6.13 Joint ventures and associates

The carrying amount of joint ventures and associates (collectively referred to as investments) is made up as follows:

At the time the annual figures are prepared, the 31 December figures of joint ventures and associates may not yet be available. In such situations, the Group bases the measurement on the most recent interim figures available.

6.13a Joint ventures

The following amounts relate to the Group’s interest in the equity of joint ventures:

The following amounts relate to the Group’s interest in the net result of joint ventures:

Based on a cumulative assessment against three measures – share of equity, share of net result and share of revenue – it has been determined that none of the joint ventures is individually material to the Group.

The joint ventures in the Living segment focus primarily on the development of land positions. The Group’s share of the revenue generated by these joint ventures amounts to € 73 million (2024: € 54 million). At year-end, the Group’s share of inventories recognised in these joint ventures amounts to € 126 million (2024: € 89 million), mainly consisting of land positions. In 2025, the Group purchased € 16 million from and sold approximately € 7 million to these joint ventures (2024: € 11 million and € 8 million, respectively). These transactions mainly relate to the supply of land positions. In 2025, no write-down was recognised on land positions in these joint ventures (2024: € 4 million within the Zuidplaspolder area development).

The other joint ventures include, among others, partnerships for the execution of projects and the asphalt company AsfaltNu C.V. (a joint venture with Royal BAM Groep N.V.). In 2025, the Group purchased approximately € 47 million (2024: € 65 million) from these joint ventures, consisting entirely of asphalt purchased from AsfaltNu C.V. In addition, the Group sold approximately € 4 million (2024: € 5 million) to these joint ventures.

In joint ventures, dividend distributions must always be decided in consultation with the other partner(s). In addition, there are no restrictions on dividend distributions based on the Articles of Association and/or other agreements (2024: € 7 million in one joint venture, where priority was given to repayment of the joint venture’s debts).

At year-end 2025, the Group recognised total trade and other receivables from joint ventures of € 9 million (2024: € 2 million) and total trade and other payables to joint ventures of € 14 million (2024: nil). In addition, loans have been granted to joint ventures (see note '6.14 Long-term receivables').

In 2025, as in 2024, the Group entered into no commitments with joint ventures to provide subordinated loans. Furthermore, apart from the commitments disclosed in note '6.27a Investment commitments joint ventures' and note '6.28a Contingent liabilities joint ventures', the Group has no obligations relating to joint ventures.

6.13b Associates

The following amounts relate to the Group’s interest in the equity and result of associates:

During the financial year, the Group purchased € 15 million (2024: € 15 million) from associates. As in the previous year, no sales were made to associates.

In the case of associates, a dividend distribution must always be resolved by the shareholders.