Report on the first half year 2026

HAL Trust

Report on the first half year 2026

Net income of HAL Holding N.V. for the first six months of 2026 amounted to € 856 million (€ 9.48 per share) compared to € 1,024 million (€ 11.33 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 € 1,520 million during the first six months of 2026. After taking into account the 2025 dividend (€ 316 million) and the sale of treasury shares (€ 4 million) the net asset value amounted to € 17,626 million (€ 195.16 per share) on June 30, 2026, compared to € 16,418 million (€ 181.84 per share) on December 31, 2025.

During the period from June 30, 2026, through August 21, 2026, the value of the ownership interests in quoted companies and the liquid portfolio increased by approximately € 240 million (€ 2.66 per share).

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

The contributions from individual segments to the overall result for the first six months of 2026, in millions of euro, are presented in the table below:

1. Presentation of the comparative figures amended to reflect the transfer of the Company's investment in TKH Group in 2026 from the Liquid Portfolio to the Quoted investments

2. Includes amortization, impairments, exceptional and non-recurring items, financial income and expense, income tax and non-controlling interests, and pension benefit assets and corporate assets

Revenues from the unquoted companies for the first half year amounted to € 4,670 million (2025: € 5,156 million), representing a decrease of 9.4%. Excluding the effect of acquisitions, divestitures and changes in currency exchange rates, revenues from the unquoted companies decreased by 6.9%. The operating income of the unquoted companies (earnings before interest, exceptional and non-recurring items, income taxes, impairments and amortization of intangible assets but including amortization of software) for the first half year amounted to € 499 million (2025: € 705 million),

a decrease of € 206 million. Excluding the effect of acquisitions, divestitures and changes in currency exchange rates operating income decreased by € 191 million. This decrease is primarily due to lower results from Boskalis, following its record-high results in 2025. The decline reflects geopolitical uncertainties, a slowdown in the award of new dredging projects and weaker conditions in the offshore wind market, together resulting in lower revenues and vessel utilization. Revenues of Boskalis for the first half year amounted to € 1,902 million (2025: € 2,345 million). EBITDA (earnings before interest, exceptional and non-recurring items, income taxes, depreciation, impairments and amortization) reported by Boskalis for the first half year amounted to € 553 million (2025: € 748 million). Operating income reported by Boskalis for the first half year excluding the effect of purchase price accounting adjustments amounted to € 331 million (2025: € 521 million). Cash balances less debt excluding lease liabilities of Boskalis amounted to € 990 million (December 31, 2025: € 1,325 million). The order book as at June 30, 2026, amounted to € 6.8 billion (December 31, 2025: € 7.0 billion). The book value of Boskalis as at June 30, 2026, amounted to € 5,308 million.

At the end of June 2026, the stock market value of HAL's quoted interests (Safilo Group S.p.A., SBM Offshore N.V., Siltronic AG, Technip Energies N.V., TKH Group N.V. and Koninklijke Vopak N.V.) amounted to € 6.1 billion compared to € 5.1 billion at the end of 2025. This increase is primarily due to the increase in value of the ownership interests in Vopak, SBM Offshore and Siltronic.

Income from the quoted interests for the first six months of 2026 amounted to € 429 million (2025: € 581 million). This decrease is primarily due to lower net income of Vopak, partly offset by the share price appreciation of Siltronic. In addition, the comparative income for 2025 also included the effect of a significant share price appreciation of Technip Energies.

As at June 30, 2026, the corporate liquid portfolio amounted to € 2.9 billion compared to € 2.5 billion as at December 31, 2025. As at June 30, 2026, the liquid portfolio consisted for 98% of fixed-income instruments and cash balances and for 2% of equities. The corporate liquid portfolio provided a total return of 1.4% during the first half of 2026 (2025: 1.4%).

The 10.2% ownership interest in TKH Group of € 189 million (December 31, 2025: € 154 million, 9.9%) is included in other financial assets in the balance sheet since 2026, within the Quoted interests segment.

On October 15, 2025, HAL signed an agreement with Koninklijke VolkerWessels B.V. ('VolkerWessels') to acquire VolkerWessels Nederland B.V., consisting of the Construction and Property Development and Infrastructure activities of VolkerWessels in the Netherlands, based on an enterprise value of € 1,600 million. Completion of the transaction continues to be subject to approval by the relevant competition authorities and is expected in the second half of 2026.

