Ackermans & Van Haaren Nv · EURONEXT:ACKB
Ackermans & Van Haaren Nv — H1 2026 Earnings Presentation
103 slides from Ackermans & Van Haaren Nv's earnings presentation, Aug 28, 2026
Slide 1: Half Year 2026 Results
Half Year 2026 Results 28 August 2026
Slide 2: Our story starts in 1876
Our story starts in 1876, in 1888: infrastructure Antwerp, bridge- Kerkdriel, the Netherlands works in Belgium head to the world Fort Belt, 1928, registered office Namur region in House Rieth, Antwerp Nicolaas van Haaren Moerdijk Bridge, NL Port of Rosario, Argentina Port of Reval (now Tallinn), Hen
Slide 3: Early diversification, post-war, 1984 IPO
Early diversification Post-World War II 1984: IPO Post-war reconstruction of infrastructure 1992: Start partnership Delen family > Private Banking Brickworks plant, Burcht (Belgium) Forasol/Foramer, offshore oil infrastructure services 1994: Acquisition of privatized SNI/NIM > Sofinim > Growth C
Slide 4: Mission
Mission Ackermans & van Haaren positions itself as the long-term partner of choice of family businesses and management teams to help build high-performing market leaders and contribute to a more sustainable world. ACTIVE OWNERSHIP LONG-TERM PERSPECTIVE SUSTAINABLE GROWTH 4
Slide 5: AvH Facts & Figures 1H2026
AvH Facts & Figures Market cap (1) € 9,476 mio Net result 1H2026 1H2026 Share price 30 June 2026 € 285.80 € 339.6 mio Equity 1H2026 Growth of equity/share (2) € 5,898 mio (vs. 31 Dec 2025) (incl. Gross dividend of € 4.60 distributed in June 2026) Net cash 30 June 2026 Equity per share (2) € 180.58 +
Slide 6: CEO quote
CEO quote John-Eric Bertrand Piet Dejonghe Co-CEO Co-CEO The excellent results for the First Half of 2026 add further lustre to AvH's 150th anniversary year. Strong performances across our core businesses and renewed momentum in Growth Capital underline the quality and resilience of our portfolio. O
Slide 7: ESG highlights First Half 2026
ESG highlights First Half 2026 AvH’s approach on ESG supports sustainable long-term value creation across its diversified portfolio, embedding it in their strategy, business culture and operations. Focusing on financially material and business-relevant ESG priorities builds resilience through mitiga
Slide 8: AvH: a shareholder of sustainable companies
AvH: a shareholder of sustainable companies (1H2026) DEME Growth capital • Key facilitating role in the Energy Transition • Integration ESG factors into different business models • Offshore wind: leading global contractor, with 144 MW in concessions • Active in various sectors • Sustainable infrastr
Slide 9: Consolidated group result
Consolidated group result 1H2026/ (in € mio) 1H2026 1H2025 1H2025 2025 2024 2023 Marine Engineering & Contracting 140.2 117.0 241.9 201.8 128.5 Private Banking 148.0 134.3 287.4 258.5 208.7 Real Estate 12.3 13.9 23.5 -6.4 15.6 Energy & Resources 22.3 19.6 41.3 20.6 24.6 Contribution from core segmen
Slide 10: Other key figures
Other key figures Consolidated balance sheet AvH group (in € mio) 1H2026 1H2025 2025 2024 2023 Shareholders’ equity (group share) 5,898.5 5,364.5 5,701.1 5,278.2 4,914.0 Net cash AvH & subholdings 524.4 430.9 428.9 362.4 517.5 Key figures per share (in €) 1H2026 1H2025 2025 2024 2023 Number of share
Slide 11: AvH investments
AvH investments (in € mio) 1H2026 1H2025 2025 2024 2023 Investments 27.2 32.5 87.2 245.9 95.6 - Follow-up investments 27.2 32.5 67.3 100.2 72.3 - New participations 0.0 0.0 19.9 145.7 23.3 Divestments 3.2 1.7 -2.4 -15.6 -67.8 Investments • Increase of participations in listed portfolio companies: •
Slide 12: AvH enters the salmon aquaculture industry through Grieg Aqua
Ackermans & van Haaren enters the salmon aquaculture industry through c. 93 million euros investment in Grieg Aqua Transaction structure • c. € 93 mio investment in Grieg Aqua, resulting in a 37.5% stake, alongside the Grieg family and Grieg Foundation. • Grieg Aqua owns 50.17% of Oslo-listed salmon
