indicators are defined in the glossary available on GBL's website:https://www.gbl.be/en/glossary
2. Variation between September 2021 and September 2020 for the consolidated net result, cash earnings and net investments / (divestments), and between September 2021 and December 2020 for net asset value, market capitalization, discount and net debt
3. Excluding forward sales of TotalEnergies shares exercised in 2019 and having matured in January 2020
4. Excluding share buybacks

Press release November 4, 2021 // Page 2 / 17 // For more information: www.gbl.be

In July 2021, Webhelp, in which GBL has a 59.73% share as of September 30, 2021, announced its intent to acquire OneLink, an innovator in digitally-enabled customer experience ("CX"), BPO and technology services supporting tier one brands throughout the United States, Europe, and Latin America.

On August 9, 2021 GBL finalized its acquisition of a minority stake in Voodoo, a global leader in mobile gaming. The EUR 268 million investment, primarily through newly-issued preferred shares, will support Voodoo's development, including through M&A. Similar to Canyon, the acquisition of which closed in March 2021, Voodoo is positioned at the crossroads of multiple structural trends aligned with GBL's strategic priorities. These trends include digital, consumer experience and entertainment. Voodoo is well positioned to continue to grow in the Hypercasual games market and to successfully penetrate the larger Casual games market, which offers significant potential.

Sienna Investment Managers, the group's alternative asset management platform, strengthened its exposure to the technology sector through a direct co-investment of EUR 100 million in Globality, a group based in Silicon Valley that has developed a cutting-edge digital platform using artificial intelligence to provide strategic professional services.

In the third quarter of 2021, Sienna Investment Managers acquired L'Etoile Properties, marking the launch of its third party asset management platform. L'Etoile Properties is a pan-European real estate investment manager with EUR 7 billion in assets under management. For over 30 years, L'Etoile Properties has attracted capital from international institutional investors focusing on the investment and management of real estate assets including offices, hotels, and logistics centers.

A strengthened financial position to support our strategic ambitions

Our financial position remains solid, with a liquidity profile of EUR 4.7 billion and a Loan To Value ratio of 3.3%, allowing us to pursue the deployment of our investment strategy, to continue to execute our share buyback program and, if necessary, to support our portfolio companies.

Reinforced and more agile governance

As of the close of the General Assembly on April 27, 2021, our Board of Directors saw its size reduced to 13 members (17 previously) and approved a new first-rate independent Director, Jacques Veyrat, bringing to GBL solid experience, particularly in investments. In July 2021, the Board of Directors co-opted Alexandra Soto as Non-Executive Director. Ms. Soto brings a breadth of experience in advisory and operational roles in the financial sector, and in particular M&A. At this same meeting, the Board of Directors decided to discontinue the Standing Committee. This tighter and strengthened organization provides GBL with more agile governance better suited to the group's strategic ambitions.

Reaffirmed ESG ambitions and top-tier ranking

In March 2021, GBL's Board of Directors approved an update to our ESG Policy detailing clear 2025-2030 commitments in the areas of climate change, diversity, transparency and the promotion of access to sustainable finance, and thus reaffirming our ambitions in this area.

GBL's ESG integration leadership and achievements were recognized by independent ESG and corporate governance research, ratings and analytics firm Sustainalytics, with GBL having ranked in the 1st percentile of companies in the "Diversified Financials" industry thanks to our "Negligible" ESG risk status and very strong ESG integration management practices.

Separately, GBL continues to strengthen the quality of its ESG data with the development of a proprietary AI/NLP (Natural Language Processing) feed. This tool was developed to manage risks and reinforce integration processes based on alternative methods.

Press release November 4, 2021 // Page 3 / 17 // For more information: www.gbl.be

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

1.1 Highlights as of September 30, 2021

Listed investments: ongoing portfolio rotation toward assets with greater growth potential

Holcim: In the first half of 2021, GBL reduced its holding from 7.57% of Holcim's capital at the end of 2020 to 2.14% for a net amount of EUR 1,640 million. These sales generated a capital gain1 of EUR 397 million. At end September 2021, GBL's holding in Holcim was valued at EUR 548 million.

GEA: After lowering its position from 8.51% of the capital at year-end 2020 to 7.24% at end June 2021 for EUR 80 million, GBL further reduced its position in the third quarter of 2021 to 6.64% of the capital for EUR 37 million. These sales generated a capital loss1 of EUR 2 million. GBL's holding in GEA as of September 30, 2021 was valued at EUR 475 million.

Umicore: In the first half of 2021, GBL lowered its position from 18.02% of the capital at year-end 2020 to 15.92% for EUR 256 million. These sales generated a capital gain1 of EUR 152 million. GBL's stake in Umicore was valued at EUR 2,010 million as of September 30, 2021.

Mowi: In the first quarter of 2021, GBL increased its position in the world's leading producer of farmed-raised Atlantic salmon from 5.85% of the capital to 7.01% for a total of EUR 110 million. As of September 30, 2021, GBL's stake was valued at EUR 792 million.

