OPULION

Ackermans & van Haaren NV

Who is Ackermans & van Haaren NV?

An independent Antwerp investment group, listed in Brussels, investing long term in a few companies and sitting on their boards.

ACKB Euronext BrusselsListed in EUREUROfficial websiteWebsitePrice on Yahoo FinanceYahoo

Value and financial structure

Reporting date

5.9 Bn € of published shareholders' equity524 M € of holding company net cashthe share price 285.80 € against 180.58 € of shareholders' equity per share (book value)

What you own

Reporting date|Out of total assets of5 898 M €

By type

Listed or unlisted, and in what form.

Published equity

5.9 Bn €

at Jun 30, 2026

Pick a part to see what it holds.

Inside: or . Outside: the type of asset.

What the company owes

524 M €of holding company net cashat Jun 30, 2026

Consolidated group borrowings: 1 902 M €.

How this figure is calculated

These borrowings are the consolidated group's, carried mostly by operating subsidiaries rather than by the investment company. They do not cover the same perimeter as the gross assets the chart divides, so no share is computed here: dividing one by the other would compare two different things.

Source: Ackermans van haaren half-year report 2026 · Aug 28, 2026

By theme

What the companies held do, in fifteen themes.

Named holdings

34

sorted into 10 themes

Pick a theme to see its companies.

By number of companies: the company does not publish the weight of each line, so the ring counts names, not amounts. Themes defined by Opulion, the same on every page, not by the company. The 6 funds held are counted separately: a fund is not a line of business.

Company by company

Names as published, as of Jun 30, 2026 unless another date is shown.

44 named holdings: none with a weight, 7 listed. 1 is also held by another company followed on Opulion.

8

  • Deep C Holding

    industrial zones and business parks in Vietnam

    unlisted
    81.06 %of capital
  • Green Offshore

    stakes in Belgian offshore wind farms

    unlisted
    81.06 %of capital
  • CFE

    construction, multi-technical services and property development

    listed
    62.12 %of capital
  • DEME Group

    dredging, marine works and offshore wind

    listed
    62.12 %of capital
  • Otary BIS

    development and operation of Belgian offshore wind farms

    unlisted
    10.13 %of capital
  • Otary RS

    offshore wind farms (Belgium)

    unlisted
    10.13 %of capital

3

1

  • Nextensa

    Belgian property investor and developer

    listedas at Dec 31, 2025
    68.81 %of capital

3

  • SIPEF

    oil palm, tea and banana plantations

    listed
    42.2 %of capital
  • Verdant Bioscience

    high-yield oil palm seeds

    unlisted
    42.0 %of capital
  • Sagar Cements

    cement production in India

    listed
    19.64 %of capital

13

9

7

Legal structure · 7 entities

Intermediate holding companies and holding vehicles. They are not investments: they are not counted in the names above.

Group holding entities

Anfima · AvH Growth Capital · Brinvest · FinAx · Oksalys · Profimolux

Sub-holdings and vehicles

GreenStor

See all portfolio lines

The news feed

Up to date as of

Our latest articles on this company

The whole journal

Upcoming publications

  • Dec 1, 2026Interim reportInterim statement Q3 2026
  • Feb 26, 2027Annual reportAnnual results 2026
  • Mar 31, 2027Annual reportAnnual report 2026
  • May 20, 2027Interim reportInterim statement Q1 2027
  • May 24, 2027Annual general meetingAnnual general meeting
  • Aug 30, 2027Half-year reportHalf-year results 2027
  • Nov 25, 2027Interim reportInterim statement Q3 2027

What it has returned

Reporting date

Against the same world benchmark for all.

Published performance,

World index in euro, EUR, per year

Company figures as of Dec 31, 2025 · world index as of Dec 31, 2025

5 years

  • +15,0 %
  • +12,2 %checked against 3 ETFscumulative +77,9 %

Average return ; the follows below.

Method and sources

Each panel carries its own scale: lengths compare within a panel, never from one panel to the next.

A return is never converted from one currency to another: that would take the exchange rate move over the whole period, not the rate on one reporting date. The company's series are served in the issuer's currency only.