Slide 13: Value creation since IPO: a story of compounding
Value creation since IPO: a story of compounding (per share, in €) 250 From € 50 mio market cap at IPO in 1984 to € 9.5bn in 2026 (1) 1984-2025 200 (CAGR since IPO) The long-term partner of choice of family + 12.7% Total shareholder return businesses and management teams to help 150 + 12.7% build hi
Slide 14: Share price performance in line with growth of equity per share
Share price performance in line with growth of equity per share over the last decade 250 2016 – 1H2026 (CAGR): +8.4% total shareholder return (1) vs +9.9% equity & dividend 200 180.6 174.5 161.6 150.2 150 140.0 119.4 104.3 107.5 95.8 100 89.7 84.0 50 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 15: Share performance vs BEL20
Share performance vs BEL20 26 FEB 2026 € 298.00 30 JUN 2026 € 285.80 ACKB BEL20 31 DEC 2025 € 232.00 15
Slide 16: Outlook 2026 upgraded
Outlook 2026 upgraded “The board of directors expects the “The board of directors is confident in the strategic positioning of AvH’s core participations and the robustness of the portfolio. The strong earnings momentum of the strong orderbook at DEME, the record levels of assets under first half of
Slide 17: Group structure and participations
Ackermans & van Haaren pacing Private = Real Estate Banking eal Estate Engineering & Contracting DEME Delen Private Bank Nextensa 62% 79% 69% CFE Bank Van Breda 63% 79% Deep C Holding 81% Green Offshore 81% Participations (consolidated + equity method) e Agidens........83% © Mediahuis.......14% » Va
Slide 18: Marine Engineering & Contracting
Marine Engineering & DEME Group CFE Deep C Holding Green Offshore Contracting 62% 63% 81% 81% 18 DEME > Green Jade at Hai Long offshore wind farm
Slide 19: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result MARINE ENGINEERING & CONTRACTING 19 (in € mio) 1H2026 1H2025 2025 2024 2023 DEME Group 132.3 109.9 212.6 176.5 98.6 CFE (excl. DEEP C Holding, Green 8.1 3.2 15.6 8.4 6.8 Offshore) DEEP C Holding -1.8 2.5 8.5 10.3 7.1 Green Offshore 1.7 1.5 5.2 6.6 16.0 Tot
Slide 20: DEME Group
DEME Group One of the largest and most diversified dredging and marine engineering companies in the world. DEME > Norse Wind
Slide 21: Key figures
Key figures DEME 21 (in € mio) 1H2026 1H2025 2025 2024 2023 Turnover 2,157.9 2,117.1 4,154.7 4,101.2 3,285.4 EBITDA 465.9 464.3 930.5 764.2 596.5 EBIT 230.8 223.5 432.8 353.6 241.3 Net result 215.0 179.0 346.3 288.2 162.8 Shareholders’ equity 2,462.8 2,171.8 2,363.8 2,117.8 1,910.5 Net financial pos
Slide 22: Key balance sheet items
Key balance sheet items DEME 22
Slide 23: Strong first-half performance
Strong first-half performance • Group turnover of 2.2 billion euros, up 2% from 2.1 billion euros a year ago • EBITDA strong at 466 million euros, representing a margin of 21.6% • Net profit up by 20% to 215 million euros, compared to 179 million euros in the prior year period • Order book at 7.1 bi
Slide 24: Turnover +2% year-over-year
Turnover +2% year-over-year DEME 24 2025: 1% increase y-o-y 24
Slide 25: Orderbook continues to provide healthy visibility
Orderbook continues to provide healthy visibility DEME 25 25
Slide 26: Complementary segments contribute to a balanced revenue stream
Complementary segments contribute to a balanced and diversified revenue stream DEME 1. The table represents the total turnover per segment. The reconciliation between the segment turnover and the turnover as per financial statements refers to the turnover of joint ventures. They are consolidated acc
Slide 27: Offshore Energy – Performance dashboard First Half 2026
Offshore Energy – Performance dashboard First Half 2026 DEME 27 27
Slide 28: Offshore Energy – Key projects 2026
Offshore Energy – Key projects 2026 DEME 28
Slide 29: Offshore Energy – Key projects 2026
