6.3 Revenue

Revenue broken down by segment and also by the nature of the underlying activities:

Revenue by segment

The segment notes below include inter-segment revenue in accordance with note '6.1 Segmented information'.

Living

Revenue in Living comprises, on the one hand, (real estate) development activities and, on the other hand, construction activities and recurring activities (mainly renovation), with these activities differing in nature and risk profile. In real estate and residential construction projects, as a rule both the land and the buildings are delivered. Revenue in Living of € 698 million (2024: € 591 million) was realised for private customers and € 315 million (2024: € 403 million) for real estate investors and housing associations:

• Construction of projects for private buyers is generally only started once at least 70% of the homes have been sold. Billing takes place on the basis of predefined milestones in accordance with the Woningborg or SWK scheme (Stichting Waarborgfonds Koopwoningen). In practice, the Group works with both combined and separate purchase-and-construction contracts. Depending on the contract form, the transfer of the land is invoiced separately or included in the first instalment.

• Construction work on projects for property investors and housing associations does not start before the sale has been completed. The invoicing schedule is agreed with each client and, as in the case of private buyers, is generally linked to the completion of milestones, the first instalment being invoiced upon conveyance of the land. Revenue from the land is recognised at the time of legal transfer at the civil-law notary, while revenue from the buildings is recognised during the construction period.

Working

Revenue in Working relates mainly to service and maintenance activities performed on customers’ buildings and installations. The related revenue of € 483 million (2024: € 424 million) is recognised as the work is performed.

In addition, integrated non-residential buildings are delivered for customers, often in the (semi-)public sector, for € 207 million (2024: € 197 million), with construction only starting after the contract has been awarded. Revenue is recognised during the construction period. Invoicing is according to a schedule based on pre-defined milestones, which may differ per contract.

Connecting

Revenue in Connecting relates mainly to the design and improvement of public space and (road) infrastructure in the Netherlands, both above and below ground, including installations and energy supplies, with revenue of € 746 million (2024: € 639 million). Construction activities are started only after the contract has been awarded. Billing takes place in accordance with a predefined billing schedule that may differ per contract. Revenue is recognised during the performance of the work in proportion to the progress of the performance obligation.

In addition, service and maintenance activities are carried out on infrastructure assets within Connecting. Revenue from these activities amounts to € 375 million (2024: € 330 million) and is recognised in the period in which the work is performed.

Given the nature of its activities, the Connecting segment is heavily dependent on contracts from the (semi-)public sector.

Other revenue disclosures

In 2025, € 301 million (2024: € 269 million) of revenue was recognised that had been included in ‘Work in progress credit’ as at 1 January.

In 2025, € 10 million of revenue (2024: € 3 million) was recognised in respect of performance obligations satisfied in earlier periods.

For the majority of contracts, the period between satisfying the performance obligations and receipt of the related consideration is less than one year. For a limited number of contracts within the Living segment, the payment period exceeds one year, but due to the integral coherence with other contractual provisions, there is no significant financing component (see also note '6.17 Work in progress').

Order book

The order book consists of the total of the unperformed portion of work in progress and projects yet to be executed as at the reporting date. The amount of the transaction price allocated to performance obligations that are not satisfied (or partially not satisfied) amounts to:

Projects and contracts are only included in the order book if there is a high degree of certainty that these assignments will be executed and will therefore lead to revenue for the Group. Criteria for inclusion include verbal or written orders received, achieving a minimum sales percentage for residential projects, a high degree of certainty regarding permits to be obtained, and, for framework agreements, only actually awarded sub-assignments.

The amounts included relate solely to contracted revenue of a highly probable nature. For this reason, (framework) contracts for which the unit price has been agreed but the quantities to be purchased have not yet been determined are not included in the amounts stated. No amounts relating to Hegeman, acquired in 2025, are included in the order book. Furthermore, amounts relating to performance obligations under contracts with an original expected term of one year or less are included; no use is made of the practical expedient not to disclose these.