Earnings release
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Antwerp, August 28, 2026 7.00 A.M. (CEST) Regulated information within the meaning of the Royal Decree of November 14, 2007. Half -Y ear Results 2026 Press release 187 6 - 2026
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2 Half-Year Results 2026 Breakdown of the consolidated net result (group share) Ackermans & van Haaren Half -Y ear Results 2026 • Strong performance from core segments and a clear improvement in Growth Capital • Net profit of 339.6 million euros (+24%) • Net cash position of 524.4 million euros • Outlook upgraded: net profit expected to increase by more than 10% for the full year • New investment of approximately 93 million euros in Grieg Aqua (salmon aquaculture) (€ million) 1H26 1H25 1H24 Marine Engineering & Contracting 140.2 117.0 90.4 Private Banking 148.0 134.3 116.2 Real Estate 12.3 13.9 9.5 Energy & Resources 22.3 19.6 8.1 Contribution from core segments 322.8 284.7 224.2 Growth Capital 21.4 -1.2 -25.3 AvH & subholdings -7.9 -11.7 1.4 Consolidated net result before capital gains 336.2 271.8 200.3 Net capital gains (losses) 3.3 1.5 0.1 Consolidated net result 339.6 273.2 200.4 “These excellent results add further lustre to AvH’s 150 th anniversary year. Strong performances across our core businesses and renewed momentum in Growth Capital underline the quality and resilience of our portfolio. Our robust balance sheet allows us to keep investing for long-term growth. Our investment alongside the Grieg family in Grieg Seafood gives AvH exposure to Norway’s leading salmon aquaculture ecosystem and marks an important step in building a broader Food & Agri platform, anchored by our long-standing investment in SIPEF .” John-Eric Bertrand co-CEO Piet Dejonghe co-CEO • AvH’s consolidated net profit increased by 66.3 million euros (+24%) to 339.6 million euros, driven by outstanding results from its core participations and a clear improvement in Growth Capital. • DEME, Delen Private Bank, CFE and SIPEF all delivered signifi- cantly higher results compared with the already strong first half of 2025, supporting the 322.8 million (+13%) contribution from core segments. Growth Capital improved significantly to a pos- itive contribution of 21.4 million euros, driven by the consolidated participations (including ‘equity accounted for’). • Marine Engineering & Contracting. Against a backdrop of volatile market conditions, DEME delivered for the 4th consecutive half-year more than 2 billion euros in turnover. Net profit reached a record level of 215 million euros, while the EBITDA margin of 21.6% reflects the strength of the execution and the resilience of the diversified portfolio of projects and activities. Notwithstand- ing continuous investments in the fleet, DEME reduced its net fi- nancial debt to 291 million euros, further strengthening its robust balance sheet. CFE’s strategy of selective tendering contributed to a strong improvement of operational results in ‘Construction & Renovation’ and a net profit in the first half of 2026 of 12.9 million euros (+72%). Deep C Holding’s slow sales in the first half resulted in a negative contribution, which is expected to improve
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3 Half-Year Results 2026 significantly in the second half of 2026, while the higher electrici- ty volumes produced by Rentel and SeaMade (in Green Offshore’s portfolio) were largely offset by lower prices and other income. • Private Banking. Delen Private Bank and Bank Van Breda generated a combined net profit of 187.4 million euros in the first half of 2026, an increase of more than 10% compared with the strong first half of 2025. This performance reflects the strength of their combined business model, supported by strong client ap- preciation and ongoing efficiency initiatives. Total Assets under Management increased to 84.2 billion euros (+10% since 31 De- cember 2025), driven by a positive market effect and by sustained inflows. Delen Private Bank successfully completed the integra- tion of Dierickx-Leys (Belgium) and Servatus Vermogensmanage- ment (the Netherlands) and expects to be able to do so with Box Consultants before the end of the year. Thanks to the acquisition of Van Lawick announced in July 2026 (closing expected in the fourth quarter of this year) as well as continued net inflows, Delen is trending towards 6 billion euros of AuM in the Netherlands. • Energy & Resources. Strong palm-oil prices, higher production volumes and disciplined cost management supported the growth of SIPEF’s net profit for the first half of 2026 to 60 million US dol- lars. Sagar Cements moved from a negative to a positive contribu- tion, materially supported by a deferred tax activation following the acquisition of Andhra Cements. • Real Estate. Nextensa delivered strong half-year results, supported by several successful transactions: it sold a retail prop- erty in Austria, further optimizing its investment portfolio, and concluded sales transactions of several projects on its Luxem- bourg-based Cloche d’Or development. Significant progress was also made in the preparation for the upcoming Lake Side and Bel Towers projects in Brussels. • Growth Capital. Contributions from participations improved by 30.2 million euros, including a 21.3 million euros positive foreign exchange effect on V.Group. The other main contributions com- prise OMP, Mediahuis, Turbo’s Hoet Group and Van Moer Logistics. The fair value variances within the Life Sciences and India & South-East Asia clusters were modest and resulted in a small negative of 0.3 million euros, compared with a positive effect of 7.4 million euros in the first half of 2025. Shareholders’ equity of AvH (group share) increased from 5,701.1 million euros at year-end 2025 to 5,898.5 million euros as of June 30, 2026. After correction for the 493,461 treasury shares in portfolio on June 30, 2026, this corresponds to 180.58 euros per share. Taking into account the 4.60 euros gross dividend per share that was paid in June 2026, and the 180.58 euros equity per share at June 30, the eq- uity per share has grown by 6.15% over the first six months of 2026. At the end of June 2026, AvH had a positive net cash position of 524.4 million euros, compared to 428.9 million euros at the end of 2025. This position includes 90.7 million euros of treasury shares. The remaining amount consists of cash, term deposits and 46.1 mil- lion euros of listed investments at the level of AvH. The increase of AvH’s cash position during the first half of 2026 is explained by 282.7 million euros of dividends received, including 186.0 million (€ million) 30.06.2026 31.12.2025 31.12.2024 Equity (share of the group) 5,898.5 5,701.1 5,278.2 Net cash position 524.4 428.9 362.4 30.06.2026 30.06.2025 30.06.2024 Number of shares Number of shares 33,157,750 33,157,750 33,157,750 Key figures per share (€) Net result(1) Basic 10.39 8.36 6.13 Diluted 10.35 8.34 6.12 Net equity(1) 180.58 163.89 153.46 Evolution of the share price at closing (€) Highest (February 26, 2026) 298.0 235.6 171.1 Lowest (January 2, 2026) 232.6 179.4 153.2 At June 30 285.8 217.0 161.5 Key figures - consolidated balance sheet Key figures per share (1) After correction for treasury shares euros from Delen Private Bank and Bank Van Breda, and 150.3 mil- lion euros of dividends paid, minus investments and other cash out- flows. At the end of June 2026, AvH & subholdings had no financial debt outstanding. AvH invested 27.2 million euros in the further expansion of its port- folio. In the first half of 2026, investments include the increase of AvH’s participation in the listed portfolio companies Nextensa (2.2 million euros; +0.47%), SIPEF (10.9 million euros; +1.12%) and CFE (1.1 million euros, +0.41%). Several follow-up investments in the Growth Capital portfolio, amongst others in DISCO Pharmaceu- ticals, Biotalys and MRM Health, represent a total amount of 11.0 million euros. Divestments remained very limited in the first half of 2026 and generated cash for a total amount of 3.2 million euros, mainly relat- ed to the repayment by Deep C of a shareholder loan.
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4 Half-Year Results 2026 Treasury shares On June 30, 2026, AvH held 482,350 treasury shares to cover out- standing stock option obligations. In execution of the liquidity agreement with Kepler Cheuvreux, 528,106 treasury shares were purchased and 538,835 were sold in the first half of 2026, resulting in a position of 11,111 treasury shares at the end of June 2026. The total number of treasury shares was 493,461 (1.49% of the shares issued) at the end of June 2026 (478,190 or 1.44% at year- end 2025). FY2026 Outlook The board of directors expects the strong earnings momentum of the first half of 2026 to extend into the second half of 2026. Barring unforeseen circumstances, this should result in a growth of net profit of more than 10% for the full year. Events after balance sheet date Ackermans & van Haaren (AvH) has announced today that it entered into an agreement to invest 93 million euros in Grieg Aqua, the holding company owning 50.17% of the shares in Grieg Seafood ASA, the publicly listed Norwegian salmon aquacul- ture group. Upon completion of the transaction, which is expected in the fourth quarter of the year, AvH will become a long-term reference shareholder holding a 37.5% participation in Grieg Aqua alongside the Grieg family and the Grieg Foundation. This investment provides AvH with an opportunity to invest into Nor- way’s world-leading salmon aquaculture ecosystem alongside an entrepreneurial family with deep sector expertise. It also represents an important step in AvH’s ambition to further develop a meaningful Food & Agri platform, building on the group’s long-standing invest- ment in SIPEF. Salmon aquaculture benefits from compelling long-term industry fun- damentals with sustained strong global demand, supported by the shift towards more healthy and nutritious diets and by constrained supply. Farmed salmon already represents around 75% of worldwide salmon consumption, with its share expected to grow further. Beyond the attractive long-term market dynamics, salmon is widely recognized as one of the most sustainable animal protein sources available, com- bining superior feed conversion ratios with a lower carbon footprint. Headquartered in Bergen, Norway, and following the sale end 2025 of its operations in Finnmark and Canada, Grieg Seafood has estab- lished itself as a regional leader in Southwest Norway. In the Rogaland area, it has built a track record of operational excellence through industry-leading post-smolt capabilities and continuous innovation. The company has been a pioneer in on-land post-smolt production, materially reducing the time salmon spend at sea and improving feed conversion and biological performance. Grieg Seafood had a market capitalization of NOK 3.4 billion on August 27, while its Rogaland operations generated operational EBIT of NOK 433 million in 2025. As a result of the recent sale of its Finnmark and Canadian operations to Cermaq, associated restructuring costs and exceptional biological challenges, 2026 is expected to be a transition year. AvH believes there are significant opportunities to further strength- en and grow Grieg Seafood by building on its operational expertise, strong regional position and M&A capabilities. Several portfolio companies have also announced significant events after June 30, 2026, which are listed below. More detailed information is integrated in the related segment report, further in this document. • DEME announced a substantial investment (representing a value between 150 and 300 million euros) for the construction of a new 22,000 m³ trailing suction hopper dredger (TSHD), whose delivery is scheduled for 2029 (July 1, 2026). DEME has also been award- ed a substantial contract (representing a value between 150 and 300 million euros) for the transport and installation of founda- tions for phase 1 of the Zeevonk offshore wind project in the Netherlands, scheduled to start in 2028. (July 20, 2026) • Delen Private Bank reached an agreement to acquire Van Law- ick & Co., a wealth management firm based in The Hague, with more than 550 million euros in assets under management, and expects this transaction to be completed before year-end 2026. (July 20, 2026) • Nextensa announced that its joint venture with Promobe has transferred full ownership of the Stairs office building in the Cloche d’Or district to State Street Services Luxembourg (July 1, 2026). Nextensa also concluded a long-term usufruct agreement with the European Investment Bank (EIB) Group for the entirety of its Treemont office project in Brussels. (July 22, 2026) • GreenStor’s portfolio company BSTOR welcomed TINC and Infravest as partners in two Belgian battery storage projects, in- vesting (through equity and financing) a total of 22 million euros. (July 22, 2026)
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5 Half-Year Results 2026 Strengthening resilience At Ackermans & van Haaren, we believe sustainability supports the creation of long-term value across our diversified portfolio through the integration of Environmental, Social and Governance (ESG) di- mensions into the strategies of our portfolio companies. We focus on ESG priorities that are financially material and business-relevant for each portfolio company, recognizing that priorities vary across sec- tors. AvH’s ESG priorities are clustered around Responsible Share- holder, Climate Change, Energy Transition and Talent Management. Each group company adds priorities tailored to its specific profile. By integrating ESG priorities across the business, we strengthen re- silience and operational excellence, while enhancing the quality of earnings. Through active ownership, focused governance, shared values and appropriate metrics, we encourage our portfolio compa- nies to integrate ESG into their business culture and operations. Con- sistent with AvH’s decentralized model, ownership remains with the portfolio companies, while AvH supports implementation through ac- tive board engagement, structured dialogue and focused deep dives. ESG priorities and progress During the first half of the year, engagement continued across our four ESG priorities. As part of its Responsible Shareholder ap- proach, AvH completed portfolio-wide cybersecurity self-assessments, reviewed and benchmarked by an external cybersecurity expert, pro- viding a common baseline for governance discussions and compa- ny-specific action plans. In parallel, the innovation program is pro- gressing according to plan, with the aim to support board discussions on innovation governance and innovation priorities, including AI. Within Talent Management, the program is being rolled out to de- velop pilot projects and use cases to strengthen the link between busi- ness priorities, talent initiatives and financial performance. The objective remains to develop practical approaches that can gradually be scaled across the portfolio with HR acting increasingly as a business partner. AvH continued its focus on Climate Change and Energy Tran- sition through the annual engagement cycle, including regular reviews of greenhouse gas reduction plans for the largest-emitting portfolio companies and climate-related risks. AvH’s strong EU Tax- onomy alignment in turnover, averaging 33%, or approximately one-third, over the last three years, illustrates the contribution of our portfolio companies to climate and environmental objectives through operational excellence, and products and services support- ing the energy transition. AvH’s ESG ratings have remained stable in the first half of 2026. Sustainability (ESG) Negligible risk B-rating Climate change Impact in practice Sustainability impact is primarily achieved at our portfolio compa- nies, where ESG priorities are actively addressed. During the first half of 2026, companies made progress on their respective priorities. DEME focused on the energy transition, vessel GHG emissions, and health and safety. It continued to reduce the environmental footprint of its operations through enhanced efficiency, improved technical performance and more sustainable fuels. At the same time, DEME strengthened its offshore wind capabilities with Norse Wind and Norse Energi, and ordered a new, more efficient dredging vessel with lower GHG emissions intensity. CFE continued its focus on cli- mate change, and health and safety. Delen Private Bank continued to focus on responsible investments, while Bank Van Breda’s priorities included maintaining its role as a reliable safe haven for clients and sustainable wealth management. Talent management, cybersecurity and data protection remained priorities for both banks. Nextensa advanced the development of vibrant, sustainable mixed- use neighborhoods with energy and GHG emissions management as key priorities, as illustrated by progress on Lake Side, Cloche d’Or and the BEL Towers redevelopment. SIPEF continued to address climate change, biodiversity and supply chain traceability, reaching an important milestone with the first production of renewable bio-CNG at one of its facilities in Indonesia. SIPEF also achieved RSPO certification for an additional estate in Indonesia, while the company also completed RSPO’s new planting procedure for smallholders in Papua New Guinea. Sustainalytics Industry ESG leader: Awarded as of 2026. The ESG Leader Badge recognises companies based on Sustainalytics’ rules-based methodology. Recogni- tion is based on publicly available data at the time of assessment and may not fully capture all aspects of a company’s sustainability strategy or actions. Companies are compared within defined frameworks; recognition should not be interpreted as an absolute measure of sustainability performance or a guarantee of performance or outcomes. Further information concerning the Badge(s) and the underlying products can be found at the Sustainalytics webpage (“ESG solutions”).
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6 Half-Year Results 2026 Nextensa 69% Delen Private Bank 79% SIPEF 43% DEME 62% Bank Van Breda 79% Verdant Bioscience 42% CFE 63% Sagar Cements 20% Deep C Holding 81% Green Offshore 81% • Life Sciences • India & South- East Asia Participations (consolidated + equity method) Fair value investments • Agidens .........................................83% • Biolectric ......................................54% • Camlin Fine Sciences.....9% • GreenStor ...................................50% • Mediahuis ..................................14% • OMP ...................................................20% • Turbo’s Hoet Groep ....50% • V.Group ........................................33% • Van Moer Logistics(1) ..32% • VKC Nuts ....................................17% Ackermans & van Haaren AvH & Growth Capital Marine Engineering & Contracting Private Banking Real Estate Energy & Resources (1) In addition, AvH Growth Capital holds 33.3% in Blue Real Estate, a real estate company that rents out warehouses to Van Moer Logistics. June 30, 2026
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7 Half-Year Results 2026 Marine Engineering & Contracting DEME Against a backdrop of evolving market conditions, DEME (AvH 62.1%) delivered a strong first-half performance, demonstrating the strength of its execution, the dedication of its teams, and the resil- ience of its diversified business portfolio. Turnover in the first half of 2026 amounted to 2.2 billion euros, up 2% year-over-year. Offshore Energy revenues increased by 6% to a record semester level of 1.2 billion euros, driven by the continued successful execution of projects across the US, Taiwan and Europe. Dredging & Infra delivered a year-over-year growth of 2%, support- ed by a diversified portfolio of maintenance and capital dredging activities worldwide, alongside major infrastructure projects in Eu- rope. Environmental revenues were 8% lower compared to the prior year, while the segment continued to advance its long-term projects, primarily in Belgium and the Netherlands. DEME’s order book stood at 7.1 billion euros. While lower than in preceding quarters due to strong order-to-revenue conversion, it remains robust and continues to reflect sustained demand across DEME’s core markets. DEME sustained its strong profitability. EBITDA remained stable year-over-year at 466 million euros, corresponding to an EBITDA margin of 21.6%. Offshore Energy maintained strong profitability with an EBITDA margin of 26.7%, while Dredging & Infra delivered a robust EBITDA margin of 22.0%, marking a significant improvement compared to the softer first half of 2025. EBIT amounted to 231 mil- lion euros, up 3% compared to the first half of 2025, and equivalent to an EBIT margin of 10.7%. Net profit rose to a record 215 million euros, up 20% from 179 million euros a year ago. Investments in the first half of 2026 amounted to 227 million eu- ros, compared to 141 million euros in the prior-year period. Invest- ments in 2026 are primarily related to strategic fleet investments, including the final construction payment for Norse Energi, as well as capitalized maintenance and repairs. Free cash flow for the first half was 231 million euros. Free cash flow in the first half of 2025 amounted to 123 million euros exclud- ing (and -414 million euros including) the Havfram acquisition. (1) Excluding Deep C Holding, Green Offshore contribution Contribution to the AvH consolidated net result (€ million) 1H26 1H25 1H24 DEME 132.3 109.9 86.4 CFE(1) 8.1 3.2 1.7 Deep C Holding -1.8 2.5 -1.7 Green Offshore 1.7 1.5 3.9 Total 140.2 117.0 90.4 DEME: Order book Per activity Offshore Energy Dredging & Infra Environmental Per region Europe Africa The Americas Asia Pacific Middle East 0 (€ million) 7,135 (€ million) 7,135 (€ million) 7,521 (€ million) 7,521 (€ million) DEME (€ million) 1H26 1H25 1H24 2025 Turnover 2,157.9 2,117.1 1,916.4 4,154.7 EBITDA 465.9 464.3 344.9 930.5 Net result 215.0 179.0 141.1 346.3 Equity 2,462.8 2,171.8 1,996.1 2,363.8 Net financial position -290.9 -418.5 -351.8 -391.3
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8 Half-Year Results 2026 Net financial debt stood at 291 million euros compared to 391 million euros at the end of 2025 and 418 million euros at June 30, 2025. As a result, the net financial debt-to-EBITDA ratio was 0.3 compared to 0.4 at the end of 2025 and 0.5 a year ago. Strategic developments. Whereas the new jack-up offshore transport & installation vessel, Norse Wind, departed for its first assignment in Europe, its sister vessel, Norse Energi, commenced operations in the summer. DEME also announced the construction of a new large 22,000 m³ trailing suction hopper dredger, which will support DEME’s long-term competitiveness in capital and mainte- nance dredging, land reclamation, and offshore seabed preparation, with delivery scheduled for 2029. In terms of geographic footprint, DEME’s direct operational exposure to the Middle East remained lim- ited, with essentially no operational activity in the Gulf region, apart from its Port of Duqm concession in Oman. Segment results DEME Offshore Energy delivered record first-half revenues of 1.2 billion euros and maintained a high-quality EBITDA margin of 26.7%, supported by disciplined project execution. The prior-year EBITDA margin benefited from certain non-recurring effects, notably a one-off cancellation fee and a gain on the sale of a fixed asset. Fleet utilization reached 70% (18.2 weeks), reflecting the fleet entry of Norse Wind and Norse Energi as of January and ahead of deploy- ment, the relocation to Europe of two vessels that completed their assignment in the US, as well as scheduled repairs of other vessels. The order book amounted to 3.7 billion euros, a decline from the high level a year ago, due to strong order-to-revenue conversion and the timing of new offshore renewables investments temporarily lagging. Key contract additions in the first half of 2026 included the Katagami offshore wind farm in Japan, the foundations and rock placement for the Zeevonk offshore wind farm in the Netherlands. In the United States, Offshore Energy completed all works on the Vineyard Wind project, as well as cable installation activities for the Empire Wind 1 project. For Dominion Energy’s Coastal Virginia Off- shore Wind project, Offshore Energy completed the installation of all 176 foundations, transition pieces and offshore substations. Re- maining activities on Coastal Virginia for the year include inter-array and export cable installation, as well as rock placement operations. In Taiwan, turbine installation works have successfully commenced on the Hai Long project. On the Fengmiao offshore wind farm, all pin piles as well as the offshore substation topside and foundation were installed, while jacket installation works commenced in August. In Europe, Offshore Energy installed all 62 jacket foundations for the Dieppe–Le Tréport offshore wind project and commenced the installation of the inter-array cables. Cable installation activities continued at the Dogger Bank C offshore wind farm (UK) and for the Baltic Power project (Poland). In the Netherlands, cable instal- lation works commenced on the IJmuiden Ver Alpha – Nederwiek 1 project. Foundation installation works started for the Nordlicht 1 offshore wind farm in Germany, and are scheduled to continue into 2027. Norse Wind successfully completed its first project on the He Dreiht wind farm and began with the installation of turbines for the Nordseecluster A offshore wind farm, both in Germany. Norse Energi is currently preparing operations for the Windanker project, also lo- cated in Germany. The offshore jack-up transport & installation ves- sel Apollo continued its multi-year deployment under contract with Vestas, supporting offshore wind turbine maintenance activities. DEME Dredging & Infra increased revenues by 2% year-over-year, supported by resilient market demand and robust fleet utilization. The order book remained healthy at over 3 billion euros, reflecting sustained tender activity and a diversified pipeline of opportunities. Key contract awards included dredging works for the Paranaguá concession project in Brazil, several port projects in Tunisia, India and Indonesia, as well as new contracts along the West African coast. EBITDA margin rebounded to 22.0%, compared to 12.3% in the prior-year period, driven by solid project execution and vessel occupancy. The prior-year period was affected by a loss recorded on a marine infrastructure contract. Fleet utilization improved compared to last year, particularly for the cutter suction dredger fleet. Infra activities progressed well. On the Princess Elisabeth Island pro- ject, the second offshore installation campaign advanced according to schedule, with all caissons successfully installed. On the Ooster- weel Connection project, all tunnel elements have been immersed and connected. On the Fehmarnbelt Fixed Link project, the first three tunnel elements were successfully installed, while contractual discussions progressed. The Port-La Nouvelle project in France has entered its final phase, with the completion of the civil construc- tion works. Dredging activities in Europe continued under multi-year maintenance contracts and on new projects. Works in the United Kingdom were completed and progress was made on works for the construction of the offshore terminal at the Port of Cuxhaven, Ger- Turnover EBITDA (€ million) 1H26 1H25 1H24 1H26 1H25 1H24 Offshore Energy 1,207.0 1,140.7 898.3 321.8 358.1 164.4 Dredging & Infra 967.1 947.7 991.9 212.3 116.7 189.2 Environmental 131.0 142.1 175.4 14.9 21.6 23.4 Concessions 1.3 1.9 1.9 -9.9 -7.5 -8.2 Reconciliation -148.5 -115.3 -151.1 -73.2 -24.7 -24.0 Total 2,157.9 2,117.1 1,916.4 465.9 464.3 344.9 DEME: Breakdown by segment
