<?xml version="1.0" encoding="UTF-8"?>

<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2006/ref http://www.xbrl.org/2006/ref-2006-02-27.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:referenceLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccountingPrinciplesForDeterminingTheResult" xlink:label="bw2-titel9_AccountingPrinciplesForDeterminingTheResult_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_100_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_100_204_ref">
      <ref:Chapter>100</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForDeterminingTheResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_204_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_110_117_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_110_117_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>117</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForDeterminingTheResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_117_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_120_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_120_401_ref">
      <ref:Chapter>120</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForDeterminingTheResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_300_103_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_300_103_A_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForDeterminingTheResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_103_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_206_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForDeterminingTheResult_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B18_102_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B18_102_A_ref">
      <ref:Chapter>B18</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForDeterminingTheResult_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_102_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B18_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B18_104_ref">
      <ref:Chapter>B18</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForDeterminingTheResult_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities" xlink:label="bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_204_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_117_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_102_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingPrinciplesForTheValuationOfAssetsAndEquityAndLiabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccountingStandardsUsedToPrepareFinancialStatementsDescription" xlink:label="bw2-titel9_AccountingStandardsUsedToPrepareFinancialStatementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_100_109_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_100_109_ref">
      <ref:Chapter>100</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>109</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingStandardsUsedToPrepareFinancialStatementsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_109_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_106_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingStandardsUsedToPrepareFinancialStatementsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_401_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingStandardsUsedToPrepareFinancialStatementsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A1_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A1_103_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingStandardsUsedToPrepareFinancialStatementsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A1_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A1_104_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccountingStandardsUsedToPrepareFinancialStatementsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncomeCurrentDisclosure" xlink:label="bw2-titel9_AccrualsAndDeferredIncomeCurrentDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_258_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_258_102_ref">
      <ref:Chapter>258</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_258_102_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_300_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_300_106_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncomeCurrentPolicy" xlink:label="bw2-titel9_AccrualsAndDeferredIncomeCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncomeCurrent" xlink:label="bw2-titel9_AccrualsAndDeferredIncomeCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_258_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_258_101_ref">
      <ref:Chapter>258</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_258_101_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_401_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncomeDisclosure" xlink:label="bw2-titel9_AccrualsAndDeferredIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_258_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncomeNoncurrentDisclosure" xlink:label="bw2-titel9_AccrualsAndDeferredIncomeNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_258_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncomeNoncurrentPolicy" xlink:label="bw2-titel9_AccrualsAndDeferredIncomeNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncomeNoncurrent" xlink:label="bw2-titel9_AccrualsAndDeferredIncomeNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_258_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncome" xlink:label="bw2-titel9_AccrualsAndDeferredIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_258_102_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_315_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_315_201_ref">
      <ref:Chapter>315</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_108_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_234_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_234_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>234</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_234_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_106_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_221_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_221_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>221</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccruedIncomeDisclosure" xlink:label="bw2-titel9_AccruedIncomeDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_224_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_224_102_ref">
      <ref:Chapter>224</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_224_102_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_224_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_224_106_ref">
      <ref:Chapter>224</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_224_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B5_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B5_203_ref">
      <ref:Chapter>B5</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccruedIncomeOther" xlink:label="bw2-titel9_AccruedIncomeOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccruedIncomePolicy" xlink:label="bw2-titel9_AccruedIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_224_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_224_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccruedIncome" xlink:label="bw2-titel9_AccruedIncome_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_307_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_224_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_234_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_615_302a_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_615_302a_A_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302a</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_203_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B5_325_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B5_325_ref">
      <ref:Chapter>B5</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>325</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncome_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_325_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccruedInterestReceivableAndAccruedRent" xlink:label="bw2-titel9_AccruedInterestReceivableAndAccruedRent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedInterestReceivableAndAccruedRent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedInterestReceivableAndAccruedRent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AcquisitionCostsAndChangeInDeferredAcquisitionCosts" xlink:label="bw2-titel9_AcquisitionCostsAndChangeInDeferredAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AcquisitionCostsAndChangeInDeferredAcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_107_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_107_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>107</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AcquisitionCostsAndChangeInDeferredAcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AcquisitionCostsAndChangeInDeferredAcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AcquisitionCosts" xlink:label="bw2-titel9_AcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ActivationOwnSecuritiesExplanation" xlink:label="bw2-titel9_ActivationOwnSecuritiesExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_215_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_215_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>215</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ActivationOwnSecuritiesExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdministrativeExpensesAndEmployeeBenefitsExpensesDepreciationOfPropertyPlantEquipment" xlink:label="bw2-titel9_AdministrativeExpensesAndEmployeeBenefitsExpensesDepreciationOfPropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdministrativeExpensesAndEmployeeBenefitsExpensesDepreciationOfPropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdministrativeExpensesAndEmployeeBenefitsExpensesDepreciationOfPropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdministrativeExpensesAndEmployeeBenefitsExpensesDepreciationOfPropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdministrativeExpensesAndInterestExpenses" xlink:label="bw2-titel9_AdministrativeExpensesAndInterestExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdministrativeExpensesAndInterestExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdministrativeExpensesAndInterestExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdministrativeExpensesAndInterestExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedCurrentDisclosure" xlink:label="bw2-titel9_AdvancesReceivedCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedCurrentPolicy" xlink:label="bw2-titel9_AdvancesReceivedCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedCurrent" xlink:label="bw2-titel9_AdvancesReceivedCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_401_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedDisclosure" xlink:label="bw2-titel9_AdvancesReceivedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedNoncurrentDisclosure" xlink:label="bw2-titel9_AdvancesReceivedNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedNoncurrentPolicy" xlink:label="bw2-titel9_AdvancesReceivedNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedNoncurrent" xlink:label="bw2-titel9_AdvancesReceivedNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedPolicy" xlink:label="bw2-titel9_AdvancesReceivedPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceived" xlink:label="bw2-titel9_AdvancesReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceived_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AgriculturalInventoriesCurrentValueDisclosure" xlink:label="bw2-titel9_AgriculturalInventoriesCurrentValueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_120_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_120_402_ref">
      <ref:Chapter>120</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AgriculturalInventoriesCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_402_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_603_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_603_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AgriculturalInventoriesCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AllocatedIncomeFromInvestmentsTransferredFromTechnicalAccount" xlink:label="bw2-titel9_AllocatedIncomeFromInvestmentsTransferredFromTechnicalAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AllocatedIncomeFromInvestmentsTransferredFromTechnicalAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AllocatedIncomeFromInvestmentsTransferredFromTechnicalAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AllocatedIncomeFromInvestmentsTransferredToTechnicalAccountDamageInsurance" xlink:label="bw2-titel9_AllocatedIncomeFromInvestmentsTransferredToTechnicalAccountDamageInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AllocatedIncomeFromInvestmentsTransferredToTechnicalAccountDamageInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AllocatedIncomeFromInvestmentsTransferredToTechnicalAccountDamageInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AllocatedIncomeFromInvestments" xlink:label="bw2-titel9_AllocatedIncomeFromInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AllocatedIncomeFromInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AllocatedIncomeFromInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_610_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_610_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>610</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AllocatedIncomeFromInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_610_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AmortisationIntangibleAssetsPolicy" xlink:label="bw2-titel9_AmortisationIntangibleAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AmortisationIntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AmortisationIntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AmortisationIntangibleAssets" xlink:label="bw2-titel9_AmortisationIntangibleAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_655_402a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_655_402a_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AmortisationIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AmountAndNatureOfItemsWithExceptionalExtentOrOccurrenceDescription" xlink:label="bw2-titel9_AmountAndNatureOfItemsWithExceptionalExtentOrOccurrenceDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_270_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_270_404_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AmountAndNatureOfItemsWithExceptionalExtentOrOccurrenceDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_404_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B13_112_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B13_112_ref">
      <ref:Chapter>B13</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>112</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AmountAndNatureOfItemsWithExceptionalExtentOrOccurrenceDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AmountOfAssetsInForeignCurrencies" xlink:label="bw2-titel9_AmountOfAssetsInForeignCurrencies_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_265_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_265_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>265</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AmountOfAssetsInForeignCurrencies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_265_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AmountOfEquityAndLiabilitiesInForeignCurrencies" xlink:label="bw2-titel9_AmountOfEquityAndLiabilitiesInForeignCurrencies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AmountOfEquityAndLiabilitiesInForeignCurrencies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_265_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AmountReceivablesFromLeaseAgreementsDescription" xlink:label="bw2-titel9_AmountReceivablesFromLeaseAgreementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_118_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_118_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>118</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AmountReceivablesFromLeaseAgreementsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_118_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsCurrentPolicy" xlink:label="bw2-titel9_AssetsCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsCurrent" xlink:label="bw2-titel9_AssetsCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_190_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_190_206_ref">
      <ref:Chapter>190</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_650_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_650_301_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_655_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_655_301_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_660_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_660_301_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_660_512_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_660_512_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>512</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_105_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_105_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_C2_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_C2_301_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_M1_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_M1_203_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsNoncurrentPolicy" xlink:label="bw2-titel9_AssetsNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsNoncurrent" xlink:label="bw2-titel9_AssetsNoncurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_190_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_190_205_ref">
      <ref:Chapter>190</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_205_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_105_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsNotAtTheDisposalExplanation" xlink:label="bw2-titel9_AssetsNotAtTheDisposalExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_114_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_114_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>114</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNotAtTheDisposalExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_114_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsOther" xlink:label="bw2-titel9_AssetsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_610_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_610_106_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsPolicy" xlink:label="bw2-titel9_AssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Assets" xlink:label="bw2-titel9_Assets_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_115_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_115_102_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_102_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Assets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AuditorsFeesAuditFinancialStatements" xlink:label="bw2-titel9_AuditorsFeesAuditFinancialStatements_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_390_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_390_301_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsFeesAuditFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_390_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AuditorsFeesDisclosure" xlink:label="bw2-titel9_AuditorsFeesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_390_301a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_390_301a_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsFeesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_390_301a_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AuditorsFeesOtherAuditProcedures" xlink:label="bw2-titel9_AuditorsFeesOtherAuditProcedures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsFeesOtherAuditProcedures_loc" xlink:to="bw2-titel9_RJ_2026-01-01_390_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AuditorsFeesOtherNonAuditServices" xlink:label="bw2-titel9_AuditorsFeesOtherNonAuditServices_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsFeesOtherNonAuditServices_loc" xlink:to="bw2-titel9_RJ_2026-01-01_390_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AuditorsFeesTaxServices" xlink:label="bw2-titel9_AuditorsFeesTaxServices_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsFeesTaxServices_loc" xlink:to="bw2-titel9_RJ_2026-01-01_390_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AuditorsFees" xlink:label="bw2-titel9_AuditorsFees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsFees_loc" xlink:to="bw2-titel9_RJ_2026-01-01_390_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AuditorsOpinionReference" xlink:label="bw2-titel9_AuditorsOpinionReference_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_410_102_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_410_102_A_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsOpinionReference_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_302_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsOpinionReference_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AuditorsOpinionStatementAbsence" xlink:label="bw2-titel9_AuditorsOpinionStatementAbsence_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AuditorsOpinionStatementAbsence_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AverageNumberEmployeesAbroad" xlink:label="bw2-titel9_AverageNumberEmployeesAbroad_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B18_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B18_105_ref">
      <ref:Chapter>B18</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AverageNumberEmployeesAbroad_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AverageNumberEmployeesDisclosure" xlink:label="bw2-titel9_AverageNumberEmployeesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AverageNumberEmployeesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AverageNumberEmployeesNetherlands" xlink:label="bw2-titel9_AverageNumberEmployeesNetherlands_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AverageNumberEmployeesNetherlands_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AverageNumberEmployees" xlink:label="bw2-titel9_AverageNumberEmployees_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_650_319_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_650_319_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>319</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AverageNumberEmployees_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AverageNumberEmployees_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BalanceSheetBeforeAfterAppropriationResults" xlink:label="bw2-titel9_BalanceSheetBeforeAfterAppropriationResults_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_110_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_110_102_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BalanceSheetBeforeAfterAppropriationResults_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_102_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_420_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_420_102_ref">
      <ref:Chapter>420</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BalanceSheetBeforeAfterAppropriationResults_loc" xlink:to="bw2-titel9_RJ_2026-01-01_420_102_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A8_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A8_103_ref">
      <ref:Chapter>A8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BalanceSheetBeforeAfterAppropriationResults_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A8_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BasisOfPreparation" xlink:label="bw2-titel9_BasisOfPreparation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A1_102a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A1_102a_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>102a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BasisOfPreparation_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_102a_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_D3.1_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_D3.1_305_ref">
      <ref:Chapter>D3.1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BasisOfPreparation_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.1_305_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_D3.2_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_D3.2_101_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BasisOfPreparation_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_101_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_D3.2_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_D3.2_308_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BasisOfPreparation_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_308_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_M1_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_M1_104_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BasisOfPreparation_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BenefitsForOwnAccount" xlink:label="bw2-titel9_BenefitsForOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BenefitsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BenefitsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BenefitsGross" xlink:label="bw2-titel9_BenefitsGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BenefitsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BenefitsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BenefitsReinsuredPart" xlink:label="bw2-titel9_BenefitsReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BenefitsReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BenefitsReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Benefits" xlink:label="bw2-titel9_Benefits_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Benefits_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Benefits_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableCurrentDisclosure" xlink:label="bw2-titel9_BillsExchangeChequesPayableCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableCurrentPolicy" xlink:label="bw2-titel9_BillsExchangeChequesPayableCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableCurrent" xlink:label="bw2-titel9_BillsExchangeChequesPayableCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableDisclosure" xlink:label="bw2-titel9_BillsExchangeChequesPayableDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableNoncurrentDisclosure" xlink:label="bw2-titel9_BillsExchangeChequesPayableNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableNoncurrentPolicy" xlink:label="bw2-titel9_BillsExchangeChequesPayableNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableNoncurrent" xlink:label="bw2-titel9_BillsExchangeChequesPayableNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayablePolicy" xlink:label="bw2-titel9_BillsExchangeChequesPayablePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayablePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayablePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayable" xlink:label="bw2-titel9_BillsExchangeChequesPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BondsIssuedByAndReceivablesFromGroupCompanies" xlink:label="bw2-titel9_BondsIssuedByAndReceivablesFromGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsIssuedByAndReceivablesFromGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsIssuedByAndReceivablesFromGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BondsIssuedByAndReceivablesFromShareholdersParticipatingInterests" xlink:label="bw2-titel9_BondsIssuedByAndReceivablesFromShareholdersParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsIssuedByAndReceivablesFromShareholdersParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsIssuedByAndReceivablesFromShareholdersParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BondsOtherFixedIncomeSecuritiesDisclosure" xlink:label="bw2-titel9_BondsOtherFixedIncomeSecuritiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_116_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_116_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>116</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecuritiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_116_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_221_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_221_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>221</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecuritiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BondsOtherFixedIncomeSecuritiesOtherIssuers" xlink:label="bw2-titel9_BondsOtherFixedIncomeSecuritiesOtherIssuers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecuritiesOtherIssuers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BondsOtherFixedIncomeSecuritiesPublicIssuers" xlink:label="bw2-titel9_BondsOtherFixedIncomeSecuritiesPublicIssuers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecuritiesPublicIssuers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BondsOtherFixedIncomeSecurities" xlink:label="bw2-titel9_BondsOtherFixedIncomeSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_219_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_219_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>219</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_219_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_220_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_220_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>220</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_220_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedIncomeSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BondsOtherFixedInterestDebtSecurities" xlink:label="bw2-titel9_BondsOtherFixedInterestDebtSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedInterestDebtSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_247_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_247_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>247</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BondsOtherFixedInterestDebtSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_247_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BranchOffices" xlink:label="bw2-titel9_BranchOffices_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_410_102_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_410_102_F_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BranchOffices_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CalledUpShareCapitalDisclosure" xlink:label="bw2-titel9_CalledUpShareCapitalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CalledUpShareCapitalDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CalledUpShareCapitalPolicy" xlink:label="bw2-titel9_CalledUpShareCapitalPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CalledUpShareCapitalPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CalledUpShareCapitalPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CalledUpShareCapital" xlink:label="bw2-titel9_CalledUpShareCapital_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CalledUpShareCapital_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CalledUpShareCapital_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CalledUpShareCapital_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CalledUpShareCapital_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CapitalisedProductionCostsDisclosure" xlink:label="bw2-titel9_CapitalisedProductionCostsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CapitalisedProductionCostsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CapitalisedProductionCostsPolicy" xlink:label="bw2-titel9_CapitalisedProductionCostsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CapitalisedProductionCostsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CapitalisedProductionCostsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CapitalisedProductionCosts" xlink:label="bw2-titel9_CapitalisedProductionCosts_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_620_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_620_301_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CapitalisedProductionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CashAndCashEquivalentsDisclosure" xlink:label="bw2-titel9_CashAndCashEquivalentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CashAndCashEquivalentsPolicy" xlink:label="bw2-titel9_CashAndCashEquivalentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalentsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalentsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CashAndCashEquivalentsUnavailableExplanation" xlink:label="bw2-titel9_CashAndCashEquivalentsUnavailableExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_228_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_228_302_ref">
      <ref:Chapter>228</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalentsUnavailableExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_228_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CashAndCashEquivalents" xlink:label="bw2-titel9_CashAndCashEquivalents_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_228_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_228_301_ref">
      <ref:Chapter>228</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_228_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_106_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B7_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B7_101_ref">
      <ref:Chapter>B7</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B7_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalents_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CashInHand" xlink:label="bw2-titel9_CashInHand_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashInHand_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeAccountingPoliciesDescription" xlink:label="bw2-titel9_ChangeAccountingPoliciesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_140_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_140_214_ref">
      <ref:Chapter>140</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_140_214_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A3_114_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A3_114_ref">
      <ref:Chapter>A3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>114</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A3_114_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeAccountingPoliciesDisclosure" xlink:label="bw2-titel9_ChangeAccountingPoliciesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_110_124_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_110_124_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>124</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_124_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_140_213_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_140_213_ref">
      <ref:Chapter>140</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>213</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_140_213_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A3_114_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_D3.2_502_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_D3.2_502_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>502</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeAccountingPoliciesEffectOnEquityAndResultsDescription" xlink:label="bw2-titel9_ChangeAccountingPoliciesEffectOnEquityAndResultsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesEffectOnEquityAndResultsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_140_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesEffectOnEquityAndResultsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A3_114_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeAccountingPoliciesEffectOnEquityAndResultsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInDeferredAcquisitionCosts" xlink:label="bw2-titel9_ChangeInDeferredAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInDeferredAcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInDeferredAcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInDeferredAcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInEqualisationReserve" xlink:label="bw2-titel9_ChangeInEqualisationReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInEqualisationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInEqualisationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInEqualisationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInOtherTechnicalProvisionsForOwnAccount" xlink:label="bw2-titel9_ChangeInOtherTechnicalProvisionsForOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInOtherTechnicalProvisionsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInOtherTechnicalProvisionsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInOtherTechnicalProvisionsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionDamagesPayableGross" xlink:label="bw2-titel9_ChangeInProvisionDamagesPayableGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayableGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayableGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayableGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_615_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_615_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>615</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayableGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_615_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionDamagesPayableReinsuredPart" xlink:label="bw2-titel9_ChangeInProvisionDamagesPayableReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayableReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayableReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayableReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayableReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_615_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionDamagesPayable" xlink:label="bw2-titel9_ChangeInProvisionDamagesPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionDamagesPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_615_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionForBenefitsPayableGross" xlink:label="bw2-titel9_ChangeInProvisionForBenefitsPayableGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForBenefitsPayableGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForBenefitsPayableGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionForBenefitsPayableReinsuredPart" xlink:label="bw2-titel9_ChangeInProvisionForBenefitsPayableReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForBenefitsPayableReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForBenefitsPayableReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionForBenefitsPayable" xlink:label="bw2-titel9_ChangeInProvisionForBenefitsPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForBenefitsPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForBenefitsPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_616_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_616_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>616</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForBenefitsPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionForLifeInsuranceGross" xlink:label="bw2-titel9_ChangeInProvisionForLifeInsuranceGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForLifeInsuranceGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForLifeInsuranceGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionForLifeInsuranceReinsuredPart" xlink:label="bw2-titel9_ChangeInProvisionForLifeInsuranceReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForLifeInsuranceReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForLifeInsuranceReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInProvisionForLifeInsurance" xlink:label="bw2-titel9_ChangeInProvisionForLifeInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForLifeInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForLifeInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInProvisionForLifeInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksGross" xlink:label="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_605_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_605_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>605</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksReinsuredPart" xlink:label="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisksReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisks" xlink:label="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisks_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsAndUnexpiredRisks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsForOwnAccount" xlink:label="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsForOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangeInTechnicalProvisionsForUnearnedPremiumsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesGroupingBalanceSheetIncomeStatementStatement" xlink:label="bw2-titel9_ChangesGroupingBalanceSheetIncomeStatementStatement_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_115_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_115_202_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesGroupingBalanceSheetIncomeStatementStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsDeductedFromAvailableReserves" xlink:label="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsDeductedFromAvailableReserves_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B12_110_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B12_110_ref">
      <ref:Chapter>B12</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsDeductedFromAvailableReserves_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInIncomeStatement" xlink:label="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInIncomeStatement_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInRevaluationReserve" xlink:label="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInRevaluationReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInRevaluationReserve_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipmentDisclosure" xlink:label="bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipmentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipmentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipmentPolicy" xlink:label="bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipmentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipment" xlink:label="bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipment_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B13_110_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B13_110_ref">
      <ref:Chapter>B13</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInValueIntangibleAssetsPropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInValueNoncurrentSecuritiesInvestmentsInParticipatingInterestsCredit" xlink:label="bw2-titel9_ChangesInValueNoncurrentSecuritiesInvestmentsInParticipatingInterestsCredit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInValueNoncurrentSecuritiesInvestmentsInParticipatingInterestsCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInValueNoncurrentSecuritiesInvestmentsInParticipatingInterestsDebit" xlink:label="bw2-titel9_ChangesInValueNoncurrentSecuritiesInvestmentsInParticipatingInterestsDebit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInValueNoncurrentSecuritiesInvestmentsInParticipatingInterestsDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInValueReceivablesProvisionsForOnBalanceSheetCommitmentsCredit" xlink:label="bw2-titel9_ChangesInValueReceivablesProvisionsForOnBalanceSheetCommitmentsCredit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInValueReceivablesProvisionsForOnBalanceSheetCommitmentsCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInValueReceivablesProvisionsForOnBalanceSheetCommitmentsDebit" xlink:label="bw2-titel9_ChangesInValueReceivablesProvisionsForOnBalanceSheetCommitmentsDebit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInValueReceivablesProvisionsForOnBalanceSheetCommitmentsDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInventoriesWorkInProgressDisclosure" xlink:label="bw2-titel9_ChangesInventoriesWorkInProgressDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInventoriesWorkInProgressDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInventoriesWorkInProgressPolicy" xlink:label="bw2-titel9_ChangesInventoriesWorkInProgressPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInventoriesWorkInProgressPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInventoriesWorkInProgressPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInventoriesWorkInProgress" xlink:label="bw2-titel9_ChangesInventoriesWorkInProgress_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_503_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_503_A_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInventoriesWorkInProgress_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInventoriesWorkInProgress_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesValueFinancialAssetsSecuritiesDisclosure" xlink:label="bw2-titel9_ChangesValueFinancialAssetsSecuritiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesValueFinancialAssetsSecuritiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesValueFinancialAssetsSecuritiesPolicy" xlink:label="bw2-titel9_ChangesValueFinancialAssetsSecuritiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesValueFinancialAssetsSecuritiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesValueFinancialAssetsSecuritiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesValueFinancialAssetsSecurities" xlink:label="bw2-titel9_ChangesValueFinancialAssetsSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesValueFinancialAssetsSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesValueFinancialAssetsSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B6_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B6_108_ref">
      <ref:Chapter>B6</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesValueFinancialAssetsSecurities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesValueFinancialAssetsSecurities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CodeOfConductInformation" xlink:label="bw2-titel9_CodeOfConductInformation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_620_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_620_401_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CodeOfConductInformation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CommissionsAndProfitSharingReceivedFromReinsurers" xlink:label="bw2-titel9_CommissionsAndProfitSharingReceivedFromReinsurers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsAndProfitSharingReceivedFromReinsurers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsAndProfitSharingReceivedFromReinsurers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsAndProfitSharingReceivedFromReinsurers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CommissionsPaidAndPayableDisclosure" xlink:label="bw2-titel9_CommissionsPaidAndPayableDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_307_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsPaidAndPayableDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CommissionsPaidAndPayable" xlink:label="bw2-titel9_CommissionsPaidAndPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsPaidAndPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsPaidAndPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CommissionsReceivedAndReceivableDisclosure" xlink:label="bw2-titel9_CommissionsReceivedAndReceivableDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsReceivedAndReceivableDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CommissionsReceivedAndReceivable" xlink:label="bw2-titel9_CommissionsReceivedAndReceivable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsReceivedAndReceivable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommissionsReceivedAndReceivable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CommunicationOnComplianceWithThePrinciplesAndBestPracticesOfTheDutchCorporateGovernanceCode" xlink:label="bw2-titel9_CommunicationOnComplianceWithThePrinciplesAndBestPracticesOfTheDutchCorporateGovernanceCode_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_615_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_615_501_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CommunicationOnComplianceWithThePrinciplesAndBestPracticesOfTheDutchCorporateGovernanceCode_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ComprehensiveIncome" xlink:label="bw2-titel9_ComprehensiveIncome_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_265_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_265_201_ref">
      <ref:Chapter>265</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ComprehensiveIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_265_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConsolidatingParentLocation" xlink:label="bw2-titel9_ConsolidatingParentLocation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B3_129_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B3_129_ref">
