OPULION
HAL Euronext AmsterdamListed in EUREUROfficial websiteWebsitePrice on Yahoo FinanceYahoo

Value and financial structure

Reporting date

17.6 Bn € of published net assets1 129 M € of published net cashthe share price 165.00 € against 195.16 € of net asset value per share (gap computed by Opulion −15.5 %)

What you own

Reporting date|Out of total assets of17 626 M €

By type

Listed or unlisted, and in what form.

Published net assets

17.6 Bn €

at Jun 30, 2026

Pick a part to see what it holds.

Inside: or . Outside: the type of asset.

What the company owes

3 826 M €Borrowings on recordat Jun 30, 2026

Consolidated group borrowings

Net cash published by the company: 1 129 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: Hal report on the first half year 2026 · Aug 27, 2026

By theme

What the companies held do, in fifteen themes.

Sorted by theme

65 %

of gross assets

Pick a theme to see its companies.

As a share of gross assets, on the lines whose weight the company publishes. Themes defined by Opulion, the same on every page, not by the company.

Company by company

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

51 named holdings: 7 with a weight, 7 listed.

With their weight7

  • dredging and marine services

    unlisted
    100.0 %of capital
    30.1 %
  • oil, gas and chemical storage terminals

    listed
    52.5 %of capital
    15.7 %
  • offshore oil production vessels (FPSO)

    listed
    24.2 %of capital
    7.0 %
  • LNG, hydrogen and carbon project engineering

    listed
    19.15 %of capital
    6.4 %
  • silicon wafers for semiconductors

    listed
    15.09 %of capital
    2.3 %
  • branded eyewear

    listed
    49.5 %of capital
    2.0 %
  • automation and electrification systems

    listed
    10.23 %of capital
    1.1 %

17

2

  • real estate development and management

    100.0 %of capital
  • SB Real Estate B.V.

    shopping center management and redevelopment

    90.0 %of capital

2

  • BVGO

    construction and real estate development in the Netherlands

  • InfraNL

3

  • trading of energy certificates and carbon credits

    36.5 %of capital
  • ESG accounting and reporting software

    25.0 %of capital
  • mycoprotein production (alternative protein)

    10.3 %of capital
Legal structure · 2 entities

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

Sub-holdings and vehicles

HAL Investments B.V. · 280ppm B.V.

See all portfolio lines

The news feed

Up to date as of

Our latest articles on this company

The whole journal

Upcoming publications

  • Nov 26, 2026Press releaseQ3 2026 update
  • Jan 28, 2027DividendProposed dividend 2026
  • Mar 25, 2027Annual reportAnnual results 2026
  • May 24, 2027Annual general meetingShareholders' meeting and Q1 2027 update
  • Aug 25, 2027 to Aug 30, 2027Half-year reportHalf-year report 2027date estimated from the usual schedule

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 Jun 30, 2026 · world index as of Jun 30, 2026

The company does not publish a return over one, three, five or ten years.

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

195.16 €

the company's calculation

Share price

165.00 €

stock exchange close that day, not a price used by the company

Price to net asset value gap

−15.5 %

computed by Opulion: the stock exchange close against the same-day net asset value per share. HAL carries its unlisted holdings in it at book value.

Latest discount published by the company: 5.0 % as at Mar 31, 2026, on its own method.

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.