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9 Half-Year Results 2026 many. In France, the La Chatière project in Le Havre progressed in its second year. Significant beach nourishment works were executed in Spain, while work advanced on multiple ongoing projects across Italy and Greece. Dredging & Infra maintained robust activity across international mar- kets. In the Middle East, there was solid progress despite regional market turbulence, completing works in Saudi Arabia and continuing activities in Egypt. In Africa, the coastal protection works in Ivory Coast have been finalized while maintenance and capital dredging projects are ongoing across several countries along the West African coast. In Asia, DEME Infra executed maintenance and capital dredg- ing works in Paradip, Varsha and Mumbai (India), and prepared for dredging works in Indonesia and Taiwan. DEME Environmental reported revenues of 131 million euros and EBITDA of nearly 15 million euros, corresponding to a margin of 11.4%. The order book remained solid at 337 million euros, up from 322 million euros a year earlier, supported by new contract awards in Belgium and the Netherlands. In the Netherlands, operational works on the GoWA project were successfully completed, while activities continued on other flood protection and infrastructure projects, as well as a sand supply contract for the Port of Rotterdam. Preparatory works commenced for the remediation project at Schiphol Airport, which is scheduled to start in the second half of the year. In Bel- gium, activities progressed on the Oosterweel project in the Antwerp region, along with maintenance works on the river Meuse and con- tinued progress on the Feluy project in Hainaut. Soil investigations were initiated for the redevelopment of the former ArcelorMittal site near Liège. Activities were also commenced in Italy, complementing ongoing dredging works with remediation projects. DEME continued to expand and upgrade its soil treatment centers in Belgium and the Netherlands, and is ramping up volumes and capacity of its activated carbon filtration solution through the Cargen joint venture. DEME Concessions reported a net result from associates of 10 million euros compared to 5 million euros for the first half of 2025. Concessions operates wind farms in Belgium, advanced the Bowdun concession project in Scotland and is preparing selectively for up- coming tenders in Belgium and abroad. Wind production improved compared to the prior year but remained below historical levels, while port concession activities provide a recurring contribution to results. A DEME-led consortium signed the 25-year concession con- tract for operating, maintaining and deepening the marine access channel of the Port of Paranaguá in Brazil, which is moving to imple- mentation in the second half of 2026. DEME Concessions also con- cluded the sale of its stake in the Blankenburg Tunnel project with a gain on disposal amounting to 2.6 million euros. At the Port of Duqm (Oman), operations were impacted at the start of the conflict in the Gulf region, but activities continue to progress and expand. At Port-La Nouvelle (France), both the new commercial deepsea berth and the new liquid terminal became operational. Global Sea Mineral Resources (GSR), DEME’s deep-sea mineral exploration subsidiary, signed a memorandum of understanding with Japan-based Deep Ocean Resources Development Co., Ltd. (DORD). The agreement covers a pilot mining test to validate the operational and environ- mental performance of an integrated commercial-scale mining sys- tem, to which GSR will contribute its technical knowledge and oper- ational expertise. HYPORT Energy, DEME’s platform focused on the production of green molecules from renewable energy, continued to advance its projects in Oman and Egypt. ESG DEME continued to advance the energy transition, through its off- shore wind activities. Offshore Energy, predominantly focused on re- newable energy activities, represented 52% of the group’s turnover in the first half of 2026. DEME also remains committed to addressing climate change by reducing the environmental footprint of its oper- ations through enhanced efficiency, improved technical performance and the adoption of more sustainable fuels. Furthermore, DEME continues to strengthen its safety culture through initiatives such as Safety Week, which focuses this year on the company’s continued efforts to prevent hand injuries and further improve workplace safe- ty. In ESG assessments, DEME’s MSCI rating was upgraded to ‘AA’ from ‘A’. The latest EcoVadis assessment resulted in a Bronze rating while the ratings for Sustainalytics and CDP remained unchanged. Outlook Despite global macroeconomic turbulence and ongoing uncertainty, DEME’s management remains confident about its ability to continue delivering robust financial results, supported by a solid order book, a strong balance sheet and durable underlying demand fundamentals across its key markets. For 2026, DEME now expects turnover to slightly exceed the 2025 level and EBITDA margin to stay in line with 2025. CapEx for 2026 remains estimated to be around 450 million eu- ros, including upgrade, repair and maintenance investments in the fleet, the payment for the completion of Norse Energi and the initial investments related to the recently ordered trailing suction hopper dredger. This guidance excludes potential further large capacity ex- pansion to support long-term growth opportunities. For 2027, based on today’s visibility, DEME expects to maintain strong profitability, supported by disciplined project selection, prof- itable volumes and continued operational excellence, with EBITDA broadly in line with 2025, despite a somewhat lower topline.DEME • Installation vessel Green Jade at Fengmiao offshore wind farm in Taiwan
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10 Half-Year Results 2026 (1) Including contribution from Deep C Holding and Green Offshore Turnover Operational result Net result(1) (€ million) 1H26 1H25 1H24 1H26 1H25 1H24 1H26 1H25 1H24 Real Estate Development 22.2 51.1 29.3 -0.3 4.6 -2.5 0.1 4.6 0.3 Multitechnics 166.3 145.7 157.8 -1.9 1.3 1.6 -1.7 0.3 -0.5 Construction & Renovation 350.3 359.2 442.2 20.2 5.5 6.8 16.8 4.6 8.4 Investments & Holding (incl. eliminations) -7.4 -10.2 -28.6 -0.7 0.1 -1.2 -2.2 -2.0 -4.0 Total 531.5 545.8 600.7 17.4 11.5 4.6 12.9 7.5 4.2 CFE: Breakdown by division CFE In the first half of 2026, CFE (AvH 62.5%) generated a turnover of 531.5 million euros, down 3% compared with the same period last year. While CFE’s Multitechnics entities and CLE in Luxembourg recorded strong growth, turnover declined at the Belgian and Polish entities of Construction & Renovation. Operating profit for the first half of 2026 amounted to 17.4 million euros (+51% year-over-year). This strong performance was driven by the contribution of Construc- tion & Renovation and of VMA. Net profit amounted to 12.9 million euros compared with 7.5 million euros at the end of June 2025. Equity (after dividend payment) stood at 265 million euros: stable compared with year-end 2025. The net cash position amounted to 21 million euros. two office buildings for the National Lottery and around 100 resi- dential units, two-thirds of which have already found buyers. The structural works phase of the Uni-Vert project is coming to an end while half of the 75 apartments have been sold. Construction of the nursing school in Liège is also progressing according to schedule. In Luxembourg, BPI Real Estate completed the sale of the remaining residential units in both the final phase of the Domaine des Vignes project in Mertert and the Mimosas residence on Route d’Arlon. The authorities approved the development plan for the Kennedy Park site, where the former headquarters of BGL BNP Paribas will be transformed into a mixed-use district with 8 new buildings. KPMG Luxembourg and Linklaters will relocate their headquarters to Ken- nedy Park in 2028. Exclusive negotiations are ongoing with other candidates for the hotel, the coliving building and the residential building. In Poland, the sale of the last apartments of several deliv- ered projects evolved well (only 4 of 917 units still for sale). In War- saw, delivery of the 100 residential units of the Piano Forte project is scheduled for the fourth quarter of 2026. In Poznan, two buildings on the Cavalia site were delivered (94% of the 158 apartments are already sold or reserved) and two new residential projects (almost 300 apartments) were launched during the summer. Multitechnics generated a turnover of 166.3 million euros in the first half of 2026, up 14% year-over-year. At VMA, turnover grew by 15%, with several major projects being carried out for data centers and industrial installations, both in Flanders and Wallonia. Market conditions remain nevertheless difficult, particularly in the automo- tive industry. Although MOBIX’s turnover increased 12% year-over- year to 40.8 million euros, it remained at a relatively low level. The significantly improved operating result of VMA could not off- set the loss of MOBIX, which was mainly attributable to the LUWA project, but also to low profit margins and high overhead costs in relation to the level of activity. The operating result of Multitech- nics amounted to -1.9 million euros for the first half of 2026, which translated into a net result of -1.7 million euros. Multitechnics’ order book stood at 333.5 million euros, slightly down compared with 31 December 2025. VMA strengthened its order book whereas most business units of MOBIX saw a decline. Construction & Renovation posted a turnover of 350.3 million euros, slightly down compared with the first half of 2025. Turnover increased significantly in Luxembourg, while it declined in Belgium (€ million) 1H26 1H25 1H24 Turnover 531.5 545.8 600.7 EBITDA 30.4 21.7 21.7 Net result 12.9 7.5 4.2 Equity 265.0 236.2 230.2 Net financial position 21.0 -46.5 -139.5 CFE In Real Estate Development, the total real estate portfolio amounted to 214 million euros, down 2.7% compared with Decem- ber 31, 2025. No major acquisition or disposal took place during the first half of 2026. The situation remains challenging for off-plan sales or sales during the start-up phase of construction, while it im- proves significantly in the six months preceding completion. In ad- dition, the lack of liquidity for large office buildings remains an area of attention, as does the future development of long-term interest rates. In Belgium, BPI and its partner are continuing the major renova- tion of the EQ office building (delivery in 2028), which is fully let to the European Commission. The first two phases of the Brouck’R project in Brussels are progressing. They involve the construction of
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11 Half-Year Results 2026 and Poland. In Belgium, a number of projects were successfully de- livered, including a student housing building in Brussels, the tropical greenhouse at Pairi Daiza and 600 homes on the NATO site in Mons. Construction is gaining momentum for the Newton and Realex build- ings and the EQ offices in Brussels, the UCB site in Braine-l’Alleud, a production center for radiopharmaceutical medicines in Gembloux and an office building in Liège. Works are being finalized for the Airport Business Center and the Kanal-Pompidou museum. Several large-scale projects are under way in the Antwerp region (Ooster- weel link, INEOS One, the future SD Worx headquarters and three buildings in the Nieuw-Zuid district). In Luxembourg, activity was very strong, driven by large-scale projects such as the construction of the PwC and Luxembourg Red Cross headquarters and several residential buildings. This trend will further accelerate with the start of construction of new buildings for the Kennedy Park project. In Poland, activity declined due to less favorable market conditions in logistics and offices. Conversely, defence-related projects offer at- tractive growth prospects as confirmed by a successful first project. Operating profit amounted to 20.2 million euros, almost four times higher than in the first half of 2025. The operating margin reached 5.7%, a historically high level. This strong performance was support- ed by the favorable finalization of significant settlements with sub- contractors and the absence of highly loss-making projects, which demonstrate the relevance of CFE’s selectivity in order intake and the continuous improvement of its operational processes. The order book amounted to 1.3 billion euros, virtually stable com- pared with 31 December 2025. Several significant orders were not yet included in the order book at 30 June 2026, notably those relat- ing to the Kennedy Park and Lake Side projects. In Investments & Holding, CFE has a 50% stake in Green Off- shore and in Deep C Holding. Combined with the 50% participation of AvH in Green Offshore and in Deep C Holding, AvH’s economic shareholding percentage amounts to 81.27%. CFE’s net financial position remained positive and evolved from 43.8 million euros at year-end 2025 to 21.0 million euros on June 30, 2026. ESG CFE continued to advance its sustainability priorities, with initiatives aimed at reducing GHG emissions through mobility, fleet optimisa- tion and the use of lower-carbon solutions on construction sites. Health and safety remained a key priority through the Go for Zero programme, with continued efforts to strengthen the safety culture across CFE. Talent development also remained a focus through the CFE Academy, strengthening skills and knowledge sharing. Outlook During this first half, CFE once again demonstrated its resilience by presenting solid results and a strong balance sheet. While the outlook for Real Estate Development, Multitechnics, Construction & Renovation, and Investments & Holding is affected by different fac- tors, the combination and complementarity of these different activi- ties enables CFE to respond to growing market demand for solutions covering the full lifecycle of a project. The conflict in the Middle East has so far had only a limited impact on CFE’s activities and profita- bility. Nevertheless, given that the situation has not yet normalized, CFE does not rule out the risk of further increases in material prices and interest rates. Taking all factors into account, CFE expects a return on equity of at least 10% for 2026. AvH participation In the first half of 2026, AvH acquired additional shares, increasing its participation from 62.12% to 62.54%. Deep C Holding Deep C Holding (AvH 81.3%) posted a loss of 2.3 million euros, compared with net profit of 3 million euros in the first half of 2025. The loss was due to the sharp decline in industrial land sales, which fell from 38.2 hectares in the first half of 2025 to 1.7 hectares. On the other hand, the turnover and the operating result of the ser- vice activities are progressing steadily. In July, LG Innotek, a leading global supplier of advanced electronic components and materials, selected one of Deep C’s industrial zones for a major new semicon- ductor substrate production site (ca. 24 ha). This demonstrates Deep C’s success in positioning itself as the benchmark industrial zone for international companies seeking to develop or expand high-tech activities in northern Vietnam. Green Offshore Green Offshore (AvH 81.3%) reported combined green-energy pro- duction from the Belgian offshore wind farms Rentel and SeaMade of 1.3 TWh in the first half of 2026. This compares to 1.1 TWh in the same period last year. Green Offshore delivered a largely stable result as higher production volumes were offset by low prices and other revenues. AvH’s beneficial interest in the combined production capacity of Rentel, SeaMade and C-Power (including via DEME) cor- responds to 155 MW.
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12 Half-Year Results 2026 (€ million) 1H26 2025 2024 Total client assets Delen Private Bank (AuM) 84,166 76,439 66,880 of which discretionary 91% 90% 91% Delen Continental 69,253 62,833 53,775 Delen Private Bank Netherlands(1) 4,980 4,660 3,440 JM Finn 14,913 13,606 13,105 Bank Van Breda Off-balance sheet products 24,027 22,053 19,760 AuM at Delen(1) -21,323 -19,176 -16,885 Client deposits 8,175 8,184 7,972 Delen and Van Breda combined (100%) 95,046 87,500 77,727 Gross inflow AuM 3,953 7,601 7,595 (1) Already included in AuM Delen Continental Total client assets Private Banking Steady progress Delen Private Bank (AvH 79%) and Bank Van Breda (AvH 79%) maintained their strong operational momentum throughout the first half of 2026. Delen Private Bank also continued to execute its geographic expansion strategy, making further progress with the integration of recent acquisitions, including Dierickx Leys in Bel- gium and Box Consultants, Petram & Co and Servatus Vermogens- management in the Netherlands, and announcing (in July) an addi- tional acquisition. Combined total client assets rose by 9% from their record level at year-end 2025. The negative market impact recorded in the first quarter was reversed in the second quarter. Despite persistent geo- political tensions and trade conflicts, which caused some volatility, both private banks achieved positive gross and net inflows of assets under management in the first half of 2026. Against this volatile backdrop, Delen Private Bank and Bank Van Breda continued to successfully execute their strategies supporting their resilient financial performance. The combined net profit increased by 10% year-over-year to 187.4 million euros over the first half of 2026. The solid commercial and financial results of both banks confirm their strong fundamentals and their capacity to generate growth, even in a challenging economic environment. Total client assets approaching 100 billion euros The combined total client assets of Delen Private Bank and Bank Van Breda increased by 9% to 95.0 billion euros. This growth reflects a combination of organic growth, net inflows, a positive market effect and the continued integration of AuM from the 2025 acquisitions. At Delen Private Bank, consolidated assets under management reached 84.2 billion euros, a 10% increase from year-end 2025. This double-digit growth was mainly driven by the positive market effects in the second quarter and supported by continued organic inflows. The funds managed by Delen Private Bank outperformed market averages with a weighted average performance of the patri- monial funds of 9.1%. Delen Private Bank welcomed more than 3,000 new clients dur- ing the first half of the year, underlining the sustained demand for its services and expertise. The total of 84.2 billion euros includes 69.3 billion euros at Delen Continental (Belgium, Luxembourg, the Netherlands and Switzerland) and 14.9 billion euros at JM Finn in the United Kingdom. Assets under management at Delen Continental rose by 10% compared with year-end 2025, supported by satisfacto- ry inflows in Belgium, Luxembourg, Switzerland and the Netherlands. In the Netherlands, all clients of Servatus Vermogensmanagement, acquired in October 2025, have been transferred ahead of schedule, while the integration of clients from Box Consultants is expected to be fully finalized by the end of this year. At JM Finn, assets under management increased by 10%, in line with the overall growth trend of Delen Private Bank. Following the completion of the onboarding and integration of Dierickx-Leys clients by year-end 2025, many of them successfully transitioned from advisory to discretionary accounts. This helped rein- force the share of Delen Private Bank’s assets under management held Contribution to the AvH consolidated net result (€ million) 1H26 1H25 1H24 FinAx 0.4 0.6 0.4 Delen Private Bank 109.2 95.1 82.9 Bank Van Breda 38.3 38.6 32.8 Total 148.0 134.3 116.2
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13 Half-Year Results 2026 Delen Private Bank and Bank Van Breda combined (100%) (1) Of which ECL (expected credit loss): -0.00% (1H26), -0.00% (1H25), -0.01% (1H24) (€ million) 1H26 1H25 1H24 Profitability Operating income (gross) 533 470 420 Net profit 187 170 147 Gross fee and commission income as % of gross operating income 80% 78% 76% Gross fee and commission income as % of average AuM 1.04% 1.04% 1.03% Cost-income ratio 49% 49% 48% Balance sheet Total equity (incl. minority interests) 2,134 2,040 2,060 Total assets 13,256 12,856 11,668 Customer deposits 8,175 7,971 7,591 Customer loans 7,109 7,021 6,882 Cost of risk(1) 0.01% 0.01% 0.04% Excess equity 738 721 908 Key ratios Return on equity 16.5% 15.6% 14.2% CET1 ratio 25.4% 24.6% 27.9% Leverage ratio 12.1% 12.0% 14.3% LCR 396% 358% 406% Delen Private Bank: Consolidated assets under management (1) Bank Van Breda: Invested by clients 15,000 14,000 13,000 12,000 10,000 11,000 9,000 8,000 6,000 5,000 4,000 3,000 2,000 1,000 7,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000 24,000 24,027 (€ million) 8,175 (€ million) 50,000 40,000 70,000 60,000 80,000 30,000 20,000 10,000 76,599 (€ million) 7,567 (€ million) 84,166 (€ million) 32,202 (€ million) Discretionary mandates Under custody and advisory Loan portfolio Off-balance sheet products Client deposits (1) Including 21,323 million euros invested by clients of Bank Van Breda. through discretionary mandates at 91% (92% at Delen Continental), highlighting one of the defining features of the ‘Delen model’. At Bank Van Breda, total client assets (deposits and off-balance sheet investments) rose by 6% to 32.2 billion euros, compared to 30.2 billion euros at year-end 2025. Off-balance sheet investments grew by 9% to 24.0 billion euros on 30 June 2026, including a fa- vorable, although volatile, market effect. With 21.3 billion euros, clients of Bank Van Breda are contributing almost one third of the assets under management at Delen Continental (i.e. excluding JM Finn). Bank Van Breda’s contribution to Delen’s AuM has increased by 11% (+2.1 billion euros) since year-end 2025, with a 98% share of AuM being managed under discretionary mandates. This illus- trates, once again, the structural synergy between both banks. Client deposits remained stable at 8.2 billion euros, with the share of term accounts rising again from 44% at year-end 2025 to 46%, reflecting the changed interest rate environment. The rise in short- term accounts was offset by a lower share for non-maturing deposits. Bank Van Breda’s credit portfolio remained stable at 6.5 billion euros (6.4 billion euros at year-end 2025), with a 79% Loan-to-Deposit ratio. Combining cost efficiency with investments in future growth The combined gross operating income increased by 13% year over-year to 533 million euros, of which 80% remains fee related. For the group as a whole, the income on assets under management remains strong at 1.04%. The gross operating income of Delen Pri- vate Bank (incl. JM Finn) increased by 15% year-over-year to 425 million euros. This is primarily driven by a higher average amount of assets under management over the period, resulting in higher fee
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14 Half-Year Results 2026 income. At Bank Van Breda, the gross operating income increased by 10% to 157 million euros. Both net interest income (+9%) and fee income (+11%, driven by higher off-balance sheet volumes) posted solid growth. Notwithstanding the integration of the recent acquisitions at Delen Private Bank and the continued investments by Delen Private Bank and Bank Van Breda in additional staff, commercial activities, and IT to support further growth, both banks managed to keep the overall increase of combined operating expenses below the top-line growth. As a result, the combined cost-income ratio remains strong at 49% for the first half of 2026, (when spreading the bank levies which are paid in full each year during the first half of the year), in line with 2025. Delen Continental successfully maintained an im- pressive cost-income ratio of 41%. For JM Finn (UK) this is 84% (84% in 2025) and for Bank Van Breda 51% (50% in 2025). The credit risk costs at Bank Van Breda remain at a very healthy, low level of 1.3 bps of the average loan portfolio (3.0 bps in 2025). The combined net profit increased by 10% year-over-year to 187.4 million euros, of which 132.7 million euros came from Delen Continental, 6.0 million euros from JM Finn and 48.6 million euros from Bank Van Breda. Solid balance sheet Shareholders’ equity amounted to 2,134 million euros (compared to 2,220 million euros at year-end 2025). Solvency and liquidity re- main exceptionally strong, with a combined CET1 ratio based on the ‘Standardized approach’ of 25.4% and a leverage ratio of 12.1%, well above the industry average and the legal requirements. Despite this conservative balance sheet, the group achieved an above-aver- age combined return on equity (ROE) of 16.5%. Sustained high customer satisfaction Delen Private Bank and Bank Van Breda continue to earn strong client appreciation. With Net Promoter Scores of 64 and 66 respec- tively, both banks demonstrate high levels of client advocacy. Bank Van Breda’s strong workplace culture was also recognized when it was named Best Workplace ® in Belgium for the fifth time, earning silver in the category for large companies with more than 500 em- ployees. The bank also received the Special Award for Best Workplace Throughout the Employee Lifecycle, recognizing its commitment to providing a positive employee experience throughout every stage of the employee journey. Geographic expansion progressing as planned At Delen Private Bank, the geographic expansion strategy is main- ly focused on the Netherlands and on the further expansion of the office network in its Belgian home market. Delen Private Bank entered the Dutch market in 2016. Since then, as- sets under management at Delen Private Bank Nederland increased al- most ninefold, from 572 million euros to 4.980 billion euros, driven by a combination of organic and external growth. On 20 July 2026, Delen Private Bank reached an agreement to acquire Van Lawick & Co., a wealth management firm based in The Hague with more than 550 million euros in assets under management. This marks Delen Private Bank’s eighth Dutch acquisition in ten years. Subject to customary reg- ulatory approvals, the transaction is expected to be completed later this year. Together with organic growth, this acquisition will bring assets under management in the Netherlands to more than 5.5 billion euros. Delen Private Bank sees further growth opportunities and is steadily building a strong presence in the country’s key cities. As part of its organic growth strategy, Delen Private Bank will open a new office in Breda later this year, thus bringing the total number of offices in the Netherlands to 10. In its Belgian home market, the opening of the Belsele office in September 2026 and the Tournai office later this year will bring the total number of Belgian offices to 18. In the United Kingdom, JM Finn further expanded its office network earlier this year to 6 locations, with the opening of a new office in Cheltenham. Bank Van Breda continues to invest in its office network across Belgium, staying close to its clients and supporting their growth wherever they are. This year, the bank (re)opened its doors in Leuven (Herent), Roeselare and Grimbergen, and continues to reno- vate its branches in order to further improve the client experience in its offices. Bank Van Breda now counts 30 offices nationwide: 20 in Flanders, 3 in Brussels and 7 in Wallonia. Outlook 2026 Both Delen Private Bank and Bank Van Breda delivered a solid per- formance in the first half of 2026, confirming their unique positioning and healthy financial structure, while continuing to invest in data an- alytics and AI to enhance operational efficiency and client experience. Thanks to their sound financial foundation and high level of client satisfaction, they are well positioned to withstand the pressure result- ing from (geo)political turbulence or other challenging circumstances, and to continue their sustainable growth trajectory. With entrusted client assets increasing to more than 95 billion euros in the first half of 2026, both banks are confident of further improving their full-year results compared with 2025, barring adverse market conditions. Delen Private Bank will further refine its integrated Family and Wealth approach. In the Netherlands, client onboarding from Servatus Vermogensmanagement was successfully completed five quarters ahead of schedule, while onboarding from Petram & Co is contin- uing and at end-June already more than half of clients have been onboarded onto the Delen platform. For clients onboarding from Box Consultants, the vast majority are expected to have been onboarded by the end of the third quarter of 2026. Extrapolating recent trends, Delen Private Bank expects inflows of assets under management to further increase in the second half of the year. Bank Van Breda’s solid financial base, healthy risk profile and clear long-term vision provide a strong foundation for continued growth, both in clients and in entrusted assets. Ongoing investments in tal- ent, cybersecurity, user-friendly digital tools, future-proof offices and robust IT platforms enable the bank to keep offering services that are modern, secure and truly people-focused, with compliance, privacy and data protection remaining a constant priority.