      <ref:Chapter>B3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>129</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatingParentLocation_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B3_129_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConsolidatingParentName" xlink:label="bw2-titel9_ConsolidatingParentName_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatingParentName_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B3_129_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConsolidationDisclosure" xlink:label="bw2-titel9_ConsolidationDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_217_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_217_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidationDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConsolidationExemptionDescription" xlink:label="bw2-titel9_ConsolidationExemptionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_217_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_217_214_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidationExemptionDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_217_214_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_217_308c_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_217_308c_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308c</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidationExemptionDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_217_308c_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_655_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_655_504_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidationExemptionDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConsolidationPoliciesDescription" xlink:label="bw2-titel9_ConsolidationPoliciesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidationPoliciesDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_117_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_217_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_217_504_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidationPoliciesDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_217_504_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_300_103_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_300_103_B_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidationPoliciesDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_103_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidationPoliciesDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_102_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentDisclosure" xlink:label="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_701_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_701_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>701</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_703_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_703_C_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_703_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentPolicy" xlink:label="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_701_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_701_A_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>701</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_701_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_701_C_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>701</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipment" xlink:label="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipment_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_601_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_601_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentAssetsCommittedToOnBehalfOfGroupCompanies" xlink:label="bw2-titel9_ContingentAssetsCommittedToOnBehalfOfGroupCompanies_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_252_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_252_108_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentAssetsCommittedToOnBehalfOfGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentAssetsCommittedTo" xlink:label="bw2-titel9_ContingentAssetsCommittedTo_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentAssetsCommittedTo_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesCommittedToOnBehalfOfGroupCompanies" xlink:label="bw2-titel9_ContingentLiabilitiesCommittedToOnBehalfOfGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesCommittedToOnBehalfOfGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesCommittedTo" xlink:label="bw2-titel9_ContingentLiabilitiesCommittedTo_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesCommittedTo_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesDisclosure" xlink:label="bw2-titel9_ContingentLiabilitiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_267_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_267_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>267</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesFromDiscountedBillsOfExchangeDisclosure" xlink:label="bw2-titel9_ContingentLiabilitiesFromDiscountedBillsOfExchangeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromDiscountedBillsOfExchangeDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesFromDiscountedBillsOfExchange" xlink:label="bw2-titel9_ContingentLiabilitiesFromDiscountedBillsOfExchange_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromDiscountedBillsOfExchange_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromDiscountedBillsOfExchange_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesFromGuaranteesEtcDisclosure" xlink:label="bw2-titel9_ContingentLiabilitiesFromGuaranteesEtcDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromGuaranteesEtcDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesFromGuaranteesEtc" xlink:label="bw2-titel9_ContingentLiabilitiesFromGuaranteesEtc_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromGuaranteesEtc_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromGuaranteesEtc_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesFromIrrevocableLettersOfCreditDisclosure" xlink:label="bw2-titel9_ContingentLiabilitiesFromIrrevocableLettersOfCreditDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromIrrevocableLettersOfCreditDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesFromIrrevocableLettersOfCredit" xlink:label="bw2-titel9_ContingentLiabilitiesFromIrrevocableLettersOfCredit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromIrrevocableLettersOfCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesFromIrrevocableLettersOfCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilitiesOther" xlink:label="bw2-titel9_ContingentLiabilitiesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilitiesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ContingentLiabilities" xlink:label="bw2-titel9_ContingentLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ContingentLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsConditionsConversion" xlink:label="bw2-titel9_ConvertibleBorrowingsConditionsConversion_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_407_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsConditionsConversion_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_407_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_117_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_117_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>117</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsConditionsConversion_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_117_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsCurrentConditionsConversion" xlink:label="bw2-titel9_ConvertibleBorrowingsCurrentConditionsConversion_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsCurrentConditionsConversion_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_407_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsCurrentConditionsConversion_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_117_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsCurrentDisclosure" xlink:label="bw2-titel9_ConvertibleBorrowingsCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsCurrentPolicy" xlink:label="bw2-titel9_ConvertibleBorrowingsCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsCurrent" xlink:label="bw2-titel9_ConvertibleBorrowingsCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsDisclosure" xlink:label="bw2-titel9_ConvertibleBorrowingsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsNoncurrentConditionsConversion" xlink:label="bw2-titel9_ConvertibleBorrowingsNoncurrentConditionsConversion_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrentConditionsConversion_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_407_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrentConditionsConversion_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_117_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsNoncurrentDisclosure" xlink:label="bw2-titel9_ConvertibleBorrowingsNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsNoncurrentPolicy" xlink:label="bw2-titel9_ConvertibleBorrowingsNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsNoncurrent" xlink:label="bw2-titel9_ConvertibleBorrowingsNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_201_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsPolicy" xlink:label="bw2-titel9_ConvertibleBorrowingsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowings" xlink:label="bw2-titel9_ConvertibleBorrowings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostOfSalesDisclosure" xlink:label="bw2-titel9_CostOfSalesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_606_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_606_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>606</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSalesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_606_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSalesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostOfSalesPolicy" xlink:label="bw2-titel9_CostOfSalesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSalesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSalesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostOfSales" xlink:label="bw2-titel9_CostOfSales_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_503_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_503_B_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSales_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_221_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_221_405_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSales_loc" xlink:to="bw2-titel9_RJ_2026-01-01_221_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_270_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_270_504_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSales_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_504_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B5_320_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B5_320_ref">
      <ref:Chapter>B5</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>320</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSales_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_320_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsIncorporationShareIssueDisclosure" xlink:label="bw2-titel9_CostsIncorporationShareIssueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_210_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_210_501_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsIncorporationShareIssuePolicy" xlink:label="bw2-titel9_CostsIncorporationShareIssuePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssuePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssuePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsIncorporationShareIssue" xlink:label="bw2-titel9_CostsIncorporationShareIssue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssue_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssue_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssue_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssue_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesDisclosure" xlink:label="bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesPolicy" xlink:label="bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsOutsourcedWorkOtherExternalExpenses" xlink:label="bw2-titel9_CostsOutsourcedWorkOtherExternalExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsOutsourcedWorkOtherExternalExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_270_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_270_503_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsOutsourcedWorkOtherExternalExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsOutsourcedWorkOtherExternalExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsRawMaterialsConsumablesDisclosure" xlink:label="bw2-titel9_CostsRawMaterialsConsumablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsRawMaterialsConsumablesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsRawMaterialsConsumablesPolicy" xlink:label="bw2-titel9_CostsRawMaterialsConsumablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsRawMaterialsConsumablesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsRawMaterialsConsumablesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsRawMaterialsConsumables" xlink:label="bw2-titel9_CostsRawMaterialsConsumables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsRawMaterialsConsumables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsRawMaterialsConsumables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_503_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_M1_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_M1_205_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsRawMaterialsConsumables_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DamagesForOwnAccount" xlink:label="bw2-titel9_DamagesForOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DamagesGross" xlink:label="bw2-titel9_DamagesGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DamagesReinsuredPart" xlink:label="bw2-titel9_DamagesReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DamagesReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_615_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Damages" xlink:label="bw2-titel9_Damages_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Damages_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Damages_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Damages_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansCurrentDisclosure" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansCurrentPolicy" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansCurrent" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansDisclosure" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansNoncurrentDisclosure" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansNoncurrentPolicy" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansNoncurrent" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansPolicy" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoans" xlink:label="bw2-titel9_DebenturesOtherPrivateLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoans_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoans_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoans_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoans_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebtSecuritiesDisclosure" xlink:label="bw2-titel9_DebtSecuritiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebtSecuritiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_247_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebtSecuritiesExplanation" xlink:label="bw2-titel9_DebtSecuritiesExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebtSecuritiesExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_247_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebtSecuritiesOther" xlink:label="bw2-titel9_DebtSecuritiesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebtSecuritiesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebtSecuritiesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_247_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_250_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_250_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>250</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebtSecuritiesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_250_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebtSecurities" xlink:label="bw2-titel9_DebtSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebtSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebtSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_247_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DecreaseInValueOfInvestments" xlink:label="bw2-titel9_DecreaseInValueOfInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DecreaseInValueOfInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DecreaseInValueOfInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DecreaseInValueOfInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DecreaseInValueOfNoncurrentSecuritiesAndInvestmentsInParticipatingInterests" xlink:label="bw2-titel9_DecreaseInValueOfNoncurrentSecuritiesAndInvestmentsInParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DecreaseInValueOfNoncurrentSecuritiesAndInvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DecreaseInValueOfReceivablesAndProvisionsForOnBalanceSheetCommitments" xlink:label="bw2-titel9_DecreaseInValueOfReceivablesAndProvisionsForOnBalanceSheetCommitments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DecreaseInValueOfReceivablesAndProvisionsForOnBalanceSheetCommitments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DecreaseInValueReleaseOfNoncurrentSecuritiesAndInvestmentsInParticipatingInterests" xlink:label="bw2-titel9_DecreaseInValueReleaseOfNoncurrentSecuritiesAndInvestmentsInParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DecreaseInValueReleaseOfNoncurrentSecuritiesAndInvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DecreaseInValueReleaseOfReceivablesAndProvisionsForOnBalanceSheetCommitments" xlink:label="bw2-titel9_DecreaseInValueReleaseOfReceivablesAndProvisionsForOnBalanceSheetCommitments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DecreaseInValueReleaseOfReceivablesAndProvisionsForOnBalanceSheetCommitments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DeferredAcquisitionCosts" xlink:label="bw2-titel9_DeferredAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DeferredAcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DeferredAcquisitionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepositsAtCreditInstitutions" xlink:label="bw2-titel9_DepositsAtCreditInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepositsAtCreditInstitutions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepositsAtCreditInstitutions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepositsAtInsurers" xlink:label="bw2-titel9_DepositsAtInsurers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepositsAtInsurers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepositsAtInsurers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepositsOfReinsurers" xlink:label="bw2-titel9_DepositsOfReinsurers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepositsOfReinsurers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepositsOfReinsurers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepreciationAmortisationAndChangesValuePropertyPlantEquipmentIntangibleAssets" xlink:label="bw2-titel9_DepreciationAmortisationAndChangesValuePropertyPlantEquipmentIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationAmortisationAndChangesValuePropertyPlantEquipmentIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepreciationAmortisationAndDecreaseInValueAssets" xlink:label="bw2-titel9_DepreciationAmortisationAndDecreaseInValueAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationAmortisationAndDecreaseInValueAssets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssetsDisclosure" xlink:label="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssetsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssetsPolicy" xlink:label="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssets" xlink:label="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_309_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentAmortisationIntangibleAssets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepreciationPropertyPlantEquipmentPolicy" xlink:label="bw2-titel9_DepreciationPropertyPlantEquipmentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DepreciationPropertyPlantEquipment" xlink:label="bw2-titel9_DepreciationPropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DepreciationPropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DerivativeFinancialInstrumentsAssets" xlink:label="bw2-titel9_DerivativeFinancialInstrumentsAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_222_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_222_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>222</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DerivativeFinancialInstrumentsAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_222_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DerivativeFinancialInstrumentsLiabilities" xlink:label="bw2-titel9_DerivativeFinancialInstrumentsLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DerivativeFinancialInstrumentsLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_222_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DerivativeFinancialInstruments" xlink:label="bw2-titel9_DerivativeFinancialInstruments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DerivativeFinancialInstruments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_222_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DevelopmentCostsDisclosure" xlink:label="bw2-titel9_DevelopmentCostsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DevelopmentCostsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DevelopmentCostsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DevelopmentCostsPolicy" xlink:label="bw2-titel9_DevelopmentCostsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DevelopmentCostsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DevelopmentCostsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DevelopmentCosts" xlink:label="bw2-titel9_DevelopmentCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DevelopmentCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DevelopmentCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DevelopmentCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DeviationPriorPeriodFiguresDueToRevisionDisclosure" xlink:label="bw2-titel9_DeviationPriorPeriodFiguresDueToRevisionDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A1_310_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A1_310_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>310</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DeviationPriorPeriodFiguresDueToRevisionDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DeviationsRegulationsBasedTrueAndFairViewDisclosure" xlink:label="bw2-titel9_DeviationsRegulationsBasedTrueAndFairViewDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_110_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_110_106_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DeviationsRegulationsBasedTrueAndFairViewDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_110_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_110_108_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DeviationsRegulationsBasedTrueAndFairViewDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A1_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A1_303_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DeviationsRegulationsBasedTrueAndFairViewDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DifferenceFiscalCommercialAccountingPrinciplesDisclosure" xlink:label="bw2-titel9_DifferenceFiscalCommercialAccountingPrinciplesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_D3.2_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_D3.2_309_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DifferenceFiscalCommercialAccountingPrinciplesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure" xlink:label="bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_100_107_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_100_107_B_ref">
      <ref:Chapter>100</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>107</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_217_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_217_401_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_217_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_301_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_304_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_403_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_403_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_655_505_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_655_505_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_505_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_D3.2_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_D3.2_405_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DifferencesEquityResultSeparateConsolidatedFinancialStatementsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DirectorReasonNoSignature" xlink:label="bw2-titel9_DirectorReasonNoSignature_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_396_113_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_396_113_ref">
      <ref:Chapter>396</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>113</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DirectorReasonNoSignature_loc" xlink:to="bw2-titel9_RJ_2026-01-01_396_113_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_630_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_630_402_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DirectorReasonNoSignature_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_402_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A6_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A6_108_ref">
      <ref:Chapter>A6</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DirectorReasonNoSignature_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DirectorSignedStatus" xlink:label="bw2-titel9_DirectorSignedStatus_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_110_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_110_103_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DirectorSignedStatus_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DirectorSignedStatus_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DirectorSignedStatus_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DirectorType" xlink:label="bw2-titel9_DirectorType_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DirectorType_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DirectorType_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DocumentAdoptionDate" xlink:label="bw2-titel9_DocumentAdoptionDate_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_396_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_396_102_ref">
      <ref:Chapter>396</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DocumentAdoptionDate_loc" xlink:to="bw2-titel9_RJ_2026-01-01_396_102_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A6_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A6_103_ref">
      <ref:Chapter>A6</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DocumentAdoptionDate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DocumentAdoptionStatus" xlink:label="bw2-titel9_DocumentAdoptionStatus_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DocumentAdoptionStatus_loc" xlink:to="bw2-titel9_RJ_2026-01-01_396_102_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_396_117_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_396_117_ref">
      <ref:Chapter>396</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>117</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DocumentAdoptionStatus_loc" xlink:to="bw2-titel9_RJ_2026-01-01_396_117_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DocumentAdoptionStatus_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EarnedPremiumsForOwnAccount" xlink:label="bw2-titel9_EarnedPremiumsForOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EarnedPremiumsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EarnedPremiumsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EarnedPremiumsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EarnedPremiumsForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EffectiveInterestRateOnLongtermDebtDisclosure" xlink:label="bw2-titel9_EffectiveInterestRateOnLongtermDebtDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_403_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EffectiveInterestRateOnLongtermDebtDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EmployeeBenefitsAndOtherAdministrativeExpenses" xlink:label="bw2-titel9_EmployeeBenefitsAndOtherAdministrativeExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsAndOtherAdministrativeExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_311_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsAndOtherAdministrativeExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EmployeeBenefitsExpenses" xlink:label="bw2-titel9_EmployeeBenefitsExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_504_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_271_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_271_104_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_104_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_271_212_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_271_212_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B14_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B14_103_ref">
      <ref:Chapter>B14</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EmployeeBenefitsExpenses_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B14_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EqualisationReserveGross" xlink:label="bw2-titel9_EqualisationReserveGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EqualisationReserveGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EqualisationReserveGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EqualisationReserveReinsuredPart" xlink:label="bw2-titel9_EqualisationReserveReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EqualisationReserveReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EqualisationReserveReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EqualisationReserve" xlink:label="bw2-titel9_EqualisationReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EqualisationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EqualisationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityAndLiabilitiesPolicy" xlink:label="bw2-titel9_EquityAndLiabilitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilitiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilitiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityAndLiabilities" xlink:label="bw2-titel9_EquityAndLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityAndLiabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityConsolidatedFinancialStatements" xlink:label="bw2-titel9_EquityConsolidatedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_505_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatementsOther" xlink:label="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatementsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatementsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatementsOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatements" xlink:label="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_505_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityDisclosure" xlink:label="bw2-titel9_EquityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_311_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityGroupDisclosure" xlink:label="bw2-titel9_EquityGroupDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityGroupDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityGroupPolicy" xlink:label="bw2-titel9_EquityGroupPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityGroupPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityGroupPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityGroup" xlink:label="bw2-titel9_EquityGroup_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityGroup_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityGroup_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_318_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_318_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>318</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityGroup_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_318_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityMovement" xlink:label="bw2-titel9_EquityMovement_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_237_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_237_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>237</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityMovement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_401_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityMovement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityPolicy" xlink:label="bw2-titel9_EquityPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquitySeparateFinancialStatements" xlink:label="bw2-titel9_EquitySeparateFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquitySeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquitySeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquitySeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquitySeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_505_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquitySeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityWithheldPartResultDescription" xlink:label="bw2-titel9_EquityWithheldPartResultDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_126_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_126_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>126</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityWithheldPartResultDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Equity" xlink:label="bw2-titel9_Equity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_102_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_201_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_615_302a_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_615_302a_C_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302a</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_630_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_630_202_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_660_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_660_303_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Equity_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ExpensesOther" xlink:label="bw2-titel9_ExpensesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_630_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_630_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>630</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_630_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ExpensesPolicy" xlink:label="bw2-titel9_ExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExpensesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Expenses" xlink:label="bw2-titel9_Expenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Expenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Expenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Expenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Expenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Expenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Expenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Expenses_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ExtraordinaryExpensesDisclosure" xlink:label="bw2-titel9_ExtraordinaryExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryExpensesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ExtraordinaryExpensesPolicy" xlink:label="bw2-titel9_ExtraordinaryExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryExpensesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryExpensesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ExtraordinaryExpenses" xlink:label="bw2-titel9_ExtraordinaryExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ExtraordinaryIncomeDisclosure" xlink:label="bw2-titel9_ExtraordinaryIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryIncomeDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ExtraordinaryIncomePolicy" xlink:label="bw2-titel9_ExtraordinaryIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryIncomePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryIncomePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ExtraordinaryIncome" xlink:label="bw2-titel9_ExtraordinaryIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ExtraordinaryIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsAccumulatedDepreciationImpairments" xlink:label="bw2-titel9_FinancialAssetsAccumulatedDepreciationImpairments_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_605_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_605_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>605</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsAccumulatedDepreciationImpairments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsAccumulatedRevaluations" xlink:label="bw2-titel9_FinancialAssetsAccumulatedRevaluations_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_610_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_610_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>610</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsAccumulatedRevaluations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_610_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsAdditions" xlink:label="bw2-titel9_FinancialAssetsAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsAdditions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsBookValueHigherThanCurrentValueDisclosure" xlink:label="bw2-titel9_FinancialAssetsBookValueHigherThanCurrentValueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_290_943_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_290_943_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>943</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsBookValueHigherThanCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_290_943_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B12_109_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B12_109_ref">
      <ref:Chapter>B12</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>109</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsBookValueHigherThanCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsDepreciation" xlink:label="bw2-titel9_FinancialAssetsDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsDepreciation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsDisclosure" xlink:label="bw2-titel9_FinancialAssetsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_601_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_601_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_606_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_606_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>606</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsDisposalsDepreciation" xlink:label="bw2-titel9_FinancialAssetsDisposalsDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsDisposalsDepreciation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsDisposals" xlink:label="bw2-titel9_FinancialAssetsDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsDisposals_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsImpairmentReversal" xlink:label="bw2-titel9_FinancialAssetsImpairmentReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsImpairmentReversal_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsImpairment" xlink:label="bw2-titel9_FinancialAssetsImpairment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsImpairment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsMovement" xlink:label="bw2-titel9_FinancialAssetsMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsMovement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsMovementsOther" xlink:label="bw2-titel9_FinancialAssetsMovementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsMovementsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsPolicy" xlink:label="bw2-titel9_FinancialAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_602_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_602_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B3_128_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B3_128_ref">
      <ref:Chapter>B3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>128</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B3_128_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsRevaluations" xlink:label="bw2-titel9_FinancialAssetsRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsRevaluations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssets" xlink:label="bw2-titel9_FinancialAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_603_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_603_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B3_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B3_101_ref">
      <ref:Chapter>B3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B3_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsBookValue" xlink:label="bw2-titel9_FinancialInstrumentsBookValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_290_943_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_290_943_A_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>943</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsBookValue_loc" xlink:to="bw2-titel9_RJ_2026-01-01_290_943_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsCurrentValueDescription" xlink:label="bw2-titel9_FinancialInstrumentsCurrentValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_290_912_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_290_912_B_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>912</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsCurrentValueDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_290_912_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsCurrentValuePolicy" xlink:label="bw2-titel9_FinancialInstrumentsCurrentValuePolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_290_912_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_290_912_A_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>912</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsCurrentValuePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_290_912_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsCurrentValuePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_290_912_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsCurrentValue" xlink:label="bw2-titel9_FinancialInstrumentsCurrentValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsCurrentValue_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsDisclosure" xlink:label="bw2-titel9_FinancialInstrumentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_290_901_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_290_901_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>901</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_290_901_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_300_103_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_300_103_D_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsRiskManagementCashFlowRisksDisclosure" xlink:label="bw2-titel9_FinancialInstrumentsRiskManagementCashFlowRisksDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_290_918_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_290_918_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>918</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsRiskManagementCashFlowRisksDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_290_918_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_702_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_702_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsRiskManagementCashFlowRisksDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsRiskManagementCreditRisksDisclosure" xlink:label="bw2-titel9_FinancialInstrumentsRiskManagementCreditRisksDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsRiskManagementCreditRisksDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsRiskManagementLiquidityRisksDisclosure" xlink:label="bw2-titel9_FinancialInstrumentsRiskManagementLiquidityRisksDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsRiskManagementLiquidityRisksDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_290_918_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsRiskManagementLiquidityRisksDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsRiskManagementPriceRisksDisclosure" xlink:label="bw2-titel9_FinancialInstrumentsRiskManagementPriceRisksDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsRiskManagementPriceRisksDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInvestmentsOther" xlink:label="bw2-titel9_FinancialInvestmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInvestmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInvestmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialReportingPeriodCurrentEndDate" xlink:label="bw2-titel9_FinancialReportingPeriodCurrentEndDate_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A1_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A1_306_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialReportingPeriodCurrentEndDate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialReportingPeriodCurrentStartDate" xlink:label="bw2-titel9_FinancialReportingPeriodCurrentStartDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialReportingPeriodCurrentStartDate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialReportingPeriodPreviousEndDate" xlink:label="bw2-titel9_FinancialReportingPeriodPreviousEndDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialReportingPeriodPreviousEndDate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_310_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_M1_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_M1_202_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialReportingPeriodPreviousEndDate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialReportingPeriodPreviousStartDate" xlink:label="bw2-titel9_FinancialReportingPeriodPreviousStartDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialReportingPeriodPreviousStartDate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_310_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialReportingPeriodPreviousStartDate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ForeignCurrencyTranslationPolicy" xlink:label="bw2-titel9_ForeignCurrencyTranslationPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_122_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_122_405_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_122_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_122_502_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_122_502_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>502</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_122_502_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_409_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ForeignCurrencyTranslationReserve" xlink:label="bw2-titel9_ForeignCurrencyTranslationReserve_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_122_404_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_122_404_B_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_122_404_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_190_107_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_190_107_ref">
      <ref:Chapter>190</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>107</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_107_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_229_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_229_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>229</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_412_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_412_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>412</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_412_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A1_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A1_311_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserve_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserve_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GeneralAdministrativeExpensesDisclosure" xlink:label="bw2-titel9_GeneralAdministrativeExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralAdministrativeExpensesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GeneralAdministrativeExpensesPolicy" xlink:label="bw2-titel9_GeneralAdministrativeExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralAdministrativeExpensesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralAdministrativeExpensesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GeneralAdministrativeExpenses" xlink:label="bw2-titel9_GeneralAdministrativeExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralAdministrativeExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralAdministrativeExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralAdministrativeExpenses_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GeneralBankingRisksReserveAdditionsDisposals" xlink:label="bw2-titel9_GeneralBankingRisksReserveAdditionsDisposals_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_260_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_260_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>260</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralBankingRisksReserveAdditionsDisposals_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_260_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GeneralBankingRisksReserveDisclosure" xlink:label="bw2-titel9_GeneralBankingRisksReserveDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_261_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_261_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>261</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralBankingRisksReserveDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_261_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GeneralBankingRisksReservePolicy" xlink:label="bw2-titel9_GeneralBankingRisksReservePolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_259_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_259_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>259</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralBankingRisksReservePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_259_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GeneralBankingRisksReserve" xlink:label="bw2-titel9_GeneralBankingRisksReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GeneralBankingRisksReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_261_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GoingConcernBasisForPreparationFinancialStatementsWhenNotGoingConcernBasisDescription" xlink:label="bw2-titel9_GoingConcernBasisForPreparationFinancialStatementsWhenNotGoingConcernBasisDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_170_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_170_201_ref">
      <ref:Chapter>170</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernBasisForPreparationFinancialStatementsWhenNotGoingConcernBasisDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_170_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_213_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_213_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>213</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernBasisForPreparationFinancialStatementsWhenNotGoingConcernBasisDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GoingConcernDisclosure" xlink:label="bw2-titel9_GoingConcernDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_170_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_170_104_ref">
      <ref:Chapter>170</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_170_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GoingConcernEffectNotGoingConcernBasisOnEquityAndResultsDescription" xlink:label="bw2-titel9_GoingConcernEffectNotGoingConcernBasisOnEquityAndResultsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernEffectNotGoingConcernBasisOnEquityAndResultsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_170_104_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_170_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_170_206_ref">
      <ref:Chapter>170</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernEffectNotGoingConcernBasisOnEquityAndResultsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_170_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernEffectNotGoingConcernBasisOnEquityAndResultsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GoingConcernUncertaintiesEntitysAbilityToContinueAsGoingConcernDescription" xlink:label="bw2-titel9_GoingConcernUncertaintiesEntitysAbilityToContinueAsGoingConcernDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_170_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_170_305_ref">
      <ref:Chapter>170</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernUncertaintiesEntitysAbilityToContinueAsGoingConcernDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_170_305_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_214_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernUncertaintiesEntitysAbilityToContinueAsGoingConcernDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_214_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_131_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_131_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>131</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoingConcernUncertaintiesEntitysAbilityToContinueAsGoingConcernDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_131_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GoodwillDisclosure" xlink:label="bw2-titel9_GoodwillDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_216_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_216_403_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_216_403_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B1_119_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B1_119_ref">
      <ref:Chapter>B1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>119</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GoodwillPolicy" xlink:label="bw2-titel9_GoodwillPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B3_128_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GoodwillReasonAndFactsDeterminingAmortisationTermOfTenYearsAtMost" xlink:label="bw2-titel9_GoodwillReasonAndFactsDeterminingAmortisationTermOfTenYearsAtMost_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_216_217_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_216_217_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>217</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillReasonAndFactsDeterminingAmortisationTermOfTenYearsAtMost_loc" xlink:to="bw2-titel9_RJ_2026-01-01_216_217_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_216_403_B1_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_216_403_B1_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
      <ref:Subparagraph>b1</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillReasonAndFactsDeterminingAmortisationTermOfTenYearsAtMost_loc" xlink:to="bw2-titel9_RJ_2026-01-01_216_403_B1_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_216_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_216_404_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillReasonAndFactsDeterminingAmortisationTermOfTenYearsAtMost_loc" xlink:to="bw2-titel9_RJ_2026-01-01_216_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Goodwill" xlink:label="bw2-titel9_Goodwill_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_216_403_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_216_403_E_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Goodwill_loc" xlink:to="bw2-titel9_RJ_2026-01-01_216_403_E_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Goodwill_loc" xlink:to="bw2-titel9_RJ_2026-01-01_216_403_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Goodwill_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Goodwill_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Goodwill_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Goodwill_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B1_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B1_101_ref">
      <ref:Chapter>B1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Goodwill_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GovernmentSecuritiesForCentralBankRefinancing" xlink:label="bw2-titel9_GovernmentSecuritiesForCentralBankRefinancing_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSecuritiesForCentralBankRefinancing_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_214_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSecuritiesForCentralBankRefinancing_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GovernmentSubsidiesDisclosure" xlink:label="bw2-titel9_GovernmentSubsidiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_274_121_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_274_121_ref">
      <ref:Chapter>274</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>121</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSubsidiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_274_121_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B17_116_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B17_116_ref">