On May 18, 2026, HAL completed the sale of its stake in Atlas Professionals B.V. ('Atlas NextWave') to GCF IV Bidco 19 B.V. ('Avedon Capital Partners'). The transaction resulted in proceeds for HAL at closing of € 90 million in cash

and a book profit of € 61 million. Atlas NextWave is active in staffing and recruitment of technical personnel for the international offshore wind, maritime and oil and gas sectors. HAL became a shareholder of Atlas NextWave in 2011.

On May 4, 2026, HAL signed an agreement to sell its ownership interest in RyK Holding S.p.A. ('Rotter y Krauss') to Inversiones SB S.A. ('Empresas SB'). The transaction is expected to result in a capital gain of approximately

€ 23 million. Rotter y Krauss is an optical retail chain active in the Chilean market since 1914. Completion of the transaction is subject to customary approvals from the relevant authorities and is expected in the second half of 2026. HAL has been a shareholder of Rotter y Krauss, both directly and through its investment in GrandVision N.V., since 2008.

On July 10, 2026, HAL sold its equity interest in AN Direct US Inc. to management of MD Hearing. AN Direct US Inc. is the holding company of MD Hearing, which sells hearing aids through its website and call centers in the United States. Over 2025, the company employed 47 FTE and generated $ 23 million (€ 21 million) in revenue. The transaction has no material impact on the result of HAL. HAL had an ownership interest in AN Direct since 2017.

In the 2025 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 2026. 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 2026.

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 27, 20261

1 This press release was issued on August 27, 2026, at 17:35 and contains inside information relating to HAL Trust within the meaning of Article 7(1) of the EU Market Abuse Regulation.

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The accompanying notes are an integral part of these condensed interim consolidated financial statements.

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

1 Of which € 126.5 million attributable to owners of the parent (2025: € (444.6) million).

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

For the six months ended June 30

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

The condensed interim consolidated financial statements presented are those of HAL Trust (the 'Trust'), a Bermuda trust formed in 1977, and its subsidiaries as well as the interests in associates and joint arrangements. HAL Trust shares are listed and traded on Euronext in Amsterdam. For the periods presented, the Trust's only asset was all outstanding shares of HAL Holding N.V. (the 'Company'), a Curaçao corporation based in Rotterdam. Accordingly, the condensed interim consolidated financial statements of the Trust are identical to those of the Company. The term "HAL" refers

to the Company and its directly affiliated holding entities, in particular HAL Investments B.V., together with which it conducts its investment (management) activities.

The condensed interim consolidated financial statements of the Company were authorized for issue on August 27, 2026, and have been prepared in accordance with IAS 34, Interim Financial Reporting. The accounting policies applied in these condensed interim consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2025. Certain amounts in prior periods have been reclassified to conform

to the current year presentation. These reclassifications did not have any effect on net income, shareholders' equity or earnings per share.

The condensed interim consolidated financial statements do not include all the information and disclosures as required in the annual financial statements and should therefore be read in conjunction with the consolidated financial statements for the year ended December 31, 2025, dated March 27, 2026, which have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS). The condensed interim consolidated financial statements have not been audited nor reviewed by an independent auditor.

Due to the nature of the Company's activities, investments and disposals can have a significant impact on net income and equity. Accordingly, the results for the first six months may not be representative of the results for 2026 as a whole.

The preparation of the condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported assets and liabilities and the disclosure on contingent assets and liabilities at the date of the condensed interim consolidated financial statements as well as the reported amounts

of revenues and expenses during the reporting period. In preparing these condensed consolidated interim financial statements, the significant estimates and judgments made by management in applying the accounting policies and the key sources of estimation were the same as those applied in the consolidated financial statements as of December 31, 2025. Actual results ultimately may differ from those estimates. Estimates and judgments are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future period affected. Accordingly, it is reasonably possible that outcomes within the next financial period, that are different from the assumptions applied, could have an impact on the carrying amount of the asset or liability affected. Accounting policies that are critical to the condensed interim consolidated financial statements presentation and that require complex estimates or significant judgment are described below.

Deemed control over quoted minority interests

This is described in the consolidation section, hereafter.

Useful life and residual value of property, plant and equipment

Property, plant and equipment of Vopak and Boskalis represent a substantial part of the total assets of the Company and the related depreciation forms a substantial part of the annual operating expenses. The useful life and residual value of these assets, determined by the boards of Vopak and Boskalis based on its estimations and assumptions, have a major impact on the measurement of property, plant and equipment.

