Vesteda Annual Report 2025

Consumers and end-users (S4)

SBM-2 - Interests and views of stakeholders

Ensuring sustainable and affordable housing is at the heart of our social responsibility, with tenant satisfaction playing a central role in fostering thriving communities. While conducting our detailed human rights salience assessment, we identified the right to adequate housing as a salient issue in our role as service provider. In our tenant service provision, we focus on, for instance, maintenance, complaints handling, but also on providing a safe and sustainable living environment.

We actively involve tenants and by doing so we strengthen social cohesion, enhance the living environment, and drive greater satisfaction among tenants. A pleasant home, a smooth customer journey and clear and transparent communications all contribute to this.

Digitalisation enhances our ability to provide a seamless customer experience, while we ensure that personal contact remains available when needed. By optimising internal workflows and streamlining the customer journey, we make it easier for tenants to connect with us and aim to resolve questions and repair requests efficiently the first time they are raised.

Measuring tenant satisfaction is a valuable indicator for us, as it helps us understand whether we are on the right track and how we can improve our homes and services. The key surveys used are the Customeyes survey, conducted annually with a selected group of tenants for benchmarking purposes, and the KCM survey, an external real-time system that gathers tenant feedback at critical points, such as repair requests, move-ins, move-outs, and the handling of complaints. These surveys provide us with detailed information on how our tenants experience our homes, the living environment and the level of our services. Regional and operational managers review these survey results quarterly to ensure consistent tenant satisfaction. This feedback is used to continuously improve services and address any potential issues, ensuring that tenants’ needs and concerns are met effectively.

For further information about how the interests and views of tenants are taken into account into our strategy, see the Strategy section.

Tenant satisfaction (Customeyes benchmark)

In 2025, a total of 12 residential investors in the Netherlands participated in the Customeyes survey. The Customeyes data consists of a representative sample drawn from all Vesteda’s tenants.

Vesteda is proud to note that it outperformed the benchmark in last year’s annual Customeyes survey, with a score of 7.3 (benchmark 7.0). Vesteda’s overall score remained stable at 7.3 compared to the previous year. Although the benchmark score did come in slightly lower than in  2024, this change is not reflected in the figure due to rounding. As a result, Vesteda’s relative performance improved in 2025. We believe that the eighth consecutive outperformance of the benchmark reflects the importance of our in-house property management and the value of gathering direct feedback from our tenants. We are especially proud to be recognised as ‘Best in class’ across all service-related categories. We have identified our strengths, which are crucial to maintaining our top-tier performance. At the same time, we continue to focus on areas where we can improve our services, ensuring we further solidify our leadership position in the industry.

SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model

The impacts, risks and opportunities that Vesteda's operations have on or create for consumers and end-users are documented in the DMA. For comprehensive details, please see the General Information section. The material impacts identified are widespread throughout our value chain. Our consumers and end-users are tenants who live in our residential properties.

Vesteda also undertook a detailed human rights salience assessment in line with the UNGPs, recognising that downstream impacts on tenants is key to Vesteda's market position. One of our strategic pillars is tenant engagement, in which we focus on enhancing social connections, involving tenants in decision-making, and ensuring high levels of satisfaction. Our strategy is guided by actual and potential impacts, with an emphasis on tenant satisfaction, social inclusion, and sustainability. By consistently measuring tenant satisfaction through surveys and real-time feedback, we try to ensure to remain aligned with tenant needs and that we can implement necessary improvements to our homes and services. Overall, our approach aims to balance these impacts by providing quality housing, while addressing potential risks through careful management and stakeholder engagement. You will find the details of these actions per salient topic in the Actions section below.

The salience assessment was designed to pinpoint the human rights topics that are at risk of the most severe negative impact through Vesteda's activities or business relationships. The salience assessment performed at Vesteda looked at the different business roles and identified the role as service provider most relevant with respect to tenants. The assessment placed affordability and social inclusion as key focus areas, from strategy to execution. The salient topics identified for Vesteda as a service provider are the following: non-discrimination, health and safety, privacy and security, and the right to adequate housing.

Vesteda has developed an understanding of its tenants with particular characteristics through its DMA and salience assessments. Each year, we evaluate how our rental prices have developed in relation to disposable income, alongside an assessment of affordability for vulnerable groups, such as single-person and two-person households.

As a service provider, Vesteda handles a significant number of tenants’ personal data, including sensitive personal information. This means that all our tenants could potentially be affected in terms of their rights to privacy and personal data protection. Vesteda has identified this as a salient issue and therefore prioritise privacy and security to build trust with its tenants and stakeholders. As personal data are also transferred to secondary or third parties, for example in cases where maintenance or repairs are required, it is equally important for our business partners to understand the importance of privacy and security.