  • Shareholder return, dividends reinvestedannual approximation14 published points out of 14
  • MSCI ACWI world index, for market contextexact series157 published points out of 157
  • Net asset value, total returnannual approximation27 published points out of 27
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, 2012Shareholder return, dividends reinvested100.096.95Computed by Opulion
Dec 31, 2013Shareholder return, dividends reinvested110.8107.40Computed by Opulion
Dec 31, 2014Shareholder return, dividends reinvested139.0134.74Computed by Opulion
Dec 31, 2015Shareholder return, dividends reinvested187.7182.01Computed by Opulion
Dec 31, 2016Shareholder return, dividends reinvested212.3205.84Computed by Opulion
Dec 31, 2017Shareholder return, dividends reinvested189.9184.11Computed by Opulion
Dec 31, 2018Shareholder return, dividends reinvested172.1166.87Computed by Opulion
Dec 31, 2019Shareholder return, dividends reinvested192.9187.04Computed by Opulion
Dec 31, 2020Shareholder return, dividends reinvested164.5159.51Computed by Opulion
Dec 31, 2021Shareholder return, dividends reinvested211.6205.18Computed by Opulion
Dec 31, 2022Shareholder return, dividends reinvested182.5176.89Computed by Opulion
Dec 31, 2023Shareholder return, dividends reinvested180.6175.12Computed by Opulion
Dec 31, 2024Shareholder return, dividends reinvested187.7181.97Computed by Opulion
Dec 31, 2025Shareholder return, dividends reinvested234.7227.54Computed by Opulion
Dec 31, 2012MSCI ACWI world index, for market context100.047.69Published by iShares, a fund tracking the index
Jan 31, 2013MSCI ACWI world index, for market context104.649.89Published by iShares, a fund tracking the index
Feb 28, 2013MSCI ACWI world index, for market context104.649.88Published by iShares, a fund tracking the index
Mar 28, 2013MSCI ACWI world index, for market context106.550.78Published by iShares, a fund tracking the index
Apr 30, 2013MSCI ACWI world index, for market context109.552.22Published by iShares, a fund tracking the index
May 31, 2013MSCI ACWI world index, for market context109.352.12Published by iShares, a fund tracking the index
Jun 30, 2013MSCI ACWI world index, for market context104.849.96Published by iShares, a fund tracking the index
Jul 31, 2013MSCI ACWI world index, for market context109.752.33Published by iShares, a fund tracking the index
Aug 31, 2013MSCI ACWI world index, for market context107.451.22Published by iShares, a fund tracking the index
Sep 30, 2013MSCI ACWI world index, for market context112.953.86Published by iShares, a fund tracking the index
Oct 31, 2013MSCI ACWI world index, for market context117.656.06Published by iShares, a fund tracking the index
Nov 30, 2013MSCI ACWI world index, for market context119.356.91Published by iShares, a fund tracking the index
Dec 31, 2013MSCI ACWI world index, for market context120.457.41Published by iShares, a fund tracking the index
Jan 31, 2014MSCI ACWI world index, for market context115.555.08Published by iShares, a fund tracking the index
Feb 28, 2014MSCI ACWI world index, for market context121.257.79Published by iShares, a fund tracking the index
Mar 31, 2014MSCI ACWI world index, for market context121.858.08Published by iShares, a fund tracking the index
Apr 30, 2014MSCI ACWI world index, for market context123.058.68Published by iShares, a fund tracking the index
May 30, 2014MSCI ACWI world index, for market context125.759.97Published by iShares, a fund tracking the index
Jun 30, 2014MSCI ACWI world index, for market context126.460.28Published by iShares, a fund tracking the index
Jul 31, 2014MSCI ACWI world index, for market context124.859.53Published by iShares, a fund tracking the index
Aug 29, 2014MSCI ACWI world index, for market context127.660.85Published by iShares, a fund tracking the index
Sep 30, 2014MSCI ACWI world index, for market context123.558.92Published by iShares, a fund tracking the index
Oct 31, 2014MSCI ACWI world index, for market context124.559.37Published by iShares, a fund tracking the index
Nov 28, 2014MSCI ACWI world index, for market context126.760.41Published by iShares, a fund tracking the index
Dec 31, 2014MSCI ACWI world index, for market context123.258.75Published by iShares, a fund tracking the index
