Ackermans & Van Haaren Nv · EURONEXT:ACKB
Ackermans & Van Haaren Nv — H1 2025 Earnings Presentation
93 slides from Ackermans & Van Haaren Nv's earnings presentation, Aug 29, 2025
Slide 1: Half Year 2025 Results
HALF YEAR 2025 RESULTS Strong results of core participations support growth of H1 2025 profit to 273 million euros (+36%) 29 August 2025
Slide 2: Mission
Mission Inspired by 150 years of entrepreneurship and strong people-oriented family values 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. ACT
Slide 3: AvH facts & figures 1H2025
AvH facts & figures Market cap Net result € 7,195 mio(1) 1H2025 Share price 30 June 2025 € 273.2 mio € 217.0 Equity Increase of equity/share (2) € 5,364 mio (vs. 31 Dec 2024) (incl. Gross dividend of € 3,80 distributed in June 2025) Net cash Equity per share (2) +3.8% € 430.9 mio € 163.89 (1) Based
Slide 4: CEO quote
CEO quote John-Eric Bertrand Piet Dejonghe Co-CEO Co-CEO “AvH started the year strongly, realizing a record net profit of 273.2 million euros over the first six months of 2025, representing a 36% year-on-year increase. DEME, Delen Private Bank and Bank Van Breda sustained their strong performances,
Slide 5: ESG highlights in 1H2025
ESG highlights in 1H2025 Sustainability supports the creation of long-term value across our diversified portfolio. We strive to embed ESG into the business culture, strategy and operations of our group companies, building resilience through mitigating risks and unlocking opportunities in a rapidly c
Slide 6: AvH: a shareholder of sustainable companies (1H2025)
AvH: a shareholder of sustainable companies (1H2025) DEME Growth capital • Offshore wind: global leader in projects, 144 MWh concessions • Integration ESG factors into different business models • Environmental remediation, use of renewable energies • Active in various sectors (e,g, life sciences, su
Slide 7: Consolidated group result
Consolidated group result (in € mio) H1 2025 H1 2024 2024 2023 2022 Marine Engineering & Contracting 117.0 90.4 201.8 128.5 94.6 Private Banking 134.3 116.2 258.5 208.7 180.1 Real Estate 13.9 9.5 -6.4 15.6 45.3 Energy & Resources 19.6 8.1 20.6 24.6 34.3 Contribution from core segments 284.7 224.2 47
Slide 8: Other key figures
Other key figures Consolidated balance sheet AvH group (in € mio) H1 2025 H1 2024 2024 2023 2022 Shareholders’ equity (group share) 5,364.5 5,020.8 5,278.2 4,914.0 4,633.6 Net cash AvH & subholdings 430.9 372.2 362.4 517.5 498.7 Key figures per share (in €) H1 2025 H1 2024 2024 2023 2022 Number of s
Slide 9: AvH investments
AvH investments H1 2025 H1 2024 2024 2023 2022 Investments -32.5 -72.9 -245.7 -95.6 -70.7 - Follow-up investments -32.5 -72.9 -100.0 -72.3 -63.8 - New participations 0.0 0.0 -145.7 -23.3 -6.9 Divestments 1.7 7.9 15.6 67.8 472.9 Investments • Increase of participations in the listed portfolio compani
Slide 10: Economic footprint of the AvH group
Economic footprint of the AvH group Pro forma group personnel (1) Pro forma consolidated turnover (1) Equity (group share) Contribution to AvH result FY 2024 FY 2024 H1 2025 H1 2025 -11 3,982 815 20 1,044 220 1,675 14 8,773 134 117 951 374 24,384 € 7,561 mio € 5,364 mio € 273 mio 539 10,190 1,393 5,
Slide 11: Value creation since IPO: a story of compounding