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15 Half-Year Results 2026 Nextensa (€ million) 1H26 1H25 1H24 Rental income 25.8 29.1 36.2 Result developments 6.5 7.7 5.2 Net result 16.9 19.9 14.1 Equity 853.0 832.1 840.7 Real estate portfolio 1,062.4 1,106.3 1,273.9 Rental yield 6.00% 6.10% 5.81% Net financial position -550.3 -707.2 -781.4 Debt ratio 37.88% 43.41% 44.61% Real Estate Nextensa Nextensa (AvH 69.3%) achieved strong results in the first half of 2026. The period was marked by several successful transac- tions to optimize the investment portfolio and further strength- en its financial position. The sale of several buildings in 2025 and 2026 explains the decline in rental income compared with the first half of last year. In addition, the result from develop- ment projects was lower than last year, as Park Lane Phase II on the Tour & Taxis site in Brussels has been fully completed and only a few units remain for sale. Following the divestment of its Retail Estates shares, no dividend income (in 2025: 6.9 million eu- ros) was received from this investment. Average debt levels were lower, resulting in reduced interest expenses compared with the same period last year. Combined with lower overhead costs, net profit amounted to 16.9 million euros, compared with 19.9 million euros as at 30 June 2025. Investment properties Rental income in the first half of 2026 was 3.4 million euros lower than in the first half of 2025 due to the sale of several buildings in Luxembourg and in Austria. Rental income also declined on a like- for-like basis, mainly as Nextensa has already begun vacating units anticipating Proximus’ move to the Tour & Taxis site. Property costs decreased by 1.3 million euros compared with the same period last year, to 4.1 million euros, mainly as a result of the sale of several buildings in 2025. No gain was recorded on the sale of investment properties in the first half of 2026 as the sale of the retail park in Stadlau (Austria) in 2026 was completed at the carrying value. A very limited, positive revaluation of 0.1 million euros was recorded on the existing investment portfolio, compared with 0.2 million euros in the first half of 2025. This brings the operating result from investment properties to 21.8 million euros, down 2.0 million euros from the first half of 2025. Development projects The first half of 2026 was characterized by strong momentum in development activities with several important transactions, including the forward sale of The Rock and the sale of B&B Hotels in Cloche d’Or. The granting of the planning and environmental permits for Lake Side in Brussels and the reservation by Vicinity of a substantial residential portion of Bel Towers further underline the solid progress of the development portfolio. After the end of the semester, further important milestones were reached with the sale of the Stairs office building in Cloche d’Or and the European Investment Bank (EIB) Group’s selection of Treemont. The contribution from the Belgian development projects, which cur- rently comprise only phase II of the Park Lane project at Tour & Taxis, was limited, as all buildings were completed in early 2026 and only 10 apartments remain available for sale. The office and residential developments at Cloche d’Or (Luxem- bourg) contributed 6.3 million euros positively to the results. Con- struction of the D5-D10 residential project is on schedule, with over 88% of the units already sold or reserved. Completion of the final phase of this residential project is scheduled for the end of 2026. The Stairs building was provisionally completed in June 2026, and the sale was finalized on 1 July 2026. Construction work on The Rock, which has been fully pre-let and pre-sold, commenced in the second quarter of 2026 with completion expected by summer 2027. Contribution to the AvH consolidated net result (€ million) 1H26 1H25 1H24 Nextensa 12.3 13.9 9.5 Total 12.3 13.9 9.5
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16 Half-Year Results 2026 The operating result from the development projects over the first half of 2026 amounted to 6.5 million euros, compared with 7.7 mil- lion euros in the first half of last year. Further improvement of the financial position Net interest costs, excluding revaluation effects on hedges, de- creased by 2.8 million euros, mainly due to a lower average financial debt. Net financial debt amounted to 550.3 million euros on June 30 of this year, compared with 592.8 million euros at the end of 2025 and 763.0 million euros on December 31, 2024. The debt posi- tion was significantly reduced following the sale of several buildings and the disposal of the stake in Retail Estates in the third quarter of 2025. The average financing cost decreased from 2.90% to 2.65%, while the hedge ratio remained high at 97%. The financial debt ratio improved from 38.80% at the end of 2025 to 37.88% at the end of the first half of 2026. This ratio does not take into account the available cash of 31 million euros. Nextensa maintains a strong liquidity position, with approximate- ly 205 million euros of undrawn committed credit facilities, enabling it to refinance the 100 million euros bond maturing in November 2026 through existing credit lines. Outlook 2026 The strategic disposal of a significant portion of the real estate in- vestments in recent years will continue to weigh on rental income in the second half of the year, which will be lower than in previous years. However, as of 1 January 2027, Proximus will relocate part of its operations to Tour & Taxis. From the beginning of 2027, this will contribute to an increase in rental income and a reduction in vacancy, resulting in lower real estate costs. In addition, the new contract with the EIB Group for the Treemont project in Brussels (Leopold Quarter) will allow construction works to commence in the short term. The contribution from property development at Tour & Taxis is tem- porarily lower because Park Lane Phase II is almost entirely sold out. Work on Lake Side has now started, both on the future Proximus offices and on the residential tower that will be marketed over the coming years. At Cloche d’Or in Luxembourg, B&B Hotels and Stairs were sold, allowing the proceeds to be recycled into the new projects The Rock, fully pre-let and forward sold to FHRS; Terraces, fully pre- let to Lombard Odier; and Eosys, 89% pre-let to PwC and Franklin Templeton. Construction on these projects has either recently started or will begin shortly, and the related margins are expected to contrib- ute positively to results in the coming quarters. The significantly reduced debt position means that financing costs are falling materially compared with previous years. Conversely, no dividend will be received from Retail Estates this year because the shareholding was sold in 2025. Interest income on advances to the Cloche d’Or joint venture will also be lower than in the first half fol- lowing the recent disposals. All credit facilities maturing in 2026 have already been extended. With 205 million euros of undrawn credit facilities, Nextensa is in a comfortable position to repay the 100 million euros private place- ment bond maturing at the end of November. ESG Nextensa continued to advance its ambition to develop sustainable urban neighborhoods that create lasting added value for their sur- roundings and stakeholders. Progress at Lake Side at Tour & Taxis and Bel Towers in Brussels, and at Cloche d’Or in Luxembourg, re- flects Nextensa’s long-term commitment to urban development and value creation. AvH participation In the first half of 2026, AvH acquired additional shares, increasing its participation from 68.81% to 69.28%. Nextensa • Park Lane II at Tour & Taxis, BrusselsNextensa • Stairs building at Cloche d’Or, Luxembourg
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17 Half-Year Results 2026 Energy & Resources SIPEF On track for another record year At SIPEF (AvH 43.3%), strong operational momentum continued throughout the first half of 2026. Higher production volumes com- bined with favorable prices for crude palm oil (CPO) translated into a 23% year-over-year revenue growth and strong results for the first half of 2026. SIPEF further strengthened its balance sheet and its net cash position, enabling the company to fund its ambitious investment pro- gram from operating cash flow. Based on this strong first-half perfor- mance, SIPEF is confident in its ability to deliver another record year. Palm oil: volume growth and favorable prices The production of crude palm oil (CPO) increased by 7% in the first half of 2026 and amounted to 222,431 tonnes. In Indonesia, CPO production rose by 9% year-over-year. This growth was underpinned by a 7% increase in fresh fruit bunch (FFB) production, driven by a strong performance in the Bengkulu and South Sumatra regions where plantations further matured, as well as by an improved oil extraction rate (OER). CPO production in Papua New Guinea increased by 3% compared with last year. FFB production for the first six months in- creased by 5% year-over-year, driven by the strong performance of SIPEF’s own estates, reflecting the further recovery from the volcanic eruption and favorable growing conditions, while smallholder produc- tion suffered from exceptionally wet conditions. Favorable palm oil market prices contributed positively to the results for the first half of 2026. Despite a globally uncertain macroeconomic environment, palm oil markets have maintained historically high pric- ing levels throughout the first half of 2026. In this environment, SIPEF has managed to secure sales for approximately 70% of its budgeted palm oil volumes, achieving an average ex-mill gate price of 1,007 US dollars per tonne, including premiums for certified sustainability and traceable origin. This compares with a lower average of 965 US dollars (1) Own + outgrowers (2) Palm oil: MDEX (in US dollar). Bananas: CFR Europe (in euro) 1H26 1H25 1H26 1H25 Production (tonne)(1) 222,431 208,060 28,429 25,977 Average market price/tonne(2) 1,106 960 799 900 SIPEF: Production per tonne over the same period last year, when 73% of volumes had already been contracted. As a result of the increased CPO production and the favorable pricing environment, SIPEF’s turnover from the palm segment increased by 23% to 279.4 million US dollars. While geopolitical tensions nega- tively impacted key input costs (namely fertilisers, fuel, and transport), higher production volumes offset much of the increase, keeping the overall cost structure under control. Bananas: 24% sales growth SIPEF’s banana production continued to recover during the first half of 2026 and reached 28,429 tonnes, an increase of 9% compared to the same period last year, which was supported by favorable agro- nomic conditions and improved yields across most estates. Contribution to the AvH consolidated net result (€ million) 1H26 1H25 1H24 SIPEF 22.1 21.8 9.2 Verdant Bioscience -1.0 -1.0 -0.6 Sagar Cements 1.2 -1.3 -0.4 Total 22.3 19.6 8.1 SIPEF (USD million) 1H26 1H25 1H24 Turnover 308.0 250.4 204.5 EBIT 94.9 84.6 44.0 Net result 60.2 57.7 25.0 Equity 1,011.5 933.3 856.3 Net financial position 124.5 19.9 -14.5
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18 Half-Year Results 2026 While there was robust demand on the European banana market during the first quarter, market conditions (including disrupted export logistics related to the geopolitical situation) became more challenging in the second quarter. As a result, average banana prices dropped during the second quarter below the levels achieved in previous years. SIPEF’s turnover from the banana segment rose by 24% to 27.8 million US dollars, mainly driven by the rise in production volumes. Strong results and increased net cash position Higher production volumes combined with favorable prices trans- lated into a 23% year-over-year revenue growth to 308.0 million US dollars and a strong operating result of 94.9 million US dollars, up 12% compared with the first half of 2025. The recurring net result increased to 64.1 million US dollars. After a 4.1 million US dollars fair value adjustment related to PT Melania, the net result amounted to 60.2 million US dollars, i.e. 4% higher than at June 30, 2025. SIPEF further strengthened its balance sheet and generated a posi- tive free cash flow of 32.3 million US dollars, increasing the net cash position to 124.5 million US dollars at the end of June 2026. Outlook 2026 SIPEF’s operational progress in the first half of 2026, combined with favorable palm oil prices, provides a strong foundation for the re- mainder of the year. SIPEF expects full-year palm oil production of around 470,000 tons and the company is confident to deliver anoth- er record year of sustainable and profitable growth. SIPEF expects its 2026 recurring result to exceed the record result achieved in 2025, while continuing to closely monitor weather conditions and any po- tential impact from El Niño. SIPEF remains committed to investing in future growth, through its 2026 investment program (100-120 million US dollars) focused on plantation development, including replanting, quality, sustainability, and further value-chain integration. The company expects the 2026 program to be fully funded from its operating cash flow. ESG In Indonesia, SIPEF’s certified supply base was strengthened through the Roundtable on Sustainable Palm Oil (RSPO) certification of Sei Jerinjing estate, increasing the volume of certified crop. SIPEF has also advanced sustainable growth in Papua New Guinea with the completion of the RSPO’s New Planting Procedure (NPP) for Hargy Oil Palms’ smallholders in Papua New Guinea. This creates the opportunity for a potential expansion area by up to approximately 8,000 hectares. These developments underscore SIPEF’s continued commitment to producing high-quality, sustainable, traceable and certified palm oil. AvH participation In the first half of 2026, AvH acquired additional shares, resulting in an increase of its participation in SIPEF from 42.20% to 43.32%. Sagar Cements Sagar Cements (AvH 19.6%) reported revenue of 14.6 billion Indian rupees in the first half of 2026, compared with 12.9 billion Indian rupees in the same period last year (+13%). Volumes increased by 10.3%, supported by continued momentum in infrastructure and ru- ral segments. Average capacity utilization at Sagar’s cement plants improved from 59% in the first half of 2025 to 65% in the first half of 2026. Favorable pricing trends at the start of 2026 eased in the second quarter which put pressure on margins due to higher input costs for energy, fuel and packaging amid geopolitical tensions. As a result, the EBITDA margin declined from 12% in the first half of last year to 11% in the first half of 2026. In June 2026, Sagar Cements expanded capacity at its Jeerabad plant from 1.0 million to 1.5 mil- lion tonnes per annum. SIPEF • Hargy oil palm plantation, Papua New Guinea
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19 Half-Year Results 2026 A vH & Growth Capital Growth Capital contributed 21.4 million euros in the first half of 2026, compared with a slightly negative contribution of -1.2 million euros a year earlier. The improvement was driven almost entirely by the participations, both consolidated and accounted for using the equity method, which together contributed 21.6 million euros. De- spite continued market volatility, most participations demonstrated strong resilience and delivered solid results. Fair value adjustments remained limited at -0.3 million euros. Participations (consolidated + equity method) GreenStor (AvH 50.0%) holds a 38% participation in BSTOR, which entered into a partnership on July 22 with infrastructure in- vestors TINC and Infravest in relation to the DSTOR and ESTOR-LUX II battery energy storage projects. TINC and Infravest committed a total investment of 22 million euros, consisting of a combination of an indirect equity participation and subordinated financing. The transaction represents an important milestone in the further de- velopment and financing of BSTOR’s battery storage portfolio and brings additional long-term capital and infrastructure expertise to the two projects, which have a combined capacity of 150 MW and 410 MWh. Following the transaction, BSTOR maintains control over the two projects. Consequently, the transaction does not result in a capital gain being recognized by BSTOR or GreenStor. Mediahuis (AvH 14.4%) acquired the Dutch digital platform ‘Stekkies’ that helps renters find suitable housing in an increasingly tight rental market. This acquisition fits within Mediahuis’s broad- er strategy to invest in digital housing platforms and marketplaces across multiple markets. OMP (AvH 20.0%) has been named a Leader in the 2026 Gartner® Magic Quadrant™ for Supply Chain Planning (SCP) Solutions for the 11th time. Gartner also published the 22 nd edition of its Supply Chain Top 25, featuring nine OMP customers: AstraZeneca, Danone, Diageo, General Mills, GSK, Johnson & Johnson, L’Oréal, Nestlé, and Procter & Gamble, with Procter & Gamble recognized in Gartner’s distinguished Masters category. V.Group (AvH 33.3%), the leading global provider of mission-crit- ical maritime services, delivered a strong first-half performance de- spite continued geopolitical uncertainty, foreign-exchange volatility, and increasing regulatory complexity. V.Group capitalized on the strong pipeline built throughout 2025 to start the year positively across both V.Ships and V.Services. V.Ships deepened customer relationships through fleet growth and diversification, with wins including newbuild dual-fuel (LNG) tankers for International Sea- ways and cruise ships for Marella Cruises. V.Services continued to expand its penetration across the global fleet, with a net increase in vessels served through its portfolio of category-leading brands. In parallel, V.Group completed three strategic transactions initiated in 2025. These included a strategic partnership with Mitsui O.S.K. Lines (MOL), further strengthening the Group’s expertise in LNG and advanced dual-fuel vessels, the acquisition of a majority share in Alba Tankers in Denmark (the ship management arm of Alba Ship- ping & Trading), and the acquisition of Njord, a data-driven maritime fuel-efficiency and decarbonisation platform from Maersk Tankers. Together, these initiatives further enhance V.Group’s technical capa- bilities and support its ambition to help customers navigate the mari- time industry’s evolving operational and sustainability requirements. Van Moer Logistics (AvH 32.4%) has inaugurated its new silo complex in the Port of Antwerp-Bruges, which is an important step in the development of its integrated Polymer Hub and further strengthens its position as a specialized logistics partner for the (petro)chemical sector. The project consists of 63 silos and can be expanded to 450 silos. Meanwhile, construction of the warehouse for the new logistics center in Beringen along the Albert Canal is in its final phase, with the first operations scheduled for the fourth quarter of this year, while the new terminal is anticipated to become operational by mid-2027. This will create a strategic link between the Port of Antwerp-Bruges and the European hinterland while fur- ther supporting the modal shift towards more sustainable transport. In June, the company acquired Ziegler Belgium’s air freight activities. By adding air freight to its portfolio, Van Moer Logistics takes an important step towards a fully integrated logistics and forwarding offering. Contribution to the AvH consolidated net result (€ million) 1H26 1H25 1H24 Contribution of participations 21.4 -1.2 -25.3 Contribution of participations (consolidated + equity method) 21.6 -8.6 9.9 Fair value investments -0.3 7.4 -35.2 AvH & subholdings -7.9 -11.7 1.4 Capital gains (losses) 3.3 1.5 0.1 AvH & Growth Capital 16.7 -11.5 -23.8
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20 Half-Year Results 2026 Fair value investments Life Sciences Biotalys (AvH 15.7%) streamlined operations and leadership to concentrate resources on its highest-priority programs EVOCA NG and BioFun-6 and reduce annual cash burn. The company closed a private placement of 12.05 million euros with current investors, which contributed to extending its financial runway until the end of the first quarter of 2027. Ackermans & van Haaren contributed 2.5 million euros, thereby raising its stake to 16.32% (15.69% ful- ly diluted). In the first half of 2026, Biotalys also made substantial regulatory progress in both the US (including Florida and California) and the EU with its first protein-based biocontrol product EVOCA ®, paving the regulatory pathway for the commercial version EVOCA NG. The company entered into a strategic partnership with 21st.BIO, a leading precision fermentation technology company with the aim to advance AGROBODY® biocontrol manufacturing. A first tangible result of that collaboration is that Biotalys initiated the five-batch production of EVOCA NG at beginning of August to demonstrate process stability and commercial viability of its produc- tion process, which is also a regulatory requirement. Furthermore, the company achieved promising results in field trials with a second lead BioFun-6 candidate from the AGROBODY ® technology plat- form. Confo Therapeutics (AvH 6.2%), which has globally licensed its CFTX-1554 compound to Eli Lilly and Company, welcomed the start of a Phase 2a clinical trial with this novel antagonist of a clinically validated target for chronic pain. DISCO Pharmaceuticals (AvH 10.9%) closed an exclusive license agreement with Amgen to advance novel therapeutic candidates ad- dressing a target that was mapped by DISCO’s proprietary platform. Under the terms of the agreement, DISCO will be eligible to receive up to USD 618 million total potential deal value plus royalties. MRM Health (AvH 14.7%) has been awarded a three-year, non-di- lutive research grant of 2.6 million euros from Flanders Innovation and Entrepreneurship (VLAIO) to accelerate the development of novel therapeutics that redefine the treatment of immune-mediated inflammatory diseases. Earlier this year, MH002, its lead product candidate, has been granted Fast Track designation by the FDA for the treatment of mild-to-moderate ulcerative colitis. India & South-East Asia At Medikabazaar (AvH 21.6%) management changes are deliver- ing results, reflected in strong operating and financial performance. Early 2026, the company completed a rights issue with broad sup- port from existing investors, including AvH and finalized the exit discussions with former management-shareholders. Following these transactions, AvH’s total direct and indirect shareholding increased from 11% to 22%. (1) Fully diluted - (2) Incl. participations via HealthQuad Fund I + II June 30, 2026 India & South-East Asia Biotalys 16% AstriVax Therapeutics 8% Confo Therapeutics 6% DISCO Pharmaceuticals 11% MRM Health 15% Convergent Finance 6% HealthQuad I Fund 36% HealthQuad II Fund 11% Medikabazaar(2) 22% Venturi Partners Fund I 11% Venturi Partners Fund II 14% OncoDNA 10% VICO Therapeutics 10% Fair value investments(1) Life Sciences Growth Capital