Jan 30, 2015MSCI ACWI world index, for market context121.357.87Published by iShares, a fund tracking the index
Feb 27, 2015MSCI ACWI world index, for market context128.061.05Published by iShares, a fund tracking the index
Mar 31, 2015MSCI ACWI world index, for market context126.060.11Published by iShares, a fund tracking the index
Apr 30, 2015MSCI ACWI world index, for market context129.661.82Published by iShares, a fund tracking the index
May 29, 2015MSCI ACWI world index, for market context129.361.68Published by iShares, a fund tracking the index
Jun 30, 2015MSCI ACWI world index, for market context124.859.53Published by iShares, a fund tracking the index
Jul 31, 2015MSCI ACWI world index, for market context125.960.04Published by iShares, a fund tracking the index
Aug 31, 2015MSCI ACWI world index, for market context117.255.87Published by iShares, a fund tracking the index
Sep 30, 2015MSCI ACWI world index, for market context113.053.89Published by iShares, a fund tracking the index
Oct 30, 2015MSCI ACWI world index, for market context122.158.21Published by iShares, a fund tracking the index
Nov 30, 2015MSCI ACWI world index, for market context121.157.73Published by iShares, a fund tracking the index
Dec 31, 2015MSCI ACWI world index, for market context117.355.96Published by iShares, a fund tracking the index
Jan 29, 2016MSCI ACWI world index, for market context110.552.69Published by iShares, a fund tracking the index
Feb 29, 2016MSCI ACWI world index, for market context109.852.34Published by iShares, a fund tracking the index
Mar 31, 2016MSCI ACWI world index, for market context117.856.20Published by iShares, a fund tracking the index
Apr 29, 2016MSCI ACWI world index, for market context119.657.04Published by iShares, a fund tracking the index
May 31, 2016MSCI ACWI world index, for market context119.757.09Published by iShares, a fund tracking the index
Jun 30, 2016MSCI ACWI world index, for market context117.656.07Published by iShares, a fund tracking the index
Jul 29, 2016MSCI ACWI world index, for market context122.558.43Published by iShares, a fund tracking the index
Aug 31, 2016MSCI ACWI world index, for market context122.958.63Published by iShares, a fund tracking the index
Sep 30, 2016MSCI ACWI world index, for market context123.758.98Published by iShares, a fund tracking the index
Oct 31, 2016MSCI ACWI world index, for market context121.658.00Published by iShares, a fund tracking the index
Nov 30, 2016MSCI ACWI world index, for market context122.758.50Published by iShares, a fund tracking the index
Dec 30, 2016MSCI ACWI world index, for market context124.259.22Published by iShares, a fund tracking the index
Jan 31, 2017MSCI ACWI world index, for market context127.560.81Published by iShares, a fund tracking the index
Feb 28, 2017MSCI ACWI world index, for market context131.162.50Published by iShares, a fund tracking the index
Mar 31, 2017MSCI ACWI world index, for market context132.763.27Published by iShares, a fund tracking the index
Apr 28, 2017MSCI ACWI world index, for market context134.764.26Published by iShares, a fund tracking the index
May 31, 2017MSCI ACWI world index, for market context137.965.77Published by iShares, a fund tracking the index
Jun 30, 2017MSCI ACWI world index, for market context137.065.34Published by iShares, a fund tracking the index
Jul 31, 2017MSCI ACWI world index, for market context140.867.16Published by iShares, a fund tracking the index
Aug 31, 2017MSCI ACWI world index, for market context141.467.43Published by iShares, a fund tracking the index
Sep 29, 2017MSCI ACWI world index, for market context144.268.78Published by iShares, a fund tracking the index
Oct 31, 2017MSCI ACWI world index, for market context147.270.22Published by iShares, a fund tracking the index
Nov 30, 2017MSCI ACWI world index, for market context150.271.62Published by iShares, a fund tracking the index
Dec 29, 2017MSCI ACWI world index, for market context151.372.15Published by iShares, a fund tracking the index
Jan 31, 2018MSCI ACWI world index, for market context159.876.23Published by iShares, a fund tracking the index