Value creation since IPO: a story of compounding (per share, in €) 250 From €50m market cap at IPO in 1984 to over € 7.2 bn in 1H25 (1) 1984-2024 (CAGR) 200 + 12.0% Market cap +12.2% 150 Equity & Dividend 2019-2024 100 (CAGR) + 6.4% Market cap 50 +11.2% Equity & Dividend 0 1984 1985 1986 1987 1988 1
Slide 12: Share performance vs BEL20
Share performance vs BEL20 250.00 21 MAY 2025 € 235.60 240.00 230.00 31 MAR 2025 30 JUN 2025 220.00 € 199.80 € 217.00 210.00 31 DEC 2024 € 190.50 200.00 190.00 28 JUN 2024 180.00 € 161.50 170.00 160.00 150.00 29 DEC 140.00 2023 130.00 € 158.8 120.00 110.00 100.00 90.00 80.00 2024-01-02 2024-02-13 20
Slide 13: Updated 2025 outlook
Updated 2025 outlook “Based on the excellent results of the first half of 2025 and the improved forecasts at several participations, the board of directors of AvH is able to strengthen its previous guidance. Full-year 2025 consolidated net profit is now expected to grow by at least 15% compared to l
Slide 14: AvH group structure
AvH group structure Ackermans & van Haaren Marine Engineering Private Banking Real Estate Energy & Resources & Contracting DEME Delen Private Bank Nextensa SIPEF 62% 79% 65% 42% CFE Bank Van Breda Verdant Bioscience 62% 79% 42% Deep C Holding Sagar Cements 81% 20% Green Offshore 81% AvH & Growth Cap
Slide 15: Marine Engineering & Contracting
Marine Engineering & DEME Group CFE Deep C Holding Green Offshore Contracting 62% 62% 81% 81% 15 DEME > Orion 15
Slide 16: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result MARINE ENGINEERING & CONTRACTING 16 (in € mio) H1 2025 H1 2024 2024 2023 2022 DEME Group 109.9 86.4 176.5 98.6 67.5 CFE (excl. Deep C Holding, Green 3.2 1.7 8.4 6.8 17.5 Offshore) DEEP C Holding 2.5 -1.7 10.3 7.1 6.6 Green Offshore 1.5 3.9 6.6 16.0 3.0 Tot
Slide 17: DEME Group
DEME Group One of the largest and most diversified dredging and marine engineering companies in the world. 17 DEME > Green Jade > Zong Nengh
Slide 18: Key figures
Key figures DEME 18 (in € mio) H1 2025 H1 2024 2024 2023 2022 Turnover 2,117.1 1,916.4 4,101.2 3,285.4 2,654.7 EBITDA 464.3 344.9 764.2 596.5 473.9 EBIT 223.5 150.2 353.6 241.3 155.2 Net result 179.0 141.1 288.2 162.8 112.7 Shareholders’ equity 2,171.8 1,996.1 2,117.8 1,910.5 1,753.9 Net financial p
Slide 19: Key figures
Key figures DEME (in millions of euros) 1H25 1H24 1H23 Order book 7,521 7,622 7,654 y-o-y growth 1% 0% +36% Turnover 2,117 1,916 1,475 y-o-y growth +10% +30% +14% EBITDA 464 345 222 Margin 21.9% 18.0% 15.0% Depreciation & impairment -241 -195 -165 EBIT 223 150 57 Margin 10.6% 7.8% 3.9% Financial res
Slide 20: 1H25 order book remains solid
1H25 order book remains solid DEME 20 20
Slide 21: 1H25 Turnover – Segment Breakdown
1H25 Turnover – Segment Breakdown Group turnover grew 10% with strong growth in Offshore Energy DEME 21 21
Slide 22: excl. Havfram acquisition
22 excl. Havfram acquisition 22
Slide 23: Complementary segments contribute to a balanced revenue stream
1H25 – Complementary segments contribute to a balanced and diversified revenue stream DEME 23
Slide 24: Offshore Energy – Performance dashboard H1 2025
Offshore Energy – Performance dashboard H1 2025 DEME 24 24
Slide 25: Offshore Energy – Key projects H1 2025
Offshore Energy – Key projects H1 2025 DEME 25
Slide 26: Dredging & Infra – Performance dashboard H1 2025
Dredging & Infra– Performance dashboard H1 2025 DEME 26
Slide 27: Dredging & Infra – Key projects H1 2025
