HAL Trust (HAL) Q4 2025 earnings summary

Executive summary

• Net income rose to €1,597 million for 2025, up from €1,210 million in 2024, with EPS increasing to €17.68 from €13.39 year-over-year.

• Net asset value increased by €1,190 million to €16,418 million (€181.84 per share) as of December 31, 2025.

• Growth driven by higher share prices in SBM Offshore, Safilo, Technip Energies, and strong earnings from Boskalis.

Financial highlights

• Revenues reached €12,517 million in 2025, up from €12,373 million in 2024.

• Operating profit increased to €2,431 million from €1,871 million year-over-year.

• Net profit attributable to owners was €1,597 million, with a proposed dividend of €3.50 per share for 2025.

• Liquid portfolio stood at €2.6 billion, with a 2.1% return on fixed-income instruments and 11.1% on equities.

Outlook and guidance

• Dividend policy bases cash dividend on 2.5% of the prior December's average share price; proposed dividend for 2025 is €3.50 per share.

• Market value of quoted companies and liquid portfolio increased by €775 million between December 31, 2025, and March 20, 2026.

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