HAL Trust (HAL) Q1 2026 earnings summary

Executive summary

• Net asset value as of March 31, 2026, was €17,604 million (€194.97 per share), up €1,186 million from December 31, 2025, before the proposed 2025 dividend payment.

• Market value of quoted interests and liquid portfolio increased by €277 million between March 31 and May 8, 2026, due to positive market price changes.

Financial highlights

• Unquoted company revenues for Q1 2026 were €2,127 million, down 7.2% year-over-year; at constant currency and excluding M&A, revenues decreased 4.1%.

• Liquid portfolio as of March 31, 2026, was €2.8 billion, up from €2.5 billion at year-end 2025, with a 0.8% return in Q1.

• Proposed dividend over 2025 is €3.50 per share.

Segment performance

• Quoted interests' market value rose to €6.3 billion from €5.1 billion at year-end, mainly due to share price increases in Vopak, SBM Offshore, and Technip Energies.

• Unquoted companies' net asset value decrease mainly reflects dividend distributions, partially offset by earnings.

• Liquid portfolio comprised 98% fixed-income and 2% equities.