The consolidated financial statements presented are those of HAL Trust (the \u2018Trust\u2019), a Bermuda trust formed in 1977, and its subsidiaries as well as the interests in associates and joint arrangements and were prepared in accordance with sections 13.2 and 13.3 of the Trust deed. HAL Trust shares are listed and traded on Euronext in Amsterdam. For the years presented, the Trust\u2019s only asset was all outstanding shares of HAL Holding N.V. (the \u2018Company\u2019), a Cura\u00e7ao company based in Rotterdam. Accordingly, the consolidated financial statements of the Trust are identical to those of the Company. In these consolidated financial statements, the term \u201cGroup\u201d is used to indicate the reporting boundary that comprises the entities included in the financial consolidation. The term \u201cHAL\u201d refers to the Company and its directly affiliated intermediate holding entities, in particular HAL Investments B.V., together with which it conducts its investment (management) activities.
The consolidated financial statements of the Company were authorized for issue by the Supervisory Board of the Company (the \u2018Supervisory Board\u2019) on March 27, 2026, and have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS). The consolidated financial statements have been prepared under the historical cost convention unless otherwise stated in the accounting policies. There were no changes in the accounting policies compared to previous year except as described below. Certain amounts in prior periods have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income, shareholders\u2019 equity or earnings per Share, except as described in the recent accounting developments section below.
The consolidated financial statements presented are those of HAL Trust (the \u2018Trust\u2019), a Bermuda trust formed in 1977, and its subsidiaries as well as the interests in associates and joint arrangements and were prepared in accordance with sections 13.2 and 13.3 of the Trust deed. HAL Trust shares are listed and traded on Euronext in Amsterdam. For the years presented, the Trust\u2019s only asset was all outstanding shares of HAL Holding N.V. (the \u2018Company\u2019), a Cura\u00e7ao company based in Rotterdam. Accordingly, the consolidated financial statements of the Trust are identical to those of the Company. In these consolidated financial statements, the term \u201cGroup\u201d is used to indicate the reporting boundary that comprises the entities included in the financial consolidation. The term \u201cHAL\u201d refers to the Company and its directly affiliated intermediate holding entities, in particular HAL Investments B.V., together with which it conducts its investment (management) activities.
The consolidated financial statements of the Company were authorized for issue by the Supervisory Board of the Company (the \u2018Supervisory Board\u2019) on March 27, 2026, and have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS). The consolidated financial statements have been prepared under the historical cost convention unless otherwise stated in the accounting policies. There were no changes in the accounting policies compared to previous year except as described below. Certain amounts in prior periods have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income, shareholders\u2019 equity or earnings per Share, except as described in the recent accounting developments section below.
The consolidated financial statements of the Company were authorized for issue by the Supervisory Board of the Company (the \u2018Supervisory Board\u2019) on March 27, 2026, and have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS). The consolidated financial statements have been prepared under the historical cost convention unless otherwise stated in the accounting policies. There were no changes in the accounting policies compared to previous year except as described below. Certain amounts in prior periods have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income, shareholders\u2019 equity or earnings per Share, except as described in the recent accounting developments section below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i3682": { "value": "The consolidated financial statements of the Company were authorized for issue by the Supervisory Board of the Company (the \u2018Supervisory Board\u2019) on March 27, 2026, and have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS). The consolidated financial statements have been prepared under the historical cost convention unless otherwise stated in the accounting policies. There were no changes in the accounting policies compared to previous year except as described below. Certain amounts in prior periods have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income, shareholders\u2019 equity or earnings per Share, except as described in the recent accounting developments section below.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i3683": { "value": "The consolidated financial statements of the Company were authorized for issue by the Supervisory Board of the Company (the \u2018Supervisory Board\u2019) on March 27, 2026, and have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS). The consolidated financial statements have been prepared under the historical cost convention unless otherwise stated in the accounting policies. There were no changes in the accounting policies compared to previous year except as described below. Certain amounts in prior periods have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income, shareholders\u2019 equity or earnings per Share, except as described in the recent accounting developments section below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i3686": { "value": "Use of estimates and judgments
The preparation of financial statements in conformity with IFRS 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 financial statements as well as the reported amounts of revenues and expenses during the reporting period. 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 year that are different from the assumptions could have an impact on the carrying amount of the asset or liability affected. Accounting policies that are critical to the financial statements presentation and that require complex estimates or significant judgment are described in the following notes:
Deemed control over quoted minority interests \u2013 consolidation section;
Joint control over majority interest \u2013 consolidation section;
Useful life and residual value of property, plant and equipment \u2013 note 4;
Determination of lease terms and discount rates applied to lease contracts \u2013 note 6;
Valuation of intangible assets in acquisitions \u2013 note 3;
Progress and forecasted outcomes of construction and offshore contracting activities and related provisions for onerous contracts \u2013 notes 12 and 21;
Allowance for inventory obsolescence \u2013 note 13;
Recognition of carry-forward losses and tax provisions \u2013 notes 19 and 32;
Assumptions pension benefits \u2013 note 20;
Estimated impairment of non-financial, non-current assets \u2013 note 36.
Critical accounting estimates and judgments- deemed control over minority interests
In the preparation of these financial statements, management has applied significant judgment to assess if the Company is deemed to have (de facto) control over entities where the Company\u2019s ownership interest does not exceed 50%. Although HAL\u2019s ownership interest in Safilo was below 50% during 2025, 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 quoted 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. Moreover, Safilo was, for example, not part of the Company\u2019s management reporting system that monitors the performance of the consolidated companies. In addition, in view of its minority interest, the Company had no formal instruction rights in respect of Safilo. The Company has set up a process to obtain information from Safilo in order to prepare consolidated financial statements in accordance with IFRS. 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 \u2013 joint control over majority interest
HAL holds a 56.4% ownership interest in Coolblue. One other major shareholder holds 42.7% (the \u2018Other Shareholder\u2019). Pursuant to an agreement entered into with the Other Shareholder in January 2024 regarding corporate governance and control, Coolblue is not consolidated by HAL.
The agreement stipulates, among others, that:
\u2022 Certain resolutions of the supervisory board of Coolblue can only be passed with the affirmative vote of the supervisory director appointed by the Other Shareholder and the supervisory director appointed by HAL. These resolutions include, among others, the appointment, suspension or dismissal of a managing director, the determination of a managing director\u2019s compensation, the determination of the number of supervisory directors, the suspension of a supervisory director and the amendment of the supervisory board rules of Coolblue;
\u2022 The managing board of Coolblue requires prior approval of its supervisory board for a number of topics. HAL does not hold a majority on this supervisory board. These topics include, among others, expansion into new geographical areas above a certain threshold, adoption of the business plan and annual budget, changes managing board remuneration, capital expenditures above a certain threshold, incurrence of financial indebtedness above a specified threshold, acquisitions and divestitures, appointment of the auditor, termination of a considerable number of employees and the adoption or amendment of accounting principles;
\u2022 Certain resolutions may only be adopted by the general meeting of shareholders of Coolblue with the joint consent of the Other Shareholder and HAL, at a meeting in which at least the Other Shareholder and HAL are present or represented. These resolutions include, among others, amendments to the articles of association, the issuance and acquisition of shares of Coolblue, adoption of the business plan, the determination or amendment of the compensation policy, disposal of more than 20% of the assets, declaration of dividends, changes to the dividend policy, acquisitions, incurrence of financial indebtedness, capital expenditures above a specified threshold, application for admission to trading of financial instruments issued by Coolblue.
Based on the above, it was concluded that HAL does not have control over Coolblue. Based on the agreement referred to above, Coolblue is classified as a joint venture in these consolidated financial statements.
Critical accounting estimates and judgments
When a company is acquired, a value is assigned to intangible assets such as trademarks and the customer relationships. The determination of the value of such intangible assets at the time of acquisition and their estimated useful life are subject to judgment. Assumptions by management underlying the estimation of fair value include the future cash flows expected from the asset and discount rates. Useful life is estimated using past experience and relevant industry practices.
Critical accounting estimates and judgments
Property, plant and equipment represent a substantial part of the total assets of the Group and the related depreciation forms a substantial part of the annual operating expenses. The useful life and residual value of these assets have a major impact on the measurement of property, plant and equipment. These estimates and assumptions are partly based on the expected useful productive lives, experiences related to similar assets, the maintenance history and the period during which the company has the economic benefits from the utilization of the assets.
Critical accounting estimates and judgments - lease terms
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 the 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 potentially favorable extension terms and long-term customer contracts related to the leased asset.
Critical accounting estimates and judgments - discount rates
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.
Critical accounting estimates and judgments
The expected outcome of a construction or offshore service contract is periodically estimated. If the contract is expected to be profitable and the contract revenue highly probable, contract revenue and costs are recognized based on the progress of the project over time, generally by reference to the percentage-of-completion method. When a contract is not estimated to be profitable, the realized loss, determined based on the progress of the project, is recognized in the consolidated statement of income immediately. The expected future losses are included in a provision for onerous contracts (refer to note 21) that is charged against the consolidated statement of income.
There is a robust process in place at each of the relevant investee companies to determine both progress and forecasted outcomes of construction and offshore service contracts. This process builds on decentralized estimates by project managers that are thoroughly discussed with and reviewed by experienced staff and management at various levels of the organization, including comparative analyses with earlier projections and project budgets. There is inherent estimation uncertainty in this process and actual outcomes of projects may deviate from the forecasted outcomes, affecting revenue and results.
Critical accounting estimates and judgments
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.
Critical accounting estimates and judgments
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.
Critical accounting estimates and judgments
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. The weighted average of these assumptions as well as sensitivities of key assumptions are disclosed in this note.
Critical accounting estimates and judgments
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\u2019s estimates of whether additional taxes will be due.
Critical accounting estimates and judgments
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, here 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.
Recent accounting developments
The material accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements as of and for the year ended December 31, 2024.
New and amended standards, interpretations and clarifications adopted by the Company
The adoption of new and amended IFRS standards and interpretations effective for the current reporting period did not have a material impact on the consolidated financial statements.
New standards, amendments and interpretations issued but not yet effective
In 2024, the IASB published IFRS 18, Presentation and Disclosure in Financial Statements. This standard sets out requirements for classification in the statement of profit or loss, presentation and disclosure of information in financial statements, including for management-defined performance measures. IFRS 18 supersedes IAS 1, Presentation of Financial Statements, and is effective as of January 1, 2027. The impact of this new standard is currently being investigated and may affect the presentation of primary financial statements and related disclosures.
There are no (other) new standards, amendments to existing standards or new IFRIC interpretations that are not yet effective that are expected to have a significant impact on the consolidated financial statements.
Recent accounting developments
The material accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements as of and for the year ended December 31, 2024.
New and amended standards, interpretations and clarifications adopted by the Company
The adoption of new and amended IFRS standards and interpretations effective for the current reporting period did not have a material impact on the consolidated financial statements.
New standards, amendments and interpretations issued but not yet effective
In 2024, the IASB published IFRS 18, Presentation and Disclosure in Financial Statements. This standard sets out requirements for classification in the statement of profit or loss, presentation and disclosure of information in financial statements, including for management-defined performance measures. IFRS 18 supersedes IAS 1, Presentation of Financial Statements, and is effective as of January 1, 2027. The impact of this new standard is currently being investigated and may affect the presentation of primary financial statements and related disclosures.
There are no (other) new standards, amendments to existing standards or new IFRIC interpretations that are not yet effective that are expected to have a significant impact on the consolidated financial statements.
Subsidiaries, which are those entities over which the Company is deemed to have control, are consolidated. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In certain circumstances, significant judgment is required to assess if the Company is deemed to have (de facto) control\u00a0over entities where the Company\u2019s ownership interest does not exceed 50%. Subsidiaries are consolidated from the date on which effective control is obtained and are no longer consolidated as from the date the effective control ceases.
The amounts reported by the subsidiaries are based on the Company\u2019s accounting policies. Intercompany transactions, balances and unrealized results on transactions between group companies are eliminated on consolidation. Unrealized results arising from transactions with joint arrangements and associates are eliminated to the extent of the interest of the Company in their equity.
Non-controlling interests are disclosed separately. Transactions with holders of non-controlling interests that do not result in a loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid or received and the relevant share acquired or disposed of the carrying value of net assets of the subsidiary is recorded in equity.
When the Company ceases to have control, any retained interest in the entity is re-measured at its fair value at the date when control is lost, with the change in the carrying amount recognized in the consolidated statement of income. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint arrangement or other financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Company had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified (\u201crecycled\u201d) to the consolidated statement of income.
Critical accounting estimates and judgments- deemed control over minority interests
In the preparation of these financial statements, management has applied significant judgment to assess if the Company is deemed to have (de facto) control over entities where the Company\u2019s ownership interest does not exceed 50%. Although HAL\u2019s ownership interest in Safilo was below 50% during 2025, 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 quoted 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. Moreover, Safilo was, for example, not part of the Company\u2019s management reporting system that monitors the performance of the consolidated companies. In addition, in view of its minority interest, the Company had no formal instruction rights in respect of Safilo. The Company has set up a process to obtain information from Safilo in order to prepare consolidated financial statements in accordance with IFRS. 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 \u2013 joint control over majority interest
HAL holds a 56.4% ownership interest in Coolblue. One other major shareholder holds 42.7% (the \u2018Other Shareholder\u2019). Pursuant to an agreement entered into with the Other Shareholder in January 2024 regarding corporate governance and control, Coolblue is not consolidated by HAL.
The agreement stipulates, among others, that:
\u2022 Certain resolutions of the supervisory board of Coolblue can only be passed with the affirmative vote of the supervisory director appointed by the Other Shareholder and the supervisory director appointed by HAL. These resolutions include, among others, the appointment, suspension or dismissal of a managing director, the determination of a managing director\u2019s compensation, the determination of the number of supervisory directors, the suspension of a supervisory director and the amendment of the supervisory board rules of Coolblue;
\u2022 The managing board of Coolblue requires prior approval of its supervisory board for a number of topics. HAL does not hold a majority on this supervisory board. These topics include, among others, expansion into new geographical areas above a certain threshold, adoption of the business plan and annual budget, changes managing board remuneration, capital expenditures above a certain threshold, incurrence of financial indebtedness above a specified threshold, acquisitions and divestitures, appointment of the auditor, termination of a considerable number of employees and the adoption or amendment of accounting principles;
\u2022 Certain resolutions may only be adopted by the general meeting of shareholders of Coolblue with the joint consent of the Other Shareholder and HAL, at a meeting in which at least the Other Shareholder and HAL are present or represented. These resolutions include, among others, amendments to the articles of association, the issuance and acquisition of shares of Coolblue, adoption of the business plan, the determination or amendment of the compensation policy, disposal of more than 20% of the assets, declaration of dividends, changes to the dividend policy, acquisitions, incurrence of financial indebtedness, capital expenditures above a specified threshold, application for admission to trading of financial instruments issued by Coolblue.
Based on the above, it was concluded that HAL does not have control over Coolblue. Based on the agreement referred to above, Coolblue is classified as a joint venture in these consolidated financial statements.
A list of the Company\u2019s principal subsidiaries and minority-owned entities is set out on page.
Subsidiaries, which are those entities over which the Company is deemed to have control, are consolidated. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In certain circumstances, significant judgment is required to assess if the Company is deemed to have (de facto) control\u00a0over entities where the Company\u2019s ownership interest does not exceed 50%. Subsidiaries are consolidated from the date on which effective control is obtained and are no longer consolidated as from the date the effective control ceases.
The amounts reported by the subsidiaries are based on the Company\u2019s accounting policies. Intercompany transactions, balances and unrealized results on transactions between group companies are eliminated on consolidation. Unrealized results arising from transactions with joint arrangements and associates are eliminated to the extent of the interest of the Company in their equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i3697": { "value": "Functional and presentation currency
Items included in the financial statements of each of the consolidated entities are measured using the currency of the primary economic environment in which the entity operates (the \u2018functional currency\u2019). The consolidated financial statements are presented in euro, which is the Company\u2019s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statement of income, except when deferred in equity as qualifying hedges. Any hedge ineffectiveness is recognized in the consolidated statement of income as it arises.
Company\u2019s subsidiaries
The results and financial position of all consolidated entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position;
the income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate;
all resulting exchange differences are recognized as a separate component of other comprehensive income.
On consolidation, exchange differences arising from the translation of net investments in foreign entities and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. Exchange differences on intra-group monetary assets or liabilities that are not part of a net investment in foreign entities are recognized in the consolidated statement of income. When a foreign operation is sold, exchange differences previously recognized through other comprehensive income are reclassified from equity (as a reclassification adjustment) to the consolidated statement of income as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
Functional and presentation currency
Items included in the financial statements of each of the consolidated entities are measured using the currency of the primary economic environment in which the entity operates (the \u2018functional currency\u2019). The consolidated financial statements are presented in euro, which is the Company\u2019s functional and presentation currency.
The consolidated statement of cash flows has been prepared using the indirect method. Cash flows denominated in foreign currencies are translated at average exchange rates, or at the transaction rate if more appropriate. The effect of exchange rates on cash and cash equivalents is presented separately.
Interest paid and interest and dividends received are classified as operating cash flows. Dividends paid are classified as financing cash flows. Cash flows arising from income taxes are classified as operating cash flows.
The Company\u2019s reportable segments are defined as follows:
Unquoted
Quoted interests
Real estate
Liquid portfolio
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources between segments and assessing the performance of the operating segments, is identified as the Executive Board. The reportable segments are defined based on differences in products and services as well as differences in the nature of the respective assets and the management thereof.
Unquoted relates to majority-owned companies as well as non-controlling minority interests in companies that derive their revenues from various products and activities such as dredging, (maritime) construction and maintenance, building materials, orthopedic devices, office furniture, shipping, staffing, greenhouse projects, media and other products and activities.
The Quoted interests segment comprises both the Company\u2019s consolidated and unconsolidated interests in publicly traded entities that are not in scope of the Liquid portfolio segment.
The Real estate segment relates to the development and rental of retail centers, multi-family properties and office buildings. This segment does not include the activities of the Company\u2019s construction companies.
The segment Liquid portfolio consists of financial assets, included in marketable securities, and cash-equivalent instruments generating interest, dividend and trading results.
Operating income (for the purpose of this report defined as earnings before interest, exceptional items of the unquoted segment, taxes and amortization of intangible assets but including amortization of software) is set out below.
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
Unquoted | 1,250.3 | 1,125.6 |
Quoted interests | 1,383.0 | 861.5 |
Real estate | (41.2) | (2.9) |
Liquid portfolio | 85.9 | 23.8 |
Total operating income | 2,678.0 | 2,008.0 |
Reconciling items: | \u00a0 | \u00a0 |
- Amortization and impairment of intangibles | (156.9) | (240.5) |
- Other | (90.0) | 103.4 |
Operating result as per the consolidated statement of income | 2,431.1 | 1,870.9 |
Financial expense, net | (202.6) | (128.4) |
Profit before tax as per the consolidated statement of income | 2,228.5 | 1,742.5 |
The \u201cother\u201d reconciling items represent mostly corporate overhead and exceptional items (excluding those of the Quoted interests segment). The segment Quoted interests includes the operating income (including exceptional items) of Vopak and Safilo, the Company\u2019s share in the net income of SBM Offshore and the dividend from and changes in fair value of the Company\u2019s ownership interests in Technip Energies and Siltronic (based on stock exchange prices).
The composition of depreciation and impairment expense on property, plant and equipment, right-of-use assets and investment properties by segment is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Unquoted | 740.6 | 675.2 |
Quoted interests | 168.6 | 386.3 |
Real estate | 7.4 | 2.7 |
Reconciling items | 2.5 | 2.5 |
| \u00a0 | 919.1 | 1,066.7 |
The reconciling items represent the corporate depreciation expense.
The composition of revenues by segment is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Unquoted | 10,192.3 | 10,019.1 |
Quoted interests | 2,324.4 | 2,353.9 |
| \u00a0 | 12,516.7 | 12,373.0 |
The composition of assets by segment is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Unquoted | 15,114.2 | 14,947.3 |
Quoted interests | 9,971.5 | 9,382.7 |
Real estate | 272.1 | 317.6 |
Liquid portfolio | 2,612.5 | 2,554.2 |
Reconciling items | 171.6 | 140.7 |
| \u00a0 | 28,141.9 | 27,342.5 |
The reconciling items represent corporate assets, including deferred tax, loans and pension benefit assets.
The composition of investments in associates and joint arrangements by segment is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Unquoted | 900.3 | 705.4 |
Quoted interests | 3,045.5 | 2,842.3 |
Real estate | 178.3 | 218.4 |
| \u00a0 | 4,124.1 | 3,766.1 |
The composition of capital expenditures by segment is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Unquoted | 810.8 | 1,004.1 |
Quoted interests | 366.7 | 414.9 |
Real estate | 9.4 | 12.5 |
| \u00a0 | 1,186.9 | 1,431.5 |
Capital expenditures consist of additions to property, plant and equipment, investment properties and other intangible assets that are not related to acquisitions.
The composition of liabilities by segment is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Unquoted | 6,365.3 | 6,372.9 |
Quoted interests | 3,898.3 | 3,978.1 |
Real estate | 93.0 | 23.1 |
Liquid portfolio | 0.3 | 0.1 |
Reconciling items | 48.7 | 60.6 |
| \u00a0 | 10,405.6 | 10,434.8 |
The reconciling items represent corporate liabilities, including liabilities related to obligations to acquire equity instruments in certain subsidiaries from the management of these subsidiaries and deferred tax.
The composition of revenues by geographical area is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Europe | 7,470.4 | 7,493.7 |
USA & Canada | 1,960.0 | 1,623.9 |
Asia | 1,909.1 | 2,273.9 |
Other | 1,177.2 | 981.5 |
| \u00a0 | 12,516.7 | 12,373.0 |
The composition of property, plant and equipment, investment properties, right-of-use assets, intangible assets and investments in associates and joint ventures by geographical area is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Europe | 10,480.0 | 10,149.9 |
USA & Canada | 1,867.6 | 1,828.9 |
Asia | 4,169.1 | 4,530.1 |
Other | 1,060.0 | 1,254.5 |
| \u00a0 | 17,576.7 | 17,763.4 |
The Company\u2019s reportable segments are defined as follows:
Unquoted
Quoted interests
Real estate
Liquid portfolio
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources between segments and assessing the performance of the operating segments, is identified as the Executive Board. The reportable segments are defined based on differences in products and services as well as differences in the nature of the respective assets and the management thereof.
Unquoted relates to majority-owned companies as well as non-controlling minority interests in companies that derive their revenues from various products and activities such as dredging, (maritime) construction and maintenance, building materials, orthopedic devices, office furniture, shipping, staffing, greenhouse projects, media and other products and activities.
The Quoted interests segment comprises both the Company\u2019s consolidated and unconsolidated interests in publicly traded entities that are not in scope of the Liquid portfolio segment.
The Real estate segment relates to the development and rental of retail centers, multi-family properties and office buildings. This segment does not include the activities of the Company\u2019s construction companies.
The segment Liquid portfolio consists of financial assets, included in marketable securities, and cash-equivalent instruments generating interest, dividend and trading results.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The cost of the acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of the business combination and the fair value of any contingent consideration to be transferred. Identifiable assets, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Non-controlling interest in the acquiree is measured, on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets.
If the business combination is achieved in stages, the Company\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date and the difference with the book value of the previously held equity interest is recognized in the consolidated statement of income. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the identifiable net assets acquired, is recorded as goodwill. If the total of the consideration transferred, the non-controlling interest recognized and the fair value of the previously held interest is less than the fair value of the net assets of the subsidiary acquired (\u2018badwill\u2019), the difference is directly recognized in the consolidated statement of income. Acquisition-related costs are expensed as incurred. Subsequent changes to the fair value of the contingent consideration classified as an asset or liability are recognized in the consolidated statement of income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.
Critical accounting estimates and judgments
When a company is acquired, a value is assigned to intangible assets such as trademarks and the customer relationships. The determination of the value of such intangible assets at the time of acquisition and their estimated useful life are subject to judgment. Assumptions by management underlying the estimation of fair value include the future cash flows expected from the asset and discount rates. Useful life is estimated using past experience and relevant industry practices.
Property, plant and equipment are recorded at historical cost less accumulated depreciation and impairments. Historical cost includes expenditure that is directly attributable to the acquisition of the items (such as unrecoverable taxes and transport) and construction costs that can be allocated directly (such as hours of own employees and advisory fees). Interest during construction is capitalized. To the extent that dismantling obligations exist, these are included in the cost of the assets.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of replaced parts is derecognized. All other repair and maintenance costs are charged to the consolidated statement of income during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to write off the cost of each asset to their residual values over their estimated useful life as follows: buildings 10-50 years, vessels and floating equipment 5-30 years, tank storage terminals 10-40 years and equipment and other 3-15 years. Useful lives and residual values are reviewed annually and, if required, amended. Land is not depreciated.
Critical accounting estimates and judgments
Property, plant and equipment represent a substantial part of the total assets of the Group and the related depreciation forms a substantial part of the annual operating expenses. The useful life and residual value of these assets have a major impact on the measurement of property, plant and equipment. These estimates and assumptions are partly based on the expected useful productive lives, experiences related to similar assets, the maintenance history and the period during which the company has the economic benefits from the utilization of the assets.
Investment properties are recorded at historical cost less accumulated depreciation and impairments. Historical cost includes expenditure that is directly attributable to the acquisition of the properties (such as unrecoverable taxes) and construction costs that can be allocated directly (such as hours of own employees and advisory fees). Interest during construction is capitalized. To the extent that dismantling obligations exist, these are included in the cost of the assets.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the consolidated statement of income during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to write off the cost of each asset to their residual values over their estimated useful life (25-50 years). Useful lives and residual values are reviewed annually and, if required, amended. Land is not depreciated.
A right-of-use asset and a related lease liability are recognized for lease contracts that exceed a duration of twelve months, except when a contract relates to leases of low-value assets, payments are primarily based on variables such as revenue or when a lessor has a substantive substitution right. The latter contracts are expensed on a straight-line basis over the contract term.
The Company leases real estate properties (land and buildings) to house its retail stores, offices, logistical activities and storage terminal operations. Lease contracts are negotiated on an individual basis and, due to the geographical spread and the various business models of operating companies, contain a wide range of different terms and conditions.
The Company leases vessels and floating equipment in respect of its businesses of transporting liquefied gases and petrochemical products, dredging and offshore energy. These lease contracts are negotiated on an individual basis and may contain a wide range of different terms and conditions due to the international lessor base and the complex and varying nature of individual vessels.
The Company leases terminal-related assets, including storage assets, jetties and loading facilities. These lease contracts are also negotiated on an individual basis and contain a wide range of different terms and conditions due to geographical spread and specific nature of the assets.
The Company also leases trucks, passenger cars and machinery and equipment, including information and communication technology equipment. These contracts are insignificant compared to the total leased asset portfolio.
Right-of-use assets
At the commencement date of the lease contract, the right-of-use asset is measured at cost. This comprises the initial amount of the lease liability, adjusted for prepayments and lease incentives received, initial direct cost, estimated restoration and dismantling costs, where applicable. Depreciation is calculated using the straight-line method to write off the cost of each right-of-use asset from the commencement date to the end of the useful life of the right-of-use asset, considered to be indicated by the lease term. The right-of-use assets are subject to impairment and adjusted for remeasurement of lease liabilities.
Lease liabilities
At the commencement date of the lease contract, the lease liability is measured at the present value of the lease payments over the lease term, discounted using the incremental borrowing rate. Payments include (in-substance) fixed payments, variable lease payments that depend on an index or rate, amounts expected to be payable under residual value guarantees, expected (early termination) penalties and amounts expected to be payable for the exercise of purchase options, when there is reasonably certainty that these will be exercised. Contractual payments related to service costs are excluded from the measurement of lease liabilities in respect of terminal-related assets. Lease liabilities are subsequently measured at amortized cost using the effective interest method. A lease liability is remeasured when there is an adjustment to future lease payments arising from, for example, renegotiation of the lease contract, a change in index or rate, or in case of reassessment of the expected exercise of options by the Group. A remeasurement of the lease liability is reflected as a corresponding adjustment to the right-of-use asset, with any excess over the carrying amount of the asset being recognized in the consolidated statement of income.
Lessor accounting
The Company subleases some of its right-of-use assets to third parties. When substantially all the risks and rewards are transferred to the lessee, the sublease is classified as a finance lease, otherwise the sublease is an operating lease. When the sublease is classified as a finance lease, the right-of-use asset in the head lease is de-recognized and a lease receivable is recognized, with any difference being recorded in the consolidated statement of income. Subsequently, the interest income and interest expense are accrued on the lease receivable and lease liability respectively applying the effective interest method. Rental income from operating subleases is recognized in the consolidated statement of income, within revenue from other sources.
Critical accounting estimates and judgments - lease terms
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 the 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 potentially favorable extension terms and long-term customer contracts related to the leased asset.
Critical accounting estimates and judgments - discount rates
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.
Intangible assets include goodwill, trademarks, customer relationships, software and other intangible assets. Intangible assets are carried at cost less accumulated impairments
Goodwill
Goodwill arises on business combinations and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value amounts of the identifiable assets, liabilities and contingent liabilities.
Goodwill is subject to annual impairment testing, and whenever there is an indication of impairment, as described in note 36. If an impairment is recognized, it is not reversed in subsequent periods. Goodwill relating to a business combination in foreign currency is recorded in the respective currency and converted at the exchange rate at the end of the period.
Software - cloud computing arrangements
Costs incurred for configuration or customization of cloud computing arrangements are generally directly recognized in income. If the configuration or customization services were provided by the application provider and they are not considered distinct, the costs are recognized as an expense over the lifetime of the contract. In limited circumstances, certain configuration or customization activities may give rise to a separate intangible asset that is amortized on a straight-line basis over an estimated useful life that is not in excess of the lifetime of the contract.
Software - other
Acquired software licenses are capitalized on the basis of the costs incurred to acquire and to bring to use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Company that are expected to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Only direct costs (such as software development employee costs and an appropriate portion of relevant overheads) are included in the initial measurement. Software acquired in a business combination are initially recognized at their fair value, generally using a cost approach. Software licenses and products are generally amortized on a straight-line basis over an estimated useful life of 5 to 10 years.
Trademarks
Trademarks acquired in a business combination are initially recognized at fair value, using the relief-from-royalty approach. They are subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Customer relationships
The valuation of customer relationships acquired in a business combination is based on the present value of estimated future cash flows. Customer relationships are initially recognized at fair value and subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Other intangibles
Intangibles within this category are amortized on a straight-line basis over an estimated useful life of maximum 15 years. Other intangible assets include order books, distribution relationships, license agreements, intellectual property and non-compete agreements.
Associates are entities over which the Company has significant influence, generally presumed to exist at a shareholding of 20% or more of the voting rights, but no (de facto) control.
Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Most joint arrangements of the Company are considered joint ventures.
Associates and joint ventures are accounted for using the equity method. Under the equity method, the interest in the associate or joint venture is recognized at cost, including goodwill identified upon acquisition. If the investment is achieved in stages, the Company deems the fair value of the previously held equity interest as (part of) the cost of the associate or joint venture. The carrying value is subsequently adjusted to recognize the Company\u2019s share of the post-acquisition results and movements in other comprehensive income of the associate or joint venture. Accounting policies of the associates and joint ventures have been amended, where necessary, to ensure consistency with the policies adopted by the Company. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising on associates and joint ventures are recognized in the income statement.
If the ownership in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is recycled to the consolidated statement of income, where appropriate.
Joint operations are joint arrangements whereby the Company and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the joint operation. The Company recognizes its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and includes it on a line-by-line basis with corresponding items in the consolidated financial statements.
For the accounting policies for derivative financial instruments, reference is made to note 38. At initial recognition, non-derivative financial assets are classified as \u201cmeasured at amortized cost\u201d or as \u201cmeasured at fair value\u201d (either through profit or loss or through other comprehensive income). The classification depends on the business model the Group applies for managing the financial assets and the contractual terms of the cash flows.
Financial assets are first recognized on the trade date, being the date on which a commitment to purchase the asset is made. Financial assets are derecognized when the right to receive cash flows from the investments has expired or have been transferred and substantially all risks and rewards of ownership have been transferred.
Financial assets measured at amortized cost
These are assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. They are initially recognized at fair value plus any directly related transaction costs. Subsequently, these financial assets are carried at amortized cost, less a provision for impairment based on the expected loss model (refer to note 37). Interest income on financial assets measured at amortized cost is recognized using the effective interest method.
Assets held under a finance lease are presented in the consolidated statement of financial position as a receivable at an amount equal to the net investment in the lease. The income on the finance lease receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease and is presented as revenues.
Financial assets measured at fair value through other comprehensive income
Financial instruments in this class are initially measured at fair value plus any directly related transaction costs. Reference is made to the accounting policies on fair value measurement in note 37.
Debt instruments
These instruments are held both for collection of contractual cash flows, representing solely payments of principal and interest, and for selling the financial assets. Changes in the fair value of these investments are recorded in other comprehensive income and recycled through the consolidated statement of income upon derecognition. Both interest and the provision for impairment, based on the expected loss model (refer to note 37), are recognized in the consolidated statement of income.
Equity instruments
Management can make the irrevocable election at inception to present the subsequent changes in fair value of certain equity investments, included in other financial assets, in other comprehensive income. Dividends from these investments are recognized in the consolidated statement of income when the right to receive payment is established. When the equity interest is sold or becomes equity accounted or part of a business combination, the cumulative result recognized in other comprehensive income is reclassified from the other reserves to retained earnings, without recycling through the consolidated statement of income.
Financial assets measured at fair value through profit or loss
Debt instruments that do not qualify for measurement at amortized cost or measurement at fair value through other comprehensive income are measured at fair value through profit or loss. This classification also applies to all equity investments, unless management has made the specific election for measurement through other comprehensive income. Initial recognition of these assets is at fair value with any directly related transaction costs expensed as incurred. Gains or losses on financial instruments in this category are recognized in the consolidated statement of income.
The accounting policies applied to marketable securities are the same as those applied to other financial assets (note 9). Marketable securities are measured at fair value through profit or loss except for certain fixed-income securities that are measured at fair value through other comprehensive income.
Trade receivables are initially recognized at the transaction price and subsequently measured at amortized cost using the effective interest method, less a provision for impairment. Trade receivables that include a significant financing component are initially recognized at fair value plus any directly related transaction costs. A provision for impairment is established based on the expected loss model (refer to note 37) with application of the simplified approach. The amount of the provision is the difference between the assets\u2019 carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Additions to and releases from the provision are recognized in the consolidated statement of income.
A construction contract is a contract specifically negotiated for the construction of an asset, including (residential) real estate, greenhouse projects, technical facilities, civil and maritime infrastructure and development projects for which an agreement with a customer is present. Development projects for which there is not yet a contract with a customer are included within inventories (refer to note 13). Offshore service contracts are specifically negotiated contracts for (sub-sea) marine services, including heavy transport, inspections and surveys. The timing of invoicing and cash collection may result in unbilled revenue, accounts receivable and deferred revenue with respect to these contracts. Amounts are generally invoiced based on contractual terms, either at periodic intervals or upon achievement of contractual milestones, and for each contract a net position is included in the statement of financial position. In the event that billing occurs subsequent to revenue recognition, unbilled revenue is recognized (as an asset). In the event that payments are received from customers in advance of revenue recognition, deferred revenue is recognized (as a liability).
A provision for onerous contracts is recognized when the remaining unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The provisions taken for onerous contracts related to construction and offshore service contracts are included in note 21. The provision is measured based on the expected incremental and directly related costs of fulfilling the contract.
The order book includes future revenues from projects that have been signed and, for framework contracts, for which work packages have been agreed with clients. This includes mainly projects that are in progress but not yet completed and to a lesser extent projects acquired but not yet in progress at the reporting date.
For information on revenue recognition for construction and offshore service contracts reference is made to note 23.
Critical accounting estimates and judgments
The expected outcome of a construction or offshore service contract is periodically estimated. If the contract is expected to be profitable and the contract revenue highly probable, contract revenue and costs are recognized based on the progress of the project over time, generally by reference to the percentage-of-completion method. When a contract is not estimated to be profitable, the realized loss, determined based on the progress of the project, is recognized in the consolidated statement of income immediately. The expected future losses are included in a provision for onerous contracts (refer to note 21) that is charged against the consolidated statement of income.
There is a robust process in place at each of the relevant investee companies to determine both progress and forecasted outcomes of construction and offshore service contracts. This process builds on decentralized estimates by project managers that are thoroughly discussed with and reviewed by experienced staff and management at various levels of the organization, including comparative analyses with earlier projections and project budgets. There is inherent estimation uncertainty in this process and actual outcomes of projects may deviate from the forecasted outcomes, affecting revenue and results.
Inventories are stated at the lower of cost and net realizable value. Cost is generally determined using the weighted-average cost method. Cost comprises direct costs and a proportion of attributable production overheads, but excludes interest expense. Net realizable value is the estimated selling price less the estimated costs necessary to make the sale.
Project development includes land positions, related building rights and capitalized property development costs related to projects for which a signed customer contract is not yet in place.
Critical accounting estimates and judgments
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.
Other current assets generally include prepayments relating to the following year and other receivables to be received within 12 months.
Cash and cash equivalents comprise unrestricted bank balances and liquid investments with a maturity of three months or less.
Non-current assets (or disposal groups) are classified as held for sale if their carrying amounts are to be recovered principally through a sales transaction rather than through continuing use and a sale is considered highly probable at the reporting date. This assessment is based on the facts and circumstances at that date, including the level of commitment from potential buyers as may be reflected in an executed letter of intent. These facts and circumstances may change and this could result in a situation where assets are divested that were not classified as held for sale at year-end. Immediately \u00adbefore classification as held for sale, the measurement of the assets (and all assets and liabilities in a disposal group) is \u00adupdated in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of their carrying amount and fair value less costs of disposal. Depending on the nature of the non-current assets, the estimated fair value may be associated with uncertainty and potentially adjusted subsequently. Impairment losses on initial classification as held for sale are included in the income statement. Subsequent to classification as held for sale the depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets are no longer recognized in the consolidated statement of income. In addition, if applicable, equity accounting ceases.
In the event the criteria for classification as held for sale are no longer met, the entity shall measure a non-current asset (or disposal group) that ceases to be classified as held for sale at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations (including those arriving from equity accounting) that would have been recognized had the asset (or disposal group) not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell.
A discontinued operation is a component of the Group\u2019s business that represents a separate, major line of business or geographical area of operations, or is a company acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or, if earlier, when the operation meets the criteria to be classified as held for sale.
When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are deducted from equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is also presented in equity.
Other reserves include the cumulative valuation reserve, the cash flow hedge reserve and the cumulative currency translation reserve.
The cumulative valuation reserve includes the unrealized results, net of tax, on financial assets classified as fair value through other comprehensive income.
The cash flow hedge reserve contains the effective part of the accumulated change in the fair value of cash flow hedges, net of tax, in respect of which the hedged future transaction has not yet taken place.
The cumulative currency translation reserve includes all exchange differences resulting from the translation of the financial statements of foreign entities. It also includes the exchange differences on liabilities and the effective currency component of fair value changes of derivative financial instruments, net of tax, to the extent that they are part of an effective net investment hedge relationship.
Deferred tax is recognized using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the consolidated financial statements. Temporary differences are not provided if they relate to goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit or differences relating to investments in subsidiaries, associates and joint ventures to the extent that the reversal of the temporary differences is controlled by the Company and it is probable that they will not reverse in the foreseeable future. Withholding tax and any other tax due for unremitted earnings of subsidiaries are not recognized as deferred tax liability unless there is an intention to distribute these earnings in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax is recognized in the consolidated statement of income unless it relates to items recognized through other comprehensive income.
Tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and that there is an intent to either settle on a net basis, or to realize the asset and settle the liability simultaneously.
Critical accounting estimates and judgments
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.
The Group has both defined benefit and defined contribution plans.
Defined benefit plans
Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The pension charges for defined benefit plans are based on actuarial calculations and calculated in accordance with the projected unit credit method. Under this method, the cost of providing pensions is charged to the consolidated statement of income so as to spread the regular costs over the service lives of employees in accordance with the advice of independent qualified actuaries who carry out a full valuation of the plans every year. The pension obligation is measured as the present value of the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related liability. The plan assets are measured at fair value. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Current and past service costs, interest components and administrative costs are recognized immediately in the consolidated statement of income. A net defined benefit asset is only recognized to the extent the surplus in the pension plan can be realized during the life of the plan, through refund or reduced future contributions, or at the settlement of the plan.
Defined contribution plans
A defined contribution plan is a pension plan under which the Group pays contributions to a publicly or privately administered pension insurance plan on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.
Critical accounting estimates and judgments
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. The weighted average of these assumptions as well as sensitivities of key assumptions are disclosed in this note.
A provision is recognized for a present legal or constructive obligation as a result of past events, when it is more likely than not that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made (for onerous contracts refer to note 12). Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as interest expense.
Debt is initially recognized at fair value, less any directly related transaction costs. When debt instruments are designated as being part of a fair value hedge relationship, the debt is carried at amortized cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the consolidated statement of income. Other debt is subsequently carried at amortized cost, using the effective interest method. Convertible (equity-linked) borrowings that include a cash-settlement option are carried at amortized cost using an effective interest rate deemed appropriate for the risk profile of an equivalent financial instrument without the conversion component.
Other financial liabilities include contingent considerations related to acquisitions and obligations to acquire non-controlling interests from management of certain subsidiaries. These are initially recognized and subsequently measured at fair value with remeasurement differences recorded as financial income or expense in the consolidated statement of income. Refer to note 37 on fair value measurement.
Debt and other financial liabilities are classified as current unless the Group has an unconditional right to defer settlement until at least twelve months after statement of financial position date.
Fees paid with respect to loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs and subsequently amortized over the lifetime of the facility. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Revenue is recognized in the period in which the performance obligation from the underlying contract has been satisfied. In most sales transactions this is at the point in time when control over a product or service has been transferred to the customer. Revenue is shown net of sales tax, value-added tax, discounts, rebates, expected returns and amounts collected on behalf of third parties. A contract with a customer may comprise of multiple distinct performance obligations that require separation. In general, the total consideration under the contract is allocated to performance obligations based on stand-alone selling prices. The timing of revenue recognition depends on the type of performance obligation, as described below.
Sale of goods
The Group operates physical retail stores and webstores in the Quoted interests and Unquoted segments. Sales on a wholesale basis are present in the Quoted interest and Unquoted segments. Revenue is recognized when the product is sold to the customer and control over the product has been transferred to the customer in return for (a right to) payment.
For retail sales, revenue recognition generally coincides with the physical transfer of the product to the customer. Revenue is then recognized at the transaction price, gross of (credit card) fees payable for the transaction which are recorded in selling cost. For rights issued under a customer loyalty program, through vouchers and by way of other future discounts or awards, a contract liability is incurred as a reduction to revenue. Revenue is further reduced and a refund liability is recognized for applicable rights of return. An asset reflecting the right to returned goods is recognized, reducing the cost of sales, at the carrying amount of those goods, net of expected refurbishment cost for returns that are not scrapped. In general, when a replacement product is not an acceptable alternative, the transaction price is refunded. An expected-value calculation based on accumulated experience is used to determine the amounts recognized as a refund liability. Where loyalty programs are in place, revenue allocated to the awards is recognized based on (anticipated) expiration and when the awards are redeemed.
For wholesale and franchise sales the timing of revenue recognition depends on when the products are delivered, with full discretion by the customer or franchisee over the sales channel and price to re-sell the products. Revenue recognition depends on individual customer terms and may occur when the products have been shipped or delivered to a specific location, the risks of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or objective evidence has been obtained that all criteria for acceptance have been satisfied. Volume incentives apply to various wholesale contracts and reduce related revenues. Depending on the contract, these incentives are either paid at the end of the contract period as a rebate, or provide a right to a discount in the next contractual period. In case of rebates, a refund liability is recorded at the time of the transaction, as a reduction to revenue. The Group periodically reviews the expected transaction price for the goods and services provided under the contract and adjusts the revenues from the contract and the refund liability accordingly. Discounts to be provided in future periods based on current year sales are considered a separate performance obligation, reducing current year revenue, and are recognized as a contract liability. The contract liability is recognized as revenue in the consolidated statement of income based on (anticipated) expiration and when the discounts are redeemed. A receivable is recognized for wholesale deliveries when payment has become unconditional. No element of financing is deemed present as payment terms are consistent with market practice. Any prepayments by customers are not considered revenue but are accounted for as contract liabilities.
Obligations to provide a refund under the standard warranty terms are recognized as a provision. Where warranties exceed these standard terms either in time, extent or through the inclusion of (additional) services it is recognized as distinct performance obligation and part of revenues is allocated and recognized over the period covered by the extended warranties. Extended warranties are considered services to be rendered and included under contract liabilities until revenue is recognized.
Provision of services
The Group provides storage services in its Quoted interest segment and a range of other services, including shipping, staffing and financial services, in its Unquoted segment. Revenue from providing services is recognized in the period in which the services are rendered. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period when these services are rendered, as clients simultaneously consume and benefit from the services at the moment that these are rendered. Revenues from excess throughputs and other services are recognized in the period in which they are provided.
For fixed-price contracts, revenue is recognized based on the actual service provided at the end of the reporting period as a proportion of the total services to be provided. Estimates of revenues, based on costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the consolidated statement of income in the period in which the circumstances that give rise to the revision become known by management. Contracts for the rendering of services typically do not exceed a duration of twelve months, except for framework agreements for which prices are variable or periodically renegotiated.
Modifications of property, plant and equipment paid upfront by customers are accounted for as a contract liability and recognized in the consolidated statement of income over the contractual period on a straight-line basis.
In case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, depending on the specific terms of the contract, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. If the contract includes an hourly fee, revenue is recognized in the amount to which there is a right to invoice. No element of financing is deemed present as payment terms are consistent with market practice.
License revenues
Franchise rights are accounted for as rights to access the franchisor\u2019s intellectual property. Any fixed fee allocated to those rights is generally recognized over the term of the franchise agreement. Franchise fees that are based on a percentage of sales are recognized at the time of the sale. Access to (digital) content is recognized over time for subscription contracts and at a point in time for usage-based contracts. License revenues are presented within rendering of services.
Construction and offshore contracting activities
The Group provides (integration of) goods and services through its construction and offshore contracting businesses in the Unquoted segment, including housing, greenhouse, civil infrastructure and maritime construction. Revenue and results from the these businesses are determined by reference to the latest estimate of the total selling price of the contract, after taking into account claims that have been accepted by the client or that derive from enforceable rights, are highly probable to lead to revenue and can be reliably measured. Such revenue is recognized over time, using the percentage-of-completion method, using a completion rate determined by reference to estimated cost of completed works (input method) and reviewed against progress of the works.
Recognition of revenues and results for property development activities commences only when a contract with a customer for the (further) development and sale of such property has been signed. These contracts generally involve the delivery of both land and buildings. Revenues related to (further) development of the land and the construction of buildings are recognized as set out above. Revenues and results from sale of the land positions are realized at the signing date if the land is transferred to the buyer directly, or through inclusion of land and land-related expenses in the cost basis for determination of project completion, if it remains an integral part of the project under development.
Construction, development and offshore services contracts of the Group are frequently subject to variation orders that affect the scope and/or price of the contract and that amend existing performance obligations. Variation orders that are highly probable, cannot be reversed and for which payment is legally enforceable constitute contract modifications. These modifications are accounted for through a cumulative catch-up adjustment.
A provision for onerous contracts is formed against operating expenses when future contract losses are known and can be reliably measured. Additional information on judgment and estimates in relation to construction, development and offshore services contracts are included in note 12.
Income from marketable securities and deposits includes realized and unrealized capital gains and losses, impairment losses, interest, dividends and management fees.
Capital gains and losses represent the change in market value of the marketable securities. Interest income on financial instruments recorded at amortized cost is recognized on an accrual basis, using the effective interest rate method. Dividends are recognized when the right to receive payment is established.
Associates and joint ventures are accounted for using the equity method, which involves recognition in the consolidated statement of income the Company\u2019s share of the net result of the associate or joint venture. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Interest income on loans granted is recognized on an accrual basis, using the effective interest method. Interest and dividend income on available-for-sale instruments is recognized when the right to receive payment is established.
The Group develops, leases and sells residential, retail and office properties in its Real estate segment. Revenue from (operating) lease activities is recognized on a straight-line basis over the lease term. Capital gains from property sales are recognized at the transaction price agreed in the contract when control over the property has been transferred to the buyer. Revenue is recognized at the point in time when the legal title has passed to the buyer and the consideration becomes due.
Short-term employee benefits
Wages, salaries, social security contributions, annual leave, sickness absenteeism, bonuses and non-monetary benefits are measured on an undiscounted basis and are recognized as an expense as the related service is provided by the employee of the Group. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if there is a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Termination benefits
Termination benefits are recognized as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.
Termination benefits for voluntary redundancies are recognized as an expense if an offer has been made of voluntary redundancy, it is probable that the offer will be accepted and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting period they are discounted to their present value.
Share-based compensation
The compensation cost for share-based payment plans is recognized as an expense on a straight-line basis over the vesting period. The amounts expensed are adjusted over the vesting period for changes in the estimate of number of shares and the equivalent in cash that will eventually vest. Adjustments are made at the end of each reporting period to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions (e.g. profitability growth targets or continued employment over a specified time period). Refer to note 35 for more details on share-based payment plans.
Participation by management of unquoted subsidiaries
Management of certain subsidiaries own non-controlling interests in the capital of these subsidiaries. With respect to certain subsidiaries, HAL has the conditional obligation to acquire these equity instruments for cash. Obligations to acquire non-controlling interest are fair valued, generally, based on a multiple of EBITA less net debt, with measurement differences recorded as employee expense in the consolidated statement of income in accordance with IAS19. Multiples applied are generally contractually determined.
Operating expenses are recognized in the consolidated statement of income when incurred.
Financial income includes income on cash and cash equivalents and income on financial assets not included in marketable securities and deposits or in other financial assets. Financial expense includes net finance costs in relation to financial liabilities. Fair value changes of (embedded) derivatives not included in a hedge relationship, fair value changes of contingent consideration related to acquisitions (\u201cearn-out\u201d liabilities) and results from foreign currency translation of monetary items can be either financial income or expense.
Interest income and expense on financial instruments recorded at amortized cost is recognized on an accrual basis, using the effective interest method.
The current income tax charge is calculated on the basis of the tax law enacted or substantively enacted at the balance sheet date in the countries where the Group has operations, taking into account tax-exempt income and tax losses carried forward. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretations. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Income tax is recognized in the consolidated statement of income unless it relates to items recognized in the consolidated statement of comprehensive income or in the consolidated statement of changes in equity. Where the final outcome of tax-related provisions is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.
Pillar Two minimum taxation
The Group is subject to the Pillar Two model rules as it exceeds the annual revenue threshold of \u20ac\u00a0750 million. These rules mandate a minimum corporate income tax framework, stipulating a jurisdictional baseline effective tax rate of 15%, calculated according to Pillar Two standards. Under these rules supplementary taxes (\u201ctop-up taxes\u201d) may apply, if a jurisdiction-specific effective tax rate falls below the aforementioned minimum threshold.
The Pillar Two model rules include transitional safe harbour provisions applicable to financial years 2024 through 2026, offering three distinct tests that could potentially exempt the Company to prepare detailed calculation in a jurisdiction. These provisions aim to reduce the administrative burden during the initial three years of Pillar Two\u2019s implementation. The Pillar Two top-up tax amount in a jurisdiction for a fiscal year is considered nil if at least one of the relevant tests is satisfied. Conversely, if the Company does not qualify for an exemption in a jurisdiction, it must perform comprehensive calculations starting from the period in which it fails to meet the transitional safe harbour tests in that jurisdiction, potentially resulting in additional tax obligations during those periods.
Critical accounting estimates and judgments
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\u2019s estimates of whether additional taxes will be due.
Earnings per Share for profit attributable to the owners of parent are calculated by dividing the profit attributable to the owners of parent by the time-weighted average number of outstanding Shares.
The Group operates a number of equity-settled and cash-settled share-based compensation plans. Under the plans the Group receives services from employees as consideration for respectively ordinary shares of the respective entity or for the cash equivalent to the value of the underlying ordinary shares of the respective entity.
For equity-settled share-based compensation plans, the fair value is determined at the date of grant and expensed in the consolidated statement of income with a corresponding adjustment directly in equity. For cash-settled share-based compensation plans, the fair value is determined at the date of the grant and is re-measured at each reporting date until the liability is settled.
The compensation is recognized as an expense on a straight-line basis over the vesting period. The amounts expensed are adjusted over the vesting period for changes in the estimate of number of shares and the equivalent in cash that will eventually vest. Adjustments are made at the end of each reporting period to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions (e.g. profitability growth targets or continued employment over a specified time period).
Assets that have an indefinite useful life are tested for impairment annually, while all non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss on non-financial assets is recognized in the consolidated statement of income for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and an asset\u2019s value in use. Goodwill is allocated to groups of cash-generating units (CGU\u2019s) for the purpose of impairment testing. A CGU is in no event larger than the operating segment it belongs to.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
For discontinued operations, impairment testing requires management to determine whether the carrying value of the discontinued operation does not exceed the fair value less cost of disposal.
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 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\u00a0is 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, here 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. Goodwill identified in business combinations during the reporting year is tested for impairment by comparing actual performance, and, where relevant, updated forecasts and discount rates, with the assumptions used in the purchase price allocation.
The primary impairment test for the Company relates to annual goodwill impairment testing. Property, plant and equipment as well as joint ventures and associates are reviewed and, when required, tested.
Critical accounting estimates and judgments
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, here 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.
Classification
The classification of financial assets is detailed in the notes on derivatives and other financial assets. The classification of financial liabilities is detailed in the notes on debt and other financial liabilities and derivatives.
Fair value measurement
A number of the accounting policies and disclosures require the determination of fair value for financial instruments. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
The fair values calculated are classified into three categories depending on the inputs used in the valuation technique. Where available, fair values are derived from quoted prices for identical instruments (level 1). In the absence of such information, other observable inputs, either directly or indirectly, are used to estimate fair values (level 2). Where insufficient observable market data is available, the best applicable unobservable inputs are used to perform the valuation (level 3). The valuation techniques used per type of financial instrument are described in more detail below.