Offshore Energy – Key projects 2026 DEME 29
Slide 30: Offshore Energy – Key projects 2026
Offshore Energy – Key projects 2026 DEME 30
Slide 31: Offshore Energy – Global Offshore Market Outlook 2040
Offshore Energy – Global Offshore Market Outlook 2040 DEME 31 Source: TGS Market Overview Report Q4 2025 (incl. China) 31
Slide 32: Dredging & Infra – Performance dashboard First Half 2026
Dredging & Infra – Performance dashboard First Half 2026 DEME 32
Slide 33: Dredging & Infra Key projects 2026
Dredging & Infra DEME Key projects 2026 33
Slide 34: Princess Elisabeth Island caissons completed
With the successful installation of the 23rd and final caisson by TM Edison, the consortium including DEME, the foundation works for the Princess Elisabeth Island are now complete. The 23 concrete caissons, each weighing around 22,000 tons, form the protective outer ring of the world's first artific
Slide 35: Third Fehmarnbelt tunnel element installed
The third tunnel element for the Fehmarnbelt fixed link has been installed on the seabed off Lolland, as construction of the world’s longest immersed tunnel continues. 35
Slide 36: Environmental – Performance dashboard First Half 2026
Environmental – Performance dashboard First Half 2026 DEME 36
Slide 37: Environmental – Key projects 2025-2026
Environmental – Key projects 2025-2026 DEME 37
Slide 38: Concessions – Performance dashboard First Half 2026
Concessions – Performance dashboard First Half 2026 DEME 38
Slide 39: Concessions – Active in four sectors
Concessions – Active in four sectors DEME Port-La Nouvelle 39
Slide 40: Outlook
Outlook DEME = For 2026, DEME’s management now expects = Turnover to slightly exceed the 2025 level and EBITDA margin to stay in line with 2025. CapEx remains estimated around 450 million euros, including upgrade, repair and maintenance investments in the fleet, the payment for the completion of Nor
Slide 41: Track record (in € mio)
DEME 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 0 45.0% 1990 AvH shareholding 1991 1992 1993 1994 1995 1996 1997 39.5% 1998 Track record (in € mio) 1999 2000 2001 2002 2003 2004 48.5% 2005 2006 2007 2008 2009 2010 2011 50.0% 2012 2013 2014 2015 2016 2017 2018 60.4% 2019 2020 2021 2022 TURNO
Slide 42: CFE
CFE A listed Belgian multi-disciplinary group active in: • Real Estate Development (BPI) • Multitechnics • Construction & Renovation and investing in • Port development (DEEP C 50%) • Offshore wind farms (Green Offshore 50%) CFE > Rout Lens > Esch-sur-Alzette > G.D.Luxembourg
Slide 43: Key figures
Key figures CFE 43 (in € mio) 1H2026 1H2025 2025 2024 2023 Turnover 531.5 545.8 1,041.6 1,182.2 1,248.5 Net result ¹ 12.9 7.5 33.5 24.0 22.8 Shareholders’ equity 265.0 236.2 264.0 247.8 236.8 Net financial position 21.0 -46.5 43.8 -41.7 -93.3 # personnel 2,606 2,775 2,914 (1) As reported by CFE, i.e
Slide 44: Key figures
Key figures CFE OPERATIONAL 44 TURNOVER NET RESULT ORDER BOOK RESULT¹ (in € mio) 1H2026 1H2025 1H2026 1H2025 1H2026 1H2025 1H2026 1H2025 Real estate development 22.2 51.1 -0.3 4.6 0.1 4.6 214.0 238.0 Multitechnics 166.3 145.7 -1.9 1.3 -1.7 0.3 333.5 361.1 Construction & Renovation 350.3 359.2 20.2 5
Slide 45: Highlights First Half 2026 (1/2)
Highlights First Half 2026 (1/2) CFE • Turnover: relatively stable (-3% y-o-y) • Strong performance of Multitechnics and CLE (Lux) • Revenue decline at Belgian and Polish entities of Construction & Renovation. • Operational result: +51% y-o-y to € 17.4 mio • Orderbook remains stable at € 1.6 bio (+1
Slide 46: Highlights First Half (2/2)
Highlights First Half (2/2) CFE CONSTRUCTION & RENOVATION (Belgium, Poland, Luxembourg) OUTLOOK • Turnover: € 350 mio (-2.5% y-o-y) with strong growth in Luxembourg and • CFE once again demonstrated its resilience by presenting solid results and a decline in Belgium and Poland strong balance sheet.