      <ref:Chapter>B17</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>116</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSubsidiesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B17_116_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GovernmentSubsidiesPolicy" xlink:label="bw2-titel9_GovernmentSubsidiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSubsidiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_274_121_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSubsidiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B17_116_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GovernmentSubsidies" xlink:label="bw2-titel9_GovernmentSubsidies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSubsidies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_274_121_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSubsidies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_650_313_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_650_313_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>313</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSubsidies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GovernmentSubsidies_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GrossMarginPolicy" xlink:label="bw2-titel9_GrossMarginPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GrossMarginPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GrossMarginPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GrossMargin" xlink:label="bw2-titel9_GrossMargin_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GrossMargin_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GrossMargin_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GrossOperatingResult" xlink:label="bw2-titel9_GrossOperatingResult_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GrossOperatingResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GroupStructureDisclosure" xlink:label="bw2-titel9_GroupStructureDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_508_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_508_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>508</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GroupStructureDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GuaranteesJointManagingDirectorsSubsidiariesAndConsolidatedCompaniesDescription" xlink:label="bw2-titel9_GuaranteesJointManagingDirectorsSubsidiariesAndConsolidatedCompaniesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GuaranteesJointManagingDirectorsSubsidiariesAndConsolidatedCompaniesDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GuaranteesJointSupervisoryDirectorsSubsidiariesAndConsolidatedCompaniesDescription" xlink:label="bw2-titel9_GuaranteesJointSupervisoryDirectorsSubsidiariesAndConsolidatedCompaniesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GuaranteesJointSupervisoryDirectorsSubsidiariesAndConsolidatedCompaniesDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpactTaxesCapitalIncomeDescription" xlink:label="bw2-titel9_ImpactTaxesCapitalIncomeDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_222_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_222_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>222</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpactTaxesCapitalIncomeDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpairmentCurrentAssetsDisclosure" xlink:label="bw2-titel9_ImpairmentCurrentAssetsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentCurrentAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpairmentCurrentAssetsPolicy" xlink:label="bw2-titel9_ImpairmentCurrentAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentCurrentAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentCurrentAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpairmentCurrentAssets" xlink:label="bw2-titel9_ImpairmentCurrentAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentCurrentAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentCurrentAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentCurrentAssets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpairmentFinancialAssetsPolicy" xlink:label="bw2-titel9_ImpairmentFinancialAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentFinancialAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentFinancialAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentFinancialAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B3_128_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpairmentFinancialAssetsReversalPolicy" xlink:label="bw2-titel9_ImpairmentFinancialAssetsReversalPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentFinancialAssetsReversalPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentFinancialAssetsReversalPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpairmentIntangibleAssetsReversalPolicy" xlink:label="bw2-titel9_ImpairmentIntangibleAssetsReversalPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentIntangibleAssetsReversalPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentIntangibleAssetsReversalPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpairmentPropertyPlantEquipmentReversalPolicy" xlink:label="bw2-titel9_ImpairmentPropertyPlantEquipmentReversalPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentPropertyPlantEquipmentReversalPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentPropertyPlantEquipmentReversalPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_103_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B2_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B2_206_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentPropertyPlantEquipmentReversalPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeDisclosure" xlink:label="bw2-titel9_IncomeDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_645_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_645_301_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_645_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_C1_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_C1_311_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeExpensesChargedToOtherFinancialYearNatureAndExtentDescription" xlink:label="bw2-titel9_IncomeExpensesChargedToOtherFinancialYearNatureAndExtentDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_270_405a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_270_405a_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeExpensesChargedToOtherFinancialYearNatureAndExtentDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_405a_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromInvestmentsAllocatedToNonTechnicalAccount" xlink:label="bw2-titel9_IncomeFromInvestmentsAllocatedToNonTechnicalAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestmentsAllocatedToNonTechnicalAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestmentsAllocatedToNonTechnicalAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestmentsAllocatedToNonTechnicalAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromInvestmentsInParticipatingInterests" xlink:label="bw2-titel9_IncomeFromInvestmentsInParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromInvestments" xlink:label="bw2-titel9_IncomeFromInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromOtherInvestmentsInInvestmentsOther" xlink:label="bw2-titel9_IncomeFromOtherInvestmentsInInvestmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestmentsInInvestmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestmentsInInvestmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestmentsInInvestmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromOtherInvestmentsInLandAndBuildings" xlink:label="bw2-titel9_IncomeFromOtherInvestmentsInLandAndBuildings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestmentsInLandAndBuildings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestmentsInLandAndBuildings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestmentsInLandAndBuildings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromOtherInvestmentsInParticipatingInterests" xlink:label="bw2-titel9_IncomeFromOtherInvestmentsInParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromOtherInvestments" xlink:label="bw2-titel9_IncomeFromOtherInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromOtherInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromParticipatingInterestsInGroupCompanies" xlink:label="bw2-titel9_IncomeFromParticipatingInterestsInGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromParticipatingInterestsInGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromSecuritiesAndInvestmentsInParticipatingInterests" xlink:label="bw2-titel9_IncomeFromSecuritiesAndInvestmentsInParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromSecuritiesAndInvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeFromSharesAndOtherVariableYieldSecurities" xlink:label="bw2-titel9_IncomeFromSharesAndOtherVariableYieldSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeFromSharesAndOtherVariableYieldSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeOther" xlink:label="bw2-titel9_IncomeOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_630_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomePolicy" xlink:label="bw2-titel9_IncomePolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_301_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeReceivablesNoncurrentSecuritiesPolicy" xlink:label="bw2-titel9_IncomeReceivablesNoncurrentSecuritiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeReceivablesNoncurrentSecuritiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeReceivablesNoncurrentSecuritiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeReceivablesNoncurrentSecurities" xlink:label="bw2-titel9_IncomeReceivablesNoncurrentSecurities_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_226_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_226_302_ref">
      <ref:Chapter>226</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeReceivablesNoncurrentSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_226_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeReceivablesNoncurrentSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeReceivablesNoncurrentSecurities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeReceivablesNoncurrentSecurities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseDisclosure" xlink:label="bw2-titel9_IncomeTaxExpenseDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_272_702_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_272_702_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseExtraordinaryItemsCredit" xlink:label="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsCredit_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_270_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_270_402_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_272_608_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_272_608_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>608</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_608_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseExtraordinaryItemsDebit" xlink:label="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsDebit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_608_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseExtraordinaryItemsPolicy" xlink:label="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItemsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseExtraordinaryItems" xlink:label="bw2-titel9_IncomeTaxExpenseExtraordinaryItems_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItems_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItems_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseExtraordinaryItems_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesCredit" xlink:label="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesCredit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_608_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesDebit" xlink:label="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesDebit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_608_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesPolicy" xlink:label="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivitiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseOrdinaryActivities" xlink:label="bw2-titel9_IncomeTaxExpenseOrdinaryActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpenseOther" xlink:label="bw2-titel9_IncomeTaxExpenseOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpenseOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpensePolicy" xlink:label="bw2-titel9_IncomeTaxExpensePolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_272_701_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_272_701_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>701</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpensePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_701_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B15_121_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B15_121_ref">
      <ref:Chapter>B15</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>121</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpensePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_121_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B15_126_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B15_126_ref">
      <ref:Chapter>B15</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>126</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpensePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_126_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpensePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeTaxExpense" xlink:label="bw2-titel9_IncomeTaxExpense_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpense_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_608_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_272_704_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_272_704_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>704</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpense_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_704_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpense_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpense_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpense_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B15_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B15_101_ref">
      <ref:Chapter>B15</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpense_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_101_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B15_119_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B15_119_ref">
      <ref:Chapter>B15</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>119</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpense_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeTaxExpense_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Income" xlink:label="bw2-titel9_Income_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Income_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Income_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Income_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Income_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Income_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Income_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncreaseDecreaseInNegativeEquityParticipatingInterestsConsolidated" xlink:label="bw2-titel9_IncreaseDecreaseInNegativeEquityParticipatingInterestsConsolidated_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseInNegativeEquityParticipatingInterestsConsolidated_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseInNegativeEquityParticipatingInterestsConsolidated_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_650_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_650_401_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseInNegativeEquityParticipatingInterestsConsolidated_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseInNegativeEquityParticipatingInterestsConsolidated_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncreaseDecreaseInNotRealisedAccumulatedIntercompanyResults" xlink:label="bw2-titel9_IncreaseDecreaseInNotRealisedAccumulatedIntercompanyResults_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseInNotRealisedAccumulatedIntercompanyResults_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseInNotRealisedAccumulatedIntercompanyResults_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseInNotRealisedAccumulatedIntercompanyResults_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseInNotRealisedAccumulatedIntercompanyResults_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncreaseDecreaseProvisionParticipatingInterests" xlink:label="bw2-titel9_IncreaseDecreaseProvisionParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseProvisionParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseProvisionParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseProvisionParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseDecreaseProvisionParticipatingInterests_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncreaseInValueOfInvestments" xlink:label="bw2-titel9_IncreaseInValueOfInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseInValueOfInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseInValueOfInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncreaseInValueOfInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InformationOther" xlink:label="bw2-titel9_InformationOther_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_410_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_410_101_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InformationOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_101_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A7_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A7_ref">
      <ref:Chapter>A7</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InformationOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A7_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IntangibleAssetsAccumulatedRevaluations" xlink:label="bw2-titel9_IntangibleAssetsAccumulatedRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsAccumulatedRevaluations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IntangibleAssetsCurrentValueDisclosure" xlink:label="bw2-titel9_IntangibleAssetsCurrentValueDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IntangibleAssetsDisclosure" xlink:label="bw2-titel9_IntangibleAssetsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IntangibleAssetsPolicy" xlink:label="bw2-titel9_IntangibleAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IntangibleAssets" xlink:label="bw2-titel9_IntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssets_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestExpensesInterestCapitalisedDuringPeriodDisclosure" xlink:label="bw2-titel9_InterestExpensesInterestCapitalisedDuringPeriodDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_272_712_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_272_712_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>712</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesInterestCapitalisedDuringPeriodDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_712_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_273_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_273_302_ref">
      <ref:Chapter>273</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesInterestCapitalisedDuringPeriodDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_273_302_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_208_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesInterestCapitalisedDuringPeriodDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_208_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B16_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B16_105_ref">
      <ref:Chapter>B16</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesInterestCapitalisedDuringPeriodDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B16_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestExpensesRelatedExpensesDisclosure" xlink:label="bw2-titel9_InterestExpensesRelatedExpensesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_273_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_273_202_ref">
      <ref:Chapter>273</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpensesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_273_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpensesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_273_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpensesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestExpensesRelatedExpensesPolicy" xlink:label="bw2-titel9_InterestExpensesRelatedExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpensesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpensesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestExpensesRelatedExpenses" xlink:label="bw2-titel9_InterestExpensesRelatedExpenses_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_273_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_273_301_ref">
      <ref:Chapter>273</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_273_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_304_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestExpensesRelatedExpenses_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestFromBondsAndOtherFixedIncomeSecurities" xlink:label="bw2-titel9_InterestFromBondsAndOtherFixedIncomeSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestFromBondsAndOtherFixedIncomeSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_305_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestFromBondsAndOtherFixedIncomeSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestIncomeRelatedIncomeDisclosure" xlink:label="bw2-titel9_InterestIncomeRelatedIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncomeDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestIncomeRelatedIncomeOther" xlink:label="bw2-titel9_InterestIncomeRelatedIncomeOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestIncomeRelatedIncomePolicy" xlink:label="bw2-titel9_InterestIncomeRelatedIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncomePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncomePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestIncomeRelatedIncome" xlink:label="bw2-titel9_InterestIncomeRelatedIncome_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_270_124_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_270_124_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>124</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_124_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestIncomeRelatedIncome_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InterestsInInvestmentPools" xlink:label="bw2-titel9_InterestsInInvestmentPools_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestsInInvestmentPools_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InterestsInInvestmentPools_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoriesDisclosure" xlink:label="bw2-titel9_InventoriesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B4_110_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B4_110_ref">
      <ref:Chapter>B4</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B4_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoriesInterestCapitalisedDuringPeriodDescription" xlink:label="bw2-titel9_InventoriesInterestCapitalisedDuringPeriodDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_604_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_604_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>604</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesInterestCapitalisedDuringPeriodDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_604_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesInterestCapitalisedDuringPeriodDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_208_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B4_110_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B4_110_B_ref">
      <ref:Chapter>B4</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesInterestCapitalisedDuringPeriodDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B4_110_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoriesPolicy" xlink:label="bw2-titel9_InventoriesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_601_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_601_A_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_601_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_601_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_601_B_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_601_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_602_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_602_A_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_602_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_602_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_602_B_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_602_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_620_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_620_201_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B4_110_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B4_110_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B4_110_C_ref">
      <ref:Chapter>B4</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B4_110_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Inventories" xlink:label="bw2-titel9_Inventories_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_501_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B4_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B4_101_ref">
      <ref:Chapter>B4</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B4_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Inventories_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoryFinishedTradeGoodsDisclosure" xlink:label="bw2-titel9_InventoryFinishedTradeGoodsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryFinishedTradeGoodsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoryFinishedTradeGoodsPolicy" xlink:label="bw2-titel9_InventoryFinishedTradeGoodsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryFinishedTradeGoodsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryFinishedTradeGoodsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_601_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryFinishedTradeGoodsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoryFinishedTradeGoods" xlink:label="bw2-titel9_InventoryFinishedTradeGoods_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryFinishedTradeGoods_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoryRawMaterialsConsumablesDisclosure" xlink:label="bw2-titel9_InventoryRawMaterialsConsumablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryRawMaterialsConsumablesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoryRawMaterialsConsumablesPolicy" xlink:label="bw2-titel9_InventoryRawMaterialsConsumablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryRawMaterialsConsumablesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryRawMaterialsConsumablesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_601_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryRawMaterialsConsumablesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoryRawMaterialsConsumables" xlink:label="bw2-titel9_InventoryRawMaterialsConsumables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryRawMaterialsConsumables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentExpenses" xlink:label="bw2-titel9_InvestmentExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentPropertiesAccumulatedDepreciationImpairments" xlink:label="bw2-titel9_InvestmentPropertiesAccumulatedDepreciationImpairments_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_213_805_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_213_805_C_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentPropertiesAccumulatedDepreciationImpairments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_213_805_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B2_212_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B2_212_B_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentPropertiesAccumulatedDepreciationImpairments_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_212_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsForRiskOfPolicyHoldersAndInvestmentsOfAnnualLifeFunds" xlink:label="bw2-titel9_InvestmentsForRiskOfPolicyHoldersAndInvestmentsOfAnnualLifeFunds_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsForRiskOfPolicyHoldersAndInvestmentsOfAnnualLifeFunds_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsForRiskOfPolicyHoldersAndInvestmentsOfAnnualLifeFunds_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInGroupCompaniesAndParticipatingInterests" xlink:label="bw2-titel9_InvestmentsInGroupCompaniesAndParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInGroupCompaniesAndParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInGroupCompaniesAndParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInLandAndBuildingsForOwnUse" xlink:label="bw2-titel9_InvestmentsInLandAndBuildingsForOwnUse_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInLandAndBuildingsForOwnUse_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInLandAndBuildingsForOwnUse_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInLandAndBuildingsOther" xlink:label="bw2-titel9_InvestmentsInLandAndBuildingsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInLandAndBuildingsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInLandAndBuildingsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInLandAndBuildings" xlink:label="bw2-titel9_InvestmentsInLandAndBuildings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInLandAndBuildings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInLandAndBuildings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInOtherParticipatingInterestsOther" xlink:label="bw2-titel9_InvestmentsInOtherParticipatingInterestsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInOtherParticipatingInterestsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesCreditInstitutions" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesCreditInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesCreditInstitutions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_229_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_229_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>229</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesCreditInstitutions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesDisclosure" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesOther" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesPolicy" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompanies" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsOtherCreditInstitutions" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsOtherCreditInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherCreditInstitutions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsOtherDisclosure" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsOtherPolicy" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsOther" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterests" xlink:label="bw2-titel9_InvestmentsInParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_615_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_615_410_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsOtherAffiliatedCompaniesDisclosure" xlink:label="bw2-titel9_InvestmentsOtherAffiliatedCompaniesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsOtherAffiliatedCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsOtherAffiliatedCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsOtherAffiliatedCompaniesPolicy" xlink:label="bw2-titel9_InvestmentsOtherAffiliatedCompaniesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsOtherAffiliatedCompaniesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsOtherAffiliatedCompaniesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsOtherAffiliatedCompanies" xlink:label="bw2-titel9_InvestmentsOtherAffiliatedCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsOtherAffiliatedCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Investments" xlink:label="bw2-titel9_Investments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Investments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Investments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Investments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IrrevocableCommitmentsDisclosure" xlink:label="bw2-titel9_IrrevocableCommitmentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_268_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_268_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>268</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IrrevocableCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_268_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IrrevocableCommitmentsFromSaleAndRepurchaseTransactions" xlink:label="bw2-titel9_IrrevocableCommitmentsFromSaleAndRepurchaseTransactions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IrrevocableCommitmentsFromSaleAndRepurchaseTransactions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IrrevocableCommitmentsFromSaleAndRepurchaseTransactions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_268_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IrrevocableCommitmentsOther" xlink:label="bw2-titel9_IrrevocableCommitmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IrrevocableCommitmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IrrevocableCommitments" xlink:label="bw2-titel9_IrrevocableCommitments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IrrevocableCommitments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IrrevocableCommitments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_268_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LandAndBuildingsDisclosure" xlink:label="bw2-titel9_LandAndBuildingsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildingsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildingsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LandAndBuildingsForOwnUse" xlink:label="bw2-titel9_LandAndBuildingsForOwnUse_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildingsForOwnUse_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LandAndBuildingsPolicy" xlink:label="bw2-titel9_LandAndBuildingsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildingsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildingsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildingsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildingsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LandAndBuildings" xlink:label="bw2-titel9_LandAndBuildings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalEntityEquityLastFinancialStatements" xlink:label="bw2-titel9_LegalEntityEquityLastFinancialStatements_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_115_218_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_115_218_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>218</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityEquityLastFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_218_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_611_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_611_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>611</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityEquityLastFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_611_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalEntityLegalForm" xlink:label="bw2-titel9_LegalEntityLegalForm_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_100_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_100_201_ref">
      <ref:Chapter>100</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLegalForm_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_300_104a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_300_104a_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLegalForm_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_104a_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_401a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_401a_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLegalForm_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_401a_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B18_104_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B18_104_A_ref">
      <ref:Chapter>B18</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLegalForm_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_C1_303a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_C1_303a_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>303a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLegalForm_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_303a_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalEntityLocation" xlink:label="bw2-titel9_LegalEntityLocation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLocation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_218_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_115_219_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_115_219_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>219</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLocation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_219_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLocation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_611_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_217_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_217_209_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLocation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_217_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityLocation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalEntityNameManagingSupervisoryDirector" xlink:label="bw2-titel9_LegalEntityNameManagingSupervisoryDirector_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityNameManagingSupervisoryDirector_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalEntityRegisteredOffice" xlink:label="bw2-titel9_LegalEntityRegisteredOffice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityRegisteredOffice_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_104a_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_300_105_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_300_105_A_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityRegisteredOffice_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_105_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityRegisteredOffice_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_401a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityRegisteredOffice_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityRegisteredOffice_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_303a_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalEntityResultsLastFinancialStatements" xlink:label="bw2-titel9_LegalEntityResultsLastFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityResultsLastFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_218_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalEntityResultsLastFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_611_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveContributionInKind" xlink:label="bw2-titel9_LegalReserveContributionInKind_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveContributionInKind_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_113_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_113_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>113</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveContributionInKind_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveContributionInKind_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveCostsIncorporationShareIssue" xlink:label="bw2-titel9_LegalReserveCostsIncorporationShareIssue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveCostsIncorporationShareIssue_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveCostsIncorporationShareIssue_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveCostsIncorporationShareIssue_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveDevelopment" xlink:label="bw2-titel9_LegalReserveDevelopment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveDevelopment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveDevelopment_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveDevelopment_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveLoansProvidedObtainTreasuryShares" xlink:label="bw2-titel9_LegalReserveLoansProvidedObtainTreasuryShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveLoansProvidedObtainTreasuryShares_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveLoansProvidedObtainTreasuryShares_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveLoansProvidedObtainTreasuryShares_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEuros" xlink:label="bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEuros_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEuros_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEuros_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEuros_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveParticipatingInterests" xlink:label="bw2-titel9_LegalReserveParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveParticipatingInterests_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveParticipatingInterests_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveTranslationShareCapitalIntoEuros" xlink:label="bw2-titel9_LegalReserveTranslationShareCapitalIntoEuros_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationShareCapitalIntoEuros_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationShareCapitalIntoEuros_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationShareCapitalIntoEuros_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReservesDisclosure" xlink:label="bw2-titel9_LegalReservesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReservesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReservesPolicy" xlink:label="bw2-titel9_LegalReservesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReservesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReservesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserves" xlink:label="bw2-titel9_LegalReserves_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_630_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_630_204_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_204_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_303_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_103_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_D3.2_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_D3.2_303_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserves_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalStatutoryReservesDisclosure" xlink:label="bw2-titel9_LegalStatutoryReservesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalStatutoryReservesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalStatutoryReservesPolicy" xlink:label="bw2-titel9_LegalStatutoryReservesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalStatutoryReservesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalStatutoryReservesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalStatutoryReserves" xlink:label="bw2-titel9_LegalStatutoryReserves_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalStatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalStatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalStatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalStatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_610_235_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_610_235_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>235</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalStatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_235_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesCommittedToOnBehalfOfGroupCompanies" xlink:label="bw2-titel9_LiabilitiesCommittedToOnBehalfOfGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCommittedToOnBehalfOfGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesCommittedTo" xlink:label="bw2-titel9_LiabilitiesCommittedTo_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCommittedTo_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesCurrentDisclosure" xlink:label="bw2-titel9_LiabilitiesCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesCurrentPolicy" xlink:label="bw2-titel9_LiabilitiesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesCurrent" xlink:label="bw2-titel9_LiabilitiesCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_115_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_115_105_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_105_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_301_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_303_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_645_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_301_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesDisclosure" xlink:label="bw2-titel9_LiabilitiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_106_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesMaturityExceedingFiveYears" xlink:label="bw2-titel9_LiabilitiesMaturityExceedingFiveYears_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_402_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMaturityExceedingFiveYears_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_402_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_408a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_408a_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMaturityExceedingFiveYears_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_408a_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_105_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMaturityExceedingFiveYears_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_105_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_204_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMaturityExceedingFiveYears_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesMaturityInterestRateDescription" xlink:label="bw2-titel9_LiabilitiesMaturityInterestRateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMaturityInterestRateDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesNoncurrentDisclosure" xlink:label="bw2-titel9_LiabilitiesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesNoncurrentMaturityDisclosure" xlink:label="bw2-titel9_LiabilitiesNoncurrentMaturityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMaturityDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMaturityDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesNoncurrentPolicy" xlink:label="bw2-titel9_LiabilitiesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesNoncurrent" xlink:label="bw2-titel9_LiabilitiesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_105_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_408a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_645_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesSecuredStatement" xlink:label="bw2-titel9_LiabilitiesSecuredStatement_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_404_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesSecuredStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesSecuredStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_205_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesSecuredStatement_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Liabilities" xlink:label="bw2-titel9_Liabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_103_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_101_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_101_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_102_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Liabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LinkToPubliclyAvailableStatementOnCorporateGovernance" xlink:label="bw2-titel9_LinkToPubliclyAvailableStatementOnCorporateGovernance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LinkToPubliclyAvailableStatementOnCorporateGovernance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsAmount" xlink:label="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsAmount_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_311_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsAmount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_413_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_413_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>413</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsAmount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_650_328_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_650_328_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>328</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsAmount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B5_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B5_106_ref">
      <ref:Chapter>B5</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsAmount_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B10_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B10_209_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsAmount_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_C1_315_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_C1_315_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>315</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsAmount_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsDisclosure" xlink:label="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsImpairedAndWaivedAmount" xlink:label="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsImpairedAndWaivedAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsImpairedAndWaivedAmount_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsImpairedAndWaivedAmount_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsInterestRate" xlink:label="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsInterestRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsInterestRate_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsInterestRate_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsInterestRate_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsInterestRate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsInterestRate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsInterestRate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsRepayments" xlink:label="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsRepayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsRepayments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsRepayments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsRepayments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsRepayments_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsRepayments_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsRepayments_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsSignificantConditionsDescription" xlink:label="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsSignificantConditionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsSignificantConditionsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsSignificantConditionsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsSignificantConditionsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsSignificantConditionsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsSignificantConditionsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectorsSignificantConditionsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectors" xlink:label="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesOnBehalfOfManagingSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MachineryDisclosure" xlink:label="bw2-titel9_MachineryDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MachineryDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MachineryDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MachineryPolicy" xlink:label="bw2-titel9_MachineryPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MachineryPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MachineryPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MachineryPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MachineryPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Machinery" xlink:label="bw2-titel9_Machinery_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Machinery_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Machinery_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ManagementMaintenanceAndServicesThirdPartiesExplanation" xlink:label="bw2-titel9_ManagementMaintenanceAndServicesThirdPartiesExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_313_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_313_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>313</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagementMaintenanceAndServicesThirdPartiesExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_313_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MarketableDebtSecuritiesExplanation" xlink:label="bw2-titel9_MarketableDebtSecuritiesExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_248_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_248_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>248</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MarketableDebtSecuritiesExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_248_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NameOfSignatory" xlink:label="bw2-titel9_NameOfSignatory_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NameOfSignatory_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NegativeEquityParticipatingInterestsConsolidated" xlink:label="bw2-titel9_NegativeEquityParticipatingInterestsConsolidated_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NegativeEquityParticipatingInterestsConsolidated_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NegativeEquityParticipatingInterestsConsolidated_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NegativeEquityParticipatingInterestsConsolidated_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NegativeEquityParticipatingInterestsConsolidated_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetResultAfterTax" xlink:label="bw2-titel9_NetResultAfterTax_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_265_201_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_265_201_A_ref">