Equity securities
The Group holds direct investments in equity securities and indirect investments in equity securities through managed portfolios. When available, the Group uses quoted market (bid) prices in active markets to determine the fair value of its investments in equity securities (level 1). Fair values for unquoted shares are estimated using valuation techniques such as discounted cash flow analysis, using expected future cash flows and a market-related discount rate, or a market-multiples approach (level 2 or\u00a03).
Investment funds
Investment funds include private equity funds. The fair values of investments held in unquoted investment funds are determined by the Group after taking into consideration information provided by the fund managers and the liquidity of the investments. The Company reviews the valuations and performs analytical procedures to ensure the fair values are appropriate (level 2 or 3).
Debt securities and own debt
The Company uses quoted market (bid) prices in active markets to determine the fair value of its debt investments (level 1). When the Group cannot make use of quoted market prices, market prices from indices, corroborating broker quotes or discounted cash flow analyses, using expected future cash flows and market-related discount rates, are used (level 2).
Other liabilities
Obligations to acquire non-controlling interests are fair valued, generally, based on a contractual multiple of EBITA less net debt. Multiples applied are generally contractually determined (level 3). Contingent considerations are fair valued based on the expected cash outflows, taking into account the effects of discounting (level 3).
Derivatives
Where quoted market prices (level 1) are not available, other valuation techniques and corroborating broker quotes are used that maximize the use of observable inputs. These valuation techniques include option pricing and discounted cash flow analysis, using expected future cash flows and a market-related discount rate. The models used incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, expected volatility and interest rate curves (generally level 2).
Financial instruments for which carrying value approximates fair value
Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities and accrued liabilities.
The Company\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the beginning of the period.
Impairment
The Group applies the expected credit loss model to determine a loss allowance on its financial assets, loan commitments and financial guarantee contracts, except for equity investments and derivative financial instruments. This requires the use of both historical (loss) data and forward-looking information. The allowance is initially calculated as the potential credit loss over the next twelve months.
Should credit risk on the instrument have increased significantly since initial recognition, the loss allowance is determined as the potential credit loss over the remaining lifetime of the instrument. This is calculated using expected cash flows from the instrument at a revised discount rate. To determine whether a significant increase in credit risk or an impairment has occurred the Group takes into account various factors, including actual or expected credit rating downgrades of the instrument or issuer, adverse changes in business, financial or economic conditions of the debtor, covenant breaches, waivers or amendments and past-due information. For trade receivables and contract assets the Group applies the simplified approach, which uses a lifetime expected loss allowance from inception. The changes in loss allowance recognized by the Group are recorded as impairment gains or losses in the consolidated statement of income with an adjustment to the carrying value for assets measured at amortized cost. For assets measured at fair value through other comprehensive income a corresponding entry is made in other comprehensive income. Any credit loss not yet provided for is recognized in the consolidated statement of income as incurred.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a current, legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The offset is limited to the amount actually expected to be offset.
Derivatives are measured at fair value with any related transaction costs expensed as incurred. Reference is made to the accounting policies in note 37 on fair value measurement. The treatment
of changes in the fair value of derivatives depends on their use, as explained below.
Cash flow hedge
Derivatives held to hedge the uncertainty in timing or amount of future forecasted cash flows are
classified as being part of cash flow hedge relationships. For effective hedges, gains and losses
from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are recycled in the consolidated statement of income at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, or if the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated statement of income immediately.
Net investment hedge
The Company applies hedge accounting to certain investments in foreign operations. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. In the event of disposal or partial disposal of an interest in a foreign operation either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognized in the consolidated statement of income.
Fair value hedge
Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Company designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the consolidated statement of income. Gains and losses on the corresponding derivative are also recognized in the consolidated statement of income. The amounts recognized are offset in income to the extent that the hedge is effective. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortized using the effective interest method.
Derivatives for which hedge accounting is not applied
Derivatives not classified as hedges are carried at fair value with changes being recognized in the consolidated statement of income.
A related party is a person or entity that is related to the Company. These include both people and entities that have, or are subject to, the influence or control of the Company.
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future.
The Company\u2019s reportable segments are defined as follows:
Unquoted
Quoted interests
Real estate
Liquid portfolio
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources between segments and assessing the performance of the operating segments, is identified as the Executive Board. The reportable segments are defined based on differences in products and services as well as differences in the nature of the respective assets and the management thereof.
Unquoted relates to majority-owned companies as well as non-controlling minority interests in companies that derive their revenues from various products and activities such as dredging, (maritime) construction and maintenance, building materials, orthopedic devices, office furniture, shipping, staffing, greenhouse projects, media and other products and activities.
The Quoted interests segment comprises both the Company\u2019s consolidated and unconsolidated interests in publicly traded entities that are not in scope of the Liquid portfolio segment.
The Real estate segment relates to the development and rental of retail centers, multi-family properties and office buildings. This segment does not include the activities of the Company\u2019s construction companies.
The segment Liquid portfolio consists of financial assets, included in marketable securities, and cash-equivalent instruments generating interest, dividend and trading results.
To increase transparency, exceptional items are disclosed separately when relevant. These items are exceptional, by nature, from a management perspective. Exceptional items may include impairments, reversals of impairments, additions to and releases from provisions for restructuring, gains and losses on the sale of subsidiaries, joint arrangements and associates, any other significant provisions being formed or released and any significant changes in estimates.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The cost of the acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of the business combination and the fair value of any contingent consideration to be transferred. Identifiable assets, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Non-controlling interest in the acquiree is measured, on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets.
If the business combination is achieved in stages, the Company\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date and the difference with the book value of the previously held equity interest is recognized in the consolidated statement of income. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the identifiable net assets acquired, is recorded as goodwill. If the total of the consideration transferred, the non-controlling interest recognized and the fair value of the previously held interest is less than the fair value of the net assets of the subsidiary acquired (\u2018badwill\u2019), the difference is directly recognized in the consolidated statement of income. Acquisition-related costs are expensed as incurred. Subsequent changes to the fair value of the contingent consideration classified as an asset or liability are recognized in the consolidated statement of income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.
Critical accounting estimates and judgments
When a company is acquired, a value is assigned to intangible assets such as trademarks and the customer relationships. The determination of the value of such intangible assets at the time of acquisition and their estimated useful life are subject to judgment. Assumptions by management underlying the estimation of fair value include the future cash flows expected from the asset and discount rates. Useful life is estimated using past experience and relevant industry practices.
On October 15, 2025, HAL signed an agreement with Koninklijke VolkerWessels B.V. (\u2018VolkerWessels\u2019) 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 \u20ac\u00a01,600 million. In 2025, the activities within the transaction perimeter generated a turnover of \u20ac\u00a03,649 million (2024: \u20ac\u00a03,528 million) and an EBIT of \u20ac\u00a0280 million (2024: \u20ac\u00a0182 million). These revenue and results figures have neither been audited nor reviewed by the external auditor of HAL. Completion of the transaction is subject to conditions customary for transactions of this nature, including approval by the relevant competition authorities.
Acquisitions
There were no individually significant acquisitions during 2025. Details on the acquisitions in this period are as follows:
| \u00a0 | Total |
|---|---|
Cash paid | 11.6 |
Future consideration | 0.1 |
Fair value of net assets acquired | (10.6) |
Goodwill | 1.1 |
The goodwill on the acquisitions is not deductible for tax purposes.
Details of the net assets acquired are set out below:
| \u00a0 | Total |
|---|---|
Property, plant and equipment and investment properties | 1.0 |
Intangible assets | 12.6 |
Assets held for sale | (0.1) |
Non-current provisions | (0.4) |
Deferred tax liabilities | (2.6) |
Accounts receivable | 0.1 |
Inventories | 0.3 |
Other current assets | 0.1 |
Accrued expenses | (0.3) |
Other current liabilities | (0.1) |
Net working capital | 0.1 |
Fair value of net assets acquired | 10.6 |
The acquisitions generated the following results in 2025, respectively would have generated the following results, should they have been consolidated for the full year:
| \u00a0 | Total |
|---|---|
Contribution to 2025 revenues | 5.8 |
Contribution to 2025 operating income | 0.3 |
Contribution to 2025 net income | 0.3 |
| \u00a0 | \u00a0 |
2025 full-year revenues | 8.1 |
2025 full-year operating income | (0.3) |
2025 full-year net income | (0.4) |
Acquisition costs charged to the other operating expenses, related to continuing operations, in the consolidated statement of income amounted to \u20ac\u00a00.2 million.
Reconciliation to the consolidated statement of cash flows:
| \u00a0 | Total |
|---|---|
Cash paid for the above acquisitions | 11.6 |
Cash outflow due to acquisition of subsidiaries, net of cash acquired | 11.6 |
Acquisitions of and investments in associates and joint arrangements | 315.4 |
Cash outflow due to acquisition of subsidiaries, joint arrangements and associates, net of cash acquired | 327.0 |
Divestments
At the end of September 2025, Boskalis divested the activities of Smit Lamnalco in Australia and Papua New Guinea. These operations primarily consisted of harbor towage services, which were no longer part of Boskalis\u2019 strategic focus. The sale generated \u20ac\u00a0354 million in cash with no significant capital gain. The related assets and liabilities were classified as held for sale shortly before the transaction took place.
Reconciliation to the consolidated statement of cash flows:
| \u00a0 | Smit Lamnalco | Other | Total |
|---|---|---|---|
Cash received from divestment of subsidiaries | 353.7 | 40.8 | 394.5 |
Cash sold in divestments of subsidiaries | (7.8) | - | (7.8) |
Net cash inflow resulting from divestment of subsidiaries | 345.9 | 40.8 | 386.7 |
Disposal of associates and joint arrangements | - | 12.0 | 12.0 |
Cash inflow due to divestment of associates, joint arrangements and subsidiaries, net of cash sold | 345.9 | 52.8 | 398.7 |
Refer to note 8 for details on acquisition and disposals of associates and joint ventures.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The cost of the acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of the business combination and the fair value of any contingent consideration to be transferred. Identifiable assets, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Non-controlling interest in the acquiree is measured, on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets.
If the business combination is achieved in stages, the Company\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date and the difference with the book value of the previously held equity interest is recognized in the consolidated statement of income. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the identifiable net assets acquired, is recorded as goodwill. If the total of the consideration transferred, the non-controlling interest recognized and the fair value of the previously held interest is less than the fair value of the net assets of the subsidiary acquired (\u2018badwill\u2019), the difference is directly recognized in the consolidated statement of income. Acquisition-related costs are expensed as incurred. Subsequent changes to the fair value of the contingent consideration classified as an asset or liability are recognized in the consolidated statement of income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.
Critical accounting estimates and judgments
When a company is acquired, a value is assigned to intangible assets such as trademarks and the customer relationships. The determination of the value of such intangible assets at the time of acquisition and their estimated useful life are subject to judgment. Assumptions by management underlying the estimation of fair value include the future cash flows expected from the asset and discount rates. Useful life is estimated using past experience and relevant industry practices.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The cost of the acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of the business combination and the fair value of any contingent consideration to be transferred. Identifiable assets, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Non-controlling interest in the acquiree is measured, on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets.
If the business combination is achieved in stages, the Company\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date and the difference with the book value of the previously held equity interest is recognized in the consolidated statement of income. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the identifiable net assets acquired, is recorded as goodwill. If the total of the consideration transferred, the non-controlling interest recognized and the fair value of the previously held interest is less than the fair value of the net assets of the subsidiary acquired (\u2018badwill\u2019), the difference is directly recognized in the consolidated statement of income. Acquisition-related costs are expensed as incurred. Subsequent changes to the fair value of the contingent consideration classified as an asset or liability are recognized in the consolidated statement of income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.
Critical accounting estimates and judgments
When a company is acquired, a value is assigned to intangible assets such as trademarks and the customer relationships. The determination of the value of such intangible assets at the time of acquisition and their estimated useful life are subject to judgment. Assumptions by management underlying the estimation of fair value include the future cash flows expected from the asset and discount rates. Useful life is estimated using past experience and relevant industry practices.
There were no individually significant acquisitions during 2025. Details on the acquisitions in this period are as follows:
| \u00a0 | Total |
|---|---|
Cash paid | 11.6 |
Future consideration | 0.1 |
Fair value of net assets acquired | (10.6) |
Goodwill | 1.1 |
The goodwill on the acquisitions is not deductible for tax purposes.
Intangible assets include goodwill, trademarks, customer relationships, software and other intangible assets. Intangible assets are carried at cost less accumulated impairments
Goodwill
Goodwill arises on business combinations and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value amounts of the identifiable assets, liabilities and contingent liabilities.
Goodwill is subject to annual impairment testing, and whenever there is an indication of impairment, as described in note 36. If an impairment is recognized, it is not reversed in subsequent periods. Goodwill relating to a business combination in foreign currency is recorded in the respective currency and converted at the exchange rate at the end of the period.
Software - cloud computing arrangements
Costs incurred for configuration or customization of cloud computing arrangements are generally directly recognized in income. If the configuration or customization services were provided by the application provider and they are not considered distinct, the costs are recognized as an expense over the lifetime of the contract. In limited circumstances, certain configuration or customization activities may give rise to a separate intangible asset that is amortized on a straight-line basis over an estimated useful life that is not in excess of the lifetime of the contract.
Software - other
Acquired software licenses are capitalized on the basis of the costs incurred to acquire and to bring to use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Company that are expected to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Only direct costs (such as software development employee costs and an appropriate portion of relevant overheads) are included in the initial measurement. Software acquired in a business combination are initially recognized at their fair value, generally using a cost approach. Software licenses and products are generally amortized on a straight-line basis over an estimated useful life of 5 to 10 years.
Trademarks
Trademarks acquired in a business combination are initially recognized at fair value, using the relief-from-royalty approach. They are subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Customer relationships
The valuation of customer relationships acquired in a business combination is based on the present value of estimated future cash flows. Customer relationships are initially recognized at fair value and subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Other intangibles
Intangibles within this category are amortized on a straight-line basis over an estimated useful life of maximum 15 years. Other intangible assets include order books, distribution relationships, license agreements, intellectual property and non-compete agreements.
Movements for goodwill and other intangibles are as follows:
| \u00a0 | Goodwill | Software | Trade- | Customer relationships | Other | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost value | 2,580.4 | 500.6 | 1,020.0 | 709.1 | 270.6 | 5,080.7 |
Accumulated amortization and impairments | (649.2) | (353.4) | (279.9) | (318.5) | (141.8) | (1,742.8) |
Balance on January 1, 2024 | 1,931.2 | 147.2 | 740.1 | 390.6 | 128.8 | 3,337.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investments | 375.3 | 35.9 | 35.7 | - | 9.2 | 456.1 |
Consolidation | - | 0.6 | 23.9 | 56.2 | 1.9 | 82.6 |
Purchase price accounting adjustments | (0.4) | - | - | - | - | (0.4) |
Disposals | - | (0.4) | - | - | 0.1 | (0.3) |
Amortization and impairments | (43.2) | (42.3) | (53.6) | (65.7) | (35.7) | (240.5) |
Reclassification | (0.4) | 0.7 | - | - | - | 0.3 |
Reclassification from/(to) held for sale1 | 35.2 | (3.6) | (149.7) | (69.8) | 63.2 | (124.7) |
Exchange differences and other | 33.7 | 0.6 | 11.0 | 8.2 | 0.8 | 54.3 |
Balance on December 31, 2024 | 2,331.4 | 138.7 | 607.4 | 319.5 | 168.3 | 3,565.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 December 31, 2024 | 2,331.4 | 138.7 | 607.4 | 319.5 | 168.3 | 3,565.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 sale2 | (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 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 |
Information on impairment testing and impairments is included in note 36.
Investment properties
2025
A $\u00a04.8 million (\u20ac\u00a04.0 million) impairment was recorded on a fully-owned property within the U.S. real estate portfolio, due to persistently low occupancy.
Goodwill
Unquoted
Goodwill for the unquoted segment has been tested for impairment losses at a level that reflects the way the operations are managed and with which the goodwill would naturally be associated. Management reviews the unquoted business performance on an entity level. Goodwill is also monitored on this level.
The recoverable amount of cash-generating units is generally determined based on the calculation of their value in use. These calculations use cash flow projections covering a five-year period. Cash flows beyond this five-year period are extrapolated using an estimated growth rate of nil. In 2025 the value-in-use method was applied to 100% of the goodwill tested (2024: 100%).
Impairment testing conducted during the year did not result in the recognition of impairment charges. In 2024, impairment charges were recorded on the goodwill of GreenV amounting to \u20ac\u00a043.2 million (HAL share \u20ac\u00a032.4 million). In addition to this goodwill impairment, a pre-tax impairment of \u20ac\u00a031.7 million (HAL share \u20ac\u00a023.6 million, before tax) was recognized on the customer relationships of GreenV.
Key assumptions used for value-in-use calculations are included as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Unquoted investments | \u00a0 | \u00a0 |
Weighted-average increase in revenues | 4.1% | 4.4% |
Weighted-average gross margin | 36.6% | 35.4% |
Weighted-average pre-tax discount rate | 13.5% | 13.3% |
Growth rate beyond year five | 0.0% | 0.0% |
The valuation models include certain assumptions with respect to revenue growth, margin development, discount rates and terminal growth rates. A negative development of 2% in these assumptions would result in a potential (further) impairment charge on goodwill for the Unquoted segment as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
2% lower increase in revenues | 185.6 | 6.3 |
2% increase in the discount rate | 370.9 | 360.9 |
2% lower gross margin | 386.1 | 194.7 |
If the cash flows beyond the five-year period were extrapolated using an estimated growth rate of 2%, the value in use of the cash-generating units within the Unquoted segment that indicated a potential impairment in the above sensitivity analyses would increase by \u20ac\u00a0510.7 million (2024: \u20ac\u00a01,370.5 million).
Quoted
Vopak and Safilo are both listed entities. At the year-end 2025 the stock\u00a0market value of the ownership interest in Safilo exceeded the carrying value by \u20ac\u00a0203.3 million. At the end of 2025, the stock\u00a0market value of the ownership interest in Vopak exceeded its carrying value by \u20ac\u00a0506.1 million. These stock market values qualify as level 1 in the fair value hierarchy.
The goodwill at the level of Safilo (\u20ac\u00a031.0 million) has been tested on a single cash-generating unit basis using a five-year projection based on the Safilo group financial projections for the period 2026 through 2030. This value-in-use model includes a post-tax WACC of 9.8% and a 2.2% terminal growth rate beyond the explicit forecast period (2024: 10.0%, respectively 2.1%). Applying alternative scenarios with a 46% decrease of EBITDA or with an increase of the WACC by 6.0% also does not lead to impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i4238": { "value": "Property, plant and equipment are recorded at historical cost less accumulated depreciation and impairments. Historical cost includes expenditure that is directly attributable to the acquisition of the items (such as unrecoverable taxes and transport) and construction costs that can be allocated directly (such as hours of own employees and advisory fees). Interest during construction is capitalized. To the extent that dismantling obligations exist, these are included in the cost of the assets.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of replaced parts is derecognized. All other repair and maintenance costs are charged to the consolidated statement of income during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to write off the cost of each asset to their residual values over their estimated useful life as follows: buildings 10-50 years, vessels and floating equipment 5-30 years, tank storage terminals 10-40 years and equipment and other 3-15 years. Useful lives and residual values are reviewed annually and, if required, amended. Land is not depreciated.
Critical accounting estimates and judgments
Property, plant and equipment represent a substantial part of the total assets of the Group and the related depreciation forms a substantial part of the annual operating expenses. The useful life and residual value of these assets have a major impact on the measurement of property, plant and equipment. These estimates and assumptions are partly based on the expected useful productive lives, experiences related to similar assets, the maintenance history and the period during which the company has the economic benefits from the utilization of the assets.
Movements for 2025 and 2024 are as follows:
| \u00a0 | Land and buildings | Vessels and floating equipment | Tank storage terminals | Equipment | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost value | 1,273.4 | 4,075.1 | 5,849.5 | 2,050.6 | 13,248.6 |
Cost value - under construction | 40.0 | 203.9 | 264.9 | 107.0 | 615.8 |
Accumulated depreciation and impairments | (499.1) | (688.2) | (3,214.9) | (1,591.4) | (5,993.6) |
Balance on January 1, 2024 | 814.3 | 3,590.8 | 2,899.5 | 566.2 | 7,870.8 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investments | 68.7 | 767.0 | 310.3 | 192.2 | 1,338.2 |
Consolidation | 0.5 | 575.4 | - | 7.0 | 582.9 |
Disposals | (4.4) | (15.7) | (0.7) | (12.0) | (32.8) |
Depreciation and impairments, net of reversals | (40.4) | (391.9) | (292.2) | (154.6) | (879.1) |
Reclassification | 4.0 | 13.3 | (5.2) | 0.5 | 12.6 |
Reclassification from/(to) held for sale1 | 18.8 | (3.1) | (0.1) | 156.8 | 172.4 |
Exchange differences | 7.1 | 108.5 | 38.4 | 4.8 | 158.8 |
Balance on December 31, 2024 | 868.6 | 4,644.3 | 2,950.0 | 760.9 | 9,223.8 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 December 31, 2024 | 868.6 | 4,644.3 | 2,950.0 | 760.9 | 9,223.8 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 reversals2 | (39.2) | (458.6) | (77.3) | (151.7) | (726.8) |
Reclassification | 3.4 | - | (4.4) | (2.0) | (3.0) |
Reclassification from/(to) held for sale3 | (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 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 |
Reconciliation of the Investments line with the consolidated cash flow statement, requires \u20ac\u00a0(6.7) million (2024: \u20ac\u00a030.4 million) in capitalized interest and deferred payments to be taken into account.
Note 22 details information on pledges.
Property, plant and equipment are recorded at historical cost less accumulated depreciation and impairments. Historical cost includes expenditure that is directly attributable to the acquisition of the items (such as unrecoverable taxes and transport) and construction costs that can be allocated directly (such as hours of own employees and advisory fees). Interest during construction is capitalized. To the extent that dismantling obligations exist, these are included in the cost of the assets.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of replaced parts is derecognized. All other repair and maintenance costs are charged to the consolidated statement of income during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to write off the cost of each asset to their residual values over their estimated useful life as follows: buildings 10-50 years, vessels and floating equipment 5-30 years, tank storage terminals 10-40 years and equipment and other 3-15 years. Useful lives and residual values are reviewed annually and, if required, amended. Land is not depreciated.
Critical accounting estimates and judgments
Property, plant and equipment represent a substantial part of the total assets of the Group and the related depreciation forms a substantial part of the annual operating expenses. The useful life and residual value of these assets have a major impact on the measurement of property, plant and equipment. These estimates and assumptions are partly based on the expected useful productive lives, experiences related to similar assets, the maintenance history and the period during which the company has the economic benefits from the utilization of the assets.
Depreciation is calculated using the straight-line method to write off the cost of each asset to their residual values over their estimated useful life as follows: buildings 10-50 years, vessels and floating equipment 5-30 years, tank storage terminals 10-40 years and equipment and other 3-15 years. Useful lives and residual values are reviewed annually and, if required, amended. Land is not depreciated.
Depreciation is calculated using the straight-line method to write off the cost of each asset to their residual values over their estimated useful life (25-50 years). Useful lives and residual values are reviewed annually and, if required, amended. Land is not depreciated.
Right-of-use assets
At the commencement date of the lease contract, the right-of-use asset is measured at cost. This comprises the initial amount of the lease liability, adjusted for prepayments and lease incentives received, initial direct cost, estimated restoration and dismantling costs, where applicable. Depreciation is calculated using the straight-line method to write off the cost of each right-of-use asset from the commencement date to the end of the useful life of the right-of-use asset, considered to be indicated by the lease term. The right-of-use assets are subject to impairment and adjusted for remeasurement of lease liabilities.
Investment properties are recorded at historical cost less accumulated depreciation and impairments. Historical cost includes expenditure that is directly attributable to the acquisition of the properties (such as unrecoverable taxes) and construction costs that can be allocated directly (such as hours of own employees and advisory fees). Interest during construction is capitalized. To the extent that dismantling obligations exist, these are included in the cost of the assets.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the consolidated statement of income during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to write off the cost of each asset to their residual values over their estimated useful life (25-50 years). Useful lives and residual values are reviewed annually and, if required, amended. Land is not depreciated.
Movements for 2025 and 2024 are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
Cost value | 114.1 | 90.7 |
Cost value - under construction | 12.7 | 3.8 |
Accumulated depreciation and impairments | (15.7) | (9.2) |
Balance on January 1 | 111.1 | 85.3 |
| \u00a0 | \u00a0 | \u00a0 |
Investments | 9.4 | 12.5 |
Consolidation | - | 19.0 |
Disposals | (0.2) | (0.1) |
Depreciation and impairments | (5.7) | (6.6) |
Exchange differences | (2.2) | 1.0 |
Balance on December 31 | 112.4 | 111.1 |
| \u00a0 | \u00a0 | \u00a0 |
Cost value | 130.7 | 114.1 |
Cost value - under construction | 2.8 | 12.7 |
Accumulated depreciation and impairments | (21.1) | (15.7) |
Balance on December 31 | 112.4 | 111.1 |
At year-end 2025 and 2024, the carrying value of the investment properties was a reasonable approximation of their fair value.
Investment properties are recorded at historical cost less accumulated depreciation and impairments. Historical cost includes expenditure that is directly attributable to the acquisition of the properties (such as unrecoverable taxes) and construction costs that can be allocated directly (such as hours of own employees and advisory fees). Interest during construction is capitalized. To the extent that dismantling obligations exist, these are included in the cost of the assets.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the consolidated statement of income during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to write off the cost of each asset to their residual values over their estimated useful life (25-50 years). Useful lives and residual values are reviewed annually and, if required, amended. Land is not depreciated.
A right-of-use asset and a related lease liability are recognized for lease contracts that exceed a duration of twelve months, except when a contract relates to leases of low-value assets, payments are primarily based on variables such as revenue or when a lessor has a substantive substitution right. The latter contracts are expensed on a straight-line basis over the contract term.
The Company leases real estate properties (land and buildings) to house its retail stores, offices, logistical activities and storage terminal operations. Lease contracts are negotiated on an individual basis and, due to the geographical spread and the various business models of operating companies, contain a wide range of different terms and conditions.
The Company leases vessels and floating equipment in respect of its businesses of transporting liquefied gases and petrochemical products, dredging and offshore energy. These lease contracts are negotiated on an individual basis and may contain a wide range of different terms and conditions due to the international lessor base and the complex and varying nature of individual vessels.
The Company leases terminal-related assets, including storage assets, jetties and loading facilities. These lease contracts are also negotiated on an individual basis and contain a wide range of different terms and conditions due to geographical spread and specific nature of the assets.
The Company also leases trucks, passenger cars and machinery and equipment, including information and communication technology equipment. These contracts are insignificant compared to the total leased asset portfolio.
Right-of-use assets
At the commencement date of the lease contract, the right-of-use asset is measured at cost. This comprises the initial amount of the lease liability, adjusted for prepayments and lease incentives received, initial direct cost, estimated restoration and dismantling costs, where applicable. Depreciation is calculated using the straight-line method to write off the cost of each right-of-use asset from the commencement date to the end of the useful life of the right-of-use asset, considered to be indicated by the lease term. The right-of-use assets are subject to impairment and adjusted for remeasurement of lease liabilities.
Lease liabilities
At the commencement date of the lease contract, the lease liability is measured at the present value of the lease payments over the lease term, discounted using the incremental borrowing rate. Payments include (in-substance) fixed payments, variable lease payments that depend on an index or rate, amounts expected to be payable under residual value guarantees, expected (early termination) penalties and amounts expected to be payable for the exercise of purchase options, when there is reasonably certainty that these will be exercised. Contractual payments related to service costs are excluded from the measurement of lease liabilities in respect of terminal-related assets. Lease liabilities are subsequently measured at amortized cost using the effective interest method. A lease liability is remeasured when there is an adjustment to future lease payments arising from, for example, renegotiation of the lease contract, a change in index or rate, or in case of reassessment of the expected exercise of options by the Group. A remeasurement of the lease liability is reflected as a corresponding adjustment to the right-of-use asset, with any excess over the carrying amount of the asset being recognized in the consolidated statement of income.
Lessor accounting
The Company subleases some of its right-of-use assets to third parties. When substantially all the risks and rewards are transferred to the lessee, the sublease is classified as a finance lease, otherwise the sublease is an operating lease. When the sublease is classified as a finance lease, the right-of-use asset in the head lease is de-recognized and a lease receivable is recognized, with any difference being recorded in the consolidated statement of income. Subsequently, the interest income and interest expense are accrued on the lease receivable and lease liability respectively applying the effective interest method. Rental income from operating subleases is recognized in the consolidated statement of income, within revenue from other sources.
Critical accounting estimates and judgments - lease terms
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 the 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 potentially favorable extension terms and long-term customer contracts related to the leased asset.
Critical accounting estimates and judgments - discount rates
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.
Movements in the right-of-use assets are as follows:
| \u00a0 | Land and buildings | Vessels and floating equipment | Equipment and other | Total |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost value | 1,247.0 | 85.1 | 200.8 | 1,532.9 |
Accumulated depreciation and impairments | (350.6) | (37.7) | (98.2) | (486.5) |
Balance on January 1, 2024 | 896.4 | 47.4 | 102.6 | 1,046.4 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
New lease contracts | 69.3 | - | 62.5 | 131.8 |
Consolidation | 0.6 | - | 4.9 | 5.5 |
Depreciation and impairments | (113.6) | (21.6) | (45.8) | (181.0) |
Reclassification | (6.7) | - | (0.5) | (7.2) |
Reclassification from/(to) held for sale | (17.5) | - | - | (17.5) |
Reassessment and remeasurement | 77.5 | 33.4 | (2.2) | 108.7 |
Exchange differences | 6.0 | 3.8 | 0.6 | 10.4 |
Balance on December 31, 2024 | 912.0 | 63.0 | 122.1 | 1,097.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost value | 1,322.2 | 123.9 | 238.6 | 1,684.7 |
Accumulated depreciation and impairments | (410.2) | (60.9) | (116.5) | (587.6) |
Balance on December 31, 2024 | 912.0 | 63.0 | 122.1 | 1,097.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
New lease contracts | 55.2 | 0.4 | 65.7 | 121.3 |
Depreciation and impairments | (115.6) | (20.2) | (50.8) | (186.6) |
Reclassification | 1.0 | - | (0.9) | 0.1 |
Reclassification from/(to) held for sale | (0.2) | - | (1.5) | (1.7) |
Reassessment and remeasurement | 28.6 | 76.4 | (1.9) | 103.1 |
Exchange differences | (26.0) | (2.7) | (1.2) | (29.9) |
Balance on December 31, 2025 | 855.0 | 116.9 | 131.5 | 1,103.4 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost value | 1,347.2 | 163.0 | 269.6 | 1,779.8 |
Accumulated depreciation and impairments | (492.2) | (46.1) | (138.1) | (676.4) |
Balance on December 31, 2025 | 855.0 | 116.9 | 131.5 | 1,103.4 |
In 2025, variable payments of \u20ac\u00a02.8\u00a0million (2024: \u20ac\u00a03.5 million) related to on-balance lease contracts were included in operating expenses. Leases with an original duration of less than 12 months and leases for which the leased asset was of low value were included in the 2025 other operating expenses for \u20ac\u00a05.0 million, respectively \u20ac\u00a010.5 million (2024: \u20ac\u00a05.2 million, respectively \u20ac\u00a011.1 million). The total cash outflow for leases in 2025 amounted to \u20ac\u00a0228.5 million (2024: \u20ac\u00a0223.2 million).
Movements in the lease liabilities for 2025 and 2024 are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Balance on January 1 | 1,184.4 | 1,117.3 |
New lease contracts | 121.3 | 131.8 |
Consolidation | - | 5.3 |
Accrued interest | 37.5 | 36.6 |
Payments | (210.2) | (203.4) |
Reclassification from/(to) held for sale | (1.8) | (20.1) |
Ended lease contracts | (2.7) | (17.5) |
Reassessment and remeasurement | 106.2 | 124.6 |
Exchange differences and other | (34.2) | 9.8 |
Balance on December 31 | 1,200.5 | 1,184.4 |
| \u00a0 | \u00a0 | \u00a0 |
Current lease liabilities | 235.4 | 161.7 |
Non-current lease liabilities | 965.1 | 1,022.7 |
Balance on December 31 | 1,200.5 | 1,184.4 |
The consolidated lease liability as at December 31, 2025, relates mainly to Vopak (\u20ac\u00a0615.3 million, 2024: \u20ac\u00a0651.4 million). The weighted-average incremental borrowing rate applied to this portfolio was 3.3% (2024: 3.3%), with a weighted-average remaining lease term of 23.0 years (2024: 23.9 years).
A right-of-use asset and a related lease liability are recognized for lease contracts that exceed a duration of twelve months, except when a contract relates to leases of low-value assets, payments are primarily based on variables such as revenue or when a lessor has a substantive substitution right. The latter contracts are expensed on a straight-line basis over the contract term.
The Company leases real estate properties (land and buildings) to house its retail stores, offices, logistical activities and storage terminal operations. Lease contracts are negotiated on an individual basis and, due to the geographical spread and the various business models of operating companies, contain a wide range of different terms and conditions.
The Company leases vessels and floating equipment in respect of its businesses of transporting liquefied gases and petrochemical products, dredging and offshore energy. These lease contracts are negotiated on an individual basis and may contain a wide range of different terms and conditions due to the international lessor base and the complex and varying nature of individual vessels.
The Company leases terminal-related assets, including storage assets, jetties and loading facilities. These lease contracts are also negotiated on an individual basis and contain a wide range of different terms and conditions due to geographical spread and specific nature of the assets.
The Company also leases trucks, passenger cars and machinery and equipment, including information and communication technology equipment. These contracts are insignificant compared to the total leased asset portfolio.
Right-of-use assets
At the commencement date of the lease contract, the right-of-use asset is measured at cost. This comprises the initial amount of the lease liability, adjusted for prepayments and lease incentives received, initial direct cost, estimated restoration and dismantling costs, where applicable. Depreciation is calculated using the straight-line method to write off the cost of each right-of-use asset from the commencement date to the end of the useful life of the right-of-use asset, considered to be indicated by the lease term. The right-of-use assets are subject to impairment and adjusted for remeasurement of lease liabilities.
Lease liabilities
At the commencement date of the lease contract, the lease liability is measured at the present value of the lease payments over the lease term, discounted using the incremental borrowing rate. Payments include (in-substance) fixed payments, variable lease payments that depend on an index or rate, amounts expected to be payable under residual value guarantees, expected (early termination) penalties and amounts expected to be payable for the exercise of purchase options, when there is reasonably certainty that these will be exercised. Contractual payments related to service costs are excluded from the measurement of lease liabilities in respect of terminal-related assets. Lease liabilities are subsequently measured at amortized cost using the effective interest method. A lease liability is remeasured when there is an adjustment to future lease payments arising from, for example, renegotiation of the lease contract, a change in index or rate, or in case of reassessment of the expected exercise of options by the Group. A remeasurement of the lease liability is reflected as a corresponding adjustment to the right-of-use asset, with any excess over the carrying amount of the asset being recognized in the consolidated statement of income.
Lessor accounting
The Company subleases some of its right-of-use assets to third parties. When substantially all the risks and rewards are transferred to the lessee, the sublease is classified as a finance lease, otherwise the sublease is an operating lease. When the sublease is classified as a finance lease, the right-of-use asset in the head lease is de-recognized and a lease receivable is recognized, with any difference being recorded in the consolidated statement of income. Subsequently, the interest income and interest expense are accrued on the lease receivable and lease liability respectively applying the effective interest method. Rental income from operating subleases is recognized in the consolidated statement of income, within revenue from other sources.
Critical accounting estimates and judgments - lease terms
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 the 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 potentially favorable extension terms and long-term customer contracts related to the leased asset.
Critical accounting estimates and judgments - discount rates
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.
Intangible assets include goodwill, trademarks, customer relationships, software and other intangible assets. Intangible assets are carried at cost less accumulated impairments
Goodwill
Goodwill arises on business combinations and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value amounts of the identifiable assets, liabilities and contingent liabilities.
Goodwill is subject to annual impairment testing, and whenever there is an indication of impairment, as described in note 36. If an impairment is recognized, it is not reversed in subsequent periods. Goodwill relating to a business combination in foreign currency is recorded in the respective currency and converted at the exchange rate at the end of the period.
Software - cloud computing arrangements
Costs incurred for configuration or customization of cloud computing arrangements are generally directly recognized in income. If the configuration or customization services were provided by the application provider and they are not considered distinct, the costs are recognized as an expense over the lifetime of the contract. In limited circumstances, certain configuration or customization activities may give rise to a separate intangible asset that is amortized on a straight-line basis over an estimated useful life that is not in excess of the lifetime of the contract.
Software - other
Acquired software licenses are capitalized on the basis of the costs incurred to acquire and to bring to use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Company that are expected to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Only direct costs (such as software development employee costs and an appropriate portion of relevant overheads) are included in the initial measurement. Software acquired in a business combination are initially recognized at their fair value, generally using a cost approach. Software licenses and products are generally amortized on a straight-line basis over an estimated useful life of 5 to 10 years.
Trademarks
Trademarks acquired in a business combination are initially recognized at fair value, using the relief-from-royalty approach. They are subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Customer relationships
The valuation of customer relationships acquired in a business combination is based on the present value of estimated future cash flows. Customer relationships are initially recognized at fair value and subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Other intangibles
Intangibles within this category are amortized on a straight-line basis over an estimated useful life of maximum 15 years. Other intangible assets include order books, distribution relationships, license agreements, intellectual property and non-compete agreements.
Movements for goodwill and other intangibles are as follows:
| \u00a0 | Goodwill | Software | Trade- | Customer relationships | Other | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost value | 2,580.4 | 500.6 | 1,020.0 | 709.1 | 270.6 | 5,080.7 |
Accumulated amortization and impairments | (649.2) | (353.4) | (279.9) | (318.5) | (141.8) | (1,742.8) |
Balance on January 1, 2024 | 1,931.2 | 147.2 | 740.1 | 390.6 | 128.8 | 3,337.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investments | 375.3 | 35.9 | 35.7 | - | 9.2 | 456.1 |
Consolidation | - | 0.6 | 23.9 | 56.2 | 1.9 | 82.6 |
Purchase price accounting adjustments | (0.4) | - | - | - | - | (0.4) |
Disposals | - | (0.4) | - | - | 0.1 | (0.3) |
Amortization and impairments | (43.2) | (42.3) | (53.6) | (65.7) | (35.7) | (240.5) |
Reclassification | (0.4) | 0.7 | - | - | - | 0.3 |
Reclassification from/(to) held for sale1 | 35.2 | (3.6) | (149.7) | (69.8) | 63.2 | (124.7) |
Exchange differences and other | 33.7 | 0.6 | 11.0 | 8.2 | 0.8 | 54.3 |
Balance on December 31, 2024 | 2,331.4 | 138.7 | 607.4 | 319.5 | 168.3 | 3,565.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 December 31, 2024 | 2,331.4 | 138.7 | 607.4 | 319.5 | 168.3 | 3,565.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 sale2 | (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 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 |
Information on impairment testing and impairments is included in note 36.
Intangible assets include goodwill, trademarks, customer relationships, software and other intangible assets. Intangible assets are carried at cost less accumulated impairments
Goodwill
Goodwill arises on business combinations and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value amounts of the identifiable assets, liabilities and contingent liabilities.
Goodwill is subject to annual impairment testing, and whenever there is an indication of impairment, as described in note 36. If an impairment is recognized, it is not reversed in subsequent periods. Goodwill relating to a business combination in foreign currency is recorded in the respective currency and converted at the exchange rate at the end of the period.
Software - cloud computing arrangements
Costs incurred for configuration or customization of cloud computing arrangements are generally directly recognized in income. If the configuration or customization services were provided by the application provider and they are not considered distinct, the costs are recognized as an expense over the lifetime of the contract. In limited circumstances, certain configuration or customization activities may give rise to a separate intangible asset that is amortized on a straight-line basis over an estimated useful life that is not in excess of the lifetime of the contract.
Software - other
Acquired software licenses are capitalized on the basis of the costs incurred to acquire and to bring to use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Company that are expected to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Only direct costs (such as software development employee costs and an appropriate portion of relevant overheads) are included in the initial measurement. Software acquired in a business combination are initially recognized at their fair value, generally using a cost approach. Software licenses and products are generally amortized on a straight-line basis over an estimated useful life of 5 to 10 years.
Trademarks
Trademarks acquired in a business combination are initially recognized at fair value, using the relief-from-royalty approach. They are subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Customer relationships
The valuation of customer relationships acquired in a business combination is based on the present value of estimated future cash flows. Customer relationships are initially recognized at fair value and subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Other intangibles
Intangibles within this category are amortized on a straight-line basis over an estimated useful life of maximum 15 years. Other intangible assets include order books, distribution relationships, license agreements, intellectual property and non-compete agreements.
Movements for goodwill and other intangibles are as follows:
| \u00a0 | Goodwill | Software | Trade- | Customer relationships | Other | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost value | 2,580.4 | 500.6 | 1,020.0 | 709.1 | 270.6 | 5,080.7 |
Accumulated amortization and impairments | (649.2) | (353.4) | (279.9) | (318.5) | (141.8) | (1,742.8) |
Balance on January 1, 2024 | 1,931.2 | 147.2 | 740.1 | 390.6 | 128.8 | 3,337.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investments | 375.3 | 35.9 | 35.7 | - | 9.2 | 456.1 |
Consolidation | - | 0.6 | 23.9 | 56.2 | 1.9 | 82.6 |
Purchase price accounting adjustments | (0.4) | - | - | - | - | (0.4) |
Disposals | - | (0.4) | - | - | 0.1 | (0.3) |
Amortization and impairments | (43.2) | (42.3) | (53.6) | (65.7) | (35.7) | (240.5) |
Reclassification | (0.4) | 0.7 | - | - | - | 0.3 |
Reclassification from/(to) held for sale1 | 35.2 | (3.6) | (149.7) | (69.8) | 63.2 | (124.7) |
Exchange differences and other | 33.7 | 0.6 | 11.0 | 8.2 | 0.8 | 54.3 |
Balance on December 31, 2024 | 2,331.4 | 138.7 | 607.4 | 319.5 | 168.3 | 3,565.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 December 31, 2024 | 2,331.4 | 138.7 | 607.4 | 319.5 | 168.3 | 3,565.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 sale2 | (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 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 |
Information on impairment testing and impairments is included in note 36.
Intangible assets include goodwill, trademarks, customer relationships, software and other intangible assets. Intangible assets are carried at cost less accumulated impairments
Goodwill
Goodwill arises on business combinations and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value amounts of the identifiable assets, liabilities and contingent liabilities.
Goodwill is subject to annual impairment testing, and whenever there is an indication of impairment, as described in note 36. If an impairment is recognized, it is not reversed in subsequent periods. Goodwill relating to a business combination in foreign currency is recorded in the respective currency and converted at the exchange rate at the end of the period.
Software - cloud computing arrangements
Costs incurred for configuration or customization of cloud computing arrangements are generally directly recognized in income. If the configuration or customization services were provided by the application provider and they are not considered distinct, the costs are recognized as an expense over the lifetime of the contract. In limited circumstances, certain configuration or customization activities may give rise to a separate intangible asset that is amortized on a straight-line basis over an estimated useful life that is not in excess of the lifetime of the contract.
Software - other
Acquired software licenses are capitalized on the basis of the costs incurred to acquire and to bring to use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Company that are expected to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Only direct costs (such as software development employee costs and an appropriate portion of relevant overheads) are included in the initial measurement. Software acquired in a business combination are initially recognized at their fair value, generally using a cost approach. Software licenses and products are generally amortized on a straight-line basis over an estimated useful life of 5 to 10 years.
Trademarks
Trademarks acquired in a business combination are initially recognized at fair value, using the relief-from-royalty approach. They are subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Customer relationships
The valuation of customer relationships acquired in a business combination is based on the present value of estimated future cash flows. Customer relationships are initially recognized at fair value and subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Other intangibles
Intangibles within this category are amortized on a straight-line basis over an estimated useful life of maximum 15 years. Other intangible assets include order books, distribution relationships, license agreements, intellectual property and non-compete agreements.
Intangible assets include goodwill, trademarks, customer relationships, software and other intangible assets. Intangible assets are carried at cost less accumulated impairments
Software - cloud computing arrangements
Costs incurred for configuration or customization of cloud computing arrangements are generally directly recognized in income. If the configuration or customization services were provided by the application provider and they are not considered distinct, the costs are recognized as an expense over the lifetime of the contract. In limited circumstances, certain configuration or customization activities may give rise to a separate intangible asset that is amortized on a straight-line basis over an estimated useful life that is not in excess of the lifetime of the contract.
Software - other
Acquired software licenses are capitalized on the basis of the costs incurred to acquire and to bring to use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Company that are expected to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Only direct costs (such as software development employee costs and an appropriate portion of relevant overheads) are included in the initial measurement. Software acquired in a business combination are initially recognized at their fair value, generally using a cost approach. Software licenses and products are generally amortized on a straight-line basis over an estimated useful life of 5 to 10 years.
Trademarks
Trademarks acquired in a business combination are initially recognized at fair value, using the relief-from-royalty approach. They are subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Customer relationships
The valuation of customer relationships acquired in a business combination is based on the present value of estimated future cash flows. Customer relationships are initially recognized at fair value and subsequently amortized over an estimated useful life, generally a maximum of 20 years, on a straight-line basis with no residual value.
Other intangibles
Intangibles within this category are amortized on a straight-line basis over an estimated useful life of maximum 15 years. Other intangible assets include order books, distribution relationships, license agreements, intellectual property and non-compete agreements.
Goodwill
Goodwill arises on business combinations and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date fair value amounts of the identifiable assets, liabilities and contingent liabilities.
Goodwill is subject to annual impairment testing, and whenever there is an indication of impairment, as described in note 36. If an impairment is recognized, it is not reversed in subsequent periods. Goodwill relating to a business combination in foreign currency is recorded in the respective currency and converted at the exchange rate at the end of the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5101": { "value": "Associates are entities over which the Company has significant influence, generally presumed to exist at a shareholding of 20% or more of the voting rights, but no (de facto) control.
Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Most joint arrangements of the Company are considered joint ventures.
Associates and joint ventures are accounted for using the equity method. Under the equity method, the interest in the associate or joint venture is recognized at cost, including goodwill identified upon acquisition. If the investment is achieved in stages, the Company deems the fair value of the previously held equity interest as (part of) the cost of the associate or joint venture. The carrying value is subsequently adjusted to recognize the Company\u2019s share of the post-acquisition results and movements in other comprehensive income of the associate or joint venture. Accounting policies of the associates and joint ventures have been amended, where necessary, to ensure consistency with the policies adopted by the Company. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising on associates and joint ventures are recognized in the income statement.
If the ownership in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is recycled to the consolidated statement of income, where appropriate.
Joint operations are joint arrangements whereby the Company and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the joint operation. The Company recognizes its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and includes it on a line-by-line basis with corresponding items in the consolidated financial statements.
The movements of investments accounted for using the equity method are set out on the following page.
| \u00a0 | Associates | Joint ventures | Total |
|---|---|---|---|
Share of net assets | 1,496.6 | 1,739.5 | 3,236.1 |
Goodwill | 241.7 | 167.7 | 409.4 |
Balance on January 1, 2024 | 1,738.3 | 1,907.2 | 3,645.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investments | 93.3 | 191.4 | 284.7 |
Disposals | (4.6) | (2.5) | (7.1) |
Share of results - real estate | - | 4.8 | 4.8 |
Share of results - other | 124.4 | 248.1 | 372.5 |
Share of other comprehensive income | 37.0 | 0.1 | 37.1 |
Redemption of share capital | (7.9) | - | (7.9) |
Dividends | (107.3) | (206.8) | (314.1) |
Impairment reversal | 29.7 | - | 29.7 |
Reclassification1 | (61.7) | (258.2) | (319.9) |
Reclassification from/(to) held for sale | (26.4) | - | (26.4) |
Exchange differences | 16.3 | 67.1 | 83.4 |
Other | (10.3) | (5.9) | (16.2) |
Balance on December 31, 2024 | 1,820.8 | 1,945.3 | 3,766.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Share of net assets | 1,669.0 | 1,692.0 | 3,361.0 |
Goodwill | 151.8 | 253.3 | 405.1 |
Balance on December 31, 2024 | 1,820.8 | 1,945.3 | 3,766.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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) |
Dividends | (118.7) | (169.8) | (288.5) |
Impairments | (1.1) | - | (1.1) |
Reclassification2 | 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 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 |
The amounts recognized in the statement of financial position comprise:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Publicly traded | 932.8 | 871.5 |
Other | 3,191.3 | 2,894.6 |
| \u00a0 | 4,124.1 | 3,766.1 |
Vopak - PT2SB
In March 2020, a fire incident took place at the anchor client of PT2SB (25% Vopak) in Malaysia, leading to a subsequent closure of a large part of the facility. The refinery successfully resumed operations in the first half of 2023. However, the closure weakened the refinery\u2019s liquidity position, which impacted payments to PT2SB in 2023 and 2024. At December 31, 2024, PT2SB reported \u20ac\u00a0211 million in net accounts receivable from this client. In July 2025, PT2SB reached a commercial resolution and received the amounts outstanding in respect of the net accounts receivable balances, including those outstanding as at December 31, 2024. As a result, a gain of \u20ac\u00a022 million is included in share of results - other.
Investments
Koppert
On November 25, 2025, HAL expanded its interest in Koppert Group B.V. (\u2018Koppert\u2019) through the acquisition of 27.3% of the company\u2019s ordinary share capital. In February 2024, HAL had already invested \u20ac\u00a0140 million in the company\u2019s preferred share capital and, as part of the transaction, a loan of \u20ac\u00a025 million provided in July 2025 was converted into convertible preference shares. Following the transaction, HAL holds convertible preference shares and non-convertible preference shares in Koppert with a book value of \u20ac\u00a023 million and \u20ac\u00a0120 million, respectively. Koppert 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. Over 2025, Koppert reported a turnover of \u20ac\u00a0450 million and an EBITDA of \u20ac\u00a032 million.
Real estate joint ventures
During 2025, \u20ac\u00a027.3 million was invested in joint ventures belonging to the real estate segment.
Dividend, divestments and dilution
Vopak - Vopak Terminals Korea Ltd (VTK)
On December 23, 2025, Vopak divested its 51% shareholding in the VTK joint venture. The divestment resulted in a net disposal loss of \u20ac\u00a014.8 million reported in the consolidated statement of income within other income. The net disposal loss consists of the fair value of the cash proceeds of \u20ac\u00a028.7 million, derecognition of the carrying amount of \u20ac\u00a034.4 million and recycling of currency translation losses previously recognized in other comprehensive income of \u20ac\u00a09.1 million. The disposal loss was subject to the Dutch participation exemption and deferred tax liabilities of \u20ac\u00a00.7 million related to withholding tax due on undistributed reserves of VTK have been released. The cash inflow of \u20ac\u00a028.7 million is presented in the consolidated statement of cash flows in the proceeds from divestiture of associates, joint arrangements and subsidiaries.
Vopak - Partial dilution Aegis Vopak Terminal Limited (AVTL)
On June 2, 2025, AVTL successfully completed its initial public offering, issuing 10.75% new equity shares for INR 2,800 crore (\u20ac\u00a0290 million). Following this primary equity issue, Vopak`s shareholding decreased from 47.3% to 42.2%, resulting in a net dilution gain of \u20ac\u00a0112.5 million recorded in the consolidated statement of income within other income. This gain comprised of the fair value of equity issuance proceeds, net of issue expenses, of \u20ac\u00a0139.8 million (included in the line transfer due to dilution), less the book value of the diluted interest of \u20ac\u00a023.7 million, and the recycling of currency translation losses previously recognized in other comprehensive income of \u20ac\u00a03.4 million, and \u20ac\u00a00.2 million in transaction expenses. The diluted interest was classified as an asset held for sale in the 2024 consolidated financial statements. On June 3, 2025, Vopak settled remaining net earn-out payables related to AVTL for an amount of \u20ac\u00a018.7 million. This cash outflow is presented in the consolidated statement of cash flows in the line acquisition of associates, joint arrangements and subsidiaries.
Vopak - Dividend receivable
The total dividend receivable from joint ventures and associates of Vopak amounted to \u20ac\u00a050.5 million at the end of 2025 (2024: \u20ac\u00a070.3 million). For purposes of the consolidated statement of cash flows, any declared but unpaid dividends are treated as non-cash transactions. In 2025, non-cash items amounting to \u20ac\u00a019.8 million (2024: \u20ac\u00a020.9 million) were adjusted.
Real estate joint ventures
The financial position of the U.S. real estate joint ventures included in the real estate segment can be summarized as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Properties in operation and under construction | 792.7 | 860.1 |
Project debt | (568.7) | (586.7) |
Non-controlling interest | (45.8) | (54.9) |
HAL equity share | 178.2 | 218.5 |
The real estate portfolio at the end of 2025 included 15 joint ventures of which one was invested in office buildings and 14 in residential real estate. The total (expected) cost of the real estate portfolio amounted to $ 1,194.1 million (\u20ac\u00a01,016.6 million) as of December 31, 2025 (2024: $\u00a01,189.6 million, \u20ac\u00a01,149.0 million). HAL\u2019s total equity commitment for these projects amounts to $ 420.1 million (\u20ac\u00a0357.7 million, 2024: $\u00a0359.0 million, \u20ac\u00a0346.7 million) of which $\u00a053.8 million (\u20ac\u00a045.8 million) was not yet spent as of December 31, 2025 (2024: $\u00a046.5 million, \u20ac\u00a045.0 million). As certain properties are under construction, the income statements of these joint ventures on a 100% basis are not significant in relation to the consolidated financial statements.
Quoted associate
The difference between the market value of HAL\u2019s share in its publicly traded associate SBM Offshore and the book value is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Market value | 1,012.7 | 701.0 |
Book value | 932.8 | 871.5 |
| \u00a0 | 79.9 | (170.5) |
Significant associate
SBM Offshore is a significant (non-consolidated) associate of HAL, in which HAL holds a 24.12% ownership interest. SBM Offshore is incorporated in the Netherlands and is listed on Euronext Amsterdam. The company designs, builds, installs and operates offshore floating facilities for the offshore energy industry.
