In our opinion, ('the company') give a true and fair view of the size and composition of the company’s equity as of 31 December 2025, and of its result and cash flows for 2025, in accordance with IFRS Accounting Standards as adopted by the European Union (‘EU’), with titel 9, Book 2 of the Dutch Civil Code (‘BW’), and with the provisions of and pursuant to the Standards for Remuneration of Senior Officials (WNT).

We have audited the financial statements 2025 of Vitens N.V., Zwolle, included in this annual report.

The financial statements comprise:
• the balance sheet as of 31 December 2025;
• the following statements for 2025: the profit and loss account and statement of comprehensive income, the statement of changes in equity and the cash flow statement; and
• the notes including the accounting policies that are material and other disclosures.
The financial reporting framework used to prepare the financial statements is the IFRS Accounting Standards as adopted by the EU, together with the relevant provisions of titel 9 of Book 2 of the Dutch Civil Code and the provisions under and pursuant to the WNT.

We conducted our audit in accordance with Dutch law, which includes the Dutch auditing standards and the Audit Protocol WNT 2025. Our responsibilities on this basis are described in the paragraph 'Our responsibilities for the audit of the financial statements'.

We believe that the audit evidence we have obtained is sufficient and appropriate as a basis for our opinion.

We are independent of Vitens N.V. as required by the Dutch Accounting Firms Oversight Act (Wta), the Regulation on Auditors' Independence in Assurance Engagements (ViO) and other independence rules in the Netherlands relevant to the engagement. Furthermore, we have complied with the Regulation on Auditors' Conduct and Professional Rules (VGBA).

We determined our audit procedures with respect to the key issues, fraud and going concern, and matters arising therefrom, in the context of the audit of the financial statements as a whole and in forming our opinion thereon. As such, we do not provide separate opinions or conclusions on the information supporting our opinion, such as our findings and observations on individual key matters or on the audit procedures relating to fraud risks and going concern.

Vitens N.V. is a drinking water company whose main activities comprise the pumping of groundwater, its purification process, and the distribution of drinking water.

As part of designing our audit approach, we determined materiality and identified and estimated the risk of material misstatement of the financial statements. We pay particular attention to those areas where the Executive Board has made significant estimates, e.g. significant estimates involving assumptions about future events that are inherently uncertain such as the assumptions in the valuation of property, plant and equipment, debtors, and the recognition of net sales resulting from meter readings and settlements spread over the year. In doing so, we have paid attention, among other things, to the assumptions associated with the physical and transition risks due to climate change.

In the section 'Assumptions, estimates and assumptions in the financial statements', Vitens N.V. has set out the estimation items and the main sources of estimation uncertainty. Due to the significant estimation uncertainty associated with the revenue recognition of drinking water revenues, we have designated it as a key issue as set out in the section 'The key issues of our audit'.

Vitens N.V. has assessed the potential impact of climate change and its plans towards the net-zero commitment on its financial position. The risks arising from climate change are part of Vitens' risk management process and have been translated into specific risks by Vitens, given its business nature. This is explained in more detail in the various chapters of the management report. We discussed climate-related risks with the Executive Board, and evaluated the potential impact on the financial position including the underlying assumptions and estimates. The expected effects of climate change have no impact on the key issues in our audit.

Vitens N.V. is significantly dependent on IT infrastructure for the continuity of its business operations. We have tested the reliability and continuity of automated data processing as relevant to our audit procedures for the 2025 financial statements. In doing so, we involved internal IT specialists, using data analysis with respect to transactions, among other things.

In addition to the aforementioned key point in our audit, we also paid attention to the operating profit in relation to the maximum WACC of 4.32% (maximum cost of capital for drinking water companies) in the 2025 financial year included in the Dutch Drinking Water Act. If the maximum WACC is exceeded, Vitens N.V. is required under the Dutch Drinking Water Act to ensure that the excess is compensated towards consumers in the tariff setting of the calendar year following the determination of the final WACC. Based on the preliminary calculation, the WACC for 2025 is 4.99%. The amount of the final WACC and future contingent liability will be determined based on the 2025 Business Report to be reported to the Dutch Ministry of Infrastructure and Water Management by 1 October 2026.

The notes relating to the WACC are included in notes 13 and 27 in the financial statements.

We have ensured that the audit team has sufficient specialist knowledge and expertise needed to audit a drinking water company. We have also included IT specialists in our team.

The main lines of our audit approach were as follows:
Materiality: €7,400,000
Our audit work was carried out partly remotely and partly at X’s premises Vitens N.V.'s premises.

