HAL Trust (HAL) Q1 2025 earnings summary

Executive summary

• Net asset value as of March 31, 2025, was €15,576 million (€172.44 per share), up €75 million from December 31, 2024.

• Quoted interests' market value rose to €4.49 billion at quarter-end from €4.39 billion at year-end 2024.

• Revenues from unquoted companies increased to €2,291 million, up 2.7% year-over-year.

Financial highlights

• Liquid portfolio stood at €2.36 billion, down from €2.42 billion at year-end 2024.

• Liquid portfolio returned 0.7% in Q1 2025, compared to 0.9% in Q1 2024.

• Proposed dividend over 2024 is €2.90 per share, not yet deducted from NAV.

Outlook and guidance

• No specific net income outlook provided due to portfolio composition and market volatility.