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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
HAL Trust
HAL Trust (HAL) investor relations material
HAL Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary27 Aug, 2026
Executive summary
Net income for the first half of 2026 was €856 million, down from €1,024 million year-over-year, with EPS at €9.48 compared to €11.33.
Net asset value rose by €1,520 million to €17,626 million (€195.16 per share) as of June 30, 2026.
The value of quoted interests and the liquid portfolio increased by €240 million between June 30 and August 21, 2026.
Financial highlights
Revenues for the first half of 2026 were €5,874.6 million, a decrease from €6,370.7 million in 2025.
Operating profit was €1,207.5 million, down from €1,519.9 million year-over-year.
Net profit attributable to owners was €856.1 million, with non-controlling interests at €143.2 million.
Cash and cash equivalents increased to €4,461.4 million from €4,345.5 million at year-end 2025.
Dividend of €316 million (€3.50 per share) paid in May 2026.
Outlook and guidance
No specific net income guidance provided due to portfolio composition and market volatility.
Risks identified in the 2025 annual report remain relevant for the second half of 2026.
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Latest events from HAL Trust
- Net asset value reached €15,501 mln in 2024, with €900 mln invested and a €2.90 dividend proposed.HAL
AGM 2025 presentation - Net asset value and net income reached record highs, driven by strategic investments and divestments.HALAGM 2026 presentation
- Net asset value increased to €17.6 billion, with strong gains in quoted interests and divestments.HALQ1 2026 TU
- Net income and net asset value surged in 2025, supported by robust segment and portfolio gains.HALH2 2025
- Net asset value increased by €1.2 billion, with strong growth in unquoted company performance.HALQ3 2025 TU
- Net income surged to €1,024 million, driven by strong quoted and unquoted segment performance.HALH1 2025
- Net asset value rose €1.7 billion, driven by operating gains and higher quoted interests.HALQ3 2024 TU
- Net income reached €510 million in H1 2024, with NAV up €1.2 billion to €14.5 billion.HALH1 2024
- Net asset value increased to €15.6 billion, with steady growth in core holdings.HALQ1 2025 TU
Next HAL Trust earnings date
Q3 2026 TU26 Nov, 2026
HAL Trust
Next HAL Trust earnings date
Q3 2026 TU26 Nov, 2026
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Frequently asked questions
HAL Trust is a financial trust holding company with a strategic focus on acquiring and holding significant shareholdings in various companies, operating primarily through its subsidiaries. The company's investment strategy is geared towards companies that offer high returns on invested capital with positive long-term prospects. Its portfolio includes both quoted investments, such as shareholdings in companies listed on European stock exchanges like and significant positions in non-quoted entities across a range of sectors. The company is headquartered in Monte Carlo, Monaco, and its shares are listed on the Amsterdam Stock Exchange.