HAL Trust (HAL) H2 2024 earnings summary

Executive summary

• Net income for 2024 reached €1,210 million (€13.39 per share), up from €1,001 million (€11.07 per share) in 2023, driven by strong performance in key holdings and higher operating income from unquoted companies.

• Net asset value increased by €2,198 million to €15,501 million (€171.61 per share) as of December 31, 2024, mainly due to share price gains in Vopak, SBM Offshore, Technip Energies, and earnings from Boskalis.

• Dividend proposal for 2024 is €2.90 per share, up from €2.85 in 2023, following the policy of 2.5% of the prior December's average share price.

Financial highlights

• Revenues for 2024 were €12,373 million, nearly flat year-over-year (€12,344 million in 2023).

• Operating profit rose to €1,871 million from €1,603 million in 2023.

• Net profit attributable to owners increased to €1,210 million, with EPS at €13.39, up from €11.07.

• Corporate liquid portfolio stood at €2.6 billion, with 87% in fixed-income and 13% in equities; fixed-income returned 4.8%, equities had a negative return of 28.4%.

• Income from the liquid portfolio dropped by €115 million to €24 million, mainly due to equity losses, especially in Siltronic AG.

Outlook and guidance

• No explicit net income guidance provided due to portfolio composition and market volatility; market value of quoted interests and liquid portfolio increased by €160 million from December 31, 2024, to March 21, 2025.