HAL Trust (HAL) Q3 2025 earnings summary

Executive summary

• Net asset value increased by €1,181 million in the first nine months of 2025, reaching €16,409 million as of September 30, 2025, after accounting for dividends and treasury share purchases.

• Value of quoted interests and liquid portfolio decreased by €180 million between September 30 and November 21, 2025.

Financial highlights

• Revenues from unquoted companies rose to €7,722 million for the first nine months of 2025, up 3.7% year-over-year.

• Operating income from unquoted companies increased to €1,063 million, up €184 million compared to the same period last year.

• Third quarter revenues from unquoted companies were €2,566 million, a 2.3% increase year-over-year at constant currency.

Segment performance

• Unquoted interests' value rose to €8,731 million as of September 30, 2025, from €8,231 million at year-end 2024.

• Quoted interests' market value increased to €5,048 million from €4,387 million at year-end 2024.

• Liquid portfolio stood at €2,259 million, with 90% in fixed-income and 10% in equities.