OPULION
GBLB Euronext BrusselsListed in EUREUROfficial websiteWebsitePrice on Yahoo FinanceYahoo

Value and financial structure

Reporting date

15.1 Bn € in gross assets13.6 % funded by borrowingthe share price 79.70 € against 100.77 € of net asset value per share (published discount 20.9 %)

Its largest holdings, as a share of gross assets as of Jun 30, 2026

  1. SGS19.0 %
  2. Affidea14.3 %
  3. Sanoptis8.0 %
All 53 named holdings, one by one

What you own

Reporting date|Out of total assets of15 140 M €

By type

Listed or unlisted, and in what form.

Gross assets

15.1 Bn €

at Jun 30, 2026

Pick a part to see what it holds.

Inside: or . Outside: the type of asset.

What the company owes

13.6 %debt-financedat Jun 30, 2026

Not debt-financed13 081 M €
Borrowed2 059 M €

Net cash published by the company: 28.7 M €.

Published loan to value, on net debt: 0.0 % as at Jun 30, 2026.

How this figure is calculated

It divides net debt, after cash, by the value of the assets, rather than gross borrowings by gross assets: that is why it differs from the share above.

These borrowings are the investment company's own — the ones its published bridge to net asset value deducts. They cover the same perimeter as the gross assets the chart divides, so the share above really does measure how much of those assets is debt-financed.

Source: Half-year report 2026 · Jul 30, 2026

By theme

What the companies held do, in fifteen themes.

Sorted by theme

75 %

of gross assets

Pick a theme to see its companies.

As a share of gross assets, on the lines whose weight the company publishes. Themes defined by Opulion, the same on every page, not by the company.

The breakdown published by the company

By sector · Jun 30, 2026

Healthcare
34.0 %
Services
24.0 %
Consumer
23.0 %
Non-core asset classes
8.0 %
Industry
8.0 %
Technology
3.0 %

Company by company

Names as published, as of Jun 30, 2026 unless another date is shown.

53 named holdings: 16 with a weight, 13 listed.

With their weight16

  • inspection, verification, testing and certification

    listed
    14.2 %of capital
    19.0 %
  • medical imaging centers and outpatient care

    unlisted
    99.13 %of capital
    14.3 %
  • network of ophthalmology clinics

    unlisted
    84.24 %of capital
    8.0 %
  • sporting goods and footwear

    listed
    3.53 %of capital
    7.5 %
  • branded wines and spirits

    listed
    6.83 %of capital
    7.3 %
  • Imerys

    specialty industrial minerals

    listed
    54.72 %of capital
    6.5 %
  • intraocular lenses and ophthalmic surgery

    unlisted
    39.29 %of capital
    2.9 %
  • pharmaceutical company, including rare diseases

    listed
    3.25 %of capital
    2.3 %
  • hyper-casual mobile games

    unlisted
    14.79 %of capital
    2.1 %
  • leisure parks and water parks

    unlisted
    23.0 %of capital
    1.8 %
  • direct-to-consumer bicycles

    unlisted
    52.6 %of capital
    1.8 %
  • customer relationship outsourcing

    listed
    4.55 %of capital
    0.4 %

4

20

  • 468 Capital II

    468 Capital venture capital fund

    fund
  • Backed 1

    Backed venture capital fund

    fund
  • Backed 2

    generalist seed-stage venture capital fund (Backed VC)

    fund
  • Backed Encore 1

    venture capital fund (Backed VC)

    fund
  • branded margarines and plant-based products

  • video game-focused venture capital fund

    fund

1

  • BUKO Group

    temporary traffic management

    unlistedas at Jul 8, 2026

8

  • amusement park (Belgium)

    unlisted
  • Imerys Graphite & Carbon
    listed
  • Imerys Performance Minerals
    listed
  • Imerys Refractory, Abrasives & Construction
    listed
  • Imerys Solutions for Energy Transition
    listed
  • Mirabilandia

    amusement park (Italy)

    unlisted
Legal structure · 4 entities

Intermediate holding companies and holding vehicles. They are not investments: they are not counted in the names above.

