Consolidated statement of profit or loss and other comprehensive income

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

	Notes	2025	2024
Gross rental income	5	422	399
Service charges income	6	15	14
Other income		1	2
Revenues		438	415

Property operating expenses (excluding service charges)	7	(102)	(105)
Service charges	6	(23)	(21)
Net rental income		313	289

Result on property sales	8	36	46
Management expenses	9	(35)	(30)
Financial results	10	(65)	(68)
Result before valuation gains (losses) on investment property		249	237

Unrealised result	11	573	891

Result before tax		822	1,128

Tax	12	(1)	(1)
Result after tax (attributable to equity holders of the parent/participants)		821	1,127

Other comprehensive income that will be reclassified subsequently to profit or loss
- Settlement pre-hedge contracts		1	1
Other comprehensive income that will not be reclassified subsequently to profit or loss
- Revaluation of PPE		-	1
Other comprehensive income, net of tax	13	1	2

Total comprehensive income (attributable to equity holders of the parent)		822	1,129

Earnings per participation right² in €
Basic and diluted earnings, on result after tax	21	23.48	32.01

Comprehensive income per participation right³ in €
Basic and diluted earnings, on total comprehensive income		23.51	32.07

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

2 The earnings per participation right (EPR) are non-GAAP measures. The EPR are calculated by the result after tax divided by the weighted average number of participation rights.

3 The comprehensive income per participation right (CIPR) is a non-GAAP measure. The CIPR is calculated by the total comprehensive income divided by the weighted average of participation rights.