HAL Trust — Earnings Release 2025

Mar 30, 2026

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Press release HAL Trust

HAL

NET INCOME FOR 2025 OF € 1,597 MILLION (2024: € 1,210 MILLION)

NET ASSET VALUE INCREASES BY € 1,190 MILLION

Net income of HAL Holding N.V. ('HAL' or the 'Company') for 2025 amounted to € 1,597 million (€ 17.68 per share) compared with € 1,210 million (€ 13.39 per share) for 2024.

The net asset value based on the market value of the quoted companies and the liquid portfolio and on the book value of the unquoted companies, increased by € 1,190 million in 2025. After taking into account the dividend over 2024 (€ 262 million) and the purchase of treasury shares (€ 11 million), the net asset value amounted to € 16,418 million (€ 181.84 per share) on December 31, 2025, compared to € 15,501 million (€ 171.61 per share) on December 31, 2024.

The increase in net asset value is primarily due to the increase in the share price of SBM Offshore, Safilo and Technip Energies (combined effect € 0.8 billion) and earnings from Boskalis (effect € 0.7 billion), partially offset by a decrease in the share price of Vopak (€ 0.2 billion).

The contributions from individual segments to the overall result, in millions of euro, are presented in the table below.

	Income	Net asset value
	2025	2024	Dec. 31, 2025
Unquoted (operating income)	1,250	1,126	8,431
Quoted interests (contribution to net income)	778	2971	4,983
Real estate (operating income)	(41)	(3)	269
Liquid portfolio (operating income)	86	1051	2,613
	2,073	1,525	16,296
Reconciling items2	(476)	(315)	122
Net income	1,597	1,210	16,418

1 Presentation amended to reflect the transfer of the Company's investment in Siltronic in 2025 from the Liquid portfolio to the Quoted interests
2 Includes amortization and depreciation, impairments, exceptional items, financial income and expense, income tax and non-controlling interests, and pension benefit assets and corporate assets

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Dividend

The dividend policy is, subject to unforeseen circumstances and the availability of sufficient liquid assets, to base the cash dividend on 2.5% of the volume-weighted average December share price of HAL Trust in the year preceding the dividend payment. The proposed cash dividend per share over 2025 amounts to € 3.50 (2024: € 2.90 per share).

Prospects

As a significant part of the Company’s net income is determined by the results of the quoted companies, and in view of the broad composition of the investment portfolio as well as potential capital gains and losses, we generally do not express expectations with respect to net income. During the period from December 31, 2025, through March 20, 2026, the market value of the ownership interests in quoted companies and the liquid portfolio was positively impacted due to changes in market prices by approximately € 775 million (€ 8.58 per share).

Acquisitions and divestitures 2026

In the first quarter of 2026, HAL signed an agreement to sell its stake in Atlas Professionals B.V. to GCF IV Bidco 19 B.V. (Avedon Capital Partners). The completion of the transaction is subject to customary approvals from the relevant authorities. The transaction is expected to close within the coming months, and will result in an expected net capital gain for HAL of approximately € 60 million.

Acquisitions and divestitures 2025

On October 15, 2025, HAL signed an agreement with Koninklijke VolkerWessels B.V. ('VolkerWessels') to acquire VolkerWessels Nederland B.V., consisting of the Construction and Property Development and Infrastructure activities of VolkerWessels in the Netherlands, based on an enterprise value of € 1,600 million. In 2025, the activities within the transaction perimeter generated a turnover of € 3,649 million (2024: € 3,528 million) and an EBIT of € 280 million (2024: € 182 million). Completion of the transaction is subject to conditions customary for transactions of this nature, including approval by the relevant competition authorities.

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On November 25, 2025, HAL expanded its interest in Koppert Group B.V. ('Koppert') through the acquisition of 27.3% of the company's ordinary share capital. As part of the transaction, a loan of € 25 million provided in July 2025 was converted into convertible preference shares. In addition to the common shares, HAL holds, at the end of 2025, convertible preference shares and non-convertible preference shares in Koppert with a book value of € 23 million and € 120 million, respectively. Koppert is the worldwide market leader in biological control products that prevent or reduce pests and diseases in plants, reducing or avoiding the need for chemical pesticides. It sells its biocontrol products worldwide for protected (greenhouse) production of vegetables, outdoor fruits and specialty crops and open field production of row crops (soy, corn, sugar cane) in Brazil. Over 2025, Koppert reported a turnover of € 450 million and an EBITDA of € 32 million.

At the end of September 2025, Boskalis divested the activities of Smit Lamnalco in Australia and Papua New Guinea. These operations primarily consisted of harbor towage services, which were no longer part of Boskalis' strategic focus. The sale generated € 354 million in cash with no significant capital gain.

Liquid portfolio

The corporate liquid portfolio amounted to € 2.6 billion as of December 31, 2025 (2024: € 2.4 billion). Income from the liquid portfolio decreased by € 19 million to € 86 million.

On December 31, 2025, the liquid portfolio consisted for 92% (2024: 93%) of fixed-income instruments and cash balances amounting to € 2.4 billion (2024: € 2.2 billion), and for 8% (2024: 7%) of equities, for an amount of € 0.2 billion (2024: € 0.2 billion). The fixed-income instruments and cash balances provided a return of 2.1% (2024: 4.8%). This portfolio includes investment-grade bonds for an amount of € 0.4 billion. These bonds have an average S&P credit rating of A, an average duration of 1.2 years and an average yield to maturity of 2.5%. These bonds are managed by external asset managers. Equities provided a return of 11.1% (2024: negative 3.0%).

The 15.1% ownership interest in Siltronic of € 222 million (2024: € 136 million, 9.7%) is included in other financial assets in the balance sheet since 2025.