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21 Half-Year Results 2026 Ackermans & van Haaren Ackermans & van Haaren (AvH) positions itself as the long-term partner of choice of family businesses and management teams to help build high-performing market leaders and contribute to a more sustainable world. AvH is a diversified group operating in 4 core sectors: Marine En- gineering & Contracting (DEME, a listed world leader in dredging, marine infrastructure and solutions for the offshore energy market – CFE, a listed company active in real estate development, multi- technics and construction), Private Banking (Delen Private Bank, a well-established brand in Belgium, with offices in the Netherlands, Luxembourg, Switzerland and the UK with JM Finn - Bank Van Breda, a niche bank for entrepreneurs and the liberal professions in Belgium), Real Estate (Nextensa, a listed, mixed real estate investor and developer), Energy & Resources (SIPEF, an agro-industrial group in tropical agriculture). In its Growth Capital segment, AvH also pro- vides growth capital to sustainable companies in different sectors. At an economic level, the AvH group represented in 2025 a turnover of 7.7 billion euros and employed 24,931 people through its share in the participations. AvH is listed on Euronext Brussels and is included in the BEL20 index, the BEL ESG index, the MSCI Europe Small Cap index and the European DJ Stoxx 600. Half-yearly financial report according to IAS 34 The half-yearly financial report for the six-month period starting on January 1, 2026 and ending June 30, 2026, which comprises besides the condensed financial statements, including all information ac- cording to IAS 34, also the interim management report, a statement of the responsible persons and information regarding the external audit, is available on the website www.avh.be. Declaration by the auditor The auditor has confirmed that his review of the consolidated half-yearly accounts has been substantially completed and that no meaningful corrections have come to his attention that would require an adjustment to the financial information included in this press release. Antwerp, Deloitte Bedrijfsrevisoren BV statutory auditor, permanently represented by Ben Vandeweyer Partner Website All press releases issued by AvH and its most important group companies as well as the ‘Investor Presentation’ can also be consulted on the AvH website: www.avh.be. Anyone who is interested in receiving the press releases via email can register on this website. Financial calendar • December 1, 2026 ..................................... Interim statement Q3 2026 • February 26, 2027 ..................................... Annual results 2026 • March 31, 2027 .............................................. Annual report 2026 • May 20, 2027 .................................................... Interim statement Q1 2027 • May 24, 2027 .................................................... General meeting • August 30, 2027 ........................................... Half-year results 2027 • November 25, 2027 ................................ Interim statement Q3 2027 Contact For further information please contact: • John-Eric Bertrand co-CEO - co-Chairman executive committee Tel. +32 3 897 92 08 • Piet Dejonghe co-CEO - co-Chairman executive committee Tel. +32 3 897 92 36 • Tom Bamelis CFO - Member executive committee Tel. +32 3 897 92 35 e-mail: dirsec@avh.be Ackermans & van Haaren NV Begijnenvest 113 2000 Antwerp Belgium Tel. +32 3 231 87 70 info@avh.be www.avh.be
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22 | Half-yearly financial report 2026
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23 | Half-yearly financial report 2026 Selective consolidated financial information 1. Consolidated income statement ..................................................................................................................................... 24 2. Consolidated statement of comprehensive income ......................................................................................................... 25 3. Consolidated balance sheet ........................................................................................................................................... 26 3.1. Consolidated balance sheet – Assets ....................................................................................................................... 26 3.2. Consolidated balance sheet – Equity and liabilities ................................................................................................... 27 4. Consolidated cash flow statement (indirect method) ...................................................................................................... 28 5. Statement of changes in consolidated equity ................................................................................................................. 29 6. Segment information ..................................................................................................................................................... 30 6.1. Segment information – Consolidated income statement 30-06-2026 ....................................................................... 31 6.2. Segment information – Consolidated income statement 30-06-2025 ....................................................................... 33 6.3. Segment information – Consolidated balance sheet 30-06-2026 – Assets ................................................................ 34 6.4. Segment information – Consolidated balance sheet 30-06-2026 - Equity and liabilities ............................................ 35 6.5. Segment information – Consolidated balance sheet 31-12-2025 – Assets ................................................................ 37 6.6. Segment information – Consolidated balance sheet 31-12-2025 - Equity and liabilities ............................................ 38 6.7. Segment information – Consolidated cash flow statement 30-06-2026 .................................................................... 39 6.8. Segment information – Consolidated cash flow statement 30-06-2025 .................................................................... 42 7. Notes to the financial statements .................................................................................................................................. 43 7.1. Basis for the presentation of the condensed financial statements.............................................................................. 43 7.2. Tangible assets........................................................................................................................................................ 44 7.3. Investment property ................................................................................................................................................ 45 7.4. Financial assets and liabilities per category .............................................................................................................. 46 7.5. Seasonality or cyclicality of operations ..................................................................................................................... 47 7.6. Participations accounted for using the equity method ............................................................................................... 47 7.7. Earnings per share ................................................................................................................................................... 49 7.8. Treasury shares ....................................................................................................................................................... 49 7.9. Impairments ............................................................................................................................................................ 50 8. Main risks and uncertainties .......................................................................................................................................... 50 9. Rights and commitments not reflected in the balance sheet ........................................................................................... 50 10. Overview of the major related party transactions............................................................................................................ 50 11. Events after balance sheet date ..................................................................................................................................... 50 Lexicon ..................................................................................................................................................................................... 54
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24 | Half-yearly financial report 2026 1. Consolidated income statement (€ 1,000) 30-06-2026 30-06-2025 Revenue 3,030,217 3,033,271 Rendering of services 2 15 Real estate revenue 52,049 106,374 Interest income - banking activities 136,223 136,995 Fees and commissions - banking activities 76,732 69,014 Revenue from construction contracts 2,720,347 2,685,819 Other operating revenue 44,864 35,054 Operating expenses (-) -2,717,431 -2,737,245 Raw materials, consumables, services and subcontracted work (-) -1,780,807 -1,807,695 Interest expenses - banking activities (-) -57,362 -64,883 Employee expenses (-) -588,080 -554,033 Depreciation (-) -257,685 -264,123 Impairment losses (-) -5,014 -1,530 Other operating expenses (-) -36,568 -43,904 Provisions 8,086 -1,079 Profit (loss) on assets/liabilities designated at fair value through profit and loss 6,799 11,905 Financial assets - Fair value through P/L (FVPL) 6,662 11,724 Investment property 137 181 Profit (loss) on disposal of assets 8,342 19,540 Realised gain (loss) on intangible and tangible assets 5,519 17,226 Realised gain (loss) on investment property 0 0 Realised gain (loss) on financial fixed assets 2,823 2,314 Realised gain (loss) on other assets 0 0 Profit (loss) from operating activities 327,927 327,471 Financial result -4,984 -17,563 Interest income 35,258 35,914 Interest expenses (-) -30,094 -26,514 (Un)realised foreign currency results 1,310 -28,152 Other financial income (expenses) -11,866 3,681 Derivative financial instruments designated at fair value through profit and loss 407 -2,492 Share of profit (loss) from equity accounted investments 200,406 135,043 Other non-operating income 0 0 Other non-operating expenses (-) 0 0 Profit (loss) before tax 523,349 444,951 Income taxes -81,286 -79,733 Deferred taxes 5,185 36,770 Current taxes -86,472 -116,503 Profit (loss) after tax from continuing operations 442,063 365,218 Profit (loss) after tax from discontinued operations 0 0 Profit (loss) of the period 442,063 365,218 Minority interests 102,503 91,971 Share of the group 339,560 273,248 Earnings per share (€) 30-06-2026 30-06-2025 1. Basic earnings per share 1.1. from continued and discontinued operations 10.39 8.36 1.2. from continued operations 10.39 8.36 2. Diluted earnings per share 2.1. from continued and discontinued operations 10.35 8.34 2.2. from continued operations 10.35 8.34 We refer to Note 6 Segment information for more details on the consolidated result. .
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25 | Half-yearly financial report 2026 2. Consolidated statement of comprehensive income (€ 1,000) 30-06-2026 30-06-2025 Profit (loss) of the period 442,063 365,218 Minority interests 102,503 91,971 Share of the group 339,560 273,248 Other comprehensive income 15,759 -86,746 Items that may be reclassified to profit or loss in subsequent periods Net changes in revaluation reserve: bonds - Fair value through OCI (FVOCI) -251 2,031 Net changes in revaluation reserve: hedging reserves 1,097 -13,256 Net changes in revaluation reserve: translation differences 11,720 -78,802 Items that cannot be reclassified to profit or loss in subsequent periods Net changes in revaluation reserve: shares - Fair value through OCI (FVOCI) 3,277 3,011 Net changes in revaluation reserve: actuarial gains (losses) defined benefit pension plans -85 269 Total comprehensive income 457,821 278,473 Minority interests 103,352 79,355 Share of the group 354,470 199,118 For a breakdown of the ‘Share of the group’ and ‘Minority interests’ in the results, we refer to Note 6. Segment information. In accordance with the accounting standard “IFRS 9 Financial Instruments”, financial assets are split into three categories on the balance sheet and fluctuations in the fair value of financial assets are reported in the consolidated income statement. The o nly exception to this rule are the fair value fluctuations in the investment portfolio of Bank Van Breda and Delen Private Bank, which in the table above are divided into shares and bonds. The market value of the bond portfolio of Bank Van Breda is affected by the volatility in the interest rates (in the context of its Asset & Liability Management). Hedging reserves arise from fluctuations in the fair value of hedging instruments used by group companies to hedge against risks. Several group companies (a.o. DEME, Nextensa and Rentel/SeaMade) have hedged against a possible rise in interest rates. In H1 2026 the positive market value of the hedging instruments has increased, resulting in an increase of unrealised gains on hedging reserves by 1.1 million euros (including minority interests). Translation differences arise from fluctuations in the exchange rates of group companies that report in foreign currencies. In H1 2026, the euro de creased in value against most relevant currencies, resulting in a positive evolution in translation differences of 11.7 million euros (including minority interests).
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26 | Half-yearly financial report 2026 3. Consolidated balance sheet 3.1. Consolidated balance sheet – Assets (€ 1,000) 30-06-2026 31-12-2025 I. Non-current assets 13,211,760 13,136,119 Intangible assets 105,044 109,756 Goodwill 322,915 322,957 Tangible assets 3,401,648 3,375,233 Land and buildings 302,541 298,202 Plant, machinery and equipment 2,872,262 2,529,965 Furniture and vehicles 84,071 82,253 Other tangible assets 18,393 15,553 Assets under construction 124,382 449,259 Investment property 1,019,886 1,057,981 Participations accounted for using the equity method 2,268,934 2,246,407 Non-current financial assets 693,286 666,622 Financial assets : shares - Fair value through P/L (FVPL) 169,924 158,703 Receivables and warranties 523,362 507,920 Non-current hedging instruments 55,205 52,755 Deferred tax assets 203,331 191,850 Banks - receivables from credit institutions and clients after one year 5,141,510 5,112,557 Banks - loans and receivables to clients 5,164,953 5,135,390 Banks - changes in fair value of the hedged credit portfolio -23,443 -22,833 II. Current assets 8,006,291 8,085,050 Inventories 399,760 372,594 Amounts due from customers under construction contracts 755,914 801,693 Investments 756,854 732,434 Financial assets : shares - Fair value through P/L (FVPL) 46,144 40,473 Financial assets : bonds - Fair value through OCI (FVOCI) 545,689 530,874 Financial assets : shares - Fair value through OCI (FVOCI) 49 49 Financial assets - at amortised cost 164,972 154,555 Financial assets - term deposits > 3 months 0 6,482 Current hedging instruments 14,673 11,773 Amounts receivable within one year 1,105,609 1,100,085 Trade debtors 958,620 982,983 Other receivables 146,989 117,103 Current tax receivables 50,622 66,537 Banks - receivables from credit institutions and clients within one year 3,335,829 3,413,471 Banks - loans and advances to banks 81,299 96,432 Banks - loans and receivables to clients 1,287,212 1,291,771 Banks - changes in fair value of the hedged credit portfolio -705 -666 Banks - cash balances with central banks 1,968,024 2,025,934 Cash and cash equivalents 1,480,369 1,463,531 Deferred charges, accrued income and other current assets 106,660 122,933 III. Assets held for sale 42,500 41,873 Total assets 21,260,551 21,263,042 The breakdown of the consolidated balance sheet by segment is presented in Note 6.3 Segment information. This reveals that the full consolidation of Bank Van Breda (Private Banking segment) has a significant impact on both the balance sheet total and the balance sheet structure of AvH. Bank Van Breda contributes for 9,3 54.2 million euros to the balance sheet total of 21,2 60.6 million euros, and although this bank is solidly capitalized with a Common Equity Tier 1 ratio of 20. 9%, its balance sheet ratios, as explained by the nature of its activity, are different from those of the other companies in the consolidation scope. To improve the readability of the consolidated balance sheet, certain items from the balance sheet of Bank Van Breda have been summarized in the consolidated balance sheet.
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27 | Half-yearly financial report 2026 3.2. Consolidated balance sheet – Equity and liabilities (€ 1,000) 30-06-2026 31-12-2025 I. Total equity 7,554,813 7,319,905 Equity - group share 5,898,475 5,701,080 Share capital 2,295 2,295 Share premium 111,612 111,612 Consolidated reserves 5,905,933 5,715,665 Revaluation reserves -39,099 -54,009 Financial assets : bonds - Fair value through OCI (FVOCI) -5,234 -5,036 Financial assets : shares - Fair value through OCI (FVOCI) 10,297 7,020 Hedging reserves 23,414 22,718 Actuarial gains (losses) defined benefit pension plans -22,026 -21,895 Translation differences -45,551 -56,816 Treasury shares (-) -82,266 -74,484 Minority interests 1,656,338 1,618,825 II. Non-current liabilities 3,074,374 3,301,942 Provisions 83,228 99,511 Pension liabilities 65,051 65,035 Deferred tax liabilities 130,512 123,887 Financial debts 1,363,209 1,516,589 Bank loans 1,152,087 1,311,823 Bonds 0 0 Subordinated loans 0 0 Lease debts 177,177 170,622 Other financial debts 33,945 34,144 Non-current hedging instruments 6,083 7,402 Other amounts payable 54,205 38,789 Banks - non-current debts to credit institutions, clients & securities 1,372,086 1,450,731 Banks - deposits from credit institutions 0 0 Banks - deposits from clients 1,372,086 1,450,731 Banks - debt certificates including bonds 0 0 Banks - changes in fair value of the hedged credit portfolio 0 0 III. Current liabilities 10,631,364 10,641,195 Provisions 50,792 38,165 Pension liabilities 10 31 Financial debts 538,632 548,705 Bank loans 320,982 331,559 Bonds 101,100 100,079 Subordinated loans 0 0 Lease debts 52,874 49,676 Other financial debts 63,676 67,392 Current hedging instruments 3,996 3,429 Amounts due to customers under construction contracts 764,622 907,656 Other amounts payable within one year 2,144,675 2,017,229 Trade payables 1,530,400 1,399,283 Advances received 311,393 252,401 Amounts payable regarding remuneration and social security 226,674 265,073 Other amounts payable 76,208 100,472 Current tax payables 95,811 140,636 Banks - current debts to credit institutions, clients & securities 6,968,702 6,928,765 Banks - deposits from credit institutions 37,946 29,328 Banks - deposits from clients 6,802,990 6,733,354 Banks - debt certificates including bonds 127,765 166,084 Banks - changes in fair value of the hedged credit portfolio 0 0 Accrued charges and deferred income 64,125 56,578 IV. Liabilities held for sale 0 0 Total equity and liabilities 21,260,551 21,263,042
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28 | Half-yearly financial report 2026 4. Consolidated cash flow statement (indirect method) (€ 1,000) 30-06-2026 30-06-2025 I. Cash and cash equivalents - opening balance 1,463,531 1,383,262 Profit (loss) from operating activities 327,927 327,471 Reclassification ‘Profit (loss) on disposal of assets' to cash flow from divestments -8,342 -19,540 Dividends from participations accounted for using the equity method 203,745 167,506 Dividends received from non-consolidated entities 1,317 8,314 Interest income received 25,908 24,114 Interest expenses paid -28,641 -25,604 Other financial income (costs) -14,119 -14,279 Other non-operating income (expenses) 0 0 Income taxes (paid) -126,554 -95,826 Non-cash adjustments Depreciation 257,685 264,123 Impairment losses 5,000 1,518 Share based payment 432 -3,864 (Profit) Loss on assets/liabilities designated at fair value through profit and loss -6,799 -11,905 (Decrease) increase of provisions -8,472 815 Other non-cash expenses (income) -348 1,422 Cash flow before changes in working capital 628,739 624,264 Decrease (increase) of working capital 60,316 -212,951 Decrease (increase) of inventories and construction contracts 26,179 -1,292 Decrease (increase) of amounts receivable 85,476 -50,391 Decrease (increase) of receivables from credit institutions and clients (banks) 49,039 -25,310 Increase (decrease) of liabilities (other than financial debts) -70,065 -178,944 Increase (decrease) of debts to credit institutions, clients & securities (banks) -34,240 61,639 Decrease (increase) other 3,927 -18,653 Cash flow from operating activities 689,055 411,313 Investments -427,765 -904,223 Acquisition of intangible and tangible assets -243,012 -151,272 Acquisition of investment property -4,399 -4,112 Acquisition of subsidiaries (cash acquired deducted) 1 -538,083 Acquisition of associates, JV & non-consolidated entities -31,939 -28,659 New loans granted -36,862 -78,704 Acquisition of investments -111,553 -103,393 Divestments 184,193 324,273 Disposal of intangible and tangible assets 8,169 66,619 Disposal of investment property 35,450 162,679 Disposal of subsidiaries (cash disposed deducted) 0 0 Disposal of associates, JV & non-consolidated entities 27,077 6,519 Reimbursements of loans 19,013 16,623 Disposal of investments 94,483 71,832 Cash flow from investing activities -243,572 -579,951 Financial operations Decrease (increase) of treasury shares - AvH -7,688 7,734 Decrease (increase) of treasury shares - affiliates -5,294 -3,941 Increase of financial debts 14,686 550,010 (Decrease) of financial debts -218,013 -303,309 (Investments) and divestments in controlling interests -3,234 -8,500 Dividends paid by AvH -150,285 -124,432 Dividends paid to minority interests -59,583 -50,088 Cash flow from financial activities -429,412 67,474 II. Net increase (decrease) in cash and cash equivalents 16,070 -101,163 Impact of exchange rate changes on cash and cash equivalents 768 -8,972 III. Cash and cash equivalents - ending balance 1,480,369 1,273,126
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29 | Half-yearly financial report 2026 5. Statement of changes in consolidated equity (€ 1,000) Issued capital & share premium Consoli- dated reserves Bonds - Fair value through OCI (FVOCI) Shares - Fair value through OCI (FVOCI) Hedging reserves Actuarial gains (losses) defined benefit pension plans Translation differences Treasury shares Equity - group share Minority interests Total equity Opening balance, 1 January 2025 113,907 5,226,534 -5,586 4,420 16,853 -26,138 17,351 -69,093 5,278,248 1,537,881 6,816,129 Profit 273,248 273,248 91,971 365,218 Other comprehensive income 1,600 3,011 -8,299 269 -70,710 -74,130 -12,616 -86,746 Total comprehensive income 0 273,248 1,600 3,011 -8,299 269 -70,710 0 199,118 79,355 278,473 Distribution of dividends -124,432 -124,432 -50,088 -174,520 Operations with treasury shares 7,346 7,346 7,346 Other (a.o. changes in consol. scope / beneficial interest %) 4,188 4,188 -24,017 -19,829 Ending balance, 30 June 2025 113,907 5,379,538 -3,986 7,431 8,553 -25,869 -53,359 -61,747 5,364,467 1,543,131 6,907,599 (€ 1,000) Issued capital & share premium Consoli- dated reserves Bonds - Fair value through OCI (FVOCI) Shares - Fair value through OCI (FVOCI) Hedging reserves Actuarial gains (losses) defined benefit pension plans Translation differences Treasury shares Equity - group share Minority interests Total equity Ending balance, 31 December 2025 113,907 5,715,665 -5,036 7,020 22,718 -21,895 -56,816 -74,484 5,701,080 1,618,825 7,319,905 Impact IFRS amendments 0 0 0 Opening balance, 1 January 2026 113,907 5,715,665 -5,036 7,020 22,718 -21,895 -56,816 -74,484 5,701,080 1,618,825 7,319,905 Profit 339,560 339,560 102,503 442,063 Other comprehensive income -197 3,277 696 -131 11,265 14,910 849 15,759 Total comprehensive income 0 339,560 -197 3,277 696 -131 11,265 0 354,470 103,352 457,821 Distribution of dividends -150,285 -150,285 -59,583 -209,868 Operations with treasury shares -7,782 -7,782 -7,782 Other (a.o. changes in consol. scope / beneficial interest %) 992 992 -6,256 -5,264 Ending balance, 30 June 2026 113,907 5,905,933 -5,234 10,297 23,414 -22,026 -45,551 -82,266 5,898,475 1,656,338 7,554,813 More details on the unrealised results can be found in Note 2. Consolidated statement of comprehensive income. After the General Meeting of May 26, 202 6, AvH paid a dividend of 4.60 euros per share, resulting in a total dividend payment of 150.3 million euros, taking into account that no dividend is paid on the treasury shares that AvH owns at the date of payment. On June 30, 2026, AvH held 482,350 treasury shares to cover outstanding stock option obligations. In execution of the liquidity agreement with Kepler Cheuvreux, 528,106 treasury shares were purchased and 538,835 were sold in H1 2026, resulting in a position of 11,111 treasury shares at June 30, 2026. The total number of treasury shares was 493,461 (1.49% of the shares issued) at the end of June 2026 (478,190 at year-end 2025). The item "Other" in the "Minority interests" column arises, among other aspects, from the changes in the consolidation scope of AvH or its affiliates. The increase in the controlling interest in Nextensa and CFE gave rise to a decrease in minority interests. We refer to Explanatory Note 6. Segment reporting for more details. The item “Other” in the column "Consolidated reserves" includes a.o. the eliminations of results on sales of treasury shares, the impact of the acquisition or sale of minority interests and the impact of the remeasurement of the purchase obligation on certain shares. The impact of the acquisition of additional Nextensa shares amounts to 1.8 million euros.