Slide 47: DEEP C Holding
DEEP C Holding Develops port-related industrial zones around the Haiphong Harbour in Vietnam. Total of 5 industrial zones: ~770 ha to be sold (DEEP C share) Deep C – petrochemical zone - Vietnam
Slide 48: Key figures and highlights
Key figures and highlights DEEP C HOLDING 48 (in € mio) 1H2026 1H2025 2025 2024 2023 Turnover 5.9 32.8 60.5 42.2 46.0 Net result -2.3 3.0 10.5 12.7 9.6 Shareholders’ equity 95.6 88.0 94.8 103.0 89.4 Net financial position -53.5 -46.0 -36.2 -53.0 -62.6 • Slow start in 2026 of industrial land sales, b
Slide 49: Haiphong - Vietnam
Haiphong - Vietnam DEEP C Zone Total area Remaining (IAI %) (ha) (ha) DC Haiphong 1 448 3 (75%) DC Haiphong 2 496 226 (100%) DC Haiphong 3 326 314 (75%) DC Quang Ninh 1 264 253 (50%) DC Quang Ninh 2 824 645 (50%) Total 2,358 1,442 DEEP C Holding shareholding in IAI: 84% 49
Slide 50: Green Offshore
Green Offshore Direct investments in 2 Belgian offshore wind farms in operation. Rentel
Slide 51: Shareholdings in offshore wind farms in Belgium
Shareholdings in offshore wind farms in Belgium GREEN OFFSHORE 51 SEAMADE 8.75% 487 MW In operation since 4Q20 RENTEL 12.5% 309 MW In operation since 4Q18 SeaMade Rentel C-Power Offshore wind capacity 487 MW 309 MW 325 MW Participation: - DEME 13.2% 18.9% 6.3% - Green Offshore 8.75% 12.5% Beneficial
Slide 52: Key figures and highlights
Key figures and highlights GREEN OFFSHORE 52 (in € mio) 1H2026 1H2025 2025 2024 2023 Production (in GWh) Rentel 461 396 932 1,028 1,108 SeaMade 815 686 1,599 1,760 1,798 Net result 2.0 1.8 6.3 8.0 19.7 Shareholders’ equity 44.9 42.0 47.3 44.5 55.0 Net financial position¹ 5.1 2.2 3.5 2.2 3.1 • Higher
Slide 53: Private Banking
Delen Bank Private Banking Private Bank Van Breda 79% 79% 53 Delen Private Bank > new office in Belsele
Slide 54: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result PRIVATE BANKING (in € mio) 1H2026 1H2025 2025 2024 2023 FinAx 0.4 0.6 0.5 0.5 0.7 Delen Private Bank 109.2 95.1 203.2 179.1 141.3 Bank Van Breda 38.3 38.6 83.8 78.9 66.7 Total 148.0 134.3 287.4 258.5 208.7 54
Slide 55: FinAx: Private Banking
FinAx: Private Banking 55 FINAX (1) (1) AvH 78.75%, Family J. Delen 21.25% 55 NPS +64 NPS +66
Slide 56: Total client assets
Total client assets PRIVATE BANKING 56 Total client assets 1H2026 1H2025 2025 2024 2023 (in € mio) Delen Private Bank (AuM) 84,166 70,137 76,439 66,880 54,759 of which discretionary (%) 91% 88% 90% 91% 90% Delen Private Bank 69,253 57,220 62,833 53,775 42,547 of which Delen Private Bank Netherlands
Slide 57: Key figures
Key figures DELEN & VAN BREDA COMBINED (100%) 57 DELEN & VAN BREDA COMBINED (100%) DELEN PRIVATE BANK BANK VAN BREDA (in mio €) 1H2026 1H2025 2025 1H2026 1H2025 2025 1H2026 1H2025 2025 Profitability Operating income (gross) 533 470 980 425 370 779 157 143 292 Net profit 187 170 364 139 121 258 49 49
Slide 58: Highlights First Half 2026
