HALFF - HAL Trust

HAL Trust: Still Trading At A Discount

At 31 December 2025, HAL's disclosed NAV per share at the market value of its listed holdings was €181.84 per share. Between calendar year end and 31 March 2026, the market price of these holdings rose by 21.4% being €1,029 million or €11.39/share. A full value per share at 31 March 2026, allowing for a divestment of Atlas, is close to €23 billion or €255 per HAL share.