Vesteda places a strong emphasis on protecting tenants' privacy, and ensuring their personal data is secure, through our Code of Conduct. The Code of Conduct places importance on safeguarding the privacy of tenants, investors, business relations, applicants, and colleagues. All employees working with personal data are aware of this and, consequently, handle personal information carefully and confidentially and do not provide information to third parties. Moreover, compliance with national and international standards and regulations, as well as monitoring incidents related to data breaches and addressing them promptly, are also particularly important.

Vesteda’s Human Rights Policy includes a commitment to ensure that our operations do not expose tenants to products that are inherently harmful to people or that increase the risk of chronic disease. As part of this commitment, we emphasise the importance of providing healthy and safe homes through regular maintenance and inspections, ensuring that housing structures are sound, well-insulated and equipped with efficient heating and ventilations systems to mitigate the effects of climate extremes. To support our goal of maintaining health and safety across our residential properties, we aim to conduct a portfolio-wide assessment at least once every three years. This assessment is embedded in our standard complex plan process. Finally, we encourage all tenants to actively participate in maintaining a healthy living environment by promptly reporting any signs of mould or other issues, ensuring proper ventilation, and following recommended practices to prevent such problems. By adhering to high standards in product and service conditions, Vesteda aims to mitigate any potential risks and safeguard the well-being of its tenants.

S4-1 - Policies

The Management Board bears ultimate accountability for these policies. The Chief Operating Officer (COO) and the General Counsel are responsible for day-to-day implementation and monitoring, in close coordination with the Management Board.

Vesteda's Human Rights Policy outlines the company's commitment to respecting human rights across all its activities, including downstream, recognising that the human rights of tenants are impacted. The key contents of the policy in relation to tenants are requirements to ensure respect for tenants’ human rights in line with international standards, and of specific rights linked to the salient issues identified in all Vesteda’s business roles. The requirements with regards to mitigating salient issues are embedded in this policy. Additionally, the policy describes the process for actively engaging with tenants to understand their needs and establishes measures to provide remedies for any impact on human rights. The Human Rights Policy describes the provision of remedy for adverse impacts caused in a structured and comprehensive approach in line with international standards. The policy also addresses the structure of the grievance mechanism, which is meant to remediate all identified salient issues. Several key aspects of the policy - namely non-discrimination, privacy and integrity - are included on Vesteda's website. This ensures transparency and accessibility for all tenants.

In addition to the Human Rights Policy, the Code of Conduct also enables Vesteda to mitigate negative impacts on tenants. The Code of Conduct emphasises requirements with respect to Human Rights and ethical business operations, dealing with conflicts of interest, competition, confidential information and intellectual property, privacy and data protection. These principles guide Vesteda in its role as a service provider to our tenants, notably, requirements outlining non-discriminatory behaviour of our employees towards tenants and privacy requirements when handling tenant data. The code of conduct is applicable to all employees.

To date, no cases of severe human rights incidents or cases of non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises involving our tenants have been brought to Vesteda’s attention.

As part of our commitment to offer flexible and inclusive housing solutions, we have implemented a Home Sharing Policy that allows tenants to rent a property jointly with another individual. This means prospective tenants may choose to share a home with a friend, partner, family member (not parent-child), or colleague. This shared living arrangement offers several advantages, particularly the ability to split rental costs, making housing more accessible and financially manageable. It is important to note that the suitability of a property for home sharing depends on its layout and design. Only homes that provide adequate space and privacy for multiple occupants will be considered eligible for this arrangement. Through this policy, we aim to respond to evolving housing needs and promote more sustainable and affordable living options.

S4-2 - Identifying and addressing impact

We are committed to building strong, sustainable relationships with our tenants, participants, and other stakeholders. By prioritising transparent communication and open dialogue about our activities and plans, we foster mutual trust.

At Vesteda, the perspectives of tenants are considered through various engagement methods, including surveys and direct communication with tenant committees and representatives. The Chief Operating Officer (COO) is primarily responsible for overseeing the tenant engagement process, supported by operational managers, consisting of relevant department heads and regional managers.

The sustainability of a home plays a crucial role in its affordability, particularly when it comes to energy usage. To address this, we invest in large-scale renovations, which include providing free solar panels to help reduce energy consumption and lower costs for tenants. Our goal is to inspire our tenants to adopt a more sustainable lifestyle, while also reducing their total cost of living. We send quarterly newsletters to our tenants, to inform them about relevant issues such as sustainability and energy saving and provide them with useful tips.

In the context of the DMA assessment and salience assessment, Vesteda has taken several steps to gain insights into the perspectives of tenants by reaching out through a stakeholder engagement survey. The aim of the survey is to assess Vesteda’s impacts on people and the environment, as well as sustainability-related risks and opportunities, whereby the respondents were asked to select which sustainability-related topics are the most relevant for Vesteda in terms of impact, risk and opportunity.