Dredging & Infra – Key projects H1 2025 DEME 27
Slide 28: Environmental – Performance dashboard H1 2025
Environmental – Performance dashboard H1 2025 DEME 28
Slide 29: Environmental – Key projects H1 2025
Environmenal – Key projects H1 2025 DEME 29
Slide 30: Concessions – Active in four sectors
Consessions – Active in four sectors DEME 30
Slide 31: Outlook
Outlook DEME “Our long-term vision and continued focus on innovation are clearly paying off. Given this strong first half-year performance, we are reaffirming our topline guidance and are raising our profitability outlook for the year.” Based on a solid first half performance and taking into account
Slide 32: Global Offshore Market Outlook to 2034
Global Offshore Market Outlook to 2034 32
Slide 33: Track record (in € mio)
DEME 1974 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 0 45% 1990 AvH shareholding 1991 1992 1993 1994 1995 1996 39.5% 1997 Track record (in € mio) 1998 1999 2000 2001 2002 2003 2004 48.5% 2005 2006 2007 2008 2009 2010 2011 2012 50% 2013 2014 2015 2016 2017 2018 2019 60.4% 2020 2021 2022 TURN
Slide 34: 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%) ZIN - Brussels 34
Slide 35: Key figures
Key figures CFE 35 (in € mio) H1 2025 H1 2024 2024 2023 2022 Turnover 545.8 600.7 1,182.2 1,248.5 1,167.2 Operating income¹ 11.5 4.6 32.0 33.0 51.0 Net result ² 7.5 4.2 24.0 22.8 38.4 Shareholders’ equity 236.2 230.2 247.8 236.8 224.7 Net financial position -46.5 -139.5 -41.7 -93.3 -48.9 # personnel
Slide 36: Key figures
Key figures CFE 36 OPERATIONAL TURNOVER NET RESULT ORDER BOOK RESULT ¹ (in € mio) 1H25 1H24 1H25 1H24 1H25 1H24 1H25 FY24 Real estate development 51.1 29.3 4.6 -2.5 4.6 0.3 238.0 256.0 Multitechnics 145.7 157.8 1.3 1.6 0.3 -0.5 361.1 286.9 Construction & 359.2 442.2 5.5 6.8 4.6 8.4 1,334.8 1,343.5 R
Slide 37: Highlights 1H25 (1/2)
Highlights 1H25 (1/2) CFE • Turnover: decreases 9% YoY, mainly related to Construction & Renovation in Belgium and Poland. • EBITDA margin: improved from 3.6% (1H24) to 4.0% (1H25), resulting in stable nominal EBITDA despite decrease of turnover. • Operating income: +150% YoY to € 11.5 mio. • Orderb
Slide 38: Highlights 1H25 (2/2)
Highlights 1H25 (12/2) CFE CONSTRUCTION & RENOVATION (Belgium, Poland, Luxembourg) OUTLOOK • Turnover: 19% decrease YoY to € 359.2 mio. • Despite difficult market conditions, CFE has once again • Belgium: 13% decrease YoY in turnover as 2 major projects have demonstrated its resilience by delivering
Slide 39: Deep C Holding
Deep C Holding Develops port-related industrial zones around the Haiphong Harbour in Vietnam. Total of 5 industrial zones: ~800 ha to be sold (Deep C share) Deep C – petrochemical zone - Vietnam 39
Slide 40: Key figures and highlights
Key figures and highlights DEEP C HOLDING 40 (in € mio) H1 2025 H1 2024 2024 2023 2022 Turnover 32.8 11.5 42.2 46.0 58.0 Net result 3.0 -2.0 12.7 9.6 8.1 Shareholders’ equity 88.0 84.9 103.0 89.4 83.5 Net financial position -46.0 -68.2 -53.0 -62.6 -64.3 • Robust sales of land in industrial zones und
Slide 41: Haiphong - Vietnam
Haiphong - Vietnam DEEP C Zone Total Sold Remaining (IAI %) area (ha) (ha) (ha) DC Haiphong 1 448 438 11 (75%) DC Haiphong 2 495 256 241 (100%) DC Haiphong 3 326 10 316 (75%) DC Quang Ninh 1 264 11 253 (50%) DC Quang Ninh 2 824 160 664 (50%) Total 2,357 875 1,486 All figures @ 100%. Deep C Holding s