Highlights First Half 2026 PRIVATE BANKING TOTAL CLIENT ASSETS +9% YTD CONTINUED GROWTH • Approaching € 100 billion Belgium • Increase of total client assets to € 95.0 billion (compared to € 87.5 billion at end • Further expansion of the regional office network of Delen Private Bank, 2025 and € 77.7
Slide 59: Total assets under management
Total assets under management1 (in € mio) DELEN PRIVATE BANK 90,000 84,166 76,439 85,000 Dierickx Leys 80,000 AuM Delen Private Bank Petram & Co 7,567 Servatus CAGR 2016-2025: 8.2% 66,880 75,000 54,759 7,301 Box 70,000 Groenstate Consultants 65,000 Vermogens- beheer 6,020 60,000 54,346 Puur beleggen
Slide 60: Annualized net returns
Annualized net returns DELEN PRIVATE BANK 60 5 years 31/12/2025 1H2026 Annualized Defensive 3.79% 2.38% Peer group Defensive(1) 3.84% 2.10% Balanced 6.95% 4.79% Peer group Balanced(1) 6.75% 4.06% Very Dynamic 10.66% 7.43% Peer group Very Dynamic(1) 9.25% 6.08% Full Equity 13.73% 9.32% Peer group Ful
Slide 61: Invested by clients
Invested by clients (in € mio) BANK VAN BREDA 61 32,202 24,000 CAGR 2016-2025 30,237 22,000 Invested by clients: 9.2% 27,732 24,027 20,000 Off-balance sheet products: 11.6% Client deposits: 7.6% 22,053 18,000 Loan portfolio: 4.8% 23,854 19,760 16,000 21,088 20,648 14,000 16,363 14,095 14,720 12,000
Slide 62: Offices
Offices PRIVATE BANKING BANK VAN BREDA JM FINN DELEN PRIVATE BANK DELEN PRIVATE BANK Antwerp, Brasschaat, Brussels, Charleroi, Ghent, Antwerp, Aalst, Braine l’Alleud, Bruges, Hasselt, Knokke, Leuven, Liège, Namur, Roeselare, London, Bristol, Bury St. Edmunds, Brussels (2x), Charleroi, Genk, Ghent, A
Slide 63: Track record (in € mio)
Track record (in € mio) PRIVATE BANKING 63 100,000 2,500 90,000 Total client assets 80,000 2,000 70,000 60,000 1,500 50,000 40,000 1,000 30,000 20,000 500 CONSO EQUITY FINAX(1) 10,000 0 0 1H26 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20
Slide 64: Real Estate
Real Estate Nextensa 69% 64 Nextensa, Lake Side -Tour & Taxis – Brussels (rendered image)
Slide 65: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result REAL ESTATE (in € mio) 1H2026 1H2025 2025 2024 2023 Nextensa 12.3 13.9 23.5 -6.4 15.6 Total 12.3 13.9 23.5 -6.4 15.6 65
Slide 66: Nextensa
Nextensa Hybrid model: real estate investor and developer focusing on mixed projects in primarily urban environments. Park Lane > Tour & Taxis > Brussels
Slide 67: Tour & Taxis (Brussels), the 5-minutes neighbourhood
Tour & Taxis (Brussels), the “5-minutes neighbourhood” NEXTENSA HERMAN BRUSSELS ENTREPOT GARE HOTEL DES MAISON SHEDS DE LA TEIRLINCK ENVIRONMENT ROYAL MARITIME DOUANES POSTE Total: 365,567 m2 PARK LANE Offices 177,319 m2 LAKE Residential 169,339 m2 SIDE Retail 18,909 m2 67
Slide 68: Total: 588,000 m2
Total: 588,000 m2 Offices 290,000 m2 Residential 215,000 m2 Retail 83,000 m2 68
Slide 69: Key figures (1/2)
Key figures (1/2) NEXTENSA 69 (in € mio) 1H2026 1H2025 2025 2024 2023 Operational result investment portfolio 21.8(1) 23.8(1) 39.4 13.5 49.0 of which rental income 25.8(1) 29.1(1) 56.7 72.2 70.5 Operational result developments 6.5 7.7 16.5 14.7 18.1 Overheads -5.0 -5.3 -12.8 -12.7 -11.9 Operational