Set out below is the summarized financial information for SBM Offshore. This summary is based on publicly available information.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Current | \u00a0 | \u00a0 |
Cash and cash equivalents | 1,086.0 | 806.0 |
Other current assets | 5,711.0 | 8,993.0 |
Total current assets | 6,797.0 | 9,799.0 |
| \u00a0 | \u00a0 | \u00a0 |
Financial liabilities (excluding trade payables) | 2,588.0 | 1,430.0 |
Other current liabilities (including trade payables) | 2,125.0 | 1,457.0 |
Total current liabilities | 4,713.0 | 2,887.0 |
| \u00a0 | \u00a0 | \u00a0 |
Non-current | \u00a0 | \u00a0 |
Assets | 11,299.0 | 7,358.0 |
| \u00a0 | \u00a0 | \u00a0 |
Financial liabilities | 6,591.0 | 7,778.0 |
Other liabilities | 312.0 | 647.0 |
Total non-current liabilities | 6,903.0 | 8,425.0 |
| \u00a0 | \u00a0 | \u00a0 |
Non-controlling interest | 2,076.0 | 2,225.0 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 4,404.0 | 3,620.0 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Revenue | 5,903.0 | 4,784.0 |
Depreciation, amortization and impairment | (50.0) | (113.0) |
Financial income | 83.0 | 26.0 |
Financial expense | (653.0) | (690.0) |
Profit / (loss) before tax | 1,226.0 | 283.0 |
| \u00a0 | \u00a0 | \u00a0 |
Profit / (loss) after tax for owners of parent | 922.0 | 150.0 |
Other comprehensive income for owners of parent | 175.0 | (98.0) |
Total comprehensive income for owners of parent | 1,097.0 | 52.0 |
Reconciliation of the summarized financial information for SBM Offshore:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Net assets January 1 | 3,620.0 | 3,733.0 |
Profit / (loss) for the period | 922.0 | 150.0 |
Other comprehensive income | 175.0 | (98.0) |
Transactions with owners | (313.0) | (165.0) |
Net assets December 31 | 4,404.0 | 3,620.0 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Interest in SBM Offshore (24.12%, 2024: 23.44%) | 919.6 | 827.0 |
Intangible assets recognized in purchase price allocation | 13.2 | 20.0 |
Goodwill | - | 24.5 |
Book value | 932.8 | 871.5 |
The consolidated subsidiaries Atlas and Boskalis provide services to SBM Offshore, for which the invoiced amounts were not material in 2025 and 2024. Dividends were received from SBM Offshore of \u20ac\u00a035.6 million (2024: \u20ac\u00a031.6 million).
Significant joint venture
Coolblue is a significant joint venture of HAL. HAL holds a 56.4% ownership interest in Coolblue. Coolblue is incorporated in the Netherlands and is one of the leading e-commerce companies in the Benelux and as of 2020 actively expanding its operations in Germany. The company sells a diversified product portfolio, primarily consisting of consumer electronics and large domestic appliances. Coolblue also offers energy services under its own label, \u201cCoolblue Energy\u201d, providing gas and electricity contracts. In addition, the company operated 38 physical stores at the end of 2025 (2024:32).
Set out below is the summarized financial information for Coolblue.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Current | \u00a0 | \u00a0 |
Assets | 419.3 | 333.8 |
| \u00a0 | \u00a0 | \u00a0 |
Liabilities | 704.1 | 611.2 |
| \u00a0 | \u00a0 | \u00a0 |
Non-current | \u00a0 | \u00a0 |
Assets | 904.6 | 875.4 |
| \u00a0 | \u00a0 | \u00a0 |
Liabilities | 188.2 | 149.9 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 431.6 | 448.1 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Revenue | 2,562.8 | 2,458.5 |
Profit / (loss) before tax | (19.7) | 6.2 |
Profit / (loss) after tax for owners of parent | (15.6) | 6.1 |
Total comprehensive income for owners of parent | (15.5) | 5.4 |
Reconciliation of the summarized financial information for Coolblue:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Net assets January 1 | 448.1 | 442.7 |
Profit / (loss) for the period | (15.6) | 6.1 |
Other comprehensive income | 0.1 | (0.7) |
Transactions with owners | (1.0) | - |
Net assets December 31 | 431.6 | 448.1 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Interest in Coolblue (56.4%, 2024: 56.36%) | 243.4 | 252.5 |
Effect (local) purchase price adjustments and step-acquisitions | (103.5) | (98.0) |
Goodwill | 200.1 | 200.1 |
Book value | 340.0 | 354.6 |
We refer to note 44 with respect to summarized financial information on associates and joint ventures of Vopak.
The summarized financial information of the associates and joint ventures of Vopak is as follows.
Summarized\u00a0statements\u00a0of\u00a0financial\u00a0position on\u00a0a\u00a0100%\u00a0basis:
| \u00a0 | Asia & Middle East | Netherlands | USA & Canada | Other | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 |
Non-current assets | 4,474.0 | 4,914.3 | 1,399.9 | 1,403.6 | 1,679.6 | 1,422.9 | 687.7 | 832.5 | 8,241.2 | 8,573.3 |
Cash and cash equivalents | 624.7 | 684.2 | 92.9 | 137.3 | 29.9 | 17.2 | 77.8 | 65.6 | 825.3 | 904.3 |
Other current assets | 180.8 | 274.7 | 56.6 | 74.3 | 73.4 | 73.3 | 101.8 | 117.7 | 412.6 | 540.0 |
Total assets | 5,279.5 | 5,873.2 | 1,549.4 | 1,615.2 | 1,782.9 | 1,513.4 | 867.3 | 1,015.8 | 9,479.1 | 10,017.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial non-current liabilities | 2,080.6 | 2,608.4 | 738.1 | 789.4 | 323.3 | 384.3 | 223.6 | 282.5 | 3,365.6 | 4,064.6 |
Other non-current liabilities | 167.9 | 188.3 | 33.1 | 42.1 | 1.2 | 1.3 | 113.3 | 144.6 | 315.5 | 376.3 |
Financial current liabilities | 351.5 | 297.4 | 130.3 | 135.2 | 34.0 | 36.4 | 59.6 | 64.0 | 575.4 | 533.0 |
Other current liabilities | 385.2 | 467.4 | 90.9 | 127.4 | 76.1 | 68.0 | 63.6 | 58.5 | 615.8 | 721.3 |
Total liabilities | 2,985.2 | 3,561.5 | 992.4 | 1,094.1 | 434.6 | 490.0 | 460.1 | 549.6 | 4,872.3 | 5,695.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net assets | 2,294.3 | 2,311.7 | 557.0 | 521.1 | 1,348.3 | 1,023.4 | 407.2 | 466.2 | 4,606.8 | 4,322.4 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Vopak\u2019s share of net assets | 904.0 | 911.5 | 276.2 | 258.3 | 562.9 | 388.2 | 217.7 | 250.4 | 1,960.8 | 1,808.4 |
Goodwill on acquisition | 91.9 | 97.9 | 27.0 | 27.0 | 33.1 | 37.4 | - | - | 152.0 | 162.3 |
Vopak\u2019s carrying amount of net assets | 995.9 | 1,009.4 | 303.2 | 285.3 | 596.0 | 425.6 | 217.7 | 250.4 | 2,112.8 | 1,970.7 |
Summarized\u00a0statements\u00a0of\u00a0total\u00a0comprehensive\u00a0income on\u00a0a\u00a0100%\u00a0basis:
| \u00a0 | Asia & Middle East | Netherlands | USA & Canada | Other | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| \u00a0 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Revenues | 1,292.2 | 1,181.7 | 370.3 | 378.6 | 257.5 | 254.6 | 184.1 | 195.2 | 2,104.1 | 2,010.1 |
Operating expenses | (327.6) | (331.4) | (92.5) | (80.5) | (172.2) | (163.1) | (70.1) | (77.7) | (662.4) | (652.7) |
Depreciation, amortization and impairment | (281.9) | (271.9) | (169.4) | (154.6) | (48.5) | (34.7) | (20.8) | 58.6 | (520.6) | (402.6) |
Operating profit (EBIT) | 682.7 | 578.4 | 108.4 | 143.5 | 36.8 | 56.8 | 93.2 | 176.1 | 921.1 | 954.8 |
Net finance income / (expense) | (112.2) | (119.8) | (25.2) | (33.1) | (15.8) | (17.4) | (24.1) | (23.2) | (177.3) | (193.5) |
Income tax | (93.7) | (75.8) | (22.1) | (29.0) | (0.4) | (0.4) | (14.0) | (37.8) | (130.2) | (143.0) |
Net profit | 476.8 | 382.8 | 61.1 | 81.4 | 20.6 | 39.0 | 55.1 | 115.1 | 613.6 | 618.3 |
Other comprehensive income | (15.5) | 5.1 | 10.6 | (3.3) | (9.6) | (4.8) | - | - | (14.5) | (3.0) |
Total comprehensive income | 461.3 | 387.9 | 71.7 | 78.1 | 11.0 | 34.2 | 55.1 | 115.1 | 599.1 | 615.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Vopak\u2019s share of net profit | 164.6 | 143.2 | 28.6 | 38.8 | 4.3 | 13.0 | 28.8 | 58.9 | 226.3 | 253.9 |
Vopak\u2019s share of OCI | (4.7) | 1.6 | 5.2 | (1.6) | (4.9) | (2.4) | - | - | (4.4) | (2.4) |
Vopak\u2019s share of total comprehensive income | 159.9 | 144.8 | 33.8 | 37.2 | (0.6) | 10.6 | 28.8 | 58.9 | 221.9 | 251.5 |
Associates are entities over which the Company has significant influence, generally presumed to exist at a shareholding of 20% or more of the voting rights, but no (de facto) control.
Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Most joint arrangements of the Company are considered joint ventures.
Associates and joint ventures are accounted for using the equity method. Under the equity method, the interest in the associate or joint venture is recognized at cost, including goodwill identified upon acquisition. If the investment is achieved in stages, the Company deems the fair value of the previously held equity interest as (part of) the cost of the associate or joint venture. The carrying value is subsequently adjusted to recognize the Company\u2019s share of the post-acquisition results and movements in other comprehensive income of the associate or joint venture. Accounting policies of the associates and joint ventures have been amended, where necessary, to ensure consistency with the policies adopted by the Company. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising on associates and joint ventures are recognized in the income statement.
If the ownership in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is recycled to the consolidated statement of income, where appropriate.
Joint operations are joint arrangements whereby the Company and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the joint operation. The Company recognizes its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and includes it on a line-by-line basis with corresponding items in the consolidated financial statements.
The movements of investments accounted for using the equity method are set out on the following page.
| \u00a0 | Associates | Joint ventures | Total |
|---|---|---|---|
Share of net assets | 1,496.6 | 1,739.5 | 3,236.1 |
Goodwill | 241.7 | 167.7 | 409.4 |
Balance on January 1, 2024 | 1,738.3 | 1,907.2 | 3,645.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investments | 93.3 | 191.4 | 284.7 |
Disposals | (4.6) | (2.5) | (7.1) |
Share of results - real estate | - | 4.8 | 4.8 |
Share of results - other | 124.4 | 248.1 | 372.5 |
Share of other comprehensive income | 37.0 | 0.1 | 37.1 |
Redemption of share capital | (7.9) | - | (7.9) |
Dividends | (107.3) | (206.8) | (314.1) |
Impairment reversal | 29.7 | - | 29.7 |
Reclassification1 | (61.7) | (258.2) | (319.9) |
Reclassification from/(to) held for sale | (26.4) | - | (26.4) |
Exchange differences | 16.3 | 67.1 | 83.4 |
Other | (10.3) | (5.9) | (16.2) |
Balance on December 31, 2024 | 1,820.8 | 1,945.3 | 3,766.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Share of net assets | 1,669.0 | 1,692.0 | 3,361.0 |
Goodwill | 151.8 | 253.3 | 405.1 |
Balance on December 31, 2024 | 1,820.8 | 1,945.3 | 3,766.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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) |
Dividends | (118.7) | (169.8) | (288.5) |
Impairments | (1.1) | - | (1.1) |
Reclassification2 | 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 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 |
The amounts recognized in the statement of financial position comprise:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Publicly traded | 932.8 | 871.5 |
Other | 3,191.3 | 2,894.6 |
| \u00a0 | 4,124.1 | 3,766.1 |
Vopak - PT2SB
In March 2020, a fire incident took place at the anchor client of PT2SB (25% Vopak) in Malaysia, leading to a subsequent closure of a large part of the facility. The refinery successfully resumed operations in the first half of 2023. However, the closure weakened the refinery\u2019s liquidity position, which impacted payments to PT2SB in 2023 and 2024. At December 31, 2024, PT2SB reported \u20ac\u00a0211 million in net accounts receivable from this client. In July 2025, PT2SB reached a commercial resolution and received the amounts outstanding in respect of the net accounts receivable balances, including those outstanding as at December 31, 2024. As a result, a gain of \u20ac\u00a022 million is included in share of results - other.
Investments
Koppert
On November 25, 2025, HAL expanded its interest in Koppert Group B.V. (\u2018Koppert\u2019) through the acquisition of 27.3% of the company\u2019s ordinary share capital. In February 2024, HAL had already invested \u20ac\u00a0140 million in the company\u2019s preferred share capital and, as part of the transaction, a loan of \u20ac\u00a025 million provided in July 2025 was converted into convertible preference shares. Following the transaction, HAL holds convertible preference shares and non-convertible preference shares in Koppert with a book value of \u20ac\u00a023 million and \u20ac\u00a0120 million, respectively. Koppert 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. Over 2025, Koppert reported a turnover of \u20ac\u00a0450 million and an EBITDA of \u20ac\u00a032 million.
Real estate joint ventures
During 2025, \u20ac\u00a027.3 million was invested in joint ventures belonging to the real estate segment.
Dividend, divestments and dilution
Vopak - Vopak Terminals Korea Ltd (VTK)
On December 23, 2025, Vopak divested its 51% shareholding in the VTK joint venture. The divestment resulted in a net disposal loss of \u20ac\u00a014.8 million reported in the consolidated statement of income within other income. The net disposal loss consists of the fair value of the cash proceeds of \u20ac\u00a028.7 million, derecognition of the carrying amount of \u20ac\u00a034.4 million and recycling of currency translation losses previously recognized in other comprehensive income of \u20ac\u00a09.1 million. The disposal loss was subject to the Dutch participation exemption and deferred tax liabilities of \u20ac\u00a00.7 million related to withholding tax due on undistributed reserves of VTK have been released. The cash inflow of \u20ac\u00a028.7 million is presented in the consolidated statement of cash flows in the proceeds from divestiture of associates, joint arrangements and subsidiaries.
Vopak - Partial dilution Aegis Vopak Terminal Limited (AVTL)
On June 2, 2025, AVTL successfully completed its initial public offering, issuing 10.75% new equity shares for INR 2,800 crore (\u20ac\u00a0290 million). Following this primary equity issue, Vopak`s shareholding decreased from 47.3% to 42.2%, resulting in a net dilution gain of \u20ac\u00a0112.5 million recorded in the consolidated statement of income within other income. This gain comprised of the fair value of equity issuance proceeds, net of issue expenses, of \u20ac\u00a0139.8 million (included in the line transfer due to dilution), less the book value of the diluted interest of \u20ac\u00a023.7 million, and the recycling of currency translation losses previously recognized in other comprehensive income of \u20ac\u00a03.4 million, and \u20ac\u00a00.2 million in transaction expenses. The diluted interest was classified as an asset held for sale in the 2024 consolidated financial statements. On June 3, 2025, Vopak settled remaining net earn-out payables related to AVTL for an amount of \u20ac\u00a018.7 million. This cash outflow is presented in the consolidated statement of cash flows in the line acquisition of associates, joint arrangements and subsidiaries.
Vopak - Dividend receivable
The total dividend receivable from joint ventures and associates of Vopak amounted to \u20ac\u00a050.5 million at the end of 2025 (2024: \u20ac\u00a070.3 million). For purposes of the consolidated statement of cash flows, any declared but unpaid dividends are treated as non-cash transactions. In 2025, non-cash items amounting to \u20ac\u00a019.8 million (2024: \u20ac\u00a020.9 million) were adjusted.
Real estate joint ventures
The financial position of the U.S. real estate joint ventures included in the real estate segment can be summarized as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Properties in operation and under construction | 792.7 | 860.1 |
Project debt | (568.7) | (586.7) |
Non-controlling interest | (45.8) | (54.9) |
HAL equity share | 178.2 | 218.5 |
The real estate portfolio at the end of 2025 included 15 joint ventures of which one was invested in office buildings and 14 in residential real estate. The total (expected) cost of the real estate portfolio amounted to $ 1,194.1 million (\u20ac\u00a01,016.6 million) as of December 31, 2025 (2024: $\u00a01,189.6 million, \u20ac\u00a01,149.0 million). HAL\u2019s total equity commitment for these projects amounts to $ 420.1 million (\u20ac\u00a0357.7 million, 2024: $\u00a0359.0 million, \u20ac\u00a0346.7 million) of which $\u00a053.8 million (\u20ac\u00a045.8 million) was not yet spent as of December 31, 2025 (2024: $\u00a046.5 million, \u20ac\u00a045.0 million). As certain properties are under construction, the income statements of these joint ventures on a 100% basis are not significant in relation to the consolidated financial statements.
Quoted associate
The difference between the market value of HAL\u2019s share in its publicly traded associate SBM Offshore and the book value is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Market value | 1,012.7 | 701.0 |
Book value | 932.8 | 871.5 |
| \u00a0 | 79.9 | (170.5) |
Significant associate
SBM Offshore is a significant (non-consolidated) associate of HAL, in which HAL holds a 24.12% ownership interest. SBM Offshore is incorporated in the Netherlands and is listed on Euronext Amsterdam. The company designs, builds, installs and operates offshore floating facilities for the offshore energy industry.
Set out below is the summarized financial information for SBM Offshore. This summary is based on publicly available information.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Current | \u00a0 | \u00a0 |
Cash and cash equivalents | 1,086.0 | 806.0 |
Other current assets | 5,711.0 | 8,993.0 |
Total current assets | 6,797.0 | 9,799.0 |
| \u00a0 | \u00a0 | \u00a0 |
Financial liabilities (excluding trade payables) | 2,588.0 | 1,430.0 |
Other current liabilities (including trade payables) | 2,125.0 | 1,457.0 |
Total current liabilities | 4,713.0 | 2,887.0 |
| \u00a0 | \u00a0 | \u00a0 |
Non-current | \u00a0 | \u00a0 |
Assets | 11,299.0 | 7,358.0 |
| \u00a0 | \u00a0 | \u00a0 |
Financial liabilities | 6,591.0 | 7,778.0 |
Other liabilities | 312.0 | 647.0 |
Total non-current liabilities | 6,903.0 | 8,425.0 |
| \u00a0 | \u00a0 | \u00a0 |
Non-controlling interest | 2,076.0 | 2,225.0 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 4,404.0 | 3,620.0 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Revenue | 5,903.0 | 4,784.0 |
Depreciation, amortization and impairment | (50.0) | (113.0) |
Financial income | 83.0 | 26.0 |
Financial expense | (653.0) | (690.0) |
Profit / (loss) before tax | 1,226.0 | 283.0 |
| \u00a0 | \u00a0 | \u00a0 |
Profit / (loss) after tax for owners of parent | 922.0 | 150.0 |
Other comprehensive income for owners of parent | 175.0 | (98.0) |
Total comprehensive income for owners of parent | 1,097.0 | 52.0 |
Reconciliation of the summarized financial information for SBM Offshore:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Net assets January 1 | 3,620.0 | 3,733.0 |
Profit / (loss) for the period | 922.0 | 150.0 |
Other comprehensive income | 175.0 | (98.0) |
Transactions with owners | (313.0) | (165.0) |
Net assets December 31 | 4,404.0 | 3,620.0 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Interest in SBM Offshore (24.12%, 2024: 23.44%) | 919.6 | 827.0 |
Intangible assets recognized in purchase price allocation | 13.2 | 20.0 |
Goodwill | - | 24.5 |
Book value | 932.8 | 871.5 |
The consolidated subsidiaries Atlas and Boskalis provide services to SBM Offshore, for which the invoiced amounts were not material in 2025 and 2024. Dividends were received from SBM Offshore of \u20ac\u00a035.6 million (2024: \u20ac\u00a031.6 million).
Significant joint venture
Coolblue is a significant joint venture of HAL. HAL holds a 56.4% ownership interest in Coolblue. Coolblue is incorporated in the Netherlands and is one of the leading e-commerce companies in the Benelux and as of 2020 actively expanding its operations in Germany. The company sells a diversified product portfolio, primarily consisting of consumer electronics and large domestic appliances. Coolblue also offers energy services under its own label, \u201cCoolblue Energy\u201d, providing gas and electricity contracts. In addition, the company operated 38 physical stores at the end of 2025 (2024:32).
Set out below is the summarized financial information for Coolblue.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Current | \u00a0 | \u00a0 |
Assets | 419.3 | 333.8 |
| \u00a0 | \u00a0 | \u00a0 |
Liabilities | 704.1 | 611.2 |
| \u00a0 | \u00a0 | \u00a0 |
Non-current | \u00a0 | \u00a0 |
Assets | 904.6 | 875.4 |
| \u00a0 | \u00a0 | \u00a0 |
Liabilities | 188.2 | 149.9 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 431.6 | 448.1 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Revenue | 2,562.8 | 2,458.5 |
Profit / (loss) before tax | (19.7) | 6.2 |
Profit / (loss) after tax for owners of parent | (15.6) | 6.1 |
Total comprehensive income for owners of parent | (15.5) | 5.4 |
Reconciliation of the summarized financial information for Coolblue:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Net assets January 1 | 448.1 | 442.7 |
Profit / (loss) for the period | (15.6) | 6.1 |
Other comprehensive income | 0.1 | (0.7) |
Transactions with owners | (1.0) | - |
Net assets December 31 | 431.6 | 448.1 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Interest in Coolblue (56.4%, 2024: 56.36%) | 243.4 | 252.5 |
Effect (local) purchase price adjustments and step-acquisitions | (103.5) | (98.0) |
Goodwill | 200.1 | 200.1 |
Book value | 340.0 | 354.6 |
We refer to note 44 with respect to summarized financial information on associates and joint ventures of Vopak.
The summarized financial information of the associates and joint ventures of Vopak is as follows.
Summarized\u00a0statements\u00a0of\u00a0financial\u00a0position on\u00a0a\u00a0100%\u00a0basis:
| \u00a0 | Asia & Middle East | Netherlands | USA & Canada | Other | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 |
Non-current assets | 4,474.0 | 4,914.3 | 1,399.9 | 1,403.6 | 1,679.6 | 1,422.9 | 687.7 | 832.5 | 8,241.2 | 8,573.3 |
Cash and cash equivalents | 624.7 | 684.2 | 92.9 | 137.3 | 29.9 | 17.2 | 77.8 | 65.6 | 825.3 | 904.3 |
Other current assets | 180.8 | 274.7 | 56.6 | 74.3 | 73.4 | 73.3 | 101.8 | 117.7 | 412.6 | 540.0 |
Total assets | 5,279.5 | 5,873.2 | 1,549.4 | 1,615.2 | 1,782.9 | 1,513.4 | 867.3 | 1,015.8 | 9,479.1 | 10,017.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial non-current liabilities | 2,080.6 | 2,608.4 | 738.1 | 789.4 | 323.3 | 384.3 | 223.6 | 282.5 | 3,365.6 | 4,064.6 |
Other non-current liabilities | 167.9 | 188.3 | 33.1 | 42.1 | 1.2 | 1.3 | 113.3 | 144.6 | 315.5 | 376.3 |
Financial current liabilities | 351.5 | 297.4 | 130.3 | 135.2 | 34.0 | 36.4 | 59.6 | 64.0 | 575.4 | 533.0 |
Other current liabilities | 385.2 | 467.4 | 90.9 | 127.4 | 76.1 | 68.0 | 63.6 | 58.5 | 615.8 | 721.3 |
Total liabilities | 2,985.2 | 3,561.5 | 992.4 | 1,094.1 | 434.6 | 490.0 | 460.1 | 549.6 | 4,872.3 | 5,695.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net assets | 2,294.3 | 2,311.7 | 557.0 | 521.1 | 1,348.3 | 1,023.4 | 407.2 | 466.2 | 4,606.8 | 4,322.4 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Vopak\u2019s share of net assets | 904.0 | 911.5 | 276.2 | 258.3 | 562.9 | 388.2 | 217.7 | 250.4 | 1,960.8 | 1,808.4 |
Goodwill on acquisition | 91.9 | 97.9 | 27.0 | 27.0 | 33.1 | 37.4 | - | - | 152.0 | 162.3 |
Vopak\u2019s carrying amount of net assets | 995.9 | 1,009.4 | 303.2 | 285.3 | 596.0 | 425.6 | 217.7 | 250.4 | 2,112.8 | 1,970.7 |
Summarized\u00a0statements\u00a0of\u00a0total\u00a0comprehensive\u00a0income on\u00a0a\u00a0100%\u00a0basis:
| \u00a0 | Asia & Middle East | Netherlands | USA & Canada | Other | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| \u00a0 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Revenues | 1,292.2 | 1,181.7 | 370.3 | 378.6 | 257.5 | 254.6 | 184.1 | 195.2 | 2,104.1 | 2,010.1 |
Operating expenses | (327.6) | (331.4) | (92.5) | (80.5) | (172.2) | (163.1) | (70.1) | (77.7) | (662.4) | (652.7) |
Depreciation, amortization and impairment | (281.9) | (271.9) | (169.4) | (154.6) | (48.5) | (34.7) | (20.8) | 58.6 | (520.6) | (402.6) |
Operating profit (EBIT) | 682.7 | 578.4 | 108.4 | 143.5 | 36.8 | 56.8 | 93.2 | 176.1 | 921.1 | 954.8 |
Net finance income / (expense) | (112.2) | (119.8) | (25.2) | (33.1) | (15.8) | (17.4) | (24.1) | (23.2) | (177.3) | (193.5) |
Income tax | (93.7) | (75.8) | (22.1) | (29.0) | (0.4) | (0.4) | (14.0) | (37.8) | (130.2) | (143.0) |
Net profit | 476.8 | 382.8 | 61.1 | 81.4 | 20.6 | 39.0 | 55.1 | 115.1 | 613.6 | 618.3 |
Other comprehensive income | (15.5) | 5.1 | 10.6 | (3.3) | (9.6) | (4.8) | - | - | (14.5) | (3.0) |
Total comprehensive income | 461.3 | 387.9 | 71.7 | 78.1 | 11.0 | 34.2 | 55.1 | 115.1 | 599.1 | 615.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Vopak\u2019s share of net profit | 164.6 | 143.2 | 28.6 | 38.8 | 4.3 | 13.0 | 28.8 | 58.9 | 226.3 | 253.9 |
Vopak\u2019s share of OCI | (4.7) | 1.6 | 5.2 | (1.6) | (4.9) | (2.4) | - | - | (4.4) | (2.4) |
Vopak\u2019s share of total comprehensive income | 159.9 | 144.8 | 33.8 | 37.2 | (0.6) | 10.6 | 28.8 | 58.9 | 221.9 | 251.5 |
Associates are entities over which the Company has significant influence, generally presumed to exist at a shareholding of 20% or more of the voting rights, but no (de facto) control.
Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Most joint arrangements of the Company are considered joint ventures.
Associates and joint ventures are accounted for using the equity method. Under the equity method, the interest in the associate or joint venture is recognized at cost, including goodwill identified upon acquisition. If the investment is achieved in stages, the Company deems the fair value of the previously held equity interest as (part of) the cost of the associate or joint venture. The carrying value is subsequently adjusted to recognize the Company\u2019s share of the post-acquisition results and movements in other comprehensive income of the associate or joint venture. Accounting policies of the associates and joint ventures have been amended, where necessary, to ensure consistency with the policies adopted by the Company. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising on associates and joint ventures are recognized in the income statement.
If the ownership in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is recycled to the consolidated statement of income, where appropriate.
Joint operations are joint arrangements whereby the Company and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the joint operation. The Company recognizes its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and includes it on a line-by-line basis with corresponding items in the consolidated financial statements.
The movements of investments accounted for using the equity method are set out on the following page.
| \u00a0 | Associates | Joint ventures | Total |
|---|---|---|---|
Share of net assets | 1,496.6 | 1,739.5 | 3,236.1 |
Goodwill | 241.7 | 167.7 | 409.4 |
Balance on January 1, 2024 | 1,738.3 | 1,907.2 | 3,645.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investments | 93.3 | 191.4 | 284.7 |
Disposals | (4.6) | (2.5) | (7.1) |
Share of results - real estate | - | 4.8 | 4.8 |
Share of results - other | 124.4 | 248.1 | 372.5 |
Share of other comprehensive income | 37.0 | 0.1 | 37.1 |
Redemption of share capital | (7.9) | - | (7.9) |
Dividends | (107.3) | (206.8) | (314.1) |
Impairment reversal | 29.7 | - | 29.7 |
Reclassification1 | (61.7) | (258.2) | (319.9) |
Reclassification from/(to) held for sale | (26.4) | - | (26.4) |
Exchange differences | 16.3 | 67.1 | 83.4 |
Other | (10.3) | (5.9) | (16.2) |
Balance on December 31, 2024 | 1,820.8 | 1,945.3 | 3,766.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Share of net assets | 1,669.0 | 1,692.0 | 3,361.0 |
Goodwill | 151.8 | 253.3 | 405.1 |
Balance on December 31, 2024 | 1,820.8 | 1,945.3 | 3,766.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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) |
Dividends | (118.7) | (169.8) | (288.5) |
Impairments | (1.1) | - | (1.1) |
Reclassification2 | 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 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 |
The amounts recognized in the statement of financial position comprise:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Publicly traded | 932.8 | 871.5 |
Other | 3,191.3 | 2,894.6 |
| \u00a0 | 4,124.1 | 3,766.1 |
Vopak - PT2SB
In March 2020, a fire incident took place at the anchor client of PT2SB (25% Vopak) in Malaysia, leading to a subsequent closure of a large part of the facility. The refinery successfully resumed operations in the first half of 2023. However, the closure weakened the refinery\u2019s liquidity position, which impacted payments to PT2SB in 2023 and 2024. At December 31, 2024, PT2SB reported \u20ac\u00a0211 million in net accounts receivable from this client. In July 2025, PT2SB reached a commercial resolution and received the amounts outstanding in respect of the net accounts receivable balances, including those outstanding as at December 31, 2024. As a result, a gain of \u20ac\u00a022 million is included in share of results - other.
Investments
Koppert
On November 25, 2025, HAL expanded its interest in Koppert Group B.V. (\u2018Koppert\u2019) through the acquisition of 27.3% of the company\u2019s ordinary share capital. In February 2024, HAL had already invested \u20ac\u00a0140 million in the company\u2019s preferred share capital and, as part of the transaction, a loan of \u20ac\u00a025 million provided in July 2025 was converted into convertible preference shares. Following the transaction, HAL holds convertible preference shares and non-convertible preference shares in Koppert with a book value of \u20ac\u00a023 million and \u20ac\u00a0120 million, respectively. Koppert 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. Over 2025, Koppert reported a turnover of \u20ac\u00a0450 million and an EBITDA of \u20ac\u00a032 million.
Real estate joint ventures
During 2025, \u20ac\u00a027.3 million was invested in joint ventures belonging to the real estate segment.
Dividend, divestments and dilution
Vopak - Vopak Terminals Korea Ltd (VTK)
On December 23, 2025, Vopak divested its 51% shareholding in the VTK joint venture. The divestment resulted in a net disposal loss of \u20ac\u00a014.8 million reported in the consolidated statement of income within other income. The net disposal loss consists of the fair value of the cash proceeds of \u20ac\u00a028.7 million, derecognition of the carrying amount of \u20ac\u00a034.4 million and recycling of currency translation losses previously recognized in other comprehensive income of \u20ac\u00a09.1 million. The disposal loss was subject to the Dutch participation exemption and deferred tax liabilities of \u20ac\u00a00.7 million related to withholding tax due on undistributed reserves of VTK have been released. The cash inflow of \u20ac\u00a028.7 million is presented in the consolidated statement of cash flows in the proceeds from divestiture of associates, joint arrangements and subsidiaries.
Vopak - Partial dilution Aegis Vopak Terminal Limited (AVTL)
On June 2, 2025, AVTL successfully completed its initial public offering, issuing 10.75% new equity shares for INR 2,800 crore (\u20ac\u00a0290 million). Following this primary equity issue, Vopak`s shareholding decreased from 47.3% to 42.2%, resulting in a net dilution gain of \u20ac\u00a0112.5 million recorded in the consolidated statement of income within other income. This gain comprised of the fair value of equity issuance proceeds, net of issue expenses, of \u20ac\u00a0139.8 million (included in the line transfer due to dilution), less the book value of the diluted interest of \u20ac\u00a023.7 million, and the recycling of currency translation losses previously recognized in other comprehensive income of \u20ac\u00a03.4 million, and \u20ac\u00a00.2 million in transaction expenses. The diluted interest was classified as an asset held for sale in the 2024 consolidated financial statements. On June 3, 2025, Vopak settled remaining net earn-out payables related to AVTL for an amount of \u20ac\u00a018.7 million. This cash outflow is presented in the consolidated statement of cash flows in the line acquisition of associates, joint arrangements and subsidiaries.
Vopak - Dividend receivable
The total dividend receivable from joint ventures and associates of Vopak amounted to \u20ac\u00a050.5 million at the end of 2025 (2024: \u20ac\u00a070.3 million). For purposes of the consolidated statement of cash flows, any declared but unpaid dividends are treated as non-cash transactions. In 2025, non-cash items amounting to \u20ac\u00a019.8 million (2024: \u20ac\u00a020.9 million) were adjusted.
Real estate joint ventures
The financial position of the U.S. real estate joint ventures included in the real estate segment can be summarized as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Properties in operation and under construction | 792.7 | 860.1 |
Project debt | (568.7) | (586.7) |
Non-controlling interest | (45.8) | (54.9) |
HAL equity share | 178.2 | 218.5 |
The real estate portfolio at the end of 2025 included 15 joint ventures of which one was invested in office buildings and 14 in residential real estate. The total (expected) cost of the real estate portfolio amounted to $ 1,194.1 million (\u20ac\u00a01,016.6 million) as of December 31, 2025 (2024: $\u00a01,189.6 million, \u20ac\u00a01,149.0 million). HAL\u2019s total equity commitment for these projects amounts to $ 420.1 million (\u20ac\u00a0357.7 million, 2024: $\u00a0359.0 million, \u20ac\u00a0346.7 million) of which $\u00a053.8 million (\u20ac\u00a045.8 million) was not yet spent as of December 31, 2025 (2024: $\u00a046.5 million, \u20ac\u00a045.0 million). As certain properties are under construction, the income statements of these joint ventures on a 100% basis are not significant in relation to the consolidated financial statements.
Quoted associate
The difference between the market value of HAL\u2019s share in its publicly traded associate SBM Offshore and the book value is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Market value | 1,012.7 | 701.0 |
Book value | 932.8 | 871.5 |
| \u00a0 | 79.9 | (170.5) |
Significant associate
SBM Offshore is a significant (non-consolidated) associate of HAL, in which HAL holds a 24.12% ownership interest. SBM Offshore is incorporated in the Netherlands and is listed on Euronext Amsterdam. The company designs, builds, installs and operates offshore floating facilities for the offshore energy industry.
Set out below is the summarized financial information for SBM Offshore. This summary is based on publicly available information.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Current | \u00a0 | \u00a0 |
Cash and cash equivalents | 1,086.0 | 806.0 |
Other current assets | 5,711.0 | 8,993.0 |
Total current assets | 6,797.0 | 9,799.0 |
| \u00a0 | \u00a0 | \u00a0 |
Financial liabilities (excluding trade payables) | 2,588.0 | 1,430.0 |
Other current liabilities (including trade payables) | 2,125.0 | 1,457.0 |
Total current liabilities | 4,713.0 | 2,887.0 |
| \u00a0 | \u00a0 | \u00a0 |
Non-current | \u00a0 | \u00a0 |
Assets | 11,299.0 | 7,358.0 |
| \u00a0 | \u00a0 | \u00a0 |
Financial liabilities | 6,591.0 | 7,778.0 |
Other liabilities | 312.0 | 647.0 |
Total non-current liabilities | 6,903.0 | 8,425.0 |
| \u00a0 | \u00a0 | \u00a0 |
Non-controlling interest | 2,076.0 | 2,225.0 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 4,404.0 | 3,620.0 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Revenue | 5,903.0 | 4,784.0 |
Depreciation, amortization and impairment | (50.0) | (113.0) |
Financial income | 83.0 | 26.0 |
Financial expense | (653.0) | (690.0) |
Profit / (loss) before tax | 1,226.0 | 283.0 |
| \u00a0 | \u00a0 | \u00a0 |
Profit / (loss) after tax for owners of parent | 922.0 | 150.0 |
Other comprehensive income for owners of parent | 175.0 | (98.0) |
Total comprehensive income for owners of parent | 1,097.0 | 52.0 |
Reconciliation of the summarized financial information for SBM Offshore:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Net assets January 1 | 3,620.0 | 3,733.0 |
Profit / (loss) for the period | 922.0 | 150.0 |
Other comprehensive income | 175.0 | (98.0) |
Transactions with owners | (313.0) | (165.0) |
Net assets December 31 | 4,404.0 | 3,620.0 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Interest in SBM Offshore (24.12%, 2024: 23.44%) | 919.6 | 827.0 |
Intangible assets recognized in purchase price allocation | 13.2 | 20.0 |
Goodwill | - | 24.5 |
Book value | 932.8 | 871.5 |
The consolidated subsidiaries Atlas and Boskalis provide services to SBM Offshore, for which the invoiced amounts were not material in 2025 and 2024. Dividends were received from SBM Offshore of \u20ac\u00a035.6 million (2024: \u20ac\u00a031.6 million).
Significant joint venture
Coolblue is a significant joint venture of HAL. HAL holds a 56.4% ownership interest in Coolblue. Coolblue is incorporated in the Netherlands and is one of the leading e-commerce companies in the Benelux and as of 2020 actively expanding its operations in Germany. The company sells a diversified product portfolio, primarily consisting of consumer electronics and large domestic appliances. Coolblue also offers energy services under its own label, \u201cCoolblue Energy\u201d, providing gas and electricity contracts. In addition, the company operated 38 physical stores at the end of 2025 (2024:32).
Set out below is the summarized financial information for Coolblue.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Current | \u00a0 | \u00a0 |
Assets | 419.3 | 333.8 |
| \u00a0 | \u00a0 | \u00a0 |
Liabilities | 704.1 | 611.2 |
| \u00a0 | \u00a0 | \u00a0 |
Non-current | \u00a0 | \u00a0 |
Assets | 904.6 | 875.4 |
| \u00a0 | \u00a0 | \u00a0 |
Liabilities | 188.2 | 149.9 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 431.6 | 448.1 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Revenue | 2,562.8 | 2,458.5 |
Profit / (loss) before tax | (19.7) | 6.2 |
Profit / (loss) after tax for owners of parent | (15.6) | 6.1 |
Total comprehensive income for owners of parent | (15.5) | 5.4 |
Reconciliation of the summarized financial information for Coolblue:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Net assets January 1 | 448.1 | 442.7 |
Profit / (loss) for the period | (15.6) | 6.1 |
Other comprehensive income | 0.1 | (0.7) |
Transactions with owners | (1.0) | - |
Net assets December 31 | 431.6 | 448.1 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Interest in Coolblue (56.4%, 2024: 56.36%) | 243.4 | 252.5 |
Effect (local) purchase price adjustments and step-acquisitions | (103.5) | (98.0) |
Goodwill | 200.1 | 200.1 |
Book value | 340.0 | 354.6 |
We refer to note 44 with respect to summarized financial information on associates and joint ventures of Vopak.
Associates are entities over which the Company has significant influence, generally presumed to exist at a shareholding of 20% or more of the voting rights, but no (de facto) control.
Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Most joint arrangements of the Company are considered joint ventures.
Associates and joint ventures are accounted for using the equity method. Under the equity method, the interest in the associate or joint venture is recognized at cost, including goodwill identified upon acquisition. If the investment is achieved in stages, the Company deems the fair value of the previously held equity interest as (part of) the cost of the associate or joint venture. The carrying value is subsequently adjusted to recognize the Company\u2019s share of the post-acquisition results and movements in other comprehensive income of the associate or joint venture. Accounting policies of the associates and joint ventures have been amended, where necessary, to ensure consistency with the policies adopted by the Company. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising on associates and joint ventures are recognized in the income statement.
If the ownership in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is recycled to the consolidated statement of income, where appropriate.
Joint operations are joint arrangements whereby the Company and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the joint operation. The Company recognizes its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and includes it on a line-by-line basis with corresponding items in the consolidated financial statements.
The movements of investments accounted for using the equity method are set out on the following page.
| \u00a0 | Associates | Joint ventures | Total |
|---|---|---|---|
Share of net assets | 1,496.6 | 1,739.5 | 3,236.1 |
Goodwill | 241.7 | 167.7 | 409.4 |
Balance on January 1, 2024 | 1,738.3 | 1,907.2 | 3,645.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Investments | 93.3 | 191.4 | 284.7 |
Disposals | (4.6) | (2.5) | (7.1) |
Share of results - real estate | - | 4.8 | 4.8 |
Share of results - other | 124.4 | 248.1 | 372.5 |
Share of other comprehensive income | 37.0 | 0.1 | 37.1 |
Redemption of share capital | (7.9) | - | (7.9) |
Dividends | (107.3) | (206.8) | (314.1) |
Impairment reversal | 29.7 | - | 29.7 |
Reclassification1 | (61.7) | (258.2) | (319.9) |
Reclassification from/(to) held for sale | (26.4) | - | (26.4) |
Exchange differences | 16.3 | 67.1 | 83.4 |
Other | (10.3) | (5.9) | (16.2) |
Balance on December 31, 2024 | 1,820.8 | 1,945.3 | 3,766.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Share of net assets | 1,669.0 | 1,692.0 | 3,361.0 |
Goodwill | 151.8 | 253.3 | 405.1 |
Balance on December 31, 2024 | 1,820.8 | 1,945.3 | 3,766.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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) |
Dividends | (118.7) | (169.8) | (288.5) |
Impairments | (1.1) | - | (1.1) |
Reclassification2 | 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 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
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 |
The amounts recognized in the statement of financial position comprise:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Publicly traded | 932.8 | 871.5 |
Other | 3,191.3 | 2,894.6 |
| \u00a0 | 4,124.1 | 3,766.1 |
Vopak - PT2SB
In March 2020, a fire incident took place at the anchor client of PT2SB (25% Vopak) in Malaysia, leading to a subsequent closure of a large part of the facility. The refinery successfully resumed operations in the first half of 2023. However, the closure weakened the refinery\u2019s liquidity position, which impacted payments to PT2SB in 2023 and 2024. At December 31, 2024, PT2SB reported \u20ac\u00a0211 million in net accounts receivable from this client. In July 2025, PT2SB reached a commercial resolution and received the amounts outstanding in respect of the net accounts receivable balances, including those outstanding as at December 31, 2024. As a result, a gain of \u20ac\u00a022 million is included in share of results - other.
Investments
Koppert
On November 25, 2025, HAL expanded its interest in Koppert Group B.V. (\u2018Koppert\u2019) through the acquisition of 27.3% of the company\u2019s ordinary share capital. In February 2024, HAL had already invested \u20ac\u00a0140 million in the company\u2019s preferred share capital and, as part of the transaction, a loan of \u20ac\u00a025 million provided in July 2025 was converted into convertible preference shares. Following the transaction, HAL holds convertible preference shares and non-convertible preference shares in Koppert with a book value of \u20ac\u00a023 million and \u20ac\u00a0120 million, respectively. Koppert 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. Over 2025, Koppert reported a turnover of \u20ac\u00a0450 million and an EBITDA of \u20ac\u00a032 million.
Real estate joint ventures
During 2025, \u20ac\u00a027.3 million was invested in joint ventures belonging to the real estate segment.
Dividend, divestments and dilution
Vopak - Vopak Terminals Korea Ltd (VTK)
On December 23, 2025, Vopak divested its 51% shareholding in the VTK joint venture. The divestment resulted in a net disposal loss of \u20ac\u00a014.8 million reported in the consolidated statement of income within other income. The net disposal loss consists of the fair value of the cash proceeds of \u20ac\u00a028.7 million, derecognition of the carrying amount of \u20ac\u00a034.4 million and recycling of currency translation losses previously recognized in other comprehensive income of \u20ac\u00a09.1 million. The disposal loss was subject to the Dutch participation exemption and deferred tax liabilities of \u20ac\u00a00.7 million related to withholding tax due on undistributed reserves of VTK have been released. The cash inflow of \u20ac\u00a028.7 million is presented in the consolidated statement of cash flows in the proceeds from divestiture of associates, joint arrangements and subsidiaries.
Vopak - Partial dilution Aegis Vopak Terminal Limited (AVTL)
On June 2, 2025, AVTL successfully completed its initial public offering, issuing 10.75% new equity shares for INR 2,800 crore (\u20ac\u00a0290 million). Following this primary equity issue, Vopak`s shareholding decreased from 47.3% to 42.2%, resulting in a net dilution gain of \u20ac\u00a0112.5 million recorded in the consolidated statement of income within other income. This gain comprised of the fair value of equity issuance proceeds, net of issue expenses, of \u20ac\u00a0139.8 million (included in the line transfer due to dilution), less the book value of the diluted interest of \u20ac\u00a023.7 million, and the recycling of currency translation losses previously recognized in other comprehensive income of \u20ac\u00a03.4 million, and \u20ac\u00a00.2 million in transaction expenses. The diluted interest was classified as an asset held for sale in the 2024 consolidated financial statements. On June 3, 2025, Vopak settled remaining net earn-out payables related to AVTL for an amount of \u20ac\u00a018.7 million. This cash outflow is presented in the consolidated statement of cash flows in the line acquisition of associates, joint arrangements and subsidiaries.
Vopak - Dividend receivable
The total dividend receivable from joint ventures and associates of Vopak amounted to \u20ac\u00a050.5 million at the end of 2025 (2024: \u20ac\u00a070.3 million). For purposes of the consolidated statement of cash flows, any declared but unpaid dividends are treated as non-cash transactions. In 2025, non-cash items amounting to \u20ac\u00a019.8 million (2024: \u20ac\u00a020.9 million) were adjusted.
Real estate joint ventures
The financial position of the U.S. real estate joint ventures included in the real estate segment can be summarized as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Properties in operation and under construction | 792.7 | 860.1 |
Project debt | (568.7) | (586.7) |
Non-controlling interest | (45.8) | (54.9) |
HAL equity share | 178.2 | 218.5 |
The real estate portfolio at the end of 2025 included 15 joint ventures of which one was invested in office buildings and 14 in residential real estate. The total (expected) cost of the real estate portfolio amounted to $ 1,194.1 million (\u20ac\u00a01,016.6 million) as of December 31, 2025 (2024: $\u00a01,189.6 million, \u20ac\u00a01,149.0 million). HAL\u2019s total equity commitment for these projects amounts to $ 420.1 million (\u20ac\u00a0357.7 million, 2024: $\u00a0359.0 million, \u20ac\u00a0346.7 million) of which $\u00a053.8 million (\u20ac\u00a045.8 million) was not yet spent as of December 31, 2025 (2024: $\u00a046.5 million, \u20ac\u00a045.0 million). As certain properties are under construction, the income statements of these joint ventures on a 100% basis are not significant in relation to the consolidated financial statements.
Quoted associate
The difference between the market value of HAL\u2019s share in its publicly traded associate SBM Offshore and the book value is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Market value | 1,012.7 | 701.0 |
Book value | 932.8 | 871.5 |
| \u00a0 | 79.9 | (170.5) |
Significant associate
SBM Offshore is a significant (non-consolidated) associate of HAL, in which HAL holds a 24.12% ownership interest. SBM Offshore is incorporated in the Netherlands and is listed on Euronext Amsterdam. The company designs, builds, installs and operates offshore floating facilities for the offshore energy industry.
Set out below is the summarized financial information for SBM Offshore. This summary is based on publicly available information.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Current | \u00a0 | \u00a0 |
Cash and cash equivalents | 1,086.0 | 806.0 |
Other current assets | 5,711.0 | 8,993.0 |
Total current assets | 6,797.0 | 9,799.0 |
| \u00a0 | \u00a0 | \u00a0 |
Financial liabilities (excluding trade payables) | 2,588.0 | 1,430.0 |
Other current liabilities (including trade payables) | 2,125.0 | 1,457.0 |
Total current liabilities | 4,713.0 | 2,887.0 |
| \u00a0 | \u00a0 | \u00a0 |
Non-current | \u00a0 | \u00a0 |
Assets | 11,299.0 | 7,358.0 |
| \u00a0 | \u00a0 | \u00a0 |
Financial liabilities | 6,591.0 | 7,778.0 |
Other liabilities | 312.0 | 647.0 |
Total non-current liabilities | 6,903.0 | 8,425.0 |
| \u00a0 | \u00a0 | \u00a0 |
Non-controlling interest | 2,076.0 | 2,225.0 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 4,404.0 | 3,620.0 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Revenue | 5,903.0 | 4,784.0 |
Depreciation, amortization and impairment | (50.0) | (113.0) |
Financial income | 83.0 | 26.0 |
Financial expense | (653.0) | (690.0) |
Profit / (loss) before tax | 1,226.0 | 283.0 |
| \u00a0 | \u00a0 | \u00a0 |
Profit / (loss) after tax for owners of parent | 922.0 | 150.0 |
Other comprehensive income for owners of parent | 175.0 | (98.0) |
Total comprehensive income for owners of parent | 1,097.0 | 52.0 |
Reconciliation of the summarized financial information for SBM Offshore:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | USD \u2019m | USD \u2019m |
Net assets January 1 | 3,620.0 | 3,733.0 |
Profit / (loss) for the period | 922.0 | 150.0 |
Other comprehensive income | 175.0 | (98.0) |
Transactions with owners | (313.0) | (165.0) |
Net assets December 31 | 4,404.0 | 3,620.0 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Interest in SBM Offshore (24.12%, 2024: 23.44%) | 919.6 | 827.0 |
Intangible assets recognized in purchase price allocation | 13.2 | 20.0 |
Goodwill | - | 24.5 |
Book value | 932.8 | 871.5 |
The consolidated subsidiaries Atlas and Boskalis provide services to SBM Offshore, for which the invoiced amounts were not material in 2025 and 2024. Dividends were received from SBM Offshore of \u20ac\u00a035.6 million (2024: \u20ac\u00a031.6 million).
Significant joint venture
Coolblue is a significant joint venture of HAL. HAL holds a 56.4% ownership interest in Coolblue. Coolblue is incorporated in the Netherlands and is one of the leading e-commerce companies in the Benelux and as of 2020 actively expanding its operations in Germany. The company sells a diversified product portfolio, primarily consisting of consumer electronics and large domestic appliances. Coolblue also offers energy services under its own label, \u201cCoolblue Energy\u201d, providing gas and electricity contracts. In addition, the company operated 38 physical stores at the end of 2025 (2024:32).
Set out below is the summarized financial information for Coolblue.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Current | \u00a0 | \u00a0 |
Assets | 419.3 | 333.8 |
| \u00a0 | \u00a0 | \u00a0 |
Liabilities | 704.1 | 611.2 |
| \u00a0 | \u00a0 | \u00a0 |
Non-current | \u00a0 | \u00a0 |
Assets | 904.6 | 875.4 |
| \u00a0 | \u00a0 | \u00a0 |
Liabilities | 188.2 | 149.9 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 431.6 | 448.1 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Revenue | 2,562.8 | 2,458.5 |
Profit / (loss) before tax | (19.7) | 6.2 |
Profit / (loss) after tax for owners of parent | (15.6) | 6.1 |
Total comprehensive income for owners of parent | (15.5) | 5.4 |
Reconciliation of the summarized financial information for Coolblue:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Net assets January 1 | 448.1 | 442.7 |
Profit / (loss) for the period | (15.6) | 6.1 |
Other comprehensive income | 0.1 | (0.7) |
Transactions with owners | (1.0) | - |
Net assets December 31 | 431.6 | 448.1 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u20ac\u00a0\u2019m | \u20ac\u00a0\u2019m |
Interest in Coolblue (56.4%, 2024: 56.36%) | 243.4 | 252.5 |
Effect (local) purchase price adjustments and step-acquisitions | (103.5) | (98.0) |
Goodwill | 200.1 | 200.1 |
Book value | 340.0 | 354.6 |
We refer to note 44 with respect to summarized financial information on associates and joint ventures of Vopak.
Associates and joint ventures are accounted for using the equity method, which involves recognition in the consolidated statement of income the Company\u2019s share of the net result of the associate or joint venture. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
| \u00a0 | 2025 | 2024 |
|---|---|---|
Share of results1 | 436.4 | 290.3 |
Revaluation upon gaining control | - | 101.8 |
Recycling of CTA upon gaining control | - | (19.6) |
Impairments | (1.1) | - |
Reversal of impairments | - | 29.7 |
| \u00a0 | 435.3 | 402.2 |
The share of results mainly relates to HAL\u2019s interest in SBM Offshore, as well as the associates and joint ventures of Vopak. The 2024 revaluation gain and the related recycling of currency translation adjustments from equity primarily related to the revaluation of the previously held equity interest of Boskalis in Smit Lamnalco upon gaining control over the company .
For details on impairments, reference is made to note 36.