Slide 42: Green Offshore
Green Offshore Direct investments in 2 Belgian offshore wind farms in operation. Rentel 42
Slide 43: Shareholdings in offshore wind farms in Belgium
Shareholdings in offshore wind farms in Belgium GREEN OFFSHORE 43 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 44: Key figures and highlights
Key figures and highlights GREEN OFFSHORE 44 (in € mio) H1 2025 H1 2024 2024 2023 2022 Production (in GWh) Rentel 396 534 1,028 1,108 897 SeaMade 686 954 1,760 1,798 1,509 Net result 1.8 4.8 8.0 19.7 3.6 Shareholders’ equity 42.0 55.1 44.5 55.0 45.6 Net financial position¹ 2.2 6.3 2.2 3.1 -2.7 (1) O
Slide 45: Private Banking
Delen Bank Private Banking Private Bank Van Breda 79% 79% 45 Delen Private Bank > Client meeting 45
Slide 46: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result PRIVATE BANKING (in € mio) H1 2025 H1 2024 2024 2023 2022 FinAx 0.6 0.4 0.5 0.7 -0.2 Delen Private Bank 95.1 82.9 179.1 141.3 126.5 Bank Van Breda 38.6 32.8 78.9 66.7 53.8 Total 134.3 116.2 258.5 208.7 180.1 46
Slide 47: FinAx: Private Banking
FinAx: Private Banking 47 FINAX (1) (1) AvH 78.75%, Family J. Delen 21.25% 47 NPS +43 NPS +60
Slide 48: Total client assets
Total client assets PRIVATE BANKING 48 Total client assets H1 2025 H1 2024 2024 2023 2022 (in € mio) Delen Private Bank (AuM) 70,137 60,418 66,880 54,759 48,010 of which discretionary (%) 88% 91% 91% 90% 89% Delen Private Bank 57,220 47,428 53,775 42,547 36,419 of which Delen Private Bank 3,433 1,69
Slide 49: Key figures
Key figures DELEN & VAN BREDA COMBINED (100%) 49 (in mio €) DELEN & VAN BREDA COMBINED (100%) DELEN PRIVATE BANK BANK VAN BREDA H1 2025 H1 2024 2024 H1 2025 H1 2024 2024 H1 2025 H1 2024 2024 Profitability Operating income (gross) 470 420 882 370 323 687 143 134 274 Net profit 170 147 328 121 105 227
Slide 50: Highlights H1 2025
Highlights H1 2025 PRIVATE BANKING TOTAL CLIENT ASSETS +4% VS. YEAR-END 2024 TO RECORD LEVEL OF CONTINUED GROWTH € 80.9 BIO Belgium • Increase of total client assets (compared to € 77,7 bio end 2024 and • Further expansion of the regional office network of Delen Private € 65,3 bio end 2023), despite
Slide 51: Total assets under management (in € mio)
Total assets under management1 (in € mio) DELEN PRIVATE BANK 66,880 70,137 70,000 Box Consultants AuM Delen Private Bank 54,759 (in Oct. 2024) 8,134 In 2025 65,000 Groenstate 6,020 Dierickx Leys CAGR 2015-2024: 7,02% Vermogens- (as of Q2 2025) 7,765 60,000 beheer 54,346 Petram & Co 55,000 Puur beleg
Slide 52: Annualized net returns
Annualized net returns DELEN PRIVATE BANK 52 30/06/2025 YTD 2025 3 years 5 years Annualized Annualized Defensive -0,06% 5,58% 2,37% Peer group Defensive(1) -0,23% 3,78% 2,20% Balanced -1,18% 7,80% 5,20% Peer group Balanced(1) -0,79% 5,46% 4,28% Very Dynamic -2,82% 10,17% 8,24% Peer group Very Dynami
Slide 53: Invested by clients (in € mio)
Invested by clients (in € mio) BANK VAN BREDA 53 27,732 28,228 20,000 CAGR 2015-2024 Invested by clients: 9.7% 18,000 Off-balance sheet products: 11.9% 23,854 16,000 Client deposits: 8.1% 21,088 20,648 Loan portfolio: 6.4% 20,258 19,760 14,720 16,363 14,000 14,095 14,720 12,000 10,000 6,287 8,000 6,
Slide 54: Offices