Slide 70: Key figures (2/2)
Key figures (2/2) NEXTENSA 70 (in € mio) 1H2026 1H2025 2025 2024 2023 Fair value investment portfolio1 1,062.4 1,106.3 1,093.4 1,215.1 1,298.1 Rental yield (%) 6.0 6.1 6.1 6.0 5.7 Net financial position -550.3 -707.2 -592.8 -763.0 -786.8 Financial debt ratio (%) 37.9 43.4 38.8 45.4 44.8 Shareholders
Slide 71: Strategic update
Strategic update NEXTENSA Nextensa is strategically optimizing its portfolio and further strengthening its financial position, while preparing the execution of major new projects • Capital Recycling • During 2025: sale of the Knauf shopping centers (Luxembourg), sale of retail site in Ingeldorf (Lux
Slide 72: Highlights First Half 2026
Highlights First Half 2026 NEXTENSA INVESTMENT PROPERTIES - REAL ESTATE PORTFOLIO • Real estate portfolio of € 1,062 mio on 30 June 2026 (€ 1,093 mio at year-end 2025) • Lower rental income in first half 2026 due to the divestment of buildings. Also lower like-for-like due to the release of office s
Slide 73: Investments – real estate portfolio (30 June 2026)
Investments – real estate portfolio (30 June 2026) NEXTENSA 73 Investment portfolio of 317,792 m² with a fair value of € 1,062 mio split across: Other Austria 9% 14% Retail 32% Offices Luxembourg 59% 31% Belgium 55% 73
Slide 74: Track record (in € mio)
Track record (in € mio) Nextensa equity (AvH share) Senior care equity REAL ESTATE 74 600 500 400 300 200 100 (1) 0 (2) 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Equipment & rea
Slide 75: Energy & Resources
Energy & SIPEF Verdant Bioscience Sagar Cements Resources 43% 42% 20% SIPEF, Bukit Maradja oil palm plantation, Indonesia 75
Slide 76: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result ENERGY & RESOURCES 76 (in € mio) 1H2026 1H2025 2025 2024 2023 SIPEF 22.1 21.8 46.2 24.8 25.1 Verdant Bioscience -1.0 -1.0 -1.6 -1.3 -1.3 Sagar Cements 1.2 -1.3 -3.3 -3.0 0.8 Total 22.3 19.6 41.3 20.6 24.6 76
Slide 77: SIPEF
SIPEF Devoted to certified sustainable production of tropical agricultural commodities, primarily palm oil. SIPEF, oil palm nursery, Indonesia
Slide 78: Production and market prices
Production and market prices SIPEF 78 Group production ¹ (in T) 1H2026 1H2025 2025 2024 2023 CPO 222,431 208,060 441,867 362,405 391,215 Bananas 28,429 25,977 52,159 51,038 40,976 Average market price per T (in USD) MDEX Malaysia 1,106 960 990 906 833 Highlights First Half 2026 Crude Palm Oil prod
Slide 79: Key figures
Key figures SIPEF 79 (in $ mio) 1H2026 1H2025 2025 2024 2023 Turnover 308.0 250.4 570.4 441.2 (1) 443.9 EBITDA 129.1 110.8 242.0 160.0 160.7 EBIT 94.9 84.6 187.7 104.1 108.0 Net result 60.2 57.7 125.4 65.8 72.7 Shareholders’ equity 1,011.5 933.3 1,001.6 898.4 853.8 Net financial position 124.5 19.9
Slide 80: Highlights First Half 2026
