Outlook

2025 was a successful year for the ARC Fund. We delivered double-digit returns for the second consecutive year, sold several assets above book value and achieved four consecutive quarters of positive revaluation. While economic uncertainty remains due to geopolitical tensions, we are optimistic about 2026. We expect the operating market conditions in the residential real estate market to persist, though momentum is easing.

In 2026, we will focus on securing new equity partners, progressing towards the completion of the remaining redemptions and carrying out more individual sales. The completion of several ongoing projects will add high-quality, sustainable homes to our portfolio, positively impacting both rental income and our operational efficiency ratio. Combined with substantial new equity secured, this positions us well to acquire additional assets that enhance diversification, strengthen our ESG credentials and drive long-term value creation for our investors.

Amsterdam, the Netherlands, 20 April 2026

M. van der Wekken, Director Fund Management

G.N. von der Thüsen, Director Finance and Risk

D. Anakram, Portfolio Manager