Report by the Supervisory Board
2025 was a dynamic year for Van Oord. Almost all projects were successfully executed, and we made solid progress to improve the efficiency of our operations, the effectiveness of our processes and our risk management. Still, the year was challenging. We faced a volatile geopolitical environment, like the project disruptions in the North American offshore wind market and increasing costs of material and labour. Challenges with our supply chain affected one offshore wind project.
Supervisory Board activities
The Supervisory Board independently monitors the performance of the Executive Committee and the general state of affairs of the organisation. In doing so, we take the interests of all stakeholders into account.
In 2025, the Supervisory Board had six formal meetings. This included work visits to our office in Bremen and to offshore wind installation vessel Boreas, ahead of its christening. The four Supervisory Board committees (which cover people, large investments, large tenders and risks) met approximately twenty times in 2025. The Supervisory Board also met two times with Van Oord’s Works Council, which we value for its constructive contributions.
Beyond these meetings, the Supervisory Board and the Executive Committee worked as a team to address problems with one offshore wind project. As the new Chair of the Supervisory Board, I deeply valued the Executive Committee’s transparency and willingness to use the expertise present in the Supervisory Board and the company during this challenging period.
We also valued all the effort that goes into preparing Van Oord for the future. The Supervisory Board focused on improving how we manage risks because every project counts, simplifying our organisation to improve operational efficiency, and strengthening our foundation, so we can continue to successfully deliver projects for many years to come.
Composition of the Supervisory Board
The composition of the Supervisory Board changed in 2025. In April, Mr Niek Hoek stepped down after nine years on the Board and seven years as Chair. Mr Peter Oosterveer took his place as Chair after one year on the Board. At the same time, Mr Paul Verheul stepped down at the end of his five-year term, and former CEO Mr Pieter van Oord was appointed to the Supervisory Board. We would like to thank Mr Hoek and Mr Verheul for their insights and dedication to the company.
The Supervisory Board now has seven members: Mr Oosterveer (Chair), Ms Fentener van Vlissingen, and Messrs Laurent Josi, Kretzers, Van Oord, Sevinga and Valkier.
Independence and conflicts of interest
The Supervisory Board is committed to maintaining its independence and avoiding any possible conflict of interest. If a potential conflict of interest does arise, the concerned Supervisory Board member refrains from taking part in meetings and decision-making.
Approval of annual financial statements
The annual financial statements have been audited by EY Accountants B.V., and the independent auditor’s report can be found in the ‘Other information’ section of this annual report. The Supervisory Board discussed the auditor’s findings, co-signed the annual financial statements, and approved the Executive Committee’s report 2025. We propose that the General Meeting of Shareholders adopt the 2025 annual financial statements and a dividend payout of EUR 44.0 million based on the dividend policy. EY Accountants B.V. has also provided limited assurance on several quantitative measures relating to sustainability. The independent assurance report is also included in this annual report.
Outlook and a word of thanks to our employees
Van Oord is a company with extensive expertise operating in a world that does not always allow smooth sailing. Our employees do outstanding work every day and many of them do so whilst being away from their families. The Supervisory Board very much appreciates that our employees have held a steady course and continued to deliver projects and work on our vessels for our clients in this volatile world. Thanks to their professionalism, dedication and continued hard work, the overwhelming majority of our projects performed well in 2025. We sincerely believe that their work contributes to Van Oord performing even better in 2026 and beyond.
Rotterdam, 13 March 2026
On behalf of the Supervisory Board,
Peter Oosterveer, Chair
From left to right: Jan Valkier, Rob Kretzers, Ieko Sevinga,
Annemiek Fentener van Vlissingen, Jean-Marie Laurent Josi,
Pieter van Oord, Peter Oosterveer