Highlights First Half 2026 SIPEF 1H2026 PRODUCTION OF 222,431 TONNES OF SUSTAINABLE PALM OIL STRONG OPERATIONAL MOMENTUM IN 1H2026 (including outgrowers) • Turnover: $ 308.0 mio ($ 250.4 mio in 1H2025). • Group: 7% increase of the total group production of palm oil, reflecting: mature • Free cash fl
Slide 81: Evolution in own total planted hectares oil palm
Evolution in own total planted hectares oil palm (100%) SIPEF 81 81
Slide 82: Evolution in own CPO production
Evolution in own CPO production SIPEF 82 82
Slide 83: Palm oil production versus other liquid oils
Palm oil production versus other liquid oils: more sustainable than any other vegetable oil! 83 Source: Davos and Food security: The facts on oilseed efficiency - The Oil Palm
Slide 84: Sustainable palm oil
Sustainable palm oil SIPEF 440,000 T 84 A sustainable solution • Halting deforestation; • Treating communities and workers fairly; Roundtable on Sustainable Palm Oil • Protecting wildlife and the environment; • Traceable CPO (EUDR compliance) • Global Palm Oil Market • Less than 3 million tonnes are
Slide 85: Verdant Bioscience
Verdant Bioscience Development of oil palm F1 hybrid varieties and other supporting technologies that underpin significant yield increases and productivity enhancements.
Slide 86: Key figures and highlights
Key figures and highlights VERDANT BIOSCIENCE 86 (in USD mio) 1H2026 1H2025 2025 2024 2023 Turnover 2.1 1.7 4.6 4.7 5.3 Net result -2.8 -2.5 -4.2 -3.4 -3.3 Shareholders’ equity -3.8 0.7 -1.0 3.2 6.6 Net financial position -35.5 -28.8 -32.1 -26.4 -22.5 • On track to commercialise the first fully test
Slide 87: Sagar Cements
Sagar Cements A listed manufacturer of cement, headquartered in Hyderabad, India, with a capacity of 10.5 million tonnes. Mattampally plant
Slide 88: Key figures and highlights
Key figures and highlights SAGAR CEMENTS 88 1H2026 1H2026 1H2025 2025 2024 2023 (€ mio) (INR bn) (INR bn) (INR bn) (INR bn) (INR bn) Turnover 134.1 14.6 12.9 24.7 22.5 24.2 Net result 5.9 0.6 -0.7 -1.7 -1.3 0.5 Shareholders’ equity 153.6 16.7 17.2 16.2 18.7 15.7 Net financial position -159.7 -17.4 -
Slide 89: Growth Capital
Growth Capital 89 OMP 89
Slide 90: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result AvH & GROWTH CAPITAL 90 (in € mio) 1H2026 1H2025 2025 2024 2023 Growth Capital 21.4 -1.2 26.3 -8.6 10.9 Contribution 21.6 -8.6 20.7 27.1 24.0 Fair value -0.3 7.4 5.6 -35.6 -13.1 AvH & subholdings -7.9 -11.7 -22.0 -9.9 -14.8 Net capital gains / losses 3.3 1
Slide 91: Highlights First Half 2026
Highlights First Half 2026 AvH & GROWTH CAPITAL 1H2026 CONTRIBUTION • Contribution from Growth Capital improved significantly to € 21.4 mio (€ -1.2 mio in 1H2025 and € 26.3 mio for FY2025) • Almost entirely driven by contributions from participations (consolidated and equity method) at € 21.6 mio. T
Slide 92: Growth Capital (30 June 2026)
Growth Capital (30 June 2026) Growth Capital Consolidated € 534.5 mio € 139.3 mio book value 30 June 2026 92
Slide 93: Growth Capital – Consolidated participations incl. equity methods