• Revenue recognition for drinking-water income

The scope of our audit is affected by the application of materiality. The term 'material' is explained in the paragraph 'Our responsibilities for the audit of the financial statements'.

We determine, based on our professional judgement, quantitative limits for materiality including materiality for the financial statements as a whole, as set out in the table below. These limits, as well as the qualitative considerations thereof, help us to determine the nature, timing and extent of our audit procedures for the individual items and disclosures in the financial statements and to evaluate the effect of recognised misstatements, both individually and collectively, on the financial statements as a whole and on our opinion.

Materiality €7,400,000 (2024: €6,960,000).

How was materiality determined
We determine materiality based on our professional judgement. We used 1.5% of the total costs as the basis for this assessment.

The considerations for the chosen benchmark
We used total costs as the primary, generally accepted, benchmark, based on our analysis of the common information needs of users of financial statements. On this basis, we believe that total cost is an important metric for the company's financial performance.

We also take into account deviations and/or potential deviations that, in our opinion, are material for qualitative reasons. For the audit of the WNT information included in the financial statements, we applied the materiality requirements set out in the WNT Audit Protocol 2025.

We agreed with the Supervisory Board that we report to them any discrepancies identified during our audit in excess of €370,000 (2024: €348,000) as well as smaller discrepancies that we believe are relevant for qualitative reasons.

The risk of management override of internal controls.
We have identified and assessed risks of material misstatement of the financial statements arising from fraud. During our audit, we obtained an understanding of Vitens N.V. and its environment and the components of its internal control system, including the risk assessment process and the manner in which the Executive Board responds to fraud risks and monitors the internal control system and the manner in which the Supervisory Board exercises supervision and its outcomes. We refer to chapter ‘Governance and Risk Management’, section 4.1 ‘Corporate Governance’, of the annual report, in which the Executive Board sets out its policy on fraud risks.

We evaluated, with regard to the risk of material misstatement due to fraud, the design and implementation of internal controls, including the Executive Board’s fraud-risk analysis, code of conduct, whistleblower scheme and incident recording and, to the extent we considered necessary for our audit, we tested the operation of these internal controls.

We requested information from Executive Board members, management whether they are aware of any actual, alleged, or suspected fraud. No signs of actual, alleged, or suspected fraud that could lead to a material misstatement followed from this.

As part of our fraud risk identification process, we considered fraud risk factors related to fraudulent financial reporting, improper appropriation of assets and bribery and corruption. We evaluated whether these factors were indicative of the presence of fraud risks.

The fraud risks we identified and specific work carried out are as follows:

The risk that management overrides internal controls

In all our audits, we address the risk of management overriding internal controls, including risks of potential misstatements arising from fraud, based on an analysis of possible management incentives. In that context, we paid particular attention to whether there are any specific trends from the regulation to which the water company is subject with regard to accounting for revenue, expenses and/or investments.

Where relevant to our audit, we evaluated the design of the internal control measures intended to mitigate the risk of management override, and evaluated their existence and, where necessary, their operating effectiveness in the processes for generating and processing journal entries and preparing estimates. In this context, we paid specific attention to access security in the IT systems and the possibility that this could breach segregation of duties.

We selected journal entries based on risk criteria and performed specific audit procedures on them. In determining the risk criteria, we took into account the specific trends from the WACC.

We also performed specific audit procedures on key management estimates, in particular those surrounding the determination of drinking water revenues.

We paid particular attention to the inherent risk of management bias in estimates.

Our work did not reveal any material discrepancies in the information provided by management in the financial statements and the directors' report compared with the financial statements.

Our work did not reveal any specific indications of fraud or suspicions of fraud with regard to management override of internal controls.

The risk of fraudulent financial reporting as a result of overstated revenue

As part of our risk assessment and assuming that fraud risks exist in revenue recognition, we evaluated which revenue types give rise to a risk of material misstatement due to fraud.

Where relevant to our audit, we evaluated the design and evaluated the operating effectiveness of the internal control measures relating to revenue recognition, as well as the controls within the processes for generating and processing revenue-related journal entries.

We conclude that, in the context of our audit, we were able to rely on the internal control measures relevant to this risk.

For a detailed description of the work we performed around revenue recognition, please also refer to the section 'Key points of our audit'.

We carried out specific work consisting of: • substantive procedures on the existence of revenue transactions and the application of the correct prices; and • verifying the existence of year-end receivables, for which we tested subsequent settlement in 2025 through a partial review.

Our work did not reveal any specific indications of fraud or suspicions of fraud with regard to the Executive board's override of internal controls.

