Ackermans & Van Haaren Nv · EURONEXT:ACKB
Ackermans & Van Haaren Nv — FY2025 Earnings Presentation
95 slides from Ackermans & Van Haaren Nv's earnings presentation, Feb 27, 2026
Slide 1: Annual Results 2025
Annual Results 2025 February 27, 2026
Slide 2: Our story starts in 1876, in Kerkdriel, the Netherlands
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 Reval), Hendr
Slide 3: Early diversification, post-World War II, 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
Slide 4: 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 5: AvH Facts & Figures FY2025
AvH Facts & Figures Market cap (1) Net result 2025 € 7,693 mio FY2025 Share price 31 Dec. 2025 € 592.5 mio € 232.0 Equity 2025 Increase of equity/share (2) € 5,701 mio (vs. 31 Dec 2024) (incl. Gross dividend of € 3.80 distributed in June 2025) Net cash 31 Dec. 2025 Equity per share (2) +10.3% € 428.
Slide 6: CEO quote
CEO quote John-Eric Bertrand Piet Dejonghe Co-CEO Co-CEO “We are pleased to share with you a very strong set of results for 2025, highlighted by a 29% year on year increase of our net consolidated profit. DEME, the Private Banks and SIPEF performed extremely well and post record contributions to our
Slide 7: ESG highlights in 2025
ESG highlights in 2025 ESG supports sustainable long-term value creation across the diversified portfolio of AvH by embedding it in strategy, business culture and operations. This builds resilience through mitigation of risks and unlocking opportunities. 4 ESG key group topics Responsible shareholde
Slide 8: AvH: a shareholder of sustainable companies (2025)
AvH: a shareholder of sustainable companies (2025) DEME Growth capital • Offshore wind: global leading contractor, 144 MWh • Integration ESG factors into different business models concessions • Active in various sectors • Environmental remediation, use of renewable energies • Strong innovation focus
Slide 9: Consolidated group result
Consolidated group result (in € mio) 2025 2024 2023 Marine Engineering & Contracting 241.9 201.8 128.5 Private Banking 287.4 258.5 208.7 Real Estate 23.5 -6.4 15.6 Energy & Resources 41.3 20.6 24.6 Contribution from core segments 594.1 474.5 377.4 Growth Capital 26.3 -8.6 10.9 AvH & Subholdings -22.
Slide 10: Other key figures
Other key figures Consolidated balance sheet AvH group (in € mio) 2025 2024 2023 Shareholders’ equity (group share) 5,701.1 5,278.2 4,914.0 Net cash AvH & subholdings 428.9 362.4 517.5 Key figures per share (in €) 2025 2024 2023 Number of shares (#) 33,157,750 33,157,750 33,496,904 Net result ¹ 18.1
Slide 11: AvH investments
AvH investments (in € mio) 2025 2024 2023 Investments 87.2 245.9 95.6 - Follow-up investments 67.3 100.2 72.3 - New participations 19.9 145.7 23.3 Divestments -2.4 -15.6 -67.8 Investments • New investments in: • Venturi II (commitment of $ 20 mio ). • VKC Nuts (€ 19,9 mio, 16.6% direct stake, 18.2%
Slide 12: Economic footprint of the AvH group (2025)
Economic footprint of the AvH group (2025) Pro forma group personnel (1) Pro forma consolidated turnover Equity (group share) Contribution to AvH result (1) 41 -2 3,928 1,010 1,025 23 1,817 8,825 264 123 242 399 24,931 1,023 € 7,674 mio € 5,701 mio € 592.5 mio 577 10,559 5,257 287 1,577 42 1,883 MAR
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 € 7.7 bn in 2025 (1) 1984-2025 200 (CAGR since IPO) The long-term partner of choice of + 12.7% family businesses and management Total shareholder return 150 teams to help build high-per
Slide 14: Share performance vs BEL20
Share performance vs BEL20 23 FEB 2026 € 288.80 31 DEC 2025 30 SEP 2025 € 232.00 € 218.00 1 JAN; 2025 30 JUN 2025 € 193.40 € 217.00 14