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HACM

Results

Revenues from the unquoted consolidated companies for 2025 amounted to € 10,192 million (2024: € 10,019 million), representing an increase of € 173 million (1.7%). Excluding the effect of acquisitions, divestitures and currency exchange differences, revenues from the unquoted consolidated companies increased by € 237 million (2.4%). The operating income, or EBITA, (income before interest, exceptional items, taxes and amortization of intangible assets but including amortization of software) of the unquoted companies for 2025 amounted to € 1,250 million (2024: € 1,126 million), an increase of € 124 million. Excluding the effect of acquisitions, divestitures and changes in currency exchange rates operating income increased by € 81 million. This increase is primarily due to higher results from Boskalis and IQIP. Revenues of Boskalis for 2025 amounted to € 4.46 billion (2024: € 4.36 billion). EBITDA (earnings before interest, taxes, depreciation and amortization, excluding exceptional items) reported by Boskalis amounted to € 1,336 million (2024: € 1,155 million). EBITA reported by Boskalis, excluding exceptional items, amounted to € 886 million (2024: € 781 million).

Net income for HAL from quoted interests increased by € 481 million to € 778 million. This increase in net income is primarily due to higher income from SBM Offshore (effect € 160 million) and Vopak (effect € 130 million).

Financial calendar

The financial calendar is included in the appendix of this press release. This press release is based on the prepared financial statements for 2025 to be approved by the Annual General Meeting of Shareholders. The external auditor has issued an unqualified auditors' report on the prepared financial statements for 2025. These financial statements will be made available on the Company's web site (www.halholding.com) on March 31, 2026. The printed version will be available by the end of April.

HAL Holding N.V.

March 27, 2026

This press release was issued on March 27, 2026, at 17:35 and contains inside information relating to HAL Trust within the meaning of Article 7(1) of the EU Market Abuse Regulation

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Financial calendar

Shareholders’ meeting HAL Trust and interim statement
Publication of 2026 half-year results
Interim statement
Publication of dividend proposal
Publication of 2026 annual results
Shareholders’ meeting HAL Trust and interim statement

May 12, 2026
August 27, 2026
November 26, 2026
January 28, 2027
March 25, 2027
May 24, 2027

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Consolidated Statement of Financial Position

As of December 31

In millions of euro	2025	2024
Non-current assets
Property, plant and equipment	9,066.2	9,223.8
Right-of-use assets	1,103.4	1,097.1
Investment properties	112.4	111.1
Intangible assets	3,170.6	3,565.3
Investments in associates and joint arrangements	4,124.1	3,766.1
Other financial assets	1,685.8	1,397.4
Derivatives	4.2	12.3
Pension benefits	115.9	90.0
Deferred tax assets	125.6	145.3
Total non-current assets	19,508.2	19,408.4
Current assets
Inventories	1,008.5	1,022.4
Receivables	1,553.7	1,498.9
Marketable securities	627.4	1,696.1
Other financial assets	68.6	46.1
Derivatives	10.6	27.1
Unbilled revenue	226.8	221.3
Other current assets	725.6	814.5
Cash and cash equivalents	4,345.5	2,578.0
Assets held for sale	67.0	29.7
Total current assets	8,633.7	7,934.1
Total assets	28,141.9	27,342.5
Equity
Equity attributable to owners of the parent	15,628.7	14,776.1
Non-controlling interest	2,107.6	2,131.6
Total equity	17,736.3	16,907.7
Non-current liabilities
Deferred tax liabilities	552.3	619.3
Pension benefits	71.7	90.3
Derivatives	13.2	5.0
Provisions	143.4	177.7
Deferred income	32.6	28.6
Lease liabilities	965.1	1,022.7
Debt and other financial liabilities	2,898.6	2,681.7
Total non-current liabilities	4,676.9	4,625.3
Current liabilities
Provisions	254.2	175.9
Deferred income	1,269.1	1,140.4
Accrued expenses	1,767.9	1,789.1
Income tax payable	299.3	349.4
Accounts payable	988.4	1,051.8
Derivatives	16.0	17.5
Lease liabilities	235.4	161.7
Debt and other financial liabilities	898.4	1,123.7
Total current liabilities	5,728.7	5,809.5
Total equity and liabilities	28,141.9	27,342.5

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Consolidated Statement of Income

For the year ended December 31

In millions of euro	2025	2024
Revenues	12,516.7	12,373.0
Income from marketable securities and deposits	85.9	23.8
Share of results from associates and joint ventures	435.3	402.2
Income from other financial assets	237.1	155.6
Income from real estate activities	(28.3)	12.9
Other income	153.9	105.2
Total income	13,400.6	13,072.7
Usage of raw materials, consumables and other inventory	5,288.6	5,597.5
Employee expenses	2,948.5	2,720.7
Depreciation and impairment of property, plant, equipment and investment properties	732.5	885.7
Depreciation and impairment of right-of-use assets	186.6	181.0
Amortization and impairment of intangible assets	156.9	240.5
Other operating expenses	1,656.4	1,576.4
Total expenses	10,969.5	11,201.8
Operating profit	2,431.1	1,870.9
Financial expense	(281.2)	(260.7)
Other financial income	78.6	132.3
Profit before income tax	2,228.5	1,742.5
Income tax expense	(283.7)	(309.3)
Net profit	1,944.8	1,433.2
Attributable to:
Owners of the parent	1,596.9	1,209.7
Non-controlling interest	347.9	223.5
	1,944.8	1,433.2
Average number of Shares outstanding (in thousands)	90,323	90,343
Earnings per Share attributable to owners of parent during the year (in euro)
- basic and diluted	17.68	13.39
Dividend per Share (in euro)	3.50^{1}	2.90

1 Proposed