Non-controlling\u00a0interests\u00a0with\u00a0respect\u00a0to\u00a0Vopak are significant to the Company. These interests can\u00a0be detailed\u00a0as\u00a0follows:
| \u00a0 | Vopak | Vopak |
|---|---|---|
| \u00a0 | 2025 | 2024 |
Profit / (loss) allocated to the non-controlling interest during the year | 315.7 | 235.4 |
| \u00a0 | \u00a0 | \u00a0 |
Accumulated non-controlling interest at December 31 | 1,665.8 | 1,648.9 |
Set\u00a0out\u00a0on the following page\u00a0is\u00a0the\u00a0summarized financial\u00a0information\u00a0for\u00a0Vopak. This is the financial information\u00a0as\u00a0reported\u00a0by\u00a0Vopak, including purchase price accounting adjustments made by\u00a0the\u00a0Company.
| \u00a0 | Vopak | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
Summarized balance sheet | \u00a0 | \u00a0 |
As of December 31 | \u00a0 | \u00a0 |
Current | \u00a0 | \u00a0 |
Assets | 522.0 | 534.5 |
Liabilities | (577.6) | (875.4) |
| \u00a0 | (55.6) | (340.9) |
Non-current | \u00a0 | \u00a0 |
Assets | 6,470.8 | 6,336.0 |
Liabilities | (2,962.4) | (2,682.7) |
| \u00a0 | 3,508.4 | 3,653.3 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 3,452.8 | 3,312.4 |
| \u00a0 | \u00a0 | \u00a0 |
Summarized income statement | \u00a0 | \u00a0 |
For the year | \u00a0 | \u00a0 |
Revenue | 1,459.3 | 1,391.8 |
Profit / (loss) before tax | 714.4 | 501.4 |
Income tax expense | (84.4) | (81.6) |
Profit / (loss) after income tax | 630.0 | 419.8 |
Other comprehensive income | (160.7) | (12.3) |
Total comprehensive income (CI) | 469.3 | 407.5 |
| \u00a0 | \u00a0 | \u00a0 |
CI allocated to non-controlling interest | 17.3 | 46.7 |
Dividend paid to non-controlling interest | 48.9 | 43.6 |
| \u00a0 | \u00a0 | \u00a0 |
Summarized cash flow statement | \u00a0 | \u00a0 |
For the year | \u00a0 | \u00a0 |
Cash from operating activities | 949.4 | 947.5 |
Interest paid net | (102.0) | (80.8) |
Income tax (paid) / received | (80.8) | (55.1) |
Net cash from operating activities | 766.6 | 811.6 |
Net cash from investing activities | (581.4) | (525.3) |
Net cash from financing activities | (173.8) | (399.6) |
Increase/(decrease) in cash and cash equivalents | 11.4 | (113.3) |
| \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalents at beginning of year | 94.2 | 197.0 |
Cash included in assets held for sale beginning of year | - | 8.4 |
Effect of exchange rate changes and reclassifications | (6.0) | 2.1 |
Increase/(decrease) in cash and cash equivalents | 11.4 | (113.3) |
Cash and cash equivalents at end of year | 99.6 | 94.2 |
The summarized financial information of the associates and joint ventures of Vopak is as follows.
Summarized\u00a0statements\u00a0of\u00a0financial\u00a0position on\u00a0a\u00a0100%\u00a0basis:
| \u00a0 | Asia & Middle East | Netherlands | USA & Canada | Other | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 |
Non-current assets | 4,474.0 | 4,914.3 | 1,399.9 | 1,403.6 | 1,679.6 | 1,422.9 | 687.7 | 832.5 | 8,241.2 | 8,573.3 |
Cash and cash equivalents | 624.7 | 684.2 | 92.9 | 137.3 | 29.9 | 17.2 | 77.8 | 65.6 | 825.3 | 904.3 |
Other current assets | 180.8 | 274.7 | 56.6 | 74.3 | 73.4 | 73.3 | 101.8 | 117.7 | 412.6 | 540.0 |
Total assets | 5,279.5 | 5,873.2 | 1,549.4 | 1,615.2 | 1,782.9 | 1,513.4 | 867.3 | 1,015.8 | 9,479.1 | 10,017.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial non-current liabilities | 2,080.6 | 2,608.4 | 738.1 | 789.4 | 323.3 | 384.3 | 223.6 | 282.5 | 3,365.6 | 4,064.6 |
Other non-current liabilities | 167.9 | 188.3 | 33.1 | 42.1 | 1.2 | 1.3 | 113.3 | 144.6 | 315.5 | 376.3 |
Financial current liabilities | 351.5 | 297.4 | 130.3 | 135.2 | 34.0 | 36.4 | 59.6 | 64.0 | 575.4 | 533.0 |
Other current liabilities | 385.2 | 467.4 | 90.9 | 127.4 | 76.1 | 68.0 | 63.6 | 58.5 | 615.8 | 721.3 |
Total liabilities | 2,985.2 | 3,561.5 | 992.4 | 1,094.1 | 434.6 | 490.0 | 460.1 | 549.6 | 4,872.3 | 5,695.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net assets | 2,294.3 | 2,311.7 | 557.0 | 521.1 | 1,348.3 | 1,023.4 | 407.2 | 466.2 | 4,606.8 | 4,322.4 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Vopak\u2019s share of net assets | 904.0 | 911.5 | 276.2 | 258.3 | 562.9 | 388.2 | 217.7 | 250.4 | 1,960.8 | 1,808.4 |
Goodwill on acquisition | 91.9 | 97.9 | 27.0 | 27.0 | 33.1 | 37.4 | - | - | 152.0 | 162.3 |
Vopak\u2019s carrying amount of net assets | 995.9 | 1,009.4 | 303.2 | 285.3 | 596.0 | 425.6 | 217.7 | 250.4 | 2,112.8 | 1,970.7 |
Summarized\u00a0statements\u00a0of\u00a0total\u00a0comprehensive\u00a0income on\u00a0a\u00a0100%\u00a0basis:
| \u00a0 | Asia & Middle East | Netherlands | USA & Canada | Other | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| \u00a0 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Revenues | 1,292.2 | 1,181.7 | 370.3 | 378.6 | 257.5 | 254.6 | 184.1 | 195.2 | 2,104.1 | 2,010.1 |
Operating expenses | (327.6) | (331.4) | (92.5) | (80.5) | (172.2) | (163.1) | (70.1) | (77.7) | (662.4) | (652.7) |
Depreciation, amortization and impairment | (281.9) | (271.9) | (169.4) | (154.6) | (48.5) | (34.7) | (20.8) | 58.6 | (520.6) | (402.6) |
Operating profit (EBIT) | 682.7 | 578.4 | 108.4 | 143.5 | 36.8 | 56.8 | 93.2 | 176.1 | 921.1 | 954.8 |
Net finance income / (expense) | (112.2) | (119.8) | (25.2) | (33.1) | (15.8) | (17.4) | (24.1) | (23.2) | (177.3) | (193.5) |
Income tax | (93.7) | (75.8) | (22.1) | (29.0) | (0.4) | (0.4) | (14.0) | (37.8) | (130.2) | (143.0) |
Net profit | 476.8 | 382.8 | 61.1 | 81.4 | 20.6 | 39.0 | 55.1 | 115.1 | 613.6 | 618.3 |
Other comprehensive income | (15.5) | 5.1 | 10.6 | (3.3) | (9.6) | (4.8) | - | - | (14.5) | (3.0) |
Total comprehensive income | 461.3 | 387.9 | 71.7 | 78.1 | 11.0 | 34.2 | 55.1 | 115.1 | 599.1 | 615.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Vopak\u2019s share of net profit | 164.6 | 143.2 | 28.6 | 38.8 | 4.3 | 13.0 | 28.8 | 58.9 | 226.3 | 253.9 |
Vopak\u2019s share of OCI | (4.7) | 1.6 | 5.2 | (1.6) | (4.9) | (2.4) | - | - | (4.4) | (2.4) |
Vopak\u2019s share of total comprehensive income | 159.9 | 144.8 | 33.8 | 37.2 | (0.6) | 10.6 | 28.8 | 58.9 | 221.9 | 251.5 |
Name | Country of incorporation | Nature of business | Interest in common shares | Interest in preferred shares | Non-controlling interest |
|---|---|---|---|---|---|
Subsidiaries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
HAL Holding N.V. | Cura\u00e7ao | Holding company | 100.0% | 0.0% | 0.0% |
HAL Investments B.V. | The Netherlands | Holding company | 100.0% | 0.0% | 0.0% |
HAL Real Estate Inc. | U.S.A. | Real estate | 100.0% | 0.0% | 0.0% |
Heartwood Afforested Land ehf. | Iceland | Forest restoration | 100.0% | 0.0% | 0.0% |
FD Mediagroep B.V. | The Netherlands | Media | 100.0% | 100.0% | 0.0% |
IQIP Holding B.V. | The Netherlands | Hydro hammers | 100.0% | 0.0% | 0.0% |
Koninklijke Boskalis B.V. | The Netherlands | Dredging and offshore | 100.0% | 0.0% | 0.0% |
Rotter y Krauss Holding S.p.A. | Chile | Optical retail | 100.0% | 0.0% | 0.0% |
Koninklijke Ahrend B.V. | The Netherlands | Office furniture | 98.0% | 100.0% | 2.0% |
Broadview Holding B.V. | The Netherlands | Industrial | 97.4% | 0.0% | 2.6% |
MSPS Holding B.V. | The Netherlands | Financial services | 95.1% | 0.0% | 4.9% |
Timber and Building Supplies Holland N.V. | The Netherlands | Building materials | 95.0% | 0.0% | 5.0% |
280ppm B.V. | The Netherlands | GHG reduction investments | 95.0% | 100.0% | 5.0% |
AN Direct B.V. | The Netherlands | Hearing aids | 90.0% | 0.0% | 10.0% |
SB Real Estate | The Netherlands | Real estate | 90.0% | 100.0% | 10.0% |
HR Top Holding B.V. | The Netherlands | HR services | 88.9% | 100.0% | 11.1% |
Van Wijnen Holding B.V. | The Netherlands | Construction | 88.0% | 100.0% | 12.0% |
Atlas Professionals B.V. | The Netherlands | Staffing | 86.9% | 0.0% | 13.1% |
GreenV B.V. | The Netherlands | Greenhouse projects | 74.6% | 0.0% | 25.4% |
Anthony Veder Group N.V. | Cura\u00e7ao | Shipping | 62.9% | 0.0% | 37.1% |
Auxilium GmbH | Germany | Medical aids | 53.8% | 0.0% | 46.2% |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Controlled publicly traded interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Koninklijke Vopak N.V. | The Netherlands | Tank terminals | 52.5% | 0.0% | 47.5% |
Safilo Group S.p.A. | Italy | Optical products | 49.6% | 0.0% | 50.4% |
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.
Non-controlled interests | \u00a0 |
|---|---|
Publicly traded | \u00a0 |
SBM Offshore N.V. | 24.1% |
Technip Energies N.V. | 18.3% |
Siltronic AG | 15.1% |
| \u00a0 | \u00a0 |
Other | \u00a0 |
Coolblue Holding B.V. | 56.4% |
Prodrive Technologies Group B.V. | 47.4% |
DMF Holding B.V. | 28.5% |
Koppert Group B.V. | 27.3% |
Associates are entities over which the Company has significant influence, generally presumed to exist at a shareholding of 20% or more of the voting rights, but no (de facto) control.
Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Most joint arrangements of the Company are considered joint ventures.
Associates and joint ventures are accounted for using the equity method. Under the equity method, the interest in the associate or joint venture is recognized at cost, including goodwill identified upon acquisition. If the investment is achieved in stages, the Company deems the fair value of the previously held equity interest as (part of) the cost of the associate or joint venture. The carrying value is subsequently adjusted to recognize the Company\u2019s share of the post-acquisition results and movements in other comprehensive income of the associate or joint venture. Accounting policies of the associates and joint ventures have been amended, where necessary, to ensure consistency with the policies adopted by the Company. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising on associates and joint ventures are recognized in the income statement.
If the ownership in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is recycled to the consolidated statement of income, where appropriate.
Joint operations are joint arrangements whereby the Company and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the joint operation. The Company recognizes its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and includes it on a line-by-line basis with corresponding items in the consolidated financial statements.
Associates are entities over which the Company has significant influence, generally presumed to exist at a shareholding of 20% or more of the voting rights, but no (de facto) control.
Associates and joint ventures are accounted for using the equity method. Under the equity method, the interest in the associate or joint venture is recognized at cost, including goodwill identified upon acquisition. If the investment is achieved in stages, the Company deems the fair value of the previously held equity interest as (part of) the cost of the associate or joint venture. The carrying value is subsequently adjusted to recognize the Company\u2019s share of the post-acquisition results and movements in other comprehensive income of the associate or joint venture. Accounting policies of the associates and joint ventures have been amended, where necessary, to ensure consistency with the policies adopted by the Company. When the Company\u2019s share of losses exceeds the carrying amount of an equity-accounted investment, including any unsecured receivables, the Company does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the company in question. Significant unrealized gains on transactions between the Company and its associates and joint ventures are eliminated to the extent of the Company\u2019s interest in the specific company. Significant unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising on associates and joint ventures are recognized in the income statement.
If the ownership in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is recycled to the consolidated statement of income, where appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i5106": { "value": "Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Most joint arrangements of the Company are considered joint ventures.
Joint operations are joint arrangements whereby the Company and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the joint operation. The Company recognizes its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and includes it on a line-by-line basis with corresponding items in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5713": { "value": "For the accounting policies for derivative financial instruments, reference is made to note 38. At initial recognition, non-derivative financial assets are classified as \u201cmeasured at amortized cost\u201d or as \u201cmeasured at fair value\u201d (either through profit or loss or through other comprehensive income). The classification depends on the business model the Group applies for managing the financial assets and the contractual terms of the cash flows.
Financial assets are first recognized on the trade date, being the date on which a commitment to purchase the asset is made. Financial assets are derecognized when the right to receive cash flows from the investments has expired or have been transferred and substantially all risks and rewards of ownership have been transferred.
Financial assets measured at amortized cost
These are assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. They are initially recognized at fair value plus any directly related transaction costs. Subsequently, these financial assets are carried at amortized cost, less a provision for impairment based on the expected loss model (refer to note 37). Interest income on financial assets measured at amortized cost is recognized using the effective interest method.
Assets held under a finance lease are presented in the consolidated statement of financial position as a receivable at an amount equal to the net investment in the lease. The income on the finance lease receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease and is presented as revenues.
Financial assets measured at fair value through other comprehensive income
Financial instruments in this class are initially measured at fair value plus any directly related transaction costs. Reference is made to the accounting policies on fair value measurement in note 37.
Debt instruments
These instruments are held both for collection of contractual cash flows, representing solely payments of principal and interest, and for selling the financial assets. Changes in the fair value of these investments are recorded in other comprehensive income and recycled through the consolidated statement of income upon derecognition. Both interest and the provision for impairment, based on the expected loss model (refer to note 37), are recognized in the consolidated statement of income.
Equity instruments
Management can make the irrevocable election at inception to present the subsequent changes in fair value of certain equity investments, included in other financial assets, in other comprehensive income. Dividends from these investments are recognized in the consolidated statement of income when the right to receive payment is established. When the equity interest is sold or becomes equity accounted or part of a business combination, the cumulative result recognized in other comprehensive income is reclassified from the other reserves to retained earnings, without recycling through the consolidated statement of income.
Financial assets measured at fair value through profit or loss
Debt instruments that do not qualify for measurement at amortized cost or measurement at fair value through other comprehensive income are measured at fair value through profit or loss. This classification also applies to all equity investments, unless management has made the specific election for measurement through other comprehensive income. Initial recognition of these assets is at fair value with any directly related transaction costs expensed as incurred. Gains or losses on financial instruments in this category are recognized in the consolidated statement of income.
The specification of other financial assets is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Investments in quoted equity securities | 1,301.3 | 784.7 |
Investments in unquoted equity securities | 41.6 | 238.2 |
Loans to associates and joint ventures | 88.0 | 74.9 |
Other loans | 139.5 | 147.6 |
Finance lease receivable | 127.4 | 128.9 |
Other | 56.6 | 69.2 |
| \u00a0 | 1,754.4 | 1,443.5 |
The investments in quoted equity securities mainly comprises HAL\u2019s 18.3% investment in Technip Energies N.V. and its 15.1% investment in Siltronic AG (included under the marketable securities in prior year), which are carried at fair value based on stock exchange quoted prices. During 2025, Safilo obtained a 25% shareholding in Inspecs Group plc, a UK-based provider of eyewear solutions listed on the London Stock Exchange. Changes in fair value of these assets are recorded through the consolidated statement of income.
In 2024, the category investments in unquoted equity securities included for \u20ac\u00a0140 million of preferred share capital in Koppert. During 2025, HAL obtained joint control in this company and the full interest is now presented as a joint venture in note 8. The equity interest in Enough was impaired by \u20ac\u00a015 million to nil, recorded in income. In 2025, the fair value of Vopak\u2019s investments classified as unquoted equity securities decreased by \u20ac\u00a041.0 million (2024: \u20ac\u00a051.8 million) to \u20ac\u00a027.2 million. This decline primarily reflects a \u20ac\u00a026.7 million reclassification of the investment in Sabtank to assets held for sale (refer to note 16) and a strategic review of its investment portfolio, following which Vopak divested \u20ac\u00a06.8 million of equity investments, resulting in a net disposal loss of \u20ac\u00a00.1 million, and reduced the fair value of certain other equity investments by \u20ac\u00a014.0 million. These results were recorded in other comprehensive income. A loan to one of Vopak\u2019s equity investments was impaired to nil, reflected in a \u20ac\u00a010 million impairment loss in the consolidated statement of income.
Other loans include loans provided to Royal IHC (refer to note 42) and other loans provided by Vopak.
The category \u201cother\u201d includes long-term deposits and receivables. The classification of financial instruments is disclosed in note 37. For information on derivative financial instruments reference is made to note 38.
Vopak - Vopak Venezuela S.A.
On November 12, 2025, Vopak divested its 100% shareholding in Vopak Venezuela S.A. Subsequent to its deconsolidation in October 2018, Vopak Venezuela S.A. was presented within investments in unquoted equity securities, with fair value movements recorded through other comprehensive income. Immediately before the divestment, the fair value of this investment was aligned to the purchase price of \u20ac\u00a05.2 million, resulting in a fair value gain of \u20ac\u00a04.4 million, recognized in other comprehensive income. The receipt of the purchase price has been reported in the consolidated statement of cash flows in the line proceeds from other financial assets.
The other financial assets can be further specified as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Non-current | 1,685.8 | 1,397.4 |
Current | 68.6 | 46.1 |
| \u00a0 | 1,754.4 | 1,443.5 |
Amounts included in the cash flow statement comprise:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Purchase of shares in Technip Energies | (64.9) | (69.7) |
Purchase of preferred shares in Koppert | (25.0) | (140.0) |
Loans provided to associates and joint ventures | (21.1) | (6.2) |
Repayment of loans by associates and joint ventures | 1.6 | 8.9 |
Purchase of shares in Siltronic | (67.6) | - |
Purchase of shares in Inspecs Group plc | (24.9) | - |
Other | 36.5 | (34.3) |
Proceeds from/(investments in) other financial assets in the statement of cash flows | (165.4) | (241.3) |
For the accounting policies for derivative financial instruments, reference is made to note 38. At initial recognition, non-derivative financial assets are classified as \u201cmeasured at amortized cost\u201d or as \u201cmeasured at fair value\u201d (either through profit or loss or through other comprehensive income). The classification depends on the business model the Group applies for managing the financial assets and the contractual terms of the cash flows.
Financial assets are first recognized on the trade date, being the date on which a commitment to purchase the asset is made. Financial assets are derecognized when the right to receive cash flows from the investments has expired or have been transferred and substantially all risks and rewards of ownership have been transferred.
Financial assets measured at amortized cost
These are assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. They are initially recognized at fair value plus any directly related transaction costs. Subsequently, these financial assets are carried at amortized cost, less a provision for impairment based on the expected loss model (refer to note 37). Interest income on financial assets measured at amortized cost is recognized using the effective interest method.
Assets held under a finance lease are presented in the consolidated statement of financial position as a receivable at an amount equal to the net investment in the lease. The income on the finance lease receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease and is presented as revenues.
Financial assets measured at fair value through other comprehensive income
Financial instruments in this class are initially measured at fair value plus any directly related transaction costs. Reference is made to the accounting policies on fair value measurement in note 37.
Debt instruments
These instruments are held both for collection of contractual cash flows, representing solely payments of principal and interest, and for selling the financial assets. Changes in the fair value of these investments are recorded in other comprehensive income and recycled through the consolidated statement of income upon derecognition. Both interest and the provision for impairment, based on the expected loss model (refer to note 37), are recognized in the consolidated statement of income.
Equity instruments
Management can make the irrevocable election at inception to present the subsequent changes in fair value of certain equity investments, included in other financial assets, in other comprehensive income. Dividends from these investments are recognized in the consolidated statement of income when the right to receive payment is established. When the equity interest is sold or becomes equity accounted or part of a business combination, the cumulative result recognized in other comprehensive income is reclassified from the other reserves to retained earnings, without recycling through the consolidated statement of income.
Financial assets measured at fair value through profit or loss
Debt instruments that do not qualify for measurement at amortized cost or measurement at fair value through other comprehensive income are measured at fair value through profit or loss. This classification also applies to all equity investments, unless management has made the specific election for measurement through other comprehensive income. Initial recognition of these assets is at fair value with any directly related transaction costs expensed as incurred. Gains or losses on financial instruments in this category are recognized in the consolidated statement of income.
For the accounting policies for derivative financial instruments, reference is made to note 38. At initial recognition, non-derivative financial assets are classified as \u201cmeasured at amortized cost\u201d or as \u201cmeasured at fair value\u201d (either through profit or loss or through other comprehensive income). The classification depends on the business model the Group applies for managing the financial assets and the contractual terms of the cash flows.
Financial assets are first recognized on the trade date, being the date on which a commitment to purchase the asset is made. Financial assets are derecognized when the right to receive cash flows from the investments has expired or have been transferred and substantially all risks and rewards of ownership have been transferred.
Financial assets measured at amortized cost
These are assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. They are initially recognized at fair value plus any directly related transaction costs. Subsequently, these financial assets are carried at amortized cost, less a provision for impairment based on the expected loss model (refer to note 37). Interest income on financial assets measured at amortized cost is recognized using the effective interest method.
Assets held under a finance lease are presented in the consolidated statement of financial position as a receivable at an amount equal to the net investment in the lease. The income on the finance lease receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease and is presented as revenues.
Financial assets measured at fair value through other comprehensive income
Financial instruments in this class are initially measured at fair value plus any directly related transaction costs. Reference is made to the accounting policies on fair value measurement in note 37.
Debt instruments
These instruments are held both for collection of contractual cash flows, representing solely payments of principal and interest, and for selling the financial assets. Changes in the fair value of these investments are recorded in other comprehensive income and recycled through the consolidated statement of income upon derecognition. Both interest and the provision for impairment, based on the expected loss model (refer to note 37), are recognized in the consolidated statement of income.
Equity instruments
Management can make the irrevocable election at inception to present the subsequent changes in fair value of certain equity investments, included in other financial assets, in other comprehensive income. Dividends from these investments are recognized in the consolidated statement of income when the right to receive payment is established. When the equity interest is sold or becomes equity accounted or part of a business combination, the cumulative result recognized in other comprehensive income is reclassified from the other reserves to retained earnings, without recycling through the consolidated statement of income.
Financial assets measured at fair value through profit or loss
Debt instruments that do not qualify for measurement at amortized cost or measurement at fair value through other comprehensive income are measured at fair value through profit or loss. This classification also applies to all equity investments, unless management has made the specific election for measurement through other comprehensive income. Initial recognition of these assets is at fair value with any directly related transaction costs expensed as incurred. Gains or losses on financial instruments in this category are recognized in the consolidated statement of income.
The accounting policies applied to marketable securities are the same as those applied to other financial assets (note 9). Marketable securities are measured at fair value through profit or loss except for certain fixed-income securities that are measured at fair value through other comprehensive income.
Marketable securities consist of equity securities amounting to \u20ac\u00a0240.9 million (2024: \u20ac\u00a0323.2 million) and fixed-income securities amounting to \u20ac\u00a0386.5 million (2024: \u20ac\u00a01,372.9 million). The investment in Siltronic (2024: \u20ac\u00a0135.7 million) was reclassified to other financial assets (refer to note 9) at the beginning of 2025
The fixed-income securities mainly include corporate investment-grade bonds, with an average S&P credit rating of A, an average duration of 1.2 year and an average yield to maturity of 2.58%. The portfolios were on average 42% invested in BBB-rated bonds, 47% in A-rated bonds, 7% in AA-rated bonds and 4% in AAA-rated bonds. On average, 55% of the portfolio matures within 1 year, 21% within 1-3 years and 24% within 3-5 years. The emerging market exposure of the portfolios was 1% of the total value. The average amount invested per security was \u20ac\u00a01.7 million.
Debt is initially recognized at fair value, less any directly related transaction costs. When debt instruments are designated as being part of a fair value hedge relationship, the debt is carried at amortized cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the consolidated statement of income. Other debt is subsequently carried at amortized cost, using the effective interest method. Convertible (equity-linked) borrowings that include a cash-settlement option are carried at amortized cost using an effective interest rate deemed appropriate for the risk profile of an equivalent financial instrument without the conversion component.
Other financial liabilities include contingent considerations related to acquisitions and obligations to acquire non-controlling interests from management of certain subsidiaries. These are initially recognized and subsequently measured at fair value with remeasurement differences recorded as financial income or expense in the consolidated statement of income. Refer to note 37 on fair value measurement.
Debt and other financial liabilities are classified as current unless the Group has an unconditional right to defer settlement until at least twelve months after statement of financial position date.
Fees paid with respect to loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs and subsequently amortized over the lifetime of the facility. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Classification
The classification of financial assets is detailed in the notes on derivatives and other financial assets. The classification of financial liabilities is detailed in the notes on debt and other financial liabilities and derivatives.
Fair value measurement
A number of the accounting policies and disclosures require the determination of fair value for financial instruments. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
The fair values calculated are classified into three categories depending on the inputs used in the valuation technique. Where available, fair values are derived from quoted prices for identical instruments (level 1). In the absence of such information, other observable inputs, either directly or indirectly, are used to estimate fair values (level 2). Where insufficient observable market data is available, the best applicable unobservable inputs are used to perform the valuation (level 3). The valuation techniques used per type of financial instrument are described in more detail below.
Equity securities
The Group holds direct investments in equity securities and indirect investments in equity securities through managed portfolios. When available, the Group uses quoted market (bid) prices in active markets to determine the fair value of its investments in equity securities (level 1). Fair values for unquoted shares are estimated using valuation techniques such as discounted cash flow analysis, using expected future cash flows and a market-related discount rate, or a market-multiples approach (level 2 or\u00a03).
Investment funds
Investment funds include private equity funds. The fair values of investments held in unquoted investment funds are determined by the Group after taking into consideration information provided by the fund managers and the liquidity of the investments. The Company reviews the valuations and performs analytical procedures to ensure the fair values are appropriate (level 2 or 3).
Debt securities and own debt
The Company uses quoted market (bid) prices in active markets to determine the fair value of its debt investments (level 1). When the Group cannot make use of quoted market prices, market prices from indices, corroborating broker quotes or discounted cash flow analyses, using expected future cash flows and market-related discount rates, are used (level 2).
Other liabilities
Obligations to acquire non-controlling interests are fair valued, generally, based on a contractual multiple of EBITA less net debt. Multiples applied are generally contractually determined (level 3). Contingent considerations are fair valued based on the expected cash outflows, taking into account the effects of discounting (level 3).
Derivatives
Where quoted market prices (level 1) are not available, other valuation techniques and corroborating broker quotes are used that maximize the use of observable inputs. These valuation techniques include option pricing and discounted cash flow analysis, using expected future cash flows and a market-related discount rate. The models used incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, expected volatility and interest rate curves (generally level 2).
Financial instruments for which carrying value approximates fair value
Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities and accrued liabilities.
The Company\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the beginning of the period.
Impairment
The Group applies the expected credit loss model to determine a loss allowance on its financial assets, loan commitments and financial guarantee contracts, except for equity investments and derivative financial instruments. This requires the use of both historical (loss) data and forward-looking information. The allowance is initially calculated as the potential credit loss over the next twelve months.
Should credit risk on the instrument have increased significantly since initial recognition, the loss allowance is determined as the potential credit loss over the remaining lifetime of the instrument. This is calculated using expected cash flows from the instrument at a revised discount rate. To determine whether a significant increase in credit risk or an impairment has occurred the Group takes into account various factors, including actual or expected credit rating downgrades of the instrument or issuer, adverse changes in business, financial or economic conditions of the debtor, covenant breaches, waivers or amendments and past-due information. For trade receivables and contract assets the Group applies the simplified approach, which uses a lifetime expected loss allowance from inception. The changes in loss allowance recognized by the Group are recorded as impairment gains or losses in the consolidated statement of income with an adjustment to the carrying value for assets measured at amortized cost. For assets measured at fair value through other comprehensive income a corresponding entry is made in other comprehensive income. Any credit loss not yet provided for is recognized in the consolidated statement of income as incurred.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a current, legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The offset is limited to the amount actually expected to be offset.
For the accounting policies for derivative financial instruments, reference is made to note 38. At initial recognition, non-derivative financial assets are classified as \u201cmeasured at amortized cost\u201d or as \u201cmeasured at fair value\u201d (either through profit or loss or through other comprehensive income). The classification depends on the business model the Group applies for managing the financial assets and the contractual terms of the cash flows.
Financial assets are first recognized on the trade date, being the date on which a commitment to purchase the asset is made. Financial assets are derecognized when the right to receive cash flows from the investments has expired or have been transferred and substantially all risks and rewards of ownership have been transferred.
Financial assets measured at amortized cost
These are assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. They are initially recognized at fair value plus any directly related transaction costs. Subsequently, these financial assets are carried at amortized cost, less a provision for impairment based on the expected loss model (refer to note 37). Interest income on financial assets measured at amortized cost is recognized using the effective interest method.
Assets held under a finance lease are presented in the consolidated statement of financial position as a receivable at an amount equal to the net investment in the lease. The income on the finance lease receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease and is presented as revenues.
Financial assets measured at fair value through other comprehensive income
Financial instruments in this class are initially measured at fair value plus any directly related transaction costs. Reference is made to the accounting policies on fair value measurement in note 37.
Debt instruments
These instruments are held both for collection of contractual cash flows, representing solely payments of principal and interest, and for selling the financial assets. Changes in the fair value of these investments are recorded in other comprehensive income and recycled through the consolidated statement of income upon derecognition. Both interest and the provision for impairment, based on the expected loss model (refer to note 37), are recognized in the consolidated statement of income.
Equity instruments
Management can make the irrevocable election at inception to present the subsequent changes in fair value of certain equity investments, included in other financial assets, in other comprehensive income. Dividends from these investments are recognized in the consolidated statement of income when the right to receive payment is established. When the equity interest is sold or becomes equity accounted or part of a business combination, the cumulative result recognized in other comprehensive income is reclassified from the other reserves to retained earnings, without recycling through the consolidated statement of income.
Financial assets measured at fair value through profit or loss
Debt instruments that do not qualify for measurement at amortized cost or measurement at fair value through other comprehensive income are measured at fair value through profit or loss. This classification also applies to all equity investments, unless management has made the specific election for measurement through other comprehensive income. Initial recognition of these assets is at fair value with any directly related transaction costs expensed as incurred. Gains or losses on financial instruments in this category are recognized in the consolidated statement of income.
Financial assets are first recognized on the trade date, being the date on which a commitment to purchase the asset is made. Financial assets are derecognized when the right to receive cash flows from the investments has expired or have been transferred and substantially all risks and rewards of ownership have been transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i5715": { "value": "Financial assets measured at fair value through profit or loss
Debt instruments that do not qualify for measurement at amortized cost or measurement at fair value through other comprehensive income are measured at fair value through profit or loss. This classification also applies to all equity investments, unless management has made the specific election for measurement through other comprehensive income. Initial recognition of these assets is at fair value with any directly related transaction costs expensed as incurred. Gains or losses on financial instruments in this category are recognized in the consolidated statement of income.
Other financial liabilities include contingent considerations related to acquisitions and obligations to acquire non-controlling interests from management of certain subsidiaries. These are initially recognized and subsequently measured at fair value with remeasurement differences recorded as financial income or expense in the consolidated statement of income. Refer to note 37 on fair value measurement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5817": { "value": "The accounting policies applied to marketable securities are the same as those applied to other financial assets (note 9). Marketable securities are measured at fair value through profit or loss except for certain fixed-income securities that are measured at fair value through other comprehensive income.
Marketable securities consist of equity securities amounting to \u20ac\u00a0240.9 million (2024: \u20ac\u00a0323.2 million) and fixed-income securities amounting to \u20ac\u00a0386.5 million (2024: \u20ac\u00a01,372.9 million). The investment in Siltronic (2024: \u20ac\u00a0135.7 million) was reclassified to other financial assets (refer to note 9) at the beginning of 2025
The fixed-income securities mainly include corporate investment-grade bonds, with an average S&P credit rating of A, an average duration of 1.2 year and an average yield to maturity of 2.58%. The portfolios were on average 42% invested in BBB-rated bonds, 47% in A-rated bonds, 7% in AA-rated bonds and 4% in AAA-rated bonds. On average, 55% of the portfolio matures within 1 year, 21% within 1-3 years and 24% within 3-5 years. The emerging market exposure of the portfolios was 1% of the total value. The average amount invested per security was \u20ac\u00a01.7 million.
The accounting policies applied to marketable securities are the same as those applied to other financial assets (note 9). Marketable securities are measured at fair value through profit or loss except for certain fixed-income securities that are measured at fair value through other comprehensive income.
Marketable securities consist of equity securities amounting to \u20ac\u00a0240.9 million (2024: \u20ac\u00a0323.2 million) and fixed-income securities amounting to \u20ac\u00a0386.5 million (2024: \u20ac\u00a01,372.9 million). The investment in Siltronic (2024: \u20ac\u00a0135.7 million) was reclassified to other financial assets (refer to note 9) at the beginning of 2025
The fixed-income securities mainly include corporate investment-grade bonds, with an average S&P credit rating of A, an average duration of 1.2 year and an average yield to maturity of 2.58%. The portfolios were on average 42% invested in BBB-rated bonds, 47% in A-rated bonds, 7% in AA-rated bonds and 4% in AAA-rated bonds. On average, 55% of the portfolio matures within 1 year, 21% within 1-3 years and 24% within 3-5 years. The emerging market exposure of the portfolios was 1% of the total value. The average amount invested per security was \u20ac\u00a01.7 million.
Trade receivables are initially recognized at the transaction price and subsequently measured at amortized cost using the effective interest method, less a provision for impairment. Trade receivables that include a significant financing component are initially recognized at fair value plus any directly related transaction costs. A provision for impairment is established based on the expected loss model (refer to note 37) with application of the simplified approach. The amount of the provision is the difference between the assets\u2019 carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Additions to and releases from the provision are recognized in the consolidated statement of income.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Trade receivables | 1,652.8 | 1,591.6 |
Provision for impairment | (99.1) | (92.7) |
| \u00a0 | 1,553.7 | 1,498.9 |
The ageing analysis of the trade receivables that are past due but not impaired is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Up to 3 months | 305.6 | 299.5 |
Between 3 and 6 months | 67.5 | 45.2 |
Between 6 and 9 months | 17.6 | 28.0 |
Over 9 months | 98.2 | 85.6 |
| \u00a0 | 488.9 | 458.3 |
Movements on the provision for impairment of trade receivables are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Balance on January 1 | (92.7) | (86.5) |
Addition to allowance | (47.6) | (53.1) |
Utilized during the year | 4.2 | 40.7 |
Released | 30.0 | 17.2 |
Reclassification to held for sale | - | (8.4) |
Other movements | 7.0 | (2.6) |
Balance on December 31 | (99.1) | (92.7) |
There was no indication at the reporting date that these receivables will not be recovered, other than as already provided for. The fair value of the receivables approximates their carrying value.
Information on pledges is included in note 22.
Trade receivables are initially recognized at the transaction price and subsequently measured at amortized cost using the effective interest method, less a provision for impairment. Trade receivables that include a significant financing component are initially recognized at fair value plus any directly related transaction costs. A provision for impairment is established based on the expected loss model (refer to note 37) with application of the simplified approach. The amount of the provision is the difference between the assets\u2019 carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Additions to and releases from the provision are recognized in the consolidated statement of income.
Movements on the provision for impairment of trade receivables are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Balance on January 1 | (92.7) | (86.5) |
Addition to allowance | (47.6) | (53.1) |
Utilized during the year | 4.2 | 40.7 |
Released | 30.0 | 17.2 |
Reclassification to held for sale | - | (8.4) |
Other movements | 7.0 | (2.6) |
Balance on December 31 | (99.1) | (92.7) |
There was no indication at the reporting date that these receivables will not be recovered, other than as already provided for. The fair value of the receivables approximates their carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5910": { "value": "A construction contract is a contract specifically negotiated for the construction of an asset, including (residential) real estate, greenhouse projects, technical facilities, civil and maritime infrastructure and development projects for which an agreement with a customer is present. Development projects for which there is not yet a contract with a customer are included within inventories (refer to note 13). Offshore service contracts are specifically negotiated contracts for (sub-sea) marine services, including heavy transport, inspections and surveys. The timing of invoicing and cash collection may result in unbilled revenue, accounts receivable and deferred revenue with respect to these contracts. Amounts are generally invoiced based on contractual terms, either at periodic intervals or upon achievement of contractual milestones, and for each contract a net position is included in the statement of financial position. In the event that billing occurs subsequent to revenue recognition, unbilled revenue is recognized (as an asset). In the event that payments are received from customers in advance of revenue recognition, deferred revenue is recognized (as a liability).
A provision for onerous contracts is recognized when the remaining unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The provisions taken for onerous contracts related to construction and offshore service contracts are included in note 21. The provision is measured based on the expected incremental and directly related costs of fulfilling the contract.
The order book includes future revenues from projects that have been signed and, for framework contracts, for which work packages have been agreed with clients. This includes mainly projects that are in progress but not yet completed and to a lesser extent projects acquired but not yet in progress at the reporting date.
For information on revenue recognition for construction and offshore service contracts reference is made to note 23.
Critical accounting estimates and judgments
The expected outcome of a construction or offshore service contract is periodically estimated. If the contract is expected to be profitable and the contract revenue highly probable, contract revenue and costs are recognized based on the progress of the project over time, generally by reference to the percentage-of-completion method. When a contract is not estimated to be profitable, the realized loss, determined based on the progress of the project, is recognized in the consolidated statement of income immediately. The expected future losses are included in a provision for onerous contracts (refer to note 21) that is charged against the consolidated statement of income.
There is a robust process in place at each of the relevant investee companies to determine both progress and forecasted outcomes of construction and offshore service contracts. This process builds on decentralized estimates by project managers that are thoroughly discussed with and reviewed by experienced staff and management at various levels of the organization, including comparative analyses with earlier projections and project budgets. There is inherent estimation uncertainty in this process and actual outcomes of projects may deviate from the forecasted outcomes, affecting revenue and results.
Unbilled revenue and deferred revenue related to construction and offshore contracting activities for which there is a contract with a customer are as follows.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Unbilled revenue | 226.8 | 221.3 |
Deferred revenue | (1,084.7) | (944.0) |
| \u00a0 | (857.9) | (722.7) |
The unbilled revenue and deferred revenue balances are expected to be mainly recognized in 2026 as the Group does not pre-finance projects longer than one year and regular invoicing of installments applies.
The order book with regards to construction and offshore service projects for which a signed contract is in place remained stable at \u20ac\u00a09.8 billion (2024: \u20ac\u00a09.8 billion). These revenues are expected to be realized mainly over the next three years. The Group does not apply the practical expedient to exclude performance obligations in contracts with an original expected duration of one year or less.
A construction contract is a contract specifically negotiated for the construction of an asset, including (residential) real estate, greenhouse projects, technical facilities, civil and maritime infrastructure and development projects for which an agreement with a customer is present. Development projects for which there is not yet a contract with a customer are included within inventories (refer to note 13). Offshore service contracts are specifically negotiated contracts for (sub-sea) marine services, including heavy transport, inspections and surveys. The timing of invoicing and cash collection may result in unbilled revenue, accounts receivable and deferred revenue with respect to these contracts. Amounts are generally invoiced based on contractual terms, either at periodic intervals or upon achievement of contractual milestones, and for each contract a net position is included in the statement of financial position. In the event that billing occurs subsequent to revenue recognition, unbilled revenue is recognized (as an asset). In the event that payments are received from customers in advance of revenue recognition, deferred revenue is recognized (as a liability).
A provision for onerous contracts is recognized when the remaining unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The provisions taken for onerous contracts related to construction and offshore service contracts are included in note 21. The provision is measured based on the expected incremental and directly related costs of fulfilling the contract.
The order book includes future revenues from projects that have been signed and, for framework contracts, for which work packages have been agreed with clients. This includes mainly projects that are in progress but not yet completed and to a lesser extent projects acquired but not yet in progress at the reporting date.
For information on revenue recognition for construction and offshore service contracts reference is made to note 23.
Critical accounting estimates and judgments
The expected outcome of a construction or offshore service contract is periodically estimated. If the contract is expected to be profitable and the contract revenue highly probable, contract revenue and costs are recognized based on the progress of the project over time, generally by reference to the percentage-of-completion method. When a contract is not estimated to be profitable, the realized loss, determined based on the progress of the project, is recognized in the consolidated statement of income immediately. The expected future losses are included in a provision for onerous contracts (refer to note 21) that is charged against the consolidated statement of income.
There is a robust process in place at each of the relevant investee companies to determine both progress and forecasted outcomes of construction and offshore service contracts. This process builds on decentralized estimates by project managers that are thoroughly discussed with and reviewed by experienced staff and management at various levels of the organization, including comparative analyses with earlier projections and project budgets. There is inherent estimation uncertainty in this process and actual outcomes of projects may deviate from the forecasted outcomes, affecting revenue and results.
Inventories are stated at the lower of cost and net realizable value. Cost is generally determined using the weighted-average cost method. Cost comprises direct costs and a proportion of attributable production overheads, but excludes interest expense. Net realizable value is the estimated selling price less the estimated costs necessary to make the sale.
Project development includes land positions, related building rights and capitalized property development costs related to projects for which a signed customer contract is not yet in place.
Critical accounting estimates and judgments
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.
The composition of the inventories is set out below.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Raw materials | 200.7 | 220.0 |
Work in progress | 92.1 | 97.6 |
Spare parts | 116.2 | 115.0 |
Finished goods | 536.4 | 572.1 |
Project development (including land and building rights) | 159.1 | 123.5 |
Stock in transit | 11.7 | 12.6 |
Carbon credits | 4.8 | 4.2 |
Provision on inventory | (112.5) | (122.6) |
| \u00a0 | 1,008.5 | 1,022.4 |
The cost of inventory, services and subcontracted work recognized as an expense amounts to \u20ac\u00a05,143.5 million (2024: \u20ac\u00a05,453.6 million). The total (reversal of) write-down of inventories recognized within expenses amounts to \u20ac\u00a05.5 million (2024: \u20ac\u00a03.2 million).
Information on pledges is included in note 22.
Inventories are stated at the lower of cost and net realizable value. Cost is generally determined using the weighted-average cost method. Cost comprises direct costs and a proportion of attributable production overheads, but excludes interest expense. Net realizable value is the estimated selling price less the estimated costs necessary to make the sale.
Project development includes land positions, related building rights and capitalized property development costs related to projects for which a signed customer contract is not yet in place.
Critical accounting estimates and judgments
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.
Other current assets generally include prepayments relating to the following year and other receivables to be received within 12 months.
The composition of the other current assets is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Prepaid vendors | 329.2 | 383.0 |
VAT receivable | 38.0 | 33.5 |
Supplier bonus receivable | 48.4 | 46.9 |
Income tax receivable | 67.9 | 63.1 |
Other receivables | 242.1 | 288.0 |
| \u00a0 | 725.6 | 814.5 |
Cash and cash equivalents comprise unrestricted bank balances and liquid investments with a maturity of three months or less.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Cash | 2,032.4 | 1,507.9 |
Cash equivalents | 2,313.1 | 1,070.1 |
Cash and cash equivalents | 4,345.5 | 2,578.0 |
Cash equivalents include time deposits with a maturity of less than three months. Cash and cash equivalents in amount of \u20ac\u00a080.3 million (2024: \u20ac\u00a095.8 million) were held by project-driven construction consortia (joint operations).
Cash and cash equivalents comprise unrestricted bank balances and liquid investments with a maturity of three months or less.
Non-current assets (or disposal groups) are classified as held for sale if their carrying amounts are to be recovered principally through a sales transaction rather than through continuing use and a sale is considered highly probable at the reporting date. This assessment is based on the facts and circumstances at that date, including the level of commitment from potential buyers as may be reflected in an executed letter of intent. These facts and circumstances may change and this could result in a situation where assets are divested that were not classified as held for sale at year-end. Immediately \u00adbefore classification as held for sale, the measurement of the assets (and all assets and liabilities in a disposal group) is \u00adupdated in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of their carrying amount and fair value less costs of disposal. Depending on the nature of the non-current assets, the estimated fair value may be associated with uncertainty and potentially adjusted subsequently. Impairment losses on initial classification as held for sale are included in the income statement. Subsequent to classification as held for sale the depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets are no longer recognized in the consolidated statement of income. In addition, if applicable, equity accounting ceases.
In the event the criteria for classification as held for sale are no longer met, the entity shall measure a non-current asset (or disposal group) that ceases to be classified as held for sale at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations (including those arriving from equity accounting) that would have been recognized had the asset (or disposal group) not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell.
A discontinued operation is a component of the Group\u2019s business that represents a separate, major line of business or geographical area of operations, or is a company acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or, if earlier, when the operation meets the criteria to be classified as held for sale.
At the reporting date the assets held for sale of \u20ac\u00a067.0 million (2024: \u20ac\u00a029.7 million) primarily related to the following assets.
Vopak - Hindustan Aegis LPG Ltd (India)
On January 6, 2026, Vopak divested its 24% shareholding in Hindustan Aegis LPG Ltd (HLPG) to Vopak\u2019s associate AVTL (refer to note 45). As at December 31, 2025, the carrying amount of \u20ac\u00a029.1 million of the 24% shareholding in HLPG was classified as held for sale.
Vopak - SABIC Terminal Services Company Ltd (Sabtank)
Vopak and Jubail Chemicals Storage & Services Company LLC (\u2018Chemtank\u2019), an associate in which Vopak holds a 22% shareholding, agreed on the principal terms for the sale of Vopak\u2019s 10% shareholding in SABIC Terminal Services Company Ltd (Sabtank) in exchange for issuance of new shares in Chemtank. This downstream sale is subject to customary closing conditions and is expected to close in the second half of 2026. As at December 31, 2025, \u20ac\u00a026.7 million of the carrying amount of the 10% shareholding in Sabtank (previously presented within Other financial assets) has been classified as held for sale.
Non-current assets (or disposal groups) are classified as held for sale if their carrying amounts are to be recovered principally through a sales transaction rather than through continuing use and a sale is considered highly probable at the reporting date. This assessment is based on the facts and circumstances at that date, including the level of commitment from potential buyers as may be reflected in an executed letter of intent. These facts and circumstances may change and this could result in a situation where assets are divested that were not classified as held for sale at year-end. Immediately \u00adbefore classification as held for sale, the measurement of the assets (and all assets and liabilities in a disposal group) is \u00adupdated in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of their carrying amount and fair value less costs of disposal. Depending on the nature of the non-current assets, the estimated fair value may be associated with uncertainty and potentially adjusted subsequently. Impairment losses on initial classification as held for sale are included in the income statement. Subsequent to classification as held for sale the depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets are no longer recognized in the consolidated statement of income. In addition, if applicable, equity accounting ceases.
In the event the criteria for classification as held for sale are no longer met, the entity shall measure a non-current asset (or disposal group) that ceases to be classified as held for sale at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations (including those arriving from equity accounting) that would have been recognized had the asset (or disposal group) not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell.
A discontinued operation is a component of the Group\u2019s business that represents a separate, major line of business or geographical area of operations, or is a company acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or, if earlier, when the operation meets the criteria to be classified as held for sale.
At the reporting date the assets held for sale of \u20ac\u00a067.0 million (2024: \u20ac\u00a029.7 million) primarily related to the following assets.
Vopak - Hindustan Aegis LPG Ltd (India)
On January 6, 2026, Vopak divested its 24% shareholding in Hindustan Aegis LPG Ltd (HLPG) to Vopak\u2019s associate AVTL (refer to note 45). As at December 31, 2025, the carrying amount of \u20ac\u00a029.1 million of the 24% shareholding in HLPG was classified as held for sale.
Vopak - SABIC Terminal Services Company Ltd (Sabtank)
Vopak and Jubail Chemicals Storage & Services Company LLC (\u2018Chemtank\u2019), an associate in which Vopak holds a 22% shareholding, agreed on the principal terms for the sale of Vopak\u2019s 10% shareholding in SABIC Terminal Services Company Ltd (Sabtank) in exchange for issuance of new shares in Chemtank. This downstream sale is subject to customary closing conditions and is expected to close in the second half of 2026. As at December 31, 2025, \u20ac\u00a026.7 million of the carrying amount of the 10% shareholding in Sabtank (previously presented within Other financial assets) has been classified as held for sale.
Non-current assets (or disposal groups) are classified as held for sale if their carrying amounts are to be recovered principally through a sales transaction rather than through continuing use and a sale is considered highly probable at the reporting date. This assessment is based on the facts and circumstances at that date, including the level of commitment from potential buyers as may be reflected in an executed letter of intent. These facts and circumstances may change and this could result in a situation where assets are divested that were not classified as held for sale at year-end. Immediately \u00adbefore classification as held for sale, the measurement of the assets (and all assets and liabilities in a disposal group) is \u00adupdated in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of their carrying amount and fair value less costs of disposal. Depending on the nature of the non-current assets, the estimated fair value may be associated with uncertainty and potentially adjusted subsequently. Impairment losses on initial classification as held for sale are included in the income statement. Subsequent to classification as held for sale the depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets are no longer recognized in the consolidated statement of income. In addition, if applicable, equity accounting ceases.
In the event the criteria for classification as held for sale are no longer met, the entity shall measure a non-current asset (or disposal group) that ceases to be classified as held for sale at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations (including those arriving from equity accounting) that would have been recognized had the asset (or disposal group) not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell.
A discontinued operation is a component of the Group\u2019s business that represents a separate, major line of business or geographical area of operations, or is a company acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or, if earlier, when the operation meets the criteria to be classified as held for sale.
At the reporting date the assets held for sale of \u20ac\u00a067.0 million (2024: \u20ac\u00a029.7 million) primarily related to the following assets.
Vopak - Hindustan Aegis LPG Ltd (India)
On January 6, 2026, Vopak divested its 24% shareholding in Hindustan Aegis LPG Ltd (HLPG) to Vopak\u2019s associate AVTL (refer to note 45). As at December 31, 2025, the carrying amount of \u20ac\u00a029.1 million of the 24% shareholding in HLPG was classified as held for sale.
Vopak - SABIC Terminal Services Company Ltd (Sabtank)
Vopak and Jubail Chemicals Storage & Services Company LLC (\u2018Chemtank\u2019), an associate in which Vopak holds a 22% shareholding, agreed on the principal terms for the sale of Vopak\u2019s 10% shareholding in SABIC Terminal Services Company Ltd (Sabtank) in exchange for issuance of new shares in Chemtank. This downstream sale is subject to customary closing conditions and is expected to close in the second half of 2026. As at December 31, 2025, \u20ac\u00a026.7 million of the carrying amount of the 10% shareholding in Sabtank (previously presented within Other financial assets) has been classified as held for sale.
Non-current assets (or disposal groups) are classified as held for sale if their carrying amounts are to be recovered principally through a sales transaction rather than through continuing use and a sale is considered highly probable at the reporting date. This assessment is based on the facts and circumstances at that date, including the level of commitment from potential buyers as may be reflected in an executed letter of intent. These facts and circumstances may change and this could result in a situation where assets are divested that were not classified as held for sale at year-end. Immediately \u00adbefore classification as held for sale, the measurement of the assets (and all assets and liabilities in a disposal group) is \u00adupdated in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of their carrying amount and fair value less costs of disposal. Depending on the nature of the non-current assets, the estimated fair value may be associated with uncertainty and potentially adjusted subsequently. Impairment losses on initial classification as held for sale are included in the income statement. Subsequent to classification as held for sale the depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets are no longer recognized in the consolidated statement of income. In addition, if applicable, equity accounting ceases.
In the event the criteria for classification as held for sale are no longer met, the entity shall measure a non-current asset (or disposal group) that ceases to be classified as held for sale at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations (including those arriving from equity accounting) that would have been recognized had the asset (or disposal group) not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell.
A discontinued operation is a component of the Group\u2019s business that represents a separate, major line of business or geographical area of operations, or is a company acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or, if earlier, when the operation meets the criteria to be classified as held for sale.
Non-current assets (or disposal groups) are classified as held for sale if their carrying amounts are to be recovered principally through a sales transaction rather than through continuing use and a sale is considered highly probable at the reporting date. This assessment is based on the facts and circumstances at that date, including the level of commitment from potential buyers as may be reflected in an executed letter of intent. These facts and circumstances may change and this could result in a situation where assets are divested that were not classified as held for sale at year-end. Immediately \u00adbefore classification as held for sale, the measurement of the assets (and all assets and liabilities in a disposal group) is \u00adupdated in accordance with applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of their carrying amount and fair value less costs of disposal. Depending on the nature of the non-current assets, the estimated fair value may be associated with uncertainty and potentially adjusted subsequently. Impairment losses on initial classification as held for sale are included in the income statement. Subsequent to classification as held for sale the depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets are no longer recognized in the consolidated statement of income. In addition, if applicable, equity accounting ceases.
In the event the criteria for classification as held for sale are no longer met, the entity shall measure a non-current asset (or disposal group) that ceases to be classified as held for sale at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations (including those arriving from equity accounting) that would have been recognized had the asset (or disposal group) not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i6044": { "value": "A discontinued operation is a component of the Group\u2019s business that represents a separate, major line of business or geographical area of operations, or is a company acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or, if earlier, when the operation meets the criteria to be classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6047": { "value": "When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are deducted from equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is also presented in equity.
