• 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).
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).
Download full press release:
https://www.halholding.com/xmlpages/tan/files?p_file_id=895
• 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).
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).
Download full press release:
https://www.halholding.com/xmlpages/tan/files?p_file_id=895
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