      <ref:Chapter>265</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetResultAfterTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_265_201_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetResultAfterTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenueDisclosure" xlink:label="bw2-titel9_NetRevenueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_270_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_270_203_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_273_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenuePolicy" xlink:label="bw2-titel9_NetRevenuePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenuePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenuePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenueRatioMovementComparedToPriorPeriodDisclosure" xlink:label="bw2-titel9_NetRevenueRatioMovementComparedToPriorPeriodDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueRatioMovementComparedToPriorPeriodDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueRatioMovementComparedToPriorPeriodDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenueRatioMovementComparedToPriorPeriod" xlink:label="bw2-titel9_NetRevenueRatioMovementComparedToPriorPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueRatioMovementComparedToPriorPeriod_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueRatioMovementComparedToPriorPeriod_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenueSegmentDisclosure" xlink:label="bw2-titel9_NetRevenueSegmentDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_350_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_350_201_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenueSegmentGeographyDisclosure" xlink:label="bw2-titel9_NetRevenueSegmentGeographyDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_350_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_350_208_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentGeographyDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenueSegmentGeography" xlink:label="bw2-titel9_NetRevenueSegmentGeography_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentGeography_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_350_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_350_202_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentGeography_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentGeography_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenueSegmentIndustryDisclosure" xlink:label="bw2-titel9_NetRevenueSegmentIndustryDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_350_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_350_205_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentIndustryDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_205_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_350_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_350_206_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentIndustryDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenueSegmentIndustry" xlink:label="bw2-titel9_NetRevenueSegmentIndustry_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentIndustry_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentIndustry_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenueSegmentIndustry_loc" xlink:to="bw2-titel9_RJ_2026-01-01_350_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NetRevenue" xlink:label="bw2-titel9_NetRevenue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenue_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_630_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_630_209_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenue_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_209_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_630_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_630_306_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenue_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenue_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NetRevenue_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NoncontrollingInterestDisclosure" xlink:label="bw2-titel9_NoncontrollingInterestDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_217_602_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_217_602_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NoncontrollingInterestDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_217_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NoncontrollingInterestDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NoncontrollingInterestPolicy" xlink:label="bw2-titel9_NoncontrollingInterestPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NoncontrollingInterestPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NoncontrollingInterestPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NoncontrollingInterest" xlink:label="bw2-titel9_NoncontrollingInterest_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NoncontrollingInterest_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NoncontrollingInterest_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_318_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NotRecordedLiabilitiesCommittedToOnBehalfOfGroupCompanies" xlink:label="bw2-titel9_NotRecordedLiabilitiesCommittedToOnBehalfOfGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NotRecordedLiabilitiesCommittedToOnBehalfOfGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NotRecordedLiabilitiesCommittedTo" xlink:label="bw2-titel9_NotRecordedLiabilitiesCommittedTo_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NotRecordedLiabilitiesCommittedTo_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OffBalanceSheetArrangementsDisclosure" xlink:label="bw2-titel9_OffBalanceSheetArrangementsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_390_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_390_201_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetArrangementsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_390_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_390_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_390_202_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetArrangementsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_390_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OffBalanceSheetCommitmentsDisclosure" xlink:label="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_115_114_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_115_114_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>114</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_114_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_215_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_215_207_ref">
      <ref:Chapter>215</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_215_207_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_252_509_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_252_509_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_509_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_266_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_266_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>266</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_266_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B10_110_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B10_110_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_110_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B10_126_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B10_126_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>126</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_126_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B10_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B10_204_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OffBalanceSheetCommitmentsExchangesOrChequesOnBehalfOfGroupCompanies" xlink:label="bw2-titel9_OffBalanceSheetCommitmentsExchangesOrChequesOnBehalfOfGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsExchangesOrChequesOnBehalfOfGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OffBalanceSheetCommitmentsLiabilitiesOnBehalfOfGroupCompanies" xlink:label="bw2-titel9_OffBalanceSheetCommitmentsLiabilitiesOnBehalfOfGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsLiabilitiesOnBehalfOfGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OffBalanceSheetCommitmentsOnBehalfOfGroupCompaniesDisclosure" xlink:label="bw2-titel9_OffBalanceSheetCommitmentsOnBehalfOfGroupCompaniesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsOnBehalfOfGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_114_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsOnBehalfOfGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsOnBehalfOfGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsOnBehalfOfGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_266_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B10_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B10_207_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OffBalanceSheetCommitmentsOnBehalfOfGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OpenForwardTransactionsDisclosure" xlink:label="bw2-titel9_OpenForwardTransactionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_236_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_236_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>236</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OpenForwardTransactionsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingExpensesOtherDisclosure" xlink:label="bw2-titel9_OperatingExpensesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingExpensesOtherPolicy" xlink:label="bw2-titel9_OperatingExpensesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOtherPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingExpensesOther" xlink:label="bw2-titel9_OperatingExpensesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingExpensesPolicy" xlink:label="bw2-titel9_OperatingExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpensesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingExpenses" xlink:label="bw2-titel9_OperatingExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingIncomeOtherDisclosure" xlink:label="bw2-titel9_OperatingIncomeOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomeOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingIncomeOtherPolicy" xlink:label="bw2-titel9_OperatingIncomeOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomeOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomeOtherPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingIncomeOther" xlink:label="bw2-titel9_OperatingIncomeOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomeOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomeOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingIncomePolicy" xlink:label="bw2-titel9_OperatingIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncomePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingIncome" xlink:label="bw2-titel9_OperatingIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingIncome_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OperatingResult" xlink:label="bw2-titel9_OperatingResult_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OperatingResult_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OrdinaryShares" xlink:label="bw2-titel9_OrdinaryShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OrdinaryShares_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OrdinaryShares_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OtherAdministrativeExpenses" xlink:label="bw2-titel9_OtherAdministrativeExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherAdministrativeExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherAdministrativeExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OtherAssetsOther" xlink:label="bw2-titel9_OtherAssetsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherAssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherAssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherAssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OtherFinancialInvestmentsOther" xlink:label="bw2-titel9_OtherFinancialInvestmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherFinancialInvestmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherFinancialInvestmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OtherTechnicalExpensesForOwnAccount" xlink:label="bw2-titel9_OtherTechnicalExpensesForOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherTechnicalExpensesForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherTechnicalExpensesForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherTechnicalExpensesForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_629_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_629_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>629</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherTechnicalExpensesForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_629_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OtherTechnicalIncomeForOwnAccount" xlink:label="bw2-titel9_OtherTechnicalIncomeForOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherTechnicalIncomeForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherTechnicalIncomeForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherTechnicalIncomeForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_614_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_614_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>614</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OtherTechnicalIncomeForOwnAccount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_614_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PatentsTrademarksOtherRightsDisclosure" xlink:label="bw2-titel9_PatentsTrademarksOtherRightsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PatentsTrademarksOtherRightsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PatentsTrademarksOtherRightsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PatentsTrademarksOtherRightsPolicy" xlink:label="bw2-titel9_PatentsTrademarksOtherRightsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PatentsTrademarksOtherRightsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PatentsTrademarksOtherRightsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PatentsTrademarksOtherRights" xlink:label="bw2-titel9_PatentsTrademarksOtherRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PatentsTrademarksOtherRights_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PatentsTrademarksOtherRights_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PatentsTrademarksOtherRights_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanksCurrentDisclosure" xlink:label="bw2-titel9_PayablesBanksCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanksCurrentPolicy" xlink:label="bw2-titel9_PayablesBanksCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanksCurrent" xlink:label="bw2-titel9_PayablesBanksCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanksDisclosure" xlink:label="bw2-titel9_PayablesBanksDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanksNoncurrentDisclosure" xlink:label="bw2-titel9_PayablesBanksNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanksNoncurrentPolicy" xlink:label="bw2-titel9_PayablesBanksNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanksNoncurrent" xlink:label="bw2-titel9_PayablesBanksNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanksPolicy" xlink:label="bw2-titel9_PayablesBanksPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanksPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesBanks" xlink:label="bw2-titel9_PayablesBanks_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_111_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_111_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>111</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_111_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCreditInstitutionsOther" xlink:label="bw2-titel9_PayablesCreditInstitutionsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCreditInstitutionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_240_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_240_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>240</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCreditInstitutionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_240_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCreditInstitutionsPayableUponDemand" xlink:label="bw2-titel9_PayablesCreditInstitutionsPayableUponDemand_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCreditInstitutionsPayableUponDemand_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCustomersDepositsOther" xlink:label="bw2-titel9_PayablesCustomersDepositsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersDepositsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_243_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_243_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>243</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersDepositsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_243_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_245_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_245_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>245</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersDepositsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_245_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCustomersDepositsPayableUponDemand" xlink:label="bw2-titel9_PayablesCustomersDepositsPayableUponDemand_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersDepositsPayableUponDemand_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersDepositsPayableUponDemand_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_243_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCustomersDeposits" xlink:label="bw2-titel9_PayablesCustomersDeposits_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersDeposits_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersDeposits_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_243_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCustomersOtherLiabilities" xlink:label="bw2-titel9_PayablesCustomersOtherLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersOtherLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersOtherLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_243_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCustomersOtherOther" xlink:label="bw2-titel9_PayablesCustomersOtherOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersOtherOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersOtherOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_243_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersOtherOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_245_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCustomersOtherPayableUponDemand" xlink:label="bw2-titel9_PayablesCustomersOtherPayableUponDemand_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersOtherPayableUponDemand_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomersOtherPayableUponDemand_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_243_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCustomers" xlink:label="bw2-titel9_PayablesCustomers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_111_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCustomers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_243_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesDirectInsuranceDisclosure" xlink:label="bw2-titel9_PayablesDirectInsuranceDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesDirectInsuranceDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesDirectInsurancePolicy" xlink:label="bw2-titel9_PayablesDirectInsurancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesDirectInsurancePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesDirectInsurance" xlink:label="bw2-titel9_PayablesDirectInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesDirectInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesDirectInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesCurrentDisclosure" xlink:label="bw2-titel9_PayablesGroupCompaniesCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesCurrentPolicy" xlink:label="bw2-titel9_PayablesGroupCompaniesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesCurrent" xlink:label="bw2-titel9_PayablesGroupCompaniesCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesDisclosure" xlink:label="bw2-titel9_PayablesGroupCompaniesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesNoncurrentDisclosure" xlink:label="bw2-titel9_PayablesGroupCompaniesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesNoncurrentPolicy" xlink:label="bw2-titel9_PayablesGroupCompaniesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesNoncurrent" xlink:label="bw2-titel9_PayablesGroupCompaniesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesPolicy" xlink:label="bw2-titel9_PayablesGroupCompaniesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompanies" xlink:label="bw2-titel9_PayablesGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompanies_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherAffiliatedCompaniesCurrentDisclosure" xlink:label="bw2-titel9_PayablesOtherAffiliatedCompaniesCurrentDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_410_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherAffiliatedCompaniesCurrent" xlink:label="bw2-titel9_PayablesOtherAffiliatedCompaniesCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_410_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_660_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_660_302_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrentDisclosure" xlink:label="bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrent" xlink:label="bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_410_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherCurrentDisclosure" xlink:label="bw2-titel9_PayablesOtherCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherCurrentPolicy" xlink:label="bw2-titel9_PayablesOtherCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherCurrent" xlink:label="bw2-titel9_PayablesOtherCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherDisclosure" xlink:label="bw2-titel9_PayablesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherNoncurrentDisclosure" xlink:label="bw2-titel9_PayablesOtherNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherNoncurrentPolicy" xlink:label="bw2-titel9_PayablesOtherNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherNoncurrent" xlink:label="bw2-titel9_PayablesOtherNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherPolicy" xlink:label="bw2-titel9_PayablesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOther" xlink:label="bw2-titel9_PayablesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesReinsuranceDisclosure" xlink:label="bw2-titel9_PayablesReinsuranceDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesReinsuranceDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesReinsurancePolicy" xlink:label="bw2-titel9_PayablesReinsurancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesReinsurancePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesReinsurance" xlink:label="bw2-titel9_PayablesReinsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesReinsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesReinsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsCurrentDisclosure" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsCurrentPolicy" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsCurrent" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsDisclosure" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentDisclosure" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentPolicy" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrent" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsPolicy" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterests" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionCostsDisclosure" xlink:label="bw2-titel9_PensionCostsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B14_119_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B14_119_ref">
      <ref:Chapter>B14</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>119</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCostsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B14_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionCostsPolicy" xlink:label="bw2-titel9_PensionCostsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_271_324_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_271_324_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>324</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCostsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCostsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionCosts" xlink:label="bw2-titel9_PensionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_212_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_271_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_271_306_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B14_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionCosts_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B14_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesCurrentDisclosure" xlink:label="bw2-titel9_PensionPayablesCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesCurrentPolicy" xlink:label="bw2-titel9_PensionPayablesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesCurrent" xlink:label="bw2-titel9_PensionPayablesCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_306_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_271_322_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_271_322_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>322</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesDisclosure" xlink:label="bw2-titel9_PensionPayablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesNoncurrentDisclosure" xlink:label="bw2-titel9_PensionPayablesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesNoncurrentPolicy" xlink:label="bw2-titel9_PensionPayablesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesNoncurrent" xlink:label="bw2-titel9_PensionPayablesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesPolicy" xlink:label="bw2-titel9_PensionPayablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayables" xlink:label="bw2-titel9_PensionPayables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_322_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_542_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_542_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>542</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_542_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PremiumsGross" xlink:label="bw2-titel9_PremiumsGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PremiumsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PremiumsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PremiumsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PremiumsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PremiumsNet" xlink:label="bw2-titel9_PremiumsNet_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PremiumsNet_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PremiumsNet_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PremiumsNet_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PrepaymentsIntangibleAssetsDisclosure" xlink:label="bw2-titel9_PrepaymentsIntangibleAssetsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsIntangibleAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsIntangibleAssetsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PrepaymentsIntangibleAssetsPolicy" xlink:label="bw2-titel9_PrepaymentsIntangibleAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsIntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsIntangibleAssetsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PrepaymentsIntangibleAssets" xlink:label="bw2-titel9_PrepaymentsIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsIntangibleAssets_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PrepaymentsInventoriesDisclosure" xlink:label="bw2-titel9_PrepaymentsInventoriesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsInventoriesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PrepaymentsInventoriesPolicy" xlink:label="bw2-titel9_PrepaymentsInventoriesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsInventoriesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsInventoriesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_601_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsInventoriesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PrepaymentsInventories" xlink:label="bw2-titel9_PrepaymentsInventories_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsInventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsInventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PriceListOfStockExchangeSecuritiesExplanation" xlink:label="bw2-titel9_PriceListOfStockExchangeSecuritiesExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_230_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_230_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>230</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PriceListOfStockExchangeSecuritiesExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_230_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProfitSharingAndDiscounts" xlink:label="bw2-titel9_ProfitSharingAndDiscounts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProfitSharingAndDiscounts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProfitSharingAndDiscounts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProfitSharingAndDiscounts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_618_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_618_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>618</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProfitSharingAndDiscounts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_618_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentAccumulatedDepreciationImpairments" xlink:label="bw2-titel9_PropertyPlantEquipmentAccumulatedDepreciationImpairments_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_702_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_702_A_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentAccumulatedDepreciationImpairments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentAccumulatedRevaluations" xlink:label="bw2-titel9_PropertyPlantEquipmentAccumulatedRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentAccumulatedRevaluations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_705_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_705_E_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentAccumulatedRevaluations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_705_E_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B2_131_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B2_131_E_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>131</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentAccumulatedRevaluations_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_131_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentAdditions" xlink:label="bw2-titel9_PropertyPlantEquipmentAdditions_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_702_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_702_B_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentAdditions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentAndInventories" xlink:label="bw2-titel9_PropertyPlantEquipmentAndInventories_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentAndInventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentAndInventories_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentCurrentValueDisclosure" xlink:label="bw2-titel9_PropertyPlantEquipmentCurrentValueDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_705_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_705_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_705_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_232_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_232_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>232</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentCurrentValueDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_232_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentDepreciation" xlink:label="bw2-titel9_PropertyPlantEquipmentDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentDepreciation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentDisclosure" xlink:label="bw2-titel9_PropertyPlantEquipmentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentDisposalsDepreciation" xlink:label="bw2-titel9_PropertyPlantEquipmentDisposalsDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentDisposalsDepreciation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentDisposals" xlink:label="bw2-titel9_PropertyPlantEquipmentDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentDisposals_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentImpairmentReversal" xlink:label="bw2-titel9_PropertyPlantEquipmentImpairmentReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentImpairmentReversal_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentImpairment" xlink:label="bw2-titel9_PropertyPlantEquipmentImpairment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentImpairment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentInterestCapitalisedDuringPeriodDescription" xlink:label="bw2-titel9_PropertyPlantEquipmentInterestCapitalisedDuringPeriodDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_701_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_701_E_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>701</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentInterestCapitalisedDuringPeriodDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_E_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentInterestCapitalisedDuringPeriodDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_208_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B2_131_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B2_131_D_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>131</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentInterestCapitalisedDuringPeriodDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_131_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B2_132_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B2_132_E_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>132</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentInterestCapitalisedDuringPeriodDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_132_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentLimitedBusinessOrPersonalRightOfUseDescription" xlink:label="bw2-titel9_PropertyPlantEquipmentLimitedBusinessOrPersonalRightOfUseDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_115_112_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_115_112_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>112</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentLimitedBusinessOrPersonalRightOfUseDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_112_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_212_703_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_212_703_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentLimitedBusinessOrPersonalRightOfUseDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_703_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_213_802a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_213_802a_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentLimitedBusinessOrPersonalRightOfUseDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_213_802a_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_292_208_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_292_208_A_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentLimitedBusinessOrPersonalRightOfUseDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_292_208_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentLimitedBusinessOrPersonalRightOfUseDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentMovement" xlink:label="bw2-titel9_PropertyPlantEquipmentMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentMovement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentMovementsOther" xlink:label="bw2-titel9_PropertyPlantEquipmentMovementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentMovementsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsDisclosure" xlink:label="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsPolicy" xlink:label="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentNotUsedInOperations" xlink:label="bw2-titel9_PropertyPlantEquipmentNotUsedInOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentOther" xlink:label="bw2-titel9_PropertyPlantEquipmentOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentPolicy" xlink:label="bw2-titel9_PropertyPlantEquipmentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_705_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B2_131_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B2_131_A_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>131</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_131_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentRevaluations" xlink:label="bw2-titel9_PropertyPlantEquipmentRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentRevaluations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipment" xlink:label="bw2-titel9_PropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B2_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B2_104_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipment_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionDeferredProfitSharingObligations" xlink:label="bw2-titel9_ProvisionDeferredProfitSharingObligations_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_510_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_510_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>510</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionDeferredProfitSharingObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_510_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionPensionObligationsDisclosure" xlink:label="bw2-titel9_ProvisionPensionObligationsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_252_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_252_503_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionPensionObligationsPolicy" xlink:label="bw2-titel9_ProvisionPensionObligationsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_252_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_252_504_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionPensionObligations" xlink:label="bw2-titel9_ProvisionPensionObligations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_504_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_271_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_271_307_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_542_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_557_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_557_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>557</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_557_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionTaxLiabilitiesDisclosure" xlink:label="bw2-titel9_ProvisionTaxLiabilitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilitiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilitiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionTaxLiabilitiesPolicy" xlink:label="bw2-titel9_ProvisionTaxLiabilitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilitiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilitiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilitiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilitiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionTaxLiabilities" xlink:label="bw2-titel9_ProvisionTaxLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsArticlesAssociationContributionShortageCooperative" xlink:label="bw2-titel9_ProvisionsArticlesAssociationContributionShortageCooperative_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_410_102_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_410_102_C_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationContributionShortageCooperative_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_620_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_620_403_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationContributionShortageCooperative_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsArticlesAssociationContributionShortageMutualGuaranteeCompany" xlink:label="bw2-titel9_ProvisionsArticlesAssociationContributionShortageMutualGuaranteeCompany_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationContributionShortageMutualGuaranteeCompany_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationContributionShortageMutualGuaranteeCompany_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsArticlesAssociationProfitAppropriation" xlink:label="bw2-titel9_ProvisionsArticlesAssociationProfitAppropriation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_410_102_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_410_102_B_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationProfitAppropriation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_630_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_630_302_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationProfitAppropriation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsArticlesAssociationSpecialGoverningControlStructureDisclosure" xlink:label="bw2-titel9_ProvisionsArticlesAssociationSpecialGoverningControlStructureDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_410_102_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_410_102_D_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationSpecialGoverningControlStructureDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_410_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_410_103_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationSpecialGoverningControlStructureDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsArticlesAssociationSpecialGoverningControlStructureNatureDescription" xlink:label="bw2-titel9_ProvisionsArticlesAssociationSpecialGoverningControlStructureNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationSpecialGoverningControlStructureNatureDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsArticlesAssociationSpecialGoverningControlStructureNatureDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsDisclosure" xlink:label="bw2-titel9_ProvisionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_252_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_252_501_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsOtherDisclosure" xlink:label="bw2-titel9_ProvisionsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsOtherPolicy" xlink:label="bw2-titel9_ProvisionsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOtherPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsOther" xlink:label="bw2-titel9_ProvisionsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsPolicy" xlink:label="bw2-titel9_ProvisionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B10_109_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B10_109_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>109</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Provisions" xlink:label="bw2-titel9_Provisions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_105_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_316_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_316_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>316</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_316_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Provisions_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RealisedChangesInValueOfInvestmentsPolicy" xlink:label="bw2-titel9_RealisedChangesInValueOfInvestmentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedChangesInValueOfInvestmentsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedChangesInValueOfInvestmentsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RealisedChangesInValueOfInvestments" xlink:label="bw2-titel9_RealisedChangesInValueOfInvestments_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_270_512_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_270_512_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>512</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedChangesInValueOfInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RealisedLossOnInvestments" xlink:label="bw2-titel9_RealisedLossOnInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedLossOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedLossOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedLossOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RealisedProfitOnInvestments" xlink:label="bw2-titel9_RealisedProfitOnInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedProfitOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedProfitOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RealisedProfitOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReasonForNonApplicationBW2Article389Description" xlink:label="bw2-titel9_ReasonForNonApplicationBW2Article389Description_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_325_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_325_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>325</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReasonForNonApplicationBW2Article389Description_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_325_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReasonForNotConsolidatingCertainLegalEntitiesDescription" xlink:label="bw2-titel9_ReasonForNotConsolidatingCertainLegalEntitiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_217_601_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_217_601_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReasonForNotConsolidatingCertainLegalEntitiesDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_217_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesAmountIndefinateMaturity" xlink:label="bw2-titel9_ReceivablesAmountIndefinateMaturity_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_203_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesAmountIndefinateMaturity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_203_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_208_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesAmountIndefinateMaturity_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesDisclosure" xlink:label="bw2-titel9_ReceivablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromBanksExplanation" xlink:label="bw2-titel9_ReceivablesFromBanksExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_202_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromBanksExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromBanksOther" xlink:label="bw2-titel9_ReceivablesFromBanksOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromBanksOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromBanksPayableUponDemand" xlink:label="bw2-titel9_ReceivablesFromBanksPayableUponDemand_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromBanksPayableUponDemand_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromBanksPolicy" xlink:label="bw2-titel9_ReceivablesFromBanksPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_205_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromBanksPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromBanks" xlink:label="bw2-titel9_ReceivablesFromBanks_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_112_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_112_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>112</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_112_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_201_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromBanks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromCustomersDisclosure" xlink:label="bw2-titel9_ReceivablesFromCustomersDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_207_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromCustomersDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromCustomers" xlink:label="bw2-titel9_ReceivablesFromCustomers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromCustomers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromCustomers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_112_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_211_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_211_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>211</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromCustomers_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersCurrent" xlink:label="bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_310_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_310_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>310</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersNoncurrent" xlink:label="bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromMortgageLoans" xlink:label="bw2-titel9_ReceivablesFromMortgageLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromMortgageLoans_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromMortgageLoans_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromOtherLoans" xlink:label="bw2-titel9_ReceivablesFromOtherLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromOtherLoans_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromOtherLoans_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromReinsuranceDisclosure" xlink:label="bw2-titel9_ReceivablesFromReinsuranceDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromReinsuranceDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromReinsurancePolicy" xlink:label="bw2-titel9_ReceivablesFromReinsurancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromReinsurancePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromReinsurance" xlink:label="bw2-titel9_ReceivablesFromReinsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromReinsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromReinsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesGroupCompaniesCurrentDisclosure" xlink:label="bw2-titel9_ReceivablesGroupCompaniesCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesGroupCompaniesCurrentPolicy" xlink:label="bw2-titel9_ReceivablesGroupCompaniesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesGroupCompaniesCurrent" xlink:label="bw2-titel9_ReceivablesGroupCompaniesCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_302_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A2_107_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A2_107_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>107</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesGroupCompaniesNoncurrentDisclosure" xlink:label="bw2-titel9_ReceivablesGroupCompaniesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesGroupCompaniesNoncurrent" xlink:label="bw2-titel9_ReceivablesGroupCompaniesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_302_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_303_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesMaturityExceedingOneYear" xlink:label="bw2-titel9_ReceivablesMaturityExceedingOneYear_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_306_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesMaturityExceedingOneYear_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesMaturityExceedingOneYear_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOfDirectInsuranceFromIntermediaries" xlink:label="bw2-titel9_ReceivablesOfDirectInsuranceFromIntermediaries_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOfDirectInsuranceFromIntermediaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOfDirectInsuranceFromIntermediaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOfDirectInsuranceFromPolicyHolders" xlink:label="bw2-titel9_ReceivablesOfDirectInsuranceFromPolicyHolders_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOfDirectInsuranceFromPolicyHolders_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOfDirectInsuranceFromPolicyHolders_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOfDirectInsurance" xlink:label="bw2-titel9_ReceivablesOfDirectInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOfDirectInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOfDirectInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrent" xlink:label="bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_302_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_313_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_313_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>313</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentDisclosure" xlink:label="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentPolicy" xlink:label="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrent" xlink:label="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherCurrentDisclosure" xlink:label="bw2-titel9_ReceivablesOtherCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherCurrentPolicy" xlink:label="bw2-titel9_ReceivablesOtherCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherNoncurrentDisclosure" xlink:label="bw2-titel9_ReceivablesOtherNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherNoncurrentPolicy" xlink:label="bw2-titel9_ReceivablesOtherNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherNoncurrent" xlink:label="bw2-titel9_ReceivablesOtherNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_304_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOther" xlink:label="bw2-titel9_ReceivablesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesPolicy" xlink:label="bw2-titel9_ReceivablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentDisclosure" xlink:label="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentPolicy" xlink:label="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrent" xlink:label="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_305_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentDisclosure" xlink:label="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentPolicy" xlink:label="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrent" xlink:label="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_Receivables" xlink:label="bw2-titel9_Receivables_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_222_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_222_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B5_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B5_101_ref">