Allowance for inventory obsolescence

Finished goods are regularly subjected to specific assessment tests to identify damaged, slow moving or obsolete inventory, taking into consideration past experience, historic results and the probability of sale under normal market conditions. Based on these analyses, management asserts judgment to determine the write-downs required to reduce the value of the inventory to its net realizable value.

Expected results on the completion of projects

The contracting businesses of Boskalis, GreenV and Van Wijnen require significant judgment in the assessment of contract (financial) performance. Recognition of revenue and margin are based on the stage of completion and

the expected results of individual contracts. Negative margins are recognized immediately when these are foreseen. Management of Boskalis, GreenV and Van Wijnen regularly review the status of contracts and apply significant judgment in their assessment of the valuation of contract variations, progress on the performance obligations, claims and liquidated damages, as well as the forecasted cost to complete and the ability to perform within agreed-upon timescales. Changes in these estimates and judgments can have significant positive and negative impact on income and balance sheet positions.

Recognition of carry-forward losses and tax provisions

Deferred tax assets, including those arising from carry-forward losses, are recognized if it is likely that taxable profits will be available against which losses can be set off. Management exercises judgment to establish the extent to which expected future profits substantiate the recognition of a deferred tax asset.

Significant judgment is required in determining the worldwide provision for income tax, as subsidiaries are subject to income taxes in numerous jurisdictions. There are many transactions and calculations for which the ultimate tax

determination is uncertain. Provisions for anticipated tax audit issues are recognized based on management's estimates of whether additional taxes will be due.

Assumptions pension benefits

The defined benefit obligation is determined on the basis of assumptions for future developments in variables such as salary increase, price index increase, life expectancy and discount rate. All assumptions are assessed at the reporting date. Changes in the assumptions may significantly affect the liabilities and pension costs under the defined benefit plans.

Estimated impairment of non-current assets

The recoverable amounts in impairment testing are determined based on the value in use and fair value less costs of disposal of the asset or cash-generating unit. The calculation of these values require the use of estimates. Calculation of the value in use is primarily performed through a discounted cash flow model which requires management to apply

judgments around future cash flows, discount rates and (terminal) growth rates. Value-in-use calculations only take into account capital expenditures required to continue the business. In calculating fair value less cost of disposal management may apply a valuation model based on multiples of sales or EBITDA (fair value level 2), for which the selection of relevant market multiples is the primary judgment made by management. Management may also apply a discounted cash flow model (fair value level 3) in which capital expenditures are included that reflect the expansion plans for the business and where the same key judgments apply as in the value-in-use test. Where preliminary or indicative non-binding offers are used as inputs, management needs to assess that these offers are a good reflection of fair value. A change in one of these assumptions could potentially lead to a future impairment.

The primary impairment tests for the Company relate to annual goodwill impairment testing. These tests are carried out in the fourth quarter, unless there is reason to do so earlier.

Property, plant and equipment (primarily tank storage terminals, vessels and floating equipment) as well as joint ventures are reviewed and, when required, tested. This primarily occurs at the level of Vopak and Boskalis whereby judgment is exercised by Vopak and Boskalis management.

Lease term

The lease term comprises of the non-cancellable period agreed in the lease contract and the periods covered by renewal or termination options that are reasonably certain to be exercised. Significant renewal and termination options primarily relate to the lease of real estate. Renewal and termination options are assessed at the lease commencement date and subsequently, if there is a change in circumstances within control of the Company. When assessing renewal and termination options, considerations include the quality and performance of the leased asset and the extent of leasehold improvements undertaken, potential relocation and termination expense, including penalties and potential favorable extension terms, and long-term customer contracts related to the leased asset.

Discount rate applied to lease contracts

In absence of interest rates implicit in the lease contracts, the Company applies the incremental borrowing rate (IBR) as the discount rate to determine the lease liabilities. The IBR is an approximation of the rate that a lessee would pay to attract the required funding to purchase the asset over a similar term, with similar security and in a similar economic environment. The IBR is determined as the sum of a reference rate, a credit risk premium and a country risk premium. The calculation of the IBR takes into account the currency of the lease contract, the lease term, the type of leased asset, the country and the credit quality of the lessee. A single IBR may be applied to a portfolio of leases within a country, which are similar in nature and lease term.

New and amended standards and interpretations adopted

There are no new or amended standards and interpretations that had significant impact on the Company's condensed interim consolidated financial statements.

New standards, amendments and interpretations issued but not yet effective

In December 2023, the International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1, Presentation of Financial Statements, and is effective for annual reporting periods beginning on or after January 1, 2027. The Company is further assessing the impact that IFRS 18 will have on its consolidated financial statements. Based on the assessment performed to date, the standard is expected to primarily affect the presentation and disclosure of information in the consolidated financial statements, including the structure of the consolidated statement of income and enhanced disclosure requirements.