Every company covered is compared with the same benchmark, never with the index their own manager picked: a manager who picks his index also picks the bar he had to clear. This benchmark is not the MSCI ACWI itself, which belongs to MSCI and may not be redistributed. It is the median, recomputed by Opulion, of the net asset values published by three ETFs from three different managers tracking that index: iShares (IE00B6R52259), State Street SPDR (IE00B44Z5B48) and Amundi (LU1829220133). A single fund is never served on its own. Convention: last net asset value on a date at or before the reporting date, within a seven calendar day window; geometric annualisation over the nominal horizon; conversion at the European Central Bank reference rate of the day of the net asset value actually retained, a cross rate being an Opulion computation that is declared as such. The recomputation reproduces the performance each manager publishes for its own fund, to the second decimal, fifteen times out of twenty, and never departs from it by more than 0.04 point. Funds used: BlackRock, State Street and Amundi.

Converted at the reference rate of Jun 30, 2026, published by the European Central Bank.

What is it worth on the market?

Reporting date

The share price against net asset value per share.

Values shown in euro, EUR

180.58 €

book value published by the company, which publishes no net asset value

Share price

285.80 €

price used by the company at this date

The issuer does not publish a discount

Performance over time

Long term

Figures published by the company, over 5, 10 or 15 years, rebased to 100 at the start. Each point keeps its date and source; a missing year stays visible.

Rebased to 100 at the first year

Chart rendered with Lightweight Charts, created by TradingView

  • Shareholder return, dividends reinvestedannual approximation10 published points out of 10
  • MSCI ACWI world index, for market contextexact series114 published points out of 114
  • Shareholders' equity, total return, book valueannual approximation11 published points out of 11
Method and limits

Method: distributions within a calendar year are added up and reinvested at the 31 December closing price. With no ex-dates or intra-year prices available, the result is an annual approximation.

Series not shown

  • Investable benchmarkinvestable benchmark not yet legally available
View as a table

The same content as the figure, reachable by keyboard and without hovering.