      <ref:Chapter>B5</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_Receivables_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReinsurancePremiumsCeded" xlink:label="bw2-titel9_ReinsurancePremiumsCeded_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReinsurancePremiumsCeded_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReinsurancePremiumsCeded_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReinsurancePremiumsCeded_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReinsurancePremiumsCeded_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReinvestmentReserveDisclosure" xlink:label="bw2-titel9_ReinvestmentReserveDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReinvestmentReserveDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReinvestmentReserve" xlink:label="bw2-titel9_ReinvestmentReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReinvestmentReserve_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RelatedPartyTransactionsExtentOfTransactions" xlink:label="bw2-titel9_RelatedPartyTransactionsExtentOfTransactions_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_330_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_330_201_ref">
      <ref:Chapter>330</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RelatedPartyTransactionsExtentOfTransactions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_330_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_330_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_330_206_ref">
      <ref:Chapter>330</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RelatedPartyTransactionsExtentOfTransactions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_330_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RelatedPartyTransactionsNatureRelationshipWithRelatedParty" xlink:label="bw2-titel9_RelatedPartyTransactionsNatureRelationshipWithRelatedParty_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RelatedPartyTransactionsNatureRelationshipWithRelatedParty_loc" xlink:to="bw2-titel9_RJ_2026-01-01_330_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RelatedPartyTransactionsNatureRelationshipWithRelatedParty_loc" xlink:to="bw2-titel9_RJ_2026-01-01_330_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RelatedPartyTransactionsOtherInformationAboutTransactions" xlink:label="bw2-titel9_RelatedPartyTransactionsOtherInformationAboutTransactions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RelatedPartyTransactionsOtherInformationAboutTransactions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_330_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RelatedPartyTransactionsOtherInformationAboutTransactions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_330_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RelatedPartyTransactionsStatement" xlink:label="bw2-titel9_RelatedPartyTransactionsStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RelatedPartyTransactionsStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_330_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RelatedPartyTransactionsStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_330_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationFormerManagingDirector" xlink:label="bw2-titel9_RemunerationFormerManagingDirector_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationFormerManagingDirector_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationFormerSupervisoryDirector" xlink:label="bw2-titel9_RemunerationFormerSupervisoryDirector_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationFormerSupervisoryDirector_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationManagingDirector" xlink:label="bw2-titel9_RemunerationManagingDirector_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirector_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationManagingDirectorsAdjustment" xlink:label="bw2-titel9_RemunerationManagingDirectorsAdjustment_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_271_607_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_271_607_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>607</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirectorsAdjustment_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_607_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationManagingDirectorsFormerManagingDirectors" xlink:label="bw2-titel9_RemunerationManagingDirectorsFormerManagingDirectors_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_271_605_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_271_605_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>605</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirectorsFormerManagingDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_605_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_212_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_212_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirectorsFormerManagingDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_212_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_630_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_630_308_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirectorsFormerManagingDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirectorsFormerManagingDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirectorsFormerManagingDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationManagingDirectorsReclaim" xlink:label="bw2-titel9_RemunerationManagingDirectorsReclaim_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirectorsReclaim_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_607_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationManagingSupervisoryDirectorsDisclosure" xlink:label="bw2-titel9_RemunerationManagingSupervisoryDirectorsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_605_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingSupervisoryDirectorsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationSupervisoryDirector" xlink:label="bw2-titel9_RemunerationSupervisoryDirector_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationSupervisoryDirector_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_328_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationSupervisoryDirectorsFormerSupervisoryDirectors" xlink:label="bw2-titel9_RemunerationSupervisoryDirectorsFormerSupervisoryDirectors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_605_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RepaymentObligationsOfNoncurrentBorrowings" xlink:label="bw2-titel9_RepaymentObligationsOfNoncurrentBorrowings_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_308_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RepaymentObligationsOfNoncurrentBorrowings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_308_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_406_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RepaymentObligationsOfNoncurrentBorrowings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_406_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_206_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RepaymentObligationsOfNoncurrentBorrowings_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReserveTranslationDifferencesConversionInvestedAssetsResultParticipatingInterests" xlink:label="bw2-titel9_ReserveTranslationDifferencesConversionInvestedAssetsResultParticipatingInterests_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_122_404_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_122_404_A_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReserveTranslationDifferencesConversionInvestedAssetsResultParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_122_404_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReserveTranslationDifferencesConversionInvestedAssetsResultParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReserveTranslationDifferencesConversionInvestedAssetsResultParticipatingInterests_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReserveTranslationDifferencesConversionInvestedAssetsResultParticipatingInterests_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReservesOtherDisclosure" xlink:label="bw2-titel9_ReservesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReservesOtherPolicy" xlink:label="bw2-titel9_ReservesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOtherPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReservesOther" xlink:label="bw2-titel9_ReservesOther_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_234_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_234_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>234</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_234_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_630_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_630_207_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_207_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_314_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_314_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>314</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_314_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_650_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_650_305_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_118_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_118_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>118</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_118_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_D3.2_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_D3.2_304_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTaxCredit" xlink:label="bw2-titel9_ResultAfterTaxCredit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTaxDebit" xlink:label="bw2-titel9_ResultAfterTaxDebit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTaxExtraordinaryItemsCredit" xlink:label="bw2-titel9_ResultAfterTaxExtraordinaryItemsCredit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItemsCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItemsCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTaxExtraordinaryItemsDebit" xlink:label="bw2-titel9_ResultAfterTaxExtraordinaryItemsDebit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItemsDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItemsDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTaxExtraordinaryItemsPolicy" xlink:label="bw2-titel9_ResultAfterTaxExtraordinaryItemsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItemsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItemsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTaxExtraordinaryItems" xlink:label="bw2-titel9_ResultAfterTaxExtraordinaryItems_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItems_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItems_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxExtraordinaryItems_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTaxOrdinaryActivitiesPolicy" xlink:label="bw2-titel9_ResultAfterTaxOrdinaryActivitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxOrdinaryActivitiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxOrdinaryActivitiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTaxOrdinaryActivities" xlink:label="bw2-titel9_ResultAfterTaxOrdinaryActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTaxOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAfterTax" xlink:label="bw2-titel9_ResultAfterTax_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAfterTax_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAttributableNoncontrollingInterestPolicy" xlink:label="bw2-titel9_ResultAttributableNoncontrollingInterestPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAttributableNoncontrollingInterestPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAttributableNoncontrollingInterestPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAttributableNoncontrollingInterest" xlink:label="bw2-titel9_ResultAttributableNoncontrollingInterest_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAttributableNoncontrollingInterest_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAttributableNoncontrollingInterest_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultBeforeTaxOrdinaryActivitiesPolicy" xlink:label="bw2-titel9_ResultBeforeTaxOrdinaryActivitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTaxOrdinaryActivitiesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTaxOrdinaryActivitiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultBeforeTaxOrdinaryActivities" xlink:label="bw2-titel9_ResultBeforeTaxOrdinaryActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTaxOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTaxOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTaxOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTaxOrdinaryActivities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultBeforeTax" xlink:label="bw2-titel9_ResultBeforeTax_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTax_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTax_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultBeforeTax_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultConsolidatedFinancialStatements" xlink:label="bw2-titel9_ResultConsolidatedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_505_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatementsOther" xlink:label="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatementsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatementsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatementsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatementsOther_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatements" xlink:label="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_505_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultForTheYearPolicy" xlink:label="bw2-titel9_ResultForTheYearPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_236_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_236_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>236</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultForTheYearPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_236_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultForTheYearPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A8_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultForTheYear" xlink:label="bw2-titel9_ResultForTheYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultForTheYear_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_236_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultForTheYear_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A8_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultFromFinancialTransactionsCredit" xlink:label="bw2-titel9_ResultFromFinancialTransactionsCredit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultFromFinancialTransactionsCredit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultFromFinancialTransactionsDebit" xlink:label="bw2-titel9_ResultFromFinancialTransactionsDebit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultFromFinancialTransactionsDebit_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultFromFinancialTransactions" xlink:label="bw2-titel9_ResultFromFinancialTransactions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultFromFinancialTransactions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_309_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultFromFinancialTransactions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultSeparateFinancialStatements" xlink:label="bw2-titel9_ResultSeparateFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultSeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultSeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultSeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultSeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultSeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_505_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultSeparateFinancialStatements_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultTechnicalAccountDamageInsurance" xlink:label="bw2-titel9_ResultTechnicalAccountDamageInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultTechnicalAccountDamageInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultTechnicalAccountDamageInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultTechnicalAccountDamageInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultTechnicalAccountLifeInsurance" xlink:label="bw2-titel9_ResultTechnicalAccountLifeInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultTechnicalAccountLifeInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultTechnicalAccountLifeInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultsAppropriationProposalStatement" xlink:label="bw2-titel9_ResultsAppropriationProposalStatement_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_420_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_420_103_ref">
      <ref:Chapter>420</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationProposalStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_420_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_660_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_660_408_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationProposalStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_408_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_660_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_660_409_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationProposalStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_409_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A8_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A8_102_ref">
      <ref:Chapter>A8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationProposalStatement_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A8_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultsAppropriationStatement" xlink:label="bw2-titel9_ResultsAppropriationStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_420_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_302_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_650_329_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_650_329_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>329</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_329_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_408_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultsAppropriationStatement_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A8_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RetainedEarningsDisclosure" xlink:label="bw2-titel9_RetainedEarningsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarningsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RetainedEarningsPolicy" xlink:label="bw2-titel9_RetainedEarningsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarningsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarningsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RetainedEarnings" xlink:label="bw2-titel9_RetainedEarnings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarnings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_236_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarnings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarnings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarnings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarnings_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarnings_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RevaluationReserveDisclosure" xlink:label="bw2-titel9_RevaluationReserveDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RevaluationReservePolicy" xlink:label="bw2-titel9_RevaluationReservePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReservePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReservePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RevaluationReserveReleaseDisclosure" xlink:label="bw2-titel9_RevaluationReserveReleaseDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_110_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_110_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveReleaseDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RevaluationReserveRelease" xlink:label="bw2-titel9_RevaluationReserveRelease_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_220_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_220_504_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveRelease_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveRelease_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveRelease_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RevaluationReserveRevaluationsTaxImpact" xlink:label="bw2-titel9_RevaluationReserveRevaluationsTaxImpact_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_272_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_272_304_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveRevaluationsTaxImpact_loc" xlink:to="bw2-titel9_RJ_2026-01-01_272_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveRevaluationsTaxImpact_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RevaluationReserve" xlink:label="bw2-titel9_RevaluationReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_227_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_227_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>227</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_227_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_413_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_413_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>413</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_109_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_109_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>109</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserve_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RevaluationSharesAndOtherNonFixedIncomeSecuritiesExplanation" xlink:label="bw2-titel9_RevaluationSharesAndOtherNonFixedIncomeSecuritiesExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_225_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_225_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>225</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationSharesAndOtherNonFixedIncomeSecuritiesExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_225_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedConditionsForExercisingRightsDescription" xlink:label="bw2-titel9_RightsGrantedConditionsForExercisingRightsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_238_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_238_D_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>238</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedConditionsForExercisingRightsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedConditionsRightsGrantedDuringFinancialYear" xlink:label="bw2-titel9_RightsGrantedConditionsRightsGrantedDuringFinancialYear_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_238_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_238_B_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>238</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedConditionsRightsGrantedDuringFinancialYear_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedDuringFinancialYear" xlink:label="bw2-titel9_RightsGrantedDuringFinancialYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedDuringFinancialYear_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedExercisePrice" xlink:label="bw2-titel9_RightsGrantedExercisePrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedExercisePrice_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_127_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_127_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>127</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedExercisePrice_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_127_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedExercisedDuringFinancialYear" xlink:label="bw2-titel9_RightsGrantedExercisedDuringFinancialYear_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_238_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_238_C_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>238</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedExercisedDuringFinancialYear_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedFinancingArrangementDescription" xlink:label="bw2-titel9_RightsGrantedFinancingArrangementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedFinancingArrangementDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedFinancingArrangementDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_127_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedMaturityOfNotYetExercisedRights" xlink:label="bw2-titel9_RightsGrantedMaturityOfNotYetExercisedRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedMaturityOfNotYetExercisedRights_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedMaturityOfNotYetExercisedRights_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_127_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedNotYetExercisedDisclosure" xlink:label="bw2-titel9_RightsGrantedNotYetExercisedDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_238_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_238_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>238</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedNotYetExercisedDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedNotYetExercisedDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_127_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedNotYetExercised" xlink:label="bw2-titel9_RightsGrantedNotYetExercised_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_238_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_238_A_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>238</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedNotYetExercised_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedNotYetExercised_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedNotYetExercised_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_127_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedNumberOfUnderlyingSharesOfExercisedRights" xlink:label="bw2-titel9_RightsGrantedNumberOfUnderlyingSharesOfExercisedRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedNumberOfUnderlyingSharesOfExercisedRights_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedOtherRelevantInformationDescription" xlink:label="bw2-titel9_RightsGrantedOtherRelevantInformationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedOtherRelevantInformationDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedOtherRelevantInformationDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_127_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedPriceOfExercisedRights" xlink:label="bw2-titel9_RightsGrantedPriceOfExercisedRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedPriceOfExercisedRights_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedPriceUnderlyingShares" xlink:label="bw2-titel9_RightsGrantedPriceUnderlyingShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedPriceUnderlyingShares_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfRightsGrantedDisclosure" xlink:label="bw2-titel9_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfRightsGrantedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfRightsGrantedDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesCurrentDisclosure" xlink:label="bw2-titel9_SecuritiesCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesCurrentPolicy" xlink:label="bw2-titel9_SecuritiesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B6_107_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B6_107_ref">
      <ref:Chapter>B6</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>107</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesCurrent" xlink:label="bw2-titel9_SecuritiesCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_226_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_226_301_ref">
      <ref:Chapter>226</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_226_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_305_904_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_305_904_ref">
      <ref:Chapter>305</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>904</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_305_904_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B6_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B6_101_ref">
      <ref:Chapter>B6</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_101_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B6_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B6_102_ref">
      <ref:Chapter>B6</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesOtherNoncurrentDisclosure" xlink:label="bw2-titel9_SecuritiesOtherNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_606_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesOtherNoncurrentPolicy" xlink:label="bw2-titel9_SecuritiesOtherNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesOtherNoncurrent" xlink:label="bw2-titel9_SecuritiesOtherNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesProvidedInLoanOrLending" xlink:label="bw2-titel9_SecuritiesProvidedInLoanOrLending_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_113_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_113_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>113</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesProvidedInLoanOrLending_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_113_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesReceivedInLoanOrLending" xlink:label="bw2-titel9_SecuritiesReceivedInLoanOrLending_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesReceivedInLoanOrLending_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_113_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesUnavailableCurrentDescription" xlink:label="bw2-titel9_SecuritiesUnavailableCurrentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesUnavailableCurrentDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_113_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SellingExpensesDisclosure" xlink:label="bw2-titel9_SellingExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SellingExpensesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SellingExpensesPolicy" xlink:label="bw2-titel9_SellingExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SellingExpensesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SellingExpensesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SellingExpenses" xlink:label="bw2-titel9_SellingExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SellingExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SellingExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SellingExpenses_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalDisclosure" xlink:label="bw2-titel9_ShareCapitalDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_203_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyDisclosure" xlink:label="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_190_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_190_106_ref">
      <ref:Chapter>190</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyExchangeRateUsed" xlink:label="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyExchangeRateUsed_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyExchangeRateUsed_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyExchangeRateUsed_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyExchangeRateUsed_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrencyExchangeRateUsed_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrency" xlink:label="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrency_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrency_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrency_loc" xlink:to="bw2-titel9_RJ_2026-01-01_190_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrency_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalInTheCurrencyOfDenominationWhenDifferentPresentationCurrency_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalIssued" xlink:label="bw2-titel9_ShareCapitalIssued_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalIssued_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalNumberSharesDistributionAsDividend" xlink:label="bw2-titel9_ShareCapitalNumberSharesDistributionAsDividend_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesDistributionAsDividend_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalNumberSharesGranting" xlink:label="bw2-titel9_ShareCapitalNumberSharesGranting_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesGranting_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalNumberSharesIssue" xlink:label="bw2-titel9_ShareCapitalNumberSharesIssue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesIssue_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalNumberSharesMovement" xlink:label="bw2-titel9_ShareCapitalNumberSharesMovement_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_252_237_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_252_237_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>237</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesMovement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesMovement_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalNumberSharesOtherMovements" xlink:label="bw2-titel9_ShareCapitalNumberSharesOtherMovements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesOtherMovements_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalNumberSharesPurchase" xlink:label="bw2-titel9_ShareCapitalNumberSharesPurchase_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesPurchase_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalNumberSharesSale" xlink:label="bw2-titel9_ShareCapitalNumberSharesSale_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesSale_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalNumberSharesWithdrawal" xlink:label="bw2-titel9_ShareCapitalNumberSharesWithdrawal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalNumberSharesWithdrawal_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalPaidCalledUp" xlink:label="bw2-titel9_ShareCapitalPaidCalledUp_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalPaidCalledUp_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalPaid" xlink:label="bw2-titel9_ShareCapitalPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalPaid_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalPolicy" xlink:label="bw2-titel9_ShareCapitalPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalTreasurySharesPurchaseSaleDescription" xlink:label="bw2-titel9_ShareCapitalTreasurySharesPurchaseSaleDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_M1_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_M1_204_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalTreasurySharesPurchaseSaleDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapital" xlink:label="bw2-titel9_ShareCapital_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapital_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapital_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapital_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapital_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapital_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapital_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_104_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapital_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapital_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareInResultsParticipatingInterestsDisclosure" xlink:label="bw2-titel9_ShareInResultsParticipatingInterestsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareInResultsParticipatingInterestsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareInResultsParticipatingInterestsPolicy" xlink:label="bw2-titel9_ShareInResultsParticipatingInterestsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareInResultsParticipatingInterestsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareInResultsParticipatingInterestsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareInResultsParticipatingInterests" xlink:label="bw2-titel9_ShareInResultsParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareInResultsParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareInResultsParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareInResultsParticipatingInterests_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareInResultsParticipatingInterests_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SharePremiumDisclosure" xlink:label="bw2-titel9_SharePremiumDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_218_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_218_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>218</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_218_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SharePremiumPolicy" xlink:label="bw2-titel9_SharePremiumPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SharePremium" xlink:label="bw2-titel9_SharePremium_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremium_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_218_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremium_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremium_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremium_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremium_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremium_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_108_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremium_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremium_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SharesOtherVariableYieldSecuritiesDisclosure" xlink:label="bw2-titel9_SharesOtherVariableYieldSecuritiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_223_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_223_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>223</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharesOtherVariableYieldSecuritiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_223_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SharesOtherVariableYieldSecurities" xlink:label="bw2-titel9_SharesOtherVariableYieldSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharesOtherVariableYieldSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_224_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_224_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>224</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharesOtherVariableYieldSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SharesSecuritiesWithParticipatingRightsAndOtherVariableYieldSecurities" xlink:label="bw2-titel9_SharesSecuritiesWithParticipatingRightsAndOtherVariableYieldSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharesSecuritiesWithParticipatingRightsAndOtherVariableYieldSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharesSecuritiesWithParticipatingRightsAndOtherVariableYieldSecurities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SignatureManagingSupervisoryDirectorsDate" xlink:label="bw2-titel9_SignatureManagingSupervisoryDirectorsDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SignatureManagingSupervisoryDirectorsDate_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SignatureManagingSupervisoryDirectorsDate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SignatureManagingSupervisoryDirectorsLocation" xlink:label="bw2-titel9_SignatureManagingSupervisoryDirectorsLocation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SignatureManagingSupervisoryDirectorsLocation_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SocialSecurityContributionsDisclosure" xlink:label="bw2-titel9_SocialSecurityContributionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributionsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SocialSecurityContributionsPolicy" xlink:label="bw2-titel9_SocialSecurityContributionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributionsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributionsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SocialSecurityContributions" xlink:label="bw2-titel9_SocialSecurityContributions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SocialSecurityContributions_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SolvencyAvailableAmount" xlink:label="bw2-titel9_SolvencyAvailableAmount_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_402_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SolvencyAvailableAmount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SolvencyConsideredEssentialAmount" xlink:label="bw2-titel9_SolvencyConsideredEssentialAmount_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_403_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SolvencyConsideredEssentialAmount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SolvencyMinimalRequiredAmount" xlink:label="bw2-titel9_SolvencyMinimalRequiredAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SolvencyMinimalRequiredAmount_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_StatutoryReservesDisclosure" xlink:label="bw2-titel9_StatutoryReservesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReservesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_StatutoryReservesPolicy" xlink:label="bw2-titel9_StatutoryReservesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReservesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReservesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_StatutoryReserves" xlink:label="bw2-titel9_StatutoryReserves_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_233_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_233_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>233</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_233_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B8_117_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B8_117_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>117</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_117_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReserves_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SubordinatedBondsAndOtherFixedIncomeSecuritiesExplanation" xlink:label="bw2-titel9_SubordinatedBondsAndOtherFixedIncomeSecuritiesExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedBondsAndOtherFixedIncomeSecuritiesExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_116_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SubordinatedDebtsExplanation" xlink:label="bw2-titel9_SubordinatedDebtsExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_253_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_253_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>253</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedDebtsExplanation_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SubordinatedLiabilitiesCurrentPolicy" xlink:label="bw2-titel9_SubordinatedLiabilitiesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilitiesCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SubordinatedLiabilitiesDisclosure" xlink:label="bw2-titel9_SubordinatedLiabilitiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_405_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilitiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilitiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_253_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_255_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_255_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>255</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilitiesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_255_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SubordinatedLiabilitiesNoncurrentPolicy" xlink:label="bw2-titel9_SubordinatedLiabilitiesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilitiesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SubordinatedLiabilities" xlink:label="bw2-titel9_SubordinatedLiabilities_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_254_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_254_309_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilities_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_B9_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_B9_207_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilities_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SubsequentEventsDisclosure" xlink:label="bw2-titel9_SubsequentEventsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_160_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_160_402_ref">
      <ref:Chapter>160</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubsequentEventsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_160_402_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_160_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_160_405_ref">
      <ref:Chapter>160</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubsequentEventsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_160_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_240_242_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_240_242_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>242</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubsequentEventsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_242_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_414_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_414_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>414</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubsequentEventsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_414_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A4_112_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A4_112_ref">