Slide 15: Outlook 2026
Outlook 2026 “The board of directors is confident in the strategic positioning of AvH’s core participations and the robustness of the portfolio. The strong orderbook at DEME, the record levels of assets under management at the Private Banks and a further growth of SIPEF’s production will support the
Slide 16: Ackermans & van Haaren
Ackermans & van Haaren Marine Engineering Private Energy & Real Estate Resources Banking & Contracting DEME Delen Private Bank Nextensa ‘SIPEF 62% 79% 69% 42% CFE Bank Van Breda Verdant Bioscience 62% 79% 42% Deep C Holding Sagar Cements 81% 20% Green Offshore 81% AvH & Growth Capital Participations
Slide 17: Marine Engineering & Contracting
Marine Engineering & DEME Group CFE Deep C Holding Green Offshore Contracting 62% 62% 81% 81% 17 DEME, Hai Long offshore wind farm
Slide 18: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result MARINE ENGINEERING & CONTRACTING 18 (in € mio) 2025 2024 2023 DEME Group 212.6 176.5 98.6 CFE (excl. DEEP C Holding, Green 15.6 8.4 6.8 Offshore) DEEP C Holding 8.5 10.3 7.1 Green Offshore 5.2 6.6 16.0 Total 241.9 201.8 128.5 18
Slide 19: DEME Group
DEME Group One of the largest and most diversified dredging and marine engineering companies in the world. DEME > Norse Wind
Slide 20: Key figures
Key figures DEME 20 (in € mio) 2025 2024 2023 Turnover 4,154.7 4,101.2 3,285.4 EBITDA 930.5 764.2 596.5 EBIT 432.8 353.6 241.3 Net result 346.3 288.2 162.8 Shareholders’ equity 2,363.8 2,117.8 1,910.5 Net financial position -391.3 91.1 -512.2 Total assets 6,203.6 5,475.6 4,760.1 Capex 445.0(1) 286.4
Slide 21: 2025 orderbook remains solid
2025 orderbook remains solid DEME 21 Solid order book at 7.6 billion euros compared to 7.5 billion euros at mid-year and 8.2 million euros at the end of 2024 21
Slide 22: 2025 Turnover – Segment Breakdown
2025 Turnover – Segment Breakdown DEME 22 2025: 1% increase y-o-y 22
Slide 23: Complementary segments contribute to a balanced and diversified revenue stream
Complementary segments contribute to a balanced and diversified revenue stream DEME OFFSHORE ENERGY DREDGING & INFRA ENVIRONMENTAL CONCESSIONS (in millions of euros) FY25 FY24 FY25 FY24 FY25 FY24 (in millions of euros) Since start Turnover1 2,134 1,952 272 Value of projects at closing 2,055 1,963 33
Slide 24: Key balance sheet items
Key balance sheet items DEME 24
Slide 25: Offshore Energy – Performance dashboard 2025
Offshore Energy – Performance dashboard 2025 DEME 25 25
Slide 26: Offshore Energy – Key projects 2025-2026
Offshore Energy – Key projects 2025-2026 DEME 26
Slide 27: Offshore Energy – Global Offshore Market Outlook 2040
Offshore Energy – Global Offshore Market Outlook 2040 DEME 27 Source: TGS Market Overview Report Q4 2025 (incl. China) 27
Slide 28: Dredging & Infra – Performance dashboard 2025
Dredging & Infra – Performance dashboard 2025 DEME 28
Slide 29: Dredging & Infra – Key projects 2025-2026
Dredging & Infra – Key projects 2025-2026 DEME 29
Slide 30: Environmental – Performance dashboard 2025
Environmental – Performance dashboard 2025 DEME 30
Slide 31: Environmental – Key projects 2025-2026
Environmenal – Key projects 2025-2026 DEME 31
Slide 32: Concessions – Active in four sectors
Concessions – Active in four sectors DEME Port-La Nouvelle Concession remained involved in operational wind farms in Belgium (C-Power, Rentel, SeaMade) Streamlined Scotwind concession portfolio, exiting the Ayre project (floating) and strengthening the stake in Bowdun (1GW, bottom-fixed) Aucti
Slide 33: Outlook
