Report on the first half year 2025

HAL Trust

Report on the first half year 2025

Table of Contents

Interim report of the Executive Board of HAL Holding N.V. 3

Condensed Interim Consolidated Financial Statements HAL Trust 6

Interim Consolidated Statement of Financial Position 7

Interim Consolidated Statement of Income 8

Interim Consolidated Statement of Comprehensive Income 9

Interim Consolidated Statement of Changes in Equity 10

Interim Consolidated Statement of Cash Flows 11

Basis of preparation 12

Notes to the Condensed Interim Consolidated Financial Statements 15

List of Principal subsidiaries and minority interests 25

Statement by the Executive Board 26

Interim report of the Executive Board of HAL Holding N.V.

Net income of HAL Holding N.V. for the first six months of 2025 amounted to € 1,024 million (€ 11.33 per share) compared to € 510 million (€ 5.65 per share) for the same period last year.

The net asset value based on the market value of the ownership interests in quoted companies and the liquid portfolio and on the book value of the unquoted companies, increased by € 847 million during the first six months of 2025. After taking into account the 2024 dividend (€ 262 million) and the purchase of treasury shares (€ 3 million), the net asset value amounted to € 16,083 million (€ 178.01 per share) on June 30, 2025, compared to € 15,501 million (€ 171.61 per share) on December 31, 2024.

During the period from June 30, 2025, through August 22, 2025, the value of the ownership interests in quoted companies and the liquid portfolio increased by approximately € 300 million (€ 3.32 per share).

The information in this report has not been audited nor reviewed by an independent auditor.

The results for the first six months of 2025 and 2024 and the net asset value (NAV) at the end of the (half) year can be detailed as follows:

1 Amortization, impairment, financial income and expense, income tax, non-controlling interest, exceptional items etc.

At the end of June 2025, the stock market value of HAL's quoted interests (Safilo Group S.p.A., SBM Offshore N.V., Siltronic AG, Technip Energies N.V. and Koninklijke Vopak N.V.) amounted to € 4.97 billion compared to € 4.39 billion at the end of 2024. This increase is primarily due to the increase in value of the ownership interests in Technip Energies and SBM Offshore.

Income from the quoted interests for the first six months of 2025 amounted to € 568 million (2024: € 144 million). This increase is primarily due to the share price appreciation of Technip and higher earnings from Vopak.

Revenues from the unquoted companies for the first half year amounted to € 5,156 million (2024: € 4,911 million), representing an increase of 5%. Excluding the effect of acquisitions, divestitures and changes in currency exchange rates, revenues from the unquoted companies increased by 4.8%. The operating income of the unquoted companies (income before interest, exceptional and non-recurring items, taxes and amortization of intangible assets but including amortization of software) for the first half year amounted to € 705 million (2024: € 522 million), an increase of

€ 183 million. Excluding the effect of acquisitions, divestitures and changes in currency exchange rates operating income increased by € 138 million. This increase is primarily due to higher results from Boskalis.

Revenues of Boskalis for the first half year amounted to € 2,345 million (2024: € 2,065 million). EBITDA (earnings before interest, depreciation and amortization excluding exceptional and non-recurring items) reported by Boskalis for the first half year amounted to € 748 million (2024: € 534 million).

Operating income reported by Boskalis for the first half year excluding the effect of purchase price accounting adjustments amounted to € 521 million (2024: € 363 million). Cash balances less debt excluding lease liabilities of

Boskalis amounted to € 711 million (December 31, 2024: € 675 million). The order book as of June 30, 2025, amounted to € 6.2 billion (December 31, 2024: € 7.0 billion).

The book value of Boskalis as at June 30, 2025 amounted to € 5,475 million.

As at June 30, 2025, the corporate liquid portfolio amounted to € 2.3 billion compared to € 2.4 billion as of December 31, 2024. As at June 30, 2025, the liquid portfolio consisted for 90% of fixed-income instruments and cash balances and for 10% of equities. The corporate liquid portfolio provided a total return of 2.0% during the first half of 2025 (2024: 1.6%).

On July 3, 2025, HAL and Boskalis signed a letter of intent with Koninklijke VolkerWessels B.V. relating to the acquisition of the Dutch Construction and Property Development as well as the Infrastructure activities of VolkerWessels. The completion of the transaction is subject to due diligence and other customary conditions for such transactions, including approval by the relevant competition authorities and consultation with the relevant works councils.

On June 30, 2025, Boskalis signed an agreement for the sale of the operations of Smit Lamnalco in Australia and

Papua New Guinea. These operations primarily consist of harbor towage services, which are no longer part of Boskalis' strategic focus. The sale is expected to generate approximately USD 400 million in cash with no significant capital gain. Completion of the transaction is anticipated in the second half of 2025 and is subject to approval by authorities and regulators.

In July 2025, HAL provided a loan of € 25 million to Koppert Group B.V. The loan is convertible to preferred shares. Koppert has approximately 2,600 employees and revenues over 2024 of € 435 million. The company is the worldwide market leader in biological control products that prevent or reduce pests and diseases in plants, reducing or avoiding the need for chemical pesticides. It sells its biocontrol products worldwide for protected (greenhouse) production of vegetables, outdoor fruits and specialty crops and open field production of row crops (soy, corn, sugar cane) in Brazil. In February 2024, HAL already invested € 140 million in preferred share capital in the company.

In the 2024 annual report, the Company included a description of risks associated with its strategy and its implementation such as, but not limited to: market value risk, interest rate risk, currency risk, credit risk, liquidity risk, concentration risk, investment risk, reporting risk and other risks. The descriptions of these risks are deemed to be incorporated in this report by reference. In the Company's view, the nature of these risk factors has not materially changed during the first half of 2025.

We also refer to the statement on page 26 of this report. We expect that the above risk factors will continue to exist for the second half of 2025.

Due to the fact that a significant part of the Company's net income is determined by the results of the quoted companies and in view of the broad composition of the investment portfolio as well as potential capital gains and losses, we generally do not express expectations with respect to net income.

The Executive Board of HAL Holding N.V.

August 28, 20251

1 This press release contains inside information relating to HAL Trust within the meaning of Article 7(1) of the EU Market Abuse Regulation and regulated information within the meaning of the Dutch Financial Markets Supervision Act.

Interim statement November 26, 2025 Publication of dividend proposal January 29, 2026 Publication of 2025 annual results March 27, 2026 Shareholders' meeting HAL Trust

and interim statement May 12, 2026