This item includes both Dutch and foreign income taxes. The effective and nominal tax rates differ by country. Reconciliation between the weighted nominal tax rate and the effective tax rate is as follows (in percentage terms):

The effective tax rate decreased primarily due to the absence of prior-year tax position true-ups that significantly inflated the 2024 rate. Similar to the previous year, the 2025 effective tax rate benefited from the utilisation of previously unrecognised tax loss carryforwards to offset taxable profits. Conversely, the non-recognition of deferred tax assets for losses and credits exerted upward effect on the rate. Furthermore, the application of the participation exemption and specific profit regimes (such as tonnage tax) provided a downward effect. These effects were partially offset by non-deductible business expenses and an increase in provisions for uncertain tax positions across several jurisdictions.

Van Oord  is in scope of the enacted Pillar Two legislation and has performed an assessment of the Group’s potential exposure to Pillar Two income taxes. Under the legislation the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. 
The assessment of the potential exposure to Pillar Two income taxes is based on local statutory accounts and the accounts which are used to prepare the consolidated financial statements of the constituent entities. Based on the assessment and application of the transitional safe-harbour relief, the Group does not have an exposure for Pillar Two income taxes for any of its constituent entities included in the consolidation scope.