Offices PRIVATE BANKING 54 DELEN PRIVATE BANK BANK VAN BREDA JM FINN DELEN PRIVATE BANK 2024: office opening in Charlerloi. 2024-2025: renovation and new office 2024: new location in Waalre (Eindhoven) via Box 2025: opening of a new offices in Knokke buildings in Antwerp, Namur, Herent, 2025: office
Slide 55: Delen Private Bank – Office expansion history
Delen Private Bank – Office expansion history PRIVATE BANKING Belgium The Netherlands 2024: new location in Waalre (Eindhoven) via Box 2025: office in Utrecht via Petram & Co – and in ‘s Hertogenbosch via Servatus Vermogens- management (subject to closing of acquisition). 2024: office opening in Cha
Slide 56: Track record (in € mio)
Track record (in € mio) PRIVATE BANKING 56 90,000 2,500 80,000 Total client assets 70,000 2,000 60,000 1,500 50,000 40,000 1,000 30,000 20,000 500 CONSO EQUITY 10,000 FINAX(1) 0 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 57: Real Estate
Real Estate Nextensa 65% 57 Nextensa, Lake Side -Tour & Taxis – Brussels (rendered image) 57
Slide 58: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result REAL ESTATE (in € mio) 1H2025 1H2024 2024 2023 2022 Nextensa 13.9 9.5 -6.4 15.6 42.5 Anima ¹ 0.0 0.0 0.0 - 2.8 Total 13.9 9.5 -6.4 15.6 45.3 (1) Sale of Anima finalized in July 2022. 58
Slide 59: Nextensa
Nextensa Hybrid model: real estate investor and developer focusing on mixed projects in primarily urban environments Tour & Taxis - Brussels 59
Slide 60: 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 Excellence in sustainability Mix-city of functions : work, shop, live, do, relax PARK LAKE LANE SIDE 60
Slide 61: Key figures (1/2)
Key figures (1/2) NEXTENSA 61 (in € mio) 1H2025 1H2024 2024 2023 2022 Operational result investment portfolio 23.8(1) 25.0 13.5 49.0 71.6 of which rental income 29.1(1) 36.2 72.2 70.5 67.4 Operational result developments 7.7 5.2 14.7 18.1 22.2 Overheads -5.3 -5.8 -12.7 -11.9 -14.0 Operational result
Slide 62: Key figures (2/2)
Key figures (2/2) NEXTENSA 62 (in € mio) 1H2025 1H2024 2024 2023 2022 Fair value investment 1,106.3 1,273.9 1,215.1 1,298.1 1,278.7 portfolio(1) Rental yield (%) 6.1 5.8 6.0 5.7 5.3 Net financial position -707.2 -781.4 -763.0 -786.8 -721.5 Financial debt ratio (%) 43.4 44.6 45.4 44.8 42.6 Shareholde
Slide 63: Highlights H1 2025 (1/2)
Highlights H1 2025 (1/2) NEXTENSA NEXTENSA • Nextensa stepped up its strategic transformation towards a hybrid model of sustainable developer/investor focusing on mixed- use projects in urban environments, with 3 milestone transactions in H1 2025: • Sale of 2 Knauf shopping centers in Luxembourg (€
Slide 64: Highlights H1 2025 (2/2)
Highlights H1 2025 (2/2) NEXTENSA PROJECT DEVELOPMENT • Operational result from development projects of € 7.7 mio in H1 2025 (€ 14.7 mio in 2024 and € 5.2 mio in H1 2024). • Belgium: successful sales for Phase II of Park Lane project at Tour & Taxis (94% of apartments sold or reserved). • Luxembourg
Slide 65: Investments – real estate portfolio (30 June 2025)
Investments – real estate portfolio (30 June 2025) NEXTENSA 65 Portfolio 365,567 m² - € 1,106 mio 10% 17% Countries Asset classes (% fair value) (% fair value for lease) 35% 32% 55% 51% LUXEMBOURG RETAIL BELGIUM OFFICES AUSTRIA OTHER 65
Slide 66: Track record (in € mio)
Track record (in € mio) Nextensa equity (AvH share) Senior care equity REAL ESTATE 66 500 400 300 200 100 (1) (2) 0 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 1H25 Equipment & real estate
