HAL Trust (HAL) H1 2026 earnings summary

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.