Foreword

Message from Philippe Vossen, Chair of the Pension Board

Dear colleagues and Fund members,

2025 was a hectic year for the global economy. The return of US protectionism, the introduction of large tariffs and geopolitical tensions resulted in turbulent market conditions, particularly in the spring. Despite that, the global economy was resilient, supported by public-sector investment in Europe and ongoing strong momentum in the US tech sector. That resilience allowed markets to recover in the second half of the year.

Given the demanding conditions, I am pleased to report that our Pension Fund achieved a solid 4.2% return in 2025. Based on that performance and our financial position as at 31 December 2025, the Pension Board has decided to credit the retirement savings capital of the Fund’s active members with total interest of 4%, i.e. 2.75 points more than the statutory minimum. On the same date, our funded status was 121.2%, reflecting the Fund’s good health and stability.

As we do every three years, we carried out a mandatory actuarial valuation last year. The accredited pension actuary confirmed the Fund’s financial strength and ability to fulfil its obligations over the long term, and confirmed that the benefits paid by the Fund and the way it is funded are fully compliant with legal requirements. You will find more details on this topic in the “Focus – Actuarial valuation report” section below.

Our rigorous and prudent management means that we have begun 2026 with confidence, although we remain vigilant. Geopolitical uncertainties require ongoing attention, and we are actively preparing to deal with events as they unfold. By taking this responsible approach, we are pursuing a single objective: to give you long-term security and peace of mind regarding your occupational benefits, whether you are still working or have already retired.

On behalf of the Pension Board, I would like to thank the Fund’s managers and teams for the excellent work they do. On a personal note, it is an honour for me to take part in ensuring the sound management of your Fund, and I would also like to thank all members of the Pension Board and Investment Committee for their dedication to that task.

 Philippe Vossen

 Chair of the Pension Board