Outlook DEME FOR 2026, and considering the current project schedules in the backlog, the pipeline of new opportunities, and fleet capacity, DEME’s management expects = Turnover and EBITDA margin to be in line with 2025 = CapEx to be around 450 million euros, including upgrade, repair and maintenance
Slide 34: 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 39.5% 1997 1998 Track record (in € mio) 1999 2000 2001 2002 2003 48.5% 2004 2005 2006 2007 2008 2009 2010 50.0% 2011 2012 2013 2014 2015 2016 2017 2018 60.4% 2019 2020 2021 2022 TURNO
Slide 35: 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 ZIN - Brussels
Slide 36: Key figures
Key figures CFE 36 (in € mio) 2025 2024 2023 Turnover 1,041.6 1,182.2 1,248.5 Net result ¹ 33.5 24.0 22.8 Shareholders’ equity 264.0 247.8 236.8 Net financial position 43.8 -41.7 -93.3 # personnel 2,606 2,775 2,914 (1) As reported by CFE. i.e. including contribution from DEEP C Holding (€ 5.2 mio 20
Slide 37: Key figures
Key figures CFE 37 TURNOVER OPERATIONAL RESULT¹ NET RESULT ORDER BOOK (in € mio) 2025 2024 2025 2024 2025 2024 2025 2024 Real estate development 76.7 125.7 14.5 8.5 12.0 8.0 220.0 256.0 Multitechnics 301.4 304.3 9.2 10.2 6.0 6.3 338.1 286.9 Construction & Renovation 683.4 788.5 19.3 8.3 16.5 10.6 1,
Slide 38: Highlights 2025 (1/2)
Highlights 2025 (1/2) CFE • Turnover: anticipated decrease (-12% YoY), mainly related to Construction & Renovation in Belgium and Poland, and to MOBIX. • EBITDA: margin improved from 4.2% (2024) to 6.0% (2025), resulting in a 26% growth of nominal EBITDA despite decrease of turnover. • Operational r
Slide 39: Highlights 2025 (2/2)
Highlights 2025 (2/2) CFE CONSTRUCTION & RENOVATION (Belgium, Poland, Luxembourg) OUTLOOK • Turnover: -13% decrease YoY • Medium/Long-term outlook remains positive as CFE is well • Belgium: 13% decrease in turnover as major projects have positioned in growth markets (renovation, energy performance i
Slide 40: 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 41: Key figures and highlights
Key figures and highlights DEEP C HOLDING 41 (in € mio) 2025 2024 2023 Turnover 60.5 42.2 46.0 Net result 10.5 12.7 9.6 Shareholders’ equity 94.8 103.0 89.4 Net financial position -36.2 -53.0 -62.6 • Robust sales of land in industrial zones (share of IAI basis in 2025: 65 hectares, compared to 54 he
Slide 42: 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 2 824 646 (50%) Total 2,358 1,443 DEEP C Holding shareholding in IAI: 84% 42
Slide 43: Green Offshore
Green Offshore Direct investments in 2 Belgian offshore wind farms in operation. Rentel
Slide 44: Shareholdings in offshore wind farms in Belgium
Shareholdings in offshore wind farms in Belgium GREEN OFFSHORE 44 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 45: Key figures and highlights
Key figures and highlights GREEN OFFSHORE 45 (in € mio) 2025 2024 2023 Production (in GWh) Rentel 932 1,028 1,108 SeaMade 1,599 1,760 1,798 Net result 6.3 8.0 19.7 Shareholder’s equity 47.3 44.5 55.0 Net financial position¹ 3.5 2.2 3.1 • Rentel (309 MW) and SeaMade (487 MW) experienced an overall av
Slide 46: Private Banking
Delen Bank Private Banking Private Bank Van Breda 79% 79% 46 Delen Private Bank > Antwerp office
Slide 47: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result PRIVATE BANKING (in € mio) 2025 2024 2023 FinAx 0.5 0.5 0.7 Delen Private Bank 203.2 179.1 141.3 Bank Van Breda 83.8 78.9 66.7 Total 287.4 258.5 208.7 47
Slide 48: FinAx: Private Banking
FinAx: Private Banking 48 FINAX (1) (1) AvH 78.75%, Family J. Delen 21.25% 48 NPS +64 NPS +66
Slide 49: Total client assets
