HAL Trust (HAL) H1 2025 earnings summary

Executive summary

• Net income for the first half of 2025 was €1,024 million, up from €510 million year-over-year, with EPS rising to €11.33 from €5.65.

• Net asset value increased by €847 million to €16,083 million as of June 30, 2025.

• The value of quoted company interests and the liquid portfolio rose by approximately €300 million between June 30 and August 22, 2025.

Financial highlights

• Revenues for H1 2025 were €6,370.7 million, up from €6,125.1 million year-over-year.

• Operating profit rose to €1,519.9 million from €886.9 million year-over-year.

• Net profit attributable to owners was €1,023.8 million, with non-controlling interest at €202.5 million.

• Dividend of €262.1 million paid in May 2025 (€2.90 per share).

• Corporate liquid portfolio at €2.3 billion, with a 2.0% return in H1 2025.

Outlook and guidance

• No explicit net income guidance due to portfolio composition and market volatility.

• Risks identified in the 2024 annual report remain relevant for the second half of 2025.