      <ref:Chapter>A4</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>112</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubsequentEventsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A4_112_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_C1_316_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_C1_316_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>316</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubsequentEventsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SumOfExpenses" xlink:label="bw2-titel9_SumOfExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SumOfExpenses_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SumOfExpenses_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TangibleAssetsOtherDisclosure" xlink:label="bw2-titel9_TangibleAssetsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TangibleAssetsOtherPolicy" xlink:label="bw2-titel9_TangibleAssetsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_701_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOtherPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TangibleAssetsOther" xlink:label="bw2-titel9_TangibleAssetsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableCurrentDisclosure" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableCurrentPolicy" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableCurrent" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableDisclosure" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentDisclosure" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentPolicy" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrent" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayablePolicy" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayablePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayablePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayablePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayable" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayableGross" xlink:label="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayableGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayableGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayableGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayablePolicy" xlink:label="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayablePolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_549_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_549_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>549</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayablePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_549_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayableReinsuredPart" xlink:label="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayableReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayableReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayableReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayable" xlink:label="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForDamagesOrBenefitsPayable_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFundsGross" xlink:label="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFundsGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFundsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFundsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFundsReinsuredPart" xlink:label="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFundsReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFundsReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFundsReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFunds" xlink:label="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFunds_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFunds_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsForInsuranceWhereInvestmentsAreForRiskOfPolicyHoldersAndAnnualLifeFunds_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsLifeInsuranceDisclosure" xlink:label="bw2-titel9_TechnicalProvisionsLifeInsuranceDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsLifeInsuranceGrossDisclosure" xlink:label="bw2-titel9_TechnicalProvisionsLifeInsuranceGrossDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceGrossDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsLifeInsuranceGrossPolicy" xlink:label="bw2-titel9_TechnicalProvisionsLifeInsuranceGrossPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceGrossPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsLifeInsuranceGross" xlink:label="bw2-titel9_TechnicalProvisionsLifeInsuranceGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsLifeInsurancePolicy" xlink:label="bw2-titel9_TechnicalProvisionsLifeInsurancePolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_547_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_547_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>547</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsurancePolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_547_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsLifeInsuranceReinsuredPart" xlink:label="bw2-titel9_TechnicalProvisionsLifeInsuranceReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsLifeInsurance" xlink:label="bw2-titel9_TechnicalProvisionsLifeInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_541_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_541_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>541</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsurance_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_541_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsOtherDisclosure" xlink:label="bw2-titel9_TechnicalProvisionsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsOtherGrossDisclosure" xlink:label="bw2-titel9_TechnicalProvisionsOtherGrossDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherGrossDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsOtherGrossPolicy" xlink:label="bw2-titel9_TechnicalProvisionsOtherGrossPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherGrossPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsOtherGross" xlink:label="bw2-titel9_TechnicalProvisionsOtherGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsOtherPolicy" xlink:label="bw2-titel9_TechnicalProvisionsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsOtherReinsuredPart" xlink:label="bw2-titel9_TechnicalProvisionsOtherReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsOther" xlink:label="bw2-titel9_TechnicalProvisionsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_541_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsDisclosure" xlink:label="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGrossDisclosure" xlink:label="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGrossDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGrossDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGrossPolicy" xlink:label="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGrossPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGrossPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGross" xlink:label="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsPolicy" xlink:label="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsReinsuredPart" xlink:label="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsProfitSharingAndDiscounts" xlink:label="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscounts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscounts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscounts_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksGross" xlink:label="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksGross_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksReinsuredPart" xlink:label="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksReinsuredPart_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisks" xlink:label="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisks_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisks_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisions" xlink:label="bw2-titel9_TechnicalProvisions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisions_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TheApplicationForOrGrantedExemptionRelatingToTheNotificationOfParticipatingInterestsDescription" xlink:label="bw2-titel9_TheApplicationForOrGrantedExemptionRelatingToTheNotificationOfParticipatingInterestsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_214_616_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_214_616_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>616</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TheApplicationForOrGrantedExemptionRelatingToTheNotificationOfParticipatingInterestsDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TheNumberOfNonVotingSharesAndTheirPowersDescription" xlink:label="bw2-titel9_TheNumberOfNonVotingSharesAndTheirPowersDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_410_102_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_410_102_E_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TheNumberOfNonVotingSharesAndTheirPowersDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TheNumberOfSharesWithoutProfitEntitlementAndTheirPowersDescription" xlink:label="bw2-titel9_TheNumberOfSharesWithoutProfitEntitlementAndTheirPowersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TheNumberOfSharesWithoutProfitEntitlementAndTheirPowersDescription_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesCurrentDisclosure" xlink:label="bw2-titel9_TradePayablesCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesCurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesCurrentPolicy" xlink:label="bw2-titel9_TradePayablesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesCurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesCurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesCurrent" xlink:label="bw2-titel9_TradePayablesCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesCurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesDisclosure" xlink:label="bw2-titel9_TradePayablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesNoncurrentDisclosure" xlink:label="bw2-titel9_TradePayablesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesNoncurrentPolicy" xlink:label="bw2-titel9_TradePayablesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesNoncurrentPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesNoncurrent" xlink:label="bw2-titel9_TradePayablesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesNoncurrent_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesPolicy" xlink:label="bw2-titel9_TradePayablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayables" xlink:label="bw2-titel9_TradePayables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayables_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradeReceivablesDisclosure" xlink:label="bw2-titel9_TradeReceivablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradeReceivablesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradeReceivablesPolicy" xlink:label="bw2-titel9_TradeReceivablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradeReceivablesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradeReceivablesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TreasurySharesDisclosure" xlink:label="bw2-titel9_TreasurySharesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TreasurySharesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TreasurySharesDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TreasuryShares" xlink:label="bw2-titel9_TreasuryShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TreasuryShares_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TreasuryShares_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_UnrealisedAccumulatedIntercompanyResult" xlink:label="bw2-titel9_UnrealisedAccumulatedIntercompanyResult_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedAccumulatedIntercompanyResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_107_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedAccumulatedIntercompanyResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedAccumulatedIntercompanyResult_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedAccumulatedIntercompanyResult_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_UnrealisedChangesInValueOfInvestments" xlink:label="bw2-titel9_UnrealisedChangesInValueOfInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedChangesInValueOfInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_UnrealisedLossOnInvestments" xlink:label="bw2-titel9_UnrealisedLossOnInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedLossOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedLossOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedLossOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_UnrealisedProfitOnInvestments" xlink:label="bw2-titel9_UnrealisedProfitOnInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedProfitOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedProfitOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_107_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_UnrealisedProfitOnInvestments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_WagesSalariesDisclosure" xlink:label="bw2-titel9_WagesSalariesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalariesDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_WagesSalariesPolicy" xlink:label="bw2-titel9_WagesSalariesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalariesPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalariesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_WagesSalaries" xlink:label="bw2-titel9_WagesSalaries_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_270_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_620_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_110_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WagesSalaries_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_WorkInProgressDisclosure" xlink:label="bw2-titel9_WorkInProgressDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WorkInProgressDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_WorkInProgressPolicy" xlink:label="bw2-titel9_WorkInProgressPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WorkInProgressPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WorkInProgressPolicy_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_601_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WorkInProgressPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_WorkInProgress" xlink:label="bw2-titel9_WorkInProgress_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WorkInProgress_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccrualsAndDeferredIncomeMember" xlink:label="bw2-titel9_AccrualsAndDeferredIncomeMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccrualsAndDeferredIncomeMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_258_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AccruedIncomeMember" xlink:label="bw2-titel9_AccruedIncomeMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_224_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AccruedIncomeMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_325_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesMember" xlink:label="bw2-titel9_AdvancesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedMember" xlink:label="bw2-titel9_AdvancesReceivedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AdvancesReceivedNoncurrentMember" xlink:label="bw2-titel9_AdvancesReceivedNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AdvancesReceivedNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsCurrentMember" xlink:label="bw2-titel9_AssetsCurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsCurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsMember" xlink:label="bw2-titel9_AssetsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AssetsNoncurrentMember" xlink:label="bw2-titel9_AssetsNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AssetsNoncurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableMember" xlink:label="bw2-titel9_BillsExchangeChequesPayableMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_BillsExchangeChequesPayableNoncurrentMember" xlink:label="bw2-titel9_BillsExchangeChequesPayableNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_BillsExchangeChequesPayableNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CashAndCashEquivalentsMember" xlink:label="bw2-titel9_CashAndCashEquivalentsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalentsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_228_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalentsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CashAndCashEquivalentsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B7_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsDeductedFromAvailableReservesMember" xlink:label="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsDeductedFromAvailableReservesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsDeductedFromAvailableReservesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInIncomeStatementMember" xlink:label="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInIncomeStatementMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInIncomeStatementMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInRevaluationReserveMember" xlink:label="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInRevaluationReserveMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInCurrentValueOfFinancialInstrumentsRecognisedInRevaluationReserveMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesInventoriesWorkInProgressMember" xlink:label="bw2-titel9_ChangesInventoriesWorkInProgressMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesInventoriesWorkInProgressMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ChangesValueFinancialAssetsSecuritiesMember" xlink:label="bw2-titel9_ChangesValueFinancialAssetsSecuritiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ChangesValueFinancialAssetsSecuritiesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConsolidatedMember" xlink:label="bw2-titel9_ConsolidatedMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_100_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_100_105_ref">
      <ref:Chapter>100</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatedMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_105_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_110_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_110_101_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatedMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_101_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_640_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_640_501_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatedMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_501_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_645_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_645_401_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatedMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_645_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatedMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_660_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_660_503_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatedMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_503_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJk_2026-01-01_A1_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJk_2026-01-01_A1_101_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConsolidatedMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentMember" xlink:label="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConstructionInProgressPrepaymentsPropertyPlantEquipmentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsMember" xlink:label="bw2-titel9_ConvertibleBorrowingsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ConvertibleBorrowingsNoncurrentMember" xlink:label="bw2-titel9_ConvertibleBorrowingsNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ConvertibleBorrowingsNoncurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostOfSalesMember" xlink:label="bw2-titel9_CostOfSalesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSalesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostOfSalesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_320_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsIncorporationShareIssueMember" xlink:label="bw2-titel9_CostsIncorporationShareIssueMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsIncorporationShareIssueMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesMember" xlink:label="bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsOutsourcedWorkOtherExternalExpensesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CostsRawMaterialsConsumablesMember" xlink:label="bw2-titel9_CostsRawMaterialsConsumablesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CostsRawMaterialsConsumablesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_CurrentMember" xlink:label="bw2-titel9_CurrentMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_548_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_548_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>548</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_CurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_548_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansMember" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DebenturesOtherPrivateLoansNoncurrentMember" xlink:label="bw2-titel9_DebenturesOtherPrivateLoansNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DebenturesOtherPrivateLoansNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_DevelopmentCostsMember" xlink:label="bw2-titel9_DevelopmentCostsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_DevelopmentCostsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityGroupMember" xlink:label="bw2-titel9_EquityGroupMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityGroupMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_EquityMember" xlink:label="bw2-titel9_EquityMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_EquityMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialAssetsMember" xlink:label="bw2-titel9_FinancialAssetsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialAssetsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B3_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsBookValueMember" xlink:label="bw2-titel9_FinancialInstrumentsBookValueMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsBookValueMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FinancialInstrumentsCurrentValueMember" xlink:label="bw2-titel9_FinancialInstrumentsCurrentValueMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FinancialInstrumentsCurrentValueMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_FiscalMember" xlink:label="bw2-titel9_FiscalMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FiscalMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_102a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FiscalMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_FiscalMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_M1_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ForeignCurrencyTranslationReserveMember" xlink:label="bw2-titel9_ForeignCurrencyTranslationReserveMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_122_404_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_122_503_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_122_503_B_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_122_503_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_412_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserveMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ForeignCurrencyTranslationReserveMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GoodwillMember" xlink:label="bw2-titel9_GoodwillMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_216_403_E_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GoodwillMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_216_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_GuaranteesMember" xlink:label="bw2-titel9_GuaranteesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_GuaranteesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ImpairmentCurrentAssetsMember" xlink:label="bw2-titel9_ImpairmentCurrentAssetsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ImpairmentCurrentAssetsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_503_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IncomeReceivablesNoncurrentSecuritiesMember" xlink:label="bw2-titel9_IncomeReceivablesNoncurrentSecuritiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeReceivablesNoncurrentSecuritiesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_226_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IncomeReceivablesNoncurrentSecuritiesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_IntangibleAssetsMember" xlink:label="bw2-titel9_IntangibleAssetsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_IntangibleAssetsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoriesMember" xlink:label="bw2-titel9_InventoriesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoriesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B4_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoryFinishedTradeGoodsMember" xlink:label="bw2-titel9_InventoryFinishedTradeGoodsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryFinishedTradeGoodsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InventoryRawMaterialsConsumablesMember" xlink:label="bw2-titel9_InventoryRawMaterialsConsumablesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InventoryRawMaterialsConsumablesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesMember" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsInGroupCompaniesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsInParticipatingInterestsOtherMember" xlink:label="bw2-titel9_InvestmentsInParticipatingInterestsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsInParticipatingInterestsOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsMember" xlink:label="bw2-titel9_InvestmentsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_615_302a_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_InvestmentsOtherAffiliatedCompaniesMember" xlink:label="bw2-titel9_InvestmentsOtherAffiliatedCompaniesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_InvestmentsOtherAffiliatedCompaniesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LandAndBuildingsMember" xlink:label="bw2-titel9_LandAndBuildingsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LandAndBuildingsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveContributionInKindMember" xlink:label="bw2-titel9_LegalReserveContributionInKindMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveContributionInKindMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveContributionInKindMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveContributionInKindMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveCostsIncorporationShareIssueMember" xlink:label="bw2-titel9_LegalReserveCostsIncorporationShareIssueMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveCostsIncorporationShareIssueMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveCostsIncorporationShareIssueMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveCostsIncorporationShareIssueMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveDevelopmentMember" xlink:label="bw2-titel9_LegalReserveDevelopmentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveDevelopmentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveDevelopmentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveDevelopmentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveLoansProvidedObtainTreasurySharesMember" xlink:label="bw2-titel9_LegalReserveLoansProvidedObtainTreasurySharesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveLoansProvidedObtainTreasurySharesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveLoansProvidedObtainTreasurySharesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveLoansProvidedObtainTreasurySharesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEurosMember" xlink:label="bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEurosMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEurosMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEurosMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveNegativeTranslationShareCapitalIntoEurosMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveResultParticipatingInterestsMember" xlink:label="bw2-titel9_LegalReserveResultParticipatingInterestsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveResultParticipatingInterestsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveResultParticipatingInterestsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveResultParticipatingInterestsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveTranslationDifferencesForeignParticipatingInterestsMember" xlink:label="bw2-titel9_LegalReserveTranslationDifferencesForeignParticipatingInterestsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationDifferencesForeignParticipatingInterestsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationDifferencesForeignParticipatingInterestsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationDifferencesForeignParticipatingInterestsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReserveTranslationShareCapitalIntoEurosMember" xlink:label="bw2-titel9_LegalReserveTranslationShareCapitalIntoEurosMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationShareCapitalIntoEurosMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationShareCapitalIntoEurosMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_113_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReserveTranslationShareCapitalIntoEurosMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LegalReservesMember" xlink:label="bw2-titel9_LegalReservesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReservesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_229_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReservesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReservesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LegalReservesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesCurrentMember" xlink:label="bw2-titel9_LiabilitiesCurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_105_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_645_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesCurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesMaturityExceedingFiveYearsMember" xlink:label="bw2-titel9_LiabilitiesMaturityExceedingFiveYearsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMaturityExceedingFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMaturityExceedingFiveYearsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesMember" xlink:label="bw2-titel9_LiabilitiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LiabilitiesNoncurrentMember" xlink:label="bw2-titel9_LiabilitiesNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_115_105_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_408a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_645_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LiabilitiesNoncurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesMember" xlink:label="bw2-titel9_LoansAdvancesGuaranteesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansMember" xlink:label="bw2-titel9_LoansMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MachineryMember" xlink:label="bw2-titel9_MachineryMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MachineryMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ManagingDirectorsFormerManagingDirectorsMember" xlink:label="bw2-titel9_ManagingDirectorsFormerManagingDirectorsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagingDirectorsFormerManagingDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_605_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagingDirectorsFormerManagingDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagingDirectorsFormerManagingDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagingDirectorsFormerManagingDirectorsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagingDirectorsFormerManagingDirectorsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagingDirectorsFormerManagingDirectorsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ManagingDirectorsMember" xlink:label="bw2-titel9_ManagingDirectorsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagingDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ManagingDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MaturityGreaterThanFiveYearsMember" xlink:label="bw2-titel9_MaturityGreaterThanFiveYearsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_208_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_236_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_240_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_245_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_250_ref"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_600_254_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_600_254_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>254</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_254_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember" xlink:label="bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_208_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_236_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_240_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_245_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_250_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanOneYearWithinFiveYearsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_254_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MaturityGreaterThanThreeMonthsWithinOneYearMember" xlink:label="bw2-titel9_MaturityGreaterThanThreeMonthsWithinOneYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanThreeMonthsWithinOneYearMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanThreeMonthsWithinOneYearMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_208_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanThreeMonthsWithinOneYearMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_240_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanThreeMonthsWithinOneYearMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_245_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanThreeMonthsWithinOneYearMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_250_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityGreaterThanThreeMonthsWithinOneYearMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_254_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MaturityWithinOneYearMember" xlink:label="bw2-titel9_MaturityWithinOneYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityWithinOneYearMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_MaturityWithinThreeMonthsMember" xlink:label="bw2-titel9_MaturityWithinThreeMonthsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityWithinThreeMonthsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityWithinThreeMonthsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_208_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityWithinThreeMonthsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_240_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityWithinThreeMonthsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_245_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityWithinThreeMonthsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_250_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_MaturityWithinThreeMonthsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_600_254_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NonTechnicalAccountMember" xlink:label="bw2-titel9_NonTechnicalAccountMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NonTechnicalAccountMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NonTechnicalAccountMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NoncontrollingInterestMember" xlink:label="bw2-titel9_NoncontrollingInterestMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NoncontrollingInterestMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_NoncurrentMember" xlink:label="bw2-titel9_NoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_NoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_548_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_OrdinarySharesMember" xlink:label="bw2-titel9_OrdinarySharesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OrdinarySharesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_OrdinarySharesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PatentsTrademarksOtherRightsMember" xlink:label="bw2-titel9_PatentsTrademarksOtherRightsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PatentsTrademarksOtherRightsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCreditInstitutionsMember" xlink:label="bw2-titel9_PayablesCreditInstitutionsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCreditInstitutionsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesCreditInstitutionsNoncurrentMember" xlink:label="bw2-titel9_PayablesCreditInstitutionsNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesCreditInstitutionsNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesMember" xlink:label="bw2-titel9_PayablesGroupCompaniesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesGroupCompaniesNoncurrentMember" xlink:label="bw2-titel9_PayablesGroupCompaniesNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesGroupCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherAffiliatedCompaniesCurrentMember" xlink:label="bw2-titel9_PayablesOtherAffiliatedCompaniesCurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_410_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrentMember" xlink:label="bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_410_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherAffiliatedCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherMember" xlink:label="bw2-titel9_PayablesOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesOtherNoncurrentMember" xlink:label="bw2-titel9_PayablesOtherNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesOtherNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsMember" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentMember" xlink:label="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PayablesShareholdersParticipatingInterestsNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesMember" xlink:label="bw2-titel9_PensionPayablesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PensionPayablesNoncurrentMember" xlink:label="bw2-titel9_PensionPayablesNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PensionPayablesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PrepaymentsIntangibleAssetsMember" xlink:label="bw2-titel9_PrepaymentsIntangibleAssetsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsIntangibleAssetsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PrepaymentsInventoriesMember" xlink:label="bw2-titel9_PrepaymentsInventoriesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PrepaymentsInventoriesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentMember" xlink:label="bw2-titel9_PropertyPlantEquipmentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsMember" xlink:label="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_PropertyPlantEquipmentNotUsedInOperationsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionDeferredProfitSharingObligationsMember" xlink:label="bw2-titel9_ProvisionDeferredProfitSharingObligationsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionDeferredProfitSharingObligationsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_510_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionPensionObligationsMember" xlink:label="bw2-titel9_ProvisionPensionObligationsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionPensionObligationsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionTaxLiabilitiesMember" xlink:label="bw2-titel9_ProvisionTaxLiabilitiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilitiesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionTaxLiabilitiesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsMember" xlink:label="bw2-titel9_ProvisionsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ProvisionsOtherMember" xlink:label="bw2-titel9_ProvisionsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ProvisionsOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersCurrentMember" xlink:label="bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersCurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersNoncurrentMember" xlink:label="bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesFromLoansAndAdvancesToParticipantsOrRegisteredShareholdersNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesGroupCompaniesCurrentMember" xlink:label="bw2-titel9_ReceivablesGroupCompaniesCurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesCurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesGroupCompaniesNoncurrentMember" xlink:label="bw2-titel9_ReceivablesGroupCompaniesNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesGroupCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesMaturityExceedingOneYearMember" xlink:label="bw2-titel9_ReceivablesMaturityExceedingOneYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesMaturityExceedingOneYearMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesMaturityExceedingOneYearMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesMember" xlink:label="bw2-titel9_ReceivablesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrentMember" xlink:label="bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentMember" xlink:label="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherAffiliatedCompaniesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesOtherNoncurrentMember" xlink:label="bw2-titel9_ReceivablesOtherNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesOtherNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentMember" xlink:label="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsCurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentMember" xlink:label="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReceivablesShareholdersParticipatingInterestsNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReinvestmentReserveMember" xlink:label="bw2-titel9_ReinvestmentReserveMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReinvestmentReserveMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RepaymentObligationsOfNoncurrentBorrowingsMember" xlink:label="bw2-titel9_RepaymentObligationsOfNoncurrentBorrowingsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RepaymentObligationsOfNoncurrentBorrowingsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RepaymentObligationsOfNoncurrentBorrowingsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RepaymentObligationsOfNoncurrentBorrowingsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ReservesOtherMember" xlink:label="bw2-titel9_ReservesOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_234_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOtherMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ReservesOtherMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultAttributableNoncontrollingInterestMember" xlink:label="bw2-titel9_ResultAttributableNoncontrollingInterestMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultAttributableNoncontrollingInterestMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ResultForTheYearMember" xlink:label="bw2-titel9_ResultForTheYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ResultForTheYearMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A8_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RetainedEarningsMember" xlink:label="bw2-titel9_RetainedEarningsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarningsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_236_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RetainedEarningsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RevaluationReserveMember" xlink:label="bw2-titel9_RevaluationReserveMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_227_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RevaluationReserveMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RightsGrantedNotYetExercisedMember" xlink:label="bw2-titel9_RightsGrantedNotYetExercisedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RightsGrantedNotYetExercisedMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesCurrentMember" xlink:label="bw2-titel9_SecuritiesCurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_226_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesCurrentMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SecuritiesOtherNoncurrentMember" xlink:label="bw2-titel9_SecuritiesOtherNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_214_603_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SecuritiesOtherNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SeparateMember" xlink:label="bw2-titel9_SeparateMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SeparateMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_100_105_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SeparateMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_110_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SeparateMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareCapitalMember" xlink:label="bw2-titel9_ShareCapitalMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareCapitalMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SharePremiumMember" xlink:label="bw2-titel9_SharePremiumMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_218_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_103_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_108_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SharePremiumMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_StatutoryReservesMember" xlink:label="bw2-titel9_StatutoryReservesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReservesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_233_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReservesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReservesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_StatutoryReservesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SubordinatedLiabilitiesMember" xlink:label="bw2-titel9_SubordinatedLiabilitiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SubordinatedLiabilitiesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B9_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SupervisoryDirectorsFormerSupervisoryDirectorsMember" xlink:label="bw2-titel9_SupervisoryDirectorsFormerSupervisoryDirectorsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SupervisoryDirectorsFormerSupervisoryDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_605_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SupervisoryDirectorsFormerSupervisoryDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_630_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SupervisoryDirectorsFormerSupervisoryDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SupervisoryDirectorsFormerSupervisoryDirectorsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B5_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SupervisoryDirectorsFormerSupervisoryDirectorsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SupervisoryDirectorsFormerSupervisoryDirectorsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SupervisoryDirectorsMember" xlink:label="bw2-titel9_SupervisoryDirectorsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SupervisoryDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_238_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SupervisoryDirectorsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TangibleAssetsOtherMember" xlink:label="bw2-titel9_TangibleAssetsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TangibleAssetsOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_212_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableMember" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentMember" xlink:label="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TaxesSocialSecurityContributionsPayableNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalAccountDamageInsuranceMember" xlink:label="bw2-titel9_TechnicalAccountDamageInsuranceMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalAccountDamageInsuranceMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalAccountDamageInsuranceMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalAccountLifeInsuranceMember" xlink:label="bw2-titel9_TechnicalAccountLifeInsuranceMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalAccountLifeInsuranceMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalAccountLifeInsuranceMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsDamagesOrBenefitsPayableMember" xlink:label="bw2-titel9_TechnicalProvisionsDamagesOrBenefitsPayableMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_605_544_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_605_544_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>544</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsDamagesOrBenefitsPayableMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsLifeInsuranceMember" xlink:label="bw2-titel9_TechnicalProvisionsLifeInsuranceMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsLifeInsuranceMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_541_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsOtherMember" xlink:label="bw2-titel9_TechnicalProvisionsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_541_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsOtherMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsMember" xlink:label="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsProfitSharingAndDiscountsMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksMember" xlink:label="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TechnicalProvisionsUnearnedPremiumsUnexpiredRisksMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_605_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesMember" xlink:label="bw2-titel9_TradePayablesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TradePayablesNoncurrentMember" xlink:label="bw2-titel9_TradePayablesNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TradePayablesNoncurrentMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_254_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_TreasurySharesMember" xlink:label="bw2-titel9_TreasurySharesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TreasurySharesMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_237_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_TreasurySharesMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_WorkInProgressMember" xlink:label="bw2-titel9_WorkInProgressMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_WorkInProgressMember_loc" xlink:to="bw2-titel9_RJ_2026-01-01_220_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_LoansAdvancesGuaranteesAxis" xlink:label="bw2-titel9_LoansAdvancesGuaranteesAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_LoansAdvancesGuaranteesAxis_loc" xlink:to="bw2-titel9_RJ_2026-01-01_222_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_AttendanceRateOfCommitteeMeetingsDescription" xlink:label="ncgc_AttendanceRateOfCommitteeMeetingsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="ncgc_RJ_2026-01-01_405_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="ncgc_RJ_2026-01-01_405_105_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_AttendanceRateOfCommitteeMeetingsDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_ContributionRemunerationPolicyToLongTermValueCreationDescription" xlink:label="ncgc_ContributionRemunerationPolicyToLongTermValueCreationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="ncgc_RJ_2026-01-01_404_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="ncgc_RJ_2026-01-01_404_104_ref">
      <ref:Chapter>404</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_ContributionRemunerationPolicyToLongTermValueCreationDescription_loc" xlink:to="ncgc_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_MainTopicsDuringCommitteesMeetingsDescription" xlink:label="ncgc_MainTopicsDuringCommitteesMeetingsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_MainTopicsDuringCommitteesMeetingsDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_ReasonSeverancePayManagementDescription" xlink:label="ncgc_ReasonSeverancePayManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_ReasonSeverancePayManagementDescription_loc" xlink:to="ncgc_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_RemunerationPolicyDuringFinancialYearDescription" xlink:label="ncgc_RemunerationPolicyDuringFinancialYearDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_RemunerationPolicyDuringFinancialYearDescription_loc" xlink:to="ncgc_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_RemunerationRatesDescription" xlink:label="ncgc_RemunerationRatesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_RemunerationRatesDescription_loc" xlink:to="ncgc_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_RemunerationScenarioAnalysisDescription" xlink:label="ncgc_RemunerationScenarioAnalysisDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_RemunerationScenarioAnalysisDescription_loc" xlink:to="ncgc_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_StatementOfSupervisoryBoardOnComplianceWithTheIndependenceRequirements" xlink:label="ncgc_StatementOfSupervisoryBoardOnComplianceWithTheIndependenceRequirements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_StatementOfSupervisoryBoardOnComplianceWithTheIndependenceRequirements_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_SupervisoryDirectorAdditionalPositions" xlink:label="ncgc_SupervisoryDirectorAdditionalPositions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_SupervisoryDirectorAdditionalPositions_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_SupervisoryDirectorAge" xlink:label="ncgc_SupervisoryDirectorAge_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_SupervisoryDirectorAge_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_SupervisoryDirectorCurrentPeriodOfAppointmentEndDate" xlink:label="ncgc_SupervisoryDirectorCurrentPeriodOfAppointmentEndDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_SupervisoryDirectorCurrentPeriodOfAppointmentEndDate_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_SupervisoryDirectorCurrentPeriodOfAppointmentStartDate" xlink:label="ncgc_SupervisoryDirectorCurrentPeriodOfAppointmentStartDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_SupervisoryDirectorCurrentPeriodOfAppointmentStartDate_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_SupervisoryDirectorDateOfInitialAppointment" xlink:label="ncgc_SupervisoryDirectorDateOfInitialAppointment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_SupervisoryDirectorDateOfInitialAppointment_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_SupervisoryDirectorGender" xlink:label="ncgc_SupervisoryDirectorGender_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_SupervisoryDirectorGender_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_SupervisoryDirectorMainFunction" xlink:label="ncgc_SupervisoryDirectorMainFunction_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_SupervisoryDirectorMainFunction_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_SupervisoryDirectorNationality" xlink:label="ncgc_SupervisoryDirectorNationality_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_SupervisoryDirectorNationality_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_TheCircumstancesWarrantingTheSecondReappointmentOfASupervisoryDirectorDescription" xlink:label="ncgc_TheCircumstancesWarrantingTheSecondReappointmentOfASupervisoryDirectorDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_TheCircumstancesWarrantingTheSecondReappointmentOfASupervisoryDirectorDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_TheCompositionOfTheCommitteeDescription" xlink:label="ncgc_TheCompositionOfTheCommitteeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_TheCompositionOfTheCommitteeDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_TheConclusionsAndAnyRecommendationsFromTheAnnualAnalysisOfTheAuditCommitteeRegardingTheNeedForAnInternalAuditFunctionAndAnAssessmentIfAppropriateAlternativeMeasuresHaveBeenTakenDescription" xlink:label="ncgc_TheConclusionsAndAnyRecommendationsFromTheAnnualAnalysisOfTheAuditCommitteeRegardingTheNeedForAnInternalAuditFunctionAndAnAssessmentIfAppropriateAlternativeMeasuresHaveBeenTakenDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_TheConclusionsAndAnyRecommendationsFromTheAnnualAnalysisOfTheAuditCommitteeRegardingTheNeedForAnInternalAuditFunctionAndAnAssessmentIfAppropriateAlternativeMeasuresHaveBeenTakenDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_TheEvaluationOfManagementAndIndividualManagingDirectorsDescription" xlink:label="ncgc_TheEvaluationOfManagementAndIndividualManagingDirectorsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_TheEvaluationOfManagementAndIndividualManagingDirectorsDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_TheEvaluationOfTheSupervisoryBoardSeparateCommitteesAndIndividualSupervisoryDirectorsDescription" xlink:label="ncgc_TheEvaluationOfTheSupervisoryBoardSeparateCommitteesAndIndividualSupervisoryDirectorsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_TheEvaluationOfTheSupervisoryBoardSeparateCommitteesAndIndividualSupervisoryDirectorsDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_TheExecutionOfTasksByTheCommitteesDuringTheFinancialYearDescription" xlink:label="ncgc_TheExecutionOfTasksByTheCommitteesDuringTheFinancialYearDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_TheExecutionOfTasksByTheCommitteesDuringTheFinancialYearDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_TheNumberOfCommitteeMeetingsDescription" xlink:label="ncgc_TheNumberOfCommitteeMeetingsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_TheNumberOfCommitteeMeetingsDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_TheVisionOfManagementOnLongTermValueCreationTheStrategyForRealisingLongTermValueAndHowThePastYearHasContributedToThisDescription" xlink:label="ncgc_TheVisionOfManagementOnLongTermValueCreationTheStrategyForRealisingLongTermValueAndHowThePastYearHasContributedToThisDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_TheVisionOfManagementOnLongTermValueCreationTheStrategyForRealisingLongTermValueAndHowThePastYearHasContributedToThisDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_ValueCreationOfVariableRemunerationDescription" xlink:label="ncgc_ValueCreationOfVariableRemunerationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_ValueCreationOfVariableRemunerationDescription_loc" xlink:to="ncgc_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/ncgc/2026-12-31.a/ncgc-cor.xsd#ncgc_WhatIsOrWillBeDoneWithTheConclusionsOfTheEvaluationDescription" xlink:label="ncgc_WhatIsOrWillBeDoneWithTheConclusionsOfTheEvaluationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="ncgc_WhatIsOrWillBeDoneWithTheConclusionsOfTheEvaluationDescription_loc" xlink:to="ncgc_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccruedIncomeOtherAxis" xlink:label="rj_AccruedIncomeOtherAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_115_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_115_214_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccruedIncomeOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetsOtherAxis" xlink:label="rj_AssetsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsAxis" xlink:label="rj_CentralGovernmentContributionsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_509_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_509_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsAxis_loc" xlink:to="rj_RJ_2026-01-01_655_509_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingEstimatesAxis" xlink:label="rj_ChangeAccountingEstimatesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_145_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_145_304_ref">
      <ref:Chapter>145</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesAxis_loc" xlink:to="rj_RJ_2026-01-01_145_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingPoliciesAxis" xlink:label="rj_ChangeAccountingPoliciesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_140_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_140_214_ref">