Feb 28, 2018MSCI ACWI world index, for market context153.273.08Published by iShares, a fund tracking the index
Mar 29, 2018MSCI ACWI world index, for market context149.871.43Published by iShares, a fund tracking the index
Apr 30, 2018MSCI ACWI world index, for market context151.372.17Published by iShares, a fund tracking the index
May 31, 2018MSCI ACWI world index, for market context151.672.32Published by iShares, a fund tracking the index
Jun 29, 2018MSCI ACWI world index, for market context149.271.16Published by iShares, a fund tracking the index
Jul 31, 2018MSCI ACWI world index, for market context153.773.31Published by iShares, a fund tracking the index
Aug 31, 2018MSCI ACWI world index, for market context155.073.93Published by iShares, a fund tracking the index
Sep 28, 2018MSCI ACWI world index, for market context155.874.28Published by iShares, a fund tracking the index
Oct 31, 2018MSCI ACWI world index, for market context144.268.75Published by iShares, a fund tracking the index
Nov 30, 2018MSCI ACWI world index, for market context146.269.74Published by iShares, a fund tracking the index
Dec 31, 2018MSCI ACWI world index, for market context134.664.19Published by iShares, a fund tracking the index
Jan 31, 2019MSCI ACWI world index, for market context145.369.30Published by iShares, a fund tracking the index
Feb 28, 2019MSCI ACWI world index, for market context149.271.15Published by iShares, a fund tracking the index
Mar 29, 2019MSCI ACWI world index, for market context151.172.05Published by iShares, a fund tracking the index
Apr 30, 2019MSCI ACWI world index, for market context156.274.49Published by iShares, a fund tracking the index
May 31, 2019MSCI ACWI world index, for market context146.970.06Published by iShares, a fund tracking the index
Jun 28, 2019MSCI ACWI world index, for market context154.673.71Published by iShares, a fund tracking the index
Jul 31, 2019MSCI ACWI world index, for market context155.073.94Published by iShares, a fund tracking the index
Aug 30, 2019MSCI ACWI world index, for market context151.472.22Published by iShares, a fund tracking the index
Sep 30, 2019MSCI ACWI world index, for market context154.673.73Published by iShares, a fund tracking the index
Oct 31, 2019MSCI ACWI world index, for market context158.875.75Published by iShares, a fund tracking the index
Nov 29, 2019MSCI ACWI world index, for market context162.777.58Published by iShares, a fund tracking the index
Dec 31, 2019MSCI ACWI world index, for market context166.479.36Published by iShares, a fund tracking the index
Jan 31, 2020MSCI ACWI world index, for market context164.578.46Published by iShares, a fund tracking the index
Feb 28, 2020MSCI ACWI world index, for market context151.272.13Published by iShares, a fund tracking the index
Mar 31, 2020MSCI ACWI world index, for market context130.862.40Published by iShares, a fund tracking the index
Apr 30, 2020MSCI ACWI world index, for market context144.769.03Published by iShares, a fund tracking the index
May 29, 2020MSCI ACWI world index, for market context151.372.16Published by iShares, a fund tracking the index
Jun 30, 2020MSCI ACWI world index, for market context154.873.83Published by iShares, a fund tracking the index
Jul 31, 2020MSCI ACWI world index, for market context163.077.73Published by iShares, a fund tracking the index
Aug 31, 2020MSCI ACWI world index, for market context173.082.50Published by iShares, a fund tracking the index
Sep 30, 2020MSCI ACWI world index, for market context167.479.84Published by iShares, a fund tracking the index
Oct 30, 2020MSCI ACWI world index, for market context163.377.90Published by iShares, a fund tracking the index
Nov 30, 2020MSCI ACWI world index, for market context183.587.52Published by iShares, a fund tracking the index
Dec 31, 2020MSCI ACWI world index, for market context190.690.88Published by iShares, a fund tracking the index
Jan 29, 2021MSCI ACWI world index, for market context189.790.47Published by iShares, a fund tracking the index
Feb 26, 2021MSCI ACWI world index, for market context194.092.54Published by iShares, a fund tracking the index
Mar 31, 2021MSCI ACWI world index, for market context199.395.04Published by iShares, a fund tracking the index
