HAL Holding: Half-Year Net Income Down to €856M, NAV Advances
The investment holding published on August 27, 2026 a half-year net income down compared to the same period of the previous year.
At the same time, the net asset value, a central indicator for a holdings company, progressed, driven by the revaluation of listed participations.
Net Income of €856M in the First Half, versus €1,024M a Year Earlier
HAL Holding N.V.'s net income attributable to shareholders stood at €856M (€9.48 per share) over the first six months of 2026, compared to €1,024M (€11.33 per share) over the same period in 2025.
The group's operating income came in at €1,207.5M, compared to €1,519.9M a year earlier. The effective tax rate moved from 23.2% in the first half of 2025 to 20.2% in the first half of 2026, a change that the group attributes mainly to the change in Boskalis's effective rate.
The contribution of unlisted companies to earnings amounted to €499M, compared to €705M a year earlier. That of listed participations reached €429M, compared to €581M over the same period in 2025.
Boskalis Weighs on Unlisted Activities' Results
The decline in unlisted companies' results stems primarily from Boskalis, following results described as record-breaking in 2025 by the group.
Boskalis's revenues stood at €1,902M in the first half, compared to €2,345M a year earlier. Its EBITDA reached €553M, compared to €748M, and its operating income excluding purchase price accounting adjustment effects came in at €331M, compared to €521M. According to the group, this decline reflects geopolitical uncertainties, a slowdown in the awarding of new dredging projects and weaker conditions in the offshore wind market, resulting in lower revenues and vessel utilization rates.
Boskalis's order backlog stood at €6.8B on June 30, 2026, compared to €7.0B on December 31, 2025. Revenues from unlisted companies declined by 9.4% to €4,670M (€5,156M a year earlier), representing a 6.9% decline excluding acquisition, disposal and currency effects.
Net Asset Value Brought to €17,626M by Revaluation of Listed Participations
The net asset value, calculated on the basis of the market value of listed participations and the liquid portfolio, and the book value of unlisted companies, advanced by €1,520M in the first half of 2026.
After accounting for the 2025 dividend (€316M) and the sale of treasury shares (€4M), it stood at €17,626M (€195.16 per share) on June 30, 2026, compared to €16,418M (€181.84 per share) on December 31, 2025. The market value of listed participations increased from €5.1B at the end of 2025 to €6.1B at the end of June 2026, driven mainly by Vopak, SBM Offshore and Siltronic.
Between June 30 and August 21, 2026, the value of listed participations and the liquid portfolio advanced further by approximately €240M (€2.66 per share). On the operations front, HAL completed on May 18, 2026 the disposal of Atlas NextWave, for proceeds of €90M and a disposal profit of €61M, and continues the project to acquire VolkerWessels's Dutch activities, on the basis of an enterprise value of €1,600M, whose completion, subject to approval by competition authorities, is expected in the second half of 2026.
