Vitens is a public limited company. Vitens is domiciled in Zwolle, the Netherlands and has its registered office in Zwolle (CoC 050.69.581), with its office at Oude Veerweg 1, 8019 BE Zwolle, and whose shares are held by municipalities and provinces in its catchment area. Vitens' main activities are pumping groundwater, purifying, and distributing this drinking water to customers. These financial statements cover the 2025 financial year ended on the balance sheet date of 31 December 2025. These 2025 financial statements were prepared by the Executive Board and the Supervisory Board on 13 March 2026. The Supervisory Board will submit the financial statements to the General Meeting for adoption on 23 April 2026.

Vitens' financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the European Union and the statutory provisions of titel 9, Book 2 of the Dutch Civil Code. From the 2025 financial year onwards Vitens will no longer prepare consolidated financial statements, as it no longer has any subsidiaries (these were liquidated in 2024). Up to and including the 2024 financial year, Vitens applied the IFRS Accounting Standards in its consolidated financial statements and, for the company financial statements, applied the accounting policies used in the consolidated financial statements in accordance with Article 2:362(8) of the Dutch Civil Code. As a result of no longer preparing consolidated financial statements, the option to apply the consolidated accounting policies in the company financial statements is no longer available, Vitens has therefore chosen to apply the IFRS Accounting Standards for the first time in its company financial statements, in accordance with IFRS 1 First-time Adoption of International Financial Reporting Standards.

Vitens has not used any exemptions in IFRS 1. Vitens has also chosen to continue measuring its investments in associates and joint ventures using the equity method, in accordance with IAS 27.10(c). This first-time adoption of IFRS has no impact on the recognition and measurement of the assets and liabilities in the balance sheet, nor on the presentation of profits in the statement of profit or loss, as these accounting policies were already in compliance with IFRS. As such, no reconciliation of equity and/or profit for the transition to IFRS is required.

The accounting policies and presentation of the balance sheet, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows have been aligned with the requirements of IAS 1 (including comparative information) and with the 2024 opening balance sheet prepared in accordance with IFRS 1. The disclosure requirements are based on the relevant IFRS Standards, consistent with those previously included in the consolidated financial statements up to and including 2024, supplemented by the statutory disclosure requirements pursuant to Article 2:362(9) of the Dutch Civil Code.

The principal accounting policies applied in the preparation of the company financial statements are described below. The historical cost principle is used. By way of derogation, certain assets and liabilities, in particular service houses and derivatives, are measured at fair value. Unless otherwise stated, these accounting policies have been applied consistently for all financial years included in these financial statements. The financial statements are presented in millions of euros (functional and presentation currency) and rounded to the nearest number.

In the 2025 financial statements, various reclassifications were made with the aim of improving readability and enhancing the clarity of the information presented to users of the financial statements. The comparative figures as included in the 2025 financial statements have been adjusted for this purpose. The following adjustments have taken place in the comparative figures:
• Kortlopende lening Facturatie BV (€2.9 million) previously presented under trade and other receivables; in the current financial statements presented under other financial assets;
• Revaluation reserve IFRS transition (€7.3 million) and statutory reserve participations (€4.7 million) previously presented under Other reserves, in the current financial statements they are presented separately.
• The current portion of derivative positions (€0.6 million), lease liabilities (€5.7 million), equalisation reserve for third-party contributions (€6.6 million) and interest-bearing loans (€60.0 million) previously presented under trade payables and other accrued expenses; in the current financial statements presented separately.
• Current tax liabilities (€17.9 million), interest-bearing liabilities (€35.3 million) and accruals and deferred income (€16.2 million) previously presented separately; in the current financial statements presented under trade payables and other payables.

Vitens has prepared financial statements for the 2025 financial year based on the going concern principle, which assumes the continuity of ongoing operations and the realisation of assets and settlement of liabilities in the ordinary course of business.

Our analysis shows that neither the issued standards nor the standards pending endorsement have a material impact on Vitens equity, cash flows or profit, and that no significant additional disclosures are required. For this reason, the effects of these changes on Vitens have not been disclosed in detail in these financial statements.