Apr 30, 2021MSCI ACWI world index, for market context207.999.16Published by iShares, a fund tracking the index
May 28, 2021MSCI ACWI world index, for market context211.1100.66Published by iShares, a fund tracking the index
Jun 30, 2021MSCI ACWI world index, for market context212.4101.29Published by iShares, a fund tracking the index
Jul 30, 2021MSCI ACWI world index, for market context213.8101.96Published by iShares, a fund tracking the index
Aug 31, 2021MSCI ACWI world index, for market context218.9104.40Published by iShares, a fund tracking the index
Sep 30, 2021MSCI ACWI world index, for market context209.699.98Published by iShares, a fund tracking the index
Oct 29, 2021MSCI ACWI world index, for market context220.7105.27Published by iShares, a fund tracking the index
Nov 30, 2021MSCI ACWI world index, for market context215.5102.79Published by iShares, a fund tracking the index
Dec 31, 2021MSCI ACWI world index, for market context221.7105.71Published by iShares, a fund tracking the index
Jan 31, 2022MSCI ACWI world index, for market context211.7100.98Published by iShares, a fund tracking the index
Feb 28, 2022MSCI ACWI world index, for market context205.197.82Published by iShares, a fund tracking the index
Mar 31, 2022MSCI ACWI world index, for market context209.199.74Published by iShares, a fund tracking the index
Apr 29, 2022MSCI ACWI world index, for market context192.491.76Published by iShares, a fund tracking the index
May 31, 2022MSCI ACWI world index, for market context193.492.21Published by iShares, a fund tracking the index
Jun 30, 2022MSCI ACWI world index, for market context175.783.81Published by iShares, a fund tracking the index
Jul 29, 2022MSCI ACWI world index, for market context188.089.65Published by iShares, a fund tracking the index
Aug 31, 2022MSCI ACWI world index, for market context180.486.02Published by iShares, a fund tracking the index
Sep 30, 2022MSCI ACWI world index, for market context163.277.81Published by iShares, a fund tracking the index
Oct 31, 2022MSCI ACWI world index, for market context173.282.62Published by iShares, a fund tracking the index
Nov 30, 2022MSCI ACWI world index, for market context188.089.65Published by iShares, a fund tracking the index
Dec 30, 2022MSCI ACWI world index, for market context178.184.93Published by iShares, a fund tracking the index
Jan 31, 2023MSCI ACWI world index, for market context191.291.20Published by iShares, a fund tracking the index
Feb 28, 2023MSCI ACWI world index, for market context185.288.32Published by iShares, a fund tracking the index
Mar 31, 2023MSCI ACWI world index, for market context191.391.22Published by iShares, a fund tracking the index
Apr 28, 2023MSCI ACWI world index, for market context194.192.57Published by iShares, a fund tracking the index
May 31, 2023MSCI ACWI world index, for market context192.191.59Published by iShares, a fund tracking the index
Jun 30, 2023MSCI ACWI world index, for market context201.195.92Published by iShares, a fund tracking the index
Jul 31, 2023MSCI ACWI world index, for market context208.299.30Published by iShares, a fund tracking the index
Aug 31, 2023MSCI ACWI world index, for market context202.396.48Published by iShares, a fund tracking the index
Sep 29, 2023MSCI ACWI world index, for market context193.892.44Published by iShares, a fund tracking the index
Oct 31, 2023MSCI ACWI world index, for market context188.689.93Published by iShares, a fund tracking the index
Nov 30, 2023MSCI ACWI world index, for market context205.698.05Published by iShares, a fund tracking the index
Dec 29, 2023MSCI ACWI world index, for market context213.4101.77Published by iShares, a fund tracking the index
Jan 31, 2024MSCI ACWI world index, for market context214.1102.11Published by iShares, a fund tracking the index
Feb 29, 2024MSCI ACWI world index, for market context223.9106.76Published by iShares, a fund tracking the index
Mar 31, 2024MSCI ACWI world index, for market context230.9110.12Published by iShares, a fund tracking the index
Apr 30, 2024MSCI ACWI world index, for market context222.8106.24Published by iShares, a fund tracking the index
May 31, 2024MSCI ACWI world index, for market context232.8111.01Published by iShares, a fund tracking the index