The issued and fully paid-up share capital at December 31, 2025, consists of 90,370,864 HAL Trust shares (\u2018Shares\u2019) of which 80,720 are held as treasury stock by HAL.
Movements in the number of Shares were as follows:
x 1,000 | Issued shares | Treasury shares |
|---|---|---|
Balance on January 1, 2024 | 90,370.9 | 27.0 |
Purchase of treasury shares | - | 37.2 |
Sale and transfer of treasury shares | - | (19.6) |
Balance on December 31, 2024 | 90,370.9 | 44.6 |
| \u00a0 | \u00a0 | \u00a0 |
Balance on January 1, 2025 | 90,370.9 | 44.6 |
Purchase of treasury shares | - | 120.0 |
Sale and transfer of treasury shares | - | (83.9) |
Balance on December 31, 2025 | 90,370.9 | 80.7 |
x 1,000 | Dec. 31, 2025 |
|---|---|
Authorized shares | 100,000 |
Issued shares | 90,371 |
Par value (HAL Holding N.V.) (in euro) | 135 |
Share capital (in millions of euro) | 12,200 |
The treasury shares referred to are Shares held by HAL and are not expected to be cancelled. Each Share has one voting right.
A 2024-related cash dividend of \u20ac\u00a0261.9 million (excluding dividend on treasury shares) or \u20ac\u00a02.90 per Share in cash was distributed on May 27, 2025 (2024: \u20ac\u00a0257.5 million or \u20ac\u00a02.85 per Share in cash).
The extraordinary general meeting of shareholders, held on March 28, 2024, approved the conversion of available profit reserves (retained earnings) into nominal share capital. In accordance with the approved amendments to the articles of association of the Company, the nominal value per Share was increased from 0.02 euro to 135 euro.
When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are deducted from equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is also presented in equity.
The issued and fully paid-up share capital at December 31, 2025, consists of 90,370,864 HAL Trust shares (\u2018Shares\u2019) of which 80,720 are held as treasury stock by HAL.
Movements in the number of Shares were as follows:
x 1,000 | Issued shares | Treasury shares |
|---|---|---|
Balance on January 1, 2024 | 90,370.9 | 27.0 |
Purchase of treasury shares | - | 37.2 |
Sale and transfer of treasury shares | - | (19.6) |
Balance on December 31, 2024 | 90,370.9 | 44.6 |
| \u00a0 | \u00a0 | \u00a0 |
Balance on January 1, 2025 | 90,370.9 | 44.6 |
Purchase of treasury shares | - | 120.0 |
Sale and transfer of treasury shares | - | (83.9) |
Balance on December 31, 2025 | 90,370.9 | 80.7 |
x 1,000 | Dec. 31, 2025 |
|---|---|
Authorized shares | 100,000 |
Issued shares | 90,371 |
Par value (HAL Holding N.V.) (in euro) | 135 |
Share capital (in millions of euro) | 12,200 |
The treasury shares referred to are Shares held by HAL and are not expected to be cancelled. Each Share has one voting right.
A 2024-related cash dividend of \u20ac\u00a0261.9 million (excluding dividend on treasury shares) or \u20ac\u00a02.90 per Share in cash was distributed on May 27, 2025 (2024: \u20ac\u00a0257.5 million or \u20ac\u00a02.85 per Share in cash).
The extraordinary general meeting of shareholders, held on March 28, 2024, approved the conversion of available profit reserves (retained earnings) into nominal share capital. In accordance with the approved amendments to the articles of association of the Company, the nominal value per Share was increased from 0.02 euro to 135 euro.
When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are deducted from equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is also presented in equity.
When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are deducted from equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is also presented in equity.
A 2024-related cash dividend of \u20ac\u00a0261.9 million (excluding dividend on treasury shares) or \u20ac\u00a02.90 per Share in cash was distributed on May 27, 2025 (2024: \u20ac\u00a0257.5 million or \u20ac\u00a02.85 per Share in cash).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "xbrlvalue-dividendsrecognisedasdistributionstoownerspershare-i6114": { "value": "2900000.0", "decimals": -4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "xbrlvalue-dividendsrecognisedasdistributionstoownerspershare-i6115": { "value": "2850000.0", "decimals": -4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "section-blocktag-i6117": { "value": "Other reserves include the cumulative valuation reserve, the cash flow hedge reserve and the cumulative currency translation reserve.
The cumulative valuation reserve includes the unrealized results, net of tax, on financial assets classified as fair value through other comprehensive income.
The cash flow hedge reserve contains the effective part of the accumulated change in the fair value of cash flow hedges, net of tax, in respect of which the hedged future transaction has not yet taken place.
The cumulative currency translation reserve includes all exchange differences resulting from the translation of the financial statements of foreign entities. It also includes the exchange differences on liabilities and the effective currency component of fair value changes of derivative financial instruments, net of tax, to the extent that they are part of an effective net investment hedge relationship.
In millions of euro | Cumulative valuation reserve | Cash flow hedge reserve | Cumulative currency translation reserve | Total other reserves |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Balance on January 1, 2024 | 29.1 | 100.0 | 99.5 | 228.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Change in fair value of financial assets at fair value through other comprehensive income | (22.4) | - | - | (22.4) |
Translation of foreign subsidiaries, including share of associates and joint arrangements | - | - | 266.0 | 266.0 |
Effective portion of hedging instruments, including share of associates and joint arrangements | - | (55.0) | - | (55.0) |
Reclassification | - | 14.8 | - | 14.8 |
Balance on December 31, 2024 | 6.7 | 59.8 | 365.5 | 432.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Change in fair value of financial assets at fair value through other comprehensive income | (1.2) | - | - | (1.2) |
Translation of foreign subsidiaries, including share of associates and joint arrangements | - | - | (508.5) | (508.5) |
Effective portion of hedging instruments, including share of associates and joint arrangements | - | 55.7 | - | 55.7 |
Reclassification | - | (16.3) | - | (16.3) |
Balance on December 31, 2025 | 5.5 | 99.2 | (143.0) | (38.3) |
The cash flow hedge reserve contains the effective part of the accumulated change in the fair value of the cash flow hedges, net of tax, in respect of which the hedged future transaction has not yet taken place. The table below provides an overview of the estimated maturity profile of the cash flow hedge reserve.
Use of cash flow hedge reserve | \u00a0 |
|---|---|
< 1 year | 26.2 |
1-5 years | 66.6 |
> 5 years | 6.4 |
| \u00a0 | 99.2 |
Deferred tax is recognized using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the consolidated financial statements. Temporary differences are not provided if they relate to goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit or differences relating to investments in subsidiaries, associates and joint ventures to the extent that the reversal of the temporary differences is controlled by the Company and it is probable that they will not reverse in the foreseeable future. Withholding tax and any other tax due for unremitted earnings of subsidiaries are not recognized as deferred tax liability unless there is an intention to distribute these earnings in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax is recognized in the consolidated statement of income unless it relates to items recognized through other comprehensive income.
Tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and that there is an intent to either settle on a net basis, or to realize the asset and settle the liability simultaneously.
Critical accounting estimates and judgments
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.
The movement in deferred tax assets and liabilities during the period is set out on the next page.
| \u00a0 | Carry-forward losses | PP&E | Leases | Intangibles | Inventories | \u00a0 | Other | Offset | Total |
|---|---|---|---|---|---|---|---|---|---|
Assets | 74.1 | 27.3 | 176.2 | 12.1 | 35.6 | \u00a0 | 61.8 | (242.0) | 145.1 |
Liabilities | - | (233.2) | (237.9) | (259.7) | (18.4) | \u00a0 | (138.5) | 242.0 | (645.7) |
Balance on January 1, 2024 | 74.1 | (205.9) | (61.7) | (247.6) | 17.2 | \u00a0 | (76.7) | - | (500.6) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
(Credited)/charged to net income | (1.5) | (10.5) | 7.0 | 39.9 | 0.3 | \u00a0 | 4.2 | - | 39.4 |
(Credited)/charged to OCI | - | - | - | - | - | \u00a0 | (6.4) | - | (6.4) |
Acquisitions and purchase price accounting adjustments | 3.7 | (8.6) | - | (17.8) | - | \u00a0 | - | - | (22.7) |
Divestitures | - | - | (0.1) | 58.7 | (1.6) | \u00a0 | (0.4) | - | 56.6 |
Other | (5.5) | - | - | - | - | \u00a0 | 2.0 | - | (3.5) |
Reclassifications to held for sale | 1.1 | (5.7) | (0.4) | (23.9) | (0.2) | \u00a0 | - | - | (29.1) |
Reclassifications | 2.2 | (117.3) | 70.0 | (1.4) | (14.0) | \u00a0 | 60.5 | - | - |
Exchange differences | 1.9 | (5.9) | - | (2.9) | 0.5 | \u00a0 | (1.3) | - | (7.7) |
Balance on December 31, 2024 | 76.0 | (353.9) | 14.8 | (195.0) | 2.2 | \u00a0 | (18.1) | - | (474.0) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets | 76.0 | 43.5 | 233.5 | 16.4 | 23.5 | \u00a0 | 68.4 | (316.0) | 145.3 |
Liabilities | - | (397.4) | (218.7) | (211.4) | (21.3) | \u00a0 | (86.5) | 316.0 | (619.3) |
Balance on January 1, 2025 | 76.0 | (353.9) | 14.8 | (195.0) | 2.2 | \u00a0 | (18.1) | - | (474.0) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
(Credited)/charged to net income | 17.3 | (3.7) | 5.4 | 20.2 | (0.2) | \u00a0 | 4.0 | - | 43.0 |
(Credited)/charged to OCI | - | - | - | - | - | \u00a0 | (10.5) | - | (10.5) |
Acquisitions and purchase price accounting adjustments | - | (0.2) | - | (3.2) | - | \u00a0 | 0.8 | - | (2.6) |
Other | (1.3) | (2.4) | 0.1 | 1.7 | - | \u00a0 | 4.2 | - | 2.3 |
Reclassifications | (3.7) | (0.4) | 5.4 | - | (1.3) | \u00a0 | (7.4) | - | (7.4) |
Exchange differences | (2.0) | 16.7 | (0.8) | 5.0 | (1.1) | \u00a0 | 4.7 | - | 22.5 |
Balance on December 31, 2025 | 86.3 | (343.9) | 24.9 | (171.3) | (0.4) | \u00a0 | (22.3) | - | (426.7) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets | 86.3 | 30.7 | 233.1 | 17.5 | 23.8 | \u00a0 | 64.1 | (329.9) | 125.6 |
Liabilities | - | (374.6) | (208.2) | (188.8) | (24.2) | \u00a0 | (86.4) | 329.9 | (552.3) |
Balance on December 31, 2025 | 86.3 | (343.9) | 24.9 | (171.3) | (0.4) | \u00a0 | (22.3) | - | (426.7) |
The portion of the deferred tax liabilities that is expected to be settled within 12 months amounts to \u20ac\u00a07.8 million (2024: \u20ac\u00a016.2 million). The portion of the deferred tax assets that is expected to be recovered within 12 months amounts to \u20ac\u00a011.9 million (2024: \u20ac\u00a035.7 million).
Unused tax losses for which deferred tax assets have not fully been recognized are as follows:
Expiration | 2025 | 2024 |
|---|---|---|
2025 | - | 16.6 |
2026 | 17.0 | 9.9 |
2027 | 7.9 | 14.3 |
2028 | 17.9 | 56.8 |
2029 | 8.8 | 15.8 |
2030 and further years | 48.5 | 54.4 |
No expiration date | 1,965.1 | 1,990.8 |
| \u00a0 | 2,065.2 | 2,158.6 |
Deferred tax assets for which the utilization is dependent on future taxable profits in excess of the profits arising from the reversal of existing taxable temporary differences amount to \u20ac\u00a0124.4 million (2024: \u20ac\u00a0143.2 million).
Deferred tax assets of \u20ac\u00a050.5 million (2024: \u20ac\u00a024.4 million) relate to entities that suffered a loss in either the current or the preceding period.\u00a0Their recognition is supported by projections of future taxable income and deferred tax liabilities against which they can be offset. Unused tax losses with no expiration date include tax losses relating to acquired entities. These tax losses relate to business models that were different than the activities of the entity at the moment of acquisition. This is an important reason for the fact that these losses have not (fully) been valued.
Unused tax credits for which deferred tax assets have not been fully recognized are not significant.
Deferred tax is recognized using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the consolidated financial statements. Temporary differences are not provided if they relate to goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit or differences relating to investments in subsidiaries, associates and joint ventures to the extent that the reversal of the temporary differences is controlled by the Company and it is probable that they will not reverse in the foreseeable future. Withholding tax and any other tax due for unremitted earnings of subsidiaries are not recognized as deferred tax liability unless there is an intention to distribute these earnings in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax is recognized in the consolidated statement of income unless it relates to items recognized through other comprehensive income.
Tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and that there is an intent to either settle on a net basis, or to realize the asset and settle the liability simultaneously.
Critical accounting estimates and judgments
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.
The Group has both defined benefit and defined contribution plans.
Defined benefit plans
Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The pension charges for defined benefit plans are based on actuarial calculations and calculated in accordance with the projected unit credit method. Under this method, the cost of providing pensions is charged to the consolidated statement of income so as to spread the regular costs over the service lives of employees in accordance with the advice of independent qualified actuaries who carry out a full valuation of the plans every year. The pension obligation is measured as the present value of the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related liability. The plan assets are measured at fair value. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Current and past service costs, interest components and administrative costs are recognized immediately in the consolidated statement of income. A net defined benefit asset is only recognized to the extent the surplus in the pension plan can be realized during the life of the plan, through refund or reduced future contributions, or at the settlement of the plan.
Defined contribution plans
A defined contribution plan is a pension plan under which the Group pays contributions to a publicly or privately administered pension insurance plan on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.
Critical accounting estimates and judgments
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. The weighted average of these assumptions as well as sensitivities of key assumptions are disclosed in this note.
The net amounts recognized in the statement of financial position for pension benefits are as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Pension benefit assets | 115.9 | 90.0 |
Pension benefit liabilities | (71.7) | (90.3) |
| \u00a0 | 44.2 | (0.3) |
The net pension benefit liability consists of:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Present value of funded obligations | (392.9) | (436.8) |
Fair value of plan assets | 490.1 | 499.6 |
Impact from asset ceiling | (11.7) | (16.4) |
Surplus/(deficit) of funded obligations | 85.5 | 46.4 |
Present value of unfunded obligations | (41.3) | (46.7) |
Total defined benefit plans | 44.2 | (0.3) |
Net asset/(liability) in the statement of financial position | 44.2 | (0.3) |
Pension benefit liabilities
The pension benefit liabilities of \u20ac\u00a0(71.7) million mainly relate to pension plans at Boskalis (\u20ac\u00a031.1 million), primarily a closed insured pension plan in the Netherlands, and a pension plan of Westag (\u20ac\u00a017.7 million), a subsidiary of Broadview, in Germany. Also included are two Formica pension plans in the United Kingdom, described below, with a net liability of \u20ac\u00a01 million.
Westag plan
The pension plan of Westag is unfunded and payments are made from Westag\u2019s operating cash flow. Participants are insured against the consequences of old age, disability and death. The pension plan is closed to new participants. The defined benefit liability is calculated based on expected, salary-independent, old-age and disability pension payments per full year of staff membership in the company.
Pension supervision in Germany
The Westag pension plan operates under the German Pension Reform Act and is overseen by the Federal Financial Supervisory Authority BaFin.
Boskalis plans
This primarily relates to a closed insured pension plan in the Netherlands, for which future cash inflows consist of the company\u2019s entitlement to excess returns achieved by the insurance company and future cash outflows for premiums for price indexation of insured pensions. The net defined benefit obligation for this pension plan is based on an estimate of this future cash outflow for premiums. Boskalis\u2019 entitlement to excess returns is not accounted for as an asset. Both the annual income from excess returns and expense for premiums for price indexation continue to be recognized through the statement of other comprehensive income. Therefore, the expected impact of the defined benefit pension plans on future statements of profit or loss is not significant.
Formica plans United Kingdom
At December 31, 2025, the assets of certain plans at Formica (\u20ac\u00a089.2 million) exceeded the obligations of the plans (\u20ac\u00a080.0 million) by \u20ac\u00a09.2 million. The surplus in these pension plans has not been recognized, as at the balance sheet date an unconditional right to a refund of the surplus does not apply and no economic benefit is available in the form of refunds or reductions in future contributions, in accordance with IFRIC 14. Both plans are closed for new entrants and the future benefit accrual has been frozen with effect of August 31, 2018, when a defined contribution plan was introduced. The benefits of the existing members were not affected by the closure of the schemes. The pension plans provide benefits upon retirement (based on final pay), death, disability and termination. Both plans are operated by separate pension trustees. In 2025, the employer of the plans formally initiated the wind-up of both plans, which is expected to lead to the settlement of the defined benefit obligations.
Pension supervision in the United Kingdom
The Formica plans operate under the regulatory framework of the Pensions Act 2004, as overseen by The Pensions Regulator. According to a 2018 UK High Court ruling, most UK defined benefit plans are expected to be required to provide additional benefits to their participants regarding guaranteed minimum pensions. This is expected to affect one of the plans and an estimated 0.9% allowance was applied in calculating the defined benefit obligation.
Pension benefit assets
The pension benefit assets of \u20ac\u00a0115.9 million mainly relate to a surplus of a pension fund in the Netherlands (the \u2018Pension Fund\u2019) that insures its participants against the consequences of old age, death and disability. HAL and its employees currently do not pay contributions to this plan. The Pension Fund has the legal structure of a foundation. The (actuarial) risks related to the pension plan consist of demographic risks (primarily life expectancy) and financial risks (primarily discount rate, future increases in salaries, and return on plan assets) and are regularly reviewed by the board of the Pension Fund. The board of the Pension Fund is its most senior governing body and is composed of equal numbers of employer and employee representatives (including pensioners). Modification of the pension plan requires the approval of HAL. The minimum required funding level for the Pension Fund is 104%. The pension fund had a funded level of 210% at year-end 2024. The funding level at December 31, 2025, was preliminary calculated at 275%. The pension asset is calculated, in accordance with IFRIC 14, as the lower of the surplus and the present value of the future service cost using assumptions (including the discount rate) consistent with those used to determine the defined benefit obligation, taking into account minimum funding requirements.
Pension supervision in the Netherlands
Pension funds in the Netherlands are overseen by the Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB). An annual report including an actuarial review on the plan is prepared in accordance with legal requirements. Additional reports are prepared periodically in accordance with IFRS requirements.
Multi-employer plans
Multi-employer pension plans are defined benefit plans classified as defined contribution, as the information received from these plans is not detailed per employee and per company. In case of a deficit in the multi-employer plans, future pension premiums may increase. There are no multi-employer plans for which the Group is significant in respect to the total plan. Certain multi-employer plans have indicated they have no reliable and consistent basis on which to attribute the pension obligations, plan assets and the absolute and relative share of the Group in the fund and on which to allocate income and expenses to the individual member companies of these pension funds. As a result, appropriate calculations for these defined benefit plans cannot be performed and they are recognized in these financial statements as a defined contribution plan.
The movement in the net provision for defined benefit plans is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Balance on January 1 | (0.3) | (24.8) |
Pension charge defined benefit plans | (4.2) | (8.3) |
Contributions | 3.0 | 3.2 |
Benefits paid for unfunded plans | 2.0 | 3.0 |
Remeasurement effects | 44.3 | 24.7 |
Plan amendments, settlements and curtailments | 0.5 | - |
Exchange differences and other | (1.0) | 1.9 |
Balance on December 31 | 44.2 | (0.3) |
In 2025, the remeasurement effects of \u20ac\u00a044.3 million are primarily the result of higher discount rates and higher returns on plan assets. In 2024, the remeasurement effects of \u20ac\u00a024.7 million were primarily the result of higher discount rates and lower returns on plan assets.
The amounts recognized in the consolidated statement of income are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Current service costs | 4.4 | 6.9 |
Interest expense/(income) | (0.2) | 0.5 |
Administrative costs | 0.8 | 0.9 |
Total defined benefit costs | 5.0 | 8.3 |
Other costs | 154.3 | 145.1 |
| \u00a0 | 159.3 | 153.4 |
Other costs mainly include costs related to defined contribution plans and multi-employer plans classified as defined contribution plans, as referred to above.
Movements in the defined benefit obligation, for both funded and unfunded plans, and plan assets and related asset ceilings, are as follows:
| \u00a0 | Plan assets | \u00a0 | Obligation | \u00a0 | Asset ceiling | |||
|---|---|---|---|---|---|---|---|---|
| \u00a0 | 2025 | 2024 | \u00a0 | 2025 | 2024 | \u00a0 | 2025 | 2024 |
Balance on January 1 | 499.6 | 486.4 | \u00a0 | 483.5 | 495.3 | \u00a0 | 16.4 | 15.8 |
Service cost | - | - | \u00a0 | 4.4 | 6.9 | \u00a0 | - | - |
Interest income | 20.9 | 19.8 | \u00a0 | - | - | \u00a0 | 0.8 | 0.7 |
Interest expense | - | - | \u00a0 | 19.9 | 19.6 | \u00a0 | - | - |
Employer contributions | 3.0 | 3.2 | \u00a0 | - | - | \u00a0 | - | - |
Return on plan assets (excluding amounts included in interest income) | 9.9 | (0.9) | \u00a0 | - | - | \u00a0 | - | - |
Experience adjustments | - | - | \u00a0 | 0.9 | (1.6) | \u00a0 | - | - |
Change in financial assumptions | - | - | \u00a0 | (28.8) | (21.9) | \u00a0 | (4.5) | (0.8) |
Change in demographic assumptions | - | - | \u00a0 | (2.0) | (1.3) | \u00a0 | - | - |
Benefits paid | (22.7) | (21.3) | \u00a0 | (24.7) | (24.3) | \u00a0 | - | - |
Reclassification | 0.3 | - | \u00a0 | (0.2) | - | \u00a0 | - | - |
Exchange differences and other | (21.0) | 12.4 | \u00a0 | (18.9) | 10.8 | \u00a0 | (1.0) | 0.7 |
Balance on December 31 | 490.0 | 499.6 | \u00a0 | 434.1 | 483.5 | \u00a0 | 11.7 | 16.4 |
The Group expects to contribute \u20ac\u00a03.9 million to defined benefit plans in 2026.
The expected maturity analysis of undiscounted pension benefits is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Less than 1 year | 22.1 | 21.4 |
1-2 years | 21.5 | 25.1 |
2-5 years | 64.5 | 68.5 |
> 5 years | 992.3 | 1,039.7 |
| \u00a0 | 1,100.4 | 1,154.7 |
The principal weighted-average assumptions used were:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Discount rate/return on assets | 4.73% | 4.36% |
Future inflation rate | 2.34% | 2.38% |
Future salary increases | 2.72% | 2.63% |
Life expectancy in years: | \u00a0 | \u00a0 |
Age 65 for men | 20.3 | 20.2 |
Age 65 for women | 22.7 | 22.6 |
Age 65 in 20 years for men | 21.9 | 21.8 |
Age 65 in 20 years for women | 24.3 | 24.2 |
The latest available mortality tables were used. The discount rates used in the determination of defined benefit obligations and pension charges are based on high-quality corporate bonds (AA- rated) with a duration matching the duration of the pension benefit liabilities.
Plan assets include as of December 31, 2025:
| \u00a0 | Level 1 | Level 2 | Level 3 | Total | Total (%) |
|---|---|---|---|---|---|
Equity instruments | 161.8 | 0.8 | - | 162.6 | 33.2% |
Debt instruments | 70.3 | 81.2 | - | 151.5 | 30.9% |
Cash and cash equivalents | 16.6 | - | - | 16.6 | 3.4% |
Other | - | 19.1 | 140.2 | 159.3 | 32.5% |
| \u00a0 | 248.7 | 101.1 | 140.2 | 490.0 | 100.0% |
The amounts in level 3 mainly relate to insurance policies that provide coverage for the related pension obligations.
Plan assets included as of December 31, 2024:
| \u00a0 | Level 1 | Level 2 | Level 3 | Total | Total (%) |
|---|---|---|---|---|---|
Equity instruments | 179.7 | 0.1 | - | 179.8 | 36.0% |
Debt instruments | 65.9 | 62.0 | 0.2 | 128.1 | 25.6% |
Cash and cash equivalents | 20.0 | - | - | 20.0 | 4.0% |
Other | - | 18.3 | 153.4 | 171.7 | 34.4% |
| \u00a0 | 265.6 | 80.4 | 153.6 | 499.6 | 100.0% |
The sensitivity of the defined benefit obligation to changes in the weighted-average principal assumptions is as follows:
| \u00a0 | \u00a0 | Impact on obligation | |
|---|---|---|---|
| \u00a0 | Change | Increase | Decrease |
Discount rate/return on assets | 1.00% | (52.8) | 68.0 |
Future inflation rate | 1.00% | 28.1 | (22.5) |
Future salary increases | 0.25% | 1.3 | (1.3) |
Life expectancy | 1 year | 8.6 | N/A |
The plan liabilities are calculated using a discount rate set with reference to high-quality corporate bond yields. If plan assets underperform this yield, this will create a deficit. A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans\u2019 bond holdings. The majority of the plans\u2019 obligations are to provide benefits for the lifetime of the members, therefore increases in life expectancy will result in an increase in the plans\u2019 liabilities.
Short-term employee benefits
Wages, salaries, social security contributions, annual leave, sickness absenteeism, bonuses and non-monetary benefits are measured on an undiscounted basis and are recognized as an expense as the related service is provided by the employee of the Group. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if there is a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Termination benefits
Termination benefits are recognized as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.
Termination benefits for voluntary redundancies are recognized as an expense if an offer has been made of voluntary redundancy, it is probable that the offer will be accepted and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting period they are discounted to their present value.
Share-based compensation
The compensation cost for share-based payment plans is recognized as an expense on a straight-line basis over the vesting period. The amounts expensed are adjusted over the vesting period for changes in the estimate of number of shares and the equivalent in cash that will eventually vest. Adjustments are made at the end of each reporting period to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions (e.g. profitability growth targets or continued employment over a specified time period). Refer to note 35 for more details on share-based payment plans.
Participation by management of unquoted subsidiaries
Management of certain subsidiaries own non-controlling interests in the capital of these subsidiaries. With respect to certain subsidiaries, HAL has the conditional obligation to acquire these equity instruments for cash. Obligations to acquire non-controlling interest are fair valued, generally, based on a multiple of EBITA less net debt, with measurement differences recorded as employee expense in the consolidated statement of income in accordance with IAS19. Multiples applied are generally contractually determined.
| \u00a0 | 2025 | 2024 |
|---|---|---|
Wages and salaries | 2,171.2 | 2,056.8 |
Social security costs | 303.4 | 276.0 |
Pension costs | 159.3 | 153.4 |
Other | 314.6 | 234.5 |
Total | 2,948.5 | 2,720.7 |
The average number of persons employed by the Group was 34,021 (2024: 32,201), of which 21,649 employed outside of the Netherlands (2024: 20,208). In addition, Atlas NextWave entered into contracts with 2,507 individuals (2024: 2,619) to deliver staffing services to its clients. Costs in respect of these contracts have been included in the note on Other operating expenses.
Expenses related to share-based compensation consist of:
| \u00a0 | 2025 | 2024 |
|---|---|---|
HAL Holding N.V. | \u00a0 | \u00a0 |
Share Plan1 | 0.7 | 2.2 |
Vopak | \u00a0 | \u00a0 |
Long-Term Share Plans1 | 7.5 | 7.0 |
Long-Term Cash Plans2 | 0.3 | 0.7 |
Safilo | \u00a0 | \u00a0 |
Stock Option Plans1 | 2.0 | 1.6 |
Unquoted subsidiaries | \u00a0 | \u00a0 |
Cash Plans2 | 37.4 | 2.2 |
| \u00a0 | 47.9 | 13.7 |
Liabilities recognized in relation to cash-settled share-based compensation are comprised of:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Vopak | \u00a0 | \u00a0 |
Long-Term Cash Plans | 1.0 | 1.1 |
Unquoted subsidiaries | \u00a0 | \u00a0 |
Cash Plans | 86.9 | 53.4 |
| \u00a0 | 87.9 | 54.5 |
The current part of this liability of \u20ac\u00a024.5 million (2024: \u20ac\u00a03.5 million) is included under current other financial liabilities and the non-current part of \u20ac\u00a063.4 million (2024: \u20ac\u00a051.0 million) under non-current other financial liabilities.
The Supervisory Board has the power to grant Shares to members of the Executive Board.
The granted, unvested Shares can be summarized as follows:
x 1,000 | 2025 | 2024 |
|---|---|---|
Outstanding shares on January 1 | - | 65 |
Granted | 45 | - |
Vested | - | (65) |
Outstanding shares on December 31 | 45 | - |
On May 20, 2025, the Supervisory Board resolved to grant Mr. J.N. van Wiechen and Mr. R.L. de Visser, members of the Executive Board, a one-time allotment of 28,000 and 17,000 Shares, respectively, subject to the condition precedent that they remain members of the Executive Board of the Company until May 20, 2030. The Shares are subject to a ten-year restriction period.
On May 18, 2016, the Supervisory Board resolved to grant Mr. M.F. Groot, former chairman of the Executive Board, 20,000 Shares. These Shares vested on June 1, 2021, and are restricted until June 1, 2026.
The Supervisory Board granted on September 5, 2021, to Mr. M.F. Groot, Mr. A.A. van \u2018t Hof and Mr. J.N. van Wiechen, (former) members of the Executive Board, a one-time allotment of respectively 25,000, 20,000 and 20,000 Shares. These Shares vested in 2024 and are restricted until September 5, 2031.
Long-Term Share Plans (LTSP)
The LTSPs reward participants for considerable and ambitious improvements in non-market performance conditions, including cash generation, specific capex investment targets and GHG emissions reductions, during a three-year performance period, from their respective start dates in 2023, 2024 and 2025. If the achievement of these targets during the three-year performance period falls within or exceeds the target range, a long-term remuneration will be awarded based on a percentage of their target grants (i.e. number of shares) made at date of grant, and this for all plans that are active.
The conditional awards granted under the LTSPs 2023-2025 can be summarized as follows:
x 1,000 | 2025 | 2024 |
|---|---|---|
Outstanding conditional awards on January 1 | 499 | 457 |
Granted | 147 | 167 |
Forfeited | (25) | (21) |
Vested and settled | (137) | (104) |
Outstanding conditional awards on December 31 | 484 | 499 |
The weighted-average fair value of the equity-settled LTSP awards granted in 2025 of \u20ac\u00a035.97 (2024: \u20ac\u00a034.52) has been determined based on Vopak\u2019s share price at the grant date.
Cash plans
The cash plans provide eligible participants with a right to participate in unlisted subsidiaries\u2019 growth in EBITA, subject to meeting the applicable vesting conditions. Obligations with respect to these plans are fair valued, generally, based on a multiple of EBITA less net debt. Multiples applied are generally contractually determined.
Employment benefits for the Executive Board, charged to the income statement, are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Members of the Executive Board | \u00a0 | \u00a0 |
Short-term employee benefits | 7.2 | 4.1 |
Post-employment benefits | 0.5 | 1.1 |
Share-based compensation | 0.7 | 2.2 |
| \u00a0 | 8.4 | 7.4 |
At year-end 2025, the Company had \u20ac\u00a03.0 million outstanding in employee loans to Executive Board members for the purchase of HAL Trust shares. For details on share-based compensation plans refer to note 35.
The fixed 2025 remuneration for the Supervisory Directors of the Company was \u20ac\u00a00.5 million (2024: \u20ac\u00a00.5 million) in total.
The Group has both defined benefit and defined contribution plans.
Defined benefit plans
Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The pension charges for defined benefit plans are based on actuarial calculations and calculated in accordance with the projected unit credit method. Under this method, the cost of providing pensions is charged to the consolidated statement of income so as to spread the regular costs over the service lives of employees in accordance with the advice of independent qualified actuaries who carry out a full valuation of the plans every year. The pension obligation is measured as the present value of the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related liability. The plan assets are measured at fair value. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Current and past service costs, interest components and administrative costs are recognized immediately in the consolidated statement of income. A net defined benefit asset is only recognized to the extent the surplus in the pension plan can be realized during the life of the plan, through refund or reduced future contributions, or at the settlement of the plan.
Defined contribution plans
A defined contribution plan is a pension plan under which the Group pays contributions to a publicly or privately administered pension insurance plan on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.
Critical accounting estimates and judgments
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. The weighted average of these assumptions as well as sensitivities of key assumptions are disclosed in this note.
Short-term employee benefits
Wages, salaries, social security contributions, annual leave, sickness absenteeism, bonuses and non-monetary benefits are measured on an undiscounted basis and are recognized as an expense as the related service is provided by the employee of the Group. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if there is a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Termination benefits
Termination benefits are recognized as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.
Termination benefits for voluntary redundancies are recognized as an expense if an offer has been made of voluntary redundancy, it is probable that the offer will be accepted and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting period they are discounted to their present value.
Share-based compensation
The compensation cost for share-based payment plans is recognized as an expense on a straight-line basis over the vesting period. The amounts expensed are adjusted over the vesting period for changes in the estimate of number of shares and the equivalent in cash that will eventually vest. Adjustments are made at the end of each reporting period to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions (e.g. profitability growth targets or continued employment over a specified time period). Refer to note 35 for more details on share-based payment plans.
Participation by management of unquoted subsidiaries
Management of certain subsidiaries own non-controlling interests in the capital of these subsidiaries. With respect to certain subsidiaries, HAL has the conditional obligation to acquire these equity instruments for cash. Obligations to acquire non-controlling interest are fair valued, generally, based on a multiple of EBITA less net debt, with measurement differences recorded as employee expense in the consolidated statement of income in accordance with IAS19. Multiples applied are generally contractually determined.
A provision is recognized for a present legal or constructive obligation as a result of past events, when it is more likely than not that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made (for onerous contracts refer to note 12). Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as interest expense.
The composition and movements in provisions is as follows:
| \u00a0 | Environmental | Employee related | Claims & regulatory | Onerous contracts | Warranty | Other | Total |
|---|---|---|---|---|---|---|---|
Balance on January 1, 2024 | 64.4 | 29.2 | 66.6 | 74.2 | 125.0 | 37.9 | 397.3 |
Addition to provision | 4.8 | 8.4 | 10.5 | 15.7 | 36.3 | 17.8 | 93.5 |
Consolidation | - | - | - | 5.1 | - | 12.8 | 17.9 |
Utilized during the year | (3.2) | (11.6) | (4.3) | (52.2) | (38.8) | (21.8) | (131.9) |
Released | (0.2) | (2.7) | (6.0) | (2.8) | (28.7) | (1.8) | (42.2) |
Reclassification from/(to) held for sale | - | 0.1 | - | - | 1.5 | (0.6) | 1.0 |
Exchange differences | 0.1 | 0.3 | (0.9) | 0.6 | 0.1 | (0.2) | - |
Reclassifications and other movements | 0.8 | 5.6 | 1.3 | - | 7.6 | 2.7 | 18.0 |
Balance on December 31, 2024 | 66.7 | 29.3 | 67.2 | 40.6 | 103.0 | 46.8 | 353.6 |
Current | 13.5 | 9.7 | 31.2 | 27.6 | 74.1 | 19.8 | 175.9 |
Non-current | 53.2 | 19.6 | 36.0 | 13.0 | 28.9 | 27.0 | 177.7 |
Balance on December 31, 2024 | 66.7 | 29.3 | 67.2 | 40.6 | 103.0 | 46.8 | 353.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Addition to provision | 0.9 | 45.7 | 11.1 | 38.7 | 54.1 | 20.3 | 170.8 |
Utilized during the year | (9.3) | (20.2) | (3.3) | (26.1) | (22.5) | (9.5) | (90.9) |
Released | (0.9) | (0.7) | (8.8) | (1.7) | (8.5) | (3.1) | (23.7) |
Reclassification from/(to) held for sale | - | - | - | - | - | (9.9) | (9.9) |
Reclassification | - | (21.3) | (13.8) | 6.8 | 0.2 | 9.1 | (19.0) |
Exchange differences | (0.4) | (0.5) | - | (0.6) | (0.6) | (2.0) | (4.1) |
Other movements | 0.4 | 5.3 | - | 5.7 | 8.9 | 0.5 | 20.8 |
Balance on December 31, 2025 | 57.4 | 37.6 | 52.4 | 63.4 | 134.6 | 52.2 | 397.6 |
Current | 14.8 | 17.2 | 39.1 | 41.8 | 122.8 | 18.5 | 254.2 |
Non-current | 42.6 | 20.4 | 13.3 | 21.6 | 11.8 | 33.7 | 143.4 |
Balance on December 31, 2025 | 57.4 | 37.6 | 52.4 | 63.4 | 134.6 | 52.2 | 397.6 |
Environmental
The environmental provisions primarily relate to historical contaminations of locations where Vopak terminals are located.
Onerous contracts
The provision relates primarily to construction and offshore services contracts (refer to note 12).
Warranty
Warranty provisions relate to multiple projects, mainly at Boskalis and Van Wijnen.
A provision is recognized for a present legal or constructive obligation as a result of past events, when it is more likely than not that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made (for onerous contracts refer to note 12). Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as interest expense.
Debt is initially recognized at fair value, less any directly related transaction costs. When debt instruments are designated as being part of a fair value hedge relationship, the debt is carried at amortized cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the consolidated statement of income. Other debt is subsequently carried at amortized cost, using the effective interest method. Convertible (equity-linked) borrowings that include a cash-settlement option are carried at amortized cost using an effective interest rate deemed appropriate for the risk profile of an equivalent financial instrument without the conversion component.
Other financial liabilities include contingent considerations related to acquisitions and obligations to acquire non-controlling interests from management of certain subsidiaries. These are initially recognized and subsequently measured at fair value with remeasurement differences recorded as financial income or expense in the consolidated statement of income. Refer to note 37 on fair value measurement.
Debt and other financial liabilities are classified as current unless the Group has an unconditional right to defer settlement until at least twelve months after statement of financial position date.
Fees paid with respect to loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs and subsequently amortized over the lifetime of the facility. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Debt and other financial liabilities is comprised of:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Debt | 3,599.7 | 3,644.8 |
Other financial liabilities | 197.3 | 160.6 |
| \u00a0 | 3,797.0 | 3,805.4 |
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Non-current debt and other financial liabilities | \u00a0 | \u00a0 |
Mortgage loans | 347.5 | 386.8 |
Private placements | 1,722.3 | 1,385.0 |
Other loans | 700.0 | 803.4 |
Total non-current debt | 2,769.8 | 2,575.2 |
Non-current other financial liabilities | 128.8 | 106.5 |
Total non-current debt and other financial liabilities | 2,898.6 | 2,681.7 |
| \u00a0 | \u00a0 | \u00a0 |
Current debt and other financial liabilities | \u00a0 | \u00a0 |
Bank overdrafts | 565.5 | 576.7 |
Current portion of long-term debt | 263.4 | 492.0 |
Other loans | 1.0 | 0.9 |
Total current debt | 829.9 | 1,069.6 |
Current other financial liabilities | 68.5 | 54.1 |
Total current debt and other financial liabilities | 898.4 | 1,123.7 |
| \u00a0 | \u00a0 | \u00a0 |
Total debt and other financial liabilities | 3,797.0 | 3,805.4 |
Mortgage loans are secured by mortgages and pledges on vessels, real estate, inventory and receivables with a corresponding carrying value of \u20ac\u00a0589.7 million (2024: \u20ac\u00a0649.8 million). These are non-possessory pledges, which means that only in case of default under the mortgage loan agreements, the lender will have the right to sell the vessels, real estate or inventory and receive the cash flows from the receivables. The other loans are secured\u00a0to an amount of \u20ac\u00a0870.4 million (2024: \u20ac\u00a0869.7 million) by non-possessory pledges on machinery and equipment, receivables, inventories and other current assets.
The debt position relates for \u20ac\u00a02,184.1 million (60.7%) to Vopak (2024: \u20ac\u00a02,114.8 million, 58.0%). This debt mainly consists of unsecured private placements in the U.S. market and a revolving credit facility. The average remaining maturity at the end of 2025 was 5.6 years (2024: 4.7 years).
The summary of debt per currency is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Euro | 2,084.0 | 1,973.1 |
U.S. dollar | 1,248.0 | 1,385.7 |
Singapore dollar | 133.8 | 141.3 |
Other currencies | 133.9 | 144.7 |
| \u00a0 | 3,599.7 | 3,644.8 |
In both 2024 and 2025, 100% of the applicable covenants were complied with or waived. The table below provides details on certain company-specific covenants that applied in 2025.
| \u00a0 | Debt | Required | Actual |
|---|---|---|---|
Vopak | 2,184.1 | \u00a0 | \u00a0 |
Maximum senior net debt:EBITDA ratio | \u00a0 | 4.00 | 2.14 |
Minimum interest cover ratio | \u00a0 | 3.50-4.00 | 8.80 |
Other | 1,415.6 | \u00a0 | \u00a0 |
Total debt | 3,599.7 | \u00a0 | \u00a0 |
Included in other financial liabilities is the obligation to acquire equity instruments in certain subsidiaries from the management of these subsidiaries and liabilities related to share-based payment plans for an aggregate amount of \u20ac\u00a087.9 million (2024: \u20ac\u00a054.5 million), of which \u20ac\u00a063.4 million (2024: \u20ac\u00a051.0 million) is included as non-current liabilities. Reference is made to note 35 on share-based compensation.
Also included are obligations related to options on non-controlling interest and deferred/contingent payments with respect to acquisitions for \u20ac\u00a09.6 million (2024: \u20ac\u00a026.6 million) and other liabilities of \u20ac\u00a099.8 million (2024: \u20ac\u00a079.5 million). These liabilities are expected to expire during 2026 through 2030.
The fair value of debt and other financial liabilities is disclosed in note 37.
Debt is initially recognized at fair value, less any directly related transaction costs. When debt instruments are designated as being part of a fair value hedge relationship, the debt is carried at amortized cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the consolidated statement of income. Other debt is subsequently carried at amortized cost, using the effective interest method. Convertible (equity-linked) borrowings that include a cash-settlement option are carried at amortized cost using an effective interest rate deemed appropriate for the risk profile of an equivalent financial instrument without the conversion component.
Other financial liabilities include contingent considerations related to acquisitions and obligations to acquire non-controlling interests from management of certain subsidiaries. These are initially recognized and subsequently measured at fair value with remeasurement differences recorded as financial income or expense in the consolidated statement of income. Refer to note 37 on fair value measurement.
Debt and other financial liabilities are classified as current unless the Group has an unconditional right to defer settlement until at least twelve months after statement of financial position date.
Fees paid with respect to loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs and subsequently amortized over the lifetime of the facility. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Debt and other financial liabilities is comprised of:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Debt | 3,599.7 | 3,644.8 |
Other financial liabilities | 197.3 | 160.6 |
| \u00a0 | 3,797.0 | 3,805.4 |
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Non-current debt and other financial liabilities | \u00a0 | \u00a0 |
Mortgage loans | 347.5 | 386.8 |
Private placements | 1,722.3 | 1,385.0 |
Other loans | 700.0 | 803.4 |
Total non-current debt | 2,769.8 | 2,575.2 |
Non-current other financial liabilities | 128.8 | 106.5 |
Total non-current debt and other financial liabilities | 2,898.6 | 2,681.7 |
| \u00a0 | \u00a0 | \u00a0 |
Current debt and other financial liabilities | \u00a0 | \u00a0 |
Bank overdrafts | 565.5 | 576.7 |
Current portion of long-term debt | 263.4 | 492.0 |
Other loans | 1.0 | 0.9 |
Total current debt | 829.9 | 1,069.6 |
Current other financial liabilities | 68.5 | 54.1 |
Total current debt and other financial liabilities | 898.4 | 1,123.7 |
| \u00a0 | \u00a0 | \u00a0 |
Total debt and other financial liabilities | 3,797.0 | 3,805.4 |
Mortgage loans are secured by mortgages and pledges on vessels, real estate, inventory and receivables with a corresponding carrying value of \u20ac\u00a0589.7 million (2024: \u20ac\u00a0649.8 million). These are non-possessory pledges, which means that only in case of default under the mortgage loan agreements, the lender will have the right to sell the vessels, real estate or inventory and receive the cash flows from the receivables. The other loans are secured\u00a0to an amount of \u20ac\u00a0870.4 million (2024: \u20ac\u00a0869.7 million) by non-possessory pledges on machinery and equipment, receivables, inventories and other current assets.
The debt position relates for \u20ac\u00a02,184.1 million (60.7%) to Vopak (2024: \u20ac\u00a02,114.8 million, 58.0%). This debt mainly consists of unsecured private placements in the U.S. market and a revolving credit facility. The average remaining maturity at the end of 2025 was 5.6 years (2024: 4.7 years).
The summary of debt per currency is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Euro | 2,084.0 | 1,973.1 |
U.S. dollar | 1,248.0 | 1,385.7 |
Singapore dollar | 133.8 | 141.3 |
Other currencies | 133.9 | 144.7 |
| \u00a0 | 3,599.7 | 3,644.8 |
In both 2024 and 2025, 100% of the applicable covenants were complied with or waived. The table below provides details on certain company-specific covenants that applied in 2025.
| \u00a0 | Debt | Required | Actual |
|---|---|---|---|
Vopak | 2,184.1 | \u00a0 | \u00a0 |
Maximum senior net debt:EBITDA ratio | \u00a0 | 4.00 | 2.14 |
Minimum interest cover ratio | \u00a0 | 3.50-4.00 | 8.80 |
Other | 1,415.6 | \u00a0 | \u00a0 |
Total debt | 3,599.7 | \u00a0 | \u00a0 |
Included in other financial liabilities is the obligation to acquire equity instruments in certain subsidiaries from the management of these subsidiaries and liabilities related to share-based payment plans for an aggregate amount of \u20ac\u00a087.9 million (2024: \u20ac\u00a054.5 million), of which \u20ac\u00a063.4 million (2024: \u20ac\u00a051.0 million) is included as non-current liabilities. Reference is made to note 35 on share-based compensation.
Also included are obligations related to options on non-controlling interest and deferred/contingent payments with respect to acquisitions for \u20ac\u00a09.6 million (2024: \u20ac\u00a026.6 million) and other liabilities of \u20ac\u00a099.8 million (2024: \u20ac\u00a079.5 million). These liabilities are expected to expire during 2026 through 2030.
The fair value of debt and other financial liabilities is disclosed in note 37.
Debt is initially recognized at fair value, less any directly related transaction costs. When debt instruments are designated as being part of a fair value hedge relationship, the debt is carried at amortized cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the consolidated statement of income. Other debt is subsequently carried at amortized cost, using the effective interest method. Convertible (equity-linked) borrowings that include a cash-settlement option are carried at amortized cost using an effective interest rate deemed appropriate for the risk profile of an equivalent financial instrument without the conversion component.
Other financial liabilities include contingent considerations related to acquisitions and obligations to acquire non-controlling interests from management of certain subsidiaries. These are initially recognized and subsequently measured at fair value with remeasurement differences recorded as financial income or expense in the consolidated statement of income. Refer to note 37 on fair value measurement.
Debt and other financial liabilities are classified as current unless the Group has an unconditional right to defer settlement until at least twelve months after statement of financial position date.
Fees paid with respect to loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs and subsequently amortized over the lifetime of the facility. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Debt is initially recognized at fair value, less any directly related transaction costs. When debt instruments are designated as being part of a fair value hedge relationship, the debt is carried at amortized cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the consolidated statement of income. Other debt is subsequently carried at amortized cost, using the effective interest method. Convertible (equity-linked) borrowings that include a cash-settlement option are carried at amortized cost using an effective interest rate deemed appropriate for the risk profile of an equivalent financial instrument without the conversion component.
Other financial liabilities include contingent considerations related to acquisitions and obligations to acquire non-controlling interests from management of certain subsidiaries. These are initially recognized and subsequently measured at fair value with remeasurement differences recorded as financial income or expense in the consolidated statement of income. Refer to note 37 on fair value measurement.
Debt and other financial liabilities are classified as current unless the Group has an unconditional right to defer settlement until at least twelve months after statement of financial position date.
Fees paid with respect to loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs and subsequently amortized over the lifetime of the facility. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Mortgage loans are secured by mortgages and pledges on vessels, real estate, inventory and receivables with a corresponding carrying value of \u20ac\u00a0589.7 million (2024: \u20ac\u00a0649.8 million). These are non-possessory pledges, which means that only in case of default under the mortgage loan agreements, the lender will have the right to sell the vessels, real estate or inventory and receive the cash flows from the receivables. The other loans are secured\u00a0to an amount of \u20ac\u00a0870.4 million (2024: \u20ac\u00a0869.7 million) by non-possessory pledges on machinery and equipment, receivables, inventories and other current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i7511": { "value": "Revenue is recognized in the period in which the performance obligation from the underlying contract has been satisfied. In most sales transactions this is at the point in time when control over a product or service has been transferred to the customer. Revenue is shown net of sales tax, value-added tax, discounts, rebates, expected returns and amounts collected on behalf of third parties. A contract with a customer may comprise of multiple distinct performance obligations that require separation. In general, the total consideration under the contract is allocated to performance obligations based on stand-alone selling prices. The timing of revenue recognition depends on the type of performance obligation, as described below.
Sale of goods
The Group operates physical retail stores and webstores in the Quoted interests and Unquoted segments. Sales on a wholesale basis are present in the Quoted interest and Unquoted segments. Revenue is recognized when the product is sold to the customer and control over the product has been transferred to the customer in return for (a right to) payment.
For retail sales, revenue recognition generally coincides with the physical transfer of the product to the customer. Revenue is then recognized at the transaction price, gross of (credit card) fees payable for the transaction which are recorded in selling cost. For rights issued under a customer loyalty program, through vouchers and by way of other future discounts or awards, a contract liability is incurred as a reduction to revenue. Revenue is further reduced and a refund liability is recognized for applicable rights of return. An asset reflecting the right to returned goods is recognized, reducing the cost of sales, at the carrying amount of those goods, net of expected refurbishment cost for returns that are not scrapped. In general, when a replacement product is not an acceptable alternative, the transaction price is refunded. An expected-value calculation based on accumulated experience is used to determine the amounts recognized as a refund liability. Where loyalty programs are in place, revenue allocated to the awards is recognized based on (anticipated) expiration and when the awards are redeemed.
For wholesale and franchise sales the timing of revenue recognition depends on when the products are delivered, with full discretion by the customer or franchisee over the sales channel and price to re-sell the products. Revenue recognition depends on individual customer terms and may occur when the products have been shipped or delivered to a specific location, the risks of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or objective evidence has been obtained that all criteria for acceptance have been satisfied. Volume incentives apply to various wholesale contracts and reduce related revenues. Depending on the contract, these incentives are either paid at the end of the contract period as a rebate, or provide a right to a discount in the next contractual period. In case of rebates, a refund liability is recorded at the time of the transaction, as a reduction to revenue. The Group periodically reviews the expected transaction price for the goods and services provided under the contract and adjusts the revenues from the contract and the refund liability accordingly. Discounts to be provided in future periods based on current year sales are considered a separate performance obligation, reducing current year revenue, and are recognized as a contract liability. The contract liability is recognized as revenue in the consolidated statement of income based on (anticipated) expiration and when the discounts are redeemed. A receivable is recognized for wholesale deliveries when payment has become unconditional. No element of financing is deemed present as payment terms are consistent with market practice. Any prepayments by customers are not considered revenue but are accounted for as contract liabilities.
Obligations to provide a refund under the standard warranty terms are recognized as a provision. Where warranties exceed these standard terms either in time, extent or through the inclusion of (additional) services it is recognized as distinct performance obligation and part of revenues is allocated and recognized over the period covered by the extended warranties. Extended warranties are considered services to be rendered and included under contract liabilities until revenue is recognized.
Provision of services
The Group provides storage services in its Quoted interest segment and a range of other services, including shipping, staffing and financial services, in its Unquoted segment. Revenue from providing services is recognized in the period in which the services are rendered. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period when these services are rendered, as clients simultaneously consume and benefit from the services at the moment that these are rendered. Revenues from excess throughputs and other services are recognized in the period in which they are provided.
For fixed-price contracts, revenue is recognized based on the actual service provided at the end of the reporting period as a proportion of the total services to be provided. Estimates of revenues, based on costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the consolidated statement of income in the period in which the circumstances that give rise to the revision become known by management. Contracts for the rendering of services typically do not exceed a duration of twelve months, except for framework agreements for which prices are variable or periodically renegotiated.
Modifications of property, plant and equipment paid upfront by customers are accounted for as a contract liability and recognized in the consolidated statement of income over the contractual period on a straight-line basis.
In case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, depending on the specific terms of the contract, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. If the contract includes an hourly fee, revenue is recognized in the amount to which there is a right to invoice. No element of financing is deemed present as payment terms are consistent with market practice.
License revenues
Franchise rights are accounted for as rights to access the franchisor\u2019s intellectual property. Any fixed fee allocated to those rights is generally recognized over the term of the franchise agreement. Franchise fees that are based on a percentage of sales are recognized at the time of the sale. Access to (digital) content is recognized over time for subscription contracts and at a point in time for usage-based contracts. License revenues are presented within rendering of services.
Construction and offshore contracting activities
The Group provides (integration of) goods and services through its construction and offshore contracting businesses in the Unquoted segment, including housing, greenhouse, civil infrastructure and maritime construction. Revenue and results from the these businesses are determined by reference to the latest estimate of the total selling price of the contract, after taking into account claims that have been accepted by the client or that derive from enforceable rights, are highly probable to lead to revenue and can be reliably measured. Such revenue is recognized over time, using the percentage-of-completion method, using a completion rate determined by reference to estimated cost of completed works (input method) and reviewed against progress of the works.
Recognition of revenues and results for property development activities commences only when a contract with a customer for the (further) development and sale of such property has been signed. These contracts generally involve the delivery of both land and buildings. Revenues related to (further) development of the land and the construction of buildings are recognized as set out above. Revenues and results from sale of the land positions are realized at the signing date if the land is transferred to the buyer directly, or through inclusion of land and land-related expenses in the cost basis for determination of project completion, if it remains an integral part of the project under development.