S4-3 - Acting on material impacts and mitigating material risks

The SpeakUp grievance mechanism offers our tenants a confidential environment in which they can raise concerns relating to breaches of our (Supplier) Code of Conduct, including the corresponding human rights reflected therein. Vesteda monitors and tracks issues raised by tenants, in accordance with the Internal Reporting Procedure. Complaints are usually handled by the relevant department, and tenants have the option to ensure that their anonymity is guaranteed by filing complaints anonymously. This allows Vesteda to identify and respond to issues promptly and ensures a clear and predictable process for tenants. Vesteda cannot guarantee that all tenants are aware of the company’s SpeakUp Channel, as this policy is not actively communicated via the standard documentation provided to tenants, such as lease agreements, general terms and conditions and supplementary materials. As a result, the policy is only accessible via Vesteda’s website.

Vesteda is committed to ensuring that its channels are accessible to individuals with visual, audial or physical disabilities, in accordance with the Web Content Accessibility Guidelines (WCAG). We regularly evaluate and improve the accessibility of our digital platforms. Independent external research has shown that our websites already partly comply with accessibility guidelines. We have published accessibility statements outlining our current level of compliance and areas for improvement. Vesteda has developed an action plan to ensure that its websites meet key accessibility requirements within a reasonable timeframe. We will update our accessibility statement as improvements are made. Tenants who are unable to use our digital tools can contact Vesteda via the general phone number.

S4-4 - Actions

Vesteda addresses its material human rights impacts through a team of operational managers and regional managers, all reporting to Vesteda’s Chief Operating Officer (COO). These managers are responsible for monitoring tenant satisfaction and performance across different regions. Communication with tenants is maintained through a quarterly newsletter and the 'Mijn Vesteda' (My Vesteda) portal. This ensures transparency and keeps tenants informed about how Vesteda addresses its impacts and works to improve tenant satisfaction. Vesteda actively supports the following initiatives with regards to our tenant population:

  • Onder de Pannen: Vesteda reintroduced our collaboration with Onder de Pannen. As per 2025 this initiative facilitates two new subletting arrangements through a targeted marketing campaign. The core objective of this collaboration is to provide temporary housing solutions for economically homeless individuals and to foster community support among tenants. The scope of the collaboration covers various home complexes managed by Vesteda. This initiative not only addresses urgent housing needs but also contributes to broader societal goals, such as urban densification, reducing social isolation, and improving affordability for our tenants;

  • Stichting Springplank: Vesteda rents out two residential properties to the foundation called 'de Springplank,' which helps homeless individuals reintegrate into society. We have a contractual agreement in place with this foundation to support their initiative;

  • Huis van Actief Burgerschap (House of Active Citizenship): we entered into a partnership with House of Active Citizenship in 2025. This is a foundation that supports residents' initiatives and strengthens communities, aiming to use housing as a tool for positive societal change. We believe in the power of residents and want to contribute to vibrant, engaged neighbourhoods. Together, we are dedicated to enabling the development of affordable, sustainable, and social housing. The House of Active Citizenship brings together active residents, ideas, and knowledge. Through co-creation, residents, companies, and municipalities work together to build strong and self-reliant neighbourhoods. We want to do more than just rent out homes - we want to contribute to the well-being of our tenants. This partnership enables us to provide more effective support for resident initiatives and to share and build on experiences. In this way, we work together to create neighbourhoods where people feel at home;

  • Key workers: Vesteda believes it is important for people in key social professions, such as nurses, teachers, police officers and firefighters, to be able to live in the same city in which they work. Key workers were given priority in completed new-build complexes The Ox, Typisch Tuinstad en De Kuil;

  • Vogelbescherming: Together with the Dutch Society for the Protection of Birds, Vesteda is researching how we can improve the biodiversity in our portfolio by installing bird and insect houses. New tenants receive a welcome package that includes a voucher for a garden centre, provided by Vogelbescherming;

  • Fonds 4 en 5 mei: Vesteda is proud to serve as a social partner to the National 4 and 5 May Committee, collaborating with other companies and funds to strengthen societal support for National Remembrance Day on 4 May and Liberation Day on 5 May. Vesteda remains committed to actively contributing to the events and values commemorated during this period. We support a number of initiatives, such as hosting Freedom Meals at various Vesteda locations. These meals celebrate freedom and also bring people together, fostering social cohesion within our communities;

  • Teletolk: In collaboration with Teletolk, Vesteda offers deaf and hard-of-hearing tenants the option to contact us via a direct video connection with a sign language interpreter. This allows tenants to communicate independently, reduces the risk of misunderstandings, and improves the accessibility of our services;

  • Community app: In September 2025, Vesteda launched a community app as a pilot in one of our complexes in The Hague. This digital platform connects Vesteda with tenants, as well promoting connections among tenants themselves. This app contributes to social cohesion in the complex and in the neighbourhood with the partners who join the group.