      <ref:Chapter>140</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesAxis_loc" xlink:to="rj_RJ_2026-01-01_140_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfEducationSectorsAxis" xlink:label="rj_ClassesOfEducationSectorsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_306_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfEducationSectorsAxis_loc" xlink:to="rj_RJ_2026-01-01_660_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfExigibilityOfBondsOtherFixedIncomeSecuritiesAxis" xlink:label="rj_ClassesOfExigibilityOfBondsOtherFixedIncomeSecuritiesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_220_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_220_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>220</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfExigibilityOfBondsOtherFixedIncomeSecuritiesAxis_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfInvestmentsAxis" xlink:label="rj_ClassesOfInvestmentsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_405a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_405a_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfInvestmentsAxis_loc" xlink:to="rj_RJ_2026-01-01_615_405a_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_406_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfInvestmentsAxis_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfInvestmentsParticipantsAxis" xlink:label="rj_ClassesOfInvestmentsParticipantsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_216_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_216_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>216</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfInvestmentsParticipantsAxis_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfInvestmentsPensionFundsAxis" xlink:label="rj_ClassesOfInvestmentsPensionFundsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_214_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfInvestmentsPensionFundsAxis_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfInvestmentsPremiumPensionInstitutionsAxis" xlink:label="rj_ClassesOfInvestmentsPremiumPensionInstitutionsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_202_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfInvestmentsPremiumPensionInstitutionsAxis_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfIssuerOfBondsOtherFixedIncomeSecuritiesAxis" xlink:label="rj_ClassesOfIssuerOfBondsOtherFixedIncomeSecuritiesAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfIssuerOfBondsOtherFixedIncomeSecuritiesAxis_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfMaturityAxis" xlink:label="rj_ClassesOfMaturityAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_203_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfMaturityAxis_loc" xlink:to="rj_RJ_2026-01-01_600_203_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_208_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfMaturityAxis_loc" xlink:to="rj_RJ_2026-01-01_600_208_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_240_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_240_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>240</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfMaturityAxis_loc" xlink:to="rj_RJ_2026-01-01_600_240_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_245_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_245_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>245</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfMaturityAxis_loc" xlink:to="rj_RJ_2026-01-01_600_245_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfObligationsOnBehalfOfParticipantsAxis" xlink:label="rj_ClassesOfObligationsOnBehalfOfParticipantsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_219_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_219_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>219</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfObligationsOnBehalfOfParticipantsAxis_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfPayablesParticipatingInterestsAxis" xlink:label="rj_ClassesOfPayablesParticipatingInterestsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_239_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_239_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>239</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfPayablesParticipatingInterestsAxis_loc" xlink:to="rj_RJ_2026-01-01_600_239_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_244_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_244_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>244</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfPayablesParticipatingInterestsAxis_loc" xlink:to="rj_RJ_2026-01-01_600_244_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_253_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_253_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>253</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfPayablesParticipatingInterestsAxis_loc" xlink:to="rj_RJ_2026-01-01_600_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfProvisionsOtherAxis" xlink:label="rj_ClassesOfProvisionsOtherAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ__2026-01-01_605_557_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ__2026-01-01_605_557_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>557</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfProvisionsOtherAxis_loc" xlink:to="rj_RJ__2026-01-01_605_557_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfProvisionsOtherProvisionsHousingAxis" xlink:label="rj_ClassesOfProvisionsOtherProvisionsHousingAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfProvisionsOtherProvisionsHousingAxis_loc" xlink:to="rj_RJ__2026-01-01_605_557_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClassesOfPublicOfferingOfBondsOtherFixedIncomeSecuritiesAxis" xlink:label="rj_ClassesOfPublicOfferingOfBondsOtherFixedIncomeSecuritiesAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClassesOfPublicOfferingOfBondsOtherFixedIncomeSecuritiesAxis_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommercialActivitiesAxis" xlink:label="rj_CommercialActivitiesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_307_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommercialActivitiesAxis_loc" xlink:to="rj_RJ_2026-01-01_630_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageInsuranceAndReinsuranceAxis" xlink:label="rj_DamageInsuranceAndReinsuranceAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_604_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_604_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>604</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageInsuranceAndReinsuranceAxis_loc" xlink:to="rj_RJ_2026-01-01_605_604_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearAxis" xlink:label="rj_DamageYearAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_551_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_551_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>551</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearAxis_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearSettlementStatisticsAxis" xlink:label="rj_DamageYearSettlementStatisticsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_616_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_616_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>616</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearSettlementStatisticsAxis_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DebtSecuritiesOtherAxis" xlink:label="rj_DebtSecuritiesOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DebtSecuritiesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DerivativeFinancialInstrumentsAxis" xlink:label="rj_DerivativeFinancialInstrumentsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_236_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_236_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>236</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DerivativeFinancialInstrumentsAxis_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundAxis" xlink:label="rj_DesignatedFundAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_303_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundAxis_loc" xlink:to="rj_RJ_2026-01-01_630_303_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_404_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundAxis_loc" xlink:to="rj_RJ_2026-01-01_640_404_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_309a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_309a_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundAxis_loc" xlink:to="rj_RJ_2026-01-01_655_309a_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_303_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundAxis_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundDescriptionAxis" xlink:label="rj_DesignatedFundDescriptionAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_630_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_640_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_655_309a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReserveAxis" xlink:label="rj_DesignatedReserveAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_304_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveAxis_loc" xlink:to="rj_RJ_2026-01-01_630_304_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_405_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveAxis_loc" xlink:to="rj_RJ_2026-01-01_640_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_309_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveAxis_loc" xlink:to="rj_RJ_2026-01-01_655_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveAxis_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReserveDescriptionAxis" xlink:label="rj_DesignatedReserveDescriptionAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_630_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_640_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_655_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsAxis" xlink:label="rj_DiscontinuedOperationsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_304_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsAxis_loc" xlink:to="rj_RJ_2026-01-01_345_304_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_309_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsAxis_loc" xlink:to="rj_RJ_2026-01-01_345_309_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B18_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B18_204_ref">
      <ref:Chapter>B18</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsAxis_loc" xlink:to="rj_RJk_2026-01-01_B18_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DurationTechnicalProvisionsAxis" xlink:label="rj_DurationTechnicalProvisionsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_548_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_548_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>548</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DurationTechnicalProvisionsAxis_loc" xlink:to="rj_RJ_2026-01-01_605_548_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EducationActivitiesAxis" xlink:label="rj_EducationActivitiesAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EducationActivitiesAxis_loc" xlink:to="rj_RJ_2026-01-01_660_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EmployeeBenefitsExpensesOtherAxis" xlink:label="rj_EmployeeBenefitsExpensesOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmployeeBenefitsExpensesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAndLiabilitiesOtherAxis" xlink:label="rj_EquityAndLiabilitiesOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAndLiabilitiesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityLiabilitiesTransferAxis" xlink:label="rj_EquityLiabilitiesTransferAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_620_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_620_204_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityLiabilitiesTransferAxis_loc" xlink:to="rj_RJ_2026-01-01_620_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpenseClaimsPaymentsManagingDirectorsAxis" xlink:label="rj_ExpenseClaimsPaymentsManagingDirectorsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_518_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_518_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>518</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpenseClaimsPaymentsManagingDirectorsAxis_loc" xlink:to="rj_RJ_2026-01-01_660_518_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesAllocationAxis" xlink:label="rj_ExpensesAllocationAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_319_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_319_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>319</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesAllocationAxis_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesOtherAxis" xlink:label="rj_ExpensesOtherAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_422_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_422_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>422</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_615_422_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesSpentOnObjectivesAxis" xlink:label="rj_ExpensesSpentOnObjectivesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_301_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectivesAxis_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_320_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_320_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>320</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectivesAxis_loc" xlink:to="rj_RJ_2026-01-01_650_320_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsOtherAxis" xlink:label="rj_FinancialAssetsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsAxis" xlink:label="rj_FinancialInstrumentsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_901_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_901_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>901</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsAxis_loc" xlink:to="rj_RJ_2026-01-01_290_901_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsPolicyAxis" xlink:label="rj_FinancialInstrumentsPolicyAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_906_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_906_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>906</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsPolicyAxis_loc" xlink:to="rj_RJ_2026-01-01_290_906_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettleInRatesAxis" xlink:label="rj_FinancingDeficitSurplusToBeSettleInRatesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_403_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettleInRatesAxis_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentCashflowGeneratingUnitAxis" xlink:label="rj_ImpairmentCashflowGeneratingUnitAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_805_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_805_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentCashflowGeneratingUnitAxis_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIndividualAssetAxis" xlink:label="rj_ImpairmentIndividualAssetAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIndividualAssetAxis_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeAxis" xlink:label="rj_IncomeAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_408_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAxis_loc" xlink:to="rj_RJ_2026-01-01_640_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeSpecialPurposeAxis" xlink:label="rj_IncomeSpecialPurposeAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSpecialPurposeAxis_loc" xlink:to="rj_RJ_2026-01-01_640_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseOtherAxis" xlink:label="rj_IncomeTaxExpenseOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentsResultByInvestmentAxis" xlink:label="rj_IndirectInvestmentsResultByInvestmentAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentsResultByInvestmentAxis_loc" xlink:to="rj_RJ_2026-01-01_615_405a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndividualInvestmentAboveFivePercentDescriptionAxis" xlink:label="rj_IndividualInvestmentAboveFivePercentDescriptionAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_404_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndividualInvestmentAboveFivePercentDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsOtherAxis" xlink:label="rj_IntangibleAssetsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesOtherAxis" xlink:label="rj_InventoriesOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesByClassAxis" xlink:label="rj_InvestmentPropertiesByClassAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesByClassAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesByCurrencyAxis" xlink:label="rj_InvestmentPropertiesByCurrencyAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesByCurrencyAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesByRegionAxis" xlink:label="rj_InvestmentPropertiesByRegionAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesByRegionAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesByCreditRatingAxis" xlink:label="rj_InvestmentsFixedIncomeSecuritiesByCreditRatingAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesByCreditRatingAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesByCurrencyAxis" xlink:label="rj_InvestmentsFixedIncomeSecuritiesByCurrencyAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesByCurrencyAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesByDurationAxis" xlink:label="rj_InvestmentsFixedIncomeSecuritiesByDurationAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesByDurationAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInLandAndBuildingsOtherAxis" xlink:label="rj_InvestmentsInLandAndBuildingsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInLandAndBuildingsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInParticipatingInterestsOtherAxis" xlink:label="rj_InvestmentsInParticipatingInterestsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInParticipatingInterestsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInParticipatingInterestsTypedAxis" xlink:label="rj_InvestmentsInParticipatingInterestsTypedAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInParticipatingInterestsTypedAxis_loc" xlink:to="rj_RJ_2026-01-01_615_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherAxis" xlink:label="rj_InvestmentsOtherAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_213_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_213_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>213</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfParticipantsAxis" xlink:label="rj_InvestmentsOtherOnBehalfOfParticipantsAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfParticipantsAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfPensionFundAxis" xlink:label="rj_InvestmentsOtherOnBehalfOfPensionFundAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPensionFundAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesByCurrencyAxis" xlink:label="rj_InvestmentsSharesByCurrencyAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesByCurrencyAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesByIndustryAxis" xlink:label="rj_InvestmentsSharesByIndustryAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesByIndustryAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesByRegionAxis" xlink:label="rj_InvestmentsSharesByRegionAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesByRegionAxis_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsAxis" xlink:label="rj_LicensingAgreementsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_390_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_390_103_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsAxis_loc" xlink:to="rj_RJ_2026-01-01_390_103_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B18_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B18_303_ref">
      <ref:Chapter>B18</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsAxis_loc" xlink:to="rj_RJk_2026-01-01_B18_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsAxis" xlink:label="rj_MergersAcquisitionsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_401_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsAxis_loc" xlink:to="rj_RJ_2026-01-01_216_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NoncommercialActivitiesAxis" xlink:label="rj_NoncommercialActivitiesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_201_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoncommercialActivitiesAxis_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoncommercialActivitiesAxis_loc" xlink:to="rj_RJ_2026-01-01_630_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NoncommercialActivitiesExpensesAxis" xlink:label="rj_NoncommercialActivitiesExpensesAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoncommercialActivitiesExpensesAxis_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoncommercialActivitiesExpensesAxis_loc" xlink:to="rj_RJ_2026-01-01_630_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NoncommercialActivitiesIncomeAxis" xlink:label="rj_NoncommercialActivitiesIncomeAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoncommercialActivitiesIncomeAxis_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoncommercialActivitiesIncomeAxis_loc" xlink:to="rj_RJ_2026-01-01_630_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfOtherParticipantsAxis" xlink:label="rj_NumberOfOtherParticipantsAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfOtherParticipantsAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ObligationsOnBehalfOfParticipantsAxis" xlink:label="rj_ObligationsOnBehalfOfParticipantsAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ObligationsOnBehalfOfParticipantsAxis_loc" xlink:to="rj_RJ_2026-01-01_290_901_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OngoingCostFactorSubfundsAxis" xlink:label="rj_OngoingCostFactorSubfundsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_413_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_413_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>413</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OngoingCostFactorSubfundsAxis_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingExpensesOtherAxis" xlink:label="rj_OperatingExpensesOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingExpensesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingIncomeOtherAxis" xlink:label="rj_OperatingIncomeOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherAssetsOtherAxis" xlink:label="rj_OtherAssetsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherAssetsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherFinancialInvestmentsOtherAxis" xlink:label="rj_OtherFinancialInvestmentsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherFinancialInvestmentsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCreditInstitutionsOtherAxis" xlink:label="rj_PayablesCreditInstitutionsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCreditInstitutionsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCustomersDepositsOtherAxis" xlink:label="rj_PayablesCustomersDepositsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCustomersDepositsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCustomersOtherOtherAxis" xlink:label="rj_PayablesCustomersOtherOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCustomersOtherOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsAxis" xlink:label="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_409_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsAxis_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesOtherAxis" xlink:label="rj_PayablesOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesOtherCurrentAxis" xlink:label="rj_PayablesOtherCurrentAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesOtherCurrentAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesOtherNoncurrentAxis" xlink:label="rj_PayablesOtherNoncurrentAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesOtherNoncurrentAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesTransactionsFinancialDerivativesAxis" xlink:label="rj_PayablesTransactionsFinancialDerivativesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_601_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_601_D_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesTransactionsFinancialDerivativesAxis_loc" xlink:to="rj_RJ_2026-01-01_615_601_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProductGroupAxis" xlink:label="rj_ProductGroupAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403a_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403a_E_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403a</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProductGroupAxis_loc" xlink:to="rj_RJ_2026-01-01_605_403a_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentOtherAxis" xlink:label="rj_PropertyPlantEquipmentOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsOtherAxis" xlink:label="rj_ProvisionsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksOtherAxis" xlink:label="rj_ReceivablesFromBanksOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCreditInstitutionsConcentrationByCollateralAxis" xlink:label="rj_ReceivablesFromCreditInstitutionsConcentrationByCollateralAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_204_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCreditInstitutionsConcentrationByCollateralAxis_loc" xlink:to="rj_RJ_2026-01-01_600_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCreditInstitutionsConcentrationByGeographicAreaAxis" xlink:label="rj_ReceivablesFromCreditInstitutionsConcentrationByGeographicAreaAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCreditInstitutionsConcentrationByGeographicAreaAxis_loc" xlink:to="rj_RJ_2026-01-01_600_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersConcentrationByCollateralAxis" xlink:label="rj_ReceivablesFromCustomersConcentrationByCollateralAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_209_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersConcentrationByCollateralAxis_loc" xlink:to="rj_RJ_2026-01-01_600_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersConcentrationByGeographicAreaAxis" xlink:label="rj_ReceivablesFromCustomersConcentrationByGeographicAreaAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersConcentrationByGeographicAreaAxis_loc" xlink:to="rj_RJ_2026-01-01_600_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersConcentrationByIndustryAxis" xlink:label="rj_ReceivablesFromCustomersConcentrationByIndustryAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersConcentrationByIndustryAxis_loc" xlink:to="rj_RJ_2026-01-01_600_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersConcentrationBySectorAxis" xlink:label="rj_ReceivablesFromCustomersConcentrationBySectorAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersConcentrationBySectorAxis_loc" xlink:to="rj_RJ_2026-01-01_600_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsAxis" xlink:label="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesIndefiniteAxis" xlink:label="rj_ReceivablesIndefiniteAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesIndefiniteAxis_loc" xlink:to="rj_RJ_2026-01-01_600_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesIndefiniteAxis_loc" xlink:to="rj_RJ_2026-01-01_600_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOtherAxis" xlink:label="rj_ReceivablesOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOtherCurrentAxis" xlink:label="rj_ReceivablesOtherCurrentAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOtherCurrentAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOtherReinsurancePartTechnicalProvisionsAxis" xlink:label="rj_ReceivablesOtherReinsurancePartTechnicalProvisionsAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOtherReinsurancePartTechnicalProvisionsAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsuranceOtherContractsAxis" xlink:label="rj_ReinsuranceOtherContractsAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsuranceOtherContractsAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsAxis" xlink:label="rj_ReinsurancePartTechnicalProvisionsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_303_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsAxis_loc" xlink:to="rj_RJ_2026-01-01_610_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsPensionFundsAxis" xlink:label="rj_ReinsurancePartTechnicalProvisionsPensionFundsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_229_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_229_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>229</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsPensionFundsAxis_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyAxis" xlink:label="rj_RelatedPartyAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_401_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyAxis_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenuesOtherAxis" xlink:label="rj_RevenuesOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenuesOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RiskGroupAxis" xlink:label="rj_RiskGroupAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RiskGroupAxis_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RiskGroupGrossAxis" xlink:label="rj_RiskGroupGrossAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RiskGroupGrossAxis_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RiskGroupReinsuranceAxis" xlink:label="rj_RiskGroupReinsuranceAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RiskGroupReinsuranceAxis_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentsReportingAxis" xlink:label="rj_SegmentsReportingAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_350_314_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_350_314_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>314</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentsReportingAxis_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_510_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_510_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>510</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentsReportingAxis_loc" xlink:to="rj_RJ_2026-01-01_640_510_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_410_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentsReportingAxis_loc" xlink:to="rj_RJ_2026-01-01_655_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearAxis" xlink:label="rj_SettlementYearAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearAxis_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareCertificatesAxis" xlink:label="rj_ShareCertificatesAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_529_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_529_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>529</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareCertificatesAxis_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesAxis" xlink:label="rj_SharesAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesAxis_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesHeldInAdministrationAxis" xlink:label="rj_SharesHeldInAdministrationAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesHeldInAdministrationAxis_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SourceOfProfitAxis" xlink:label="rj_SourceOfProfitAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SourceOfProfitAxis_loc" xlink:to="rj_RJ_2026-01-01_605_604_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatutoryReserveDescriptionAxis" xlink:label="rj_StatutoryReserveDescriptionAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_308_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatutoryReserveDescriptionAxis_loc" xlink:to="rj_RJ_2026-01-01_655_308_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubordinatedLiabilitiesAxis" xlink:label="rj_SubordinatedLiabilitiesAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubordinatedLiabilitiesAxis_loc" xlink:to="rj_RJ_2026-01-01_600_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsequentEventsAxis" xlink:label="rj_SubsequentEventsAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_160_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_160_404_ref">
      <ref:Chapter>160</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsequentEventsAxis_loc" xlink:to="rj_RJ_2026-01-01_160_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeAxis" xlink:label="rj_SubsidyIncomeAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_409_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAxis_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_403_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAxis_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_313_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_313_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>313</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAxis_loc" xlink:to="rj_RJk_2026-01-01_C1_313_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TangibleAssetsOtherAxis" xlink:label="rj_TangibleAssetsOtherAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TangibleAssetsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_115_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsOtherAxis" xlink:label="rj_TechnicalProvisionsOtherAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_261_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_261_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>261</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsOtherAxis_loc" xlink:to="rj_RJ_2026-01-01_610_261_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TurnoverRatioSubfundsAxis" xlink:label="rj_TurnoverRatioSubfundsAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TurnoverRatioSubfundsAxis_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionClaimsDisclosure" xlink:label="rj_ConstructionClaimsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_300_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_300_106_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionClaimsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionClaimsPolicy" xlink:label="rj_ConstructionClaimsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_501_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionClaimsPolicy_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContractCosts" xlink:label="rj_ContractCosts_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_418_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_418_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>418</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContractCosts_loc" xlink:to="rj_RJ_2026-01-01_221_418_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PillarTwoDeferredTaxAssetsLiabilitiesDescription" xlink:label="rj_PillarTwoDeferredTaxAssetsLiabilitiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_717_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_717_A_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>717</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PillarTwoDeferredTaxAssetsLiabilitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_272_717_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PillarTwoExpectedEffectsDescription" xlink:label="rj_PillarTwoExpectedEffectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_718_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_718_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>718</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PillarTwoExpectedEffectsDescription_loc" xlink:to="rj_RJ_2026-01-01_272_718_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PillarTwoMethodDescription" xlink:label="rj_PillarTwoMethodDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_717_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_717_C_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>717</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PillarTwoMethodDescription_loc" xlink:to="rj_RJ_2026-01-01_272_717_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PillarTwoTaxExpenseBenefitDescription" xlink:label="rj_PillarTwoTaxExpenseBenefitDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_717_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_717_B_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>717</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PillarTwoTaxExpenseBenefitDescription_loc" xlink:to="rj_RJ_2026-01-01_272_717_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccrualsAndDeferredIncomeNoncurrentMember" xlink:label="rj_AccrualsAndDeferredIncomeNoncurrentMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_408a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_408a_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccrualsAndDeferredIncomeNoncurrentMember_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AcquiredIntangibleAssetsMember" xlink:label="rj_AcquiredIntangibleAssetsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AcquiredIntangibleAssetsMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActiveParticipantsMember" xlink:label="rj_ActiveParticipantsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_256_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_256_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>256</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActiveParticipantsMember_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AuditorsFeesExternalAuditorAccountingFirmMember" xlink:label="rj_AuditorsFeesExternalAuditorAccountingFirmMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_390_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_390_301_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AuditorsFeesExternalAuditorAccountingFirmMember_loc" xlink:to="rj_RJ_2026-01-01_390_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_390_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_390_302_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AuditorsFeesExternalAuditorAccountingFirmMember_loc" xlink:to="rj_RJ_2026-01-01_390_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AuditorsFeesMember" xlink:label="rj_AuditorsFeesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AuditorsFeesMember_loc" xlink:to="rj_RJ_2026-01-01_390_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_405_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AuditorsFeesMember_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AuditorsFeesNetworkOrganisationsMember" xlink:label="rj_AuditorsFeesNetworkOrganisationsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AuditorsFeesNetworkOrganisationsMember_loc" xlink:to="rj_RJ_2026-01-01_390_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AuditorsFeesNetworkOrganisationsMember_loc" xlink:to="rj_RJ_2026-01-01_390_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsIssuedByAndReceivablesFromGroupCompaniesMember" xlink:label="rj_BondsIssuedByAndReceivablesFromGroupCompaniesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_202_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsIssuedByAndReceivablesFromGroupCompaniesMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsIssuedByAndReceivablesFromShareholdersParticipatingInterestsMember" xlink:label="rj_BondsIssuedByAndReceivablesFromShareholdersParticipatingInterestsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsIssuedByAndReceivablesFromShareholdersParticipatingInterestsMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BudgetMember" xlink:label="rj_BudgetMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_305_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetMember_loc" xlink:to="rj_RJ_2026-01-01_640_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetMember_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_312_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_312_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>312</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetMember_loc" xlink:to="rj_RJ_2026-01-01_650_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_301_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetMember_loc" xlink:to="rj_RJ_2026-01-01_660_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_308_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetMember_loc" xlink:to="rj_RJ_2026-01-01_660_308_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_303_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetMember_loc" xlink:to="rj_RJk_2026-01-01_C1_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsMember" xlink:label="rj_CapitalisedAcquisitionCostsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_305_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsMember_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommercialAndSocialRealEstateInExploitationMember" xlink:label="rj_CommercialAndSocialRealEstateInExploitationMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_302_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_302_E_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommercialAndSocialRealEstateInExploitationMember_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuityReserveMember" xlink:label="rj_ContinuityReserveMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_305_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityReserveMember_loc" xlink:to="rj_RJ_2026-01-01_650_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsIncorporationShareIssueInternallyGeneratedMember" xlink:label="rj_CostsIncorporationShareIssueInternallyGeneratedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsIncorporationShareIssueInternallyGeneratedMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsIncorporationShareIssueNotInternallyGeneratedMember" xlink:label="rj_CostsIncorporationShareIssueNotInternallyGeneratedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsIncorporationShareIssueNotInternallyGeneratedMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsInvestmentsMember" xlink:label="rj_CostsInvestmentsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsInvestmentsMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsJointCampaignsMember" xlink:label="rj_CostsJointCampaignsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsJointCampaignsMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsObtainingGovernmentSubsidiesMember" xlink:label="rj_CostsObtainingGovernmentSubsidiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsObtainingGovernmentSubsidiesMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOwnFundraisingMember" xlink:label="rj_CostsOwnFundraisingMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOwnFundraisingMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsThirdPartyCampaignsMember" xlink:label="rj_CostsThirdPartyCampaignsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsThirdPartyCampaignsMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentDamageYearMember" xlink:label="rj_CurrentDamageYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentDamageYearMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentSettlementYearMember" xlink:label="rj_CurrentSettlementYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentSettlementYearMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CustodianFeesMember" xlink:label="rj_CustodianFeesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CustodianFeesMember_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageOlderYearsMember" xlink:label="rj_DamageOlderYearsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageOlderYearsMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearEightMember" xlink:label="rj_DamageYearEightMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearEightMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearFiveMember" xlink:label="rj_DamageYearFiveMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearFiveMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearFourMember" xlink:label="rj_DamageYearFourMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearFourMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearNineMember" xlink:label="rj_DamageYearNineMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearNineMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearOneMember" xlink:label="rj_DamageYearOneMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearOneMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearSettlementStatisticsMember" xlink:label="rj_DamageYearSettlementStatisticsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearSettlementStatisticsMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearSettlementStatisticsOtherMember" xlink:label="rj_DamageYearSettlementStatisticsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearSettlementStatisticsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearSevenMember" xlink:label="rj_DamageYearSevenMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearSevenMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearSixMember" xlink:label="rj_DamageYearSixMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearSixMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearThreeMember" xlink:label="rj_DamageYearThreeMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearThreeMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageYearTwoMember" xlink:label="rj_DamageYearTwoMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageYearTwoMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxAssetsMember" xlink:label="rj_DeferredTaxAssetsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_601_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_601_C_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsMember_loc" xlink:to="rj_RJ_2026-01-01_272_601_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_711_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_711_A_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>711</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsMember_loc" xlink:to="rj_RJ_2026-01-01_272_711_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxLiabilitiesMember" xlink:label="rj_DeferredTaxLiabilitiesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_601_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_601_D_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilitiesMember_loc" xlink:to="rj_RJ_2026-01-01_272_601_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_602_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_602_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilitiesMember_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilitiesMember_loc" xlink:to="rj_RJ_2026-01-01_272_711_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepositsAtCreditInstitutionsMember" xlink:label="rj_DepositsAtCreditInstitutionsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepositsAtCreditInstitutionsMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepositsInsurersMember" xlink:label="rj_DepositsInsurersMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepositsInsurersMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DerivativeFinancialInstrumentsMember" xlink:label="rj_DerivativeFinancialInstrumentsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DerivativeFinancialInstrumentsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DerivativeFinancialInstrumentsMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DerivativeFinancialInstrumentsMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_316_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_316_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>316</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DerivativeFinancialInstrumentsMember_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundPrivateMember" xlink:label="rj_DesignatedFundPrivateMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPrivateMember_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundPublicMember" xlink:label="rj_DesignatedFundPublicMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPublicMember_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundsMember" xlink:label="rj_DesignatedFundsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_315_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_315_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>315</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsMember_loc" xlink:to="rj_RJ_2026-01-01_640_315_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_317_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_317_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>317</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsMember_loc" xlink:to="rj_RJ_2026-01-01_640_317_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_305_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsMember_loc" xlink:to="rj_RJ_2026-01-01_655_305_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_305a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_305a_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsMember_loc" xlink:to="rj_RJ_2026-01-01_655_305a_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_310_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_310_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>310</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsMember_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservePrivateMember" xlink:label="rj_DesignatedReservePrivateMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePrivateMember_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservePublicMember" xlink:label="rj_DesignatedReservePublicMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePublicMember_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservesMember" xlink:label="rj_DesignatedReservesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_313_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_313_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>313</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesMember_loc" xlink:to="rj_RJ_2026-01-01_640_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesMember_loc" xlink:to="rj_RJ_2026-01-01_640_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesMember_loc" xlink:to="rj_RJ_2026-01-01_650_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesMember_loc" xlink:to="rj_RJ_2026-01-01_655_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesMember_loc" xlink:to="rj_RJ_2026-01-01_655_305a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesMember_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentPropertiesMember" xlink:label="rj_DirectInvestmentPropertiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsMember" xlink:label="rj_DiscontinuedOperationsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_304_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_304_G_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsMember_loc" xlink:to="rj_RJ_2026-01-01_345_304_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountedValueMember" xlink:label="rj_DiscountedValueMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_208_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_208_B_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountedValueMember_loc" xlink:to="rj_RJ_2026-01-01_292_208_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_311_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_311_A_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountedValueMember_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DueInNextFinancialYearMember" xlink:label="rj_DueInNextFinancialYearMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BJB_2012-01-01_3_3_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BJB_2012-01-01_3_3_ref">
      <ref:Article>3</ref:Article>
      <ref:IssueDate>2012-01-01</ref:IssueDate>
      <ref:Name>Besluit jaarrekening banken</ref:Name>
      <ref:Paragraph>3</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DueInNextFinancialYearMember_loc" xlink:to="rj_BJB_2012-01-01_3_3_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DueInNextFinancialYearMember_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeTradedFuturesRelatingToForeignExchangeContractsMember" xlink:label="rj_ExchangeTradedFuturesRelatingToForeignExchangeContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeTradedFuturesRelatingToForeignExchangeContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeTradedFuturesRelatingToInterestRateContractsMember" xlink:label="rj_ExchangeTradedFuturesRelatingToInterestRateContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeTradedFuturesRelatingToInterestRateContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeTradedOptionsRelatingToForeignExchangeContractsMember" xlink:label="rj_ExchangeTradedOptionsRelatingToForeignExchangeContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeTradedOptionsRelatingToForeignExchangeContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeTradedOptionsRelatingToInterestRateContractsMember" xlink:label="rj_ExchangeTradedOptionsRelatingToInterestRateContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeTradedOptionsRelatingToInterestRateContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeTradingMember" xlink:label="rj_ExchangeTradingMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeTradingMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExecutiveManagingDirectorMember" xlink:label="rj_ExecutiveManagingDirectorMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_605a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_605a_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>605a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExecutiveManagingDirectorMember_loc" xlink:to="rj_RJ_2026-01-01_271_605a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesAllocationMember" xlink:label="rj_ExpensesAllocationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesAllocationMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesSpentOnGeneratingIncomeMember" xlink:label="rj_ExpensesSpentOnGeneratingIncomeMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnGeneratingIncomeMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesSpentOnObjectivesMember" xlink:label="rj_ExpensesSpentOnObjectivesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectivesMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeaseLiabilitiesNoncurrentMember" xlink:label="rj_FinanceLeaseLiabilitiesNoncurrentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesNoncurrentMember_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsOtherMember" xlink:label="rj_FinancialAssetsOtherMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_315_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_315_202_ref">
