Consolidated statement of financial position

For the year ended 31 December 2025; amounts in € million¹

	Notes	31-12-2025	31-12-2024
ASSETS
Non-current assets
Intangible fixed assets	14	2	3
Investment property	15	10,497	9,808
Investment property under construction	16	25	174
Property, plant and equipment	17	19	19
Financial assets	18	7	1
Total non-current assets		10,550	10,005

Current assets
Trade and other receivables	19	19	4
Cash and cash equivalents	20	64	1
Total current assets		83	5

Total assets		10,633	10,010

EQUITY AND LIABILITIES

Group equity	21	7,844	7,271

Non-current liabilities
Financial liabilities	22	1,989	2,526
Lease liabilities	23	75	87
Total non-current liabilities		2,064	2,613

Current liabilities
Financial liabilities	22	600	-
Provisions	24	-	9
Trade and other payables	25	99	96
Lease liabilities	23	26	21
Total current liabilities		725	126

Total liabilities		2,789	2,739

Total equity and liabilities		10,633	10,010

Net Asset Value (NAV) per participation right² in €
Basic IFRS NAV	21	224.30	206.51

1 This table contains a reconciliation between IFRS reported and certain non-GAAP measures.

2 Net Asset Value (NAV) per participation right is a non-GAAP measure. The NAV per participation right is calculated by the NAV divided by the weighted average number of participation rights.