GBL ended the half-year with welcome news for its investors: an acceleration in the execution of its €500m share buy-back programme with a €130m additional envelope. In terms of net income and cash earnings, the HoldCo is in the green. The blemish on the picture remains NAV, down 6% qoq, penalised by the downward revaluation of Webhelp due to market fears about the negative impact of AI on its business. Yet, the discount to NAV is at an all-time high.
