Vesteda Annual Report 2025

Independent auditor’s report

To the participants and the Supervisory Committee of Vesteda Residential Fund

REPORT ON THE FINANCIAL OVERVIEWS IN ACCORDANCE WITH INREV VALUATION PRINCIPLES INCLUDED IN THE ANNUAL REPORT 2025 OF VESTEDA RESIDENTIAL FUND

Our opinion 

We have audited the financial overviews as at 31 December 2025 and the year then ended of Vesteda Residential Fund (hereinafter: “the Fund”), based in Amsterdam.

In our opinion, the financial overviews as at 31 December 2025 and the year then ended of Vesteda Residential Fund are prepared, in all material respects, in accordance with the accounting policies selected and disclosed by the Fund, i.e. INREV valuation principles, as set out on page 203 up to and including page 214.

The (primary) financial overviews comprise:

  1. The consolidated statement of financial position as at 31 December 2025.

  2. The consolidated statement of profit or loss and other comprehensive income for 2025.

  3. The consolidated statement of changes in equity as at 31 December 2025.

  4. The notes comprising a summary of the accounting policies and other explanatory information.

Basis for our opinion

We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. If applicable, supplement with other applicable laws and regulations, such as an audit protocol. Our responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the financial statements’ section of our report.

We are independent of Vesteda Residential Fund in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for Professional Accountants).

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of the basis of accounting

We draw attention to page 210 up to and including page 214 to the financial overviews, which describes the basis of accounting. The financial overviews are prepared to assist Vesteda Residential Fund to comply with the INREV valuation principles. As a result, the financial overviews may not be suitable for another purpose.

Our opinion is not modified in respect of this matter.

Other information

The financial overviews contains other information, in addition to the (primary) financial overviews and our auditor’s report thereon.

Furthermore, other information consists of:

  • INREV expense metrics

Based on the following procedures performed, we conclude that the other information does not contain material misstatements.

We have read the other information. Based on our knowledge and understanding obtained through our audit or otherwise, we have considered whether the other information contains material misstatements.

By performing these procedures, we comply with the requirements of the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of those performed in our audit of the (primary) financial overviews.

Management is responsible for the preparation of the other information, including INREV expense metrics in accordance with INREV Fee and Expense Metrics Guidelines.

Responsibilities of Management Board and the Supervisory Committee for the financial overviews

Management is responsible for the preparation of the financial overviews in accordance with the accounting policies selected and disclosed by the Fund (INREV valuation principles) as set out on page 203 up to and including page 214.

Furthermore, management is responsible for such internal control as management determines is necessary to enable the preparation of the financial overviews that are free from material misstatement, whether due to fraud or error.

As part of the preparation of the financial overviews, management is responsible for assessing the Fund’s ability to continue as a going concern. Based on the financial reporting framework mentioned, management should prepare the financial overviews using the going concern basis of accounting, unless management either intends to liquidate the fund or to cease operations, or has no realistic alternative but to do so.

Management should disclose events and circumstances that may cast significant doubt on the Fund’s ability to continue as a going concern in the financial overviews.

The Supervisory Committee is responsible for overseeing the company’s financial reporting process.

Our responsibilities for the audit of the financial overviews

Our responsibility is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.

Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material misstatements, whether due to fraud or error, during our audit.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial overviews. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

We have exercised professional judgment and have maintained professional scepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included among others:

  • Identifying and assessing the risks of material misstatement of the financial overviews, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

  • Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

  • Concluding on the appropriateness of management’s use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial overviews or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a Fund to cease to continue as a going concern.

  • Evaluating the overall presentation, structure and content of the financial overviews, including the disclosures.

  • Evaluating whether the financial overviews represent the underlying transactions and events free from material misstatement.

We are responsible for planning and performing the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the financial overviews. We are also responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We bear the full responsibility for the auditor’s report.

We communicate with management and Supervisory Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit.

Amsterdam, 24 March 2026

Deloitte Accountants B.V.

Signed on the original: V.S. Borreman