Total client assets PRIVATE BANKING 49 Total client assets 2025 2024 2023 (in € mio) Delen Private Bank (AuM) 76,439 66,880 54,759 of which discretionary (%) 90% 91% 90% Delen Private Bank 62,833 53,775 42,547 of which Delen Private Bank Netherlands 4,660 3,440 1,461 JM Finn 13,606 13,105 12,212 Ban
Slide 50: Key figures
Key figures DELEN & VAN BREDA COMBINED (100%) 50 DELEN & VAN BREDA COMBINED (100%) DELEN PRIVATE BANK BANK VAN BREDA (in mio €) 2025 2024 2023 2025 2024 2023 2025 2024 2023 Profitability Operating income (gross) 980 882 747 779 687 569 292 274 242 Net profit 364 328 264 258 227 179 106 100 85 Gross
Slide 51: Highlights 2025
Highlights 2025 PRIVATE BANKING TOTAL CLIENT ASSETS +13% VS. END 2024 TO RECORD LEVEL OF € CONTINUED GROWTH 87.5 BN Belgium • Increase of total client assets (compared to € 77.7 bn end 2024 and • Further expansion of the regional office network of Delen € 65.3 bn end 2023), despite a challenging mar
Slide 52: Total assets under management (in € mio)
Total assets under management1 (in € mio) 76,439 DELEN PRIVATE BANK Dierickx Leys 66,880 (as of Q2 2025) 75,000 Box Consultants AuM Delen Private Bank (in Oct. 7,301 70,000 54,759 6,020 2024) As of Q4 2025 CAGR 2016-2025: 7.3% Groenstate 7,707 65,000 Petram & Co Vermogens- 60,000 beheer Servatus 54,
Slide 53: Annualized net returns
Annualized net returns DELEN PRIVATE BANK 53 31/12/2025 2025 5 years Annualized Defensive 3.45% 2.13% Peer group Defensive(1) 4.14% 2.00% Balanced 4.42% 4.68% Peer group Balanced(1) 5.61% 4.16% Very Dynamic 5.07% 7.42% Peer group Very Dynamic(1) 7.24% 6.35% Full Equity 4.10% 9.31% Peer group Full Eq
Slide 54: Invested by clients (in € mio)
Invested by clients (in € mio) BANK VAN BREDA 54 27,732 30,237 20,000 CAGR 2016-2025 Invested by clients: 9.2% 18,000 Off-balance sheet products: 23,854 16,000 11.6% Client deposits: 7.6% 21,088 20,648 22,053 19,760 14,000 Loan portfolio: 4.8% 16,363 14,095 14,720 12,000 11,948 10,000 6,287 8,000 6,
Slide 55: Offices
Offices PRIVATE BANKING 55 DELEN PRIVATE BANK BANK VAN BREDA JM FINN DELEN PRIVATE BANK 2024: office openings in 2024: new location in Waalre (Eindhoven) via Box Charlerloi 2025: office in Utrecht via Petram & Co – and in 2025: opening of a new office in ‘s Hertogenbosch via Servatus Vermogens- Knok
Slide 56: Track record (in € mio)
Track record (in € mio) PRIVATE BANKING 56 90,000 2,500 80,000 Total client assets 2,000 70,000 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 69% 57 Nextensa, Lake Side -Tour & Taxis – Brussels (rendered image)
Slide 58: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result REAL ESTATE (in € mio) 2025 2024 2023 Nextensa 23.5 -6.4 15.6 Total 23.5 -6.4 15.6 58
Slide 59: Nextensa
Nextensa Hybrid model: real estate investor and developer focusing on mixed projects in primarily urban environments. Park Lane > Tour & Taxis > Brussels
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 PARK LANE LAKE SIDE 60
Slide 61: Cloche d’Or
CLOCHE D’OR A new urban district in Luxembourg City work shop live do relax RETAIL 33,000 SQM =| TOTAL 582.000m? RESIDENTIAL 218.000 SM nr ° nextensa-
Slide 62: Key figures (1/2)
Key figures (1/2) NEXTENSA 62 (in € mio) 2025 2024 2023 Operational result investment portfolio 39.4 13.5 49.0 of which rental income 56.7 72.2 70.5 Operational result developments 16.5 14.7 18.1 Overheads -12.8 -12.7 -11.9 Operational result 43.1 15.5 55.2 Financial result 6.3 -27.0 -21.5 Taxes & m
Slide 63: Key figures (2/2)