Construction, development and offshore services contracts of the Group are frequently subject to variation orders that affect the scope and/or price of the contract and that amend existing performance obligations. Variation orders that are highly probable, cannot be reversed and for which payment is legally enforceable constitute contract modifications. These modifications are accounted for through a cumulative catch-up adjustment.
A provision for onerous contracts is formed against operating expenses when future contract losses are known and can be reliably measured. Additional information on judgment and estimates in relation to construction, development and offshore services contracts are included in note 12.
The Group\u2019s 2025 revenue can be disaggregated as follows:
2025 | Europe | USA & Canada | Asia | Other | Total | Quoted | Unquoted |
|---|---|---|---|---|---|---|---|
Revenue from contracts with customers | \u00a0 | \u00a0 | \u00a0 | ||||
Sale of goods | 2,670.1 | 809.4 | 259.0 | 155.2 | 3,893.7 | 982.3 | 2,911.4 |
Construction and offshore contracting activities | 3,005.0 | 563.4 | 710.7 | 141.3 | 4,420.4 | - | 4,420.4 |
Provision of services | 1,655.0 | 532.5 | 880.9 | 849.7 | 3,918.1 | 1,298.9 | 2,619.2 |
| \u00a0 | 7,330.1 | 1,905.3 | 1,850.6 | 1,146.2 | 12,232.2 | 2,281.2 | 9,951.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Revenue from other sources | 140.3 | 54.7 | 58.5 | 31.0 | 284.5 | 43.2 | 241.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total revenue | 7,470.4 | 1,960.0 | 1,909.1 | 1,177.2 | 12,516.7 | 2,324.4 | 10,192.3 |
The Group\u2019s 2024 revenue can be disaggregated as follows:
2024 | Europe | USA & Canada | Asia | Other | Total | Quoted | Unquoted |
|---|---|---|---|---|---|---|---|
Revenue from contracts with customers | \u00a0 | \u00a0 | \u00a0 | ||||
Sale of goods | 2,834.2 | 828.8 | 285.8 | 200.5 | 4,149.3 | 992.2 | 3,157.1 |
Construction and offshore contracting activities | 2,754.6 | 360.8 | 1,054.0 | 193.0 | 4,362.4 | - | 4,362.4 |
Provision of services | 1,817.2 | 406.4 | 872.4 | 574.6 | 3,670.6 | 1,315.6 | 2,355.0 |
| \u00a0 | 7,406.0 | 1,596.0 | 2,212.2 | 968.1 | 12,182.3 | 2,307.8 | 9,874.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Revenue from other sources | 87.7 | 27.9 | 61.7 | 13.4 | 190.7 | 46.1 | 144.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total revenue | 7,493.7 | 1,623.9 | 2,273.9 | 981.5 | 12,373.0 | 2,353.9 | 10,019.1 |
Expected future revenues can be specified as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Future revenues expected to be realized in one year | 4,739.7 | 4,868.5 |
Future revenues expected to be realized between one and two years | 2,101.8 | 2,314.5 |
Future revenues expected to be realized between two and five years | 1,793.0 | 1,872.4 |
Future revenues expected to be realized beyond five years | 1,163.0 | 706.6 |
Future revenues in order book | 9,797.5 | 9,762.0 |
Future revenues in order book primarily relates to housing, civil infrastructure and maritime construction.
The table below provides a reconciliation of the contract liabilities for the periods presented.
| \u00a0 | Deferred revenue construction and offshore service contracts | Other deferred revenues | Customer prepayments | Total |
|---|---|---|---|---|
Balance on January 1, 2024 | 795.6 | 94.5 | 37.3 | 927.4 |
Payments received | 743.1 | 150.3 | 66.4 | 959.8 |
Consolidation | 5.6 | 7.6 | - | 13.2 |
Recognized as revenue in current period | (609.8) | (130.6) | (71.8) | (812.2) |
Reclassification | 9.5 | - | (4.2) | 5.3 |
Reclassification to held for sale | - | - | 67.2 | 67.2 |
Exchange differences and other | - | 0.1 | 8.2 | 8.3 |
Balance on December 31, 2024 | 944.0 | 121.9 | 103.1 | 1,169.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Balance on January 1, 2025 | 944.0 | 121.9 | 103.1 | 1,169.0 |
Payments received | 693.1 | 131.8 | 110.6 | 935.5 |
Recognized as revenue in current period | (598.4) | (150.7) | (98.7) | (847.8) |
Reclassification | 45.9 | - | - | 45.9 |
Exchange differences and other | 0.1 | 0.3 | (1.5) | (1.1) |
Balance on December 31, 2025 | 1,084.7 | 103.3 | 113.7 | 1,301.7 |
For more information on (deferred revenue in relation to) construction and offshore service contracts refer to note 12.
Revenue is recognized in the period in which the performance obligation from the underlying contract has been satisfied. In most sales transactions this is at the point in time when control over a product or service has been transferred to the customer. Revenue is shown net of sales tax, value-added tax, discounts, rebates, expected returns and amounts collected on behalf of third parties. A contract with a customer may comprise of multiple distinct performance obligations that require separation. In general, the total consideration under the contract is allocated to performance obligations based on stand-alone selling prices. The timing of revenue recognition depends on the type of performance obligation, as described below.
Sale of goods
The Group operates physical retail stores and webstores in the Quoted interests and Unquoted segments. Sales on a wholesale basis are present in the Quoted interest and Unquoted segments. Revenue is recognized when the product is sold to the customer and control over the product has been transferred to the customer in return for (a right to) payment.
For retail sales, revenue recognition generally coincides with the physical transfer of the product to the customer. Revenue is then recognized at the transaction price, gross of (credit card) fees payable for the transaction which are recorded in selling cost. For rights issued under a customer loyalty program, through vouchers and by way of other future discounts or awards, a contract liability is incurred as a reduction to revenue. Revenue is further reduced and a refund liability is recognized for applicable rights of return. An asset reflecting the right to returned goods is recognized, reducing the cost of sales, at the carrying amount of those goods, net of expected refurbishment cost for returns that are not scrapped. In general, when a replacement product is not an acceptable alternative, the transaction price is refunded. An expected-value calculation based on accumulated experience is used to determine the amounts recognized as a refund liability. Where loyalty programs are in place, revenue allocated to the awards is recognized based on (anticipated) expiration and when the awards are redeemed.
For wholesale and franchise sales the timing of revenue recognition depends on when the products are delivered, with full discretion by the customer or franchisee over the sales channel and price to re-sell the products. Revenue recognition depends on individual customer terms and may occur when the products have been shipped or delivered to a specific location, the risks of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or objective evidence has been obtained that all criteria for acceptance have been satisfied. Volume incentives apply to various wholesale contracts and reduce related revenues. Depending on the contract, these incentives are either paid at the end of the contract period as a rebate, or provide a right to a discount in the next contractual period. In case of rebates, a refund liability is recorded at the time of the transaction, as a reduction to revenue. The Group periodically reviews the expected transaction price for the goods and services provided under the contract and adjusts the revenues from the contract and the refund liability accordingly. Discounts to be provided in future periods based on current year sales are considered a separate performance obligation, reducing current year revenue, and are recognized as a contract liability. The contract liability is recognized as revenue in the consolidated statement of income based on (anticipated) expiration and when the discounts are redeemed. A receivable is recognized for wholesale deliveries when payment has become unconditional. No element of financing is deemed present as payment terms are consistent with market practice. Any prepayments by customers are not considered revenue but are accounted for as contract liabilities.
Obligations to provide a refund under the standard warranty terms are recognized as a provision. Where warranties exceed these standard terms either in time, extent or through the inclusion of (additional) services it is recognized as distinct performance obligation and part of revenues is allocated and recognized over the period covered by the extended warranties. Extended warranties are considered services to be rendered and included under contract liabilities until revenue is recognized.
Provision of services
The Group provides storage services in its Quoted interest segment and a range of other services, including shipping, staffing and financial services, in its Unquoted segment. Revenue from providing services is recognized in the period in which the services are rendered. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period when these services are rendered, as clients simultaneously consume and benefit from the services at the moment that these are rendered. Revenues from excess throughputs and other services are recognized in the period in which they are provided.
For fixed-price contracts, revenue is recognized based on the actual service provided at the end of the reporting period as a proportion of the total services to be provided. Estimates of revenues, based on costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the consolidated statement of income in the period in which the circumstances that give rise to the revision become known by management. Contracts for the rendering of services typically do not exceed a duration of twelve months, except for framework agreements for which prices are variable or periodically renegotiated.
Modifications of property, plant and equipment paid upfront by customers are accounted for as a contract liability and recognized in the consolidated statement of income over the contractual period on a straight-line basis.
In case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, depending on the specific terms of the contract, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. If the contract includes an hourly fee, revenue is recognized in the amount to which there is a right to invoice. No element of financing is deemed present as payment terms are consistent with market practice.
License revenues
Franchise rights are accounted for as rights to access the franchisor\u2019s intellectual property. Any fixed fee allocated to those rights is generally recognized over the term of the franchise agreement. Franchise fees that are based on a percentage of sales are recognized at the time of the sale. Access to (digital) content is recognized over time for subscription contracts and at a point in time for usage-based contracts. License revenues are presented within rendering of services.
Construction and offshore contracting activities
The Group provides (integration of) goods and services through its construction and offshore contracting businesses in the Unquoted segment, including housing, greenhouse, civil infrastructure and maritime construction. Revenue and results from the these businesses are determined by reference to the latest estimate of the total selling price of the contract, after taking into account claims that have been accepted by the client or that derive from enforceable rights, are highly probable to lead to revenue and can be reliably measured. Such revenue is recognized over time, using the percentage-of-completion method, using a completion rate determined by reference to estimated cost of completed works (input method) and reviewed against progress of the works.
Recognition of revenues and results for property development activities commences only when a contract with a customer for the (further) development and sale of such property has been signed. These contracts generally involve the delivery of both land and buildings. Revenues related to (further) development of the land and the construction of buildings are recognized as set out above. Revenues and results from sale of the land positions are realized at the signing date if the land is transferred to the buyer directly, or through inclusion of land and land-related expenses in the cost basis for determination of project completion, if it remains an integral part of the project under development.
Construction, development and offshore services contracts of the Group are frequently subject to variation orders that affect the scope and/or price of the contract and that amend existing performance obligations. Variation orders that are highly probable, cannot be reversed and for which payment is legally enforceable constitute contract modifications. These modifications are accounted for through a cumulative catch-up adjustment.
A provision for onerous contracts is formed against operating expenses when future contract losses are known and can be reliably measured. Additional information on judgment and estimates in relation to construction, development and offshore services contracts are included in note 12.
The Group\u2019s 2025 revenue can be disaggregated as follows:
2025 | Europe | USA & Canada | Asia | Other | Total | Quoted | Unquoted |
|---|---|---|---|---|---|---|---|
Revenue from contracts with customers | \u00a0 | \u00a0 | \u00a0 | ||||
Sale of goods | 2,670.1 | 809.4 | 259.0 | 155.2 | 3,893.7 | 982.3 | 2,911.4 |
Construction and offshore contracting activities | 3,005.0 | 563.4 | 710.7 | 141.3 | 4,420.4 | - | 4,420.4 |
Provision of services | 1,655.0 | 532.5 | 880.9 | 849.7 | 3,918.1 | 1,298.9 | 2,619.2 |
| \u00a0 | 7,330.1 | 1,905.3 | 1,850.6 | 1,146.2 | 12,232.2 | 2,281.2 | 9,951.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Revenue from other sources | 140.3 | 54.7 | 58.5 | 31.0 | 284.5 | 43.2 | 241.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total revenue | 7,470.4 | 1,960.0 | 1,909.1 | 1,177.2 | 12,516.7 | 2,324.4 | 10,192.3 |
The Group\u2019s 2024 revenue can be disaggregated as follows:
2024 | Europe | USA & Canada | Asia | Other | Total | Quoted | Unquoted |
|---|---|---|---|---|---|---|---|
Revenue from contracts with customers | \u00a0 | \u00a0 | \u00a0 | ||||
Sale of goods | 2,834.2 | 828.8 | 285.8 | 200.5 | 4,149.3 | 992.2 | 3,157.1 |
Construction and offshore contracting activities | 2,754.6 | 360.8 | 1,054.0 | 193.0 | 4,362.4 | - | 4,362.4 |
Provision of services | 1,817.2 | 406.4 | 872.4 | 574.6 | 3,670.6 | 1,315.6 | 2,355.0 |
| \u00a0 | 7,406.0 | 1,596.0 | 2,212.2 | 968.1 | 12,182.3 | 2,307.8 | 9,874.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Revenue from other sources | 87.7 | 27.9 | 61.7 | 13.4 | 190.7 | 46.1 | 144.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total revenue | 7,493.7 | 1,623.9 | 2,273.9 | 981.5 | 12,373.0 | 2,353.9 | 10,019.1 |
Expected future revenues can be specified as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Future revenues expected to be realized in one year | 4,739.7 | 4,868.5 |
Future revenues expected to be realized between one and two years | 2,101.8 | 2,314.5 |
Future revenues expected to be realized between two and five years | 1,793.0 | 1,872.4 |
Future revenues expected to be realized beyond five years | 1,163.0 | 706.6 |
Future revenues in order book | 9,797.5 | 9,762.0 |
Future revenues in order book primarily relates to housing, civil infrastructure and maritime construction.
The table below provides a reconciliation of the contract liabilities for the periods presented.
| \u00a0 | Deferred revenue construction and offshore service contracts | Other deferred revenues | Customer prepayments | Total |
|---|---|---|---|---|
Balance on January 1, 2024 | 795.6 | 94.5 | 37.3 | 927.4 |
Payments received | 743.1 | 150.3 | 66.4 | 959.8 |
Consolidation | 5.6 | 7.6 | - | 13.2 |
Recognized as revenue in current period | (609.8) | (130.6) | (71.8) | (812.2) |
Reclassification | 9.5 | - | (4.2) | 5.3 |
Reclassification to held for sale | - | - | 67.2 | 67.2 |
Exchange differences and other | - | 0.1 | 8.2 | 8.3 |
Balance on December 31, 2024 | 944.0 | 121.9 | 103.1 | 1,169.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Balance on January 1, 2025 | 944.0 | 121.9 | 103.1 | 1,169.0 |
Payments received | 693.1 | 131.8 | 110.6 | 935.5 |
Recognized as revenue in current period | (598.4) | (150.7) | (98.7) | (847.8) |
Reclassification | 45.9 | - | - | 45.9 |
Exchange differences and other | 0.1 | 0.3 | (1.5) | (1.1) |
Balance on December 31, 2025 | 1,084.7 | 103.3 | 113.7 | 1,301.7 |
For more information on (deferred revenue in relation to) construction and offshore service contracts refer to note 12.
Revenue is recognized in the period in which the performance obligation from the underlying contract has been satisfied. In most sales transactions this is at the point in time when control over a product or service has been transferred to the customer. Revenue is shown net of sales tax, value-added tax, discounts, rebates, expected returns and amounts collected on behalf of third parties. A contract with a customer may comprise of multiple distinct performance obligations that require separation. In general, the total consideration under the contract is allocated to performance obligations based on stand-alone selling prices. The timing of revenue recognition depends on the type of performance obligation, as described below.
Sale of goods
The Group operates physical retail stores and webstores in the Quoted interests and Unquoted segments. Sales on a wholesale basis are present in the Quoted interest and Unquoted segments. Revenue is recognized when the product is sold to the customer and control over the product has been transferred to the customer in return for (a right to) payment.
For retail sales, revenue recognition generally coincides with the physical transfer of the product to the customer. Revenue is then recognized at the transaction price, gross of (credit card) fees payable for the transaction which are recorded in selling cost. For rights issued under a customer loyalty program, through vouchers and by way of other future discounts or awards, a contract liability is incurred as a reduction to revenue. Revenue is further reduced and a refund liability is recognized for applicable rights of return. An asset reflecting the right to returned goods is recognized, reducing the cost of sales, at the carrying amount of those goods, net of expected refurbishment cost for returns that are not scrapped. In general, when a replacement product is not an acceptable alternative, the transaction price is refunded. An expected-value calculation based on accumulated experience is used to determine the amounts recognized as a refund liability. Where loyalty programs are in place, revenue allocated to the awards is recognized based on (anticipated) expiration and when the awards are redeemed.
For wholesale and franchise sales the timing of revenue recognition depends on when the products are delivered, with full discretion by the customer or franchisee over the sales channel and price to re-sell the products. Revenue recognition depends on individual customer terms and may occur when the products have been shipped or delivered to a specific location, the risks of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or objective evidence has been obtained that all criteria for acceptance have been satisfied. Volume incentives apply to various wholesale contracts and reduce related revenues. Depending on the contract, these incentives are either paid at the end of the contract period as a rebate, or provide a right to a discount in the next contractual period. In case of rebates, a refund liability is recorded at the time of the transaction, as a reduction to revenue. The Group periodically reviews the expected transaction price for the goods and services provided under the contract and adjusts the revenues from the contract and the refund liability accordingly. Discounts to be provided in future periods based on current year sales are considered a separate performance obligation, reducing current year revenue, and are recognized as a contract liability. The contract liability is recognized as revenue in the consolidated statement of income based on (anticipated) expiration and when the discounts are redeemed. A receivable is recognized for wholesale deliveries when payment has become unconditional. No element of financing is deemed present as payment terms are consistent with market practice. Any prepayments by customers are not considered revenue but are accounted for as contract liabilities.
Obligations to provide a refund under the standard warranty terms are recognized as a provision. Where warranties exceed these standard terms either in time, extent or through the inclusion of (additional) services it is recognized as distinct performance obligation and part of revenues is allocated and recognized over the period covered by the extended warranties. Extended warranties are considered services to be rendered and included under contract liabilities until revenue is recognized.
Provision of services
The Group provides storage services in its Quoted interest segment and a range of other services, including shipping, staffing and financial services, in its Unquoted segment. Revenue from providing services is recognized in the period in which the services are rendered. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period when these services are rendered, as clients simultaneously consume and benefit from the services at the moment that these are rendered. Revenues from excess throughputs and other services are recognized in the period in which they are provided.
For fixed-price contracts, revenue is recognized based on the actual service provided at the end of the reporting period as a proportion of the total services to be provided. Estimates of revenues, based on costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the consolidated statement of income in the period in which the circumstances that give rise to the revision become known by management. Contracts for the rendering of services typically do not exceed a duration of twelve months, except for framework agreements for which prices are variable or periodically renegotiated.
Modifications of property, plant and equipment paid upfront by customers are accounted for as a contract liability and recognized in the consolidated statement of income over the contractual period on a straight-line basis.
In case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, depending on the specific terms of the contract, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. If the contract includes an hourly fee, revenue is recognized in the amount to which there is a right to invoice. No element of financing is deemed present as payment terms are consistent with market practice.
License revenues
Franchise rights are accounted for as rights to access the franchisor\u2019s intellectual property. Any fixed fee allocated to those rights is generally recognized over the term of the franchise agreement. Franchise fees that are based on a percentage of sales are recognized at the time of the sale. Access to (digital) content is recognized over time for subscription contracts and at a point in time for usage-based contracts. License revenues are presented within rendering of services.
Construction and offshore contracting activities
The Group provides (integration of) goods and services through its construction and offshore contracting businesses in the Unquoted segment, including housing, greenhouse, civil infrastructure and maritime construction. Revenue and results from the these businesses are determined by reference to the latest estimate of the total selling price of the contract, after taking into account claims that have been accepted by the client or that derive from enforceable rights, are highly probable to lead to revenue and can be reliably measured. Such revenue is recognized over time, using the percentage-of-completion method, using a completion rate determined by reference to estimated cost of completed works (input method) and reviewed against progress of the works.
Recognition of revenues and results for property development activities commences only when a contract with a customer for the (further) development and sale of such property has been signed. These contracts generally involve the delivery of both land and buildings. Revenues related to (further) development of the land and the construction of buildings are recognized as set out above. Revenues and results from sale of the land positions are realized at the signing date if the land is transferred to the buyer directly, or through inclusion of land and land-related expenses in the cost basis for determination of project completion, if it remains an integral part of the project under development.
Construction, development and offshore services contracts of the Group are frequently subject to variation orders that affect the scope and/or price of the contract and that amend existing performance obligations. Variation orders that are highly probable, cannot be reversed and for which payment is legally enforceable constitute contract modifications. These modifications are accounted for through a cumulative catch-up adjustment.
A provision for onerous contracts is formed against operating expenses when future contract losses are known and can be reliably measured. Additional information on judgment and estimates in relation to construction, development and offshore services contracts are included in note 12.
Revenue is recognized in the period in which the performance obligation from the underlying contract has been satisfied. In most sales transactions this is at the point in time when control over a product or service has been transferred to the customer. Revenue is shown net of sales tax, value-added tax, discounts, rebates, expected returns and amounts collected on behalf of third parties. A contract with a customer may comprise of multiple distinct performance obligations that require separation. In general, the total consideration under the contract is allocated to performance obligations based on stand-alone selling prices. The timing of revenue recognition depends on the type of performance obligation, as described below.
For wholesale and franchise sales the timing of revenue recognition depends on when the products are delivered, with full discretion by the customer or franchisee over the sales channel and price to re-sell the products. Revenue recognition depends on individual customer terms and may occur when the products have been shipped or delivered to a specific location, the risks of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or objective evidence has been obtained that all criteria for acceptance have been satisfied. Volume incentives apply to various wholesale contracts and reduce related revenues. Depending on the contract, these incentives are either paid at the end of the contract period as a rebate, or provide a right to a discount in the next contractual period. In case of rebates, a refund liability is recorded at the time of the transaction, as a reduction to revenue. The Group periodically reviews the expected transaction price for the goods and services provided under the contract and adjusts the revenues from the contract and the refund liability accordingly. Discounts to be provided in future periods based on current year sales are considered a separate performance obligation, reducing current year revenue, and are recognized as a contract liability. The contract liability is recognized as revenue in the consolidated statement of income based on (anticipated) expiration and when the discounts are redeemed. A receivable is recognized for wholesale deliveries when payment has become unconditional. No element of financing is deemed present as payment terms are consistent with market practice. Any prepayments by customers are not considered revenue but are accounted for as contract liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i7514": { "value": "For retail sales, revenue recognition generally coincides with the physical transfer of the product to the customer. Revenue is then recognized at the transaction price, gross of (credit card) fees payable for the transaction which are recorded in selling cost. For rights issued under a customer loyalty program, through vouchers and by way of other future discounts or awards, a contract liability is incurred as a reduction to revenue. Revenue is further reduced and a refund liability is recognized for applicable rights of return. An asset reflecting the right to returned goods is recognized, reducing the cost of sales, at the carrying amount of those goods, net of expected refurbishment cost for returns that are not scrapped. In general, when a replacement product is not an acceptable alternative, the transaction price is refunded. An expected-value calculation based on accumulated experience is used to determine the amounts recognized as a refund liability. Where loyalty programs are in place, revenue allocated to the awards is recognized based on (anticipated) expiration and when the awards are redeemed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i7838": { "value": "Income from marketable securities and deposits includes realized and unrealized capital gains and losses, impairment losses, interest, dividends and management fees.
Capital gains and losses represent the change in market value of the marketable securities. Interest income on financial instruments recorded at amortized cost is recognized on an accrual basis, using the effective interest rate method. Dividends are recognized when the right to receive payment is established.
| \u00a0 | 2025 | 2024 |
|---|---|---|
Net capital gains / (losses) | 35.8 | (41.3) |
Interest income | 41.8 | 58.7 |
Dividend income | 9.5 | 7.6 |
Management fees | (1.2) | (1.2) |
| \u00a0 | 85.9 | 23.8 |
Income from marketable securities and deposits includes realized and unrealized capital gains and losses, impairment losses, interest, dividends and management fees.
Capital gains and losses represent the change in market value of the marketable securities. Interest income on financial instruments recorded at amortized cost is recognized on an accrual basis, using the effective interest rate method. Dividends are recognized when the right to receive payment is established.
The 2025 net other income of \u20ac\u00a0153.9 million mainly relates to a \u20ac\u00a0112.5 million net dilution gain at Vopak following a primary equity issue of its associate AVTL (refer to note 8) and \u20ac\u00a035 million in gains on sale of property, plant and equipment, partially offset by a \u20ac\u00a014.8 million net loss on disposal of a joint venture by Vopak (refer to note 8). The 2024 net other income of \u20ac\u00a0105.2 million mainly related to a \u20ac\u00a033.0 million accounting gain on the disposal of Pro Gamers Group, a \u20ac\u00a026.2 million capital gain on the divestment of a terminal by Vopak, \u20ac\u00a021.0 million of capital gains on the sale of tangible assets and \u20ac\u00a020.1 million of badwill on the acquisition of ALP by Boskalis.
Termination benefits
Termination benefits are recognized as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.
Termination benefits for voluntary redundancies are recognized as an expense if an offer has been made of voluntary redundancy, it is probable that the offer will be accepted and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting period they are discounted to their present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i7961": { "value": "Share-based compensation
The compensation cost for share-based payment plans is recognized as an expense on a straight-line basis over the vesting period. The amounts expensed are adjusted over the vesting period for changes in the estimate of number of shares and the equivalent in cash that will eventually vest. Adjustments are made at the end of each reporting period to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions (e.g. profitability growth targets or continued employment over a specified time period). Refer to note 35 for more details on share-based payment plans.
The Group operates a number of equity-settled and cash-settled share-based compensation plans. Under the plans the Group receives services from employees as consideration for respectively ordinary shares of the respective entity or for the cash equivalent to the value of the underlying ordinary shares of the respective entity.
For equity-settled share-based compensation plans, the fair value is determined at the date of grant and expensed in the consolidated statement of income with a corresponding adjustment directly in equity. For cash-settled share-based compensation plans, the fair value is determined at the date of the grant and is re-measured at each reporting date until the liability is settled.
The compensation is recognized as an expense on a straight-line basis over the vesting period. The amounts expensed are adjusted over the vesting period for changes in the estimate of number of shares and the equivalent in cash that will eventually vest. Adjustments are made at the end of each reporting period to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions (e.g. profitability growth targets or continued employment over a specified time period).
The average number of persons employed by the Group was 34,021 (2024: 32,201), of which 21,649 employed outside of the Netherlands (2024: 20,208). In addition, Atlas NextWave entered into contracts with 2,507 individuals (2024: 2,619) to deliver staffing services to its clients. Costs in respect of these contracts have been included in the note on Other operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i7993": { "value": "Operating expenses are recognized in the consolidated statement of income when incurred.
Other operating expenses include the following:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Marketing and publicity | 195.6 | 207.9 |
Staffing expenses Atlas NextWave | 242.2 | 191.3 |
Information and communication technology | 175.9 | 164.7 |
Royalty expenses (incl. patents and licenses) | 61.5 | 63.8 |
Housing | 65.9 | 64.5 |
Research and development | 41.6 | 37.4 |
Other | 873.7 | 846.8 |
Total | 1,656.4 | 1,576.4 |
Expenses recognized in the consolidated statement of income in respect of low-value asset leases and short-term leases amounted to \u20ac\u00a015.5 million and in respect of variable lease payments \u20ac\u00a02.8 million was expensed (2024: \u20ac\u00a016.3 million, respectively \u20ac\u00a03.5 million).
Remuneration PricewaterhouseCoopers
Fees for audit, audit-related and non-audit services can be detailed as follows.
| \u00a0 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| \u00a0 | External auditor | Network organization | Total | External auditor | Network organization | Total |
Audit of the financial statements | 0.2 | 12.7 | 12.9 | 0.2 | 11.4 | 11.6 |
Other audit services1 | - | 1.2 | 1.2 | - | 0.9 | 0.9 |
Total audit and audit related services | 0.2 | 13.9 | 14.1 | 0.2 | 12.3 | 12.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Tax services | - | 1.1 | 1.1 | - | 1.1 | 1.1 |
Other non-audit services | - | 0.5 | 0.5 | - | 0.8 | 0.8 |
Total non-audit services | - | 1.6 | 1.6 | - | 1.9 | 1.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total fees PricewaterhouseCoopers | 0.2 | 15.5 | 15.7 | 0.2 | 14.2 | 14.4 |
Operating expenses are recognized in the consolidated statement of income when incurred.
Other operating expenses include the following:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Marketing and publicity | 195.6 | 207.9 |
Staffing expenses Atlas NextWave | 242.2 | 191.3 |
Information and communication technology | 175.9 | 164.7 |
Royalty expenses (incl. patents and licenses) | 61.5 | 63.8 |
Housing | 65.9 | 64.5 |
Research and development | 41.6 | 37.4 |
Other | 873.7 | 846.8 |
Total | 1,656.4 | 1,576.4 |
Expenses recognized in the consolidated statement of income in respect of low-value asset leases and short-term leases amounted to \u20ac\u00a015.5 million and in respect of variable lease payments \u20ac\u00a02.8 million was expensed (2024: \u20ac\u00a016.3 million, respectively \u20ac\u00a03.5 million).
Remuneration PricewaterhouseCoopers
Fees for audit, audit-related and non-audit services can be detailed as follows.
| \u00a0 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| \u00a0 | External auditor | Network organization | Total | External auditor | Network organization | Total |
Audit of the financial statements | 0.2 | 12.7 | 12.9 | 0.2 | 11.4 | 11.6 |
Other audit services1 | - | 1.2 | 1.2 | - | 0.9 | 0.9 |
Total audit and audit related services | 0.2 | 13.9 | 14.1 | 0.2 | 12.3 | 12.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Tax services | - | 1.1 | 1.1 | - | 1.1 | 1.1 |
Other non-audit services | - | 0.5 | 0.5 | - | 0.8 | 0.8 |
Total non-audit services | - | 1.6 | 1.6 | - | 1.9 | 1.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total fees PricewaterhouseCoopers | 0.2 | 15.5 | 15.7 | 0.2 | 14.2 | 14.4 |
Operating expenses are recognized in the consolidated statement of income when incurred.
Expenses recognized in the consolidated statement of income in respect of low-value asset leases and short-term leases amounted to \u20ac\u00a015.5 million and in respect of variable lease payments \u20ac\u00a02.8 million was expensed (2024: \u20ac\u00a016.3 million, respectively \u20ac\u00a03.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "table-blocktag-i8130": { "value": "| \u00a0 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| \u00a0 | External auditor | Network organization | Total | External auditor | Network organization | Total |
Audit of the financial statements | 0.2 | 12.7 | 12.9 | 0.2 | 11.4 | 11.6 |
Other audit services1 | - | 1.2 | 1.2 | - | 0.9 | 0.9 |
Total audit and audit related services | 0.2 | 13.9 | 14.1 | 0.2 | 12.3 | 12.5 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Tax services | - | 1.1 | 1.1 | - | 1.1 | 1.1 |
Other non-audit services | - | 0.5 | 0.5 | - | 0.8 | 0.8 |
Total non-audit services | - | 1.6 | 1.6 | - | 1.9 | 1.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total fees PricewaterhouseCoopers | 0.2 | 15.5 | 15.7 | 0.2 | 14.2 | 14.4 |
Financial income includes income on cash and cash equivalents and income on financial assets not included in marketable securities and deposits or in other financial assets. Financial expense includes net finance costs in relation to financial liabilities. Fair value changes of (embedded) derivatives not included in a hedge relationship, fair value changes of contingent consideration related to acquisitions (\u201cearn-out\u201d liabilities) and results from foreign currency translation of monetary items can be either financial income or expense.
Interest income and expense on financial instruments recorded at amortized cost is recognized on an accrual basis, using the effective interest method.
Financial income and expense include:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Financial expense | 281.2 | 260.7 |
Other financial income | (78.6) | (132.3) |
| \u00a0 | 202.6 | 128.4 |
Financial expense includes:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Interest expense on lease liabilities | 37.7 | 37.0 |
Other interest expense | 151.4 | 177.4 |
Exchange differences, net of hedges1 | 61.3 | 37.3 |
Derivatives, not included in hedge accounting | 8.4 | - |
Revaluation of earn-out liabilities | - | 2.1 |
Other | 22.4 | 6.9 |
| \u00a0 | 281.2 | 260.7 |
Other financial income includes:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Interest income | 24.4 | 25.8 |
Exchange differences | 23.6 | 66.5 |
Revaluation of options on non-controlling interests | 6.5 | 8.6 |
Other | 24.1 | 31.4 |
| \u00a0 | 78.6 | 132.3 |
The revaluation of options on non-controlling interests relates to the revaluation of reciprocal put and call options concluded by Safilo with respect to the non-controlling interest in Blenders Eyewear LLC.
Financial income includes income on cash and cash equivalents and income on financial assets not included in marketable securities and deposits or in other financial assets. Financial expense includes net finance costs in relation to financial liabilities. Fair value changes of (embedded) derivatives not included in a hedge relationship, fair value changes of contingent consideration related to acquisitions (\u201cearn-out\u201d liabilities) and results from foreign currency translation of monetary items can be either financial income or expense.
Interest income and expense on financial instruments recorded at amortized cost is recognized on an accrual basis, using the effective interest method.
Financial income and expense include:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Financial expense | 281.2 | 260.7 |
Other financial income | (78.6) | (132.3) |
| \u00a0 | 202.6 | 128.4 |
Financial expense includes:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Interest expense on lease liabilities | 37.7 | 37.0 |
Other interest expense | 151.4 | 177.4 |
Exchange differences, net of hedges1 | 61.3 | 37.3 |
Derivatives, not included in hedge accounting | 8.4 | - |
Revaluation of earn-out liabilities | - | 2.1 |
Other | 22.4 | 6.9 |
| \u00a0 | 281.2 | 260.7 |
Other financial income includes:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Interest income | 24.4 | 25.8 |
Exchange differences | 23.6 | 66.5 |
Revaluation of options on non-controlling interests | 6.5 | 8.6 |
Other | 24.1 | 31.4 |
| \u00a0 | 78.6 | 132.3 |
The revaluation of options on non-controlling interests relates to the revaluation of reciprocal put and call options concluded by Safilo with respect to the non-controlling interest in Blenders Eyewear LLC.
Financial income includes income on cash and cash equivalents and income on financial assets not included in marketable securities and deposits or in other financial assets. Financial expense includes net finance costs in relation to financial liabilities. Fair value changes of (embedded) derivatives not included in a hedge relationship, fair value changes of contingent consideration related to acquisitions (\u201cearn-out\u201d liabilities) and results from foreign currency translation of monetary items can be either financial income or expense.
Interest income and expense on financial instruments recorded at amortized cost is recognized on an accrual basis, using the effective interest method.
Financial income and expense include:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Financial expense | 281.2 | 260.7 |
Other financial income | (78.6) | (132.3) |
| \u00a0 | 202.6 | 128.4 |
Financial expense includes:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Interest expense on lease liabilities | 37.7 | 37.0 |
Other interest expense | 151.4 | 177.4 |
Exchange differences, net of hedges1 | 61.3 | 37.3 |
Derivatives, not included in hedge accounting | 8.4 | - |
Revaluation of earn-out liabilities | - | 2.1 |
Other | 22.4 | 6.9 |
| \u00a0 | 281.2 | 260.7 |
Other financial income includes:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Interest income | 24.4 | 25.8 |
Exchange differences | 23.6 | 66.5 |
Revaluation of options on non-controlling interests | 6.5 | 8.6 |
Other | 24.1 | 31.4 |
| \u00a0 | 78.6 | 132.3 |
The revaluation of options on non-controlling interests relates to the revaluation of reciprocal put and call options concluded by Safilo with respect to the non-controlling interest in Blenders Eyewear LLC.
Financial income includes income on cash and cash equivalents and income on financial assets not included in marketable securities and deposits or in other financial assets. Financial expense includes net finance costs in relation to financial liabilities. Fair value changes of (embedded) derivatives not included in a hedge relationship, fair value changes of contingent consideration related to acquisitions (\u201cearn-out\u201d liabilities) and results from foreign currency translation of monetary items can be either financial income or expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i8135": { "value": "Financial income includes income on cash and cash equivalents and income on financial assets not included in marketable securities and deposits or in other financial assets. Financial expense includes net finance costs in relation to financial liabilities. Fair value changes of (embedded) derivatives not included in a hedge relationship, fair value changes of contingent consideration related to acquisitions (\u201cearn-out\u201d liabilities) and results from foreign currency translation of monetary items can be either financial income or expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i8136": { "value": "Interest income and expense on financial instruments recorded at amortized cost is recognized on an accrual basis, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493000O3IE3DNOY3R07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i8222": { "value": "The current income tax charge is calculated on the basis of the tax law enacted or substantively enacted at the balance sheet date in the countries where the Group has operations, taking into account tax-exempt income and tax losses carried forward. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretations. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Income tax is recognized in the consolidated statement of income unless it relates to items recognized in the consolidated statement of comprehensive income or in the consolidated statement of changes in equity. Where the final outcome of tax-related provisions is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.
Pillar Two minimum taxation
The Group is subject to the Pillar Two model rules as it exceeds the annual revenue threshold of \u20ac\u00a0750 million. These rules mandate a minimum corporate income tax framework, stipulating a jurisdictional baseline effective tax rate of 15%, calculated according to Pillar Two standards. Under these rules supplementary taxes (\u201ctop-up taxes\u201d) may apply, if a jurisdiction-specific effective tax rate falls below the aforementioned minimum threshold.
The Pillar Two model rules include transitional safe harbour provisions applicable to financial years 2024 through 2026, offering three distinct tests that could potentially exempt the Company to prepare detailed calculation in a jurisdiction. These provisions aim to reduce the administrative burden during the initial three years of Pillar Two\u2019s implementation. The Pillar Two top-up tax amount in a jurisdiction for a fiscal year is considered nil if at least one of the relevant tests is satisfied. Conversely, if the Company does not qualify for an exemption in a jurisdiction, it must perform comprehensive calculations starting from the period in which it fails to meet the transitional safe harbour tests in that jurisdiction, potentially resulting in additional tax obligations during those periods.
Critical accounting estimates and judgments
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\u2019s estimates of whether additional taxes will be due.
| \u00a0 | 2025 | 2024 |
|---|---|---|
Current income taxes | 326.7 | 348.7 |
Deferred income taxes | (43.0) | (39.4) |
| \u00a0 | 283.7 | 309.3 |
Income taxes differ from the theoretical amount that would arise if the domestic tax rates applicable to the results of taxable entities in the respective countries were applied. The tables below identify the main items explaining this difference.
| \u00a0 | 2025 | 2024 |
|---|---|---|
Profit before income tax | 2,228.5 | 1,742.5 |
Less: after-tax share of results from associates, joint ventures and other financial assets | (698.5) | (557.8) |
Less: non-taxable other income (sale of subsidiaries and associates) | (108.1) | (59.2) |
Adjusted profit before income tax | 1,421.9 | 1,125.5 |
Income tax expense | 283.7 | 309.3 |
Effective tax rate (%) | 20.0 | 27.5 |
| \u00a0 | 2025 | 2024 | ||
|---|---|---|---|---|
Composition | Amount | % | Amount | % |
Weighted-average nominal tax rate | 358.9 | 25.2 | 272.8 | 24.2 |
Goodwill impairment | - | - | 8.4 | 0.7 |
Recognition of tax losses1 | (9.1) | (0.6) | 74.8 | 6.6 |
Non-taxable income | (97.0) | (6.8) | (93.8) | (8.3) |
Non-deductible expenses | 86.2 | 6.1 | 39.6 | 3.5 |
Rate differences | (70.7) | (5.0) | (27.9) | (2.5) |
Adjustment tax provisions | (17.0) | (1.2) | 0.5 | 0.0 |
Whithholding taxes | 25.7 | 1.8 | 15.8 | 1.4 |
Other and PY adjustments | 6.7 | 0.5 | 19.1 | 1.9 |
Effective tax (rate) | 283.7 | 20.0 | 309.3 | 27.5 |
In 2025, the adjustment of tax provisions included the release of unused provisions following the finalisation of tax assessments for prior years. In 2024, recognition of tax losses primarily related to current period losses at Boskalis, for which no deferred tax assets were recognized, as well as increases in valuation allowances for deferred tax assets.
Non-taxable income in 2024 and 2025 mainly relates to the application of tonnage tax regimes in certain jurisdictions to the operations and projects of Boskalis and Anthony Veder. It also reflects Boskalis\u2019 strong operational performance during 2025, including the effect of the geographical spread of its operations. In 2024, non-taxable income also included the revaluation gain on the previously held equity interest of Boskalis in Smit Lamnalco upon gaining control of the company, as well as the gain resulting from Boskalis\u2019 acquisition of ALP.
In 2025 and 2024 rate differences mainly include the effect of earnings of Boskalis realized in jurisdictions with a lower statutory tax rate than in the Netherlands.
Pillar Two minimum taxation
Transitional safe harbour calculations were conducted to assess the scope of the Pillar Two calculations. In the majority of jurisdictions, one or more of the three applicable tests were met, eliminating the need for detailed calculations. For the remaining jurisdictions, detailed calculations were performed, resulting in the recognition of a current tax expense of \u20ac\u00a02.6 million for top-up taxes related to 2025 (2024: \u20ac\u00a011.7 million). This amount mainly relates to Belgium, as a result of a tonnage-tax regime that reduced the blended jurisdictional tax rate to below 15%.
The Company applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. As a result, the Company neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes.
Taxes recognized in other comprehensive income are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Deferred tax | \u00a0 | \u00a0 |
On changes in defined benefit obligations | (11.1) | (6.4) |
| \u00a0 | (11.1) | (6.4) |
Current tax | \u00a0 | \u00a0 |
On changes in the fair value of cash flow hedges | 0.8 | - |
On changes in the fair value of financial assets measured through other comprehensive income | (0.2) | - |
| \u00a0 | 0.6 | - |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | (10.5) | (6.4) |
The current income tax charge is calculated on the basis of the tax law enacted or substantively enacted at the balance sheet date in the countries where the Group has operations, taking into account tax-exempt income and tax losses carried forward. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretations. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Income tax is recognized in the consolidated statement of income unless it relates to items recognized in the consolidated statement of comprehensive income or in the consolidated statement of changes in equity. Where the final outcome of tax-related provisions is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.
Pillar Two minimum taxation
The Group is subject to the Pillar Two model rules as it exceeds the annual revenue threshold of \u20ac\u00a0750 million. These rules mandate a minimum corporate income tax framework, stipulating a jurisdictional baseline effective tax rate of 15%, calculated according to Pillar Two standards. Under these rules supplementary taxes (\u201ctop-up taxes\u201d) may apply, if a jurisdiction-specific effective tax rate falls below the aforementioned minimum threshold.
The Pillar Two model rules include transitional safe harbour provisions applicable to financial years 2024 through 2026, offering three distinct tests that could potentially exempt the Company to prepare detailed calculation in a jurisdiction. These provisions aim to reduce the administrative burden during the initial three years of Pillar Two\u2019s implementation. The Pillar Two top-up tax amount in a jurisdiction for a fiscal year is considered nil if at least one of the relevant tests is satisfied. Conversely, if the Company does not qualify for an exemption in a jurisdiction, it must perform comprehensive calculations starting from the period in which it fails to meet the transitional safe harbour tests in that jurisdiction, potentially resulting in additional tax obligations during those periods.
Critical accounting estimates and judgments
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\u2019s estimates of whether additional taxes will be due.
Earnings per Share for profit attributable to the owners of parent are calculated by dividing the profit attributable to the owners of parent by the time-weighted average number of outstanding Shares.
The calculation of the time-weighted average number of outstanding shares is as follows:
x 1,000 | 2025 | 2024 |
|---|---|---|
Issued and outstanding Shares at January 1 | 90,326 | 90,344 |
Sale and transfer of treasury shares | 51 | 11 |
Purchase of treasury shares | (54) | (12) |
Average number of outstanding Shares at December 31 | 90,323 | 90,343 |
There was no dilutive effect on earnings per Share in the years presented.
Earnings per Share for profit attributable to the owners of parent are calculated by dividing the profit attributable to the owners of parent by the time-weighted average number of outstanding Shares.
| \u00a0 | Notes | 2025 | 2024 |
|---|---|---|---|
Profit before taxes | \u00a0 | 2,228.5 | 1,742.5 |
Depreciation and impairments | 4,5 | 732.5 | 885.7 |
Depreciation and impairments right-of-use assets | 6 | 186.6 | 181.0 |
Amortization and impairments | 7 | 156.9 | 240.5 |
Badwill recognized on acquisitions | 3 | - | (21.5) |
Gains on other financial assets and marketable securities at fair value | 24, 26 | (330.4) | (195.1) |
Fair value gain on remeasurement of previously held equity interest | 25 | - | (101.8) |
Results from associates and joint ventures, net of impairments | 8, 25 | (399.4) | (305.2) |
Profit on sale of property, plant, equipment and investment properties | 28 | (7.3) | (21.2) |
Profit on assets and liabilities held for sale | 28 | (135.0) | (58.4) |
Net financial expense | 31 | 202.6 | 128.4 |
Other movements in provisions and pension benefits | \u00a0 | 66.9 | (63.6) |
Dividend from associates and joint ventures | \u00a0 | 309.5 | 343.5 |
Changes in working capital | \u00a0 | 113.0 | 236.2 |
Cash generated from operating activities | \u00a0 | 3,124.4 | 2,991.0 |
Changes in working capital, excluding exchange differences and the effect of acquisitions:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Accounts receivable | (40.8) | 39.7 |
Inventories | (3.3) | 57.0 |
Other current assets | 24.3 | 208.7 |
Contract liabilities | 156.7 | 143.4 |
Accounts payable / accrued expenses | (23.9) | (212.6) |
| \u00a0 | 113.0 | 236.2 |
The Group operates a number of equity-settled and cash-settled share-based compensation plans. Under the plans the Group receives services from employees as consideration for respectively ordinary shares of the respective entity or for the cash equivalent to the value of the underlying ordinary shares of the respective entity.
For equity-settled share-based compensation plans, the fair value is determined at the date of grant and expensed in the consolidated statement of income with a corresponding adjustment directly in equity. For cash-settled share-based compensation plans, the fair value is determined at the date of the grant and is re-measured at each reporting date until the liability is settled.
The compensation is recognized as an expense on a straight-line basis over the vesting period. The amounts expensed are adjusted over the vesting period for changes in the estimate of number of shares and the equivalent in cash that will eventually vest. Adjustments are made at the end of each reporting period to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions (e.g. profitability growth targets or continued employment over a specified time period).
Expenses related to share-based compensation consist of:
| \u00a0 | 2025 | 2024 |
|---|---|---|
HAL Holding N.V. | \u00a0 | \u00a0 |
Share Plan1 | 0.7 | 2.2 |
Vopak | \u00a0 | \u00a0 |
Long-Term Share Plans1 | 7.5 | 7.0 |
Long-Term Cash Plans2 | 0.3 | 0.7 |
Safilo | \u00a0 | \u00a0 |
Stock Option Plans1 | 2.0 | 1.6 |
Unquoted subsidiaries | \u00a0 | \u00a0 |
Cash Plans2 | 37.4 | 2.2 |
| \u00a0 | 47.9 | 13.7 |
Liabilities recognized in relation to cash-settled share-based compensation are comprised of:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Vopak | \u00a0 | \u00a0 |
Long-Term Cash Plans | 1.0 | 1.1 |
Unquoted subsidiaries | \u00a0 | \u00a0 |
Cash Plans | 86.9 | 53.4 |
| \u00a0 | 87.9 | 54.5 |
The current part of this liability of \u20ac\u00a024.5 million (2024: \u20ac\u00a03.5 million) is included under current other financial liabilities and the non-current part of \u20ac\u00a063.4 million (2024: \u20ac\u00a051.0 million) under non-current other financial liabilities.
The Supervisory Board has the power to grant Shares to members of the Executive Board.
The granted, unvested Shares can be summarized as follows:
x 1,000 | 2025 | 2024 |
|---|---|---|
Outstanding shares on January 1 | - | 65 |
Granted | 45 | - |
Vested | - | (65) |
Outstanding shares on December 31 | 45 | - |
On May 20, 2025, the Supervisory Board resolved to grant Mr. J.N. van Wiechen and Mr. R.L. de Visser, members of the Executive Board, a one-time allotment of 28,000 and 17,000 Shares, respectively, subject to the condition precedent that they remain members of the Executive Board of the Company until May 20, 2030. The Shares are subject to a ten-year restriction period.
On May 18, 2016, the Supervisory Board resolved to grant Mr. M.F. Groot, former chairman of the Executive Board, 20,000 Shares. These Shares vested on June 1, 2021, and are restricted until June 1, 2026.
The Supervisory Board granted on September 5, 2021, to Mr. M.F. Groot, Mr. A.A. van \u2018t Hof and Mr. J.N. van Wiechen, (former) members of the Executive Board, a one-time allotment of respectively 25,000, 20,000 and 20,000 Shares. These Shares vested in 2024 and are restricted until September 5, 2031.
Long-Term Share Plans (LTSP)
The LTSPs reward participants for considerable and ambitious improvements in non-market performance conditions, including cash generation, specific capex investment targets and GHG emissions reductions, during a three-year performance period, from their respective start dates in 2023, 2024 and 2025. If the achievement of these targets during the three-year performance period falls within or exceeds the target range, a long-term remuneration will be awarded based on a percentage of their target grants (i.e. number of shares) made at date of grant, and this for all plans that are active.
The conditional awards granted under the LTSPs 2023-2025 can be summarized as follows:
x 1,000 | 2025 | 2024 |
|---|---|---|
Outstanding conditional awards on January 1 | 499 | 457 |
Granted | 147 | 167 |
Forfeited | (25) | (21) |
Vested and settled | (137) | (104) |
Outstanding conditional awards on December 31 | 484 | 499 |
The weighted-average fair value of the equity-settled LTSP awards granted in 2025 of \u20ac\u00a035.97 (2024: \u20ac\u00a034.52) has been determined based on Vopak\u2019s share price at the grant date.
Cash plans
The cash plans provide eligible participants with a right to participate in unlisted subsidiaries\u2019 growth in EBITA, subject to meeting the applicable vesting conditions. Obligations with respect to these plans are fair valued, generally, based on a multiple of EBITA less net debt. Multiples applied are generally contractually determined.
Assets that have an indefinite useful life are tested for impairment annually, while all non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss on non-financial assets is recognized in the consolidated statement of income for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and an asset\u2019s value in use. Goodwill is allocated to groups of cash-generating units (CGU\u2019s) for the purpose of impairment testing. A CGU is in no event larger than the operating segment it belongs to.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
For discontinued operations, impairment testing requires management to determine whether the carrying value of the discontinued operation does not exceed the fair value less cost of disposal.
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 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\u00a0is 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, here 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. Goodwill identified in business combinations during the reporting year is tested for impairment by comparing actual performance, and, where relevant, updated forecasts and discount rates, with the assumptions used in the purchase price allocation.
The primary impairment test for the Company relates to annual goodwill impairment testing. Property, plant and equipment as well as joint ventures and associates are reviewed and, when required, tested.
Critical accounting estimates and judgments
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, here 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.
The following net impairment reversals were recognized in 2025, compared to net impairment losses in 2024:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Property, plant and equipment | (140.5) | 83.0 |
Investment properties | 1.7 | 3.4 |
Goodwill | - | 43.2 |
Other intangibles | 1.0 | 31.7 |
Right of use assets | 3.6 | - |
Investments in associates and joint arrangements | 1.1 | (29.7) |
| \u00a0 | (133.1) | 131.6 |
Impairment losses, net of reversals, by segment are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Unquoted | 9.8 | 86.2 |
Quoted interests | (146.9) | 45.4 |
Real estate | 4.0 | - |
| \u00a0 | (133.1) | 131.6 |
Impairment losses, net of reversals, are included as follows in the consolidated statement of income:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Amortization and impairment of intangible assets | 1.0 | 74.9 |
Depreciation and impairment of property, plant, equipment, right-of-use assets and investment properties | (139.2) | 86.4 |
Share of results of associates and joint arrangements | 1.1 | (29.7) |
Income from real estate activities | 4.0 | - |
| \u00a0 | (133.1) | 131.6 |
All impairments are included in the exceptional items (note 2).
With respect to Vopak, in performing the impairment tests, Vopak management made an assessment of whether a CGU will be able to generate positive net cash flows that are sufficient to support the value of the intangible assets, property, plant and equipment and financial assets included in the cash-generating unit. For value-in-use calculations, the assessment is based on estimates of future expected cash flows on the basis of the budget for the coming year and two subsequent plan years, which form the basis for a 15-year discounted cash flow model. Cash flows beyond the previously mentioned period of three years are extrapolated, using a stable or decreasing growth rate, unless an increasing rate can be substantiated. Key assumptions applied are generally: the expected occupancy, the estimated storage rate per cubic meter for revenues not covered by long-term contracts, sustaining capital expenditures, expected growth rates and the estimated terminal value after the 15-year period, together with the applied discount rates. For oil-related assets, the assessment is impacted by the energy transition and the forecast period is extended from a 15-year period to include the period in which the energy transition is expected to take place. Key assumptions applied include the expected occupancy, the estimated storage rate per cubic meter for revenues not covered by long-term contracts, sustaining capital expenditures, expected (decreasing) growth rates based on most recent energy transition scenarios of the International Energy Agency in a range of (3)% and (4)% and the estimated terminal value, together with the applied discount rates. As there is significant uncertainty on how the energy transition will impact these estimates, they remain subject to constant review and monitoring by Vopak management.
The discount rates are based on long-term government bonds, adjusted for a risk premium and risks specific to assets and geographical locations. The equity market risk premium was assumed 6.5% by Vopak management (2024: 6.5%) and the pre-tax discount rates used in impairment testing ranged from 6.1% to 13.3% (2024: 10.0%). Growth factors applied for years four through fifteen were based on the inflation rate with a range of 1.8% to 4.4% (2024: 2.1% to 4.5%).
Vopak management has assessed that the value in use for a very limited number of terminals is lower than the carrying amount. For these individual terminals, also the fair value less cost of disposal has been considered in order to assess whether this value exceeds the value in use and the carrying amount of the assets. In such situations, the fair value less cost of disposal for terminals or assets which are actively being marketed by the company, may be based primarily on offers received from interested parties (level 2 fair value). Vopak management has assessed that these offers are representative of the fair value of the terminals concerned and assessed whether it is probable that these terminals will be sold in the coming twelve months after the reporting period, resulting in a situation where the carrying amount will be recovered principally through a sale instead of through continued use. The value in use assessments may change over time, among others due to changes in the business environment and/or outcome of decisions taken by management, and when applicable could result in (reversal of) impairment.
