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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
HAL Trust
HAL Trust (HAL) investor relations material
HAL Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Mar, 2026
Executive summary
Net income rose to €1,597 million for 2025, up from €1,210 million in 2024, with EPS increasing to €17.68 from €13.39 year-over-year.
Net asset value increased by €1,190 million to €16,418 million (€181.84 per share) as of December 31, 2025.
Growth driven by higher share prices in SBM Offshore, Safilo, Technip Energies, and strong earnings from Boskalis.
Financial highlights
Revenues reached €12,517 million in 2025, up from €12,373 million in 2024.
Operating profit increased to €2,431 million from €1,871 million year-over-year.
Net profit attributable to owners was €1,597 million, with a proposed dividend of €3.50 per share for 2025.
Liquid portfolio stood at €2.6 billion, with a 2.1% return on fixed-income instruments and 11.1% on equities.
Outlook and guidance
Dividend policy bases cash dividend on 2.5% of the prior December's average share price; proposed dividend for 2025 is €3.50 per share.
Market value of quoted companies and liquid portfolio increased by €775 million between December 31, 2025, and March 20, 2026.
No specific net income guidance due to portfolio composition and market volatility.
Liquid portfolio income decline drivers
VolkerWessels acquisition impact on unquoted segment
Drivers of quoted interests income surge in 2025
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Latest events from HAL Trust
- Net asset value increased by €1.2 billion, with strong growth in unquoted company performance.HAL
Q3 202526 Nov 2025 - Net income surged to €1,024 million, driven by strong quoted and unquoted segment performance.HALQ2 202529 Aug 2025
- Net asset value rose €1.7 billion, driven by operating gains and higher quoted interests.HALQ3 2024 TU13 Jun 2025
- Net income reached €510 million in H1 2024, with NAV up €1.2 billion to €14.5 billion.HALH1 202413 Jun 2025
- Net asset value increased to €15.6 billion, with steady growth in core holdings.HALQ1 20255 Jun 2025
- Net income up 21% to €1,210 million, with asset value and dividend both increasing.HALH2 20245 Jun 2025
Next HAL Trust earnings date
Q1 202612 May, 2026
HAL Trust
Next HAL Trust earnings date
Q1 202612 May, 2026
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