View as a table
Year-endSeriesIndex, base 100Published levelSource
Dec 31, 2017Shareholder return, dividends reinvested100.0145.15Computed by Opulion
Dec 31, 2018Shareholder return, dividends reinvested92.3134.00Computed by Opulion
Dec 31, 2019Shareholder return, dividends reinvested99.5144.39Computed by Opulion
Dec 31, 2020Shareholder return, dividends reinvested89.2129.53Computed by Opulion
Dec 31, 2021Shareholder return, dividends reinvested124.1180.13Computed by Opulion
Dec 31, 2022Shareholder return, dividends reinvested119.9173.99Computed by Opulion
Dec 31, 2023Shareholder return, dividends reinvested121.1175.83Computed by Opulion
Dec 31, 2024Shareholder return, dividends reinvested147.9214.70Computed by Opulion
Dec 31, 2025Shareholder return, dividends reinvested183.1265.75Computed by Opulion
Jun 30, 2026Shareholder return, dividends reinvested229.2332.65Computed by Opulion
Jan 31, 2017MSCI ACWI world index, for market context100.060.81Published by iShares, a fund tracking the index
Feb 28, 2017MSCI ACWI world index, for market context102.862.50Published by iShares, a fund tracking the index
Mar 31, 2017MSCI ACWI world index, for market context104.063.27Published by iShares, a fund tracking the index
Apr 28, 2017MSCI ACWI world index, for market context105.764.26Published by iShares, a fund tracking the index
May 31, 2017MSCI ACWI world index, for market context108.265.77Published by iShares, a fund tracking the index
Jun 30, 2017MSCI ACWI world index, for market context107.465.34Published by iShares, a fund tracking the index
Jul 31, 2017MSCI ACWI world index, for market context110.467.16Published by iShares, a fund tracking the index
Aug 31, 2017MSCI ACWI world index, for market context110.967.43Published by iShares, a fund tracking the index
Sep 29, 2017MSCI ACWI world index, for market context113.168.78Published by iShares, a fund tracking the index
Oct 31, 2017MSCI ACWI world index, for market context115.570.22Published by iShares, a fund tracking the index
Nov 30, 2017MSCI ACWI world index, for market context117.871.62Published by iShares, a fund tracking the index
Dec 29, 2017MSCI ACWI world index, for market context118.672.15Published by iShares, a fund tracking the index
Jan 31, 2018MSCI ACWI world index, for market context125.476.23Published by iShares, a fund tracking the index
Feb 28, 2018MSCI ACWI world index, for market context120.273.08Published by iShares, a fund tracking the index
Mar 29, 2018MSCI ACWI world index, for market context117.571.43Published by iShares, a fund tracking the index
Apr 30, 2018MSCI ACWI world index, for market context118.772.17Published by iShares, a fund tracking the index
May 31, 2018MSCI ACWI world index, for market context118.972.32Published by iShares, a fund tracking the index
Jun 29, 2018MSCI ACWI world index, for market context117.071.16Published by iShares, a fund tracking the index
Jul 31, 2018MSCI ACWI world index, for market context120.673.31Published by iShares, a fund tracking the index
Aug 31, 2018MSCI ACWI world index, for market context121.673.93Published by iShares, a fund tracking the index
Sep 28, 2018MSCI ACWI world index, for market context122.274.28Published by iShares, a fund tracking the index
Oct 31, 2018MSCI ACWI world index, for market context113.168.75Published by iShares, a fund tracking the index
Nov 30, 2018MSCI ACWI world index, for market context114.769.74Published by iShares, a fund tracking the index
Dec 31, 2018MSCI ACWI world index, for market context105.664.19Published by iShares, a fund tracking the index
Jan 31, 2019MSCI ACWI world index, for market context114.069.30Published by iShares, a fund tracking the index
Feb 28, 2019MSCI ACWI world index, for market context117.071.15Published by iShares, a fund tracking the index
Mar 29, 2019MSCI ACWI world index, for market context118.572.05Published by iShares, a fund tracking the index
Apr 30, 2019MSCI ACWI world index, for market context122.574.49Published by iShares, a fund tracking the index
May 31, 2019MSCI ACWI world index, for market context115.270.06Published by iShares, a fund tracking the index
Jun 28, 2019MSCI ACWI world index, for market context121.273.71Published by iShares, a fund tracking the index
Jul 31, 2019MSCI ACWI world index, for market context121.673.94Published by iShares, a fund tracking the index
Aug 30, 2019MSCI ACWI world index, for market context118.872.22Published by iShares, a fund tracking the index
Sep 30, 2019MSCI ACWI world index, for market context121.273.73Published by iShares, a fund tracking the index
Oct 31, 2019MSCI ACWI world index, for market context124.675.75Published by iShares, a fund tracking the index
Nov 29, 2019MSCI ACWI world index, for market context127.677.58Published by iShares, a fund tracking the index
Dec 31, 2019MSCI ACWI world index, for market context130.579.36Published by iShares, a fund tracking the index
Jan 31, 2020MSCI ACWI world index, for market context129.078.46Published by iShares, a fund tracking the index