Property, plant and equipment
2025
Vopak - Europoort terminal (reversal)
In 2025, an exceptional gain of \u20ac\u00a0180.7 million was recognized in respect of a partial reversal of impairment of the property, plant and equipment of the Europoort terminal. This exceptional gain resulted in an exceptional tax charge of \u20ac\u00a046.6 million. The envisioned gradual capacity reduction to repurpose the existing infrastructure in the Europoort terminal and to facilitate the energy transition remain unchanged. The impairment reversal reflects more favorable short- to medium-term market conditions and strong cash inflow projections for the Europoort terminal. As a result, the recoverable amount, determined on the basis of value in use, exceeds its carrying amount. The impairment reversal has been measured at the lower of the terminal\u2019s recoverable amount and the carrying amount that would have been determined if no impairment loss had been recognized previously, adjusted for subsequent depreciation.
Vopak - Vopak Gas Terminal (VGT, Singapore)
In 2025, an impairment charge of \u20ac\u00a031.9 million was recognized for the VGT terminal related to challenging market conditions impacting the petrochemical refinery activities of a customer of Vopak in that region. The carrying amount of the VGT terminal exceeded its recoverable amount of nil, as determined using a value in use model. The resulting impairment charge has been allocated to property, plant and equipment for \u20ac\u00a030.2 million and right-of-use assets for \u20ac\u00a01.7 million, respectively. The impairment charge resulted in a tax gain of \u20ac\u00a05.4 million.
2024
Vopak - Ningbo terminal (China)
In the first half of 2024, a \u20ac\u00a010.1 million impairment charge was recognized on the Ningbo terminal of Vopak following plans to reduce terminal capacity in anticipation of future developments in the port\u2019s infrastructure landscape.
Vopak - Veracruz terminal (Mexico)
Due to local legislation significantly restricting the export of crude oil and other products in Mexico, a key customer has experienced a substantial decline in commercial activity. This has resulted in lower occupancy and reduced cash flows at the Veracruz terminal. Consequently, in the second half of 2024, an impairment charge of \u20ac\u00a058.2 million was recognized on the terminal.
Vopak - cancelled projects
Vopak recorded an impairment of \u20ac\u00a06.7 million on capitalized business development costs.
Investment properties
2025
A $\u00a04.8 million (\u20ac\u00a04.0 million) impairment was recorded on a fully-owned property within the U.S. real estate portfolio, due to persistently low occupancy.
Goodwill
Unquoted
Goodwill for the unquoted segment has been tested for impairment losses at a level that reflects the way the operations are managed and with which the goodwill would naturally be associated. Management reviews the unquoted business performance on an entity level. Goodwill is also monitored on this level.
The recoverable amount of cash-generating units is generally determined based on the calculation of their value in use. These calculations use cash flow projections covering a five-year period. Cash flows beyond this five-year period are extrapolated using an estimated growth rate of nil. In 2025 the value-in-use method was applied to 100% of the goodwill tested (2024: 100%).
Impairment testing conducted during the year did not result in the recognition of impairment charges. In 2024, impairment charges were recorded on the goodwill of GreenV amounting to \u20ac\u00a043.2 million (HAL share \u20ac\u00a032.4 million). In addition to this goodwill impairment, a pre-tax impairment of \u20ac\u00a031.7 million (HAL share \u20ac\u00a023.6 million, before tax) was recognized on the customer relationships of GreenV.
Key assumptions used for value-in-use calculations are included as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Unquoted investments | \u00a0 | \u00a0 |
Weighted-average increase in revenues | 4.1% | 4.4% |
Weighted-average gross margin | 36.6% | 35.4% |
Weighted-average pre-tax discount rate | 13.5% | 13.3% |
Growth rate beyond year five | 0.0% | 0.0% |
The valuation models include certain assumptions with respect to revenue growth, margin development, discount rates and terminal growth rates. A negative development of 2% in these assumptions would result in a potential (further) impairment charge on goodwill for the Unquoted segment as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
2% lower increase in revenues | 185.6 | 6.3 |
2% increase in the discount rate | 370.9 | 360.9 |
2% lower gross margin | 386.1 | 194.7 |
If the cash flows beyond the five-year period were extrapolated using an estimated growth rate of 2%, the value in use of the cash-generating units within the Unquoted segment that indicated a potential impairment in the above sensitivity analyses would increase by \u20ac\u00a0510.7 million (2024: \u20ac\u00a01,370.5 million).
Quoted
Vopak and Safilo are both listed entities. At the year-end 2025 the stock\u00a0market value of the ownership interest in Safilo exceeded the carrying value by \u20ac\u00a0203.3 million. At the end of 2025, the stock\u00a0market value of the ownership interest in Vopak exceeded its carrying value by \u20ac\u00a0506.1 million. These stock market values qualify as level 1 in the fair value hierarchy.
The goodwill at the level of Safilo (\u20ac\u00a031.0 million) has been tested on a single cash-generating unit basis using a five-year projection based on the Safilo group financial projections for the period 2026 through 2030. This value-in-use model includes a post-tax WACC of 9.8% and a 2.2% terminal growth rate beyond the explicit forecast period (2024: 10.0%, respectively 2.1%). Applying alternative scenarios with a 46% decrease of EBITDA or with an increase of the WACC by 6.0% also does not lead to impairment.
Other intangibles
The total amount of impairments recognized on other intangibles was \u20ac\u00a01.0 million (2024: \u20ac\u00a031.7 million). There were no reversals of impairment (2024: nil).
Associates and joint arrangements
2025
The total amount of impairments recognized on associates and joint ventures was \u20ac\u00a01.1 million. There were no reversals of impairment during the year.
2024
Vopak - SPEC LNG terminal (reversal)
In 2024, an impairment reversal of \u20ac\u00a029.7 million was recognized for Vopak\u2019s SPEC LNG terminal. This related to an expected increase in LNG imports, combined with favorable cash flow contributions anticipated from potential growth investments, have led to an improved dividend outlook. The impairment reversal was allocated to the previously impaired intangible assets that are part of the carrying amount of the 49% associate.
Assets that have an indefinite useful life are tested for impairment annually, while all non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss on non-financial assets is recognized in the consolidated statement of income for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and an asset\u2019s value in use. Goodwill is allocated to groups of cash-generating units (CGU\u2019s) for the purpose of impairment testing. A CGU is in no event larger than the operating segment it belongs to.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
For discontinued operations, impairment testing requires management to determine whether the carrying value of the discontinued operation does not exceed the fair value less cost of disposal.
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 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\u00a0is 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, here 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. Goodwill identified in business combinations during the reporting year is tested for impairment by comparing actual performance, and, where relevant, updated forecasts and discount rates, with the assumptions used in the purchase price allocation.
The primary impairment test for the Company relates to annual goodwill impairment testing. Property, plant and equipment as well as joint ventures and associates are reviewed and, when required, tested.
Critical accounting estimates and judgments
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, here 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.
Classification
The classification of financial assets is detailed in the notes on derivatives and other financial assets. The classification of financial liabilities is detailed in the notes on debt and other financial liabilities and derivatives.
Fair value measurement
A number of the accounting policies and disclosures require the determination of fair value for financial instruments. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
The fair values calculated are classified into three categories depending on the inputs used in the valuation technique. Where available, fair values are derived from quoted prices for identical instruments (level 1). In the absence of such information, other observable inputs, either directly or indirectly, are used to estimate fair values (level 2). Where insufficient observable market data is available, the best applicable unobservable inputs are used to perform the valuation (level 3). The valuation techniques used per type of financial instrument are described in more detail below.
Equity securities
The Group holds direct investments in equity securities and indirect investments in equity securities through managed portfolios. When available, the Group uses quoted market (bid) prices in active markets to determine the fair value of its investments in equity securities (level 1). Fair values for unquoted shares are estimated using valuation techniques such as discounted cash flow analysis, using expected future cash flows and a market-related discount rate, or a market-multiples approach (level 2 or\u00a03).
Investment funds
Investment funds include private equity funds. The fair values of investments held in unquoted investment funds are determined by the Group after taking into consideration information provided by the fund managers and the liquidity of the investments. The Company reviews the valuations and performs analytical procedures to ensure the fair values are appropriate (level 2 or 3).
Debt securities and own debt
The Company uses quoted market (bid) prices in active markets to determine the fair value of its debt investments (level 1). When the Group cannot make use of quoted market prices, market prices from indices, corroborating broker quotes or discounted cash flow analyses, using expected future cash flows and market-related discount rates, are used (level 2).
Other liabilities
Obligations to acquire non-controlling interests are fair valued, generally, based on a contractual multiple of EBITA less net debt. Multiples applied are generally contractually determined (level 3). Contingent considerations are fair valued based on the expected cash outflows, taking into account the effects of discounting (level 3).
Derivatives
Where quoted market prices (level 1) are not available, other valuation techniques and corroborating broker quotes are used that maximize the use of observable inputs. These valuation techniques include option pricing and discounted cash flow analysis, using expected future cash flows and a market-related discount rate. The models used incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, expected volatility and interest rate curves (generally level 2).
Financial instruments for which carrying value approximates fair value
Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities and accrued liabilities.
The Company\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the beginning of the period.
Impairment
The Group applies the expected credit loss model to determine a loss allowance on its financial assets, loan commitments and financial guarantee contracts, except for equity investments and derivative financial instruments. This requires the use of both historical (loss) data and forward-looking information. The allowance is initially calculated as the potential credit loss over the next twelve months.
Should credit risk on the instrument have increased significantly since initial recognition, the loss allowance is determined as the potential credit loss over the remaining lifetime of the instrument. This is calculated using expected cash flows from the instrument at a revised discount rate. To determine whether a significant increase in credit risk or an impairment has occurred the Group takes into account various factors, including actual or expected credit rating downgrades of the instrument or issuer, adverse changes in business, financial or economic conditions of the debtor, covenant breaches, waivers or amendments and past-due information. For trade receivables and contract assets the Group applies the simplified approach, which uses a lifetime expected loss allowance from inception. The changes in loss allowance recognized by the Group are recorded as impairment gains or losses in the consolidated statement of income with an adjustment to the carrying value for assets measured at amortized cost. For assets measured at fair value through other comprehensive income a corresponding entry is made in other comprehensive income. Any credit loss not yet provided for is recognized in the consolidated statement of income as incurred.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a current, legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The offset is limited to the amount actually expected to be offset.
The following tables provide an analysis of the Group\u2019s financial instruments per line item, stating the classification of the instruments, their fair value and their level within the fair value hierarchy:
December 31, 2025 | Fair value level | Fair value through other comprehensive income | Financial assets at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 1,301.3 | 1,301.3 | 1,301.3 |
- Unquoted debt securities | 2 | - | 411.5 | - | 411.5 | 411.5 |
- Unquoted equity securities | 3 | 27.2 | - | 14.4 | 41.6 | 41.6 |
Marketable securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 240.9 | 240.9 | 240.9 |
- Quoted debt securities | 1 | 35.7 | - | 350.8 | 386.5 | 386.5 |
- Unquoted equity securities | 2 | - | - | - | - | - |
Derivatives | 2 | - | - | 14.8 | 14.8 | 14.8 |
Other current assets | \u00a0 | - | 290.5 | - | 290.5 | 290.5 |
Receivables | \u00a0 | - | 1,553.7 | - | 1,553.7 | 1,553.7 |
Cash | \u00a0 | - | 4,345.5 | - | 4,345.5 | 4,345.5 |
Total financial assets | \u00a0 | 62.9 | 6,601.2 | 1,922.2 | 8,586.3 | 8,586.3 |
December 31, 2024 | Fair value level | Fair value through other comprehensive income | Financial assets at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 784.7 | 784.7 | 784.7 |
- Unquoted debt securities | 2 | - | 420.6 | - | 420.6 | 420.6 |
- Unquoted equity securities | 3 | 68.2 | - | 170.0 | 238.2 | 238.2 |
Marketable securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 319.9 | 319.9 | 319.9 |
- Quoted debt securities | 1 | 34.9 | - | 1,338.0 | 1,372.9 | 1,372.9 |
- Unquoted equity securities | 2 | - | - | 3.3 | 3.3 | 3.3 |
Derivatives | 2 | - | - | 39.4 | 39.4 | 39.4 |
Other current assets | \u00a0 | - | 334.9 | - | 334.9 | 334.9 |
Receivables | \u00a0 | - | 1,498.9 | - | 1,498.9 | 1,498.9 |
Cash | \u00a0 | - | 2,578.0 | - | 2,578.0 | 2,578.0 |
Total financial assets | \u00a0 | 103.1 | 4,832.4 | 2,655.3 | 7,590.8 | 7,590.8 |
December 31, 2025 | Fair value level | \u00a0 | Financial liabilities at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt and other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Non-current debt | 2 | \u00a0 | 2,769.8 | - | 2,769.8 | 2,875.3 |
- Current debt | 2 | \u00a0 | 829.9 | - | 829.9 | 829.9 |
- Other financial liabilities | 2 | \u00a0 | 43.7 | - | 43.7 | 43.7 |
- Other financial liabilities | 3 | \u00a0 | - | 153.6 | 153.6 | 153.6 |
Lease liabilities | 2 | \u00a0 | 1,200.5 | - | 1,200.5 | 1,200.5 |
Derivatives | 2 | \u00a0 | - | 29.2 | 29.2 | 29.2 |
Accounts payable | \u00a0 | \u00a0 | 988.4 | - | 988.4 | 988.4 |
Total financial liabilities | \u00a0 | \u00a0 | 5,832.3 | 182.8 | 6,015.1 | 6,120.6 |
December 31, 2024 | Fair value level | \u00a0 | Financial liabilities at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt and other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Non-current debt | 2 | \u00a0 | 2,575.2 | - | 2,575.2 | 2,671.1 |
- Current debt | 2 | \u00a0 | 1,069.6 | - | 1,069.6 | 1,069.6 |
- Other financial liabilities | 2 | \u00a0 | 17.5 | - | 17.5 | 17.5 |
- Other financial liabilities | 3 | \u00a0 | - | 143.1 | 143.1 | 143.1 |
Lease liabilities | 2 | \u00a0 | 1,184.4 | - | 1,184.4 | 1,184.4 |
Derivatives | 2 | \u00a0 | - | 22.5 | 22.5 | 22.5 |
Accounts payable | \u00a0 | \u00a0 | 1,051.8 | - | 1,051.8 | 1,051.8 |
Total financial liabilities | \u00a0 | \u00a0 | 5,898.5 | 165.6 | 6,064.1 | 6,160.0 |
Valuation techniques used to value level 2 financial instruments include, for unquoted securities, quoted market prices or dealer quotes for similar instruments. Derivatives and debt instruments are valued using present value calculations of estimated future cash flows, based on observable yield curves and forward exchange rates. These calculations include credit spreads based on recent borrowing contracts and observable credit information on counterparties. Valuation techniques used to value level 3 financial instruments include discounted cash flow analysis that incorporates assumptions such as the discount rate, growth rates, probabilities of divestment scenarios, and expected cash flows.
Level 3 financial instruments include contingent considerations that are remeasured based on the achievement of agreed business targets, taking into account the effect of discounting.
There were no transfers between levels 1, 2 and 3 during the period.
A reconciliation of level 3 financial liabilities for the period is given below:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Balance on January 1 | 143.1 | 171.2 |
Additions | 0.4 | 2.0 |
Settlements | (67.6) | (85.9) |
(Gains)/losses through income | 78.5 | 57.4 |
Reclassification to held for sale | 0.4 | - |
Exchange differences | (1.2) | (1.6) |
Balance on December 31 | 153.6 | 143.1 |
Classification
The classification of financial assets is detailed in the notes on derivatives and other financial assets. The classification of financial liabilities is detailed in the notes on debt and other financial liabilities and derivatives.
Fair value measurement
A number of the accounting policies and disclosures require the determination of fair value for financial instruments. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
The fair values calculated are classified into three categories depending on the inputs used in the valuation technique. Where available, fair values are derived from quoted prices for identical instruments (level 1). In the absence of such information, other observable inputs, either directly or indirectly, are used to estimate fair values (level 2). Where insufficient observable market data is available, the best applicable unobservable inputs are used to perform the valuation (level 3). The valuation techniques used per type of financial instrument are described in more detail below.
Equity securities
The Group holds direct investments in equity securities and indirect investments in equity securities through managed portfolios. When available, the Group uses quoted market (bid) prices in active markets to determine the fair value of its investments in equity securities (level 1). Fair values for unquoted shares are estimated using valuation techniques such as discounted cash flow analysis, using expected future cash flows and a market-related discount rate, or a market-multiples approach (level 2 or\u00a03).
Investment funds
Investment funds include private equity funds. The fair values of investments held in unquoted investment funds are determined by the Group after taking into consideration information provided by the fund managers and the liquidity of the investments. The Company reviews the valuations and performs analytical procedures to ensure the fair values are appropriate (level 2 or 3).
Debt securities and own debt
The Company uses quoted market (bid) prices in active markets to determine the fair value of its debt investments (level 1). When the Group cannot make use of quoted market prices, market prices from indices, corroborating broker quotes or discounted cash flow analyses, using expected future cash flows and market-related discount rates, are used (level 2).
Other liabilities
Obligations to acquire non-controlling interests are fair valued, generally, based on a contractual multiple of EBITA less net debt. Multiples applied are generally contractually determined (level 3). Contingent considerations are fair valued based on the expected cash outflows, taking into account the effects of discounting (level 3).
Derivatives
Where quoted market prices (level 1) are not available, other valuation techniques and corroborating broker quotes are used that maximize the use of observable inputs. These valuation techniques include option pricing and discounted cash flow analysis, using expected future cash flows and a market-related discount rate. The models used incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, expected volatility and interest rate curves (generally level 2).
Financial instruments for which carrying value approximates fair value
Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities and accrued liabilities.
The Company\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the beginning of the period.
Impairment
The Group applies the expected credit loss model to determine a loss allowance on its financial assets, loan commitments and financial guarantee contracts, except for equity investments and derivative financial instruments. This requires the use of both historical (loss) data and forward-looking information. The allowance is initially calculated as the potential credit loss over the next twelve months.
Should credit risk on the instrument have increased significantly since initial recognition, the loss allowance is determined as the potential credit loss over the remaining lifetime of the instrument. This is calculated using expected cash flows from the instrument at a revised discount rate. To determine whether a significant increase in credit risk or an impairment has occurred the Group takes into account various factors, including actual or expected credit rating downgrades of the instrument or issuer, adverse changes in business, financial or economic conditions of the debtor, covenant breaches, waivers or amendments and past-due information. For trade receivables and contract assets the Group applies the simplified approach, which uses a lifetime expected loss allowance from inception. The changes in loss allowance recognized by the Group are recorded as impairment gains or losses in the consolidated statement of income with an adjustment to the carrying value for assets measured at amortized cost. For assets measured at fair value through other comprehensive income a corresponding entry is made in other comprehensive income. Any credit loss not yet provided for is recognized in the consolidated statement of income as incurred.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a current, legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The offset is limited to the amount actually expected to be offset.
The following tables provide an analysis of the Group\u2019s financial instruments per line item, stating the classification of the instruments, their fair value and their level within the fair value hierarchy:
December 31, 2025 | Fair value level | Fair value through other comprehensive income | Financial assets at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 1,301.3 | 1,301.3 | 1,301.3 |
- Unquoted debt securities | 2 | - | 411.5 | - | 411.5 | 411.5 |
- Unquoted equity securities | 3 | 27.2 | - | 14.4 | 41.6 | 41.6 |
Marketable securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 240.9 | 240.9 | 240.9 |
- Quoted debt securities | 1 | 35.7 | - | 350.8 | 386.5 | 386.5 |
- Unquoted equity securities | 2 | - | - | - | - | - |
Derivatives | 2 | - | - | 14.8 | 14.8 | 14.8 |
Other current assets | \u00a0 | - | 290.5 | - | 290.5 | 290.5 |
Receivables | \u00a0 | - | 1,553.7 | - | 1,553.7 | 1,553.7 |
Cash | \u00a0 | - | 4,345.5 | - | 4,345.5 | 4,345.5 |
Total financial assets | \u00a0 | 62.9 | 6,601.2 | 1,922.2 | 8,586.3 | 8,586.3 |
December 31, 2024 | Fair value level | Fair value through other comprehensive income | Financial assets at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 784.7 | 784.7 | 784.7 |
- Unquoted debt securities | 2 | - | 420.6 | - | 420.6 | 420.6 |
- Unquoted equity securities | 3 | 68.2 | - | 170.0 | 238.2 | 238.2 |
Marketable securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 319.9 | 319.9 | 319.9 |
- Quoted debt securities | 1 | 34.9 | - | 1,338.0 | 1,372.9 | 1,372.9 |
- Unquoted equity securities | 2 | - | - | 3.3 | 3.3 | 3.3 |
Derivatives | 2 | - | - | 39.4 | 39.4 | 39.4 |
Other current assets | \u00a0 | - | 334.9 | - | 334.9 | 334.9 |
Receivables | \u00a0 | - | 1,498.9 | - | 1,498.9 | 1,498.9 |
Cash | \u00a0 | - | 2,578.0 | - | 2,578.0 | 2,578.0 |
Total financial assets | \u00a0 | 103.1 | 4,832.4 | 2,655.3 | 7,590.8 | 7,590.8 |
December 31, 2025 | Fair value level | \u00a0 | Financial liabilities at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt and other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Non-current debt | 2 | \u00a0 | 2,769.8 | - | 2,769.8 | 2,875.3 |
- Current debt | 2 | \u00a0 | 829.9 | - | 829.9 | 829.9 |
- Other financial liabilities | 2 | \u00a0 | 43.7 | - | 43.7 | 43.7 |
- Other financial liabilities | 3 | \u00a0 | - | 153.6 | 153.6 | 153.6 |
Lease liabilities | 2 | \u00a0 | 1,200.5 | - | 1,200.5 | 1,200.5 |
Derivatives | 2 | \u00a0 | - | 29.2 | 29.2 | 29.2 |
Accounts payable | \u00a0 | \u00a0 | 988.4 | - | 988.4 | 988.4 |
Total financial liabilities | \u00a0 | \u00a0 | 5,832.3 | 182.8 | 6,015.1 | 6,120.6 |
December 31, 2024 | Fair value level | \u00a0 | Financial liabilities at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt and other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Non-current debt | 2 | \u00a0 | 2,575.2 | - | 2,575.2 | 2,671.1 |
- Current debt | 2 | \u00a0 | 1,069.6 | - | 1,069.6 | 1,069.6 |
- Other financial liabilities | 2 | \u00a0 | 17.5 | - | 17.5 | 17.5 |
- Other financial liabilities | 3 | \u00a0 | - | 143.1 | 143.1 | 143.1 |
Lease liabilities | 2 | \u00a0 | 1,184.4 | - | 1,184.4 | 1,184.4 |
Derivatives | 2 | \u00a0 | - | 22.5 | 22.5 | 22.5 |
Accounts payable | \u00a0 | \u00a0 | 1,051.8 | - | 1,051.8 | 1,051.8 |
Total financial liabilities | \u00a0 | \u00a0 | 5,898.5 | 165.6 | 6,064.1 | 6,160.0 |
Valuation techniques used to value level 2 financial instruments include, for unquoted securities, quoted market prices or dealer quotes for similar instruments. Derivatives and debt instruments are valued using present value calculations of estimated future cash flows, based on observable yield curves and forward exchange rates. These calculations include credit spreads based on recent borrowing contracts and observable credit information on counterparties. Valuation techniques used to value level 3 financial instruments include discounted cash flow analysis that incorporates assumptions such as the discount rate, growth rates, probabilities of divestment scenarios, and expected cash flows.
Level 3 financial instruments include contingent considerations that are remeasured based on the achievement of agreed business targets, taking into account the effect of discounting.
There were no transfers between levels 1, 2 and 3 during the period.
A reconciliation of level 3 financial liabilities for the period is given below:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Balance on January 1 | 143.1 | 171.2 |
Additions | 0.4 | 2.0 |
Settlements | (67.6) | (85.9) |
(Gains)/losses through income | 78.5 | 57.4 |
Reclassification to held for sale | 0.4 | - |
Exchange differences | (1.2) | (1.6) |
Balance on December 31 | 153.6 | 143.1 |
Classification
The classification of financial assets is detailed in the notes on derivatives and other financial assets. The classification of financial liabilities is detailed in the notes on debt and other financial liabilities and derivatives.
Fair value measurement
A number of the accounting policies and disclosures require the determination of fair value for financial instruments. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
The fair values calculated are classified into three categories depending on the inputs used in the valuation technique. Where available, fair values are derived from quoted prices for identical instruments (level 1). In the absence of such information, other observable inputs, either directly or indirectly, are used to estimate fair values (level 2). Where insufficient observable market data is available, the best applicable unobservable inputs are used to perform the valuation (level 3). The valuation techniques used per type of financial instrument are described in more detail below.
Equity securities
The Group holds direct investments in equity securities and indirect investments in equity securities through managed portfolios. When available, the Group uses quoted market (bid) prices in active markets to determine the fair value of its investments in equity securities (level 1). Fair values for unquoted shares are estimated using valuation techniques such as discounted cash flow analysis, using expected future cash flows and a market-related discount rate, or a market-multiples approach (level 2 or\u00a03).
Investment funds
Investment funds include private equity funds. The fair values of investments held in unquoted investment funds are determined by the Group after taking into consideration information provided by the fund managers and the liquidity of the investments. The Company reviews the valuations and performs analytical procedures to ensure the fair values are appropriate (level 2 or 3).
Debt securities and own debt
The Company uses quoted market (bid) prices in active markets to determine the fair value of its debt investments (level 1). When the Group cannot make use of quoted market prices, market prices from indices, corroborating broker quotes or discounted cash flow analyses, using expected future cash flows and market-related discount rates, are used (level 2).
Other liabilities
Obligations to acquire non-controlling interests are fair valued, generally, based on a contractual multiple of EBITA less net debt. Multiples applied are generally contractually determined (level 3). Contingent considerations are fair valued based on the expected cash outflows, taking into account the effects of discounting (level 3).
Derivatives
Where quoted market prices (level 1) are not available, other valuation techniques and corroborating broker quotes are used that maximize the use of observable inputs. These valuation techniques include option pricing and discounted cash flow analysis, using expected future cash flows and a market-related discount rate. The models used incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, expected volatility and interest rate curves (generally level 2).
Financial instruments for which carrying value approximates fair value
Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities and accrued liabilities.
The Company\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the beginning of the period.
Impairment
The Group applies the expected credit loss model to determine a loss allowance on its financial assets, loan commitments and financial guarantee contracts, except for equity investments and derivative financial instruments. This requires the use of both historical (loss) data and forward-looking information. The allowance is initially calculated as the potential credit loss over the next twelve months.
Should credit risk on the instrument have increased significantly since initial recognition, the loss allowance is determined as the potential credit loss over the remaining lifetime of the instrument. This is calculated using expected cash flows from the instrument at a revised discount rate. To determine whether a significant increase in credit risk or an impairment has occurred the Group takes into account various factors, including actual or expected credit rating downgrades of the instrument or issuer, adverse changes in business, financial or economic conditions of the debtor, covenant breaches, waivers or amendments and past-due information. For trade receivables and contract assets the Group applies the simplified approach, which uses a lifetime expected loss allowance from inception. The changes in loss allowance recognized by the Group are recorded as impairment gains or losses in the consolidated statement of income with an adjustment to the carrying value for assets measured at amortized cost. For assets measured at fair value through other comprehensive income a corresponding entry is made in other comprehensive income. Any credit loss not yet provided for is recognized in the consolidated statement of income as incurred.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a current, legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The offset is limited to the amount actually expected to be offset.
The following tables provide an analysis of the Group\u2019s financial instruments per line item, stating the classification of the instruments, their fair value and their level within the fair value hierarchy:
December 31, 2025 | Fair value level | Fair value through other comprehensive income | Financial assets at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 1,301.3 | 1,301.3 | 1,301.3 |
- Unquoted debt securities | 2 | - | 411.5 | - | 411.5 | 411.5 |
- Unquoted equity securities | 3 | 27.2 | - | 14.4 | 41.6 | 41.6 |
Marketable securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 240.9 | 240.9 | 240.9 |
- Quoted debt securities | 1 | 35.7 | - | 350.8 | 386.5 | 386.5 |
- Unquoted equity securities | 2 | - | - | - | - | - |
Derivatives | 2 | - | - | 14.8 | 14.8 | 14.8 |
Other current assets | \u00a0 | - | 290.5 | - | 290.5 | 290.5 |
Receivables | \u00a0 | - | 1,553.7 | - | 1,553.7 | 1,553.7 |
Cash | \u00a0 | - | 4,345.5 | - | 4,345.5 | 4,345.5 |
Total financial assets | \u00a0 | 62.9 | 6,601.2 | 1,922.2 | 8,586.3 | 8,586.3 |
December 31, 2024 | Fair value level | Fair value through other comprehensive income | Financial assets at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 784.7 | 784.7 | 784.7 |
- Unquoted debt securities | 2 | - | 420.6 | - | 420.6 | 420.6 |
- Unquoted equity securities | 3 | 68.2 | - | 170.0 | 238.2 | 238.2 |
Marketable securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 319.9 | 319.9 | 319.9 |
- Quoted debt securities | 1 | 34.9 | - | 1,338.0 | 1,372.9 | 1,372.9 |
- Unquoted equity securities | 2 | - | - | 3.3 | 3.3 | 3.3 |
Derivatives | 2 | - | - | 39.4 | 39.4 | 39.4 |
Other current assets | \u00a0 | - | 334.9 | - | 334.9 | 334.9 |
Receivables | \u00a0 | - | 1,498.9 | - | 1,498.9 | 1,498.9 |
Cash | \u00a0 | - | 2,578.0 | - | 2,578.0 | 2,578.0 |
Total financial assets | \u00a0 | 103.1 | 4,832.4 | 2,655.3 | 7,590.8 | 7,590.8 |
December 31, 2025 | Fair value level | \u00a0 | Financial liabilities at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt and other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Non-current debt | 2 | \u00a0 | 2,769.8 | - | 2,769.8 | 2,875.3 |
- Current debt | 2 | \u00a0 | 829.9 | - | 829.9 | 829.9 |
- Other financial liabilities | 2 | \u00a0 | 43.7 | - | 43.7 | 43.7 |
- Other financial liabilities | 3 | \u00a0 | - | 153.6 | 153.6 | 153.6 |
Lease liabilities | 2 | \u00a0 | 1,200.5 | - | 1,200.5 | 1,200.5 |
Derivatives | 2 | \u00a0 | - | 29.2 | 29.2 | 29.2 |
Accounts payable | \u00a0 | \u00a0 | 988.4 | - | 988.4 | 988.4 |
Total financial liabilities | \u00a0 | \u00a0 | 5,832.3 | 182.8 | 6,015.1 | 6,120.6 |
December 31, 2024 | Fair value level | \u00a0 | Financial liabilities at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt and other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Non-current debt | 2 | \u00a0 | 2,575.2 | - | 2,575.2 | 2,671.1 |
- Current debt | 2 | \u00a0 | 1,069.6 | - | 1,069.6 | 1,069.6 |
- Other financial liabilities | 2 | \u00a0 | 17.5 | - | 17.5 | 17.5 |
- Other financial liabilities | 3 | \u00a0 | - | 143.1 | 143.1 | 143.1 |
Lease liabilities | 2 | \u00a0 | 1,184.4 | - | 1,184.4 | 1,184.4 |
Derivatives | 2 | \u00a0 | - | 22.5 | 22.5 | 22.5 |
Accounts payable | \u00a0 | \u00a0 | 1,051.8 | - | 1,051.8 | 1,051.8 |
Total financial liabilities | \u00a0 | \u00a0 | 5,898.5 | 165.6 | 6,064.1 | 6,160.0 |
Valuation techniques used to value level 2 financial instruments include, for unquoted securities, quoted market prices or dealer quotes for similar instruments. Derivatives and debt instruments are valued using present value calculations of estimated future cash flows, based on observable yield curves and forward exchange rates. These calculations include credit spreads based on recent borrowing contracts and observable credit information on counterparties. Valuation techniques used to value level 3 financial instruments include discounted cash flow analysis that incorporates assumptions such as the discount rate, growth rates, probabilities of divestment scenarios, and expected cash flows.
Level 3 financial instruments include contingent considerations that are remeasured based on the achievement of agreed business targets, taking into account the effect of discounting.
There were no transfers between levels 1, 2 and 3 during the period.
A reconciliation of level 3 financial liabilities for the period is given below:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Balance on January 1 | 143.1 | 171.2 |
Additions | 0.4 | 2.0 |
Settlements | (67.6) | (85.9) |
(Gains)/losses through income | 78.5 | 57.4 |
Reclassification to held for sale | 0.4 | - |
Exchange differences | (1.2) | (1.6) |
Balance on December 31 | 153.6 | 143.1 |
Classification
The classification of financial assets is detailed in the notes on derivatives and other financial assets. The classification of financial liabilities is detailed in the notes on debt and other financial liabilities and derivatives.
Fair value measurement
A number of the accounting policies and disclosures require the determination of fair value for financial instruments. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
The fair values calculated are classified into three categories depending on the inputs used in the valuation technique. Where available, fair values are derived from quoted prices for identical instruments (level 1). In the absence of such information, other observable inputs, either directly or indirectly, are used to estimate fair values (level 2). Where insufficient observable market data is available, the best applicable unobservable inputs are used to perform the valuation (level 3). The valuation techniques used per type of financial instrument are described in more detail below.
Equity securities
The Group holds direct investments in equity securities and indirect investments in equity securities through managed portfolios. When available, the Group uses quoted market (bid) prices in active markets to determine the fair value of its investments in equity securities (level 1). Fair values for unquoted shares are estimated using valuation techniques such as discounted cash flow analysis, using expected future cash flows and a market-related discount rate, or a market-multiples approach (level 2 or\u00a03).
Investment funds
Investment funds include private equity funds. The fair values of investments held in unquoted investment funds are determined by the Group after taking into consideration information provided by the fund managers and the liquidity of the investments. The Company reviews the valuations and performs analytical procedures to ensure the fair values are appropriate (level 2 or 3).
Debt securities and own debt
The Company uses quoted market (bid) prices in active markets to determine the fair value of its debt investments (level 1). When the Group cannot make use of quoted market prices, market prices from indices, corroborating broker quotes or discounted cash flow analyses, using expected future cash flows and market-related discount rates, are used (level 2).
Other liabilities
Obligations to acquire non-controlling interests are fair valued, generally, based on a contractual multiple of EBITA less net debt. Multiples applied are generally contractually determined (level 3). Contingent considerations are fair valued based on the expected cash outflows, taking into account the effects of discounting (level 3).
Derivatives
Where quoted market prices (level 1) are not available, other valuation techniques and corroborating broker quotes are used that maximize the use of observable inputs. These valuation techniques include option pricing and discounted cash flow analysis, using expected future cash flows and a market-related discount rate. The models used incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, expected volatility and interest rate curves (generally level 2).
Financial instruments for which carrying value approximates fair value
Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities and accrued liabilities.
The Company\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the beginning of the period.
Impairment
The Group applies the expected credit loss model to determine a loss allowance on its financial assets, loan commitments and financial guarantee contracts, except for equity investments and derivative financial instruments. This requires the use of both historical (loss) data and forward-looking information. The allowance is initially calculated as the potential credit loss over the next twelve months.
Should credit risk on the instrument have increased significantly since initial recognition, the loss allowance is determined as the potential credit loss over the remaining lifetime of the instrument. This is calculated using expected cash flows from the instrument at a revised discount rate. To determine whether a significant increase in credit risk or an impairment has occurred the Group takes into account various factors, including actual or expected credit rating downgrades of the instrument or issuer, adverse changes in business, financial or economic conditions of the debtor, covenant breaches, waivers or amendments and past-due information. For trade receivables and contract assets the Group applies the simplified approach, which uses a lifetime expected loss allowance from inception. The changes in loss allowance recognized by the Group are recorded as impairment gains or losses in the consolidated statement of income with an adjustment to the carrying value for assets measured at amortized cost. For assets measured at fair value through other comprehensive income a corresponding entry is made in other comprehensive income. Any credit loss not yet provided for is recognized in the consolidated statement of income as incurred.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a current, legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The offset is limited to the amount actually expected to be offset.
The following tables provide an analysis of the Group\u2019s financial instruments per line item, stating the classification of the instruments, their fair value and their level within the fair value hierarchy:
December 31, 2025 | Fair value level | Fair value through other comprehensive income | Financial assets at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 1,301.3 | 1,301.3 | 1,301.3 |
- Unquoted debt securities | 2 | - | 411.5 | - | 411.5 | 411.5 |
- Unquoted equity securities | 3 | 27.2 | - | 14.4 | 41.6 | 41.6 |
Marketable securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 240.9 | 240.9 | 240.9 |
- Quoted debt securities | 1 | 35.7 | - | 350.8 | 386.5 | 386.5 |
- Unquoted equity securities | 2 | - | - | - | - | - |
Derivatives | 2 | - | - | 14.8 | 14.8 | 14.8 |
Other current assets | \u00a0 | - | 290.5 | - | 290.5 | 290.5 |
Receivables | \u00a0 | - | 1,553.7 | - | 1,553.7 | 1,553.7 |
Cash | \u00a0 | - | 4,345.5 | - | 4,345.5 | 4,345.5 |
Total financial assets | \u00a0 | 62.9 | 6,601.2 | 1,922.2 | 8,586.3 | 8,586.3 |
December 31, 2024 | Fair value level | Fair value through other comprehensive income | Financial assets at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 784.7 | 784.7 | 784.7 |
- Unquoted debt securities | 2 | - | 420.6 | - | 420.6 | 420.6 |
- Unquoted equity securities | 3 | 68.2 | - | 170.0 | 238.2 | 238.2 |
Marketable securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Quoted equity securities | 1 | - | - | 319.9 | 319.9 | 319.9 |
- Quoted debt securities | 1 | 34.9 | - | 1,338.0 | 1,372.9 | 1,372.9 |
- Unquoted equity securities | 2 | - | - | 3.3 | 3.3 | 3.3 |
Derivatives | 2 | - | - | 39.4 | 39.4 | 39.4 |
Other current assets | \u00a0 | - | 334.9 | - | 334.9 | 334.9 |
Receivables | \u00a0 | - | 1,498.9 | - | 1,498.9 | 1,498.9 |
Cash | \u00a0 | - | 2,578.0 | - | 2,578.0 | 2,578.0 |
Total financial assets | \u00a0 | 103.1 | 4,832.4 | 2,655.3 | 7,590.8 | 7,590.8 |
December 31, 2025 | Fair value level | \u00a0 | Financial liabilities at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt and other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Non-current debt | 2 | \u00a0 | 2,769.8 | - | 2,769.8 | 2,875.3 |
- Current debt | 2 | \u00a0 | 829.9 | - | 829.9 | 829.9 |
- Other financial liabilities | 2 | \u00a0 | 43.7 | - | 43.7 | 43.7 |
- Other financial liabilities | 3 | \u00a0 | - | 153.6 | 153.6 | 153.6 |
Lease liabilities | 2 | \u00a0 | 1,200.5 | - | 1,200.5 | 1,200.5 |
Derivatives | 2 | \u00a0 | - | 29.2 | 29.2 | 29.2 |
Accounts payable | \u00a0 | \u00a0 | 988.4 | - | 988.4 | 988.4 |
Total financial liabilities | \u00a0 | \u00a0 | 5,832.3 | 182.8 | 6,015.1 | 6,120.6 |
December 31, 2024 | Fair value level | \u00a0 | Financial liabilities at amortized cost | Fair value through profit and loss | Total book value | Total fair value |
|---|---|---|---|---|---|---|
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt and other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Non-current debt | 2 | \u00a0 | 2,575.2 | - | 2,575.2 | 2,671.1 |
- Current debt | 2 | \u00a0 | 1,069.6 | - | 1,069.6 | 1,069.6 |
- Other financial liabilities | 2 | \u00a0 | 17.5 | - | 17.5 | 17.5 |
- Other financial liabilities | 3 | \u00a0 | - | 143.1 | 143.1 | 143.1 |
Lease liabilities | 2 | \u00a0 | 1,184.4 | - | 1,184.4 | 1,184.4 |
Derivatives | 2 | \u00a0 | - | 22.5 | 22.5 | 22.5 |
Accounts payable | \u00a0 | \u00a0 | 1,051.8 | - | 1,051.8 | 1,051.8 |
Total financial liabilities | \u00a0 | \u00a0 | 5,898.5 | 165.6 | 6,064.1 | 6,160.0 |
Valuation techniques used to value level 2 financial instruments include, for unquoted securities, quoted market prices or dealer quotes for similar instruments. Derivatives and debt instruments are valued using present value calculations of estimated future cash flows, based on observable yield curves and forward exchange rates. These calculations include credit spreads based on recent borrowing contracts and observable credit information on counterparties. Valuation techniques used to value level 3 financial instruments include discounted cash flow analysis that incorporates assumptions such as the discount rate, growth rates, probabilities of divestment scenarios, and expected cash flows.
Level 3 financial instruments include contingent considerations that are remeasured based on the achievement of agreed business targets, taking into account the effect of discounting.
There were no transfers between levels 1, 2 and 3 during the period.
A reconciliation of level 3 financial liabilities for the period is given below:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Balance on January 1 | 143.1 | 171.2 |
Additions | 0.4 | 2.0 |
Settlements | (67.6) | (85.9) |
(Gains)/losses through income | 78.5 | 57.4 |
Reclassification to held for sale | 0.4 | - |
Exchange differences | (1.2) | (1.6) |
Balance on December 31 | 153.6 | 143.1 |
Fair value measurement
A number of the accounting policies and disclosures require the determination of fair value for financial instruments. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
The fair values calculated are classified into three categories depending on the inputs used in the valuation technique. Where available, fair values are derived from quoted prices for identical instruments (level 1). In the absence of such information, other observable inputs, either directly or indirectly, are used to estimate fair values (level 2). Where insufficient observable market data is available, the best applicable unobservable inputs are used to perform the valuation (level 3). The valuation techniques used per type of financial instrument are described in more detail below.
Equity securities
The Group holds direct investments in equity securities and indirect investments in equity securities through managed portfolios. When available, the Group uses quoted market (bid) prices in active markets to determine the fair value of its investments in equity securities (level 1). Fair values for unquoted shares are estimated using valuation techniques such as discounted cash flow analysis, using expected future cash flows and a market-related discount rate, or a market-multiples approach (level 2 or\u00a03).
Investment funds
Investment funds include private equity funds. The fair values of investments held in unquoted investment funds are determined by the Group after taking into consideration information provided by the fund managers and the liquidity of the investments. The Company reviews the valuations and performs analytical procedures to ensure the fair values are appropriate (level 2 or 3).
Debt securities and own debt
The Company uses quoted market (bid) prices in active markets to determine the fair value of its debt investments (level 1). When the Group cannot make use of quoted market prices, market prices from indices, corroborating broker quotes or discounted cash flow analyses, using expected future cash flows and market-related discount rates, are used (level 2).
Other liabilities
Obligations to acquire non-controlling interests are fair valued, generally, based on a contractual multiple of EBITA less net debt. Multiples applied are generally contractually determined (level 3). Contingent considerations are fair valued based on the expected cash outflows, taking into account the effects of discounting (level 3).
Derivatives
Where quoted market prices (level 1) are not available, other valuation techniques and corroborating broker quotes are used that maximize the use of observable inputs. These valuation techniques include option pricing and discounted cash flow analysis, using expected future cash flows and a market-related discount rate. The models used incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, expected volatility and interest rate curves (generally level 2).
Financial instruments for which carrying value approximates fair value
Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities and accrued liabilities.
The Company\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the beginning of the period.
There were no transfers between levels 1, 2 and 3 during the period.
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The Group applies the expected credit loss model to determine a loss allowance on its financial assets, loan commitments and financial guarantee contracts, except for equity investments and derivative financial instruments. This requires the use of both historical (loss) data and forward-looking information. The allowance is initially calculated as the potential credit loss over the next twelve months.
Should credit risk on the instrument have increased significantly since initial recognition, the loss allowance is determined as the potential credit loss over the remaining lifetime of the instrument. This is calculated using expected cash flows from the instrument at a revised discount rate. To determine whether a significant increase in credit risk or an impairment has occurred the Group takes into account various factors, including actual or expected credit rating downgrades of the instrument or issuer, adverse changes in business, financial or economic conditions of the debtor, covenant breaches, waivers or amendments and past-due information. For trade receivables and contract assets the Group applies the simplified approach, which uses a lifetime expected loss allowance from inception. The changes in loss allowance recognized by the Group are recorded as impairment gains or losses in the consolidated statement of income with an adjustment to the carrying value for assets measured at amortized cost. For assets measured at fair value through other comprehensive income a corresponding entry is made in other comprehensive income. Any credit loss not yet provided for is recognized in the consolidated statement of income as incurred.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a current, legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The offset is limited to the amount actually expected to be offset.
Derivatives are measured at fair value with any related transaction costs expensed as incurred. Reference is made to the accounting policies in note 37 on fair value measurement. The treatment
of changes in the fair value of derivatives depends on their use, as explained below.
Cash flow hedge
Derivatives held to hedge the uncertainty in timing or amount of future forecasted cash flows are
classified as being part of cash flow hedge relationships. For effective hedges, gains and losses
from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are recycled in the consolidated statement of income at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, or if the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated statement of income immediately.
Net investment hedge
The Company applies hedge accounting to certain investments in foreign operations. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. In the event of disposal or partial disposal of an interest in a foreign operation either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognized in the consolidated statement of income.
Fair value hedge
Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Company designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the consolidated statement of income. Gains and losses on the corresponding derivative are also recognized in the consolidated statement of income. The amounts recognized are offset in income to the extent that the hedge is effective. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortized using the effective interest method.
Derivatives for which hedge accounting is not applied
Derivatives not classified as hedges are carried at fair value with changes being recognized in the consolidated statement of income.
Derivatives are classified as follows in the statement of financial position:
| \u00a0 | Assets | \u00a0 | Liabilities | ||
|---|---|---|---|---|---|
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 | \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
Fuel derivatives | - | - | \u00a0 | (0.6) | - |
Interest rate derivatives | 2.1 | 23.2 | \u00a0 | (7.0) | (2.6) |
Currency derivatives | 12.7 | 16.2 | \u00a0 | (21.6) | (19.9) |
| \u00a0 | 14.8 | 39.4 | \u00a0 | (29.2) | (22.5) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Current | 10.6 | 27.1 | \u00a0 | (16.0) | (17.5) |
Non-current | 4.2 | 12.3 | \u00a0 | (13.2) | (5.0) |
| \u00a0 | 14.8 | 39.4 | \u00a0 | (29.2) | (22.5) |
For an overview of the movements in the cash flow hedge reserve in equity, reference is made to note 18. Information on fair value measurement of derivatives is included in note 37, disclosure on financial risk management, including hedging, is provided in note 39.
Derivatives are measured at fair value with any related transaction costs expensed as incurred. Reference is made to the accounting policies in note 37 on fair value measurement. The treatment
of changes in the fair value of derivatives depends on their use, as explained below.
Cash flow hedge
Derivatives held to hedge the uncertainty in timing or amount of future forecasted cash flows are
classified as being part of cash flow hedge relationships. For effective hedges, gains and losses
from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are recycled in the consolidated statement of income at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, or if the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated statement of income immediately.
Net investment hedge
The Company applies hedge accounting to certain investments in foreign operations. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. In the event of disposal or partial disposal of an interest in a foreign operation either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognized in the consolidated statement of income.
Fair value hedge
Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Company designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the consolidated statement of income. Gains and losses on the corresponding derivative are also recognized in the consolidated statement of income. The amounts recognized are offset in income to the extent that the hedge is effective. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortized using the effective interest method.
Derivatives for which hedge accounting is not applied
Derivatives not classified as hedges are carried at fair value with changes being recognized in the consolidated statement of income.
Derivatives are measured at fair value with any related transaction costs expensed as incurred. Reference is made to the accounting policies in note 37 on fair value measurement. The treatment
of changes in the fair value of derivatives depends on their use, as explained below.
Cash flow hedge
Derivatives held to hedge the uncertainty in timing or amount of future forecasted cash flows are
classified as being part of cash flow hedge relationships. For effective hedges, gains and losses
from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are recycled in the consolidated statement of income at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, or if the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated statement of income immediately.
Net investment hedge
The Company applies hedge accounting to certain investments in foreign operations. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. In the event of disposal or partial disposal of an interest in a foreign operation either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognized in the consolidated statement of income.
Fair value hedge
Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Company designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the consolidated statement of income. Gains and losses on the corresponding derivative are also recognized in the consolidated statement of income. The amounts recognized are offset in income to the extent that the hedge is effective. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortized using the effective interest method.
Derivatives for which hedge accounting is not applied
Derivatives not classified as hedges are carried at fair value with changes being recognized in the consolidated statement of income.
Cash flow hedge
Derivatives held to hedge the uncertainty in timing or amount of future forecasted cash flows are
classified as being part of cash flow hedge relationships. For effective hedges, gains and losses
from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are recycled in the consolidated statement of income at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, or if the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated statement of income immediately.
Net investment hedge
The Company applies hedge accounting to certain investments in foreign operations. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognized through other comprehensive income. Any ineffective elements of the hedge are recognized in the consolidated statement of income. In the event of disposal or partial disposal of an interest in a foreign operation either through sale or as a result of a repayment of capital, the cumulative exchange difference is recognized in the consolidated statement of income.
Fair value hedge
Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Company designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the consolidated statement of income. Gains and losses on the corresponding derivative are also recognized in the consolidated statement of income. The amounts recognized are offset in income to the extent that the hedge is effective. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortized using the effective interest method.
The Group is exposed to credit risk, liquidity risk and market risk. Market risk primarily relates to movements in exchange rates, interest rates and the market value of investments in equity securities.
Financial risk management activities are carried out both on a central level and on the level of individual subsidiaries and controlled quoted interests (Vopak and Safilo). For managing these risks, both derivative and non-derivative financial instruments are used.
Risks related to discontinued operations are not included in this paragraph as these assets are held for sale and there is a high probability that the assets will be recovered through a sale rather than through continuing use.
Credit risk is the risk of financial loss if a customer or counterparty fails to meet its contractual obligations, including committed credit facilities extended. Credit risk on trade receivables, finance lease receivables and contract assets is generally monitored and managed on the level of each subsidiary and on the level of the controlled minority interests. These receivables generally have short payment periods, reference is made to note 11 for more information on trade receivables and note 12 for more information on contract assets.
Credit risk with respect to bonds, loans, derivatives, other financial instruments, cash and cash equivalents and credit facilities is managed by the Company for the Real estate and Liquid portfolio segments. Debt securities are mainly managed by external asset managers. The mandate to these managers stipulates that only investments in highly liquid, investment-grade bonds with an average S&P credit rating of A is allowed. These portfolios have a maximum average duration of two years. The Company mitigates its credit risk on cash and cash equivalents by spreading these assets over highly rated counterparties, applying regularly reviewed counterparty exposure limits that take into account their credit rating. A similar approach applies to credit facilities. The credit risk on the aforementioned financial instruments with respect to the other segments is managed by the respective subsidiary or controlled minority interest. The expected credit losses recognized in the consolidated statement of income for these financial instruments is insignificant for both years presented. There was no indication as at the statement of financial position date that these financial instruments will not be recovered, other than as already provided for.
The maximum exposure to credit risk is the carrying value of the consolidated financial assets, excluding equity securities, which can be specified by segment as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Unquoted | 3,942.5 | 3,223.5 |
Quoted interests | 897.4 | 995.6 |
Real estate | 15.1 | 15.3 |
Liquid portfolio | 2,374.2 | 2,231.6 |
| \u00a0 | 7,229.2 | 6,466.0 |
These financial assets can be further specified as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Loans | 227.5 | 222.5 |
Trade receivables | 1,553.7 | 1,498.9 |
Contract assets | 226.7 | 221.3 |
Marketable securities | 386.5 | 1,372.9 |
Derivative financial instruments | 14.8 | 39.4 |
Other financial assets | 184.0 | 198.1 |
Other current assets | 290.5 | 334.9 |
Cash and cash equivalents | 4,345.5 | 2,578.0 |
| \u00a0 | 7,229.2 | 6,466.0 |
Cash and cash equivalents can be specified by segment as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Unquoted | 2,205.7 | 1,575.4 |
Quoted interests | 151.7 | 141.5 |
Real estate | 3.0 | 3.0 |
Liquid portfolio | 1,985.1 | 858.1 |
| \u00a0 | 4,345.4 | 2,578.0 |
For the Liquid portfolio and Real estate segments, cash and cash equivalents were held by counterparties with the following short-term Standard & Poor\u2019s credit ratings:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
A-1 | 1,950.5 | 829.4 |
A-2 | 29.0 | 16.6 |
Not rated | 8.6 | 15.1 |
| \u00a0 | 1,988.1 | 861.1 |
The bonds held in the Liquid portfolio can be disaggregated based on their Standard & Poor\u2019s (equivalent) credit ratings as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
AAA | 20.2 | 108.8 |
AA+, AA, AA- | 32.5 | 152.5 |
A+, A, A- | 182.6 | 631.5 |
BBB+, BBB, BBB- | 151.2 | 480.1 |
| \u00a0 | 386.5 | 1,372.9 |
The Company is not exposed to any significant concentration of credit risk.
Liquidity risk is the risk that the financial obligations associated with financial instruments and off-balance sheet commitments cannot be met.
The risks with respect to the individual entities belonging to the Unquoted and Quoted interests segments are managed by these entities. The Company has no ability to transfer cash (or other assets) from the entities belonging to the segment Quoted interests that are consolidated in these financial statements (i.e. Vopak and Safilo).
