Dividend

Dividend commitment

GBL’s paid dividend is derived from (i) cash earnings⁽¹⁾ and (ii) capital gains on asset disposals⁽²⁾.

Cash earnings are primarily composed of the net dividend paid by GBL’s portfolio companies.

GBL decides, at its discretion, the amount of capital gains on asset disposals that contribute to the group’s paid dividend.

In May 2025, the group paid a significantly enhanced dividend per share for FY 2024 of €5.00, representing an increase of + 82%. GBL is proposing an even higher dividend of €5.125⁽³⁾ for FY 2025 and is aiming for stability⁽³⁾ thereafter.

On this basis, GBL will continue to provide an attractive dividend to its shareholders while, thanks to its solid liquidity profile, releasing financial resources to support (i) net asset value per share growth throughout the cycle, (ii) its portfolio companies if needed and (iii) the execution of the group’s share buyback program.

^{(1) Indicatively 75%-100%}
^{(2) Indicatively 50%-100%}
^{(3) As is customary, subject to approval at GBL’s General Shareholders’ Meeting}

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Profit distribution and proposed dividend

The profit allocation related to the 2025 financial year will be submitted for approval to the Ordinary General Meeting on May 7, 2026, for a total of EUR 665.1 million, compared to EUR 665.7 million granted for the previous year. 

Taking into account the number of GBL shares entitled to dividends, this proposal for the distribution of profits corresponds to a gross dividend of EUR 5.125 per share, equivalent to EUR 3.5875 net per share.

Evolution of the gross dividend per share and dividend yield
(in euro)

Gross dividend per share
Dividend yield

Gross dividend per share: EUR 5.125 (+ 2.5%)

Total amount: EUR 665.1 million

Coupon n°28

May 14, 2026

Ex-dividend date

May 15, 2026

Record date of the positions eligible

May 18, 2026

Payment date

Dividend

Dividend commitment

Profit distribution and proposed dividend

Coupon n°28

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