Key figures (2/2) NEXTENSA 63 (in € mio) 2025 2024 2023 Fair value investment portfolio1 1,093.4 1,215.1 1,298.1 Rental yield (%) 6.1 6.0 5.7 Net financial position -592.8 -763.0 -786.8 Financial debt ratio (%) 38.8 45.4 44.8 Shareholders’ equity 845.7 812.5 834.0 Per share (€) Net asset value 83.2
Slide 64: Highlights 2025 (1/2)
Highlights 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 several targeted transactions in 2025. • Sale of 2 Knauf shopping centers in Luxembourg (€ 1
Slide 65: Highlights 2025 (2/2)
Highlights 2025 (2/2) NEXTENSA REAL ESTATE PORTFOLIO • Real estate portfolio (excl. held for sale) of € 1,058 mio (€ 1,049 mio at year-end 2024). • Higher like-for-like rental income in 2025 (+ 3%) to € 56.7 mio. At nominal value: € 15.5 mio lower income due to divestments. • Operating result of rea
Slide 66: Investments – real estate portfolio (31 Dec. 2025)
Investments – real estate portfolio (31 Dec. 2025) NEXTENSA 66 Portfolio 23 buildings – 382,335 m² in BeLux - € 1,058 mio 66
Slide 67: Track record (in € mio)
Track record (in € mio) Nextensa equity (AvH share) Senior care equity REAL ESTATE 67 600 500 400 300 200 100 (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 2025 Equipment & real est
Slide 68: Energy & Resources
Energy & SIPEF Verdant Bioscience Sagar Cements Resources 42% 42% 20% 68 SIPEF, Bukit Maradja oil palm plantation , Indonesia
Slide 69: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result ENERGY & RESOURCES 69 (in € mio) 2025 2024 2023 SIPEF 46.2 24.8 25.1 Verdant Bioscience -1.6 -1.3 -1.3 Sagar Cements -3.3 -3.0 0.8 Total 41.3 20.6 24.6 69
Slide 70: SIPEF
SIPEF Devoted to certified sustainable production of tropical agricultural commodities, primarily palm oil. SIPEF, oil palm plantation, Indonesia
Slide 71: Production and market prices
Production and market prices SIPEF 71 Group production ¹ (in T) 2025 2024 2023 CPO 441,867 362,405 391,215 Bananas 52,159 51,038 40,976 Average market price per T (in USD) 2025 2024 2023 MDX Malaysia 990 906 833 (1) Own and outgrowers 71
Slide 72: Key figures
Key figures SIPEF 72 (in $ mio) 2025 2024 2023 Turnover 570.4 441.2 (1) 443.9 EBITDA 242.0 160.0 160.7 EBIT 187.7 104.1 108.0 Net result 125.4 65.8 72.7 Shareholders’ equity 1,001.6 898.4 853.8 Net financial position 88.4 -18.1 -31.4 Share high/low (in €) 83.4/55.4 58.4/48.5 53.3/48.5 Market cap (€
Slide 73: Highlights 2025 (1/2)
Highlights 2025 (1/2) SIPEF 2025 PRODUCTION OF 441,867 TONNES OF SUSTAINABLE PALM OIL RECORD PERFORMANCE IN 2025 (including outgrowers) • Turnover: $ 570.4 mio ($ 441.2 mio in 2024). • Group: 22% increase of the total group production of palm oil, • Almost doubling Net Result vs 2024 to record of $
Slide 74: Evolution in own total planted hectares oil palm (100%)
Evolution in own total planted hectares oil palm (100%) SIPEF 74 74
Slide 75: Evolution in own CPO productions
Evolution in own CPO productions SIPEF 75 75
Slide 76: Palm oil production versus other liquid oils: more sustainable than any other vegetable oil!
Palm oil production versus other liquid oils: more sustainable than any other vegetable oil! 76 Source: Davos and Food security: The facts on oilseed efficiency - The Oil Palm
Slide 77: Sustainable palm oil
Sustainable palm oil SIPEF 440,000 Tn 77 A sustainable solution • Halting deforestation; • Treating communities and workers fairly; Round Table Sustainable Palm Oil • Protecting wildlife and the environment; • Traceable CPO (EUDR compliance) • Global Palm Oil Market • Less than 3 million tons is sol
Slide 78: Verdant Bioscience
Verdant Bioscience Development of oil palm F1 hybrid varieties and other supporting technologies that underpin significant yield increases and productivity enhancements.