The accounting policies and method of determining the profit are unchanged from the previous financial year, taking into account changes in standards and interpretations effective from 1 January 2025.

The item intangible assets is divided into the following categories (with the depreciation period used in brackets):

• Software, development costs, and licences (3-7 years);
• Works in progress (no depreciation).

Investments in software, development costs and licences during the financial year are valued at acquisition cost less accumulated depreciation and accumulated impairment losses. Acquisition price means either acquisition price, manufacturing price or valuation at fair value in the situation of acquired companies. The cost of self-constructed intangible assets consists of direct costs of manufacture and allowances for indirect production costs. The cost of self-constructed intangible assets in the development phase is capitalised and costs related to research phase are recognised in the income statement.

Intangible assets are amortised using the straight-line method over their expected useful lives, if the useful life is determinable. If it is an intangible asset with no definable useful life, no depreciation takes place. An annual impairment assessment will be made for intangible fixed assets without a definable useful life, and which are not yet in use. depreciation starts when the relevant asset is put into use.

The item intangible assets is divided into the following categories (with the depreciation period used in brackets):

• commercial buildings (40 years), site facilities (15 years); land (land) (no depreciation);
• civil engineering production assets (40 years); electrical and mechanical engineering production assets (15 years);
• other machinery and equipment (5-15 years);
• Pipes: transport and main pipes (50 years), connection pipes (33^1/3 years) and water meters (10-15 years).
• other fixed assets (3-5 years);
• office buildings (40 years);
• works in progress (no depreciation);
• spare parts (no depreciation).

Land and buildings, offices, machinery and equipment, pipelines and other fixed assets are valued at acquisition price or manufacturing price less accumulated depreciation and accumulated impairment losses. As an initial measurement in applications of IFRS, valuation at fair value has taken place. This fair value is assumed as deemed cost with depreciation deducted annually.

Service homes are homes located on Vitens water catchment areas and are rented out at market rents to (former) Vitens employees. Vitens designates these properties as property, plant, and equipment in accordance with IAS 16, whereby valuation is at fair value and changes in equity are recognised (revaluation reserve). The fair value is derived, inter alia, from the WOZ value of the last WOZ assessment received. A revaluation reserve is formed for the unrealised changes in value.

Investments during the financial year are valued at acquisition cost less any grants and other contributions obtained. Acquisition price means either acquisition price, manufacturing price or valuation at fair value in the situation of acquired companies. The cost of self-manufactured assets consists of direct manufacturing costs and allowances for indirect production costs.

Costs incurred for at least one reporting period for the manufacture or acquisition of an item of property, plant and equipment or after it has been taken into use are capitalised only if it is plausible that these costs will generate future economic benefits, economic ownership exists and the costs can be measured reliably. Depending on the situation, these investments are included in the book value of the relevant assets or are capitalised separately. The book value of the original asset is divested upon replacement.

Property, plant, and equipment are amortised using the straight-line method over the expected useful lives of the various components making up the asset in question. depreciation starts when the relevant assets are put into service.

The other machines and plants also contain membranes and water meters.

The expected useful life, residual value and depreciation methods are reviewed annually and adjusted if necessary. Gains or losses on disposal are determined by reference to the proceeds and the book value at the time of disposal.

Allocation of interest costs is made in accordance with IAS 23 to projects under construction. Interest costs are allocated to projects with an expected duration of more than 12 months. Allocation of interest expenses is made on the basis of the weighted average interest rate on interest-bearing debts.

The spare parts serve the other items of property, plant, and equipment.

If circumstances warrant, it is determined whether property, plant and equipment is impaired. If such indications exist, an estimate of the recoverable amount of these assets is made. For assets, recoverable amount is the higher of fair value less costs to sell or value in use. Value in use is determined based on the present value of estimated future cash flows.