Jun 28, 2024MSCI ACWI world index, for market context235.5112.31Published by iShares, a fund tracking the index
Jul 31, 2024MSCI ACWI world index, for market context239.4114.16Published by iShares, a fund tracking the index
Aug 30, 2024MSCI ACWI world index, for market context245.4117.05Published by iShares, a fund tracking the index
Sep 30, 2024MSCI ACWI world index, for market context250.8119.61Published by iShares, a fund tracking the index
Oct 31, 2024MSCI ACWI world index, for market context245.4117.01Published by iShares, a fund tracking the index
Nov 29, 2024MSCI ACWI world index, for market context255.0121.62Published by iShares, a fund tracking the index
Dec 31, 2024MSCI ACWI world index, for market context246.3117.45Published by iShares, a fund tracking the index
Jan 31, 2025MSCI ACWI world index, for market context254.4121.31Published by iShares, a fund tracking the index
Feb 28, 2025MSCI ACWI world index, for market context253.5120.88Published by iShares, a fund tracking the index
Mar 31, 2025MSCI ACWI world index, for market context243.8116.28Published by iShares, a fund tracking the index
Apr 30, 2025MSCI ACWI world index, for market context245.7117.16Published by iShares, a fund tracking the index
May 30, 2025MSCI ACWI world index, for market context259.7123.86Published by iShares, a fund tracking the index
Jun 30, 2025MSCI ACWI world index, for market context269.7128.62Published by iShares, a fund tracking the index
Jul 31, 2025MSCI ACWI world index, for market context272.4129.93Published by iShares, a fund tracking the index
Aug 29, 2025MSCI ACWI world index, for market context279.7133.41Published by iShares, a fund tracking the index
Sep 30, 2025MSCI ACWI world index, for market context290.1138.36Published by iShares, a fund tracking the index
Oct 31, 2025MSCI ACWI world index, for market context296.3141.31Published by iShares, a fund tracking the index
Nov 28, 2025MSCI ACWI world index, for market context296.4141.37Published by iShares, a fund tracking the index
Dec 31, 2025MSCI ACWI world index, for market context296.6141.45Published by iShares, a fund tracking the index
Dec 31, 2012Net asset value, total return100.0104.35Computed by Opulion
Jun 30, 2013Net asset value, total return92.696.67Computed by Opulion
Dec 31, 2013Net asset value, total return101.8106.28Computed by Opulion
Jun 30, 2014Net asset value, total return96.0100.16Computed by Opulion
Dec 31, 2014Net asset value, total return107.3111.92Computed by Opulion
Jun 30, 2015Net asset value, total return171.3178.78Computed by Opulion
Dec 31, 2015Net asset value, total return183.9191.92Computed by Opulion
Jun 30, 2016Net asset value, total return167.4174.71Computed by Opulion
Dec 31, 2016Net asset value, total return179.8187.66Computed by Opulion
Jun 30, 2017Net asset value, total return174.8182.36Computed by Opulion
Dec 31, 2017Net asset value, total return175.5183.14Computed by Opulion
Jun 30, 2018Net asset value, total return163.9171.06Computed by Opulion
Dec 31, 2018Net asset value, total return166.6173.86Computed by Opulion
Jun 30, 2019Net asset value, total return169.4176.74Computed by Opulion
Dec 31, 2019Net asset value, total return205.3214.21Computed by Opulion
Jun 30, 2020Net asset value, total return190.3198.62Computed by Opulion
Dec 31, 2020Net asset value, total return194.7203.16Computed by Opulion
Jun 30, 2021Net asset value, total return201.7210.47Computed by Opulion
Dec 31, 2021Net asset value, total return202.5211.27Computed by Opulion
Jun 30, 2022Net asset value, total return193.6202.02Computed by Opulion
Dec 31, 2022Net asset value, total return205.4214.35Computed by Opulion
Jun 30, 2023Net asset value, total return208.2217.25Computed by Opulion
Dec 31, 2023Net asset value, total return215.7225.09Computed by Opulion
Jun 30, 2024Net asset value, total return230.1240.15Computed by Opulion
Dec 31, 2024Net asset value, total return250.7261.58Computed by Opulion
Jun 30, 2025Net asset value, total return260.0271.34Computed by Opulion
Dec 31, 2025Net asset value, total return269.9281.59Computed 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: HAL Trust annual and half-year reports, 2013 to 2025