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30 | Half-yearly financial report 2026 6. Segment information Segment 1 Marine Engineering & Contracting: DEME Group (full consolidation 62.12%), CFE (full consolidation 62.54%), Deep C Holding (full consolidation 81.27%) and Green Offshore (full consolidation 81.27%). In the first half of 2026, AvH acquired additional shares of CFE, increasing its participation from 62.12% to 62.54%. The shares in Deep C Holding and Green Offshore are held by AvH (50%) and CFE (50%). As a result, the stakes in Deep C Holding and Green Offshore have mechanically increased as well from 81.06% to 81.27%. Segment 2 Private Banking: Delen Private Bank (equity method 78. 75%), Bank Van Breda (full consolidation 78.75%) and FinAx (full consolidation 100%). Segment 3 Real Estate: Nextensa (full consolidation 69.28%) In H1 2026, AvH increased its participation in Nextensa from 68.81% to 69.28% through purchases on the stock exchange. Segment 4 Energy & Resources: SIPEF (equity method 43.32%), Verdant Bioscience (equity method 42%), AvH India Resources (full consolidation 100%) and Sagar Cements (equity method 19.64%). In H1 2026, AvH increased its participation in SIPEF from 42.20% to 43.32%, without this having an impact on the way in which this participation is reported in the consolidated financial statements. AvH India Resources holds no other participations than in Sagar Cements. Segment 5 AvH & Growth Capital: • AvH, AvH Growth Capital & subholdings (full consolidation 100%) • Participations fully consolidated: Agidens (82.7%) and Biolectric Group (54.3%) • Participations accounted for using the equity method: Amsteldijk Beheer (50%), Gravity Media (22.7%), GreenStor (50%), Mediahuis Partners (26.7%), Mediahuis (14.4%), MediaCore (49.9%), OM Partners (20.0%), Turbo’s Hoet Groep (50%), Van Moer Logistics (32.4%), Blue Real Estate (33.3%), Camlin Fine Sciences (8.8%), V.Group (33.3%) and VKC Nuts (16.6%). • Non-consolidated participations: Life Science: Astrivax (7.7%), Biotalys (15.7%), Bio Cap Invest (22.6%), Confo Therapeutics (6.2%), DISCO Pharmaceuticals (10.9%), Indigo Diabetes (2.8%), MRM Health (14.7%), OncoDNA (9.6%) and Vico Therapeutics International (10.3%). India / South- East Asia: HealthQuad Fund I (36.3%), HealthQuad Fund II (11.0%), Medikabazaar (20.1%), Venturi Partners Fund I (11.1%), Venturi Partners Fund II (14.0%) and Convergent Finance (6.3%). In H1 2026, several follow -up investments in the Growth Capital portfolio took place, amongst others in DISCO Pharmaceuticals, Biotalys and MRM Health, representing a total amount of 11.0 million euros.
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31 | Half-yearly financial report 2026 6.1. Segment information – Consolidated income statement 30-06-2026 (€ 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Engineering & Contracting Private Banking Real Estate Energy & Resources AvH & Growth Capital Eliminations between segments Total 30-06-2026 Revenue 2,736,586 213,852 31,327 0 49,460 -1,008 3,030,217 Rendering of services 0 0 0 0 1,009 -1,008 2 Real estate revenue 22,152 0 29,898 0 0 0 52,049 Interest income - banking activities 0 136,223 0 0 0 0 136,223 Fees and commissions - banking activities 0 76,732 0 0 0 0 76,732 Revenue from construction contracts 2,673,096 0 0 0 47,251 0 2,720,347 Other operating revenue 41,338 897 1,429 0 1,200 0 44,864 Operating expenses (-) -2,497,608 -143,975 -12,966 -37 -64,090 1,244 -2,717,431 Raw materials, consumables, services and subcontracted work (-) -1,708,186 -26,258 -9,663 -35 -37,910 1,244 -1,780,807 Interest expenses - banking activities (-) 0 -57,362 0 0 0 0 -57,362 Employee expenses (-) -518,199 -41,998 -2,287 -1 -25,594 0 -588,080 Depreciation (-) -249,213 -4,712 -651 -1 -3,108 0 -257,685 Impairment losses (-) -4,200 -426 0 0 -388 0 -5,014 Other operating expenses (-) -23,099 -12,923 -362 0 -185 0 -36,568 Provisions 5,290 -295 -3 0 3,095 0 8,086 Profit (loss) on assets/liabilities designated at fair value through profit and loss 375 0 137 0 6,287 0 6,799 Financial assets - Fair value through P/L (FVPL) 375 0 0 0 6,287 0 6,662 Investment property 0 0 137 0 0 0 137 Profit (loss) on disposal of assets 7,433 644 0 0 265 0 8,342 Realised gain (loss) on intangible and tangible assets 4,870 644 0 0 5 0 5,519 Realised gain (loss) on investment property 0 0 0 0 0 0 0 Realised gain (loss) on financial fixed assets 2,563 0 0 0 260 0 2,823 Realised gain (loss) on other assets 0 0 0 0 0 0 0 Profit (loss) from operating activities 246,786 70,521 18,498 -37 -8,078 237 327,927 Financial result -22,368 207 -1,372 24 18,762 -237 -4,984 Interest income 16,997 699 5,464 25 12,788 -714 35,258 Interest expenses (-) -23,484 0 -7,041 0 -284 714 -30,094 (Un)realised foreign currency results -3,010 0 0 0 4,320 0 1,310 Other financial income (expenses) -12,872 94 -789 -1 1,938 -237 -11,866 Derivative financial instruments designated at fair value through profit and loss 0 -586 993 0 0 0 407 Share of profit (loss) from equity accounted investments 56,316 109,241 5,460 22,529 6,860 0 200,406 Other non-operating income 0 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 0 Profit (loss) before tax 280,734 179,969 22,586 22,516 17,544 0 523,349 Income taxes -53,877 -21,651 -4,977 0 -781 0 -81,286 Deferred taxes 6,042 -83 -935 0 162 0 5,185 Current taxes -59,919 -21,567 -4,042 0 -944 0 -86,472 Profit (loss) after tax from continuing operations 226,857 158,318 17,608 22,516 16,763 0 442,063 Profit (loss) after tax from discontinued operations 0 0 0 0 0 0 0 Profit (loss) of the period 226,857 158,318 17,608 22,516 16,763 0 442,063 Minority interests 86,655 10,337 5,268 227 16 0 102,503 Share of the group 140,202 147,982 12,340 22,289 16,747 0 339,560
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32 | Half-yearly financial report 2026 Comments on the consolidated income statement AvH’s consolidation scope remained largely unchanged in the first half of 2026. The slightly increased shareholdings in SIPEF, Nextensa, CFE had no impact on the consolidation method, while the first time contribution of VKC Nuts (acquired in H2 2025) to the H1 2026 results remain s limited. An overview of all changes is included in note 6. Segment reporting. As a result, the comparison between the consolidated income statements of H1 2026 and H1 2025 is not affected by significant changes in the scope of consolidation. Consolidated revenue amounted to 3,030.2 million euros, a decrease of 3.1 million euros compared to last year. Operating expenses , however, decreased by 19.8 million euros to 2,717.4 million euros, resulting in a positive combined effect of 16.8 million euros on operating profit. At segment level, revenues in “Marine Engineering & Contracting” increased by 9.4 million euros to 2,736.6 million euros. Higher revenue from construction contracts (+29.1 million euros) and higher other operating income (+9.9 million euros) were partly of fset by significantly lower real estate revenue ( -29.6 million euros). At Nextensa, revenue declined by 24.5 million euros to 31.3 million euros, following the sale of several real estate properties in 2025, which resulted in lower rental income in 2026, as well as lower sales of residential properties at the Tour & Taxis site in Brussels. The 4.9 million euros increase in revenue within ‘AvH & Growth Capital’ reflects the growth of Biolectric and Agidens. Bank Van Breda continued to benefit from strong commercial momentum. Fees and commissions from banking activities increased by 7.7 million euros (+11%) to 76.7 million euros. Interest income declined slightly by 0.8 million euros to 136.2 million euros, wh ile interest expenses decreased by 7.5 million euros to 57.4 million euros. As a result, Bank Van Breda’s net interest result improved by 6.7 million euros (+9%) to 78.9 million euros. Combined with higher fee income, net banking income rose by 14.4 million euros (+9%) to 156.6 million euros. Operating expenses decreased by 19.8 million euros. Raw materials, consumables, services and subcontracted work were 26.9 million euros lower at 1,780.8 million euros. Reductions in ‘Marine Engineering & Contracting’ ( -20.2 million euros) and ‘Real Estate’ (-19.2 million euros) more than offset increases in ‘Private Banking’ (+6.7 million euros) and ‘AvH & Growth Capital’ (+5.6 million euros). This decrease was partly neutralised by 34.0 million euros higher employee expenses (+6% to 588.1 million euros). Depreciation decrea sed by 6.4 million euros to 257.7 million euros, while impairment losses remained limited at 5.0 million euros, almost entirely in ‘Marine Engineering & Contracting’. Provisions resulted in a net release of 8.1 million euros in H1 2026 (5.3 million euros i n ‘Marine Engineering & Contracting’ and 3.1 million euros in ‘AvH & Growth Capital’), compared to a net charge of 1.1 million euros last year. A more detailed analysis of the operating results of the main participations can be found in this half year report starting on page 7. The listed entities DEME, CFE, Nextensa and SIPEF have also published a half year report. Adjustments to fair value through the income statement contributed 6.8 million euros to the result of H1 2026, compared with 11.9 million euros last year. The contribution within ‘AvH & Growth Capital’ amounted to 6.3 million euros (H1 2025: 8.8 million euros) and was almost entirely driven by variances in AvH’s treasury portfolio, as the positive and negative variances within the Life Sciences and India & Southeast Asia portfolios largely offset each other. The fair value adjustment at Nextensa was virtually neutral at 0.1 million euros and related entirely to investment property. In H1 2025, it also included a valuation variance on Retail Estates shares, which were sold in H2 2025. Profits and losses on the disposal of assets contributed 8.3 million euros, 11.2 million euros less than in H1 2025. The decline is almost entirely attributable to ‘Marine Engineering & Contracting’ (7.4 million euros compared to 17.7 million euros), as the comparative half year still included a substantial gain realised on the sale of the jack up vessel Sea Challenger. Together, these elements resulted in a profit from operating activities of 327.9 million euros, very close to the 327.5 million euros of H1 2025. At segment level, ‘Marine Engineering & Contracting’ (+6.1 million euros to 246.8 million euros) and ‘Private Banking’ (+5.9 million euros to 70.5 million euros) improved, while ‘Real Estate’ fell back by 7.9 million euros to 18.5 million euros and ‘AvH & Growth Capital’ came out 3.4 million euros more negative at -8.1 million euros. The financial result amounted to 5.0 million euros negative in H1 2026, an improvement of 12.6 million euros compared with the 17.6 million euros negative recorded in H1 2025. The main elements were: • The net interest result decreased by 4.2 million euros to a positive 5.2 million euros. Interest income remained virtually stable at 35.3 million euros, while interest expenses rose by 3.6 million euros to 30.1 million euros. This was entirely attributable to ‘Marine Engineering & Contracting’ (+6.3 million euros higher interest expenses) as a result of the financing of DEME’s investment programme, partly compensated by 2.8 million euros lower interest expenses at Nextensa following the further reduction of its net financial debt. • Exchange rate effects reversed from 28.2 million euros negative to 1.3 million euros positive, representing a positive year -on-year variance of 29.5 million euros. This improvement is attributable for 6.3 million euros to ‘Marine Engineering & Contracting’ and for 23.2 million euros to ‘AvH & Growth Capital’. The loan notes issued by V.Group still included a significant unrealised exchange loss in H1 2025, which turned into a positive in 2026, explaining a total variance of 21.8 million euros. In the management presentation the interest accrual and forex impact on debt instruments are reclassed to the contribution of V.Group. • Other financial income and expenses deteriorated by 15.5 million euros to a loss of 11.9 million euros. This includes a deterioration of 8.8 million euros in ‘Marine Engineering & Contracting’ and of 6.9 million euros in ‘Real Estate’ whose 2025 result included a dividend from Retail Estates (sold in H2 2025). • Derivative financial instruments measured at fair value contributed 0.4 million euros positive, compared with 2.5 million euros negative last year. The contribution of participations accounted for using the equity method increased by 65.4 million euros (+48%) to 200.4 million euros. The largest contribution once more came from Delen Private Bank, with 109.2 million euros in the ‘Private Banking’ segment (H1 2025: 95.1 million euros). The strongest increase, however, was recorded in ‘Marine Engineering & Contracting’, where the contribution of participations accounted for using the equity method almost tripled to 56.3 million euros (H1 2025: 20.2 million euros). ‘Energy & Resources’ contributed 22.5 million euros (H1 2025: 19.4 million euros), with SIPEF as the main component. ‘AvH & Growth Capital’ improved from a negative contribution of 3.3 million euros to a positive of 6.9 million euros. Nextensa contributed 5.5 million euros (H1 2025: 3.7 million euros) mainly through its Luxembourg real estate development participations active at Cloche d’Or. Income taxes rose again to 81.3 million euros (H1 2025: 79.7 million euros). It should be noted that the contribution of participations accounted for using the equity method is included in AvH’s consolidated accounts on an after -tax basis. The tax charge of 81.3 million euros is therefore related to an adjusted profit before tax of 322.9 million euros (i.e. 523.3 million euros less the contribution of 200.4 million euros from participations accounted for using the equity method), resulting in an overall tax rate of 25.2% (H1 2025: 25.7%). Profit for the period amounted to 442.1 million euros, an increase of 76.8 million euros (+21%) compared with H1 2025. After deducting the share of minority interests of 102.5 million euros (H1 2025: 92.0 million euros), profit attributable to the group amounted to 339.6 milli on euros, an increase of 66.3 million euros or 24% compared with last year. All segments except ‘Real Estate’ contributed to this improvement: ‘AvH & Growth Capital’ +28.2 million euros, ‘Marine Engineering & Contracting’ +23.2 million euros, ‘Private Banking’ +13.7 million euros and ‘Energy & Resources’ +2.7 million euros, while ‘Real Estate’ declined by 1.5 million euros.