Feb 28, 2020MSCI ACWI world index, for market context118.672.13Published by iShares, a fund tracking the index
Mar 31, 2020MSCI ACWI world index, for market context102.662.40Published by iShares, a fund tracking the index
Apr 30, 2020MSCI ACWI world index, for market context113.569.03Published by iShares, a fund tracking the index
May 29, 2020MSCI ACWI world index, for market context118.772.16Published by iShares, a fund tracking the index
Jun 30, 2020MSCI ACWI world index, for market context121.473.83Published by iShares, a fund tracking the index
Jul 31, 2020MSCI ACWI world index, for market context127.877.73Published by iShares, a fund tracking the index
Aug 31, 2020MSCI ACWI world index, for market context135.782.50Published by iShares, a fund tracking the index
Sep 30, 2020MSCI ACWI world index, for market context131.379.84Published by iShares, a fund tracking the index
Oct 30, 2020MSCI ACWI world index, for market context128.177.90Published by iShares, a fund tracking the index
Nov 30, 2020MSCI ACWI world index, for market context143.987.52Published by iShares, a fund tracking the index
Dec 31, 2020MSCI ACWI world index, for market context149.490.88Published by iShares, a fund tracking the index
Jan 29, 2021MSCI ACWI world index, for market context148.890.47Published by iShares, a fund tracking the index
Feb 26, 2021MSCI ACWI world index, for market context152.292.54Published by iShares, a fund tracking the index
Mar 31, 2021MSCI ACWI world index, for market context156.395.04Published by iShares, a fund tracking the index
Apr 30, 2021MSCI ACWI world index, for market context163.199.16Published by iShares, a fund tracking the index
May 28, 2021MSCI ACWI world index, for market context165.5100.66Published by iShares, a fund tracking the index
Jun 30, 2021MSCI ACWI world index, for market context166.6101.29Published by iShares, a fund tracking the index
Jul 30, 2021MSCI ACWI world index, for market context167.7101.96Published by iShares, a fund tracking the index
Aug 31, 2021MSCI ACWI world index, for market context171.7104.40Published by iShares, a fund tracking the index
Sep 30, 2021MSCI ACWI world index, for market context164.499.98Published by iShares, a fund tracking the index
Oct 29, 2021MSCI ACWI world index, for market context173.1105.27Published by iShares, a fund tracking the index
Nov 30, 2021MSCI ACWI world index, for market context169.0102.79Published by iShares, a fund tracking the index
Dec 31, 2021MSCI ACWI world index, for market context173.8105.71Published by iShares, a fund tracking the index
Jan 31, 2022MSCI ACWI world index, for market context166.1100.98Published by iShares, a fund tracking the index
Feb 28, 2022MSCI ACWI world index, for market context160.997.82Published by iShares, a fund tracking the index
Mar 31, 2022MSCI ACWI world index, for market context164.099.74Published by iShares, a fund tracking the index
Apr 29, 2022MSCI ACWI world index, for market context150.991.76Published by iShares, a fund tracking the index
May 31, 2022MSCI ACWI world index, for market context151.692.21Published by iShares, a fund tracking the index
Jun 30, 2022MSCI ACWI world index, for market context137.883.81Published by iShares, a fund tracking the index
Jul 29, 2022MSCI ACWI world index, for market context147.489.65Published by iShares, a fund tracking the index
Aug 31, 2022MSCI ACWI world index, for market context141.586.02Published by iShares, a fund tracking the index
Sep 30, 2022MSCI ACWI world index, for market context128.077.81Published by iShares, a fund tracking the index
Oct 31, 2022MSCI ACWI world index, for market context135.982.62Published by iShares, a fund tracking the index
Nov 30, 2022MSCI ACWI world index, for market context147.489.65Published by iShares, a fund tracking the index
Dec 30, 2022MSCI ACWI world index, for market context139.784.93Published by iShares, a fund tracking the index
Jan 31, 2023MSCI ACWI world index, for market context150.091.20Published by iShares, a fund tracking the index
Feb 28, 2023MSCI ACWI world index, for market context145.288.32Published by iShares, a fund tracking the index
Mar 31, 2023MSCI ACWI world index, for market context150.091.22Published by iShares, a fund tracking the index
Apr 28, 2023MSCI ACWI world index, for market context152.292.57Published by iShares, a fund tracking the index
May 31, 2023MSCI ACWI world index, for market context150.691.59Published by iShares, a fund tracking the index
Jun 30, 2023MSCI ACWI world index, for market context157.795.92Published by iShares, a fund tracking the index
Jul 31, 2023MSCI ACWI world index, for market context163.399.30Published by iShares, a fund tracking the index
Aug 31, 2023MSCI ACWI world index, for market context158.796.48Published by iShares, a fund tracking the index
Sep 29, 2023MSCI ACWI world index, for market context152.092.44Published by iShares, a fund tracking the index
Oct 31, 2023MSCI ACWI world index, for market context147.989.93Published by iShares, a fund tracking the index
