BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Investment holding company Groupe Bruxelles Lambert SA (GBLB.BR, GBLBF) on Thursday reported lower first-quarter profit, as portfolio disposals and volatile market conditions weighed on net asset value and earnings.
Consolidated net profit declined to 65 million euros, or 0.51 euros per share, from 94 million euros, or 0.76 euros per share, in the year-ago quarter.
Net asset value fell to 13.30 billion euros from 15.39 billion euros last year, while NAV per share declined to 99.86 euros from 111.17 euros.
Cash earnings increased 21.1% to 122 million euros from 101 million euros a year ago, while cash earnings per share rose to 0.92 euros from 0.73 euros.
During the quarter, GBL continued to reshape its portfolio through disposals of listed assets and non-core businesses, with total proceeds from strategic disposals reaching 4.9 billion euros since 2024.
The company also completed two new direct private investments during the period, including a co-control investment in ophthalmic MedTech platform Rayner and the acquisition of a majority stake in traffic management company BUKO Group.
Johannes Huth, Managing Director of GBL, remarked, 'We have started 2026 on a strong footing with solid execution across our strategic priorities. With our two new direct private investments, our team has demonstrated its ability to source quality assets that complement our portfolio. I am confident in our ability to leverage our sector expertise to create value for these assets and therefore our shareholders.'
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