6.1 Segment information

In line with internal reporting to the Executive Board, the Group has identified the following operating segments: Property Development, Residential Building, Whoon, Van Gisbergen (acquired in 2024), Non-residential (including Hegeman) and Infra.

Based on an extensive analysis of the nature of the activities, the economic characteristics and the types of customers, it was determined that Property Development, Residential Building, Whoon and Van Gisbergen are sufficiently similar to be aggregated into one operating segment: Living. This aggregation is based on the similarities in the nature of the products and services (construction and property development activities related to homes), economic characteristics (the underlying EBITDA-margins and the number of homes sold as key performance indicators) and clients (private individuals, real estate investors and housing corporations). In addition to this aggregated operational segment, separate disclosure is provided for Working (consisting of the operational segment Non-residential building) and Connecting (consisting of the operational segment Infra). The nature of the products and services through which these reportable segments generate revenue is explained in more detail in the management report. The segments are primarily managed on the basis of underlying EBITDA.

The segment results include revenue and expenses that can be allocated to the segments directly, or on a reasonable basis. Assets and liabilities are also recognised per segment insofar as they are assignable. The segment figures are aligned with the consolidated figures as recognised in the rest of the financial statements.

Condensed statement of profit or loss per business segment

2024	Living	Working	Connecting	Subtotal business segments	Eliminations and holding company	Total
x € 1 million
Revenue
Third parties	994.3	620.9	968.8	2,584.0	0.2	2,584.2
Intersegment	-	13.7	27.8	41.5	-41.5	-
Total revenue	994.3	634.6	996.6	2,625.5	-41.3	2,584.2

Underlying EBITDA	88.6	47.0	70.4	206.0	-7.2	198.8

EBITDA joint ventures	-6.8	-2.6	-6.1	-15.5	-0.1	-15.6
Write-down of land holdings	-4.4	-	-	-4.4	-	-4.4
Restructuring costs	-0.2	-0.6	-0.3	-1.1	-0.2	-1.3
Acquisition costs	-	-	-	-	-0.6	-0.6
Long term incentive bonuses	-4.7	-	-	-4.7	-	-4.7
Total exceptional items	-16.1	-3.2	-6.4	-25.7	-0.9	-26.6

EBITDA	72.5	43.8	64.0	180.3	-8.1	172.2

Depreciation, amortisation and impairments	-18.1	-10.8	-26.2	-55.1	-6.1	-61.2
Operating profit (EBIT)	54.4	33.0	37.8	125.2	-14.2	111.0

Finance income						7.7
Finance expenses						-13.9
Results of joint ventures and associates	6.1	2.4	3.4	11.9	0.3	12.2
Profit before tax						117.0

Underlying EBITDA-margin	8.9%	7.4%	7.1%			7.7%

2025	Living	Working	Connecting	Subtotal business segments	Eliminations and holding company	Total
x € 1 million
Revenue
Third parties	1,011.7	668.4	1,091.9	2,772.0	0.2	2,772.2
Intersegment	0.7	21.1	29.4	51.2	-51.2	-
Total revenue	1,012.4	689.5	1,121.3	2,823.2	-51.0	2,772.2

Underlying EBITDA	111.9	54.9	92.5	259.3	-6.9	252.4

EBITDA joint ventures	-16.1	0.5	-6.4	-22.0	-0.1	-22.1
Write-down of land holdings	-3.1	-	-	-3.1	-	-3.1
Restructuring costs	-0.8	-0.6	-0.6	-2.0	-0.2	-2.2
Acquisition costs	-	-1.1	-	-1.1	-	-1.1
Total exceptional items	-20.0	-1.2	-7.0	-28.2	-0.3	-28.5

EBITDA	91.9	53.7	85.5	231.1	-7.2	223.9

Depreciation, amortisation and impairments	-12.2	-8.0	-31.7	-51.9	-9.8	-61.7
Operating profit (EBIT)	79.7	45.7	53.8	179.2	-17.0	162.2

Finance income						6.0
Finance expenses						-9.9
Results of joint ventures and associates	13.3	-0.4	4.2	17.1	0.2	17.3
Profit before tax						175.6

Underlying EBITDA-margin	11.1%	8.0%	8.2%			9.1%

Condensed statement of financial position and breakdown per business segment

2024	Living	Working	Connecting	Subtotal business segments	Holding company	Eliminations	Total
x € 1 million
Assets	826.9	353.2	467.8	1,647.9	328.8	-609.7	1,367.0
Not allocated					1.6		1.6
Total assets	826.9	353.2	467.8	1,647.9	330.4	-609.7	1,368.6

Liabilities	327.3	269.9	302.9	900.1	301.9	-381.6	820.4
Not allocated					85.2		85.2
Total liabilities	327.3	269.9	302.9	900.1	387.1	-381.6	905.6

Equity							463.0

Total equity and liabilities							1,368.6

Property, plant and equipment
Depreciation	-2.2	-	-9.1	-11.3	-3.7		-15.0
Investments	2.0	-	18.2	20.2	7.1		27.3

Right-of-use assets
Depreciation	-9.2	-7.6	-17.0	-33.8	-1.8		-35.6

Intangible assets
Amortisation	-6.7	-3.2	-0.1	-10.0	-		-10.0
Impairment losses	-	-	-	-	-0.6		-0.6

Joint ventures and associates
Carrying amount	75.7	1.9	20.7	98.3	7.4		105.7

2025	Living	Working	Connecting	Subtotal business segments	Holding company	Eliminations	Total
x € 1 million
Assets	938.8	518.4	565.6	2,022.8	327.6	-691.9	1,658.5
Not allocated					7.0		7.0
Total assets	938.8	518.4	565.6	2,022.8	334.6	-691.9	1,665.5

Liabilities	364.1	388.7	352.9	1,105.7	327.0	-412.2	1,020.5
Not allocated					96.7		96.7
Total liabilities	364.1	388.7	352.9	1,105.7	423.7	-412.2	1,117.2

Equity							548.3

Total equity and liabilities							1,665.5

Property, plant and equipment
Depreciation	-3.1	-	-11.0	-14.1	-4.4		-18.5
Impairment losses	-	-	-	-	-3.4		-3.4
Investments	2.7	-	15.3	18.0	26.8		44.8

Right-of-use assets
Depreciation	-8.8	-8.0	-18.8	-35.6	-2.0		-37.6

Intangible assets
Amortisation	-0.3	-	-1.9	-2.2	-		-2.2

Joint ventures and associates
Carrying amount	97.6	1.4	29.2	128.2	2.1		130.3

The unallocated assets consist primarily of deferred tax assets. Unallocated liabilities mainly comprise interest-bearing financial obligations, deferred tax liabilities, income tax liabilities and VAT payable.

All revenue was realised in the Netherlands in 2025 and 2024. Fixed assets are also located in the Netherlands.