Nov 30, 2023MSCI ACWI world index, for market context161.298.05Published by iShares, a fund tracking the index
Dec 29, 2023MSCI ACWI world index, for market context167.4101.77Published by iShares, a fund tracking the index
Jan 31, 2024MSCI ACWI world index, for market context167.9102.11Published by iShares, a fund tracking the index
Feb 29, 2024MSCI ACWI world index, for market context175.6106.76Published by iShares, a fund tracking the index
Mar 31, 2024MSCI ACWI world index, for market context181.1110.12Published by iShares, a fund tracking the index
Apr 30, 2024MSCI ACWI world index, for market context174.7106.24Published by iShares, a fund tracking the index
May 31, 2024MSCI ACWI world index, for market context182.6111.01Published by iShares, a fund tracking the index
Jun 28, 2024MSCI ACWI world index, for market context184.7112.31Published by iShares, a fund tracking the index
Jul 31, 2024MSCI ACWI world index, for market context187.7114.16Published by iShares, a fund tracking the index
Aug 30, 2024MSCI ACWI world index, for market context192.5117.05Published by iShares, a fund tracking the index
Sep 30, 2024MSCI ACWI world index, for market context196.7119.61Published by iShares, a fund tracking the index
Oct 31, 2024MSCI ACWI world index, for market context192.4117.01Published by iShares, a fund tracking the index
Nov 29, 2024MSCI ACWI world index, for market context200.0121.62Published by iShares, a fund tracking the index
Dec 31, 2024MSCI ACWI world index, for market context193.1117.45Published by iShares, a fund tracking the index
Jan 31, 2025MSCI ACWI world index, for market context199.5121.31Published by iShares, a fund tracking the index
Feb 28, 2025MSCI ACWI world index, for market context198.8120.88Published by iShares, a fund tracking the index
Mar 31, 2025MSCI ACWI world index, for market context191.2116.28Published by iShares, a fund tracking the index
Apr 30, 2025MSCI ACWI world index, for market context192.7117.16Published by iShares, a fund tracking the index
May 30, 2025MSCI ACWI world index, for market context203.7123.86Published by iShares, a fund tracking the index
Jun 30, 2025MSCI ACWI world index, for market context211.5128.62Published by iShares, a fund tracking the index
Jul 31, 2025MSCI ACWI world index, for market context213.7129.93Published by iShares, a fund tracking the index
Aug 29, 2025MSCI ACWI world index, for market context219.4133.41Published by iShares, a fund tracking the index
Sep 30, 2025MSCI ACWI world index, for market context227.5138.36Published by iShares, a fund tracking the index
Oct 31, 2025MSCI ACWI world index, for market context232.4141.31Published by iShares, a fund tracking the index
Nov 28, 2025MSCI ACWI world index, for market context232.5141.37Published by iShares, a fund tracking the index
Dec 31, 2025MSCI ACWI world index, for market context232.6141.45Published by iShares, a fund tracking the index
Jan 30, 2026MSCI ACWI world index, for market context239.2145.47Published by iShares, a fund tracking the index
Feb 27, 2026MSCI ACWI world index, for market context242.4147.41Published by iShares, a fund tracking the index
Mar 31, 2026MSCI ACWI world index, for market context227.2138.13Published by iShares, a fund tracking the index
Apr 30, 2026MSCI ACWI world index, for market context248.9151.36Published by iShares, a fund tracking the index
May 29, 2026MSCI ACWI world index, for market context260.9158.63Published by iShares, a fund tracking the index
Jun 30, 2026MSCI ACWI world index, for market context258.0156.92Published by iShares, a fund tracking the index
Dec 31, 2016Shareholders' equity, total return, book value100.083.97Computed by Opulion
Dec 31, 2017Shareholders' equity, total return, book value109.391.74Computed by Opulion
Dec 31, 2018Shareholders' equity, total return, book value119.4100.24Computed by Opulion
Dec 31, 2019Shareholders' equity, total return, book value132.9111.57Computed by Opulion
Dec 31, 2020Shareholders' equity, total return, book value139.8117.41Computed by Opulion
Dec 31, 2021Shareholders' equity, total return, book value158.4132.99Computed by Opulion
Dec 31, 2022Shareholders' equity, total return, book value189.3158.99Computed by Opulion
Dec 31, 2023Shareholders' equity, total return, book value207.5174.20Computed by Opulion
Dec 31, 2024Shareholders' equity, total return, book value227.8191.28Computed by Opulion
Dec 31, 2025Shareholders' equity, total return, book value251.4211.07Computed by Opulion
Jun 30, 2026Shareholders' equity, total return, book value266.8223.99Computed by Opulion
Cases covered
  • Share splits and reverse splitsnot yet covered
  • Special dividendshandled
  • Distributions in sharesnot yet covered
  • Subscription rightsnot yet covered
  • Share buybacks and cancellationshandled
  • Spin-offsnot yet covered
  • Change of listing currencyexcluded
  • Change of share classnot yet covered
  • Change in the share count used as denominatorhandled
  • Withholding tax, fees, gross versus netexcluded