The amount of the write-down is charged to the income statement and visible in note [19] depreciation. After an impairment loss is recognised, annual depreciation is adjusted to the revised book value less the residual value. If the amount of the write-down exceeds the book value of the asset, it should be considered whether a liability-based provision should be created.

Assets with right of use are measured at cost. This cost comprises the amount of the initial valuation of the cash lease liability and the initial direct costs incurred less depreciation during the financial year. After initial recognition, the right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation regime of assets with right of use is determined based on the term of the contract.

In determining the lease liabilities and right-of-use assets, the applicable interest rates are applied.

Associates are entities where Vitens, directly or indirectly, exercises significant influence over the financial and operational policies, but over which it does not have decisive control. Generally, this occurs when Vitens can exercise between 20% and 50% of the voting rights. Associates are measured on acquisition at cost (being the fair value) and from then on, changes in value of associates are recognised directly in the income statement (equity method).

In case of a negative equity value, losses on participations are recognised up to the amount of the net investment in the participation. This net investment also includes loans granted to associates to the extent that they actually form part of the net investment. A provision is recognised for the share in further losses only if and insofar as, based on legal obligations, the debts of the associate are guaranteed or if there is a constructive obligation to enable the associate (for the share) to pay the debts.

Joint ventures are agreements in which Vitens, together with one or more parties, carries out activities in which all parties exercise joint control. Investments in associates over which Vitens exercises significant influence and interests in joint ventures are valued using the equity method. The book value of the associate or joint venture includes the goodwill paid on acquisition and Vitens' share of changes in equity of the associate or joint venture after the time of acquisition.

If an impairment has occurred, the asset is measured in accordance with IAS 36 'Impairment of Assets'. A loss is recognised in the income statement.

The financial assets comprise loans granted and receivables, measured at amortised cost less any impairment losses.

In the ordinary course of business, derivatives (financial instruments) are used to mitigate interest rate risks. The aim of this management is to limit the impact of changes in interest rates on profits.
Interest rate derivatives are used to steer the loan portfolio to the desired risk profile and are not used for speculative or trading purposes. These interest rate derivatives are recognised at fair value from time the contract is entered into (the trade date). The fair value is a result of changes in market interest rates and the fixed interest rate of the underlying derivative. Changes in the fair value of derivatives are recognised directly in equity. The interest rate derivatives entered into are designated as hedging instruments.

Vitens uses the following valuation hierarchy:
• level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• level 2: other methods where all variables have a significant effect on the recognised fair value and are directly or indirectly observable;
• level 3: methods using variables that have a significant effect on recognised fair value but are not based on observable market data.

Derivatives are valued in the valuation hierarchy using the Level 2 method, where variables with a significant effect on the recognised fair value are directly or indirectly observable. Vitens uses a net present value calculation, taking into account credit risk. Relevant variables applicable for valuation derivatives concern (i) present values of interest payments and (ii) projected interest rate curves.
By using interest rate derivatives, a fixed cash outflow is achieved. Vitens pays fixed interest on the derivative, while short-term interest paid on roll-over loans is paid from the receipt of short-term interest on the derivative. A hedge is considered to be effective if, from the beginning and during the term of the hedge relationship, changes in the cash flows of the hedged item are expected to be almost completely hedged by changes in the cash flows of the hedge instrument. If this is the case, the fluctuations in the fair value of the derivatives are recognised in favour of/at the expense of the hedging reserve (equity) (hedge accounting). If the derivative no longer qualifies as a hedge instrument, the fluctuations in fair value are credited/ debited to the income statement.

Share capital is classified as equity. Share capital is recognised at the nominal value of the shares issued. Any premium above the nominal value on the issue of shares is recognised in the share premium reserve within equity. Vitens has not issued any preference shares or shares with special rights.

Equity consists of share capital, the share premium reserve, retained earnings and other reserves. Changes in equity are disclosed in the statement of changes in equity and result from profit appropriation, dividend payments and items recognised in total comprehensive income (Other Comprehensive Income). Distributions to shareholders are recognised once they have been approved by the General Meeting of Shareholders. There are no restrictions on the distributability of reserves other than those prescribed by law.