Critical accounting estimates and judgments - deemed control over minority interests

In the preparation of these condensed interim financial statements, management has applied significant judgment to assess if the Company is deemed to have (de facto) control over entities where the Company's ownership interest does not exceed 50%. Although the Company's ownership interest, as at June 30, 2026, in Safilo is below 50%, IFRS requires Safilo to be consolidated in these financial statements as the Company is deemed to have control, as defined in IFRS 10 and more specifically in example 4 of the application guidance in appendix B of this standard, over Safilo. Safilo is a publicly traded company. Whereas HAL has board representation and, accordingly, may be considered to have significant influence over Safilo, in the past neither operational nor strategic control was exercised. Based on mutual agreement, as of 2026, Safilo has been integrated into the Company's management information system, with the exception that, due

to its listing, Safilo does not provide forward-looking information. This allows HAL to comply with IFRS and prepare consolidated financial statements which include the financial statements of Safilo. The Company did not, however, have access to the financial books and records, contracts and related information of Safilo in order to independently verify that these are complete, valid and accurate.

Management performed an assessment with respect to the other minority-owned entities and asserted that (de facto) control was not deemed present for these entities.

Critical accounting estimates and judgments - joint control over majority interest

HAL's shareholding in Coolblue was 56.4% as at June 30, 2026. One other major shareholder held 42.4% (the 'Other Shareholder'). Based on an agreement with the Other Shareholder regarding corporate governance and control entered into in January 2024, Coolblue remains unconsolidated by HAL. For details of the assessment, reference is made to the 2025 annual report, which remained applicable as at the reporting date. Based on this assessment, it was concluded that HAL has joint control over Coolblue but does not control Coolblue by itself. Accordingly, the investment in Coolblue has been classified as a joint venture.

Consolidated Financial Statements

All amounts in millions of euro, unless otherwise stated

1. ‌Segmentation‌‌

   The Company's reportable segments are defined as follows:

   • Unquoted

   • Quoted interests

   • Real estate

   • Liquid portfolio

     Operating income (for the purpose of this report defined as earnings before interest, exceptional and non-recurring items of the unquoted segment, income taxes, impairments and amortization of intangible assets but including amortization of software) can be detailed as follows:

     	2026		2025
     Unquoted	498.5		705.1
     Quoted interests	700.5		891.0
     Real estate	(16.8)		(17.9)
     Liquid portfolio	34.0		63.1
     Total operating income	1,216.2		1,641.3
     Reconciling items:
     - Amortization and impairment of intangibles	(72.5)		(78.9)
     - Other	63.8		(42.5)
     Operating result as per the consolidated statement of income	1,207.5		1,519.9
     Financial expense, net	(74.1)		(119.2)
     Profit before tax as per the consolidated statement of income	1,133.4		1,400.7

     The "other" reconciling items represent mostly corporate overhead and exceptional and non-recurring items (excluding those of the Quoted interests). For further details on segmentation of revenues reference is made to note 11.

2. ‌Exceptional items

   Summary of exceptional items is as follows:

   	Notes	2026		2025
   Capital gain on disposal of Atlas	5	60.6		-
   Net capital gains on sale of tangible assets		26.3		8.8
   Refund of US Tariffs		22.2		-
   Restructuring		(12.4)		(21.4)
   Transaction-related expenses		(7.3)		-
   Net capital loss on sale of associates and joint ventures	6	(7.0)		-
   Other impairments, net of reversal		(1.2)		(12.7)
   Partial dilution Aegis Vopak Terminal Limited (AVTL)		-		111.3
   Other		(2.5)		(0.9)
   Effect on operating profit		78.7		85.1
   Revaluation of earn-out liabilities		(0.8)		-
   Effect on profit before income tax		77.9		85.1
   Income tax		(17.7)		4.4
   Effect on net profit		60.2		89.5

   The exceptional items are disclosed separately in the notes, when relevant, in order to increase transparency. The results related to capital gains and losses are included in the line Other income (net) in the condensed interim consolidated statement of income. The refund of U.S. tariffs mainly relates to € 22.2 million of duties previously imposed on Safilo under the International Emergency Economic Powers Act, following the ruling issued by the Supreme Court of the United States on February 20, 2026. Of the total amount, € 2.2 million was recorded as a reduction of inventory as at June 30, 2026, and the remainder as a reduction to cost of goods sold.

