Report
Hal Trust 1Q25: NAV Increased 0.5% Driven By Listed Assets
During 1Q25, NAV increased 0.5% to €15.6b or €172.4ps or (vs. €15.5b €171.6ps at FY24-end). The slight uptick was driven by a €100m increase in the market value of listed assets. Best performer was Technip Energies (~5.7% of NAV) which reported a 12% net profit increase YoY for 1Q25. Vopak (~15% of NAV) was the worst performer after reporting no revenue increase YoY and supply chain disruptions from Trump's tariffs. Total listed portfolio stood at €4.5b (vs. €4.4b at FY24-end). Revenues from the unquoted companies for 1Q25 amounted to €2.3bn, up 2.7% from FY24-end. The liquid portfolio, valued at €2.36b, posted a 0.7% return, mostly from fixed-income instruments (90% of the portfolio). Stake in Siltronic AG was 13.8% and valued at €166m (vs. 9.7% and €136m at FY24-end). HAL recently boosted its stake in Siltronic AG to 15.1%.
Underlying
HAL Trust
HAL Trust is the trust holding company for HAL Holding N.V. Co.'s only asset is the outstanding shares of HAL Holding N.V. Co.'s strategy is to invest in companies where it can play an active role as shareholder and board member. Co. invests mainly in industrial and real estate companies.
Provider
KBC Securities
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