Investment holding company Groupe Bruxelles Lambert (GBL) sold assets worth a net total of €1.85 billion last year as part of efforts to simplify its portfolio.
The disposals included shares in Swiss inspection and certification firm SGS, sold for €772 million, and half of its stake in Belgian materials group Umicore, which went for €299 million.
GBL has since fully sold its investment in Umicore.
A substantial portion of assets held by GBL Capital, the private assets division of the holding company, were also sold.
GBL’s net asset value, which reflects the value of assets minus liabilities, declined to €14 billion (€105.37 per share) from €15.7 billion at the end of 2024. The decrease was attributed to the divestments and depreciation of investments in consumer-focused companies such as Adidas and Pernod Ricard.
For 2025, GBL has proposed a dividend of €5.125 per share, up from €5 last year. The company forecasts that dividends will remain “stable” in the years ahead.
Despite the sales, GBL remains actively invested. In February, it committed €500 million to Rayner, a UK-based medical technology firm specialising in ophthalmology.
Healthcare remains a key focus area for the company, which also invested €150 million last year in healthcare provider Affidea.