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33 | Half-yearly financial report 2026 6.2. Segment information – Consolidated income statement 30-06-2025 (€ 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Engineering & Contracting Private Banking Real Estate Energy & Resources AvH & Growth Capital Eliminations between segments Total 30-06-2025 Revenue 2,727,173 206,666 55,838 476 44,517 -1,399 3,033,271 Rendering of services 0 0 0 0 1,010 -995 15 Real estate revenue 51,754 0 54,620 0 0 0 106,374 Interest income - banking activities 0 136,995 0 0 0 0 136,995 Fees and commissions - banking activities 0 69,014 0 0 0 0 69,014 Revenue from construction contracts 2,643,972 0 0 0 41,891 -43 2,685,819 Other operating revenue 31,447 657 1,218 476 1,616 -360 35,054 Operating expenses (-) -2,504,182 -142,423 -32,574 -250 -59,451 1,635 -2,737,245 Raw materials, consumables, services and subcontracted work (-) -1,728,364 -19,580 -28,834 -209 -32,344 1,635 -1,807,695 Interest expenses - banking activities (-) 0 -64,883 0 0 0 0 -64,883 Employee expenses (-) -488,366 -39,116 -3,115 -42 -23,394 0 -554,033 Depreciation (-) -256,014 -4,228 -721 0 -3,159 0 -264,123 Impairment losses (-) -463 -621 0 0 -446 0 -1,530 Other operating expenses (-) -29,806 -13,996 99 0 -200 0 -43,904 Provisions -1,168 0 -3 0 92 0 -1,079 Profit (loss) on assets/liabilities designated at fair value through profit and loss 0 0 3,154 0 8,751 0 11,905 Financial assets - Fair value through P/L (FVPL) 0 0 2,973 0 8,751 0 11,724 Investment property 0 0 181 0 0 0 181 Profit (loss) on disposal of assets 17,672 364 0 0 1,504 0 19,540 Realised gain (loss) on intangible and tangible assets 16,834 364 0 0 27 0 17,226 Realised gain (loss) on investment property 0 0 0 0 0 0 0 Realised gain (loss) on financial fixed assets 838 0 0 0 1,476 0 2,314 Realised gain (loss) on other assets 0 0 0 0 0 0 0 Profit (loss) from operating activities 240,664 64,607 26,418 225 -4,679 237 327,471 Financial result -13,580 992 -1,431 5 -3,312 -237 -17,563 Interest income 16,907 881 4,941 5 13,894 -714 35,914 Interest expenses (-) -17,150 0 -9,848 0 -229 714 -26,514 (Un)realised foreign currency results -9,268 0 0 0 -18,884 0 -28,152 Other financial income (expenses) -4,068 0 6,080 0 1,907 -237 3,681 Derivative financial instruments designated at fair value through profit and loss 0 112 -2,604 0 0 0 -2,492 Share of profit (loss) from equity accounted investments 20,162 95,112 3,712 19,381 -3,325 0 135,043 Other non-operating income 0 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 0 Profit (loss) before tax 247,246 160,711 28,699 19,612 -11,316 0 444,951 Income taxes -55,498 -16,042 -7,917 -58 -218 0 -79,733 Deferred taxes 40,051 -358 -3,524 0 601 0 36,770 Current taxes -95,549 -15,684 -4,393 -58 -819 0 -116,503 Profit (loss) after tax from continuing operations 191,748 144,669 20,782 19,554 -11,534 0 365,218 Profit (loss) after tax from discontinued operations 0 0 0 0 0 0 0 Profit (loss) of the period 191,748 144,669 20,782 19,554 -11,534 0 365,218 Minority interests 74,710 10,408 6,920 0 -67 0 91,971 Share of the group 117,038 134,261 13,862 19,554 -11,467 0 273,248
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34 | Half-yearly financial report 2026 6.3. Segment information – Consolidated balance sheet 30-06-2026 – Assets (€ 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Engineering & Contracting Private Banking Real Estate Energy & Resources AvH & Growth Capital Eliminations between segments Total 30-06-2026 I. Non-current assets 4,485,759 6,339,669 1,219,838 421,496 769,753 -24,755 13,211,760 Intangible assets 100,022 124 405 0 4,494 0 105,044 Goodwill 174,692 134,247 0 0 13,976 0 322,915 Tangible assets 3,304,587 69,005 6,684 1 21,372 0 3,401,648 Land and buildings 239,061 50,882 0 0 12,598 0 302,541 Plant, machinery and equipment 2,864,105 4,422 2,081 0 1,654 0 2,872,262 Furniture and vehicles 69,025 8,008 315 1 6,723 0 84,071 Other tangible assets 10,186 3,522 4,288 0 398 0 18,393 Assets under construction 122,210 2,172 0 0 0 0 124,382 Investment property 0 0 1,019,886 0 0 0 1,019,886 Participations accounted for using the equity method 423,633 956,659 90,975 421,412 376,254 0 2,268,934 Non-current financial assets 282,836 3,286 78,870 83 352,966 -24,755 693,286 Financial assets : shares - Fair value through P/L (FVPL) 4,250 0 0 0 165,674 0 169,924 Receivables and warranties 278,586 3,286 78,870 83 187,292 -24,755 523,362 Non-current hedging instruments 14,414 28,350 12,441 0 0 0 55,205 Deferred tax assets 185,575 6,489 10,576 0 691 0 203,331 Banks - receivables from credit institutions and clients after one year 0 5,141,510 0 0 0 0 5,141,510 Banks - loans and receivables to clients 0 5,164,953 0 0 0 0 5,164,953 Banks - changes in fair value of the hedged credit portfolio 0 -23,443 0 0 0 0 -23,443 II. Current assets 3,127,644 4,106,069 269,090 577 508,294 -5,385 8,006,291 Inventories 225,603 0 170,761 0 3,397 0 399,760 Amounts due from customers under construction contracts 735,877 0 12,118 0 7,919 0 755,914 Investments 2 710,710 0 0 46,142 0 756,854 Financial assets : shares - Fair value through P/L (FVPL) 2 0 0 0 46,142 0 46,144 Financial assets : bonds - Fair value through OCI (FVOCI) 0 545,689 0 0 0 0 545,689 Financial assets : shares - Fair value through OCI (FVOCI) 0 49 0 0 0 0 49 Financial assets - at amortised cost 0 164,972 0 0 0 0 164,972 Financial assets - term deposits > 3 months 0 0 0 0 0 0 0 Current hedging instruments 13,427 1,246 0 0 0 0 14,673 Amounts receivable within one year 1,013,076 2,572 44,810 0 46,346 -1,195 1,105,609 Trade debtors 920,943 63 15,916 0 22,892 -1,195 958,620 Other receivables 92,133 2,509 28,894 0 23,454 0 146,989 Current tax receivables 42,516 0 6,955 28 1,123 0 50,622 Banks - receivables from credit institutions and clients within one year 0 3,335,829 0 0 0 0 3,335,829 Banks - loans and advances to banks 0 81,299 0 0 0 0 81,299 Banks - loans and receivables to clients 0 1,287,212 0 0 0 0 1,287,212 Banks - changes in fair value of the hedged credit portfolio 0 -705 0 0 0 0 -705 Banks - cash balances with central banks 0 1,968,024 0 0 0 0 1,968,024 Cash and cash equivalents 1,022,003 28,936 31,242 536 397,653 0 1,480,369 Deferred charges, accrued income and other current assets 75,140 26,777 3,204 14 5,716 -4,190 106,660 III. Assets held for sale 0 0 42,500 0 0 0 42,500 Total assets 7,613,404 10,445,738 1,531,428 422,074 1,278,048 -30,140 21,260,551
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35 | Half-yearly financial report 2026 6.4. Segment information – Consolidated balance sheet 30-06-2026 - Equity and liabilities (€ 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Engineering & Contracting Private Banking Real Estate Energy & Resources AvH & Growth Capital Eliminations between segments Total 30-06-2026 I. Total equity 3,070,602 1,998,456 849,115 422,068 1,214,572 0 7,554,813 Equity - group share 1,877,701 1,805,661 587,029 422,068 1,206,016 0 5,898,475 Share capital 0 0 0 0 2,295 0 2,295 Share premium 0 0 0 0 111,612 0 111,612 Consolidated reserves 1,911,958 1,800,156 587,127 428,821 1,177,871 0 5,905,933 Revaluation reserves -34,257 5,505 -97 -6,753 -3,497 0 -39,099 Financial assets : bonds - Fair value through OCI (FVOCI) 0 -5,234 0 0 0 0 -5,234 Financial assets : shares - Fair value through OCI (FVOCI) 0 10,297 0 0 0 0 10,297 Hedging reserves 23,410 0 -97 -20 122 0 23,414 Actuarial gains (losses) defined benefit pension plans -21,529 -3,586 0 -2,233 5,322 0 -22,026 Translation differences -36,138 4,028 0 -4,500 -8,941 0 -45,551 Treasury shares (-) 0 0 0 0 -82,266 0 -82,266 Minority interests 1,192,901 192,795 262,086 0 8,556 0 1,656,338 II. Non-current liabilities 1,267,978 1,402,012 408,674 0 20,466 -24,755 3,074,374 Provisions 73,737 1,503 265 0 7,723 0 83,228 Pension liabilities 57,912 6,974 0 0 165 0 65,051 Deferred tax liabilities 76,769 0 52,796 0 947 0 130,512 Financial debts 1,013,257 8,115 355,530 0 11,062 -24,755 1,363,209 Bank loans 798,577 0 350,500 0 3,010 0 1,152,087 Bonds 0 0 0 0 0 0 0 Subordinated loans 0 0 0 0 0 0 0 Lease debts 158,693 8,115 2,318 0 8,052 0 177,177 Other financial debts 55,987 0 2,713 0 0 -24,755 33,945 Non-current hedging instruments 674 5,326 83 0 0 0 6,083 Other amounts payable 45,629 8,007 0 0 569 0 54,205 Banks - non-current debts to credit institutions, clients & securities 0 1,372,086 0 0 0 0 1,372,086 Banks - deposits from credit institutions 0 0 0 0 0 0 0 Banks - deposits from clients 0 1,372,086 0 0 0 0 1,372,086 Banks - debt certificates including bonds 0 0 0 0 0 0 0 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 0 III. Current liabilities 3,274,824 7,045,271 273,639 6 43,010 -5,385 10,631,364 Provisions 49,889 14 350 0 539 0 50,792 Pension liabilities 0 10 0 0 0 0 10 Financial debts 301,090 4,137 226,045 0 7,360 0 538,632 Bank loans 254,291 0 64,212 0 2,479 0 320,982 Bonds 0 0 101,100 0 0 0 101,100 Subordinated loans 0 0 0 0 0 0 0 Lease debts 46,207 4,137 0 0 2,531 0 52,874 Other financial debts 593 0 60,733 0 2,350 0 63,676 Current hedging instruments 3,425 570 0 0 0 0 3,996 Amounts due to customers under construction contracts 754,561 0 0 0 10,061 0 764,622 Other amounts payable within one year 2,051,927 46,657 23,727 4 23,555 -1,195 2,144,675 Trade payables 1,508,564 143 11,055 4 11,828 -1,195 1,530,400 Advances received 311,393 0 0 0 0 0 311,393 Amounts payable regarding remuneration and social security 201,646 16,380 2,535 0 6,113 0 226,674 Other amounts payable 30,324 30,133 10,137 0 5,614 0 76,208 Current tax payables 72,683 20,290 2,233 1 603 0 95,811 Banks - current debts to credit institutions, clients & securities 0 6,968,702 0 0 0 0 6,968,702 Banks - deposits from credit institutions 0 37,946 0 0 0 0 37,946 Banks - deposits from clients 0 6,802,990 0 0 0 0 6,802,990 Banks - debt certificates including bonds 0 127,765 0 0 0 0 127,765 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 0 Accrued charges and deferred income 41,248 4,892 21,284 0 891 -4,190 64,125 IV. Liabilities held for sale 0 0 0 0 0 0 0 Total equity and liabilities 7,613,404 10,445,738 1,531,428 422,074 1,278,048 -30,140 21,260,551
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36 | Half-yearly financial report 2026 Comments on the consolidated balance sheet AvH's consolidated balance sheet total remained virtually unchanged at 21,260.6 million euros at June 30, 2026, compared to 21,263.0 million euros at year-end 2025. Behind this stable total, several changes occurred in the composition of both assets and liabilities. As in previous periods, the full consolidation of Bank Van Breda has a significant impact on both the size and the structure of AvH's consolidated balance sheet. Due to the specific nature of its banking activities, certain assets and liabilities of Bank Van Breda are therefore presented separately in the consolidated balance sheet. The full consolidation of Bank Van Breda contributes 9,354.2 million euros, corresponding with 44% to AvH’s consolidated total assets. The 78.75% participation in Delen Private Bank continues to be accounted for using the equity method, reflecting the joint control with the Delen family. Non-current assets increased slightly by 75.6 million euros to 13,211.8 million euros. Within this category, tangible assets increased by 26.4 million euros to 3,401.6 million euros. The composition of tangible assets changed more substantially. Plant, machinery and equipme nt increased by 342.3 million euros, while assets under construction decreased by 324.9 million euros, primarily reflecting that DEME’s jack -up transport & installation vessels Norse Wind and Norse Energi have started operations in H1 2026. Investment property decreased by 38.1 million euros to 1,019.9 million euros, entirely attributable to “Real Estate”. The decrease during H1 2026 is largely explained by the transfer of a property to “assets held for sale”, the remainder corresponding with changes in the fair value of investment property and capital expenditures. Participations accounted for using the equity method increased by 22.5 million euros to 2,268.9 million euros, with movements varying significantly by segment. While the profit contribution from these companies further strengthened to 200.4 million euros, 222.9 million euros of dividends were distributed by them. Additional investments during H1 2026 include the increase by AvH of its participation in SIPEF to 43.32%. Non-current financial assets increased by 26.7 million euros to 693.3 million euros, of which 18.5 million euros originated in “AvH & Growth Capital”. This increase comprises both a higher amount of investments measured at fair value through profit or loss and an increase in long-term receivables and warranties. The increase of Bank Van Breda’s receivables from credit institutions and clients after more than one year by 29.0 million euros is entirely explained by new long-term loans granted. Current assets decreased by 78.8 million euros to 8,006.3 million euros. Amounts due from customers under construction contracts decreased by 45.8 million euros to 755.9 million euros, whereas inventories increased by 27.2 million euros to 399.8 million euros. The investment portfolio, consisting mainly of financial assets held by Bank Van Breda, increased by 24.4 million euros to 756.9 million euros. Receivables from credit institutions and clients with a maturity of less than one year at Bank Van Breda decreased by 77.6 million euros, primarily as a result of a 57.9 million euros reduction in cash balances with central banks. Cash and cash equivalents at group level increased slightly by 16.8 million euros to 1,480.4 million euros. The evolution of the cash position is further explained in the consolidated cash flow statement. On the liabilities side, total equity increased by 234.9 million euros to 7,554.8 million euros. Equity attributable to AvH shareholders increased from 5,701.1 million euros at year-end 2025 to 5,898.5 million euros, mainly as a result of the 339.6 million euros consolidated net profit genera ted during the first half, partly offset by the 150.3 million euros dividend paid in June. Translation differences and fair value adjustments had a positive impact, while the acquisition of treasury shares reduced equity. A detailed roll forward of the equ ity position of AvH is provided in note 5. Statement of changes in consolidated equity. Non-current liabilities decreased by 227.6 million euros to 3,074.4 million euros. This movement was mainly explained by a 153.4 million euros reduction in long-term financial debt, of which 159.7 million euros related to bank loans primarily at DEME, CFE and Nextensa, and by a 78.6 million euros reduction in Bank Van Breda's client deposits with a maturity of more than one year. Provisions decreased by a further 16.3 million euros. Current liabilities remained broadly stable at 10,631.4 million euros. Their composition did, however, change significantly. Amounts due under construction contracts decreased by 143.0 million euros to 764.6 million euros, whereas trade payables increased by 131.1 million euros to 1,530.4 million euros and advances received increased by 59.0 million euros to 311.4 million euros. These movements are largely situated in Marine Engineering & Contracting and reflect the normal evolution of the working -capital positions on DEME's and CFE’s contracting activities. At Bank Van Breda, current debts to credit institutions, clients and securities increased by 39.9 million euros to 6,968.7 million euros. Client deposits increased by 69.6 million euros, partly offset by a 38.3 million euros decrease in debt certificates. Combined with the reduction in long- term client deposits mentioned above, total Bank Van Breda client deposits remained broadly stable, with a shift in their maturity profile towards deposits due within one year.
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37 | Half-yearly financial report 2026 6.5. Segment information – Consolidated balance sheet 31-12-2025 – Assets (€ 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Engineering & Contracting Private Banking Real Estate Energy & Resources AvH & Growth Capital Eliminations between segments Total 31-12-2025 I. Non-current assets 4,420,753 6,344,297 1,252,055 398,378 745,392 -24,755 13,136,119 Intangible assets 104,412 179 397 0 4,769 0 109,756 Goodwill 174,734 134,247 0 0 13,976 0 322,957 Tangible assets 3,281,278 64,663 7,180 31 22,082 0 3,375,233 Land and buildings 239,713 45,216 0 0 13,274 0 298,202 Plant, machinery and equipment 2,522,610 3,433 2,103 0 1,819 0 2,529,965 Furniture and vehicles 67,268 7,764 578 31 6,612 0 82,253 Other tangible assets 8,495 2,182 4,499 0 377 0 15,553 Assets under construction 443,191 6,068 0 0 0 0 449,259 Investment property 0 0 1,057,981 0 0 0 1,057,981 Participations accounted for using the equity method 400,302 993,767 84,629 398,261 369,449 0 2,246,407 Non-current financial assets 272,654 3,297 80,839 86 334,501 -24,755 666,622 Financial assets : shares - Fair value through P/L (FVPL) 4,624 0 0 0 154,078 0 158,703 Receivables and warranties 268,030 3,297 80,839 86 180,423 -24,755 507,920 Non-current hedging instruments 12,088 29,099 11,569 0 0 0 52,755 Deferred tax assets 175,286 6,489 9,460 0 615 0 191,850 Banks - receivables from credit institutions and clients after one year 0 5,112,557 0 0 0 0 5,112,557 Banks - loans and receivables to clients 0 5,135,390 0 0 0 0 5,135,390 Banks - changes in fair value of the hedged credit portfolio 0 -22,833 0 0 0 0 -22,833 II. Current assets 3,277,024 4,208,161 250,464 604 356,637 -7,840 8,085,050 Inventories 207,435 0 161,893 0 3,266 0 372,594 Amounts due from customers under construction contracts 776,640 0 18,851 0 6,201 0 801,693 Investments 6,484 685,478 0 0 40,471 0 732,434 Financial assets : shares - Fair value through P/L (FVPL) 2 0 0 0 40,471 0 40,473 Financial assets : bonds - Fair value through OCI (FVOCI) 0 530,874 0 0 0 0 530,874 Financial assets : shares - Fair value through OCI (FVOCI) 0 49 0 0 0 0 49 Financial assets - at amortised cost 0 154,555 0 0 0 0 154,555 Financial assets - term deposits > 3 months 6,482 0 0 0 0 0 6,482 Current hedging instruments 10,171 1,601 0 0 0 0 11,773 Amounts receivable within one year 1,019,232 4,643 49,937 5 30,268 -4,000 1,100,085 Trade debtors 943,240 90 17,241 0 23,911 -1,500 982,983 Other receivables 75,991 4,553 32,696 5 6,357 -2,500 117,103 Current tax receivables 52,987 3 11,838 26 1,682 0 66,537 Banks - receivables from credit institutions and clients within one year 0 3,413,471 0 0 0 0 3,413,471 Banks - loans and advances to banks 0 96,432 0 0 0 0 96,432 Banks - loans and receivables to clients 0 1,291,771 0 0 0 0 1,291,771 Banks - changes in fair value of the hedged credit portfolio 0 -666 0 0 0 0 -666 Banks - cash balances with central banks 0 2,025,934 0 0 0 0 2,025,934 Cash and cash equivalents 1,105,236 83,590 5,720 572 268,413 0 1,463,531 Deferred charges, accrued income and other current assets 98,838 19,375 2,223 0 6,335 -3,839 122,933 III. Assets held for sale 6,423 0 35,450 0 0 0 41,873 Total assets 7,704,200 10,552,458 1,537,968 398,982 1,102,029 -32,595 21,263,042
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38 | Half-yearly financial report 2026 6.6. Segment information – Consolidated balance sheet 31-12-2025 - Equity and liabilities (€ 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Engineering & Contracting Private Banking Real Estate Energy & Resources AvH & Growth Capital Eliminations between segments Total 31-12-2025 I. Total equity 2,971,738 2,074,494 841,094 398,951 1,033,629 0 7,319,905 Equity - group share 1,816,572 1,883,249 577,300 398,951 1,025,008 0 5,701,080 Share capital 0 0 0 0 2,295 0 2,295 Share premium 0 0 0 0 111,612 0 111,612 Consolidated reserves 1,853,242 1,882,079 577,755 415,817 986,771 0 5,715,665 Revaluation reserves -36,670 1,170 -455 -16,867 -1,187 0 -54,009 Financial assets : bonds - Fair value through OCI (FVOCI) 0 -5,036 0 0 0 0 -5,036 Financial assets : shares - Fair value through OCI (FVOCI) 0 7,020 0 0 0 0 7,020 Hedging reserves 23,082 0 -455 -12 104 0 22,718 Actuarial gains (losses) defined benefit pension plans -21,483 -3,586 0 -2,114 5,288 0 -21,895 Translation differences -38,269 2,773 0 -14,741 -6,579 0 -56,816 Treasury shares (-) 0 0 0 0 -74,484 0 -74,484 Minority interests 1,155,165 191,245 263,794 0 8,621 0 1,618,825 II. Non-current liabilities 1,400,751 1,482,174 418,768 0 25,004 -24,755 3,301,942 Provisions 87,144 1,289 272 0 10,805 0 99,511 Pension liabilities 57,722 7,148 0 0 165 0 65,035 Deferred tax liabilities 72,076 0 50,777 0 1,034 0 123,887 Financial debts 1,153,031 8,404 367,390 0 12,519 -24,755 1,516,589 Bank loans 945,840 0 362,161 0 3,823 0 1,311,823 Bonds 0 0 0 0 0 0 0 Subordinated loans 0 0 0 0 0 0 0 Lease debts 151,204 8,404 2,318 0 8,697 0 170,622 Other financial debts 55,987 0 2,912 0 0 -24,755 34,144 Non-current hedging instruments 605 6,468 329 0 0 0 7,402 Other amounts payable 30,173 8,134 0 0 481 0 38,789 Banks - non-current debts to credit institutions, clients & securities 0 1,450,731 0 0 0 0 1,450,731 Banks - deposits from credit institutions 0 0 0 0 0 0 0 Banks - deposits from clients 0 1,450,731 0 0 0 0 1,450,731 Banks - debt certificates including bonds 0 0 0 0 0 0 0 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 0 III. Current liabilities 3,331,712 6,995,790 278,106 31 43,396 -7,840 10,641,195 Provisions 37,229 35 350 0 551 0 38,165 Pension liabilities 0 31 0 0 0 0 31 Financial debts 310,581 4,087 231,144 0 5,393 -2,500 548,705 Bank loans 264,443 0 64,266 0 2,849 0 331,559 Bonds 0 0 100,079 0 0 0 100,079 Subordinated loans 0 0 0 0 0 0 0 Lease debts 43,045 4,087 0 0 2,544 0 49,676 Other financial debts 3,093 0 66,799 0 0 -2,500 67,392 Current hedging instruments 3,192 237 0 0 0 0 3,429 Amounts due to customers under construction contracts 897,390 0 0 0 10,266 0 907,656 Other amounts payable within one year 1,921,621 40,881 29,787 0 26,440 -1,500 2,017,229 Trade payables 1,375,544 62 14,425 0 10,752 -1,500 1,399,283 Advances received 252,401 0 0 0 0 0 252,401 Amounts payable regarding remuneration and social security 227,136 22,622 2,480 0 12,835 0 265,073 Other amounts payable 66,540 18,197 12,882 0 2,853 0 100,472 Current tax payables 123,821 14,731 1,404 31 650 0 140,636 Banks - current debts to credit institutions, clients & securities 0 6,928,765 0 0 0 0 6,928,765 Banks - deposits from credit institutions 0 29,328 0 0 0 0 29,328 Banks - deposits from clients 0 6,733,354 0 0 0 0 6,733,354 Banks - debt certificates including bonds 0 166,084 0 0 0 0 166,084 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 0 Accrued charges and deferred income 37,879 7,022 15,420 0 96 -3,839 56,578 IV. Liabilities held for sale 0 0 0 0 0 0 0 Total equity and liabilities 7,704,200 10,552,458 1,537,968 398,982 1,102,029 -32,595 21,263,042