Series source: Key Figures 2025 d'Ackermans & van Haaren (tableau « Data per share »), rapport annuel 2025 et rapport semestriel 2026

Latest reporting date: Jun 30, 2026.

The share price

Market

The share price, to read against the published shareholders' equity per share above: a book value, not a net asset value.

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Getting to know Ackermans & van Haaren

Each answer links to its source.

  1. Who decides?

    A chain of companies. Scaldis Invest holds 33.3 % of the capital; it is controlled by Belfimas, the reference shareholder, and at the top of the chain sits a Dutch-law foundation, "Het Torentje". Two AvH directors sit on the Belfimas board.

    Sourceavh.be

  2. What does it own?

    Five poles. Marine engineering, DEME and CFE, from dredging to renewable energy, carries 1 878 M € of equity, their value on its balance sheet; private banking, Delen and Bank Van Breda, 1 806 M €. Then come real estate, tropical agriculture and growth capital.

    Sourceavh.be

  3. How does it choose its investments?

    It teams up with families, co-shareholders and managers, and sets strategic goals with each holding. It strives for "annual recurring growth of the results of each participation", not quick dividends.

    Sourceavh.be

  4. How does it make money?

    Its profit is, for the most part, its share of its holdings' results, 340 M € over the last half-year. Cash, for its part, comes up as dividends: 283 M € received over the same period, mostly paid by its two private banks, Delen and Bank Van Breda.

    Sourceml-eu.globenewswire.com

  5. How are shareholders paid?

    Through a dividend, 4.60 € gross per share for the last financial year, which the company aims to grow over time. Its purchases of own shares serve a liquidity contract, which keeps the stock trading, and cover a stock option plan.

    Sourceavh.be

  6. What sets it apart

    It does not publish a revalued net asset value, the market value of what it owns. It brings its holdings into its own accounts and measures itself by the growth of its equity, dividends included: 12.7 % a year on average since its stock market listing.

    Sourceavh.be
1 of 6

Who runs it, and since when?

Management and what it costs

Not published at this reporting date

Who controls the capital

Controlling shareholder's capital
33.3 %
Controlling shareholder's voting rights
33.3 %
Free float
Not published at this reporting date

How long they have been there

Tenure on the board and in management

  • Luc Bertrand· Chair of the Board of Directors, non-executive director1985
  • Sonali Chandmal· Independent director2023
  • Marion Debruyne· Independent director, member of the audit committee2016
  • Bart Deckers· Independent director, member of the remuneration committee2022
  • Jacques Delen· Non-executive director1992
  • Deborah Janssens· Non-executive director2023
  • Frank van Lierde· Independent director, member of the audit committee2023
  • Julien Pestiaux· Non-executive director, chair of the audit committee, member of the remuneration committee2011
  • Thierry van Baren· Non-executive director2006
  • Victoria Vandeputte· Independent director, chair of the remuneration committee2018
  • Frederic van Haaren· Non-executive director1993
  • Pierre Willaert· Non-executive director1998
  • John-Eric Bertrand· Co-CEO, co-chair of the Executive Committee2008
  • Piet Dejonghe· Co-CEO, co-chair of the Executive Committee1995
  • Tom Bamelis· Chief Financial Officer (CFO), member of the Executive Committee1999
  • Piet Bevernage· Secrétaire général, membre du comité de direction1995
  • André-Xavier Cooreman· Member of the Executive Committeedate not published
  • An Herremans· Member of the Executive Committee2014
  • Koen Janssen· Member of the Executive Committee2001
198519952005201520252026

Company facts

Value and financial structure

9 476M €Market capitalisation, at Jun 30, 2026
5 898M €at Jun 30, 2026
524M €at Jun 30, 2026
Not published at this reporting dateat Jun 30, 2026
Assets under management
84 166M €Delen Private Bank, at Jun 30, 2026
Founded in
1876
Registered office
Anvers, BE
Headcount
52 the holding alone
Headcount as at
Dec 31, 2025 (not the reporting date of this page)

Tested against the figures

  • 1.6 %Jun 30, 2026