The approach to managing liquidity at the level of the Company is to ensure, as far as possible, that there will be sufficient liquidity to meet liabilities when due, both under normal and stressed conditions, without incurring unacceptable losses or risk damaging the Company\u2019s reputation. The Company seeks to mitigate liquidity risk through its cash reserves held in the Liquid portfolio segment and committed credit facilities entered into at corporate level. Reference is made to the table on cash and cash equivalents per segment above. At the end of 2025, unused committed credit facilities were available to an amount of \u20ac\u00a01,778.1 million (2024: \u20ac\u00a01,571.9 million).
The following tables categorize the consolidated, undiscounted cash flows of non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining lifetime of the contract at the end of the reporting periods. The financial guarantee contracts are contingent liabilities.
| \u00a0 | December 31, 2025 | |||
|---|---|---|---|---|
| \u00a0 | < 1 year | 1-2 years | 3-5 years | > 5 years |
Non-derivative liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Redemption of debt | 829.9 | 561.8 | 1,174.8 | 1,045.3 |
Redemption of other financial liabilities | 68.5 | 128.8 | - | - |
Interest payments | 134.6 | 106.0 | 208.3 | 150.9 |
Payments on lease liabilities | 235.4 | 316.2 | 198.5 | 786.9 |
Accounts payable | 988.4 | - | - | - |
Commitments and guarantees provided | 1,301.4 | 108.8 | 130.8 | 259.1 |
Total undiscounted non-derivative financial liabilities | 3,558.2 | 1,221.6 | 1,712.4 | 2,242.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivative liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross-settled derivative liabilities outflow | 497.9 | - | (157.5) | - |
Gross-settled derivative liabilities inflow | (492.9) | - | 151.5 | - |
Total gross-settled derivative liabilities | 5.0 | - | (6.0) | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net-settled derivative liabilities | 1.6 | 1.6 | 0.9 | 0.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total undiscounted derivative liabilities | 6.6 | 1.6 | (5.1) | 0.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total undiscounted financial liabilities | 3,564.8 | 1,223.2 | 1,707.3 | 2,242.3 |
| \u00a0 | December 31, 2024 | |||
|---|---|---|---|---|
| \u00a0 | < 1 year | 1-2 years | 3-5 years | > 5 years |
Non-derivative liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Redemption of debt | 1,069.6 | 268.8 | 1,557.5 | 748.9 |
Redemption of other financial liabilities | 54.1 | 51.3 | 54.3 | 0.9 |
Interest payments | 135.8 | 97.0 | 179.5 | 117.5 |
Payments on lease liabilities | 161.7 | 303.1 | 220.1 | 863.3 |
Accounts payable | 1,051.8 | - | - | - |
Commitments and guarantees provided | 1,630.7 | 154.4 | 133.8 | 273.5 |
Total undiscounted non-derivative financial liabilities | 4,103.7 | 874.6 | 2,145.2 | 2,004.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivative liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross-settled derivative liabilities outflow | 549.9 | - | 171.0 | - |
Gross-settled derivative liabilities inflow | (522.3) | - | (157.5) | - |
Total gross-settled derivative liabilities | 27.6 | - | 13.5 | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net-settled derivative liabilities | 1.9 | 1.9 | 2.4 | 0.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total undiscounted derivative liabilities | 29.5 | 1.9 | 15.9 | 0.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total undiscounted financial liabilities | 4,133.2 | 876.5 | 2,161.1 | 2,004.3 |
The total debt as of December 31, 2025, amounted to \u20ac\u00a03,599.7 million (2024: \u20ac\u00a03,644.8 million) and 100% of the applicable covenants were complied with or waived, the same as in 2024. Refer to note 22 for details on applicable covenants.
The movements during 2025 and 2024 in the net cash position were as follows:
| \u00a0 | Cash and cash equivalents | Marketable securities and deposits | Total debt | Net (debt) / cash |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Balance on January 1, 2024 | 2,588.4 | 2,125.4 | (3,721.8) | 992.0 |
Cash flows | (72.7) | (458.0) | (112.2) | (642.9) |
Foreign exchange adjustments | 9.5 | - | (99.7) | (90.2) |
Fair value movements | - | 28.7 | - | 28.7 |
Reclassification to held for sale | 52.7 | - | 240.0 | 292.7 |
Other non-cash movements | 0.1 | - | 48.9 | 49.0 |
Balance on December 31, 2024 | 2,578.0 | 1,696.1 | (3,644.8) | 629.3 |
Cash flows | 1,788.9 | (1,019.1) | (144.5) | 625.3 |
Foreign exchange adjustments | (21.4) | (0.4) | 184.0 | 162.2 |
Fair value movements | - | 85.8 | - | 85.8 |
Other non-cash movements1 | - | (135.0) | 5.6 | (129.4) |
Balance on December 31, 2025 | 4,345.5 | 627.4 | (3,599.7) | 1,373.2 |
The differences between the debt cash flows in the table above and those in the cash flow statement primarily relate to cash flows on other financial liabilities, which are not part of the net cash definition.
Market risk - currency risk
Foreign currency exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The risks with respect to the individual entities belonging to the Unquoted and Quoted interests segments are managed by these entities. From time to time the Company hedges foreign currency exchange risk arising from significant, highly probable forecast transactions, including acquisitions of subsidiaries. The Company primarily uses foreign currency derivative financial instruments to hedge this risk, matching the critical terms of the hedged item, and in principle applies a hedge ratio of one.
The table below shows the net assets per currency, taking into account debt instruments denominated in foreign currency and related hedging instruments.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
U.S. dollar | 2,810.4 | 3,161.5 |
U.K. pound sterling | 616.9 | 556.6 |
Chinese yuan renminbi | 489.8 | 544.9 |
Singapore dollar | 411.3 | 491.4 |
Indian rupee | 319.9 | 253.5 |
Canadian dollar | 260.9 | 190.6 |
Hong-Kong dollar | 125.3 | 166.9 |
Brazilian real | 136.8 | 129.1 |
Australian dollar | 132.9 | 37.5 |
Thai baht | 66.9 | 70.0 |
South African rand | 63.2 | 50.6 |
Taiwan dollar | 33.0 | 37.9 |
Saudi riyal | 27.1 | 32.3 |
Korean won | - | 37.0 |
Other currencies | 126.9 | 142.8 |
Total | 5,621.3 | 5,902.6 |
An average change in value of these currencies by 10% would have a pre-tax effect on equity of \u20ac\u00a0562.1 million. Vopak applies hedge accounting to net investments in foreign operations (hedged item) for a nominal amount of \u20ac\u00a0703.0 million (2024: \u20ac\u00a0716.3 million), of which the full amount was hedged via foreign currency interest bearing debt and nil via derivative financial instruments, the same as in 2024. The remaining currency exposures relate mainly to investments in foreign operations that the Company does not hedge.
The market value of the currency derivative financial instruments per the consolidated financial statements were as follows.
| \u00a0 | \u00a0 | December 31, 2025 | December 31, 2024 | ||||
|---|---|---|---|---|---|---|---|
| \u00a0 | Maturity | Assets | Liabilities | Notional amount | Assets | Liabilities | Notional amount |
Fair value hedge | < 1 year | 0.7 | (1.5) | 254.3 | 6.6 | (1.6) | 169.3 |
| \u00a0 | \u00a0 | 0.7 | (1.5) | 254.3 | 6.6 | (1.6) | 169.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash flow hedge | < 1 year | 8.1 | (2.0) | (129.2) | 2.8 | (10.9) | (129.6) |
Cash flow hedge | 1-5 years | 2.2 | (6.1) | 213.7 | 0.2 | (2.8) | (68.3) |
| \u00a0 | \u00a0 | 10.3 | (8.1) | 84.5 | 3.0 | (13.7) | (197.9) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
No hedge accounting | < 1 year | 1.7 | (12.0) | 850.7 | 6.6 | (4.6) | 802.2 |
| \u00a0 | \u00a0 | 1.7 | (12.0) | 850.7 | 6.6 | (4.6) | 802.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total currency derivative financial instruments | \u00a0 | 12.7 | (21.6) | 1,189.5 | 16.2 | (19.9) | 773.6 |
In addition, Vopak holds cross-currency interest rate swaps to hedge foreign currency risk on fixed rate debt denominated in U.S. dollar. These interest rate swaps, with a notional amount of \u20ac\u00a0157.5 million (2024: \u20ac\u00a0218.7 million), are included under foreign currency derivatives.
Sensitivity of profit and equity to financial instruments, with respect to exchange rate changes
The value of financial instruments denominated in currencies other than the functional currency of the entities holding them are subject to exchange rate movements. This primarily relates to instruments denominated in Chinese yuan renminbi, U.S. dollar and Singapore dollar. The aggregate effect on net profit of a 10% depreciation in exchange rates is \u20ac\u00a0(56.6) million (2024: \u20ac\u00a0(21.9) million), with an equal but opposite effect of a 10% appreciation in exchange rates. The aggregate effect on equity of a 10% appreciation of the foreign currencies against the euro is \u20ac\u00a0117.9 million (2024: \u20ac\u00a0102.8 million). The aggregate effect on equity of a 10% depreciation of the foreign currencies against the euro is \u20ac\u00a0(98.7) million (2024: \u20ac\u00a0(83.2) million).
Sensitivity of revenues and profit to the translation of the revenues and results of foreign operations, with respect to exchange rate changes
The result is impacted by translating the result of foreign currency operations. The translation risk of converting the net result of foreign entities into euro mainly concerns the British pound, the Singapore dollar and the U.S. dollar. The sensitivity to these currencies is as follows.
| \u00a0 | EUR/USD \u2206 $10ct | EUR/GBP \u2206 \u00a310ct | EUR/SGD \u2206 $10ct | |||
|---|---|---|---|---|---|---|
| \u00a0 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Impact on revenues | 188.8 | 158.5 | 67.0 | 84.3 | 42.3 | 39.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Impact on net profit | 73.7 | 46.4 | 8.0 | 10.2 | 14.3 | 9.0 |
Market risk - interest rate risk
The risks with respect to the individual entities belonging to the Unquoted and Quoted interests segments are managed by these entities. There is no debt at other segments.
Fixed-income investments that are part of the Liquid portfolio are subject to fair value interest rate risk. In view of the short average duration of this portfolio, this risk is limited.
As of December 31, 2025, taking into account interest rate swaps, 56% (2024: 50%) of the total debt of \u20ac\u00a03,599.7 million (2024: \u20ac\u00a03,644.8 million) was at fixed rates for an average period of 5.6 years (2024: 4.8 years).
The market value of the interest rate derivative financial instruments per the consolidated financial statements is shown below.
| \u00a0 | \u00a0 | December 31, 2025 | December 31, 2024 | ||||
|---|---|---|---|---|---|---|---|
| \u00a0 | Maturity | Assets | Liabilities | Notional amount | Assets | Liabilities | Notional amount |
Fair value hedge | 1-5 years | - | - | - | 0.3 | - | 30.0 |
| \u00a0 | \u00a0 | - | - | - | 0.3 | - | 30.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash flow hedge | < 1 year | - | - | - | 10.9 | - | 80.5 |
Cash flow hedge | 1-5 years | 2.1 | (6.6) | 327.9 | 8.8 | (2.3) | 373.6 |
Cash flow hedge | > 5 years | - | (0.2) | 21.3 | 3.2 | - | 43.5 |
| \u00a0 | \u00a0 | 2.1 | (6.8) | 349.2 | 22.9 | (2.3) | 497.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
No hedge accounting | < 1 year | - | (0.1) | - | - | - | - |
No hedge accounting | 1-5 years | - | - | 2.9 | - | - | - |
No hedge accounting | > 5 years | - | (0.1) | 13.0 | - | (0.3) | 14.0 |
| \u00a0 | \u00a0 | - | (0.2) | 15.9 | - | (0.3) | 14.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total interest rate derivative financial instruments | \u00a0 | 2.1 | (7.0) | 365.1 | 23.2 | (2.6) | 541.6 |
The weighted-average interest rate on total debt was 3.3% (2024: 4.0%).
If variable interest rates in 2025 or 2024 had decreased/increased by 25%, the impact on the consolidated statement of income for the year would have been insignificant.
An increase of 25% in interest rates underlying the calculation of the valuation of interest rate swaps would have had a pre-tax positive impact on equity of \u20ac\u00a0(0.3) million (2024: \u20ac\u00a010.0 million). An equal but opposite change would have had a pre-tax negative impact on equity of \u20ac\u00a0(0.3) million (2024: \u20ac\u00a010.5 million negative).
Market risk - price risk
At the end of 2025, the Group had investments in equity securities (included in marketable securities and other financial assets) amounting to \u20ac\u00a01,542.2 million (2024: \u20ac\u00a01,104.6 million) based on quoted market prices at the statement of financial position date. If at December 31, 2025, equity markets had fallen 10% overall, the portfolio value could have decreased by 10%, which would have resulted in a negative impact on income of \u20ac\u00a0154.2 million (2024: \u20ac\u00a0110.5 million). A 10% increase would have had the equal but opposite effect.
The Company has not identified additional financial risk exposures in 2025 compared to the previous year, and its approach to financial risk management remained unchanged.
Credit risk is the risk of financial loss if a customer or counterparty fails to meet its contractual obligations, including committed credit facilities extended. Credit risk on trade receivables, finance lease receivables and contract assets is generally monitored and managed on the level of each subsidiary and on the level of the controlled minority interests. These receivables generally have short payment periods, reference is made to note 11 for more information on trade receivables and note 12 for more information on contract assets.
Credit risk with respect to bonds, loans, derivatives, other financial instruments, cash and cash equivalents and credit facilities is managed by the Company for the Real estate and Liquid portfolio segments. Debt securities are mainly managed by external asset managers. The mandate to these managers stipulates that only investments in highly liquid, investment-grade bonds with an average S&P credit rating of A is allowed. These portfolios have a maximum average duration of two years. The Company mitigates its credit risk on cash and cash equivalents by spreading these assets over highly rated counterparties, applying regularly reviewed counterparty exposure limits that take into account their credit rating. A similar approach applies to credit facilities. The credit risk on the aforementioned financial instruments with respect to the other segments is managed by the respective subsidiary or controlled minority interest. The expected credit losses recognized in the consolidated statement of income for these financial instruments is insignificant for both years presented. There was no indication as at the statement of financial position date that these financial instruments will not be recovered, other than as already provided for.
The maximum exposure to credit risk is the carrying value of the consolidated financial assets, excluding equity securities, which can be specified by segment as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Unquoted | 3,942.5 | 3,223.5 |
Quoted interests | 897.4 | 995.6 |
Real estate | 15.1 | 15.3 |
Liquid portfolio | 2,374.2 | 2,231.6 |
| \u00a0 | 7,229.2 | 6,466.0 |
These financial assets can be further specified as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Loans | 227.5 | 222.5 |
Trade receivables | 1,553.7 | 1,498.9 |
Contract assets | 226.7 | 221.3 |
Marketable securities | 386.5 | 1,372.9 |
Derivative financial instruments | 14.8 | 39.4 |
Other financial assets | 184.0 | 198.1 |
Other current assets | 290.5 | 334.9 |
Cash and cash equivalents | 4,345.5 | 2,578.0 |
| \u00a0 | 7,229.2 | 6,466.0 |
Cash and cash equivalents can be specified by segment as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Unquoted | 2,205.7 | 1,575.4 |
Quoted interests | 151.7 | 141.5 |
Real estate | 3.0 | 3.0 |
Liquid portfolio | 1,985.1 | 858.1 |
| \u00a0 | 4,345.4 | 2,578.0 |
For the Liquid portfolio and Real estate segments, cash and cash equivalents were held by counterparties with the following short-term Standard & Poor\u2019s credit ratings:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
A-1 | 1,950.5 | 829.4 |
A-2 | 29.0 | 16.6 |
Not rated | 8.6 | 15.1 |
| \u00a0 | 1,988.1 | 861.1 |
The bonds held in the Liquid portfolio can be disaggregated based on their Standard & Poor\u2019s (equivalent) credit ratings as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
AAA | 20.2 | 108.8 |
AA+, AA, AA- | 32.5 | 152.5 |
A+, A, A- | 182.6 | 631.5 |
BBB+, BBB, BBB- | 151.2 | 480.1 |
| \u00a0 | 386.5 | 1,372.9 |
The Company is not exposed to any significant concentration of credit risk.
Liquidity risk is the risk that the financial obligations associated with financial instruments and off-balance sheet commitments cannot be met.
The risks with respect to the individual entities belonging to the Unquoted and Quoted interests segments are managed by these entities. The Company has no ability to transfer cash (or other assets) from the entities belonging to the segment Quoted interests that are consolidated in these financial statements (i.e. Vopak and Safilo).
The approach to managing liquidity at the level of the Company is to ensure, as far as possible, that there will be sufficient liquidity to meet liabilities when due, both under normal and stressed conditions, without incurring unacceptable losses or risk damaging the Company\u2019s reputation. The Company seeks to mitigate liquidity risk through its cash reserves held in the Liquid portfolio segment and committed credit facilities entered into at corporate level. Reference is made to the table on cash and cash equivalents per segment above. At the end of 2025, unused committed credit facilities were available to an amount of \u20ac\u00a01,778.1 million (2024: \u20ac\u00a01,571.9 million).
The following tables categorize the consolidated, undiscounted cash flows of non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining lifetime of the contract at the end of the reporting periods. The financial guarantee contracts are contingent liabilities.
| \u00a0 | December 31, 2025 | |||
|---|---|---|---|---|
| \u00a0 | < 1 year | 1-2 years | 3-5 years | > 5 years |
Non-derivative liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Redemption of debt | 829.9 | 561.8 | 1,174.8 | 1,045.3 |
Redemption of other financial liabilities | 68.5 | 128.8 | - | - |
Interest payments | 134.6 | 106.0 | 208.3 | 150.9 |
Payments on lease liabilities | 235.4 | 316.2 | 198.5 | 786.9 |
Accounts payable | 988.4 | - | - | - |
Commitments and guarantees provided | 1,301.4 | 108.8 | 130.8 | 259.1 |
Total undiscounted non-derivative financial liabilities | 3,558.2 | 1,221.6 | 1,712.4 | 2,242.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivative liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross-settled derivative liabilities outflow | 497.9 | - | (157.5) | - |
Gross-settled derivative liabilities inflow | (492.9) | - | 151.5 | - |
Total gross-settled derivative liabilities | 5.0 | - | (6.0) | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net-settled derivative liabilities | 1.6 | 1.6 | 0.9 | 0.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total undiscounted derivative liabilities | 6.6 | 1.6 | (5.1) | 0.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total undiscounted financial liabilities | 3,564.8 | 1,223.2 | 1,707.3 | 2,242.3 |
| \u00a0 | December 31, 2024 | |||
|---|---|---|---|---|
| \u00a0 | < 1 year | 1-2 years | 3-5 years | > 5 years |
Non-derivative liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Redemption of debt | 1,069.6 | 268.8 | 1,557.5 | 748.9 |
Redemption of other financial liabilities | 54.1 | 51.3 | 54.3 | 0.9 |
Interest payments | 135.8 | 97.0 | 179.5 | 117.5 |
Payments on lease liabilities | 161.7 | 303.1 | 220.1 | 863.3 |
Accounts payable | 1,051.8 | - | - | - |
Commitments and guarantees provided | 1,630.7 | 154.4 | 133.8 | 273.5 |
Total undiscounted non-derivative financial liabilities | 4,103.7 | 874.6 | 2,145.2 | 2,004.1 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivative liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross-settled derivative liabilities outflow | 549.9 | - | 171.0 | - |
Gross-settled derivative liabilities inflow | (522.3) | - | (157.5) | - |
Total gross-settled derivative liabilities | 27.6 | - | 13.5 | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net-settled derivative liabilities | 1.9 | 1.9 | 2.4 | 0.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total undiscounted derivative liabilities | 29.5 | 1.9 | 15.9 | 0.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total undiscounted financial liabilities | 4,133.2 | 876.5 | 2,161.1 | 2,004.3 |
The total debt as of December 31, 2025, amounted to \u20ac\u00a03,599.7 million (2024: \u20ac\u00a03,644.8 million) and 100% of the applicable covenants were complied with or waived, the same as in 2024. Refer to note 22 for details on applicable covenants.
The movements during 2025 and 2024 in the net cash position were as follows:
| \u00a0 | Cash and cash equivalents | Marketable securities and deposits | Total debt | Net (debt) / cash |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Balance on January 1, 2024 | 2,588.4 | 2,125.4 | (3,721.8) | 992.0 |
Cash flows | (72.7) | (458.0) | (112.2) | (642.9) |
Foreign exchange adjustments | 9.5 | - | (99.7) | (90.2) |
Fair value movements | - | 28.7 | - | 28.7 |
Reclassification to held for sale | 52.7 | - | 240.0 | 292.7 |
Other non-cash movements | 0.1 | - | 48.9 | 49.0 |
Balance on December 31, 2024 | 2,578.0 | 1,696.1 | (3,644.8) | 629.3 |
Cash flows | 1,788.9 | (1,019.1) | (144.5) | 625.3 |
Foreign exchange adjustments | (21.4) | (0.4) | 184.0 | 162.2 |
Fair value movements | - | 85.8 | - | 85.8 |
Other non-cash movements1 | - | (135.0) | 5.6 | (129.4) |
Balance on December 31, 2025 | 4,345.5 | 627.4 | (3,599.7) | 1,373.2 |
The differences between the debt cash flows in the table above and those in the cash flow statement primarily relate to cash flows on other financial liabilities, which are not part of the net cash definition.
Market risk - currency risk
Foreign currency exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The risks with respect to the individual entities belonging to the Unquoted and Quoted interests segments are managed by these entities. From time to time the Company hedges foreign currency exchange risk arising from significant, highly probable forecast transactions, including acquisitions of subsidiaries. The Company primarily uses foreign currency derivative financial instruments to hedge this risk, matching the critical terms of the hedged item, and in principle applies a hedge ratio of one.
The table below shows the net assets per currency, taking into account debt instruments denominated in foreign currency and related hedging instruments.
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
U.S. dollar | 2,810.4 | 3,161.5 |
U.K. pound sterling | 616.9 | 556.6 |
Chinese yuan renminbi | 489.8 | 544.9 |
Singapore dollar | 411.3 | 491.4 |
Indian rupee | 319.9 | 253.5 |
Canadian dollar | 260.9 | 190.6 |
Hong-Kong dollar | 125.3 | 166.9 |
Brazilian real | 136.8 | 129.1 |
Australian dollar | 132.9 | 37.5 |
Thai baht | 66.9 | 70.0 |
South African rand | 63.2 | 50.6 |
Taiwan dollar | 33.0 | 37.9 |
Saudi riyal | 27.1 | 32.3 |
Korean won | - | 37.0 |
Other currencies | 126.9 | 142.8 |
Total | 5,621.3 | 5,902.6 |
An average change in value of these currencies by 10% would have a pre-tax effect on equity of \u20ac\u00a0562.1 million. Vopak applies hedge accounting to net investments in foreign operations (hedged item) for a nominal amount of \u20ac\u00a0703.0 million (2024: \u20ac\u00a0716.3 million), of which the full amount was hedged via foreign currency interest bearing debt and nil via derivative financial instruments, the same as in 2024. The remaining currency exposures relate mainly to investments in foreign operations that the Company does not hedge.
The market value of the currency derivative financial instruments per the consolidated financial statements were as follows.
| \u00a0 | \u00a0 | December 31, 2025 | December 31, 2024 | ||||
|---|---|---|---|---|---|---|---|
| \u00a0 | Maturity | Assets | Liabilities | Notional amount | Assets | Liabilities | Notional amount |
Fair value hedge | < 1 year | 0.7 | (1.5) | 254.3 | 6.6 | (1.6) | 169.3 |
| \u00a0 | \u00a0 | 0.7 | (1.5) | 254.3 | 6.6 | (1.6) | 169.3 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash flow hedge | < 1 year | 8.1 | (2.0) | (129.2) | 2.8 | (10.9) | (129.6) |
Cash flow hedge | 1-5 years | 2.2 | (6.1) | 213.7 | 0.2 | (2.8) | (68.3) |
| \u00a0 | \u00a0 | 10.3 | (8.1) | 84.5 | 3.0 | (13.7) | (197.9) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
No hedge accounting | < 1 year | 1.7 | (12.0) | 850.7 | 6.6 | (4.6) | 802.2 |
| \u00a0 | \u00a0 | 1.7 | (12.0) | 850.7 | 6.6 | (4.6) | 802.2 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total currency derivative financial instruments | \u00a0 | 12.7 | (21.6) | 1,189.5 | 16.2 | (19.9) | 773.6 |
In addition, Vopak holds cross-currency interest rate swaps to hedge foreign currency risk on fixed rate debt denominated in U.S. dollar. These interest rate swaps, with a notional amount of \u20ac\u00a0157.5 million (2024: \u20ac\u00a0218.7 million), are included under foreign currency derivatives.
Sensitivity of profit and equity to financial instruments, with respect to exchange rate changes
The value of financial instruments denominated in currencies other than the functional currency of the entities holding them are subject to exchange rate movements. This primarily relates to instruments denominated in Chinese yuan renminbi, U.S. dollar and Singapore dollar. The aggregate effect on net profit of a 10% depreciation in exchange rates is \u20ac\u00a0(56.6) million (2024: \u20ac\u00a0(21.9) million), with an equal but opposite effect of a 10% appreciation in exchange rates. The aggregate effect on equity of a 10% appreciation of the foreign currencies against the euro is \u20ac\u00a0117.9 million (2024: \u20ac\u00a0102.8 million). The aggregate effect on equity of a 10% depreciation of the foreign currencies against the euro is \u20ac\u00a0(98.7) million (2024: \u20ac\u00a0(83.2) million).
Sensitivity of revenues and profit to the translation of the revenues and results of foreign operations, with respect to exchange rate changes
The result is impacted by translating the result of foreign currency operations. The translation risk of converting the net result of foreign entities into euro mainly concerns the British pound, the Singapore dollar and the U.S. dollar. The sensitivity to these currencies is as follows.
| \u00a0 | EUR/USD \u2206 $10ct | EUR/GBP \u2206 \u00a310ct | EUR/SGD \u2206 $10ct | |||
|---|---|---|---|---|---|---|
| \u00a0 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Impact on revenues | 188.8 | 158.5 | 67.0 | 84.3 | 42.3 | 39.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Impact on net profit | 73.7 | 46.4 | 8.0 | 10.2 | 14.3 | 9.0 |
Market risk - interest rate risk
The risks with respect to the individual entities belonging to the Unquoted and Quoted interests segments are managed by these entities. There is no debt at other segments.
Fixed-income investments that are part of the Liquid portfolio are subject to fair value interest rate risk. In view of the short average duration of this portfolio, this risk is limited.
As of December 31, 2025, taking into account interest rate swaps, 56% (2024: 50%) of the total debt of \u20ac\u00a03,599.7 million (2024: \u20ac\u00a03,644.8 million) was at fixed rates for an average period of 5.6 years (2024: 4.8 years).
The market value of the interest rate derivative financial instruments per the consolidated financial statements is shown below.
| \u00a0 | \u00a0 | December 31, 2025 | December 31, 2024 | ||||
|---|---|---|---|---|---|---|---|
| \u00a0 | Maturity | Assets | Liabilities | Notional amount | Assets | Liabilities | Notional amount |
Fair value hedge | 1-5 years | - | - | - | 0.3 | - | 30.0 |
| \u00a0 | \u00a0 | - | - | - | 0.3 | - | 30.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash flow hedge | < 1 year | - | - | - | 10.9 | - | 80.5 |
Cash flow hedge | 1-5 years | 2.1 | (6.6) | 327.9 | 8.8 | (2.3) | 373.6 |
Cash flow hedge | > 5 years | - | (0.2) | 21.3 | 3.2 | - | 43.5 |
| \u00a0 | \u00a0 | 2.1 | (6.8) | 349.2 | 22.9 | (2.3) | 497.6 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
No hedge accounting | < 1 year | - | (0.1) | - | - | - | - |
No hedge accounting | 1-5 years | - | - | 2.9 | - | - | - |
No hedge accounting | > 5 years | - | (0.1) | 13.0 | - | (0.3) | 14.0 |
| \u00a0 | \u00a0 | - | (0.2) | 15.9 | - | (0.3) | 14.0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total interest rate derivative financial instruments | \u00a0 | 2.1 | (7.0) | 365.1 | 23.2 | (2.6) | 541.6 |
The weighted-average interest rate on total debt was 3.3% (2024: 4.0%).
If variable interest rates in 2025 or 2024 had decreased/increased by 25%, the impact on the consolidated statement of income for the year would have been insignificant.
An increase of 25% in interest rates underlying the calculation of the valuation of interest rate swaps would have had a pre-tax positive impact on equity of \u20ac\u00a0(0.3) million (2024: \u20ac\u00a010.0 million). An equal but opposite change would have had a pre-tax negative impact on equity of \u20ac\u00a0(0.3) million (2024: \u20ac\u00a010.5 million negative).
Market risk - price risk
At the end of 2025, the Group had investments in equity securities (included in marketable securities and other financial assets) amounting to \u20ac\u00a01,542.2 million (2024: \u20ac\u00a01,104.6 million) based on quoted market prices at the statement of financial position date. If at December 31, 2025, equity markets had fallen 10% overall, the portfolio value could have decreased by 10%, which would have resulted in a negative impact on income of \u20ac\u00a0154.2 million (2024: \u20ac\u00a0110.5 million). A 10% increase would have had the equal but opposite effect.
The Company has not identified additional financial risk exposures in 2025 compared to the previous year, and its approach to financial risk management remained unchanged.
The Company manages its capital to safeguard its ability to continue as a going concern and to provide an adequate return on its invested capital.
The capital structure at the end of the reporting periods is summarized in the table below:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Equity | 15,628.7 | 14,776.1 |
Non-current debt | 2,769.8 | 2,575.2 |
Current debt | 829.9 | 1,069.6 |
Cash and cash equivalents | (4,345.5) | (2,578.0) |
Total capital employed | 14,882.9 | 15,842.9 |
A related party is a person or entity that is related to the Company. These include both people and entities that have, or are subject to, the influence or control of the Company.
Employment benefits for the Executive Board, charged to the income statement, are as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Members of the Executive Board | \u00a0 | \u00a0 |
Short-term employee benefits | 7.2 | 4.1 |
Post-employment benefits | 0.5 | 1.1 |
Share-based compensation | 0.7 | 2.2 |
| \u00a0 | 8.4 | 7.4 |
At year-end 2025, the Company had \u20ac\u00a03.0 million outstanding in employee loans to Executive Board members for the purchase of HAL Trust shares. For details on share-based compensation plans refer to note 35.
The fixed 2025 remuneration for the Supervisory Directors of the Company was \u20ac\u00a00.5 million (2024: \u20ac\u00a00.5 million) in total.
A related party is a person or entity that is related to the Company. These include both people and entities that have, or are subject to, the influence or control of the Company.
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future.
Capital commitments
On December 31, 2025, capital commitments in respect of property, plant and equipment amounted to \u20ac\u00a0333.4 million (2024: \u20ac\u00a0245.2 million) and mainly relate to vessel-related construction activities for Boskalis and terminal construction activities at Vopak.
Financial commitments
At year end, Safilo had contracts with licensors for the production and sale of branded sunglasses and frames. These contracts include guarantees for a minimum amount of production as well as commitments for advertising. These licensing commitments can be summarized as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
No later than 1 year | 73.9 | 70.6 |
Later than 1 year and no later than 5 years | 312.0 | 274.4 |
Later than 5 years | 43.5 | 89.7 |
| \u00a0 | 429.4 | 434.7 |
Commitments and guarantees
The Group entered into various commitments to provide debt and equity financing. These commitments mainly relate to Vopak and the Real estate segment, and HAL with respect to Royal IHC (see below). In addition, certain subsidiaries, mainly Boskalis and Van Wijnen, have provided (counter) guarantees to financial institutions in respect of contracts, partnerships, joint arrangements and associates. The total estimated amount of these commitments and guarantees not recognized in the statement of financial position is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Commitments to provide debt or equity funding | 358.9 | 453.2 |
Guarantees and securities provided | 1,441.2 | 1,739.2 |
| \u00a0 | 1,800.1 | 2,192.4 |
The above commitments and guarantees relate for \u20ac\u00a01,034 million (2024: \u20ac\u00a0918 million) to Boskalis and for \u20ac\u00a0546 million (2024: \u20ac\u00a0791 million) to Vopak.
Following the successful launch on October 3, 2025, of the large trailing suction hopper dredger Seaway, built by Royal IHC for Boskalis, the related guarantees provided by HAL in the amount of \u20ac\u00a0125.0 million were released. Following the refinancing of Royal IHC in 2025, HAL\u2019s maximum exposure to the company, including loans, guarantees and committed facilities, amounts to \u20ac\u00a0134.0 million as of the end of 2025 (2024: \u20ac\u00a0207.7 million), mostly secured against the assets of Royal IHC.
The commitments and guarantees are included in the liquidity risk paragraph in note 39.
Other contingencies
Boskalis guarantees related to contracts and joint operations
The above-mentioned guarantees at Boskalis comprised guarantees and counter-guarantees provided to financial institutions, relating to credit facilities and guarantees issued to several Boskalis companies, with limitations agreed on further securities over existing property, plant and equipment. Boskalis companies are jointly and severally liable for non-consolidated joint operation liabilities of \u20ac\u00a0159 million (2024: \u20ac\u00a0204 million) and for performance obligations under project-driven construction contracts, including certain recourse obligations, for which provisions have been recognised where necessary
Associates and joint ventures Vopak
The joint ventures and associates of Vopak are currently, and may from time to time become, involved in a number of legal proceedings, including inquiries from, or discussions with, governmental authorities (including tax authorities) that are incidental to their operations. For the contingent liabilities of the joint ventures and associates as at year-end related to legal cases, it is based on the current facts and circumstances not believed that they may have a material adverse effect on the financial position or profitability of Vopak. Due to inherent uncertainties, Vopak cannot make any accurate quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings referred to in this report, however costs in complex litigation may be substantial.
Vopak provided guarantees and securities in relation to joint ventures, including a back-to-back guarantee to Gasunie amounting to \u20ac\u00a0150.7 million (2024: \u20ac\u00a0195.7 million), decreasing over time towards 2027, and a credit replacement guarantee related for the Gate terminal joint venture during the construction period of a fourth tank of \u20ac\u00a086.5 million (2024: \u20ac\u00a0106.6 million).
Environmental obligations Vopak
Vopak is exposed to risks regarding environmental obligations arising from past activities. For example, a number of sites has to be decontaminated before being handed back at the end of the contractual period. Under current legislation, environmental plans and any other measures to be adopted have to be agreed with local, regional and national authorities as appropriate. As soon as such plans are approved or other legal obligations arise, a provision is formed based on the most reliable estimate possible of future expenses. Vopak management is of the opinion that the provisions are adequate, based on information currently available. However, given the degree of difficulty in making estimates, this does not guarantee that no additional costs will arise going forward.
Legal proceedings and other contingent liabilities
As a result of its day-to-day activities, the Group is involved in a number of legal proceedings. Management\u00a0is of the opinion that for the legal cases and risks for which no provision has been recognized, it is not probable that the final outcome will result in a cash outflow, therefore no provisions have been recognized.
As part of divestments of terminals and assets, Vopak has provided certain customary representations and warranties in the relevant sales purchase agreements. These representations and warranties will generally terminate, depending on their specific features, a number of years after the date of the relevant transaction completion date. Based on the current facts and circumstances, Vopak management has determined that for the items for which no provision is currently recognized, the likelihood of a cash outflow relating to these items is considered to be remote.
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future.
Capital commitments
On December 31, 2025, capital commitments in respect of property, plant and equipment amounted to \u20ac\u00a0333.4 million (2024: \u20ac\u00a0245.2 million) and mainly relate to vessel-related construction activities for Boskalis and terminal construction activities at Vopak.
Financial commitments
At year end, Safilo had contracts with licensors for the production and sale of branded sunglasses and frames. These contracts include guarantees for a minimum amount of production as well as commitments for advertising. These licensing commitments can be summarized as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
No later than 1 year | 73.9 | 70.6 |
Later than 1 year and no later than 5 years | 312.0 | 274.4 |
Later than 5 years | 43.5 | 89.7 |
| \u00a0 | 429.4 | 434.7 |
Commitments and guarantees
The Group entered into various commitments to provide debt and equity financing. These commitments mainly relate to Vopak and the Real estate segment, and HAL with respect to Royal IHC (see below). In addition, certain subsidiaries, mainly Boskalis and Van Wijnen, have provided (counter) guarantees to financial institutions in respect of contracts, partnerships, joint arrangements and associates. The total estimated amount of these commitments and guarantees not recognized in the statement of financial position is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Commitments to provide debt or equity funding | 358.9 | 453.2 |
Guarantees and securities provided | 1,441.2 | 1,739.2 |
| \u00a0 | 1,800.1 | 2,192.4 |
The above commitments and guarantees relate for \u20ac\u00a01,034 million (2024: \u20ac\u00a0918 million) to Boskalis and for \u20ac\u00a0546 million (2024: \u20ac\u00a0791 million) to Vopak.
Following the successful launch on October 3, 2025, of the large trailing suction hopper dredger Seaway, built by Royal IHC for Boskalis, the related guarantees provided by HAL in the amount of \u20ac\u00a0125.0 million were released. Following the refinancing of Royal IHC in 2025, HAL\u2019s maximum exposure to the company, including loans, guarantees and committed facilities, amounts to \u20ac\u00a0134.0 million as of the end of 2025 (2024: \u20ac\u00a0207.7 million), mostly secured against the assets of Royal IHC.
The commitments and guarantees are included in the liquidity risk paragraph in note 39.
Other contingencies
Boskalis guarantees related to contracts and joint operations
The above-mentioned guarantees at Boskalis comprised guarantees and counter-guarantees provided to financial institutions, relating to credit facilities and guarantees issued to several Boskalis companies, with limitations agreed on further securities over existing property, plant and equipment. Boskalis companies are jointly and severally liable for non-consolidated joint operation liabilities of \u20ac\u00a0159 million (2024: \u20ac\u00a0204 million) and for performance obligations under project-driven construction contracts, including certain recourse obligations, for which provisions have been recognised where necessary
Associates and joint ventures Vopak
The joint ventures and associates of Vopak are currently, and may from time to time become, involved in a number of legal proceedings, including inquiries from, or discussions with, governmental authorities (including tax authorities) that are incidental to their operations. For the contingent liabilities of the joint ventures and associates as at year-end related to legal cases, it is based on the current facts and circumstances not believed that they may have a material adverse effect on the financial position or profitability of Vopak. Due to inherent uncertainties, Vopak cannot make any accurate quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings referred to in this report, however costs in complex litigation may be substantial.
Vopak provided guarantees and securities in relation to joint ventures, including a back-to-back guarantee to Gasunie amounting to \u20ac\u00a0150.7 million (2024: \u20ac\u00a0195.7 million), decreasing over time towards 2027, and a credit replacement guarantee related for the Gate terminal joint venture during the construction period of a fourth tank of \u20ac\u00a086.5 million (2024: \u20ac\u00a0106.6 million).
Environmental obligations Vopak
Vopak is exposed to risks regarding environmental obligations arising from past activities. For example, a number of sites has to be decontaminated before being handed back at the end of the contractual period. Under current legislation, environmental plans and any other measures to be adopted have to be agreed with local, regional and national authorities as appropriate. As soon as such plans are approved or other legal obligations arise, a provision is formed based on the most reliable estimate possible of future expenses. Vopak management is of the opinion that the provisions are adequate, based on information currently available. However, given the degree of difficulty in making estimates, this does not guarantee that no additional costs will arise going forward.
Legal proceedings and other contingent liabilities
As a result of its day-to-day activities, the Group is involved in a number of legal proceedings. Management\u00a0is of the opinion that for the legal cases and risks for which no provision has been recognized, it is not probable that the final outcome will result in a cash outflow, therefore no provisions have been recognized.
As part of divestments of terminals and assets, Vopak has provided certain customary representations and warranties in the relevant sales purchase agreements. These representations and warranties will generally terminate, depending on their specific features, a number of years after the date of the relevant transaction completion date. Based on the current facts and circumstances, Vopak management has determined that for the items for which no provision is currently recognized, the likelihood of a cash outflow relating to these items is considered to be remote.
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future.
Capital commitments
On December 31, 2025, capital commitments in respect of property, plant and equipment amounted to \u20ac\u00a0333.4 million (2024: \u20ac\u00a0245.2 million) and mainly relate to vessel-related construction activities for Boskalis and terminal construction activities at Vopak.
Financial commitments
At year end, Safilo had contracts with licensors for the production and sale of branded sunglasses and frames. These contracts include guarantees for a minimum amount of production as well as commitments for advertising. These licensing commitments can be summarized as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
No later than 1 year | 73.9 | 70.6 |
Later than 1 year and no later than 5 years | 312.0 | 274.4 |
Later than 5 years | 43.5 | 89.7 |
| \u00a0 | 429.4 | 434.7 |
Commitments and guarantees
The Group entered into various commitments to provide debt and equity financing. These commitments mainly relate to Vopak and the Real estate segment, and HAL with respect to Royal IHC (see below). In addition, certain subsidiaries, mainly Boskalis and Van Wijnen, have provided (counter) guarantees to financial institutions in respect of contracts, partnerships, joint arrangements and associates. The total estimated amount of these commitments and guarantees not recognized in the statement of financial position is as follows:
| \u00a0 | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
Commitments to provide debt or equity funding | 358.9 | 453.2 |
Guarantees and securities provided | 1,441.2 | 1,739.2 |
| \u00a0 | 1,800.1 | 2,192.4 |
The above commitments and guarantees relate for \u20ac\u00a01,034 million (2024: \u20ac\u00a0918 million) to Boskalis and for \u20ac\u00a0546 million (2024: \u20ac\u00a0791 million) to Vopak.
Following the successful launch on October 3, 2025, of the large trailing suction hopper dredger Seaway, built by Royal IHC for Boskalis, the related guarantees provided by HAL in the amount of \u20ac\u00a0125.0 million were released. Following the refinancing of Royal IHC in 2025, HAL\u2019s maximum exposure to the company, including loans, guarantees and committed facilities, amounts to \u20ac\u00a0134.0 million as of the end of 2025 (2024: \u20ac\u00a0207.7 million), mostly secured against the assets of Royal IHC.
The commitments and guarantees are included in the liquidity risk paragraph in note 39.
Other contingencies
Boskalis guarantees related to contracts and joint operations
The above-mentioned guarantees at Boskalis comprised guarantees and counter-guarantees provided to financial institutions, relating to credit facilities and guarantees issued to several Boskalis companies, with limitations agreed on further securities over existing property, plant and equipment. Boskalis companies are jointly and severally liable for non-consolidated joint operation liabilities of \u20ac\u00a0159 million (2024: \u20ac\u00a0204 million) and for performance obligations under project-driven construction contracts, including certain recourse obligations, for which provisions have been recognised where necessary
Associates and joint ventures Vopak
The joint ventures and associates of Vopak are currently, and may from time to time become, involved in a number of legal proceedings, including inquiries from, or discussions with, governmental authorities (including tax authorities) that are incidental to their operations. For the contingent liabilities of the joint ventures and associates as at year-end related to legal cases, it is based on the current facts and circumstances not believed that they may have a material adverse effect on the financial position or profitability of Vopak. Due to inherent uncertainties, Vopak cannot make any accurate quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings referred to in this report, however costs in complex litigation may be substantial.
Vopak provided guarantees and securities in relation to joint ventures, including a back-to-back guarantee to Gasunie amounting to \u20ac\u00a0150.7 million (2024: \u20ac\u00a0195.7 million), decreasing over time towards 2027, and a credit replacement guarantee related for the Gate terminal joint venture during the construction period of a fourth tank of \u20ac\u00a086.5 million (2024: \u20ac\u00a0106.6 million).
Environmental obligations Vopak
Vopak is exposed to risks regarding environmental obligations arising from past activities. For example, a number of sites has to be decontaminated before being handed back at the end of the contractual period. Under current legislation, environmental plans and any other measures to be adopted have to be agreed with local, regional and national authorities as appropriate. As soon as such plans are approved or other legal obligations arise, a provision is formed based on the most reliable estimate possible of future expenses. Vopak management is of the opinion that the provisions are adequate, based on information currently available. However, given the degree of difficulty in making estimates, this does not guarantee that no additional costs will arise going forward.
Legal proceedings and other contingent liabilities
As a result of its day-to-day activities, the Group is involved in a number of legal proceedings. Management\u00a0is of the opinion that for the legal cases and risks for which no provision has been recognized, it is not probable that the final outcome will result in a cash outflow, therefore no provisions have been recognized.
As part of divestments of terminals and assets, Vopak has provided certain customary representations and warranties in the relevant sales purchase agreements. These representations and warranties will generally terminate, depending on their specific features, a number of years after the date of the relevant transaction completion date. Based on the current facts and circumstances, Vopak management has determined that for the items for which no provision is currently recognized, the likelihood of a cash outflow relating to these items is considered to be remote.
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future.
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future.
Non-controlling\u00a0interests\u00a0with\u00a0respect\u00a0to\u00a0Vopak are significant to the Company. These interests can\u00a0be detailed\u00a0as\u00a0follows:
| \u00a0 | Vopak | Vopak |
|---|---|---|
| \u00a0 | 2025 | 2024 |
Profit / (loss) allocated to the non-controlling interest during the year | 315.7 | 235.4 |
| \u00a0 | \u00a0 | \u00a0 |
Accumulated non-controlling interest at December 31 | 1,665.8 | 1,648.9 |
Set\u00a0out\u00a0on the following page\u00a0is\u00a0the\u00a0summarized financial\u00a0information\u00a0for\u00a0Vopak. This is the financial information\u00a0as\u00a0reported\u00a0by\u00a0Vopak, including purchase price accounting adjustments made by\u00a0the\u00a0Company.
| \u00a0 | Vopak | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
Summarized balance sheet | \u00a0 | \u00a0 |
As of December 31 | \u00a0 | \u00a0 |
Current | \u00a0 | \u00a0 |
Assets | 522.0 | 534.5 |
Liabilities | (577.6) | (875.4) |
| \u00a0 | (55.6) | (340.9) |
Non-current | \u00a0 | \u00a0 |
Assets | 6,470.8 | 6,336.0 |
Liabilities | (2,962.4) | (2,682.7) |
| \u00a0 | 3,508.4 | 3,653.3 |
| \u00a0 | \u00a0 | \u00a0 |
Net assets | 3,452.8 | 3,312.4 |
| \u00a0 | \u00a0 | \u00a0 |
Summarized income statement | \u00a0 | \u00a0 |
For the year | \u00a0 | \u00a0 |
Revenue | 1,459.3 | 1,391.8 |
Profit / (loss) before tax | 714.4 | 501.4 |
Income tax expense | (84.4) | (81.6) |
Profit / (loss) after income tax | 630.0 | 419.8 |
Other comprehensive income | (160.7) | (12.3) |
Total comprehensive income (CI) | 469.3 | 407.5 |
| \u00a0 | \u00a0 | \u00a0 |
CI allocated to non-controlling interest | 17.3 | 46.7 |
Dividend paid to non-controlling interest | 48.9 | 43.6 |
| \u00a0 | \u00a0 | \u00a0 |
Summarized cash flow statement | \u00a0 | \u00a0 |
For the year | \u00a0 | \u00a0 |
Cash from operating activities | 949.4 | 947.5 |
Interest paid net | (102.0) | (80.8) |
Income tax (paid) / received | (80.8) | (55.1) |
Net cash from operating activities | 766.6 | 811.6 |
Net cash from investing activities | (581.4) | (525.3) |
Net cash from financing activities | (173.8) | (399.6) |
Increase/(decrease) in cash and cash equivalents | 11.4 | (113.3) |
| \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalents at beginning of year | 94.2 | 197.0 |
Cash included in assets held for sale beginning of year | - | 8.4 |
Effect of exchange rate changes and reclassifications | (6.0) | 2.1 |
Increase/(decrease) in cash and cash equivalents | 11.4 | (113.3) |
Cash and cash equivalents at end of year | 99.6 | 94.2 |
Name | Country of incorporation | Nature of business | Interest in common shares | Interest in preferred shares | Non-controlling interest |
|---|---|---|---|---|---|
Subsidiaries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
HAL Holding N.V. | Cura\u00e7ao | Holding company | 100.0% | 0.0% | 0.0% |
HAL Investments B.V. | The Netherlands | Holding company | 100.0% | 0.0% | 0.0% |
HAL Real Estate Inc. | U.S.A. | Real estate | 100.0% | 0.0% | 0.0% |
Heartwood Afforested Land ehf. | Iceland | Forest restoration | 100.0% | 0.0% | 0.0% |
FD Mediagroep B.V. | The Netherlands | Media | 100.0% | 100.0% | 0.0% |
IQIP Holding B.V. | The Netherlands | Hydro hammers | 100.0% | 0.0% | 0.0% |
Koninklijke Boskalis B.V. | The Netherlands | Dredging and offshore | 100.0% | 0.0% | 0.0% |
Rotter y Krauss Holding S.p.A. | Chile | Optical retail | 100.0% | 0.0% | 0.0% |
Koninklijke Ahrend B.V. | The Netherlands | Office furniture | 98.0% | 100.0% | 2.0% |
Broadview Holding B.V. | The Netherlands | Industrial | 97.4% | 0.0% | 2.6% |
MSPS Holding B.V. | The Netherlands | Financial services | 95.1% | 0.0% | 4.9% |
Timber and Building Supplies Holland N.V. | The Netherlands | Building materials | 95.0% | 0.0% | 5.0% |
280ppm B.V. | The Netherlands | GHG reduction investments | 95.0% | 100.0% | 5.0% |
AN Direct B.V. | The Netherlands | Hearing aids | 90.0% | 0.0% | 10.0% |
SB Real Estate | The Netherlands | Real estate | 90.0% | 100.0% | 10.0% |
HR Top Holding B.V. | The Netherlands | HR services | 88.9% | 100.0% | 11.1% |
Van Wijnen Holding B.V. | The Netherlands | Construction | 88.0% | 100.0% | 12.0% |
Atlas Professionals B.V. | The Netherlands | Staffing | 86.9% | 0.0% | 13.1% |
GreenV B.V. | The Netherlands | Greenhouse projects | 74.6% | 0.0% | 25.4% |
Anthony Veder Group N.V. | Cura\u00e7ao | Shipping | 62.9% | 0.0% | 37.1% |
Auxilium GmbH | Germany | Medical aids | 53.8% | 0.0% | 46.2% |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Controlled publicly traded interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Koninklijke Vopak N.V. | The Netherlands | Tank terminals | 52.5% | 0.0% | 47.5% |
Safilo Group S.p.A. | Italy | Optical products | 49.6% | 0.0% | 50.4% |
Vopak - Hindustan Aegis LPG Ltd
On January 6, 2026, Vopak divested its 24% shareholding in Hindustan Aegis LPG Ltd (HLPG) to Vopak\u2019s associate AVTL in exchange for a fixed cash consideration of \u20ac\u00a031.1 million. The disposal resulted in a net disposal loss of \u20ac\u00a07.0 million, mainly driven by recycling of \u20ac\u00a09.0 million in currency translation losses previously recognized in other comprehensive income. As at December 31, 2025, the carrying amount of \u20ac\u00a029.1 million of the 24% shareholding in HLPG was classified as held for sale.
Atlas
In the first quarter of 2026, HAL signed an agreement to sell its stake in Atlas Professionals B.V. to GCF IV Bidco 19 B.V. (Avedon Capital Partners). The completion of the transaction is subject to customary approvals from the relevant authorities. The transaction is expected to close within the coming months, and will result in an expected net capital gain for HAL of approximately \u20ac\u00a060 million.
Name | Country of incorporation | Nature of business | Interest in common shares | Interest in preferred shares | Non-controlling interest |
|---|---|---|---|---|---|
Subsidiaries | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
HAL Holding N.V. | Cura\u00e7ao | Holding company | 100.0% | 0.0% | 0.0% |
HAL Investments B.V. | The Netherlands | Holding company | 100.0% | 0.0% | 0.0% |
HAL Real Estate Inc. | U.S.A. | Real estate | 100.0% | 0.0% | 0.0% |
Heartwood Afforested Land ehf. | Iceland | Forest restoration | 100.0% | 0.0% | 0.0% |
FD Mediagroep B.V. | The Netherlands | Media | 100.0% | 100.0% | 0.0% |
IQIP Holding B.V. | The Netherlands | Hydro hammers | 100.0% | 0.0% | 0.0% |
Koninklijke Boskalis B.V. | The Netherlands | Dredging and offshore | 100.0% | 0.0% | 0.0% |
Rotter y Krauss Holding S.p.A. | Chile | Optical retail | 100.0% | 0.0% | 0.0% |
Koninklijke Ahrend B.V. | The Netherlands | Office furniture | 98.0% | 100.0% | 2.0% |
Broadview Holding B.V. | The Netherlands | Industrial | 97.4% | 0.0% | 2.6% |
MSPS Holding B.V. | The Netherlands | Financial services | 95.1% | 0.0% | 4.9% |
Timber and Building Supplies Holland N.V. | The Netherlands | Building materials | 95.0% | 0.0% | 5.0% |
280ppm B.V. | The Netherlands | GHG reduction investments | 95.0% | 100.0% | 5.0% |
AN Direct B.V. | The Netherlands | Hearing aids | 90.0% | 0.0% | 10.0% |
SB Real Estate | The Netherlands | Real estate | 90.0% | 100.0% | 10.0% |
HR Top Holding B.V. | The Netherlands | HR services | 88.9% | 100.0% | 11.1% |
Van Wijnen Holding B.V. | The Netherlands | Construction | 88.0% | 100.0% | 12.0% |
Atlas Professionals B.V. | The Netherlands | Staffing | 86.9% | 0.0% | 13.1% |
GreenV B.V. | The Netherlands | Greenhouse projects | 74.6% | 0.0% | 25.4% |
Anthony Veder Group N.V. | Cura\u00e7ao | Shipping | 62.9% | 0.0% | 37.1% |
Auxilium GmbH | Germany | Medical aids | 53.8% | 0.0% | 46.2% |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Controlled publicly traded interests | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Koninklijke Vopak N.V. | The Netherlands | Tank terminals | 52.5% | 0.0% | 47.5% |
Safilo Group S.p.A. | Italy | Optical products | 49.6% | 0.0% | 50.4% |
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.
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