Van Oord is a global marine contractor with over 155 years of experience, which strives to enhance the energy transition and to deliver climate adaptation and marine infrastructure solutions. Van Oord N.V. (Chamber of Commerce number 24355843) has its registered office in Rotterdam, Schaardijk 211, 3063 NH, the Netherlands, and is the holding company owning the shares of the Van Oord group companies. The financial statements have been prepared in accordance with generally accepted accounting principles in the Netherlands (Dutch GAAP) and comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code. The financial statements have been prepared on a going concern basis. The financial statements cover the financial year ending on 31 December 2025 and were prepared on 13 March 2026.

Reporting currency and functional currency

The financial statements are prepared and presented in euro (EUR), which is also the company’s functional currency. All financial information is presented in EUR (rounded to the nearest thousand), unless otherwise stated.

Basis of consolidation

The consolidated financial statements include the financial information of Van Oord N.V. and its wholly owned group companies using the full consolidation method. Group companies are legal entities and companies over which the group exercises control (hereinafter referred to jointly as the 'Group' and individually as the 'Group companies'). Participating interests and joint ventures are consolidated proportionally, provided that the company exercises at least the same influence on policy as each of the other participants. This means that the assets and liabilities and income and expenses are included in the financial statements in proportion to the shareholding and share in the results respectively. Joint and several liability for the commitments of contracting consortiums is taken into account if necessary. Joint ventures mainly relate to contracting consortiums. The abbreviated company profit and loss account is prepared in accordance with Section 402 of Part 9 of Book 2 of the Dutch Civil Code.

Acquisitions

Acquisitions are recognised using the purchase accounting method. This means that any assets acquired and liabilities assumed are carried at fair value as at the acquisition date based on the policies of Van Oord.

The difference between the acquisition price and the fair value of all of the identifiable assets acquired and liabilities assumed at acquisition date is recognised as goodwill under intangible fixed assets.

Overview of most important Group companies

Group companies 100%

A list of participating interests and contracting consortiums included in the consolidation has been filed at the offices of the Chamber of Commerce in Woerden (the Netherlands) in accordance with section 379 and section 414 of Part 9 of Book 2 of the Dutch Civil Code. The list also indicates for which companies Van Oord N.V. has filed declarations of joint and several liability with the Chamber of Commerce and includes contracting consortiums in the Netherlands (VOFs) for which the company is jointly and severally liable for the non-consolidated part of the liabilities. A limited number of companies on the list, in which the Group does not hold a majority of the shares, are consolidated as by means of deeds, agreements and arrangements the Group can exercise control or conducts the central management.

Foreign currency translation

Balance sheet items of foreign Group companies denominated in foreign currencies are translated at the exchange rates at the balance sheet date. Income and expenses in foreign currencies, to the extent that these are hedged by forward exchange transactions, are translated at the forward exchange rates.

All other income and expense items are translated at the exchange rates at the date of transactions, unless exchange rates fluctuate significantly during that period, in which case the average exchange rate for the period are used. Other exchange gains or losses are taken to the profit and loss account directly. Translation differences arising on the translation of foreign participating interests are taken to statutory reserves in shareholders’ equity.