Holding vehicles

Celeste Capital Sàrl (Affidea) · GfG Capital Sàrl (Canyon) · Piolin II (Parques Reunidos) · Sofia Capital Sàrl (Sanoptis)

Open the full holdings detail →

What is it worth on the market?

Reporting date

The share price against net asset value per share.

Values shown in euro, EUR

100.77 €

the company's calculation

Share price

79.70 €

price used by the company at this date

20.9 %

the company's own figure, not recomputed; the direction is the price against the same-date net asset value

Performance over time

Long term

Figures published by the company, over 5, 10 or 15 years, rebased to 100 at the start. Each point keeps its date and source; a missing year stays visible.

  • Shareholder return, dividends reinvestedannual approximation16 published points out of 16
  • MSCI ACWI world index, for market contextexact series181 published points out of 181
  • Net asset value, total returnannual approximation16 published points out of 16
Method and limits

Method: distributions within a calendar year are added up and reinvested at the 31 December closing price. With no ex-dates or intra-year prices available, the result is an annual approximation.

Series not shown

  • Investable benchmarkinvestable benchmark not yet legally available

Check against published figures

  • 2021: published 22.30%, computed by Opulion 21.98%, gap -0.32 points.gap due to annual reinvestment
  • 2022: published -21.70%, computed by Opulion -21.22%, gap +0.48 points.gap due to annual reinvestment
  • 2023: published -1.10%, computed by Opulion -0.82%, gap +0.28 points.gap due to annual reinvestment
  • 2024: published -3.60%, computed by Opulion -3.40%, gap +0.20 points.gap due to annual reinvestment
  • 2025: published 23.20%, computed by Opulion 22.56%, gap -0.64 points.gap due to annual reinvestment

Tolerance: 1.00 points of annual return. Beyond it, the timing of reinvestment no longer explains the gap.

View as a table

The same content as the figure, reachable by keyboard and without hovering.

View as a table
Year-endSeriesIndex, base 100Published levelSource
Cases covered
  • Share splits and reverse splitsnot yet covered
  • Special dividendshandled
  • Distributions in sharesnot yet covered
  • Subscription rightsnot yet covered
  • Share buybacks and cancellationshandled
  • Spin-offsnot yet covered
  • Change of listing currencyexcluded
  • Change of share classnot yet covered
  • Change in the share count used as denominatorhandled
  • Withholding tax, fees, gross versus netexcluded

Series source: GBL, “Historic data (total NAV) since 1998”, workbook published by the company; dividends and yields: 2025 annual report

Latest reporting date: Dec 31, 2025.

The share price

Market

The share price, to read against the published net asset value above.

What it has returned

Reporting date

Against the same world benchmark for all.

Published performance,

World index in euro, EUR, per year

Company figures as of Jun 30, 2026 · world index as of Jun 30, 2026

1 year

  • +17.5 %
  • +27.3 %checked against 3 ETFs

Average return .

Method and sources

Each panel carries its own scale: lengths compare within a panel, never from one panel to the next.

A return is never converted from one currency to another: that would take the exchange rate move over the whole period, not the rate on one reporting date. The company's series are served in the issuer's currency only.

Every company covered is compared with the same benchmark, never with the index their own manager picked: a manager who picks his index also picks the bar he had to clear. This benchmark is not the MSCI ACWI itself, which belongs to MSCI and may not be redistributed. It is the median, recomputed by Opulion, of the net asset values published by three ETFs from three different managers tracking that index: iShares (IE00B6R52259), State Street SPDR (IE00B44Z5B48) and Amundi (LU1829220133). A single fund is never served on its own. Convention: last net asset value on a date at or before the reporting date, within a seven calendar day window; geometric annualisation over the nominal horizon; conversion at the European Central Bank reference rate of the day of the net asset value actually retained, a cross rate being an Opulion computation that is declared as such. The recomputation reproduces the performance each manager publishes for its own fund, to the second decimal, fifteen times out of twenty, and never departs from it by more than 0.04 point. Funds used: BlackRock, State Street and Amundi.