We have built an element of unpredictability into our audit. We also took note of lawyers' letters and correspondence with regulators and remained alert to indications of fraud during the audit. We also assessed the outcome of other audit procedures and considered whether any findings were indicative of fraud or non-compliance with laws and regulations.

As explained in the 'Financial going concern' section of the management report, the Executive Board has carried out the going concern assessment of the company for at least 12 months from the date of preparation of the financial statements and has not identified any events or circumstances that may cast reasonable doubt on the entity's ability to continue as a going concern (hereafter: going-concern risks).

Our work to evaluate the Executive Board's continuity assessment included:
• Consider whether the Executive Board's going concern assessment contained all relevant information that we were aware of as a result of our audit and question the board on key assumptions and assumptions.
• Consider whether the Executive Board has identified events or circumstances that may cast reasonable doubt on the company's ability to continue as a going concern (hereafter: going concern risks).
• Evaluate budgeted operating profits and related cash flows for the period of at least 12 months from the date of preparation of the financial statements taking into account industry developments such as the WACC regulation and our knowledge from the audit.
• Analyse whether the current and necessary funding to continue the entire business is secured, including compliance with relevant covenants.
• Obtain information from the Executive Board on its knowledge of continuity risks after the period of the board's continuity assessment.

Our audit procedures have not revealed any information that conflicts with the board's assumptions and assumptions on the going concern assumption used.

The key points of our audit describe matters that, in our professional judgment, were most significant during the audit of the financial statements. We briefed the Supervisory Board on the key points. The key points do not fully reflect all the risks and issues we identified and discussed during our audit. We have described in this section the key points with a summary of the work we carried out on these points. There are no changes in the key point of our audit compared to last year.

Core points
Revenue recognition for drinking-water income
The disclosures relating to revenue recognition are included in the section 'Assumptions, estimates and judgments' in the financial statements', notes 14, 15 and 26 in the financial statements.

Our audit work and observations
We performed audit procedures on the accounted drinking water revenues, with specific attention to the total clean water dispense, the correctness and completeness of the active connections, the correctness of the tariffs applied, the NIRG (Not charged in %), the quality of the revenue estimate and the invoicing process.

Net revenue from the supply of drinking water amounted to €575.9 million as of 31 December 2025, representing a significant item in the consolidated income statement (approximately 92% of total operating revenue).

Revenue recognition of drinking water revenues is based on the total quantity of drinking water supplied to third parties (in m³). Due to the large number of customers (around 6 million), meter readings (especially for consumers and small business customers) are staggered throughout the year. As a result, (settlement) invoicing is also spread over the year.

For all active connections, the actual number of billed m³ water is allocated to calendar years. In 2025, 47.3% of the supply to customers has been invoiced by final bill. For the period in the financial year for which customers have not yet received a statement, an estimate (conversion simulation) is made for the period between the last final statement and the balance sheet date, based on historical meter readings in relation to the current clean water output. This means that as of 31 December 2024, €303.5 million (52.7%) of the supply to customers is based on a simulation of sales.

Given this estimate and the inherent degree of estimation uncertainty associated with it combined with the significance of the amount of estimated drinking water revenues compared to total drinking water revenues for 2025, we consider this to be a key issue in our audit.

We have assessed Vitens N.V.'s internal controls over revenue simulation and invoicing. We checked the completeness of the clean water releases (number of m³ of water based on which conversion simulation was performed) using the primary registrations per production site in Vitens N.V.'s service area. Here, we assessed the reliable realisation of the clean water output using control reports of flow meters and connection to source records, with the number of flow meters included in the realisation of the total clean water output and the number of actual flow meters connected to outgoing pipes per production site.

We performed audit procedures on the accuracy and completeness of the number of active connections in the customer records and found that all active connections were included in the revenue simulation through a reconciliation between customer records and customer data as included in the revenue estimate.

We checked the accuracy of the rates by reconciling them with those approved by shareholders. We also conducted an analysis, establishing a correlation check between the total number of connections, the standing charge and water consumption per connection, the tariff applied and the recognised revenue.

We benchmarked the NIRG as explained in note 26, Water Balance Sheet, against the NIRG in previous years and those within the drinking water sector in the Netherlands. We also reviewed Vitens N.V.'s impact analysis regarding the fluctuation in the NIRG.

Based on the procedures performed by us and audit evidence obtained, we did not identify any material findings.

Finally, we performed work on the accuracy and adequacy of the disclosures and did not identify any material findings in doing so.