3. ‌Property, plant and equipment‌

   Movements in property, plant and equipment were as follows.

   	Land and buildings	Vessels and floating equipment		Tank storage terminals		Equipment and other		Total
   Cost value	1,376.0	5,366.3		6,206.9		2,497.8		15,447.0
   Cost value - under construction	33.1	345.9		305.0		96.7		780.7
   Accumulated depreciation and impairments	(540.5)	(1,067.9)		(3,561.9)		(1,833.6)		(7,003.9)
   Balance on January 1, 2025	868.6	4,644.3		2,950.0		760.9		9,223.8
   Investments	59.5	611.4		305.0		162.9		1,138.8
   Consolidation	0.2	-		-		0.8		1.0
   Disposals	(7.0)	(26.8)		(1.3)		(9.0)		(44.1)
   Depreciation and impairments, net of reversals1	(39.2)	(458.6)		(77.3)		(151.7)		(726.8)
   Reclassification	3.4	-		(4.4)		(2.0)		(3.0)
   Reclassification from/(to) held for sale2	(11.0)	(151.0)		-		(0.9)		(162.9)
   Exchange differences	(18.6)	(211.5)		(116.2)		(14.3)		(360.6)
   Balance on December 31, 2025	855.9	4,407.8		3,055.8		746.7		9,066.2
   Cost value	1,391.2	5,205.4		6,271.8		2,561.2		15,429.6
   Cost value - under construction	21.4	537.1		244.4		70.1		873.0
   Accumulated depreciation and impairments	(556.7)	(1,334.7)		(3,460.4)		(1,884.6)		(7,236.4)
   Balance on December 31, 2025	855.9	4,407.8		3,055.8		746.7		9,066.2
   Investments	18.3	248.4		148.7		49.6		465.0
   Disposals	(1.1)	(5.9)		(0.7)		(3.1)		(10.8)
   Depreciation and impairments, net of reversals	(23.2)	(226.9)		(120.6)		(73.5)		(444.2)
   Reclassification	-	72.8		1.4		(3.1)		71.1
   Reclassification from/(to) held for sale3	(3.6)	-		(0.1)		(4.3)		(8.0)
   Exchange differences	7.9	39.7		58.5		6.7		112.8
   Balance on June 30, 2026	854.2	4,535.9		3,143.0		719.0		9,252.1
   Cost value	1,404.3	5,531.3		6,488.8		2,594.9		16,019.3
   Cost value - under construction	26.0	569.3		290.6		62.2		948.1
   Accumulated depreciation and impairments	(576.1)	(1,564.7)		(3,636.4)		(1,938.1)		(7,715.3)
   Balance on June 30, 2026	854.2	4,535.9		3,143.0		719.0		9,252.1

   1 Tank storage terminals includes a reversal of impairment for € 180.7 million

   2 Primarily related to Smit Lamnalco in Australia and Papua New Guinea

   3 Primarily related to the reclassification of Rotter y Krauss (refer to note 5)

4. ‌Intangible assets‌

   Intangible assets consist of:

   	Goodwill		Software		Trademarks		Customer relationships		Other		Total
   Cost value	2,548.0		506.7		910.7		629.0		353.8		4,948.2
   Accumulated amortization and impairments	(216.6)		(368.0)		(303.3)		(309.5)		(185.5)		(1,382.9)
   Balance on January 1, 2025	2,331.4		138.7		607.4		319.5		168.3		3,565.3
   Investments	1.1		33.7		-		0.9		4.1		39.8
   Consolidation	-		-		-		-		12.6		12.6
   Disposals	-		(1.3)		-		-		(0.2)		(1.5)
   Amortization and impairments	-		(43.3)		(46.5)		(32.1)		(35.0)		(156.9)
   Reclassification	-		2.7		0.5		-		-		3.2
   Reclassification from/(to) held for sale1	(177.9)		(0.1)		-		-		-		(178.0)
   Exchange differences and other	(76.2)		(1.4)		(20.7)		(16.1)		0.5		(113.9)
   Balance on December 31, 2025	2,078.4		129.0		540.7		272.2		150.3		3,170.6
   Cost value	2,292.8		524.5		882.8		608.6		351.4		4,660.1
   Accumulated amortization and impairments	(214.4)		(395.5)		(342.1)		(336.4)		(201.1)		(1,489.5)
   Balance on December 31, 2025	2,078.4		129.0		540.7		272.2		150.3		3,170.6
   Investments	2.5		16.6		0.7		-		20.4		40.2
   Consolidation	-		1.9		-		-		-		1.9
   Amortization and impairments	-		(19.1)		(22.9)		(14.5)		(16.0)		(72.5)
   Reclassification	-		0.5		-		-		(0.1)		0.4
   Reclassification from/(to) held for sale2	(37.5)		(1.6)		(2.1)		-		-		(41.2)
   Exchange differences and other	10.6		0.4		3.7		3.1		1.0		18.8
   Balance on June 30, 2026	2,054.0		127.7		520.1		260.8		155.6		3,118.2
   Cost value	2,222.9		539.6		875.6		589.1		372.5		4,599.7
   Accumulated amortization and impairments	(168.9)		(411.9)		(355.5)		(328.3)		(216.9)		(1,481.5)
   Balance on June 30, 2026	2,054.0		127.7		520.1		260.8		155.6		3,118.2

