Sustainable growth report 2024

This report and CSRD
The EU Corporate Sustainability Reporting Directive (CSRD) requires companies to report on their environmental and social impacts. In line with this regulation, we report in accordance with the European Sustainability Reporting Standards (ESRS).

Our CSRD and ESRS disclosures are integrated into the reporting of HAL Holding N.V. We remain committed to reporting annually on our ESG roadmap, tracking targets and measuring progress. This Sustainable Growth Report 2025 marks our seventh annual report.

Double materiality assessment
In 2025, we conducted a thorough review of our double materiality assessment, revalidating the process to ensure a solid foundation and that our key material topics are grounded in a rigorous and thoughtful analysis.

The assessment takes into account both the impact of sustainability issues on our business and the effects our activities have on the environment and society. This assessment enables us to further sharpen our ESG roadmap and sustainability strategy, focusing on the topics that matter most to us and our stakeholders.

Update ESG roadmaps
In this report, we assess the 2025 targets set out in our ESG roadmaps introduced in 2022. We reflect on the progress made so far, highlighting both our achievements and the areas where further improvement is still needed. From the 2026 report onwards, we will shift our focus back to a forward-looking approach, reassessing our current targets, setting new milestones and defining how we will continue to advance our long-term sustainability ambitions.

UNSDGs
We recognise the 17 United Nations Sustainable Development Goals (SDGs) as an important framework for understanding and assessing our sustainability impact. In this report, we focus on eight SDGs that are most relevant to our operations and sustainability priorities. Each chapter highlights the SDGs that are directly linked to the topics discussed.

Emission reporting
For emission reporting, we apply the “control by contract” approach and use industry-standard conversion factors. To ensure consistency and comparability over time, 2025 emissions are assessed against the 2022 baseline, with adjustments made where necessary to reflect updates in regulatory frameworks such as FuelEU.

This allows for a like-for-like comparison of our performance over time. A detailed definition list of these adjustments is included in the appendices. We report both tank-to-wake (TtW) and well-to-wake (WtW) emissions. Our net-zero ambition for 2035 is based on WtW emissions, as this provides a more comprehensive view of the full lifecycle impact of fuels and technologies, including upstream emissions. This approach enables us to better capture the benefits of sustainable marine fuels and onboard efficiency measures.

In last year’s report, we updated our methodology for calculating Scope 3 emissions, introducing estimation methods such as spend-based and hybrid approaches where direct data is not available.

We continue to build on this approach, applying it consistently to further improve the completeness and robustness of our Scope 3 emissions reporting. A detailed explanation of the Scope 3 methodologies is included in the “Care for Environment” chapter.