Growth Capital – Consolidated participations incl. equity methods (30 June 2026) Agidens 83% Biolectric 54% Camlin Fine Sciences 9% GreenStor 50% Mediahuis 14% OMP 20% Turbo’s Hoet Groep 50% V.Group 33% Van Moer Logistics 32%* VKC Nuts 17% * In addition: AvH owns 33.3% of Blue Real Estate 93
Slide 94: Growth Capital (30 June 2026)
Growth Capital (30 June 2026) 94
Slide 95: Growth Capital – Fair value participations (30 June 2026)
Growth Capital – Fair value participations (30 June 2026) AstriVax Therapeutics 8% Biotalys 16% India & South-East Asia Life Convergent Finance 6% Sciences HealthQuad I-II Fund 36%-11% Confo Therapeutics 6% DISCO Pharmaceuticals 11% Medikabazaar 22%* Venturi Fund I+II 11%-14% MRM Health 15% OncoDNA
Slide 96: Connect with John-Eric Bertrand, Piet Dejonghe, Tom Bamelis
Connect with Connect with Connect with John-Eric Bertrand Piet Dejonghe Tom Bamelis +32 3 897 92 08 +32 3 897 92 36 +32 3 897 92 35 je.bertrand@avh.be piet.dejonghe@avh.be tom.bamelis@avh.be 96
Slide 97: Appendix
Appendix
Slide 98: Economic footprint of the AvH group (1H2026)
Economic footprint of the AvH group (1H2026) Pro forma group personnel (1) Pro forma consolidated Equity (group share) Contribution to AvH result FY 2025 turnover (1) 1H2026 1H2026 FY 2025 16.7 3,928 1,010 22.3 1,206 1,878 12.3 8,825 264 123 140.2 422 24,931 1,023 € 7,674 mio € 5,898.5 mio € 339.6 m
Slide 99: Key figures
Key figures AvH & GROWTH CAPITAL Turnover EBITDA Net Result Equity Net Financial Position (in € mio) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Agidens 74.4 72.2 8.8 6.4 3.2 1.4 21.2 17.9 -4.4 -2.4 Biolectric 16.9 19.4 0.8 2.2 -0.4 0.8 10.8 11.2 -2.2 -3.1 Camlin (in mio INR)1 17,543 16,540 1,
Slide 100: Income statement
Income statement DELEN PRIVATE BANK (in € mio) 1H2026 2025 2024 Net interest income 22.2 45.3 50.0 Gross fee income 403.2 721.6 623.0 Other income 4.3 6.4 2.7 Gains and losses on financial assets and liabilities 1.6 0.0 0.8 Gross revenues 431.3 773.4 676.6 Fees paid -52.6 -108.8 -90.9 Operational ex
Slide 101: Balance sheet
Balance sheet DELEN PRIVATE BANK 101 (in € mio) 1H2026 2025 2024 Cash & loan advances to banks 2,294.3 2,442.0 1,940.8 Financial assets - Financial assets at amortised cost 275.5 273.4 241.8 - Financial assets at FV through OCI 29.2 23.7 19.8 - Financial assets at FV through P&L 21.5 22.3 9.2 - Fina
Slide 102: Income statement
Income statement BANK VAN BREDA 102 (in € mio) 1H2026 2025 2024 Net interest income 78.9 146.2 148.3 Net fee income 76.7 144.0 125.4 Other income 1.0 1.7 -0.6 Gross revenues 156.6 291.9 273.1 Operational expenses -81.0 -142.5 -124.5 Amortisations & provisions -5.0 -4.5 -6.0 Loan loss provision -0.4
Slide 103: Balance sheet
Balance sheet BANK VAN BREDA 103 (in € mio) 1H2026 2025 2024 Cash & loan advances to banks 2,077.7 2,159.3 2,047.0 Financial assets - Investments 545.7 531.8 521.8 - Loans and receivables 6,617.1 6,581.7 6,375.9 - Derivatives used for hedging 4.5 6.3 16.2 Tangible assets 69.0 64.7 55.8 Goodwill and
Ackermans & van Haaren — H1 2026 Earnings Presentation on 6ix