   1 Primarily related to Smit Lamnalco in Australia and Papua New Guinea

   2 Primarily related to the reclassification of Rotter y Krauss (refer to note 5)

5. ‌Acquisition and divestment of subsidiaries‌ Acquisitions

   There were no individually significant acquisitions during the first half year of 2026.

   Divestments

   Atlas NextWave

   On May 18, 2026, HAL completed the sale of its ownership interest in Atlas Professionals B.V. ('Atlas NextWave') to GCF IV Bidco 19 B.V. ('Avedon Capital Partners'). The transaction was already announced on March 24, 2026, which led to a reclassification to held for sale. The transaction resulted in a book profit of € 60.6 million. Atlas NextWave is active in staffing and recruitment of technical personnel for the international offshore wind, maritime and oil and gas sectors. HAL became a shareholder of Atlas NextWave in 2011.

   Rotter y Krauss

   In May, HAL signed an agreement to sell its ownership interest in RyK Holding S.p.A. ('Rotter y Krauss') to Inversiones SB S.A. ('Empresas SB'). Rotter y Krauss is an optical retail chain active in the Chilean market since 1914. The transaction is expected to result in a book profit of approximately € 23 million. Completion of the transaction is subject to customary approvals from the relevant authorities and is expected to be completed in the second half of 2026. HAL has been a shareholder of Rotter y Krauss, both directly and through its investment in GrandVision N.V., since 2008. As at June 30, 2026, the assets and liabilities related to the investment in Rotter y Krauss were classified as held for sale.

   The 2026 divestments of subsidiaries, associates and joint ventures resulted in the following cash flows:

   	Atlas NextWave		Vopak -HALPG1		Other		Total
   Cash received from divestment of subsidiaries	90.1		-		-		90.1
   Cash sold in divestments of subsidiaries	(16.4)		-		-		(16.4)
   Net cash inflow resulting from divestment of subsidiaries	73.7		-		-		73.7
   Disposal of associates and joint arrangements	-		31.1		56.0		87.1
   Cash inflow due to divestment of associates, joint arrangements and subsidiaries, net of cash sold	73.7		31.1		56.0		160.8

   1 Reference is made to note 6

6. ‌Investments in associates and joint arrangements‌

   The movement of investments accounted for using the equity method is as follows:

   	Associates		Joint ventures		Total
   Share of net assets	1,669.0		1,692.0		3,361.0
   Goodwill	151.8		253.3		405.1
   Balance on January 1, 2025	1,820.8		1,945.3		3,766.1
   Investments	227.1		88.3		315.4
   Transfer due to dilution	139.8		-		139.8
   Disposals	(9.3)		(2.7)		(12.0)
   Share of results - real estate	-		(35.9)		(35.9)
   Share of results - other	300.4		136.0		436.4
   Share of other comprehensive income	(72.8)		(1.1)		(73.9)
   Redemption of share capital	(7.9)		-		(7.9)
   Dividends	(110.8)		(169.8)		(280.6)
   Impairments	(1.1)		-		(1.1)
   Reclassification1	6.0		161.9		167.9
   Reclassification from/(to) held for sale	(26.9)		(34.5)		(61.4)
   Exchange differences	(88.8)		(113.9)		(202.7)
   Other	(23.8)		(2.2)		(26.0)
   Balance on December 31, 2025	2,152.7		1,971.4		4,124.1
   Share of net assets	2,025.5		1,697.3		3,722.8
   Goodwill	127.2		274.1		401.3
   Balance on December 31, 2025	2,152.7		1,971.4		4,124.1
   Investments	95.0		22.4		117.4
   Redemption of share capital	(30.0)		(10.0)		(40.0)
   Disposals	(21.0)		-		(21.0)
   Share of results - real estate	-		(17.1)		(17.1)
   Share of results - other	114.2		62.3		176.5
   Share of other comprehensive income	21.6		1.3		22.9
   Dividends	(82.3)		(71.7)		(154.0)
   Exchange differences	-		34.5		34.5
   Reclassification and other	(3.3)		(0.1)		(3.4)
   Balance on June 30, 2026	2,246.9		1,993.0		4,239.9
   Share of net assets	2,120.8		1,715.4		3,836.2
   Goodwill	126.1		277.6		403.7
   Balance on June 30, 2026	2,246.9		1,993.0		4,239.9