Slide 79: Key figures and highlights
Key figures and highlights VERDANT BIOSCIENCE 79 (in USD mio) 2025 2024 2023 Turnover 4.6 4.7 5.3 Net result -4.2 -3.4 -3.3 Shareholders’ equity -1.0 3.2 6.6 Net financial position -32.1 -26.4 -22.5 • On track to commercialise the first fully tested F1 hybrid palm oil seeds in 2029. 79
Slide 80: Sagar Cements
Sagar Cements A listed manufacturer of cement, headquartered in Hyderabad, India, with a capacity of 10.25 million tonnes. Mattampally plant
Slide 81: Key figures and highlights
Key figures and highlights SAGAR CEMENTS 81 2025 2025 2024 2023 (€ mio) (INR bn) (INR bn) (INR bn) Turnover 251.9 24.7 22.5 24.2 Net result -17.3 -1.7 -1.3 0.5 Shareholders’ equity 165.7 16.2 18.7 15.7 Net financial position -169.5 -16.6 -13.6 -14.0 • While turnover developed (+10% YoY in local curr
Slide 82: Growth Capital
Growth Capital 82 OMP 82
Slide 83: Contribution to AvH consolidated net result
Contribution to AvH consolidated net result AvH & GROWTH CAPITAL 83 (in € mio) 2025 2024 2023 Growth Capital 26.3 -8.6 10.9 Contribution 20.7 27.1 24.0 Fair value 5.6 -35.6 -13.1 AvH & subholdings -22.0 -9.9 -14.8 Net capital gains / losses -5.8 3.8 25.7 AvH & Growth Capital -1.5 -14.6 21.7 83
Slide 84: Highlights 2025
Highlights 2025 AvH & GROWTH CAPITAL 2025 CONTRIBUTION • Contribution from Growth Capital improved significantly by € 34.8 mio to € 26.3 mio: • The decent, but generally lower contributions from participations (consolidated and equity method) at € 20.7 mio, were negatively affected by interest and/o
Slide 85: Growth Capital (31 Dec. 2025)
Growth Capital (31 Dec. 2025) Consolidated € 519.1 mio € 155.4 mio book value Dec 2025 85
Slide 86: Growth Capital – Consolidated participations incl. equity methods
Growth Capital – Consolidated participations incl. equity methods (31 Dec. 2025) 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 86
Slide 87: 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 88: Growth Capital
Growth Capital (31 Dec 2025) 88
Slide 89: Growth Capital – Fair value participations (31 Dec. 2025)
Growth Capital – Fair value participations (31 Dec. 2025) AstriVax Therapeutics 8% Biotalys 14% India & South-East Asia Life Convergent Finance 6% Sciences HealthQuad I-II Fund 36%-11% Confo Therapeutics 6% DISCO Pharmaceuticals 11% Medikabazaar 11%* Venturi Fund I+II 11%-14% MRM Health 17% OncoDNA
Slide 90: 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 90
Slide 91: Appendix
Appendix
Slide 92: Income statement – Delen Private Bank
Income statement DELEN PRIVATE BANK (in € mio) 2025 2024 2023 Net interest income 45.3 50.0 40.1 Gross fee income 721.6 623.0 523.1 Other income 6.4 2.7 2.2 Gains and losses on financial assets and liabilities 0.0 0.8 0.5 Gross revenues 773.4 676.6 565.9 Fees paid -108.8 -90.9 -75.5 Operational expe
Slide 93: Balance sheet – Delen Private Bank
Balance sheet DELEN PRIVATE BANK 93 (in € mio) 2025 2024 2023 Cash & loan advances to banks 2,442.0 1,940.8 1,287.2 Financial assets - Financial assets at amortised cost 273.4 241.8 274.6 - Financial assets at FV through OCI 23.7 19.8 13.5 - Financial assets at FV through P&L 22.3 9.2 8.6 - Financia
Slide 94: Income statement – Bank Van Breda
Income statement BANK VAN BREDA 94 (in € mio) 2025 2024 2023 Net interest income 146.2 148.3 140.7 Net fee income 144.0 125.4 106.4 Other income 1.7 -0.6 -6.1 Gross revenues 291.9 273.1 240.9 Operational expenses -142.5 -124.5 -114.8 Amortisations & provisions -4.5 -6.0 -7.1 Loan loss provision -1.9
Slide 95: Balance sheet – Bank Van Breda
Balance sheet BANK VAN BREDA 95 (in € mio) 2025 2024 2023 Cash & loan advances to banks 2,159.3 2,047.0 1,603.7 Financial assets - Investments 531.8 521.8 507.7 - Loans and receivables 6,581.7 6,375.9 6,292.1 - Derivatives used for hedging 6.3 16.2 12.6 Tangible assets 64.7 55.8 54.5 Goodwill and ot
Ackermans & van Haaren — FY2025 Earnings Presentation on 6ix