Slide 67: Energy & Resources
Energy & SIPEF Verdant Bioscience Sagar Cements Resources 42% 42% 20% 67 SIPEF, oil palm plantation, Indonesia 67
Slide 68: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result ENERGY & RESOURCES 68 (in € mio) 1H2025 1H2024 2024 2023 2022 SIPEF 21.8 9.2 24.8 25.1 36.9 Verdant Bioscience -1.0 -0.6 -1.3 -1.3 -0.5 Sagar Cements -1.3 -0.4 -3.0 0.8 -2.1 Total 19.6 8.1 20.6 24.6 34.3 68
Slide 69: SIPEF
SIPEF Devoted to certified sustainable production of tropical agricultural commodities, primarily palm oil 69 SIPEF, Indonesia
Slide 70: Production and market prices
Production and market prices SIPEF 70 Group production ¹ (in T) 1H2025 1H2024 2024 2023 2022 CPO 208,060 174,747 362,405 391,215 403,927 Bananas 25,977 25,122 51,038 40,976 32,270 Average market price / T (in USD) 1H2025 1H2024 2024 2023 2022 MDEX Malaysia 960 838 906 833 1,126 (1) Own and outgrower
Slide 71: Key figures
Key figures SIPEF 71 (in USD mio) 1H2025 1H2024 2024 2023 2022 Turnover 250.4 204.5 443.8 443.9 527.5 EBITDA 110.8 73.7 160.0 160.7 226.3 EBIT 84.6 44.0 104.1 108.0 178.3 Net result 57.7 25.0 65.8 (1) 72.7 108.2 Shareholders’ equity 933.3 856.3 898.4 853.8 817.8 Net financial position 19.9 -14.5 -18
Slide 72: Highlights H1 2025 (1/2)
Highlights H1 2025 (1/2) SIPEF H1 2025 - PRODUCTION OF 208,060 TONNES OF SUSTAINABLE SOLID PERFORMANCE IN H1 2025 PALM OIL (including outgrowers) • Turnover: USD 250.4m (USD 204.5m in 1H24). • Group: 19% increase of the total group production of palm oil, • Almost doubling operating result and more
Slide 73: Evolution in own total planted hectares oil palm (100%)
Evolution in own total planted hectares oil palm (100%) SIPEF 73 73
Slide 74: Evolution in own CPO productions
Evolution in own CPO productions SIPEF 74 74
Slide 75: Palm oil production versus other liquid oils
Palm oil production versus other liquid oils: more sustainable than any other vegetable oil! 75 Source: Davos and Food security: The facts on oilseed efficiency - The Oil Palm
Slide 76: Sustainable palm oil
Sustainable palm oil SIPEF 76 A sustainable solution (2024) Halting deforestation; Treating communities and workers fairly; Round Table Sustainable Palm Oil Protecting wildlife and the environment; Traceable CPO (EUDR compliance) (bananas) • Global Palm Oil Market • Less than 3 million tons
Slide 77: Verdant Bioscience
Verdant Bioscience Development of oil palm F1 hybrid varieties and other supporting technologies that underpin significant yield increases and productivity enhancements. 77
Slide 78: Key figures and highlights
Key figures and highlights VERDANT BIOSCIENCE 78 (in USD mio) 1H2025 1H2024 2024 2023 2022 Turnover 1.7 2.2 4.7 5.3 5.9 Net result -2.5 -1.6 -3.4 -3.3 -1.3 Shareholders’ equity 0.7 5.0 3.2 6.6 9.9 Net financial position -28.8 -24.3 -26.4 -22.5 -20.0 # personnel 399 392 597 • On track to commercialis
Slide 79: Sagar Cements
Sagar Cements A listed manufacturer of cement, headquartered in Hyderabad, India, with a capacity of 10.25 million tonnes. Mattampally plant 79
Slide 80: Key figures and highlights
Key figures and highlights SAGAR CEMENTS 80 1H2025 1H2025 1H2024 2024 2023 2022 (€ mio) (INR bio) (INR bio) (INR bio) (INR bio) (INR bio) Turnover 138.0 12.9 12.7 22.5 24.2 21.1 Net result -7.4 -0.7 -0.2 -1.3 0.5 -0.8 Shareholders’ equity 184.5 17.2 19.9 18.7 15.7 15.2 Net financial position -149.0