   1 Primarily related to the reclassification of preference shares in Koppert from other financial assets upon obtaining joint control

   Vopak - Divestment of Hindustan Aegis LPG Ltd (HALPG)

   On January 6, 2026, Vopak divested its 24% shareholding in HALPG to its associate AVTL in exchange for a fixed cash consideration, net of transaction expenses and taxes, of € 31.1 million. This cash inflow is presented within proceeds

   of divestiture of associates, joint ventures in the consolidated statement of cash flows. The sale of the HALPG business resulted in an exceptional net disposal loss of € 7.0 million reported in the line Other income (net) in the consolidated statement of income. The net disposal loss consists of the recognition of the fair value of the cash proceeds, net of transaction expenses, of € 31.1 million, derecognition of the carrying amount of the net investment in HALPG classified as held for sale of € 29.1 million (including € 4.6 million goodwill) and recycling to profit and loss of currency translation amounts previously recognized in other comprehensive income of € (9.0) million.

   Publicly traded associates

   The difference between the market value of the Company's share in its publicly traded associate SBM Offshore N.V. and the book value is as follows:

   	June 30, 2026		Dec. 31, 2025
   Market value	1,239.2		1,012.7
   Book value	977.8		932.8
   	261.4		79.9

   The book value of this publicly traded associate is, as at June 30, 2026, based on unaudited, publicly available information.

7. ‌Other financial assets‌

   The specification of other financial assets is as follows.

   	June 30, 2026		Dec. 31, 2025
   Investments in quoted equity securities	1,759.5		1,301.3
   Investments in unquoted equity securities	49.9		41.6
   Loans to associates and joint ventures	58.6		88.0
   Other loans	153.1		139.5
   Finance lease receivable	129.3		127.4
   Other	78.9		56.6
   	2,229.3		1,754.4

   The investments in quoted equity securities comprises the Company's investments in Technip Energies N.V. (19.15%), Siltronic AG (15.09%) and TKH Group N.V. (10.23%), as well as Safilo's investment in Inspecs Group Plc (29.99%).

   Income from other financial assets for the first half year 2026 amounted to € 246.1 million (2025: € 306.9 million) and mainly related to changes in market value (including dividend) from Siltronic, Technip Energies and TKH Group.

8. ‌Marketable securities‌

   Marketable securities consist of equity securities amounting to € 52.5 million (December 31, 2025: € 240.9 million) and fixed-income securities amounting to € 325.1 million (December 31, 2025: € 386.5 million). The investment in TKH

   Group (December 31, 2025: € 154.1 million) was reclassified to other financial assets (refer to note 7) at the beginning of 2026.

9. ‌Share capital

The issued share capital at June 30, 2026, consists of 90,370,864 shares of which 56,751 are held as treasury stock by the Company.

A 2025 cash dividend of € 316.0 million or € 3.50 per share was distributed on May 27, 2026 (2025: € 261.9 million or

€ 2.90 per share, in cash).

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 amounted to € 17,626 million on June 30, 2026, and consists of the sum of the shareholdersʼ equity attributable to the owners of the parent (€ 16,277 million) and the difference between the market value of the ownership interests in quoted companies and their book value (€ 1,349 million).

Revenues for the first six months of 2026 are disaggregated as follows:

Revenues for the first six months of 2025 are disaggregated as follows:

The effective tax rate takes into account non-taxable income from associates and joint ventures and income that is tax exempt under the Dutch participation exemption. For the first half of 2026, the tax charge amounted to € 134.1 million, translating to an effective tax rate of 20.2% (first half of 2025: tax charge of € 174.4 million and 23.2%). The decrease in effective tax rate is mainly related to the development of the effective tax rate of Boskalis.

