Notes to the consolidated financial statements

The consolidated financial statements of Vesteda Residential Fund (the Fund) and the affiliated entities (the Vesteda Companies) for the year ended 31 December 2025 were authorized for issue in accordance with a resolution of the Management Board on

Vesteda Residential Fund (the Fund) is not a legal entity. These financial statements present the consolidated financial information of the Fund and its affiliated companies (together referred to as the Vesteda Companies).

In the application of the Vesteda’s accounting policies, which are described in Note 4, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates

Vesteda Residential Fund is a contractual investment Fund (beleggingsfonds), as defined in section 1:1 of the Dutch Financial Supervision Act (FSA).

Gross rental income can be broken down as follows:

Service charges income can be specified as follows:

Property operating expenses can be specified as follows:

The result on property sales can be specified as follows:

The management expenses comprise:

The financial results can be specified as follows:

The unrealised results can be specified as follows:

The income tax expenses for the year can be reconciled with the accounting profit as follows:

The other comprehensive income during the year can be specified as follows:

The intangible fixed assets can be specified as follows:

The investment property can be specified as follows:

As set out in Note 3, in arriving at their estimates of market values, the external independent real estate valuation experts used their market knowledge and professional judgment, rather than relying exclusively on comparable historical transaction

The economic life of the head office of Vesteda in Amsterdam ‘De Boel’ is set at twenty-five years and the residual value amounts to €5 million.

The financial assets movements can be specified as follows:

The trade and other receivables can be specified as follows:

The cash and cash equivalents can be specified as follows:

The total equity amounts to:

The non-current financial liabilities can be specified as follows:

As of 1 January 2019 IFRS 16 is implemented in the balance sheet and P&L.

The current provisions movements can be specified as follows:

The trade and other payables can be specified as follows:

Vesteda has a pension plan with ABP. In 2025, Vesteda paid premiums in the amount of €2.7 million (2024: €2.8 million). This counterparty is also a participant in the Fund.

Vesteda’s principal financial liabilities, other than derivatives, are loans and borrowings. The main purpose of Vesteda’s loans and borrowings is to finance the Vesteda Companies' property portfolio.

The primary objective of the Vesteda Companies’ capital management is to ensure that the Fund remains within its banking covenants and maintains a strong credit rating.

With regard to remuneration, Vesteda is in compliance with the Dutch Financial Supervision Act (FSA) provision on the remuneration of Identified Staff.

The remuneration for the five Supervisory Committee members in 2025 was €204,000 (2024: €211,000). The compensation for the chairman was €44 thousand and for the other members €31 thousand.

The service fees to external auditors consists of:

The total liabilities for obligations entered into for construction contracts, rental and lease instalments stood at €22 million at year-end (2024: €47 million). Rental and lease instalment liabilities are accounted for under Lease liabilities.

In the current year, Vesteda has applied an amendment to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) – and endorsed by the European Union – that are effective for an annual period that begins on

On 1 February 2026, the liquidity review period started, which takes place once every seven years. The total value of the indicative redemption requests amount to €4.1 billion, representing 52% of total equity.