Groupe Bruxelles Lambert : Half-yearly report as of June 30, 2021 (including the portfolio review)

Delivering meaningful growth

Half-year report

as of June 30, 2021

July 30, 2021

Regulated information

Half-year report as of June 30,2021

1. Our purpose
2. Key information for shareholders
3. Message of Ian Gallienne, CEO of GBL

1. Key financial data

1. Key events

1. Organization chart, net asset value and portfolio reconciliation

1. Organization chart as of June 30, 2021
2. Net asset value

1. Portfolio's reconciliation with the IFRS consolidated financial statements
2. Environmental, Social and Governance (ESG)
3. ESG highlights

1. ESG business cases

1. Portfolio as of June 30, 2021
2. Portfolio review

1. Listed investments and private assets

1. adidas

1. Pernod Ricard

1. SGS

1. Umicore

1. Imerys

1. Webhelp

1. Mowi

1. Holcim

1. GEA

1. Canyon

1. Ontex

1. Parques Reunidos

1. Sienna Investment Managers (1)

1. Risk management

1. Economic presentation of the consolidated result and the financial position
2. Economic presentation of the consolidated result

1. Economic presentation of the financial position

1. Half-yearIFRS financial statements
2. Interim condensed consolidated financial statements

1. Condensed consolidated income statement

1. Condensed consolidated statement of comprehensive income
2. Condensed consolidated balance sheet
3. Condensed consolidated statement of changes in shareholders' equity
4. Condensed consolidated statement of cash flows
5. Accounting policies
6. Notes

1. Statutory Auditor's report
2. Financial glossary

1. ESG glossary

1. For further information

(1) Formally Sienna Capital

GBL - Half-year report as of June 30, 2021

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Our purpose

Living up to our responsibilities

In a world where business is often seen as short term, financially driven and disconnected from the concerns of society at large, GBL's values have never been more relevant. At a time when many are questioning the role of business and its impact on the planet, it is important to restate the centrality of wealth creation to our progress and our well-being. This is why, now more than ever, we are focused on what impact we can have on the world, and how as an organization with influence, GBL is doing its part to create a more meaningful future.

The value of a multi-generational perspective

GBL's family heritage gives it a unique perspective. Our time horizons are multigenerational. More than an investor, GBL is an owner and steward of companies, deeply embedded in the fabric of the countries and societies in which it operates, an owner that takes pride in being associated with strong companies and contributing in a meaningful way to their success.

We have a clear duty to ensure that the benefits of that rich heritage of knowledge, knowhow and experience are passed on to the next generation of business leaders taking their rightful place at the top of the great companies of tomorrow.

An engaged investor

GBL believes that by delivering meaningful growth and nurturing great companies, financial rewards will follow. It is conservative by nature. Conservative in the original sense of the term, in that its primary goal is to preserve and grow capital, investing for the long term but also ready to adapt and evolve.

The depth and longevity of its relationships are what enable GBL to be a valuable contributor to the challenges companies are taking on. GBL is an informed external voice at the table, showing respect where it is due but also opening new perspectives where needed to make the changes that will propel them successfully into the next stage of their evolution.

Finding a better balance

We recognize the importance of finding the right balance between our need to seek financial returns, with the imperative to preserve the integrity of our planet and the health of the people and society who inhabit it. Striking that balance is GBL's commitment as we emerge from the challenge of the Covid-19 pandemic to build back better and deliver meaningful growth.

Delivering meaningful growth

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GBL - Half-year report as of June 30, 2021

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Key information for shareholders

FINANCIAL CALENDAR

• November 4, 2021: Results as of September 30, 2021
• March 2022: Annual Results 2021
• April 26, 2022: Ordinary General Meeting 2022
• Early May 2022: First quarter 2022 results
• End July 2022: Half-year 2022 results

Note: the above-mentioned dates depend on the agenda of the

Board of Directors meetings and are thus subject to change.

INVESTOR RELATIONS

Additional information can be found on our website (www.gbl.be), among which:

• Historical information on GBL
• Annual and Half-year reports as well as press releases in relation to quarterly results
• Net asset value
• Our press releases
• Our investments

Online registration in order to receive investor information (notifications of publication, press releases, etc.) is available on our website.

For more information
Xavier Likin	Alison Donohoe
Chief Financial Officer	Investor Relations
[e-mail]	[e-mail]
[phone]	[phone]

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GBL - Half-year report as of June 30, 2021

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Message of Ian Gallienne,

CEO of GBL

Dear Shareholder,

As I write, I am struck by the extent to which

the world has changed over the past twelve months. This time last year, the world was in the grip of the Covid-19 pandemic. Today, certain regions of the globe are finally starting to see light at the end of the tunnel. This is notably the case in Europe and North America, where vaccination campaigns against Covid-19 are gaining momentum or have reached critical mass in most countries. After prolonged periods of lockdowns and enforced physical distancing, we are now witnessing a loosening of restrictions

on gatherings and travel, which is allowing our economies to reopen. While these developments provide grounds for optimism, that optimism needs to be tempered with a degree of caution, particularly as variants of the virus may create new waves.

While the real economy has been reopening only gradually, financial markets have already experienced a rapid rebound. European indices, including the Stoxx Europe 50, are back to pre-pandemic levels, and US indices such as the Dow Jones Industrial Average and the NASDAQ reached record highs in the first half of 2021.

"GBL posted a strong performance, on several levels,starting with our net asset value."

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GBL - Half-year report as of June 30, 2021

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