HAL Trust (HAL) AGM 2026 presentation summary

Key financial results

• Net asset value increased from €15,501 million in 2024 to €16,418 million in 2025, reaching €17,604 million in Q1 2026.

• Net income rose from €1,210 million in 2024 to €1,597 million in 2025.

• Investments totaled €347 million in 2025, with divestments at €366 million.

• Net asset value per share grew from €171.61 in 2024 to €181.84 in 2025, and €194.97 in Q1 2026.

• Proposed cash dividend per share is €3.50 for 2025.

Investments and divestments

• Major investments included increased stakes in Koppert, Siltronic, Technip Energies, and TKH, plus real estate projects in Seattle.

• Announced acquisition of Dutch activities of VolkerWessels, subject to conditions.

• Divestments included Boskalis, SmitLamnalco Australia & PNG, Atlas NextWave, and Rotter y Krauss, with significant book profits.

Segment results

• Unquoted interests contributed €1,250 million in operating income and €8,431 million in NAV (51%).

• Quoted interests contributed €778 million to net income and €4,983 million in NAV (30%).

• Real estate and liquid portfolio contributed €269 million and €2,613 million in NAV, respectively.