Vitens assesses at each reporting date whether there has been an increase in the credit risk of financial assets measured at amortised cost. In accordance with IFRS 9, Vitens applies the expected credit loss model to these financial assets.

At initial recognition, a provision is established for 12-month expected credit losses. If the credit risk has increased significantly since initial recognition, a provision is recognised for lifetime expected credit losses. When there is objective evidence of impairment, the financial asset is classified as credit-impaired and lifetime expected credit losses are recognised. Losses and reversals of losses are recognised directly in the income statement.

Vitens uses the following valuation hierarchy to determine fair value:
• level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
• level 2: other methods where all variables have a significant effect on the recognised fair value and are directly or indirectly observable;
• level 3: methods using variables that have a significant effect on recognised fair value but are not based on observable market data.

The table below shows financial assets and liabilities measured at fair value. For notes measured at fair value, see the notes to the 'property, plant and equipment' policy. The disclosures for derivatives measured at fair value are under the accounting policy of 'Derivatives'

Trade and other receivables are measured at amortised cost, less a provision for expected credit losses, in accordance with IFRS 9. Vitens applies the expected credit loss (ECL) model, incorporating historical data, current conditions, and forward-looking information. Offsetting and presentation of trade and other receivables and consumer advances are based on settlement groups: a method of grouping customers according to staggered meter readings used to determine billable water consumption.
A receivable is derecognised when the cash flows have been collected or when there is no reasonable expectation of recovery. Any losses and reversals of losses are recognised directly in the income statement.

The cash item consists of bank balances and cash and is valued at amortised cost, which corresponds to the nominal value. Payables to banking institutions are recognised under interest-bearing liabilities.

The equalisation account for third-party contributions is measured in accordance with IFRS 15 at the contributions received from third parties in connection pipeline construction less depreciation. depreciation of the equalisation account takes place in 33^1/3 years and is equal to the depreciation period of investments in connection lines. Annual depreciation is recognised in other revenue. The current portion of the equalisation account third-party contributions is recognised under current liabilities.

Interest-bearing liabilities are measured at fair value less transaction costs on recognition. Subsequently, valuation takes place at amortised cost using the effective interest method. Repayment obligations of long-term liabilities falling due within one year are presented under current liabilities.

The aforementioned provisions have been determined based on assumptions regarding future developments of, for instance, salaries, social legislation, staff turnover and statistically substantiated assumptions regarding survival. This complex of assumptions in conjunction with the discount rates used leads to minor impact on the valuation of provisions and profits. The anniversary provision was formed for future anniversary payments and is actuarially calculated. This takes into account the 2018–2023 mortality table for men and women, expected future staff turnover and salary increases. Employee-benefit provisions are discounted at a nominal discount rate of 2.9% (2024: 3.1%).

The drought-damage provisions relate to potential compensation for drought-related damage in abstraction areas surrounding several production sites. Provisions have been determined based on management's best estimates against which the liabilities can be settled.

The other provisions relate to potential compensation for a number of legal disputes and ongoing lease obligations. Provisions have been determined based on management's best estimates against which the liabilities can be settled. Said provisions are formed if:
• a legally enforceable and/or constructive obligation exists at the balance sheet date arising from events before the balance sheet date.
• it is likely that an outflow of funds will occur to settle the obligation.
• a reliable estimate of the liability can be made.
• provisions are measured at the nominal value of the expenditures expected to be required, unless the time value of money is significant. In this case, the provision is measured at present value;
• the current portion of other provisions is recognised under current liabilities.

In determining lease liabilities and right-of-use assets, the current WACC is used as the discount rate, except for those lease liabilities for which the interest rates are known. Lease liabilities are measured after initial recognition by increasing the book value to reflect interest on the lease liability and decreasing it to reflect lease payments made

Vitens has a Pension and Flexible Exit Scheme for current and former employees. Pensions are placed with Stichting Pensioenfonds ABP and Flexible Exit with Stichting Flexibel Uittreding Nutsbedrijven and is thus indirectly placed with Pensioenfonds ABP. These are multi-employer collective schemes and are essentially defined benefit schemes, where the pension benefit is based on the length of service and the employee's average salary during this service.