Latest reporting date: Dec 31, 2025.

The share price

Market

The share price, to read against the published net asset value above.

Getting to know HAL

Each answer links to its source.

  1. Who decides?

    Unitholders vote at a general meeting, by a majority of the votes cast. The trustee, the trust's legal custodian, then votes all HAL Holding shares as a single block accordingly. The largest declared shareholder holds 39.2 % of the votes.

    Sourcehalholding.com
  2. What does it hold?

    Mostly unlisted companies, 47.1 % of net asset value, what its holdings are worth once debts are deducted, including the dredging group Boskalis, wholly owned. Then listed stakes, 34.5 %, such as Vopak, plus property and bonds.

    Sourcehalholding.com
  3. How does it choose its investments?

    Beyond the expected return, it looks for companies where it can play an active role, as a shareholder or on the board. The holding period is left open: the company says it has "no predetermined investment horizon".

    Sourcehalholding.com
  4. How does it make money?

    It consolidates, meaning it brings into its own accounts, the profits of the companies it controls, led by Boskalis. On top come the contribution of its listed stakes and the return on its bond portfolio. Net income for the last half-year: 856 M €.

    Sourcehalholding.com
  5. How are shareholders paid?

    Through an annual cash dividend, tied to the share price rather than to profits: a fixed percentage of the volume-weighted average December price, provided enough liquid assets are available. That average, 139.90 €, produced 3.50 € per unit.

    Sourcehalholding.com
  6. What sets it apart

    Its net asset value mixes market prices and book values: listed stakes and the bond portfolio at the day's price, unlisted companies at the amount carried in its accounts. 49.3 % of net asset value thus rests on a book value, not a price.

    Sourcehalholding.com
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Who runs it, and since when?

Management and what it costs

−13.5 M €
0.1 %

Who controls the capital

Controlling shareholder's capital
Not published at this reporting date
Controlling shareholder's voting rights
39.2 %

How long they have been there

Tenure on the board and in management

  • G.J. Wijers· Chair of the Supervisory Board2014
  • C.O. van der Vorm· Vice Chair of the Supervisory Board2015
  • M.E. Harris· Member of the Supervisory Board2020
  • L.J. Hijmans van den Bergh· Member of the Supervisory Board2013
  • B.M. van der Vorm· Member of the Supervisory Board2025
  • J.N. van Wiechen· Chair of the Executive Board1997
  • R.L. de Visser· Member of the Executive Board2006
  • M.J. van Kouwen· Chief Financial Officer (CFO)2025
199720042011201820252026

Company facts

Value and financial structure

Not published at this reporting dateMarket capitalisation, at Jun 30, 2026
16 277M €at Jun 30, 2026
1 129M €Published consolidated net cash: marketable securities and cash, less bank debt, at Jun 30, 2026
195.16 €at Jun 30, 2026
Assets under management
35 000M €DMFCO (28.5%), at Dec 31, 2025 (not the reporting date of this page)
Founded in
1873

Tested against the figures

  • 0.1 %Dec 31, 2025 (not the reporting date of this page)
  • 2.5 %Dec 31, 2025 (not the reporting date of this page)