In accordance with the Audit Protocol WNT 2025, we have not audited the anti-cumulation provision referred to in section 1.6a WNT and section 5(1), subsections n and o, Implementing rules WNT. This means that we did not check whether or not a senior executive officer had exceeded standards due to any employment as a senior executive officer at other institutions subject to the WNT, and whether the disclosures required in this context were accurate and complete.

The annual report also includes other information. This covers all information in the annual report other than the financial statements and our audit opinion thereon.

Based on the work below, we believe that the other information:

• is compatible with the financial statements and contains no material misstatements;

• contains all the information required by titel 9 Book 2 of the Dutch Civil Code for the management report and other information.
We have read the other information and, based on our knowledge and understanding obtained from the financial statement audit or otherwise, considered whether the other information contains material misstatements.

With our work, we complied with the requirements of titel 9 Book 2 of the Dutch Civil Code and the Dutch Standard 720. This work does not have the same depth as our audit work on the financial statements.

The Executive Board is responsible for the preparation of the other information, including the management report and other information in accordance with titel 9 of Book 2 of the Dutch Civil Code.

The Executive Board is responsible for:
• the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as adopted within the EU and with Part 9 of Book 2 of the Dutch Civil Code and the provisions under and pursuant to the WNT; and for
• such internal control as the Executive Board considers necessary to enable the preparation of financial statements that are free from material misstatement, whether due to error or fraud.
In preparing the financial statements, the Executive Board must consider whether the company is able to continue as a going concern. Under the aforementioned reporting systems, the Executive Board must prepare the financial statements on a going-concern basis, unless the Executive Board intends to liquidate the company or cease operations or if termination is the only realistic alternative. The Executive Board must disclose in the financial statements events and circumstances that might cast reasonable doubt on the company's ability to continue as a going concern.

The Supervisory Board is responsible for supervising the company's financial reporting process.

Our responsibility is to plan and perform an audit to obtain sufficient and appropriate audit evidence for the opinion we issue.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to express an audit opinion that includes our opinion. Reasonable assurance is a high level but not absolute level of assurance and does not guarantee that an audit performed in accordance with auditing standards will always detect a material misstatement when it occurs.

Misstatements may arise due to fraud or error and are material if they could reasonably be expected to affect, individually or collectively, the economic decisions users make on the basis of these financial statements. Materiality affects the nature, timing and extent of our audit procedures and the evaluation of the impact of recognised misstatements on our opinion.

We conducted this audit in a professional-critical manner and, where relevant, applied professional judgement in accordance with Dutch auditing standards, the Audit Protocol WNT 2025, ethical rules and independence requirements. Our audit included:
• Identifying and estimating the risks that the financial statements contain material misstatements due to error or fraud, determining and performing audit procedures in response to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. With fraud, the risk of a material misstatement not being detected is higher than with errors. Fraud may involve collusion, forgery, deliberate failure to record transactions, deliberate misrepresentation or breach of internal controls.
• Obtaining an understanding of internal control relevant to the audit for the purpose of selecting audit procedures that are appropriate in the circumstances. The purpose of this work is not to express an opinion on the effectiveness of the company's internal control.
• Evaluating the suitability of the accounting policies used and assessing the reasonableness of estimates made by the Executive Board and the related disclosures in the financial statements.
• Determining that the going concern assumption used by the Executive Board is acceptable. Based on the audit evidence obtained, also determining whether there are any events or circumstances that could give rise to reasonable doubt as to the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit opinion to the relevant related disclosures in the financial statements. If the disclosures are inadequate, we should amend our statement. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or circumstances may result in a company being unable to continue as a going concern.
• Evaluating the presentation, structure and content of the financial statements and the notes thereto and evaluating whether the financial statements give a true and fair view of the underlying transactions and events.
Among other things, we communicate with the Supervisory Board about the planned scope and timing of the audit and the significant findings revealed by our audit, including any significant deficiencies in internal control.

We confirm to the Supervisory Board that we have complied with the relevant ethical requirements regarding independence. We also communicate with them about all relationships and other matters that could reasonably affect our independence, as well as the related measures taken to address the identified threats and safeguard our independence.

We determine, from all matters we have discussed with the Supervisory Board, those matters that were most significant in the audit of the current period's financial statements and are therefore key audit matters. We describe these matters in our audit report unless prohibited by laws or regulations or when, in exceptionally rare circumstances, we determine that a matter should not be communicated in the audit report because the adverse effects of such communication are reasonably expected to outweigh the benefits to society.

Zwolle, 13 March 2026 PricewaterhouseCoopers Accountants N.V.

drs. F. van der Ploeg RA