Slide 81: Growth Capital
Growth Capital 81 OMP 81
Slide 82: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result AvH & GROWTH CAPITAL 82 (in € mio) H1 2025 H1 2024 2024 2023 2022 Growth Capital -1.2 -25.3 -8.6 10.9 52.1 Contribution consolidated -8.6 9.9 27.1 24.0 38.3 participations Fair value 7.4 -35.2 -35.6 -13.1 13.8 AvH & subholdings -11.7 1.4 -9.9 -14.8 -24.2 N
Slide 83: Highlights H1 2025
Highlights H1 2025 AvH & GROWTH CAPITAL H1 2025 CONTRIBUTION • Contribution from Growth Capital improved significantly by 24.1 million euros but remained slightly negative. • The decent, but generally lower contributions from most consolidated participations, were negatively affected by interest and
Slide 84: Growth Capital (30 June 2025)
Growth Capital (30 June 2025) Consolidated € 483.9 mio € 117.6 mio book value June 2025 84
Slide 85: Growth Capital – Consolidated participations
Growth Capital – Consolidated participations (30 June 2025) Agidens 85% Biolectric 54% Camlin Fine Sciences 9% Gravity Media 23% GreenStor 50% Mediahuis 14% OMP 20% Turbo’s Hoet Groep 50% V.Group 33% Van Moer Logistics 32%* * In addition: AvH owns 33.3% of Blue Real Estate 85
Slide 86: Growth Capital (30 June 2025)
Growth Capital (30 June 2025) 86
Slide 87: Growth Capital – Fair value participations (30 June 2025)
Growth Capital – Fair value participations (30 June 2025) Life Sciences India & South-East Asia AstriVax Therapeutics 8% Biotalys 14% Confo Therapeutics 6% Convergent Finance 7% HealthQuad I-II Fund 36%-11% MRM Health 15% OncoDNA 10% VICO Therapeutics 10% Medikabazaar 11%* Venturi Partners Fund I 11
Slide 88: 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 88
Slide 89: Appendix
Appendix 89 One of the largest and most diversified dredging and marine engineering companies in the world. Spartacus – Abu Qir (Egypt) 89
Slide 90: Income statement – Delen Private Bank
Income statement DELEN PRIVATE BANK (in € mio) H1 2025 2024 2023 Net interest income 24.2 50.0 40.1 Gross fee income 340.8 623.0 523.1 Other income 2.1 2.7 2.2 Gains and losses on financial assets and liabilities 0.0 0.8 0.5 Gross revenues 367.1 676.6 565.9 Fees paid -51.5 -90.9 -75.5 Operational ex
Slide 91: Balance sheet – Delen Private Bank
Balance sheet DELEN PRIVATE BANK 91 (in € mio) H1 2025 2024 2023 Cash & loan advances to banks 2,245.0 1,940.8 1,287.2 Financial assets - Financial assets at amortised cost 262.9 241.8 274.6 - Financial assets at FV through OCI 24.3 19.8 13.5 - Financial assets at FV through P&L 33.3 9.2 8.6 - Finan
Slide 92: Income statement – Bank Van Breda
Income statement BANK VAN BREDA 92 (in € mio) H1 2025 2024 2023 Net interest income 72.1 148.3 140.7 Net fee income 69.0 125.4 106.4 Other income 1.1 -0.6 -6.1 Gross revenues 142.2 273.1 240.9 Operational expenses -72.6 -124.5 -114.8 Amortisations & provisions -4.2 -6.0 -7.1 Loan loss provision -0.6
Slide 93: Balance sheet – Bank Van Breda
Balance sheet BANK VAN BREDA 93 (in € mio) H1 2025 2024 2023 Cash & loan advances to banks 1,953.6 2,047.0 1,603.7 Financial assets - Investments 501.3 521.8 507.7 - Loans and receivables 6,545.5 6,375.9 6,292.1 - Derivatives used for hedging 12.0 16.2 12.6 Tangible assets 60.1 55.8 54.5 Goodwill an
Ackermans & van Haaren — H1 2025 Earnings Presentation on 6ix