Vesteda's Human Rights Due Diligence process, as reflected in the Human Rights Policy, involves several key steps, including embedding responsible business conduct in policies and management systems, identifying and assessing actual or potential adverse human rights impacts, and taking appropriate actions to cease, prevent, or mitigate these impacts. Vesteda ensures that appropriate actions are taken in response to actual or potential negative impacts. This process is guided by the OECD Guidelines for Multinational Enterprises and the UNGPs.

  • With respect to non-discrimination, Vesteda is committed to having a standardised screening process in place that reduces irregularities and eliminates unintentional bias in our renting system. This action helps to promote access to products and services without discrimination. Overall, we are actively working to enhance this process with the aim of implementing an automated and unbiased system. We are setting up a project group to oversee these improvements, and we acknowledge the importance of having these measures properly in place in accordance with the requirements of the Dutch ‘Wet Goed Verhuurderschap’ (the good landlord act);

  • On the health and safety front, Vesteda has introduced a Climate & Environmental policy to manage physical and transition risks, thereby introducing a risk management process to prevent health and safety risks to tenants. The policy covers, among other things, the topics of circularity, flooding and heat stress, which may affect our tenants;

  • In terms of privacy and security, on top of compliance with national and international standards, Vesteda updated its (Supplier) Code of Conduct, outlining the expectations we have for all individuals interacting with our tenants related to privacy and safety. Additionally, Vesteda monitors and tracks incidents related to data breaches and tracks them in accordance with the Internal Reporting Procedure. Please see section G1 Business Conduct for more details on the incident tracking system. This allows Vesteda to identify and address any issues promptly, ensuring continuous improvement in our practices. In addition, we are updating current data practices to further minimise issues related to tenant privacy and security;

  • With respect to the right to adequate housing, Vesteda performed an analysis, focusing on affordability, habitability and environmental sustainability. Vesteda is active on these various fronts, with the primary purpose of creating positive impacts for tenants, providing safe and habitable homes that are protected against climate risks;

    • In terms of affordability, Vesteda considers housing costs for middle income households in order to determine the income requirements for our properties. Vesteda uses an external assessment on affordability, which includes family compositions and their respective incomes;

    • In terms of habitability, Vesteda monitors complaints with regards to habitability and the safety of homes and provides compensation in the event of incidents that fall under our responsibility, as they relate to the quality standards and guarantees we are committed to deliver with our buildings. Vesteda’s strong focus on high-quality materials, construction standards and maintenance practices supports a positive reputation for delivering reliable, durable and well‑maintained residential assets. A well‑established reputation for high-quality residential assets enhances Vesteda’s market position, contributes to tenant retention, and strengthens prospects for future business opportunities;

    • In terms of environmental sustainability, Vesteda has taken actions on the energy-efficiency front. Vesteda's commitment to sustainability is reflected in its efforts to provide energy-efficient homes and reduce the environmental impact of its properties. These initiatives contribute to a healthier living environment for tenants and communities in the Netherlands. This is an ongoing effort with specific targets and milestones. These actions demonstrate Vesteda's dedication to ensuring the well-being of its tenants and upholding human rights standards in its downstream operations.

Vesteda also tracks the effectiveness of its actions through regular surveys and real-time feedback, which are used to continuously improve services and address any potential issues. These efforts demonstrate our dedication to improving the living conditions and overall experience of tenants in our entire portfolio throughout the Netherlands, contributing to our increased tenant satisfaction score.

S4-5 - Metrics and targets

Vesteda has set a target regarding tenant satisfaction in the annual Customeyes survey. The yearly goal is to exceed the Customeyes benchmark, with a target minimum score of 7.3, and a score that is 10 basis points above the benchmark. The process begins with the annual Customeyes survey, in which 12 residential investors throughout the Netherlands participate, providing a representative sample of Vesteda's tenants. This survey offers detailed insights into tenants' experiences with their homes, living environments, and the services provided by Vesteda.

Engaging tenants in this process is important, as their feedback directly informs the further actions taken, helping Vesteda identify strengths and areas for improvement. Vesteda shares the survey results with tenants and employees to promote transparency and engagement. This open communication encourages tenants to view their feedback as instrumental in shaping Vesteda's operations.

We then evaluate the results to identify potential improvements, ensuring that Vesteda continues to enhance its services and address any areas needing attention. The focus on in-house property management and direct tenant feedback is essential to achieving and maintaining this target. We are committed to using these insights for continuous improvement and defining concrete actions. As part of this ongoing commitment, we concentrate on both Vesteda’s strengths and areas for improvement.