25 Leases

25.1 Leases as lessee

The Group leases office buildings, cars and office equipment. The leases typically run for a period of four to five years for cars, five to fifteen years for buildings and five years for office equipment. Lease payments are indexed depending on the contracts: for cars usually once a year; and for buildings after three years upon contract start date to reflect market rentals. For certain leases, the Group is restricted from entering into sub-lease arrangements.

During the financial year, one new lease agreement for an office building was signed, and three extension options were exercised. In addition, the contract for the head office in Amstelveen was modified and extended to 2039.

Information about leases for which the Group is a lessee is presented below.

25.1.1 Right-of-use-assets

Right-of-use assets related to leased assets (including cars and properties) are presented as property, plant and equipment. Refer to the movement schedule in Note 16, for the categories “right-of-use”

25.1.2 Amounts recognized in profit or loss

The following expenses related to rental expenses (not accounted as IFRS16 leases) were recognized in the consolidated statement of profit or loss and other comprehensive income:

25.1.3 Amounts recognized in the statement of cash flows

25.1.4 Lease liability

Lease liabilities are payable as follows:

25.1.5 Extension options

Some property leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.

As at September 30, 2025, the Group has determined, based on a business decision, to extend five of the contracts, which resulted in an increase of lease liabilities of EUR 33,444 (September 30, 2024: three of the extension options have been exercised, which resulted in an increase of lease liabilities of EUR 3,185).

25.2 Leases as Lessor

The Group acts as a lessor for some of its leased buildings. The majority of the sub-leases are classified as operating leases from a lessor perspective, as they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets.

Operational lease income recognized by the Group during 2024/2025 amounted to EUR 1,407 (2023/2024: EUR 1,170).

The following table sets out a maturity analysis of operational lease receivables, showing the undiscounted lease payments to be received after the reporting date.

One of the sub-leases classifies as financial lease and is included in the consolidated statement of financial position as other financial assets amounting to EUR 3,451 (September 30, 2024: EUR 3,619). The annual lease payments amount to EUR 369 (September 30, 2024: EUR 356) for the remainder of the lease term (till 2035).

The following table sets out a maturity analysis of financial lease receivables, showing the undiscounted lease payments to be received after the reporting date.

During 2024/2025, the Group recognized interest income on lease receivables of EUR 67 (2023/2024: EUR 70).