Financial performance

Consolidated EBITDA for the year totaled € 2,020  million (2024: € 1,784  million), resulting in a profit of € 526  million (2024: € 635  million). These figures include the contribution from NPM’s controlled participations, which are managed within NPM’s private equity model and outside the scope of SHV’s regular performance management. In 2025, NPM’s eight controlled participations contributed € 494 million EBITDA (2024: € 419  million) and € 20 million profit (2024: € 19  million) to consolidated results. For further details please refer to page 67.

Consistent with last year, the following analysis focuses on SHV’s financial performance excluding NPM’s controlled participations, providing a clear and consistent view of underlying operational delivery across the organization.

In 2025, revenues from Operational Groups totaled € 18.2  billion (2024: € 20 billion), reflecting the lower run‑rate following these divestments. At SHV Energy, revenues were mainly impacted by lower LPG prices, divested business in 2024, and softer demand in Europe and the US, partly offset by growth in Brazil and several other countries. Despite achieving higher volumes, notably in salmon and Iberia, Nutreco recorded lower revenues due to commodity price swings and the sale of the swine farming business in Iberia mid-year. Mammoet’s ongoing selectivity in the pipeline phase resulted in lower sales volumes, reflecting its increased focus on project selection. These declines were partly offset by strong organic growth and contributions from recent M&A at Kiwa, including the acquisition of NQA in 2024. Overall revenues were lower due to the divestment of Makro Argentina, while the remaining operations in Colombia showed a modest increase.

SHV Energy delivered solid underlying performance, with healthy margins and tight cost management compensating for volume pressure in certain markets. Results were further supported by continued growth in Brazil, while the US remained challenging and France addressed operational challenges revealed by a 2023 ERP implementation.

Nutreco delivered a solid improvement in EBITDA compared to 2024, supported by volume growth and stable margins across most Business Units, while strengthening its portfolio through a shift from volume to value, including Feed Additives. Performance was driven by the Aqua business – particularly Salmon in Norway – while results in Latin America were softer. This was partly offset by Trouw Nutrition, where slower developments in Europe & Central Asia and the impact of the divestment of the swine farming business in Iberia resulted in lower contributions.

Kiwa once again achieved double-digit revenue growth in 2025, supported by strong organic performance and an active inorganic growth agenda. Higher revenues, combined with profitability improvements driven by pricing, productivity, and cost efficiencies across the organization, contributed to an increase in full‑year EBITDA.

Mammoet maintained stable EBITDA in 2025, supported by effective project selection and strong rental activity. In line with its strategy, the Group delivered lower but more profitable sales, while optimizing its fixed‑asset portfolio. Results reflect a robust underlying operational performance across both crane rental services and project activities, further supported by healthy margins.

Makro operated on a smaller footprint in 2025, which was reflected in its operational performance. Following the sale of Makro Argentina, Colombia remained the only operating unit and delivered solid results.

EBITDA from non‑operational Groups, comprizing the running costs of NPM and Corporate, amounted to € -98 million (2024: € -92 million).

EBITDA was additionally affected by € -25 million of adjusting items, primarily related to restructuring costs, provisions for claims, one-off legal & advisory costs, and tax credit benefits in Brazil.

Taking the above into consideration, SHV’s consolidated EBITDA, excluding the controlled participations of NPM, increased to € 1,524 million (2024: € 1,419 million), reflecting the strong performance of operational Groups as described previously.

Income from private equity investments increased to € 161 million (2024: € 104 million), mainly due to (non-realized) fair value gains on NPM’s non‑controlled participations.

Net finance costs amounted to € -151 million in 2025 (2024: € 62 million) and include the loss related to SHV Energy’s sale of SunSource’s assets. The result also reflects lower interest expenses and positive impacts from derivative revaluations at Nutreco and gains from the sale of Inga and Makro Argentina. The year‑on‑year difference is mainly explained by the absence of the significant positive gains recorded in 2024, including major divestments and share revaluations.

Share of profit in equity‑accounted investees amounted to € -36 million (2024: € 14 million), mainly reflecting the performance of ONE‑Dyas. The results were impacted by Oil & Gas price developments at year end, which additionally affected associated asset revaluations and deferred tax positions.

Overall, SHV’s profit for 2025, excluding NPM’s controlled participations, totaled € 506  million (2024: € 615  million). Results were lower than last year due to the absence of significant exits at NPM and the divestment impacts recorded in 2024.

Cash Generation

M&A activity in 2025 included Kiwa’s acquisition of Square One, Sequoia, and several smaller targets, while NPM completed the acquisitions of Elbfrost, targeted add‑ons for Jeco Energies and Tech Tribes, and a minority investment in NTS Group. Divestment proceeds were lower than in the previous year. Transactions in 2025 included the sale of Makro Argentina, the divestment of Nutreco’s swine farming business in Iberia, and the disposal of SunSource assets at SHV Energy in India, while no significant exits were recorded at NPM.

Overall, SHV continued to generate solid cash flows in 2025, driven by robust operational performance and disciplined investments, despite lower divestment proceeds compared with the prior year. This allowed us to repay maturing debt.

Balance sheet

Group equity amounted to € 7.5 billion at the end of 2025 (2024: € 7.6 billion). Total liquidity levels remained strong at € 1.4 billion, while net debt slightly decreased to € 3.8 billion. Return on shareholders’ equity slightly decreased to 7% in 2025, mainly due to the absence of large divestments this year (2024: 8%).