The carrying amount approximates the fair value for all financial assets and liabilities except for the non-current debt. The fair value of these liabilities, mainly from Vopak, exceeds their carrying value by € 65.4 million as at June 30, 2026 (December 31, 2025: € 105.5 million).

The following tables provide an analysis of the financial instruments carried at fair value, per line item, and those carried at amortized cost with a difference between the book value and fair value, stating the classification of the instruments, their fair value and the applicable level within the fair value hierarchy.

There have not been any changes in valuation techniques applied to financial instruments carried at fair value compared to those disclosed in the financial statements of December 31, 2025. There were no transfers between levels 1, 2 and 3 during the period. The Company's policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the beginning of the period.

A reconciliation of level 3 financial liabilities for the period is given below:

1 Reclassification of Atlas to held for sale

The group's activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The condensed interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the group's annual financial statements as at December 31, 2025. In these financial statements, it is set out that the

financial risks of the entities belonging to the Quoted interests and Unquoted segments are managed by these entities and not by the Company. There have been no changes in the risk management objectives and policies since December 31, 2025.

Compared to December 31, 2025, there have not been significant changes in the contractual undiscounted cash flows for financial liabilities.

The consolidated net cash (marketable securities and cash and cash equivalents less current and non-current bank debt) as at June 30, 2026, amounted to € 1,128.6 million (December 31, 2025: net cash € 1,373.2 million).

On July 1, 2026, Vopak acquired 79% of the shares in Green Energy Storage B.V. (GES) giving Vopak access to

utility-scale battery-energy storage systems (BESS) development (including 200 MW / 800 MWh battery energy storage project in Oosterhout, the Netherlands) and co-location BESS development services. In addition, Vopak has agreed terms to acquire the remaining 21% of the shares within two years after closing. The total undiscounted consideration transferred amounted to € 51.2 million.

As at June 30, 2026

All the above entities are included in the consolidation. The proportion of the effective voting rights in the respective entity are virtually equal to the proportion of the ordinary shares held.

‌HAL's administrative organization and its risk management and internal control systems are designed to provide reasonable assurance that significant risks relating to the Company's strategy, its implementation, financial reporting and compliance are identified, assessed and managed in a timely manner. The Supervisory Board of HAL Holding N.V. is regularly informed about the operation of these systems.‌

These systems are based on HAL's decentralized management approach, under which each investee company is responsible for its own risk management and internal control framework. Accordingly, HAL has not adopted a centralized management approach or developed a central risk management system. This governance structure enables the operating companies to focus on formulating and executing their own strategy, assessing developments relevant to their activities and to determine which risks to accept and which risks to mitigate or avoid. In addition to risks associated

with HAL's strategy and its implementation, as referred to in the report on the first half year of 2026 and which are further described in the 2025 annual report, each investee company is exposed to specific risks. The identification and assessment of these risks are the responsibility of the respective investee companies.

Given the nature of HAL's investment portfolio and its governance model, these systems cannot provide absolute assurance that all material misstatements or losses will be prevented or detected. With respect of financial reporting risks, the Company did not have access to the financial books and records, contracts or related information of Vopak and Safilo, both of which are listed companies, to independently verify that these are complete, valid and accurate. Consequently, the risk management and internal control systems of HAL with respect to financial reporting risks were neither designed nor able to provide assurance that the information relating to Vopak and Safilo in HAL's consolidated financial statements were free from material errors. The assessment that HAL's financial statements do not contain material errors attributable to the financial statements of Vopak or Safilo, is based on the external assurance procedures performed by the external auditors of Vopak and Safilo on the reports of these companies. Vopak and Safilo have included a description of their risks and risk management system in their annual reports. These risks are neither monitored nor managed by HAL.

Accordingly, based on the above and taking into account the inherent limitations referred to above, we are of the opinion that the risk management and internal control systems with respect to financial reporting of the Company provide reasonable assurance that the financial reporting does not contain material inaccuracies and that these systems operated properly during the first half of 2026 and we declare that, to the best of our knowledge:

1º. the condensed interim consolidated financial statements for the six-month period ended June 30, 2026, are prepared in accordance with IAS 34, Interim Financial Reporting, and give a true and fair view of the assets, liabilities, financial position and profit for the half year of the consolidated companies taken as a whole; and

2º. the interim report of the Executive Board gives a fair review of the information required pursuant to section 5:25d. subsections 8 and 9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

The content of this report has not been reviewed or audited by an independent auditor. Executive Board HAL Holding N.V.

J.N. van Wiechen (Chairman)

R.L. de Visser August 27, 2026