The pension schemes can be classified as multi-employer funds. IAS 19 requires certain information on defined benefit plans to be disclosed in the financial statements. In particular, the balance of assets and liabilities associated with the scheme should be recognised in the balance sheet as a receivable or liability. Both pension funds have indicated that they are unable to provide participating companies with the information necessary on defined benefit plans. Therefore, both plans are treated as defined contribution plans and the pension contributions payable for the financial year are recognised as pension costs in the income statement. Pension costs are included in note [16].

ABP's policy coverage ratio at the end of December 2025: 123.5% (31 December 2024: 113.1%). Pensions were increased by over 1.84% from 1 January 2025. ABP’s financial position allowed it, within the rules of the current pension system, to grant indexation. ABP's total contribution rate for retirement and survivor's pensions as of 1 January 2025 is 27.0% (2024: 27.0%).

Current liabilities are measured at amortised cost. A current liability is recognised in the balance sheet as soon as Vitens is a contracting party and/or a tangible service or supply of goods has taken place.

Lease and rental agreements have been entered into by Vitens for its vehicle fleet and the rental of various premises and commercial buildings. Lease and rental agreements have been accounted for in accordance with IFRS 16.6.

The drinking water revenue consists of the standing charge and the fee for supply of drinking water. Accounting for drinking water revenues is based on the total volume of water supplied to third parties. Revenue data are obtained from customer measurements (through water meters) and, for the unbilled portion, from estimates based on historical experience. VAT on drinking water revenue and the mains water tax are excluded from revenue. Drinking water revenue is recognised at the point at which the benefits of ownership pass to the customer.

Other revenue includes income streams that are not directly linked to core operations. Other revenue includes the following items:
• Revenues from services to third parties relate to front and back-office work performed for another water company and services provided to Vitens Evides International B.V. (VEI B.V.);
• Revenue from fire hydrants refers to a one-off contribution and an annual recurring fee for the purpose of maintenance.
• Revenue connections refer to one-off fees for construction, temporary and modified connection lines;
• Depreciation of third-party contributions relates to customer contributions for construction of connection lines. Depreciation of the equalisation account takes place in 33^1/3 years.
• Revenue from analyses and consultancy relate to analyses performed from Vitens' laboratory for third parties.
• Revenues from removals/new connections and collections. For relocations/new connections, Vitens charges an amount to cover administrative work;
• Rental and lease income relates to rental proceeds from office buildings, service dwellings (located on sites where production facilities are situated or abstraction takes place) and the leasing of land;
• Residual revenue relates to the sale of residuals generated as a result of the water treatment process;
• Revenue from rental fee standpipes relates to the rental of standpipes to third parties;
• Revenue from work for third parties relates to various activities Vitens performs for third parties;
• Activities from other income are recognised as revenue to the extent that supply of goods and services has taken place and to the extent that performance has been delivered.

These are costs incurred by Vitens for the benefit of its operations and relate to outsourced work and hired staff from third parties. These costs are allocated to the period to which they relate.

These are costs incurred by Vitens for the benefit of its operations and relate to taxes associated with the abstraction of groundwater. These costs are allocated to the period to which they relate.

These are costs incurred by Vitens for the benefit of its operations and include raw and auxiliary materials, electricity, car costs, automation costs, facility costs, and other costs. These costs are allocated to the period to which they relate.

Capitalised production for own use comprises direct personnel costs and indirect personnel-related costs incurred in the service of tangible and intangible fixed assets relating to the company’s infrastructure works. This capitalised production is deducted from staff costs, outsourced work and hired staff.

Finance income consists of interest income on financial assets, namely loans, calculated using the effective interest method and recognised in the period to which it relates.

