Message from the Management Board

Dear stakeholders,

We present Vesteda’s Annual Report 2025 at a moment that reflects both strong performance and an important transition for the fund. In this report, we look back on a year in which we demonstrated solid results in a dynamic market, while at the same time laying the groundwork to navigate a period of change with care, discipline and responsibility. Throughout 2025, Housing as a force for good continued to serve as our guiding principle, shaping how we balance long‑term financial value with our responsibility towards tenants, communities and society.

In 2025, Vesteda delivered solid operational performance. Demand for high-quality and affordable rental housing remained strong, contributing to stable results and moderate rental growth. Our portfolio strategy was geared towards optimisation and value enhancement, with a clear focus on achieving sustainable and social impact.

In February 2026, at Vesteda’s regular seven-year liquidity review cycle, almost all participants submitted indicative redemption requests, marking a significant moment for the fund. These requests primarily reflect participants’ overallocation in residential real estate due to strong value growth of Vesteda’s portfolio, strategic portfolio reallocations by participants and the impact of a changing fiscal environment, while a broad group of participants remains invested in the fund. Vesteda is approaching this phase with a clear focus on careful and orderly execution. In early March 2026, S&P revised Vesteda’s long‑term credit rating from ‘A–’ to ‘BBB’ and placed the rating on Negative Watch, reflecting the scale of the redemption requests. Vesteda remains focused on a disciplined approach and safeguarding its financial strength.

In line with our ambition, our sustainability efforts received further recognition in 2025. We again achieved a five-star GRESB rating and strong UN PRI scores. We updated our CO₂ roadmap, targeting a 60% energy-use reduction by 2030, compared to 1990. Through focused investments we are lowering energy consumption, enhancing tenant comfort, and future-proofing our portfolio. We also enhanced reporting aligning with CSRD requirements and our social engagement was reflected in several partnerships. In addition, we accelerated our digital transformation, enabling the introduction of a new AI‑driven tool to enhance our processes and support a more data‑driven way of working across the organisation.

Looking to 2026, Vesteda remains focused on navigating the period ahead with care and discipline, managing its portfolio and financial position in a responsible way. Our objective remains unchanged: to create sustainable long-term value for our participants, provide affordable and future-proof homes for our tenants, and contribute to a resilient Dutch housing market.

We would like to thank our tenants, participants, employees, and partners for their trust and cooperation over the past year.

Astrid Schlüter (CEO) and Frits Vervoort (CFO)

Amsterdam, 24 March 2026