Private assets: increased exposure following stakes in Canyon and Voodoo, two fast-growing leaders

Canyon: On March 9, 2021, GBL finalized the acquisition of a majority stake in Canyon Bicycles GmbH ("Canyon"), a German company and leader in direct-to-consumer (DTC) distribution of high-end bicycles. GBL has invested EUR 357 million alongside (i) founder Roman Arnold, who has reinvested a significant portion of his proceeds and remains a significant minority shareholder of the group, and (ii) the management team. GBL controls the acquisition vehicle and holds 60% of the capital jointly with co-investors. The group is growing strongly, its sales having almost doubled over the past three years.

Webhelp: Webhelp announced in July 2021 its intent to acquire OneLink, an innovator in digitally-enabled CX, BPO and technology services. The two companies offer complementary solutions. This transaction will expand Webhelp's footprint in the Americas.

Voodoo: On July 30, 2021, GBL announced it was yet again increasing its exposure to the digital sector, with a stake in Voodoo, via preference shares. Since its founding in 2013, Voodoo has reached a global leadership position in the Hypercasual mobile games segment, with more than 5 billion downloads and 300 million active users monthly. Voodoo has published hits including Helix Jump and Aquapark. The company has developed a strong position in the mobile app ecosystem with an outstanding track record and solid execution capabilities.

Sienna Investment Managers: dynamic asset rotation and transformation into a third party asset manager

Globality: Sienna Investment Managers has invested EUR 100 million in Globality's series E fundraising. Based in Silicon Valley and founded by Joel Hyatt, Globality is the leading digital platform based on artificial intelligence for the provision of strategic services.

L'Etoile Properties: Sienna Investment Managers acquired in July a pan-European real estate investment manager, L'Etoile Properties, a leading real estate company with EUR 7 billion of assets under management, from its founders.

1 No impact on GBL's consolidated net result in 2021, in accordance with IFRS 9

Press release November 4, 2021 // Page 4 / 17 // For more information: www.gbl.be

Ergon: Ergon Capital Partners III ("ECP III") completed the disposals of Keesing and svt, generating net capital gains of EUR 65 million and EUR 55 million respectively, GBL's share.

Financing: issuances at efficient terms strengthening our liquidity profile

On January 21, 2021, GBL placed a EUR 500 million institutional bond with a 10-year maturity bearing a coupon of 0.125%. This issue is intended to be used for the group's general corporate purposes and extends the weighted average maturity of GBL's gross indebtedness. The issue has been oversubscribed more than 3.5 times by a diversified and balanced institutional investor base.

On March 23, 2021, GBL (the "Guarantor") announced the placement by its fully-owned subsidiary Sagerpar SA (the "Issuer") of a EUR 500 million convertible bond issue maturing in 2026 (the "Bonds") into existing ordinary shares of GBL. GBL guarantees the Issuer's obligations under the Bonds. The conversion price of the Bonds was set at EUR 117.4928. This issue therefore covers approximately 4.3 million treasury shares representing roughly 40.11% of GBL's treasury shares as of September 30, 2021. The Bonds do not bear interest and will have a maturity of 5 years, subject to early redemption. The Bonds have been issued at an issue price of 101.25% of the par value and, unless previously redeemed, converted, or purchased and cancelled, the Bonds will be repaid in cash at par at maturity (subject to the Issuer's share redemption option), which corresponds to an annual yield to maturity of - 0.25%. The net proceeds of the offering will be used for GBL's general corporate purposes.

Share buybacks: acceleration in the context of a widened discount

The Board of Directors of September 17, 2020 approved a third EUR 250 million allocation for share buybacks. Under this authorization, valid until April 2025, GBL acquired, as of September 30, 2021, directly and through its subsidiaries, 2,092,586 GBL shares representing 1.30% of the capital issued and valued at EUR 199 million. This authorization was 77.2% executed as of September 30, 2021.

The Board of Directors of September 16, 2021 approved a fourth share buyback envelope for EUR 500 million.

ESG: clear 2025-2030 commitments

In March 2021, GBL's Board of Directors approved the group's 2025-2030 ESG commitments. Climate change, diversity, transparency and the promotion of access to sustainable finance are firmly at the heart of these commitments, which have been formulated to ensure their follow-up and evaluation over time.

As a responsible investor, we support the recognition of the Paris Agreement signed as part of the United Nations Framework Convention on Climate Change and the goal to keep the temperature increase below 2° Celsius by 2050. We are committed to continue to work alongside our portfolio companies to define and implement strategies that pave the way for carbon neutrality. In 2021, we will formalize our commitment to the Science Based Targets initiative ("SBTi") to ensure that by 2030, all our portfolio companies have their own SBTi (www.sciencebasedtargets.org) commitments in place.

Press release November 4, 2021 // Page 5 / 17 // For more information: www.gbl.be