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39 | Half-yearly financial report 2026 6.7. Segment information – Consolidated cash flow statement 30-06-2026 (€ 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Engineering & Contracting Private Banking Real Estate Energy & Resources AvH & Growth Capital Eliminations between segments Total 30-06-2026 I. Cash and cash equivalents - opening balance 1,105,236 83,590 5,720 572 268,412 0 1,463,531 Profit (loss) from operating activities 246,786 70,521 18,498 -37 -8,078 237 327,927 Reclassification ‘Profit (loss) on disposal of assets' to cash flow from divestments -7,433 -644 0 0 -265 -8,342 Dividends from participations accounted for using the equity method 43,760 152,721 0 0 7,263 203,745 Dividends received from non-consolidated entities 0 94 0 0 1,223 1,317 Interest income received 16,783 699 5,464 25 3,652 -714 25,908 Interest expenses paid -22,031 0 -7,041 0 -284 714 -28,641 Other financial income (costs) -13,816 0 -789 -1 724 -237 -14,119 Other non-operating income (expenses) 0 0 0 0 0 0 Income taxes (paid) -98,202 -21,567 -5,842 0 -944 -126,554 Non-cash adjustments Depreciation 249,213 4,712 651 1 3,108 257,685 Impairment losses 4,200 412 0 0 388 5,000 Share based payment 1,444 -3,427 0 0 2,415 432 (Profit) Loss on assets/liabilities designated at fair value through profit and loss -375 0 -137 0 -6,287 -6,799 (Decrease) increase of provisions -5,031 -349 3 0 -3,095 -8,472 Other non-cash expenses (income) 233 -486 -233 0 137 -348 Cash flow before changes in working capital 415,532 202,686 10,575 -12 -42 0 628,739 Decrease (increase) of working capital 53,614 12,131 -2,956 -32 59 -2,500 60,316 Decrease (increase) of inventories and construction contracts 31,315 0 -1,902 0 -3,234 26,179 Decrease (increase) of amounts receivable 91,019 2,077 -8,695 8 3,567 -2,500 85,476 Decrease (increase) of receivables from credit institutions and clients (banks) 0 49,039 0 0 0 49,039 Increase (decrease) of liabilities (other than financial debts) -80,494 11,173 789 -25 -1,508 0 -70,065 Increase (decrease) of debts to credit institutions, clients & securities (banks) 0 -34,240 0 0 0 -34,240 Decrease (increase) other 11,775 -15,919 6,852 -15 1,235 3,927 Cash flow from operating activities 469,146 214,816 7,620 -44 17 -2,500 689,055 Investments -279,190 -118,681 -4,417 -10,405 -15,072 0 -427,765 Acquisition of intangible and tangible assets -234,450 -7,147 -18 0 -1,397 -243,012 Acquisition of investment property 0 0 -4,399 0 0 -4,399 Acquisition of subsidiaries (cash acquired deducted) 1 0 0 0 0 1 Acquisition of associates, JV & non-consolidated entities -10,521 0 0 -10,405 -11,013 -31,939 New loans granted -34,220 0 0 0 -2,643 0 -36,862 Acquisition of investments 0 -111,534 0 0 -19 -111,553 Divestments 45,764 88,828 49,272 0 329 0 184,193 Disposal of intangible and tangible assets 7,342 816 0 0 11 8,169 Disposal of investment property 0 0 35,450 0 0 35,450 Disposal of subsidiaries (cash disposed deducted) 0 0 0 0 0 0 Disposal of associates, JV & non-consolidated entities 12,929 11 13,822 0 314 27,077 Reimbursements of loans 19,011 0 0 0 3 0 19,013 Disposal of investments 6,482 88,000 0 0 1 94,483 Cash flow from investing activities -233,426 -29,854 44,855 -10,405 -14,743 0 -243,572 Financial operations Decrease (increase) of treasury shares - AvH 0 0 0 0 -7,688 -7,688 Decrease (increase) of treasury shares - affiliates -5,294 0 0 0 0 -5,294 Increase of financial debts 11,239 0 1,097 0 2,350 0 14,686 (Decrease) of financial debts -197,553 -2,438 -17,944 0 -2,578 2,500 -218,013 (Investments) and divestments in controlling interests 0 0 0 0 -3,234 -3,234 Dividends paid by AvH 0 0 0 0 -150,285 -150,285 Dividends paid intra group -80,703 -228,200 -6,998 0 315,902 0 Dividends paid to minority interests -47,411 -8,978 -3,108 0 -87 -59,583 Cash flow from financial activities -319,723 -239,616 -26,953 0 154,380 2,500 -429,412 II. Net increase (decrease) in cash and cash equivalents -84,003 -54,654 25,522 -10,449 139,654 0 16,070 Transfer between segments 0 0 0 10,405 -10,405 0 Impact of exchange rate changes on cash and cash equivalents 770 0 0 7 -9 0 768 III. Cash and cash equivalents - ending balance 1,022,003 28,936 31,242 536 397,653 0 1,480,369
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40 | Half-yearly financial report 2026 Comments on the consolidated cash flow statement In H1 2026, AvH and its fully consolidated companies generated a cash flow before changes in working capital of 628.7 million euros, broadly in line with the 624.3 million euros realised in H1 2025. The composition of this cash flow evolved however compared with the previous year. In particular, higher dividends received from equity -accounted participations and lower gains on disposals included in operating profit (that are reclassed to investment cash flow) compensated for, among others, the higher amount of taxes paid and for lower overall non-cash adjustments. The main components of the H1 2026 cash flow before changes in working capital were as follows: 1) Profit from operating activities amounted to 327.9 million euros, virtually unchanged from 327.5 million euros reported in H1 2025. Further comments on the main elements of this operating profit are included in note 6.1. 2) Dividends received from participations accounted for using the equity method increased to 203.7 million euros, compared with 167.5 million euros in H1 2025. The largest contribution in H1 2026 came from Delen Private Bank (152.7 million euros ). Other important contributions included dividend income of 12.3 million euros from the Belgian offshore windfarms Rentel and SeaMade (through Green Offshore and DEME) and from project companies realising real estate projects within the CFE group of 12.9 million euros. The dividend from SIPEF (19.7 million euros) was received in Q3 2026. 3) Dividends from non -consolidated entities decreased to 1.3 million euros, compared with 8.3 million euros in H1 2025. This reduction is largely explained by the absence of the dividend from Retail Estates shares, which contributed 6.9 million euros in H1 2025 but were sold by Nextensa in H2 2025. 4) The negative impact from the cash component of income taxes increased to 126.6 million euros, which is 30.7 million euros higher than in H1 2025. 5) Depreciation amounted to 257.7 million euros and remained the largest non-cash adjustment, although slightly lower than the 264.1 million euros recorded in H1 2025. DEME accounted for 235.1 million euros of depreciation, reflecting the capital-intensive nature of its fleet. 6) Fair-value adjustments included in the consolidated result are eliminated from cash flow. In H1 2026, this adjustment amounted to 6.8 million euros, mainly relating to the positive fair-value adjustments on financial assets held by AvH (6.3 million euros). This compares with a net positive fair value effect of 11.9 million euros included in the H1 2025 result. 7) The H1 2026 operating profit included a release of provisions for 8.5 million euros, whereas H1 2025 included an increase of provisions of 0.8 million euros. Working capital A significant year-on-year improvement is found in working capital. In H1 2026, changes in working capital generated a cash inflow of 60.3 million euros, whereas H1 2025 required an additional 213.0 million euros of working capital, representing an improvement of approximately 273 million euros. In H1 2025, the higher working-capital requirement was concentrated in “Marine Engineering & Contracting”, reflecting DEME's growing operations, and in “Real Estate”, including Nextensa’s acquisition of the BEL Towers. The improvement in H1 2026 was mainly attributable to “Marine Engineering & Contracting”, which generated approximately 53.6 million euros from working capital. Within this segment, DEME contributed a favourable 102.4 million euros primarily through lower receivables, while CFE (28.7 million euros) and Deep C Holding (18.5 million euros) required additional working capital. Private Banking contributed approximately 12.1 million euros to the decrease of working capital, while Real Estate required approximate ly 3.0 million euros of additional working capital. As a result, cash flow from operating activities amounted to 689.1 million euros in H1 2026, a substantial improvement compared with H1 2025, primarily due to the reversal of the significant working-capital absorption experienced in the first half of 2025. Investing activities Investments amounted to 427.8 million euros in H1 2026, compared with 904.2 million euros in H1 2025, which had been boosted by the approximately 538 million euros related to DEME's acquisition of Havfram, completed in the second quarter of 2025. The largest investment category in H1 2026 was the acquisition of intangible and tangible fixed assets , amounting to 243.0 million euros, of which approximately 226.8 million euros related to DEME. The comparable figure for H1 2025 was 151.3 million euros. Investments in associates, joint ventures and non-consolidated entities amounted to 31.9 million euros. These included investments by DEME and CFE in joint venture and associated companies, by AvH in additional SIPEF shares and in several “AvH & Growth Capital”-participations including DISCO Pharmaceuticals, Biotalys and MRM Health. In addition, 36.9 million euros of new loans were granted, mainly within “Marine Engineering & Contracting” to non-fully consolidated entities executing contracts or real estate developments. Bank Van Breda spent an additional 111.5 million euros in financial investments as part of its ALM -management, while also realising divestments for 88.0 million euros. Divestments generated 184.2 million euros of cash. Nextensa sold its Austrian Gewerbepark Stadlau retail park for 35.5 million euros as part of its portfolio optimisation strategy, while 19.0 million euros was generated from loan repayments within “Marine Engineering & Contracting”. Divestments of associates, JV and non -consolidated entities during H1 2026 generated 27.1 million euros, including proceeds from Nextensa’s sale of Hotel B&B at Cloche d’Or (Luxemburg), from DEME's sale of its stake in the Blankenburg SPV, a nd from smaller disposals within CFE, Deep C Holding and AvH & Growth Capital. Overall, net cash flow from investing activities amounted to -243.6 million euros in H1 2026. Although still significant, this was substantially lower than the net cash outflow of 579.9 million euros of H1 2025, that was boosted by DEME’s Havfram-acquisition. Financing activities Cash flow from financing activities amounted to -429.4 million euros in H1 2026. This contrasts with the 67.5 million euros net cash inflow reported in H1 2025, when DEME raised additional financial debt in connection with the Havfram acquisition. In H1 2026, consolidated financial debt decreased substantially. Debt repayments amounted to 218.0 million euros, compared with only 14.7 million euros of new borrowings. Net debt repayments were concentrated at DEME (114.0 million euros), CFE (41.5 million euros), Deep C Holding (7.2 million euros) and Nextensa (17.0 million euros). AvH distributed 150.3 million euros of dividends to its shareholders in 2026, compared with 124.4 million euros in H1 2025, reflecting the increase of the dividend to 4.6 euros per share . Dividends paid by consolidated subsidiaries to minority shareholders amounted to 59.6 million euros, principally relating to DEME (43.0 million euros), Bank Van Breda (9.0 million euros), CFE (4.5 million euros) and Nextensa (3.1 million euros). This compares with 50.1 million euros distributed to minority shareholders in H1 2025. Transactions in treasury shares resulted in a net cash outflow of approximately 13.0 million euros, of which 7.7 million euros at AvH and 5.9 million euros at DEME. Overall cash movement Combining the 689.1 million euros operating cash inflow, 243.6 million euros investing cash outflow and 429.4 million euros financing cash outflow, consolidated cash and cash equivalents increased by 16.1 million euros during H1 2026. Including a positive 0.8 million euros impact from exchange -rate movements, cash and cash equivalents increased from 1,463.5 million euros at year-end 2025 to 1,480.4 million euros at June 30, 2026.
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41 | Half-yearly financial report 2026 Evolution of the financial debts (cash & non-cash) (€ 1,000) 30-06-2026 30-06-2025 Financial debts - opening balance 2,065,294 1,829,272 Movements in the Cashflow statement (Cash flow from financial activities) Increase of financial debts 14,686 550,010 (Decrease) of financial debts -218,013 -303,309 Non-cash movements - Changes in consolidation scope - acquisitions 0 1,024 - Changes in consolidation scope - divestments 0 0 - IFRS 16 Leases - tangible assets 39,065 30,348 - IFRS 16 Leases - investment property 0 0 - Impact of exchange rates & other 810 -3,603 Financial debts - closing balance 1,901,841 2,103,742 Evolution of the cash position of the AvH group € Millions H1 2026 2025 2024 2023 2022 Treasury shares (1) (2) 90.7 84.6 78.5 120.7 55.7 Other investments - Portfolio shares 46.1 40.5 38.9 44.9 41.3 - Term deposits 369.1 282.0 232.5 278.8 361.1 Cash 18.4 21.8 12.5 73.1 40.7 Financial debts (commercial paper) 0.0 0.0 0.0 0.0 0.0 Net cash position 524.4 428.9 362.4 517.5 498.8 (1) Includes treasury shares, the cash and financial debts to credit institutions and to financial markets of the consolidated subholdings recorded in the segm ent ‘AvH & Growth Capital’ and the cash of FinAx. To the extent that the treasury shares are hel d in portfolio to cover outstanding option obligations, the value of the treasury shares is matched to those obligations. (2) According to IFRS, treasury shares are booked at cost and deducted from consolidated equity (we refer to Statement of changes in consolidated equity).
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42 | Half-yearly financial report 2026 6.8. Segment information – Consolidated cash flow statement 30-06-2025 (€ 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Engineering & Contracting Private Banking Real Estate Energy & Resources AvH & Growth Capital Eliminations between segments Total 30-06-2025 I. Cash and cash equivalents - opening balance 1,085,404 104,877 8,590 516 183,875 0 1,383,262 Profit (loss) from operating activities 240,664 64,607 26,418 225 -4,679 237 327,471 Reclassification ‘Profit (loss) on disposal of assets' to cash flow from divestments -17,672 -364 0 0 -1,504 -19,540 Dividends from participations accounted for using the equity method 18,002 134,466 0 0 15,038 167,506 Dividends received from non-consolidated entities 0 0 6,892 0 1,422 8,314 Interest income received 15,506 881 4,941 5 3,495 -714 24,114 Interest expenses paid -17,480 0 -8,608 0 -229 714 -25,604 Other financial income (costs) -13,438 0 -812 0 208 -237 -14,279 Other non-operating income (expenses) 0 0 0 0 0 0 Income taxes (paid) -74,872 -15,684 -4,393 -58 -819 -95,826 Non-cash adjustments Depreciation 256,014 4,228 721 0 3,159 264,123 Impairment losses 463 609 0 0 446 1,518 Share based payment 1,054 -6,637 0 0 1,719 -3,864 (Profit) Loss on assets/liabilities designated at fair value through profit and loss 0 0 -3,154 0 -8,751 -11,905 (Decrease) increase of provisions 1,495 -591 3 0 -92 815 Other non-cash expenses (income) 3,292 -1,760 -232 0 122 1,422 Cash flow before changes in working capital 413,028 179,754 21,776 172 9,534 0 624,264 Decrease (increase) of working capital -92,232 19,612 -126,060 -313 -13,958 0 -212,951 Decrease (increase) of inventories and construction contracts 95,277 0 -92,787 0 -3,783 -1,292 Decrease (increase) of amounts receivable -31,085 -1,084 -11,848 -248 -6,126 0 -50,391 Decrease (increase) of receivables from credit institutions and clients (banks) 0 -25,310 0 0 0 -25,310 Increase (decrease) of liabilities (other than financial debts) -153,372 -3,298 -17,588 -38 -4,649 0 -178,944 Increase (decrease) of debts to credit institutions, clients & securities (banks) 0 61,639 0 0 0 61,639 Decrease (increase) other -3,053 -12,336 -3,837 -27 599 -18,653 Cash flow from operating activities 320,796 199,366 -104,284 -140 -4,424 0 411,313 Investments -767,955 -106,974 -4,459 -3,250 -21,586 0 -904,223 Acquisition of intangible and tangible assets -145,902 -3,876 -347 -1 -1,146 -151,272 Acquisition of investment property 0 0 -4,112 0 0 -4,112 Acquisition of subsidiaries (cash acquired deducted) -538,083 0 0 0 0 -538,083 Acquisition of associates, JV & non-consolidated entities -10,607 -125 0 -3,249 -14,678 -28,659 New loans granted -73,363 -1 0 0 -5,340 0 -78,704 Acquisition of investments 0 -102,972 0 0 -421 -103,393 Divestments 84,919 73,118 164,452 0 1,783 0 324,273 Disposal of intangible and tangible assets 65,054 1,286 158 0 122 66,619 Disposal of investment property 0 0 162,679 0 0 162,679 Disposal of subsidiaries (cash disposed deducted) 0 0 0 0 0 0 Disposal of associates, JV & non-consolidated entities 3,247 0 1,615 0 1,657 6,519 Reimbursements of loans 16,619 0 0 0 4 0 16,623 Disposal of investments 0 71,832 0 0 0 71,832 Cash flow from investing activities -683,036 -33,855 159,993 -3,250 -19,803 0 -579,951 Financial operations Decrease (increase) of treasury shares - AvH 0 0 0 0 7,734 7,734 Decrease (increase) of treasury shares - affiliates -3,941 0 0 0 0 -3,941 Increase of financial debts 476,040 0 73,957 0 13 0 550,010 (Decrease) of financial debts -168,664 -2,139 -130,494 0 -2,012 0 -303,309 (Investments) and divestments in controlling interests 0 0 0 0 -8,500 -8,500 Dividends paid by AvH 0 0 0 0 -124,432 -124,432 Dividends paid intra group -68,298 -228,000 0 0 296,298 0 Dividends paid to minority interests -41,462 -8,564 0 0 -62 -50,088 Cash flow from financial activities 193,675 -238,703 -56,537 0 169,039 0 67,474 II. Net increase (decrease) in cash and cash equivalents -168,565 -73,192 -828 -3,390 144,812 0 -101,163 Transfer between segments 0 0 0 3,249 -3,249 Impact of exchange rate changes on cash and cash equivalents -8,975 0 0 -5 8 0 -8,972 III. Cash and cash equivalents - ending balance 907,865 31,685 7,762 369 325,446 0 1,273,126
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43 | Half-yearly financial report 2026 7. Notes to the financial statements 7.1. Basis for the presentation of the condensed financial statements The condensed consolidated financial statements of AvH as of June 30, 2026 are issued in accordance with IAS 34. These condensed financial statements do not contain all the information that is required for full reporting and should be read in conjunction with the 2025 financial statements . The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 December 2025. New and amended standards and interpretations: The following amendments are effective as of January 1, 2026 and have been applied in the preparation of these interim consolidated financial statements. These amendments did not have an impact on the group: • Amendments to IFRS 9 financial instruments and IFRS 7 financial instruments: disclosures: classification and measurement of financial instruments and contracts referencing nature-dependent electricity, • Annual improvements to IFRS Accounting Standards -Volume 11 The following standard is issued, but not yet effective as of June 30, 2026: IFRS 18 presentation and disclosure in financial statements, which replaces IAS 1, is effective for annual reporting periods beginning on or after January 1, 2027. The group expects IFRS 18 to have an impact on the presentation and disclosures in its consolidated financial statements. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The group is currently working to identify all impacts the amendments will have on the primary financial statements and the notes to the financial statements. The initial expected material impacts on the group’s financial statements are, as follows: • The investing category will mainly include income and expenses from investments accounted for using the equity method as well as from cash and cash equivalents. • Foreign exchange rate differences will be classified in the category where the related income and expense that give rise to the foreign exchange rate difference is categorized (currently all foreign exchange rate differences are presented in financial resu lt). Foreign exchange rate differences related to income and expenses on foreign currency loans will be classified in the financing category. Foreign exchange rate differences related to working capital (outstanding receivables/payables) will be classified in the operating category. Foreign exchange rate differences related to cash and cash equivalents, deposits and investments in shares will be classified in the investing category. • Interest received and interest paid will be classified in the investing activities or financing activities (for example interest expenses related to lease liabilities) respectively. • The above changes in classification within the consolidated statement of income will result in corresponding changes in the presentation of cash flows, with cash inflows and outflows being classified consistently with the revised categories of the related income and expenses.
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44 | Half-yearly financial report 2026 7.2. Tangible assets (€ 1,000) Land and buildings Plant, machinery and equipment Furniture and vehicles Other tangible assets Assets under construction & advance payments Total 30-06-2025 I. Movements in tangible assets - 30-06-2025 Tangible assets, opening balance 293,893 2,320,591 83,238 15,724 125,796 2,839,242 Gross amount 469,434 5,536,161 191,450 28,207 125,796 6,351,047 Cumulative depreciation & impairment (-) -175,541 -3,215,569 -108,212 -12,483 0 -3,511,805 Impact IFRS changes 0 0 0 0 0 0 Investments 16,772 124,153 20,170 812 25,211 187,118 Additions through business combinations 0 0 0 0 0 0 Changes in scope 982 240 283 0 570,395 571,901 Disposals (-) -927 -2,931 -608 -269 -4 -4,740 Disposals through business disposals (-) 0 0 0 0 0 0 Depreciation & impairment (-) -15,777 -223,752 -17,754 -996 0 -258,279 Foreign currency exchange increase (decrease) -1,142 -6,941 8 -813 -1,216 -10,103 Transfer from (to) other items 476 35,902 -189 304 -36,483 10 Other increase (decrease) 53 0 47 0 0 100 Tangible assets, ending balance 294,330 2,247,261 85,195 14,764 683,699 3,325,249 Gross amount 482,328 5,620,606 199,466 26,920 683,699 7,013,018 Cumulative depreciation & impairment (-) -187,998 -3,373,344 -114,271 -12,156 0 -3,687,769 (€ 1,000) Land and buildings Plant, machinery and equipment Furniture and vehicles Other tangible assets Assets under construction & advance payments Total 30-06-2026 I. Movements in tangible assets - 30-06-2026 Tangible assets, opening balance 298,202 2,529,965 82,253 15,553 449,259 3,375,233 Gross amount 476,187 6,111,378 199,025 28,855 449,259 7,264,704 Cumulative depreciation & impairment (-) -177,985 -3,581,413 -116,771 -13,302 0 -3,889,471 Impact IFRS changes 0 0 0 0 0 0 Investments 14,401 96,284 19,116 3,561 148,381 281,743 Additions through business combinations 0 0 0 0 0 0 Changes in consolidation scope or method 0 0 0 0 0 0 Disposals (-) -1,211 -1,800 -411 -16 -572 -4,009 Disposals through business disposals (-) 0 0 0 0 0 0 Depreciation & impairment (-) -15,184 -218,981 -16,901 -905 0 -251,970 Foreign currency exchange increase (decrease) 262 86 28 123 85 585 Transfer from (to) other items 6,100 466,707 -23 0 -472,771 13 Other increase (decrease) -31 0 9 75 0 54 Tangible assets, ending balance 302,541 2,872,262 84,071 18,393 124,382 3,401,648 Gross amount 494,409 6,618,075 207,336 32,596 124,382 7,476,797 Cumulative depreciation & impairment (-) -191,868 -3,745,813 -123,265 -14,203 0 -4,075,149 Tangible fixed assets have slight ly increased by 26.4 million euros to 3,401.6 million euros at the end of H1 2026. Of this figure, DEME accounts for 94%, its main assets being its fleet. In addition, this balance sheet item includes the offices, machinery and vehicle fleets of CFE, Bank Van Breda, Deep C Holding, Nextensa, Agidens, Biolectric and AvH. DEME is responsible for 9 2% of the investments . The investments of DEME in ‘Plant, machinery & equipment ’ mainly include recurring investments and the capitalization of major repair costs of the main production equipment. The investments within assets under construction mainly include investments in the construction of the Norse Energi, in a new cable laying v essel (CLV), in the Deme campus and some smaller equipment. In H1 2026 the Norse Energi and some other equipment were all transferred to ‘Plant, machinery and equipment’.