Converted at the reference rate of Jun 30, 2026, published by the European Central Bank.

The news feed

Up to date as of

Our latest articles on this company

The whole journal

Upcoming publications

  • Nov 5, 2026Press releaseResults to 30/09/2026, third-quarter net asset value
  • Feb 25, 2027Annual reportAnnual results 2026, net asset value at 31/12/2026
  • May 7, 2027Press releaseResults to 31/03/2027
  • May 7, 2027Annual general meetingAnnual general meeting 2027

Getting to know GBL

Each answer links to its source.

  1. Who decides?

    Pargesa, which holds 35.1 % of the capital and 48.6 % of the voting rights. Pargesa is jointly owned by Canada's Power Corporation group and Belgium's Frère group, bound for more than thirty years by a shareholders' agreement, a contract that organises their joint control.

    Source of card 1: gbl.com, opens in a new tab
  2. What does it own?

    Three pockets. Listed stakes, 54 % of the portfolio, led by SGS; private companies held directly, 38 %, such as Affidea, almost wholly owned; and a non-core pocket of funds and co-investments that it is gradually exiting.

    Source of card 2: gbl.com, opens in a new tab
  3. How does it choose its investments?

    As “permanent capital”: since it depends on no fundraising, it can keep a company with no set exit date. It favours private companies held directly, alongside founders, families and management teams, without excessive borrowing.

    Source of card 3: gbl.com, opens in a new tab
  4. How does it make money?

    Through two channels. Dividends paid by its holdings make up most of its cash earnings, the income it actually receives in cash. Capital gains, for their part, arise when it sells a holding for more than it paid for it.

    Source of card 4: gbl.com, opens in a new tab
  5. How are shareholders paid?

    Through a dividend, 5.13 € gross per share for the last financial year, which the company intends to keep stable. It is funded by cash earnings and by a share of disposal gains that it sets itself. Share buybacks come on top.

    Source of card 5: gbl.com, opens in a new tab
  6. What sets it apart

    Its share buybacks strengthen those who control it. Shares repurchased by GBL and its subsidiary Sagerpar add to those of Pargesa and the Frère and Desmarais families, who act in concert: this bloc has thus reached 60.0 % of the voting rights.

    Source of card 6: gbl.com, opens in a new tab
1 of 6

Who runs it, and since when?

Management and what it costs

−40.3 M €
Not published at this reporting date

Who controls the capital

Controlling shareholder's capital
35.1 %
Controlling shareholder's voting rights
48.6 %

How long they have been there

Tenure on the board and in management

  • Ian Gallienne· Chair of the Board of Directors2025
  • Paul Desmarais, Jr.· Vice Chair of the Board of Directors2025
  • Johannes Huth· Managing Director2025
  • Paul Desmarais III· Director2014
  • Cedric Frère· Director2015
  • Ségolène Gallienne - Frère· Director2015
  • Claude Généreux· Director, member of the governance and sustainable development committee, member of the audit committee2019
  • Mary Meaney· Independent director, chair of the audit committee2023
  • Emilie Sidiqian· Independent director2026
  • Alexandra Soto· Director, member of the audit committee2021
  • Christian Van Thillo· Independent director, member of the governance and sustainable development committee2023
  • Jacques Veyrat· Independent director, chair of the governance and sustainable development committee, member of the audit committee2021
  • Xavier Likin· Chief Financial Officer (CFO)date not published
  • Alison Donohoe· Head of Investor Relationsdate not published
20142017202020232026

Company facts

Value and financial structure

10 345M €Market capitalisation, at Jun 30, 2026
10 712M €at Jun 30, 2026
28.7M €at Jun 30, 2026
100.77 €at Jun 30, 2026
Registered office
Bruxelles, BE
Headcount
73 the holding alone
Headcount as at
Dec 31, 2025 (not the reporting date of this page)

Tested against the figures

  • 6.7 %Jun 30, 2026
  • 108 M €Jun 30, 2026
  • Weight of the top ten holdings in the portfolio, out of the fifteen lines the issuer publishes94.3 %Jun 30, 2026

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