Interest expenses relate to interest-bearing liabilities, calculated using the effective interest method and are allocated to the period to which they relate. Interest-bearing liabilities include fixed-rate loans, roll-over loans, interest rate derivatives, and current accounts. They also include interest cost of provisions and other costs of financing such as commitment fees, guarantees and bank charges. Finance costs are reduced as a result of allocation of interest costs to projects under construction in accordance with IAS 23.

Refers to the profits in associates and joint ventures.

From 1 January 2016, Dutch public law entities are subject to tax. Limited companies like Vitens are deemed by law to run a company with their entire assets. Activities carried out by Vitens under the Dutch Drinking Water Act, such as the supply of drinking water, are exempt from corporation tax.

The preparation of financial statements involves the use of assumptions, presumptions and estimates based on past experience and factors that management believes are acceptable given the specific circumstances. These assumptions, presumptions and estimates affect the valuation and presentation of reported assets and liabilities as well as the profit for the financial year. Actual outcomes may differ from the estimates and assumptions used. Below, we discuss the items mentioned.

In determining the book value of property, plant and equipment and intangible assets, estimates of depreciation periods derived from expectations regarding the technical and economic useful lives of the underlying assets are used. As a result of future changes in technological developments or in the use of the assets, changes in the useful life of the assets may occur and these may then trigger impairment.

If circumstances warrant, it is determined whether (in)tangible fixed assets are impaired. If such indications exist, an estimate of the recoverable amount of these assets is made. For assets, recoverable amount is the higher of fair value less costs to sell or value in use. Value in use is determined based on the present value of estimated future cash flows.

Judgement is required in assessing whether Vitens has significant influence over associates. IFRS presumes that an entity has significant influence if it holds 20% or more of the voting rights in an investee. However, IFRS states, several indicators can still lead to significant influence despite an entity having less than 20% voting power. With regard to the Aquaminerals participation, this is the case for Vitens. Vitens and Aquaminerals regularly exchange technical information, and material transactions take place between Vitens and the associate. Therefore, Vitens assumes it has significant influence in Aquaminerals.

Vitens periodically assesses the fullness of receivables based on experience figures of past payment behaviour. Any write-downs are deducted from the debtor balance. The provision of non-water funds is determined statically. At year-end, Vitens individually assesses the non-collectability of the outstanding debtor balance.

Derivative financial instruments are recognised in the balance sheet at fair value. For other financial instruments, including loans obtained and issued, the fair value is disclosed in the notes to the financial statements.

Accounting for drinking water revenue is based on the total volume of water supplied to third parties (tap water tax is not part of revenue). Vitens uses a revenue determination system whereby actual measured consumption is allocated to months/years in accordance with the following three steps:

1. Actual invoiced quantities m³/turnover. Per customer, the actual number of invoiced m³/turnover is allocated to calendar years.
2. Quantities still to be invoiced m³/turnover up to and including end of calendar year (annual forecast). For the period in the financial year for which customers have not yet received a statement, an estimate is made on the basis of historical meter readings in relation to current drinking water deliveries. A higher/lower estimate of outstanding revenue of 0.1% results in higher/lower net revenue of around €0.45 million. Under note [26], a further explanation is provided of the closing balance sheet items relating to revenue from prior years and the final established percentage of ‘Unbilled Consumption’ (NIRG).
3. Total correlation check between customer data in the source system and drinking water supply figures. For verification, the customer data are laid alongside the water balances (release figures production sites).
Changes are analysed as is the development of the NIRG.

The cash flow statement is prepared using the indirect method, whereby the change in cash is reconciled with the profit after tax according to the income statement. Cash equivalents include not only liquid funds but also short-term credit facilities with credit institutions. These facilities are classified as cash equivalents because they form an integral part of cash management and fluctuate regularly between positive and negative balances throughout the year. As a result, they effectively function as an extension of liquid funds. This presentation is consistent with IAS 7.8, which states that cash equivalents comprise short-term, highly liquid investments and facilities that are readily available for cash-flow purposes and carry an insignificant risk of changes in value.