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45 | Half-yearly financial report 2026 7.3. Investment property (€ 1,000) Leased buildings Development projects Assets held for sale Total I. Movement in investment property at fair value - 30-06-2025 Investment property, opening balance 911,071 138,254 165,750 1,215,075 Gross amount 911,071 138,254 165,750 1,215,075 Investments 3,937 175 0 4,112 Additions through business combinations 0 0 0 0 Disposals (-) -1,652 0 -165,750 -167,402 Disposals through business disposals (-) 0 0 0 0 Gains (losses) from fair value adjustments -620 801 0 181 Foreign currency exchange increase (decrease) 0 0 0 0 Transfer from (to) other items 104,256 -104,256 0 0 Other increase (decrease) 0 54,296 0 54,296 Investment property, ending balance 1,016,992 89,270 0 1,106,262 Gross amount 1,016,992 89,270 0 1,106,262 I. Movement in investment property at fair value - 30-06-2026 Investment property, opening balance 965,572 92,409 35,450 1,093,431 Gross amount 965,572 92,409 35,450 1,093,431 Investments 3,042 1,334 23 4,399 Additions through business combinations 0 0 0 0 Disposals (-) 0 0 -35,450 -35,450 Disposals through business disposals (-) 0 0 0 0 Gains (losses) from fair value adjustments -2,037 200 1,974 137 Foreign currency exchange increase (decrease) 0 0 0 0 Transfer from (to) other items -40,503 0 40,503 0 Other increase (decrease) -131 0 0 -131 Investment property, ending balance 925,944 93,943 42,500 1,062,386 Gross amount 925,944 93,943 42,500 1,062,386 On 14 January 2026, Nextensa completed the sale of the Gewerbepark Stadlau retail park in Vienna for net proceeds of 35.45 million euros. Nextensa received a binding offer for a property, with the closing expected to take place in the second half of the year.
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46 | Half-yearly financial report 2026 7.4. Financial assets and liabilities per category (€ 1,000) Fair value Book value 30-06-2026 31-12-2025 30-06-2026 31-12-2025 Financial assets Financial assets : shares - Fair value through P/L (FVPL) 216,068 199,176 216,068 199,176 Financial assets : bonds - Fair value through OCI (FVOCI) 545,689 530,874 545,689 530,874 Financial assets : shares - Fair value through OCI (FVOCI) 49 49 49 49 Financial assets - at amortised cost 164,205 153,973 164,972 154,555 Financial assets - term deposits > 3 months 0 6,482 0 6,482 Receivables and cash Financial fixed assets - receivables and warranties 536,159 520,615 523,362 507,920 Other receivables 146,989 117,103 146,989 117,103 Trade debtors 958,620 982,983 958,620 982,983 Cash and cash equivalents 1,480,369 1,463,531 1,480,369 1,463,531 Banks - receivables from credit institutions & clients 8,563,377 8,622,643 8,501,487 8,549,527 Banks - changes in fair value of the hedged credit portfolio -24,148 -23,500 -24,148 -23,500 Hedging instruments 69,878 64,528 69,878 64,528 (€ 1,000) Fair value Book value 30-06-2026 31-12-2025 30-06-2026 31-12-2025 Financial liabilities Financial liabilities valued at amortised cost Financial debts Bank loans 1,486,545 1,663,225 1,473,069 1,643,382 Bonds 99,046 98,149 101,100 100,079 Subordinated loans 0 0 0 0 Lease debts 236,401 226,813 230,051 220,298 Other financial debts 98,782 103,726 97,621 101,536 Other debts Trade payables 1,530,400 1,399,283 1,530,400 1,399,283 Advances received 311,393 252,401 311,393 252,401 Amounts payable regarding remuneration and social security 226,674 265,073 226,674 265,073 Other amounts payable 76,208 100,472 76,208 100,472 Banks - debts to credit institutions, clients & securities 8,326,180 8,379,206 8,340,788 8,379,496 Hedging instruments 10,078 10,831 10,078 10,831 (€ 1,000) 30-06-2026 31-12-2025 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Financial assets : shares - Fair value through P/L (FVPL) 80,184 4,252 131,633 69,871 4,102 125,203 Financial assets : bonds - Fair value through OCI (FVOCI) 545,689 0 0 530,874 0 0 Financial assets : shares - Fair value through OCI (FVOCI) 0 0 49 0 0 49 Financial assets - at amortised cost 149,240 14,965 0 143,985 9,989 0 Financial assets - term deposits > 3 months 0 0 0 6,482 0 0 Receivables and cash Financial fixed assets - receivables and warranties 0 536,159 0 0 520,615 0 Banks - receivables from credit institutions & clients 0 2,049,286 6,514,091 0 2,122,297 6,500,346 Banks - changes in fair value of the hedged credit portfolio 0 0 -24,148 0 0 -23,500 Hedging instruments 0 69,878 0 0 64,528 0 Financial liabilities Financial debts Bank loans 0 1,486,545 0 0 1,663,225 0 Bonds 0 99,046 0 0 98,149 0 Subordinated loans 0 0 0 0 0 0 Lease debts 0 236,401 0 0 226,813 0 Other financial debts 0 98,782 0 0 103,726 0 Banks - debts to credit institutions, clients & securities 0 8,326,180 0 0 8,379,206 0 Hedging instruments 0 10,078 0 0 10,831 0
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47 | Half-yearly financial report 2026 7.5. Seasonality or cyclicality of operations AvH is active in several segments, each (more or less) cyclically sensitive: dredging & infrastructure, energy markets ( DEME, Deep C Holding, Green Offshore), construction (CFE), evolution on the financial markets and interest rates (Delen Private Bank and Bank Van Breda), real estate and interest rates evolution (Nextensa) and the evolution of commodity prices (SIPEF, Sagar Cements, VKC Nuts). The segments in which the Growth Capital participations are active, are also confronted with seasonal or cyclical activities. 7.6. Participations accounted for using the equity method (€ 1,000) Balance sheet 30-06-2026 Balance sheet 31-12-2025 Profit & Loss 30-06-2026 Profit & Loss 30-06-2025 Participations accounted for using the equity method - BS & P/L Marine Engineering & Contracting 423,633 400,302 56,316 20,162 Private Banking 956,659 993,767 109,241 95,112 Real Estate 90,975 84,629 5,460 3,712 Energy & Resources 421,412 398,261 22,529 19,381 AvH & Growth Capital 376,254 369,449 6,860 -3,325 Total 2,268,934 2,246,407 200,406 135,043 Profit & loss accounts The contribution of participations accounted for using the equity method increased by 65.4 million euros (+48%) to 200.4 million euros. The largest contribution once more came from Delen Private Bank, with 109.2 million euros in the ‘Private Banking’ segment (H1 2025: 95.1 million euros). The strongest increase, however, was recorded in ‘Marine Engineering & Contracting’, where the contribution of participations accounted for using the equity method almost tripled to 56.3 million euros (H1 2025: 20.2 million euros). ‘Energy & Resources’ contributed 22.5 million euros (H1 2025: 19.4 million euros), with SIPEF as the main component. ‘AvH & Growth Capital’ improved from a negative contribution of 3.3 million euros to a positive of 6.9 million euros. Nextensa contributed 5.5 million euros (H1 2025: 3.7 million euros) mainly through its Luxembourg real estate development participations active at Cloche d’Or. Balance sheet Participations accounted for using the equity method increased by 22.5 million euros to 2,268.9 million euros, with movements varying significantly by segment. While the profit contribution from these companies further strengthened to 200.4 million euros, 222.9 million euros of dividends were distributed by them. Additional investments during H1 2026 include the increase by AvH of its participation in SIPEF to 43.32%.
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48 | Half-yearly financial report 2026 Private Banking The 78.75%-participation of AvH in Delen Private Bank has been accounted for using the equity method, reflecting the joint control with the Delen family as defined in the shareholders’ agreement. (€ 1,000) 30-06-2026 31-12-2025 Key figures Delen Private Bank Cash & loan advances to banks 2,294,335 2,441,955 Loans and advances to clients 656,614 605,565 Financial assets 326,185 325,156 Tangible assets 207,836 208,386 Goodwill and intangible assets 368,477 366,617 Other assets 147,318 119,312 Total assets 4,000,765 4,066,991 Deposits from clients & credit institutions 2,547,964 2,579,668 Provisions, taxes & other liabilities 238,155 225,556 Equity (including minority interest) 1,214,646 1,261,767 Total equity and liabilities 4,000,765 4,066,991 (€ 1,000) 30-06-2026 30-06-2025 Gross revenues 420,597 367,073 fees paid (-) -57,717 -51,493 Expenses -174,961 -156,968 Profit before tax 187,919 158,612 Income taxes -48,886 -37,526 Profit of the period - Minority interests -314 -309 - Share of the group 138,719 120,777 Equity - Share AvH (78.75%) 956,534 930,744 Net result - Share AvH (78.75%) 109,241 95,112 In the Private Banking segment is also included, the joint venture Partalis of 125 Keur, established in 2025 by Bank Van Breda and Dewaele Real Estate Group, without contribution yet in H1 2026 due to an extended financial year. Energy & Resources – Key Figures SIPEF Balance sheet (USD 1,000) 30-06-2026 31-12-2025 Goodwill 104,782 104,782 Biological assets - bearer plants 332,278 334,813 Other property, plant & equipment 475,250 475,535 Other non-current assets 50,310 56,131 Non-current assets 962,620 971,261 Inventories and biological assets 68,172 62,007 Cash and cash equivalents 126,356 93,372 Other current assets 113,104 82,554 Current assets 307,632 237,933 Total assets 1,270,252 1,209,194 Shareholders'equity 1,011,549 1,001,584 Non-controlling interests 44,384 41,610 Financial liabilities > 1 year 1,126 1,263 Other non-current liabilities 75,188 77,983 Total non-current liabilities 76,314 79,246 Financial liabilities < 1 year 741 3,747 Other current liabilities 137,264 83,007 Total current liabilities 138,005 86,754 Total equity and liabilities 1,270,252 1,209,194 Share of the group in the standalone amounts (converted to EUR at historical rates) 384,093 360,039 Reconciliation items (*) 4,536 4,275 Carrying amount of the Group's interest 388,629 364,314 - booked as non-current asset 388,629 364,314 - booked as non-current provision 0 0
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49 | Half-yearly financial report 2026 Income statement (USD 1,000) 30-06-2026 30-06-2025 Revenue 308,038 250,425 Cost of sales -178,744 -139,847 Changes in the fair value of the biological assets 2,722 2,678 Gross profit 132,016 113,256 Operating expenses -37,109 -28,615 Operating result 94,907 84,641 Financial result -3,550 4,180 Result before tax 91,357 88,821 Tax expense -27,181 -27,064 Result after tax 64,176 61,757 Share of profit and loss of associated companies and joint ventures -1,253 -983 Minority intrests -2,773 -3,056 Result for the period 60,150 57,718 Result for the period - share AvH (in EUR) 22,128 21,793 (*) Reconciling item including goodwill. 7.7. Earnings per share (€ 1,000) 30-06-2026 30-06-2025 Net consolidated result from continuing operations, group share (€ 1,000) 339,560 273,248 Weighted average number of shares (1) 32,671,925 32,699,100 Earnings per share (€) 10.39 8.36 Net consolidated result from continuing operations, group share (€ 1,000) 339,560 273,248 Weighted average number of shares (1) 32,671,925 32,699,100 Impact stock options 124,372 64,907 Adjusted weighted average number of shares 32,796,296 32,764,007 Diluted earnings per share (€) 10.35 8.34 (1) Based on number of shares issued, adjusted for treasury shares in portfolio 7.8. Treasury shares Treasury shares as part of the stock option plan 30-06-2026 30-06-2025 Opening balance 456,350 472,099 Acquisition of treasury shares 45,750 15,501 Disposal of treasury shares as a result of exercise of options -19,750 -90,750 Ending balance 482,350 396,850 Treasury shares as part of the liquidity contract 30-06-2026 30-06-2025 Opening balance 21,840 20,049 Acquisition of treasury shares 528,106 421,689 Disposal of treasury shares -538,835 -413,435 Ending balance 11,111 28,303 On June 30, 2026, AvH held 482,350 treasury shares to cover outstanding stock option obligations. In execution of the liquidity agreement with Kepler Cheuvreux, 528,106 treasury shares were purchased and 538,835 were sold in H1 2026, resulting in a position of 11,111 treasury shares at June 30, 2026. The total number of treasury shares was 493,461 (1.49% of the shares issued) at the end of June 2026 (478,190 at year-end 2025).
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50 | Half-yearly financial report 2026 7.9. Impairments Each group company of AvH is treated as a distinct cash generating unit (CGU). Where there are indications of an impairment loss, and as part of an impairment test, a fair value is determined for each CGU on the basis of publicly available market valuations (market price of listed companies / recent transactions / broker reports). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of AvH, based on a discounted cash flow (DCF) model or market multiples. If, after this second step, still no adequate justification can be given for the carrying amount in the balance sheet, an ‘impairment’ will be recognised. In addition, AvH subjects the goodwill in its balance sheet to an impairment test at least each year. At AvH level there were no such indications that led to an impairment test in H1 2026 and consequently no impairment loss on a CGU. Both positive and negative fair value adjustments are recognised on certain financial assets designated at fair value (see Note 6.1 Segment information - income statement). 8. Main risks and uncertainties For a description of the main risks and uncertainties, please refer to the AvH annual report for the financial year ended December 2025. The composition of AvH’s portfolio changed only slightly during the first half year. Accordingly, the risks and the spread of those risks have not changed fundamentally in relation to the situation at the end of the previous year. Several group companies of AvH (such as DEME, CFE, Deep C Holding, SIPEF, Turbo’s Hoet Groep, Agidens, V.Group, Camlin Fine Sciences, VKC Nuts...) are internationally active and are therefore exposed to related political and credit risks. When disposing of participating interests and/or activities, AvH and its subholdings are regularly required to provide certain warranties and representations. These may give rise to claims - legitimate or otherwise - from buyers for compensation on that basis. AvH and its subholdings received no such claims in H1 2026. Several fully consolidated companies have agreed on certain ratios (covenants) in their credit agreements and these were respected on June 30, 2026. Several group companies of AvH (such as DEME, CFE, Agidens...) are actively involved in the execution of projects. This always entails a certain operational risk, but also means that certain estimates of profitability at the end of such a project need to be made. This risk is inherent to the activity , as well as the risk of disagreements with customers over divergent costs or changes in execution and the collection of these receivables. DEME is involved, both as claimant and as defendant, in discussions with customers about the financial consequences of deviations in the execution of contracting projects. In a small number of cases they may result in lawsuits. In so far as the consequences of such lawsuits can be reliably estimated, provisions are made for this in the accounts. In the current market context, AvH is focusing more than ever on its role as proactive shareholder in its portfolio companies. By participating in risk committees, audit committees, technical committees etc. at DEME, CFE, Deep C Holding and Agidens, AvH specifically monitors the risks in its contracting division from a very early stage. As regards to the risk of value adjustments on assets, reference is made to section 7.9 Impairments. In its role as proactive shareholder, AvH also sees to it that the companies in which it participates organize themselves in such a way as to comply with current laws and regulations, including all kinds of international and compliance rules. 9. Rights and commitments not reflected in the balance sheet Given the stability in the portfolio, there are no significant changes in the nature of the rights and commitments that are not reflected in the balance sheet. 10. Overview of the major related party transactions No transactions with related parties took place in H1 2026 that have any material impact on AvH’s results. Furthermore, in H1 2026 there were no changes in the transactions with affiliated parties as they are described in the annual report for the 2025 financial year and which could have material consequences for AvH’s financial position or results. 11. Events after balance sheet date Ackermans & van Haaren (AvH) has announced today that it entered into an agreement to invest 93 million euros in Grieg Aqua , the holding company owning 50.17% of the shares in Grieg Seafood ASA, the publicly listed Norwegian salmon aquaculture group. Upon completion of the transaction, which is expected in the fourth quarter of the year, AvH will become a long-term reference shareholder holding a 37.5% participation in Grieg Aqua alongside the Grieg family and the Grieg Foundation. This investment provides AvH with an opportunity to invest into Norway’s world - leading salmon aquaculture ecosystem alongside an entrepreneurial family with deep sector expertise. It also represents an important step in AvH’s ambition to further develop a meaningful Food & Agri platform, building on the group’s long- standing investment in SIPEF. Salmon aquaculture benefits from compelling long- term industry fundamentals with sustained strong global demand, supported by the shift towards more healthy and nutritious diets, constrained supply and high barriers to entry. Farmed salmon already represents around 75% of worldwide salmon consumption, with its share expected to grow further. Beyond the attractive long -term market dyn amics, salmon is widely recognized as one of the most sustainable animal protein sources available, combining superior feed conversion ratios with a lower carbon footprint. Headquartered in Bergen, Norway, and following the sale end 2025 of its operations in Finnmark and Canada, Grieg Seafood has established itself as a regional leader in Southwest Norway. In the Rogaland area, it has built a track record of operational excellence through industry -leading post-smolt capabilities and continuous innovation. The company has been a pioneer in on-land post-smolt production, materially reducing the time salmon spend at sea and improving feed conversion and biological performance. Grieg Seafood had a market capitalization of NOK 3. 4 billion on August 2 7, while its Rogaland operations generated operational EBIT of NOK 433 million in 2025 . As a result of the recent sale of its Finnmark and Canadian operations to Cermaq, associated restructuring costs and exceptional biological challenges, 2026 is expected to be a transition year. AvH believes there are significant opportunities to further strengthen and grow Grieg Seafood by building on its operational expertise, strong regional position and M&A capabilities. Several portfolio companies have also announced significant events after June 30, 2026, which are listed below: • DEME announced a substantial investment (representing a value between 150 and 300 million euros) for the construction of a new 22,000 m³ trailing suction hopper dredger (TSHD), whose delivery is scheduled for 2029 (July 1, 2026). DEME has also been awarded a s ubstantial contract (representing a value between 150 and 300 million euros) for the transport and installation of foundations for phase 1 of the Zeevonk offshore wind project in the Netherlands, scheduled to start in 2028. (July 20, 2026) • Delen Private Bank reached an agreement to acquire Van Lawick & Co., a wealth management firm based in The Hague, with more than 550 million euros
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51 | Half-yearly financial report 2026 in assets under management and expects this transaction to be completed before year-end 2026. (July 20, 2026) • Nextensa announced that its joint venture with Promobe has transferred full ownership of the Stairs office building in the Cloche d’Or district to State Street Services Luxembourg (July 1, 2026). Nextensa also concluded a long- term usufruct agreement with the European Investment Bank (EIB) Group for the entirety of its Treemont office project in Brussels. (July 22, 2026) • GreenStor’s portfolio company BSTOR welcomed TINC and Infravest as partners in two Belgian battery storage projects, investing (through equity and financing) a total of 22 million euros.(July 22, 2026).
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52 | Half-yearly financial report 2026 Auditor’s report Report on the review of the condensed consolidated financial statements of Ackermans & van Haaren for the six-month period ended June 30, 2026 Introduction In the context of our appointment as the company’s statutory auditor, we report to you on the condensed consolidated financial statements. These condensed consolidated financial statements comprise the consolidated balance sheet as at June 30, 2026, the consolidated income statement, the consolidated statement of comprehensive income, the statement of changes in consolidated equity, the consolidated cash flow statement (indirect method) and the segment information for the period of six months then ended, as well as selective notes 7.1 to 7.9. Report on the condensed consolidated financial statements We have reviewed the condensed consolidated financial statements of Ackermans & van Haaren NV (“the company”) and its subsidiaries (jointly “the group”), prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” as adopted by the European Union. The consolidated balance sheet shows total assets of 21,260,551 (000) EUR and the consolidated income statement shows a consolidated profit (group share) for the period then ended of 339,560,(000) EUR. The board of directors of the company is responsible for the preparation and fair presentation of the consolidated interim financial information in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union. Our responsibility i s to express a conclusion on this consolidated interim financial information based on our review. Scope of Review We conducted our review of the condensed consolidated financial statements in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of interim financial information performed by the independent auditor of the entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit performed in acc ordance with the International Standards on Auditing (ISA) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion o n the condensed consolidated financial statements. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements of Ackermans & van Haaren has not been prepared, in all material respects, in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union. Signed at Antwerp. The statutory auditor Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL Represented by Ben Vandeweyer
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53 | Half-yearly financial report 2026 Declaration To our knowledge: (i) the condensed financial statements, drafted in accordance with the applicable standards for annual accounts, present a true and fair view of the assets, financial situation and the results of Ackermans & van Haaren and the companies included in the consolidation; (ii) the half yearly report provides a true and fair view of the main events and major transactions with related parties that took place in the first six months of the financial year and their effect on the condensed financial statements, as well as a description of the main risks and uncertainties for the remaining months of the financial year. August 26, 2026 On behalf of the company John-Eric Bertrand Piet Dejonghe Tom Bamelis Piet Bevernage Co-chairman of the Co-chairman of the Member of the Member of the Executive Committee Executive Committee Executive Committee Executive Committee André-Xavier Cooreman An Herremans Koen Janssen Member of the Member of the Member of the Executive Committee Executive Committee Executive Committee
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54 | Half-yearly financial report 2026 Lexicon • Cost-income ratio: The relative cost efficiency (cost versus income) of the banking activities (EBA definition). • Common Equity Tier1 capital ratio: A capital ratio of the buffers held by banks to offset any losses, seen from the regulator’s perspective. The equity of a bank consists of share capital and undistributed profits. This equity is necessary to offset losses on loans. • EBIT: Earnings before interest and taxes. • EBITDA: EBIT plus depreciation and amortization on fixed assets • ESEF: the European Single Electronic Format is an electronic reporting format in which issuers on EU regulated markets shall prepare their annual financial reports. • KPI: Key Performance Indicator • Net financial position: Cash & cash equivalents and investments minus short and long term financial debt. • Net result: Net result (group share) • Rental yield based on fair value: Rental yield is only calculated on buildings in operation, excluding the projects and the assets held for sale. • Return on equity (ROE): The relative prof itability of the group, more particularly the amount of net income returned as a percentage of shareholders’ equity • SDG: Sustainable Development Goals • EU taxonomy: regulation that determines which investments can be classified as 'green' and play an important role to implement the EU Green Deal. The classification is based on technical screening criteria (TSC) and minimum criteria based on the do not significant harm principle (DNSH). • XBRL: An electronic language, specifically designed for the exchange of financial reporting over internet.