      <ref:Chapter>315</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_315_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialIncomeExpensesMember" xlink:label="rj_FinancialIncomeExpensesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_510_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_510_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>510</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpensesMember_loc" xlink:to="rj_RJ_2026-01-01_270_510_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsLegalFormClassifiedAsEquityMember" xlink:label="rj_FinancialInstrumentsLegalFormClassifiedAsEquityMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsLegalFormClassifiedAsEquityMember_loc" xlink:to="rj_RJ_2026-01-01_240_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesTotalMember" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesTotalMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesTotalMember_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignExchangeContractsMember" xlink:label="rj_ForeignExchangeContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignExchangeContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForwardsMember" xlink:label="rj_ForwardsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForwardsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesMember" xlink:label="rj_FoundationCapitalAndReservesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_237_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_237_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>237</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesMember_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalMember" xlink:label="rj_FoundationCapitalMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalMember_loc" xlink:to="rj_RJ_2026-01-01_655_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalMember_loc" xlink:to="rj_RJ_2026-01-01_655_305a_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_307_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalMember_loc" xlink:to="rj_RJ_2026-01-01_655_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FundsMember" xlink:label="rj_FundsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_303_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundsMember_loc" xlink:to="rj_RJ_2026-01-01_650_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FuturesMember" xlink:label="rj_FuturesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FuturesMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralOtherReservesMember" xlink:label="rj_GeneralOtherReservesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralOtherReservesMember_loc" xlink:to="rj_RJ_2026-01-01_655_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralOtherReservesMember_loc" xlink:to="rj_RJ_2026-01-01_655_305a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralReserveMember" xlink:label="rj_GeneralReserveMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralReserveMember_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HedgedMember" xlink:label="rj_HedgedMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_413_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_413_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>413</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HedgedMember_loc" xlink:to="rj_RJ_2026-01-01_240_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HigherProfessionalEducationMember" xlink:label="rj_HigherProfessionalEducationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HigherProfessionalEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_306_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_307_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HigherProfessionalEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HousingFacilitiesInExploitationMember" xlink:label="rj_HousingFacilitiesInExploitationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HousingFacilitiesInExploitationMember_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InactiveParticipantsMember" xlink:label="rj_InactiveParticipantsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InactiveParticipantsMember_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentPropertiesMember" xlink:label="rj_IndirectInvestmentPropertiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsInternallyGeneratedMember" xlink:label="rj_IntangibleAssetsInternallyGeneratedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsInternallyGeneratedMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsNotInternallyGeneratedMember" xlink:label="rj_IntangibleAssetsNotInternallyGeneratedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsNotInternallyGeneratedMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsOtherInternallyGeneratedMember" xlink:label="rj_IntangibleAssetsOtherInternallyGeneratedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherInternallyGeneratedMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsOtherMember" xlink:label="rj_IntangibleAssetsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_315_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_315_201_ref">
      <ref:Chapter>315</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_315_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsOtherNotInternallyGeneratedMember" xlink:label="rj_IntangibleAssetsOtherNotInternallyGeneratedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherNotInternallyGeneratedMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestRateContractsMember" xlink:label="rj_InterestRateContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestRateContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternalClaimhandlingCostsCurrentYearMember" xlink:label="rj_InternalClaimhandlingCostsCurrentYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternalClaimhandlingCostsCurrentYearMember_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternalClaimhandlingCostsMember" xlink:label="rj_InternalClaimhandlingCostsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternalClaimhandlingCostsMember_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternallyGeneratedIntangibleAssetsMember" xlink:label="rj_InternallyGeneratedIntangibleAssetsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternallyGeneratedIntangibleAssetsMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntramuralRealEstateInExploitationMember" xlink:label="rj_IntramuralRealEstateInExploitationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntramuralRealEstateInExploitationMember_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentMember" xlink:label="rj_InvestmentPropertiesInDevelopmentMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802b_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentMember_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesMember" xlink:label="rj_InvestmentPropertiesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_801_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_801_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>801</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_213_801_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_211_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_211_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>211</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMember_loc" xlink:to="rj_RJk_2026-01-01_B2_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsMember" xlink:label="rj_InvestmentsBondsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesMember" xlink:label="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsOtherMember" xlink:label="rj_InvestmentsBondsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDepositsAndSuchMember" xlink:label="rj_InvestmentsDepositsAndSuchMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDutchStateBondsMember" xlink:label="rj_InvestmentsDutchStateBondsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDutchStateBondsMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesMember" xlink:label="rj_InvestmentsFixedIncomeSecuritiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInGroupCompaniesAndParticipatingInterestsMember" xlink:label="rj_InvestmentsInGroupCompaniesAndParticipatingInterestsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInGroupCompaniesAndParticipatingInterestsMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInLandAndBuildingsAtCostMember" xlink:label="rj_InvestmentsInLandAndBuildingsAtCostMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInLandAndBuildingsAtCostMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInLandAndBuildingsAtFairValueMember" xlink:label="rj_InvestmentsInLandAndBuildingsAtFairValueMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInLandAndBuildingsAtFairValueMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInLandAndBuildingsForOwnUseAtCostMember" xlink:label="rj_InvestmentsInLandAndBuildingsForOwnUseAtCostMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInLandAndBuildingsForOwnUseAtCostMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInLandAndBuildingsForOwnUseAtFairValueMember" xlink:label="rj_InvestmentsInLandAndBuildingsForOwnUseAtFairValueMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInLandAndBuildingsForOwnUseAtFairValueMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInLandAndBuildingsOtherAtCostMember" xlink:label="rj_InvestmentsInLandAndBuildingsOtherAtCostMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInLandAndBuildingsOtherAtCostMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInLandAndBuildingsOtherAtFairValueMember" xlink:label="rj_InvestmentsInLandAndBuildingsOtherAtFairValueMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInLandAndBuildingsOtherAtFairValueMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesMember" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInSharesMember" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInSharesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsMortgageLoansMember" xlink:label="rj_InvestmentsMortgageLoansMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMortgageLoansMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfParticipantsMember" xlink:label="rj_InvestmentsOnBehalfOfParticipantsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfParticipantsMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPensionFundMember" xlink:label="rj_InvestmentsOnBehalfOfPensionFundMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFundMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsMember" xlink:label="rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsMember_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOptionsWarrantsMember" xlink:label="rj_InvestmentsOptionsWarrantsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOptionsWarrantsMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherMember" xlink:label="rj_InvestmentsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPreciousMetalsMember" xlink:label="rj_InvestmentsPreciousMetalsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPreciousMetalsMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPrivateLoansMember" xlink:label="rj_InvestmentsPrivateLoansMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPrivateLoansMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateInTheNetherlandsMember" xlink:label="rj_InvestmentsRealEstateInTheNetherlandsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateInTheNetherlandsMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateMember" xlink:label="rj_InvestmentsRealEstateMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateOtherMember" xlink:label="rj_InvestmentsRealEstateOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateOtherMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesListedMember" xlink:label="rj_InvestmentsSharesListedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesMember" xlink:label="rj_InvestmentsSharesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesMember_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesMember_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesMember_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesNonListedMember" xlink:label="rj_InvestmentsSharesNonListedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedMember_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedMember_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LandAndBuildingsForOwnUseMember" xlink:label="rj_LandAndBuildingsForOwnUseMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_108_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LandAndBuildingsForOwnUseMember_loc" xlink:to="rj_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsMember" xlink:label="rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_307_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsMember_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentInterestRateMember" xlink:label="rj_LiabilitiesNoncurrentInterestRateMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_403_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentInterestRateMember_loc" xlink:to="rj_RJ_2026-01-01_254_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ListedMember" xlink:label="rj_ListedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ListedMember_loc" xlink:to="rj_BJB_2012-01-01_3_3_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ListedMember_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementAndAccountingCostsMember" xlink:label="rj_ManagementAndAccountingCostsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementAndAccountingCostsMember_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpensesMember" xlink:label="rj_ManagementExpensesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpensesMember_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MarketingCostsMember" xlink:label="rj_MarketingCostsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MarketingCostsMember_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillMember" xlink:label="rj_NegativeGoodwillMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_235_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_235_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>235</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillMember_loc" xlink:to="rj_RJ_2026-01-01_216_235_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_406_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillMember_loc" xlink:to="rj_RJ_2026-01-01_216_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NoPriceQuotationInActiveMarketMember" xlink:label="rj_NoPriceQuotationInActiveMarketMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoPriceQuotationInActiveMarketMember_loc" xlink:to="rj_RJ_2026-01-01_240_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NonEERStudentsFinanciallySupportedByStudentFinancialSupportFundMember" xlink:label="rj_NonEERStudentsFinanciallySupportedByStudentFinancialSupportFundMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_517_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_517_C_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>517</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NonEERStudentsFinanciallySupportedByStudentFinancialSupportFundMember_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NonExecutiveManagingDirectorMember" xlink:label="rj_NonExecutiveManagingDirectorMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NonExecutiveManagingDirectorMember_loc" xlink:to="rj_RJ_2026-01-01_271_605a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NotDueInNextFinancialYearMember" xlink:label="rj_NotDueInNextFinancialYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NotDueInNextFinancialYearMember_loc" xlink:to="rj_BJB_2012-01-01_3_3_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NotDueInNextFinancialYearMember_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NotListedMember" xlink:label="rj_NotListedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NotListedMember_loc" xlink:to="rj_BJB_2012-01-01_3_3_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NotListedMember_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ObligationsOnBehalfOfParticipantsMember" xlink:label="rj_ObligationsOnBehalfOfParticipantsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ObligationsOnBehalfOfParticipantsMember_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OldAgeObligationMember" xlink:label="rj_OldAgeObligationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OldAgeObligationMember_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OptionsMember" xlink:label="rj_OptionsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OptionsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherContractsMember" xlink:label="rj_OtherContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherContractsOtherMember" xlink:label="rj_OtherContractsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherContractsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherDerivativeFinancialInstrumentsContractsMember" xlink:label="rj_OtherDerivativeFinancialInstrumentsContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherDerivativeFinancialInstrumentsContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherFinancialInvestmentsOtherMember" xlink:label="rj_OtherFinancialInvestmentsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherFinancialInvestmentsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherFiscalReservesMember" xlink:label="rj_OtherFiscalReservesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_D3.2_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_D3.2_304_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherFiscalReservesMember_loc" xlink:to="rj_RJk_2026-01-01_D3.2_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherIssuersMember" xlink:label="rj_OtherIssuersMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherIssuersMember_loc" xlink:to="rj_BJB_2012-01-01_3_3_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherIssuersMember_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherLiabilitiesOnBehalfOfParticipantsMember" xlink:label="rj_OtherLiabilitiesOnBehalfOfParticipantsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherLiabilitiesOnBehalfOfParticipantsMember_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherParticipantsMember" xlink:label="rj_OtherParticipantsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherParticipantsMember_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterContractsOtherMember" xlink:label="rj_OverTheCounterContractsOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterContractsOtherMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterForwardsRelatingToForeignExchangeContractsMember" xlink:label="rj_OverTheCounterForwardsRelatingToForeignExchangeContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterForwardsRelatingToForeignExchangeContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterForwardsRelatingToInterestRateContractsMember" xlink:label="rj_OverTheCounterForwardsRelatingToInterestRateContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterForwardsRelatingToInterestRateContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterOptionsRelatingToForeignExchangeContractsMember" xlink:label="rj_OverTheCounterOptionsRelatingToForeignExchangeContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterOptionsRelatingToForeignExchangeContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterOptionsRelatingToInterestRateContractsMember" xlink:label="rj_OverTheCounterOptionsRelatingToInterestRateContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterOptionsRelatingToInterestRateContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterOtherContractsRelatingToForeignExchangeContractsMember" xlink:label="rj_OverTheCounterOtherContractsRelatingToForeignExchangeContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterOtherContractsRelatingToForeignExchangeContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterOtherContractsRelatingToInterestRateContractsMember" xlink:label="rj_OverTheCounterOtherContractsRelatingToInterestRateContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterOtherContractsRelatingToInterestRateContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterSwapsRelatingToForeignExchangeContractsMember" xlink:label="rj_OverTheCounterSwapsRelatingToForeignExchangeContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterSwapsRelatingToForeignExchangeContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterSwapsRelatingToInterestRateContractsMember" xlink:label="rj_OverTheCounterSwapsRelatingToInterestRateContractsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterSwapsRelatingToInterestRateContractsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverTheCounterTradingMember" xlink:label="rj_OverTheCounterTradingMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverTheCounterTradingMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParkingFacilitiesInExploitationMember" xlink:label="rj_ParkingFacilitiesInExploitationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParkingFacilitiesInExploitationMember_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipantsMember" xlink:label="rj_ParticipantsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipantsMember_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationsClassifiedAsEquityMember" xlink:label="rj_ParticipationsClassifiedAsEquityMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_620_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_620_205_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsEquityMember_loc" xlink:to="rj_RJ_2026-01-01_620_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationsClassifiedAsLiabilitiesMember" xlink:label="rj_ParticipationsClassifiedAsLiabilitiesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_620_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_620_206_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsLiabilitiesMember_loc" xlink:to="rj_RJ_2026-01-01_620_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PatentsTrademarksOtherRightsInternallyGeneratedMember" xlink:label="rj_PatentsTrademarksOtherRightsInternallyGeneratedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PatentsTrademarksOtherRightsInternallyGeneratedMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PatentsTrademarksOtherRightsNotInternallyGeneratedMember" xlink:label="rj_PatentsTrademarksOtherRightsNotInternallyGeneratedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PatentsTrademarksOtherRightsNotInternallyGeneratedMember_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionInvestmentsMember" xlink:label="rj_PensionInvestmentsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionInvestmentsMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionersMember" xlink:label="rj_PensionersMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionersMember_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonnelMember" xlink:label="rj_PersonnelMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_238_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_238_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>238</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonnelMember_loc" xlink:to="rj_RJ_2026-01-01_240_238_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PreferredDividendDeductedFromResultForTheYearMember" xlink:label="rj_PreferredDividendDeductedFromResultForTheYearMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_160_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_160_209_ref">
      <ref:Chapter>160</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PreferredDividendDeductedFromResultForTheYearMember_loc" xlink:to="rj_RJ_2026-01-01_160_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PrimaryEducationMember" xlink:label="rj_PrimaryEducationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PrimaryEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PrimaryEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentOtherMember" xlink:label="rj_PropertyPlantEquipmentOtherMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentOtherMember_loc" xlink:to="rj_RJ_2026-01-01_600_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionDisabilityRisksMember" xlink:label="rj_ProvisionDisabilityRisksMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_205_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisabilityRisksMember_loc" xlink:to="rj_RJ_2026-01-01_271_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionDisposalObligationMember" xlink:label="rj_ProvisionDisposalObligationMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_127_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_127_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>127</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligationMember_loc" xlink:to="rj_RJk_2026-01-01_B10_127_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_503_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligationMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionEmployeeBenefitsMember" xlink:label="rj_ProvisionEmployeeBenefitsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_105_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEmployeeBenefitsMember_loc" xlink:to="rj_RJ_2026-01-01_271_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionEnvironmentalMember" xlink:label="rj_ProvisionEnvironmentalMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_117_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_117_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>117</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmentalMember_loc" xlink:to="rj_RJk_2026-01-01_B10_117_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmentalMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionInsuranceDisabilityRisksMember" xlink:label="rj_ProvisionInsuranceDisabilityRisksMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_214_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceDisabilityRisksMember_loc" xlink:to="rj_RJ_2026-01-01_271_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionInsuranceIllnessDisabilityMember" xlink:label="rj_ProvisionInsuranceIllnessDisabilityMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceIllnessDisabilityMember_loc" xlink:to="rj_RJ_2026-01-01_271_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionJubileeBenefitsMember" xlink:label="rj_ProvisionJubileeBenefitsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionJubileeBenefitsMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionLegalProceedingsMember" xlink:label="rj_ProvisionLegalProceedingsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_116_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_116_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>116</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedingsMember_loc" xlink:to="rj_RJk_2026-01-01_B10_116_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedingsMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionMajorMaintenanceMember" xlink:label="rj_ProvisionMajorMaintenanceMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenanceMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenanceMember_loc" xlink:to="rj_RJ_2026-01-01_212_709_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenanceMember_loc" xlink:to="rj_RJk_2026-01-01_B2_122_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOnBehalfOfParticipantsMember" xlink:label="rj_ProvisionOnBehalfOfParticipantsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnBehalfOfParticipantsMember_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOnerousContractsMember" xlink:label="rj_ProvisionOnerousContractsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_111_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_111_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>111</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContractsMember_loc" xlink:to="rj_RJk_2026-01-01_B10_111_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContractsMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionParticipatingInterestsMember" xlink:label="rj_ProvisionParticipatingInterestsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_125_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_125_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>125</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterestsMember_loc" xlink:to="rj_RJk_2026-01-01_B10_125_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterestsMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRepairCostsMember" xlink:label="rj_ProvisionRepairCostsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCostsMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCostsMember_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRestructuringMember" xlink:label="rj_ProvisionRestructuringMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_118_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_118_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>118</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuringMember_loc" xlink:to="rj_RJk_2026-01-01_B10_118_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuringMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionShareBasedPaymentsMember" xlink:label="rj_ProvisionShareBasedPaymentsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_275_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_275_503_ref">
      <ref:Chapter>275</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionShareBasedPaymentsMember_loc" xlink:to="rj_RJ_2026-01-01_275_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionWarrantyMember" xlink:label="rj_ProvisionWarrantyMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_115_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_115_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>115</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarrantyMember_loc" xlink:to="rj_RJk_2026-01-01_B10_115_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarrantyMember_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsMaturityExceedingFiveYearsMember" xlink:label="rj_ProvisionsMaturityExceedingFiveYearsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_507_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_507_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>507</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsMaturityExceedingFiveYearsMember_loc" xlink:to="rj_RJ_2026-01-01_252_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsMaturityWithinOneYearMember" xlink:label="rj_ProvisionsMaturityWithinOneYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsMaturityWithinOneYearMember_loc" xlink:to="rj_RJ_2026-01-01_252_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PublicBodiesMember" xlink:label="rj_PublicBodiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PublicBodiesMember_loc" xlink:to="rj_BJB_2012-01-01_3_3_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PublicBodiesMember_loc" xlink:to="rj_RJ_2026-01-01_600_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInDevelopmentMember" xlink:label="rj_RealEstateInDevelopmentMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInDevelopmentMember_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationMember" xlink:label="rj_RealEstateInExploitationMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_302_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationMember_loc" xlink:to="rj_RJ_2026-01-01_645_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesForMortgageLoansMember" xlink:label="rj_ReceivablesForMortgageLoansMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesForMortgageLoansMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksMember" xlink:label="rj_ReceivablesFromBanksMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksMember_loc" xlink:to="rj_RJ_2026-01-01_600_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersMember" xlink:label="rj_ReceivablesFromCustomersMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersMember_loc" xlink:to="rj_RJ_2026-01-01_600_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromOtherLoansMember" xlink:label="rj_ReceivablesFromOtherLoansMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromOtherLoansMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RecognisedDirectlyThroughEquityFinancialInstrumentsMember" xlink:label="rj_RecognisedDirectlyThroughEquityFinancialInstrumentsMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_413_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_413_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>413</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RecognisedDirectlyThroughEquityFinancialInstrumentsMember_loc" xlink:to="rj_RJ_2026-01-01_252_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RecognisedDirectlyThroughEquityMember" xlink:label="rj_RecognisedDirectlyThroughEquityMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RecognisedDirectlyThroughEquityMember_loc" xlink:to="rj_RJ_2026-01-01_240_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RecognisedDirectlyThroughEquityNonFinancialInstrumentsMember" xlink:label="rj_RecognisedDirectlyThroughEquityNonFinancialInstrumentsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RecognisedDirectlyThroughEquityNonFinancialInstrumentsMember_loc" xlink:to="rj_RJ_2026-01-01_252_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReserveDiscretionaryProfitSharingMember" xlink:label="rj_ReserveDiscretionaryProfitSharingMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_405_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReserveDiscretionaryProfitSharingMember_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsMember" xlink:label="rj_ReservesAndFundsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsMember_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsMember_loc" xlink:to="rj_RJ_2026-01-01_650_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesMember" xlink:label="rj_ReservesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesMember_loc" xlink:to="rj_RJ_2026-01-01_650_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ScientificEducationMember" xlink:label="rj_ScientificEducationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ScientificEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ScientificEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecondaryEducationMember" xlink:label="rj_SecondaryEducationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecondaryEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecondaryEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementOlderYearsMember" xlink:label="rj_SettlementOlderYearsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementOlderYearsMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearEightMember" xlink:label="rj_SettlementYearEightMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearEightMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearFiveMember" xlink:label="rj_SettlementYearFiveMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearFiveMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearFourMember" xlink:label="rj_SettlementYearFourMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearFourMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearNineMember" xlink:label="rj_SettlementYearNineMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearNineMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearOneMember" xlink:label="rj_SettlementYearOneMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearOneMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearSevenMember" xlink:label="rj_SettlementYearSevenMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearSevenMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearSixMember" xlink:label="rj_SettlementYearSixMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearSixMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearThreeMember" xlink:label="rj_SettlementYearThreeMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearThreeMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementYearTwoMember" xlink:label="rj_SettlementYearTwoMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementYearTwoMember_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesSecuritiesWithParticipatingRightsAndOtherVariableYieldSecuritiesMember" xlink:label="rj_SharesSecuritiesWithParticipatingRightsAndOtherVariableYieldSecuritiesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesSecuritiesWithParticipatingRightsAndOtherVariableYieldSecuritiesMember_loc" xlink:to="rj_RJ_2026-01-01_605_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StudentsActAsBoardMembersFinanciallySupportedByStudentFinancialSupportFundMember" xlink:label="rj_StudentsActAsBoardMembersFinanciallySupportedByStudentFinancialSupportFundMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StudentsActAsBoardMembersFinanciallySupportedByStudentFinancialSupportFundMember_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StudentsExceptionalPerformanceSportOrCultureFinanciallySupportedByStudentFinancialSupportFundMember" xlink:label="rj_StudentsExceptionalPerformanceSportOrCultureFinanciallySupportedByStudentFinancialSupportFundMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StudentsExceptionalPerformanceSportOrCultureFinanciallySupportedByStudentFinancialSupportFundMember_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StudentsFinanciallySupportedByStudentFinancialSupportFundMember" xlink:label="rj_StudentsFinanciallySupportedByStudentFinancialSupportFundMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StudentsFinanciallySupportedByStudentFinancialSupportFundMember_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StudentsForceMajeureSituationsFinanciallySupportedByStudentFinancialSupportFundMember" xlink:label="rj_StudentsForceMajeureSituationsFinanciallySupportedByStudentFinancialSupportFundMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StudentsForceMajeureSituationsFinanciallySupportedByStudentFinancialSupportFundMember_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StudentsOtherFinanciallySupportedByStudentFinancialSupportFundMember" xlink:label="rj_StudentsOtherFinanciallySupportedByStudentFinancialSupportFundMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StudentsOtherFinanciallySupportedByStudentFinancialSupportFundMember_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StudentsOutgoingScholarshipsFinanciallySupportedByStudentFinancialSupportFundMember" xlink:label="rj_StudentsOutgoingScholarshipsFinanciallySupportedByStudentFinancialSupportFundMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StudentsOutgoingScholarshipsFinanciallySupportedByStudentFinancialSupportFundMember_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeAnySurplusAddedToLumpSumMember" xlink:label="rj_SubsidyIncomeAnySurplusAddedToLumpSumMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAnySurplusAddedToLumpSumMember_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeContinuingIntoNextYearMember" xlink:label="rj_SubsidyIncomeContinuingIntoNextYearMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeContinuingIntoNextYearMember_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeToBeSpendOnIntendedPurposeIncludingSettlementOfAnySurplusMember" xlink:label="rj_SubsidyIncomeToBeSpendOnIntendedPurposeIncludingSettlementOfAnySurplusMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeToBeSpendOnIntendedPurposeIncludingSettlementOfAnySurplusMember_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SupervisionExpensesMember" xlink:label="rj_SupervisionExpensesMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisionExpensesMember_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SwapsMember" xlink:label="rj_SwapsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SwapsMember_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxPayablesNoncurrentMember" xlink:label="rj_TaxPayablesNoncurrentMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_300_103_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_300_103_D_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxPayablesNoncurrentMember_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxReceivablesMember" xlink:label="rj_TaxReceivablesMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_300_103d_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_300_103d_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103d</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxReceivablesMember_loc" xlink:to="rj_RJ_2026-01-01_300_103d_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionDiscretionaryProfitSharingObligationsMember" xlink:label="rj_TechnicalProvisionDiscretionaryProfitSharingObligationsMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionDiscretionaryProfitSharingObligationsMember_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_VocationalAdultEducationMember" xlink:label="rj_VocationalAdultEducationMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_VocationalAdultEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_VocationalAdultEducationMember_loc" xlink:to="rj_RJ_2026-01-01_660_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ALMPolicyDescription" xlink:label="rj_ALMPolicyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_705_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_705_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ALMPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_605_705_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_403_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ALMPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccommodationCostsDisclosure" xlink:label="rj_AccommodationCostsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccommodationCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccommodationCostsPolicy" xlink:label="rj_AccommodationCostsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_120_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_120_401_ref">
      <ref:Chapter>120</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccommodationCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_300_103_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_300_103_A_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccommodationCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccommodationCosts" xlink:label="rj_AccommodationCosts_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_503_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccommodationCosts_loc" xlink:to="rj_RJ_2026-01-01_270_503_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_306_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccommodationCosts_loc" xlink:to="rj_RJ_2026-01-01_615_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccommodationCosts_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccommodationCosts_loc" xlink:to="rj_RJ_2026-01-01_660_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_512_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_512_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>512</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccommodationCosts_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccountabilityBodyCompositionDescription" xlink:label="rj_AccountabilityBodyCompositionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_504_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountabilityBodyCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccountabilityBodyOpinionActionsPoliciesFuturePolicyChoicesManagementDescription" xlink:label="rj_AccountabilityBodyOpinionActionsPoliciesFuturePolicyChoicesManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountabilityBodyOpinionActionsPoliciesFuturePolicyChoicesManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccountabilityBodyOpinionResponseManagementDescription" xlink:label="rj_AccountabilityBodyOpinionResponseManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountabilityBodyOpinionResponseManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccountabilityExercisedSupervisionDescription" xlink:label="rj_AccountabilityExercisedSupervisionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105h_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105h_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105h</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountabilityExercisedSupervisionDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105h_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccountabilitySupervisionNonExecutiveManagementDirectorsDescription" xlink:label="rj_AccountabilitySupervisionNonExecutiveManagementDirectorsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_NCGC_2022_PEBPB_2.4.4_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_NCGC_2022_PEBPB_2.4.4_ref">
      <ref:Chapter>Principes en best practice bepalingen</ref:Chapter>
      <ref:IssueDate>2022</ref:IssueDate>
      <ref:Name>Nederlandse Corporate Governance Code</ref:Name>
      <ref:Paragraph>2.4.4</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountabilitySupervisionNonExecutiveManagementDirectorsDescription_loc" xlink:to="rj_NCGC_2022_PEBPB_2.4.4_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountabilitySupervisionNonExecutiveManagementDirectorsDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_106_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountabilitySupervisionNonExecutiveManagementDirectorsDescription_loc" xlink:to="rj_RJ_2026-01-01_405_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccountingStandardsAppliedEarlierDescription" xlink:label="rj_AccountingStandardsAppliedEarlierDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_100_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_100_206_ref">
      <ref:Chapter>100</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountingStandardsAppliedEarlierDescription_loc" xlink:to="rj_RJ_2026-01-01_100_206_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A1_107_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A1_107_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>107</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccountingStandardsAppliedEarlierDescription_loc" xlink:to="rj_RJk_2026-01-01_A1_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AccruedInterestRateRebate" xlink:label="rj_AccruedInterestRateRebate_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_541_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_541_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>541</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AccruedInterestRateRebate_loc" xlink:to="rj_RJ_2026-01-01_605_541_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AcquiredIntrestOwnAccount" xlink:label="rj_AcquiredIntrestOwnAccount_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_4_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_4_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>4</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AcquiredIntrestOwnAccount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AcquisitionCostsPaid" xlink:label="rj_AcquisitionCostsPaid_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_803_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_803_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AcquisitionCostsPaid_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AcquisitionEstimateFairValueIdentifiableAssetsLiabilitiesDescription" xlink:label="rj_AcquisitionEstimateFairValueIdentifiableAssetsLiabilitiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_408_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AcquisitionEstimateFairValueIdentifiableAssetsLiabilitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_216_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AcquisitionPurchasePriceDescription" xlink:label="rj_AcquisitionPurchasePriceDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_402_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AcquisitionPurchasePriceDescription_loc" xlink:to="rj_RJ_2026-01-01_216_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AcquisitionPurchasePrice" xlink:label="rj_AcquisitionPurchasePrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AcquisitionPurchasePrice_loc" xlink:to="rj_RJ_2026-01-01_216_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActivatedAcquisitionCost" xlink:label="rj_ActivatedAcquisitionCost_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActivatedAcquisitionCost_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActivitiesEcologicalSustainabilityDescription" xlink:label="rj_ActivitiesEcologicalSustainabilityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_3015_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_3015_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>3015</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActivitiesEcologicalSustainabilityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActivitiesFinancialPositionDisclosure" xlink:label="rj_ActivitiesFinancialPositionDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_409_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActivitiesFinancialPositionDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActivitiesPerformedByVolunteersDisclosure" xlink:label="rj_ActivitiesPerformedByVolunteersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActivitiesPerformedByVolunteersDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActivitiesPerformedByVolunteersImportanceDescription" xlink:label="rj_ActivitiesPerformedByVolunteersImportanceDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_404_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActivitiesPerformedByVolunteersImportanceDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActualCostPriceDeterminationIntangibleAssetsDescription" xlink:label="rj_ActualCostPriceDeterminationIntangibleAssetsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActualCostPriceDeterminationIntangibleAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActualCoverageRatioDescription" xlink:label="rj_ActualCoverageRatioDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActualCoverageRatioDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActuarialReportSummary" xlink:label="rj_ActuarialReportSummary_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_503_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActuarialReportSummary_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ActuarialResultsAmount" xlink:label="rj_ActuarialResultsAmount_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_267_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_267_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>267</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ActuarialResultsAmount_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AddingInterestProvision" xlink:label="rj_AddingInterestProvision_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AddingInterestProvision_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionalCostsFinancing" xlink:label="rj_AdditionalCostsFinancing_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_273_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_273_104_ref">
      <ref:Chapter>273</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionalCostsFinancing_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_273_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_273_201_ref">
      <ref:Chapter>273</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionalCostsFinancing_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionalInformationCategoricalCostTypes" xlink:label="rj_AdditionalInformationCategoricalCostTypes_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_504_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionalInformationCategoricalCostTypes_loc" xlink:to="rj_RJ_2026-01-01_270_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionalInformationDeviationRegulationsBasedSpecificLawsRegulationsSubsidyRegulationsDisclosure" xlink:label="rj_AdditionalInformationDeviationRegulationsBasedSpecificLawsRegulationsSubsidyRegulationsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_104_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionalInformationDeviationRegulationsBasedSpecificLawsRegulationsSubsidyRegulationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionalInformationToArticle395aDisclosure" xlink:label="rj_AdditionalInformationToArticle395aDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_M1_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_M1_202_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionalInformationToArticle395aDisclosure_loc" xlink:to="rj_RJk_2026-01-01_M1_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_M2_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_M2_401_ref">
      <ref:Chapter>M2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionalInformationToArticle395aDisclosure_loc" xlink:to="rj_RJk_2026-01-01_M2_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionalProvisionForLifeInsuranceBasedOnAdequacyTest" xlink:label="rj_AdditionalProvisionForLifeInsuranceBasedOnAdequacyTest_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_514_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_514_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>514</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionalProvisionForLifeInsuranceBasedOnAdequacyTest_loc" xlink:to="rj_RJ_2026-01-01_605_514_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionalProvisionForLifeInsuranceBasedOnAdequacyTest_loc" xlink:to="rj_RJ_2026-01-01_605_541_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionsAcquisitionsClassifiedAsInvestingActivities" xlink:label="rj_AdditionsAcquisitionsClassifiedAsInvestingActivities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_119_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_119_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>119</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionsAcquisitionsClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionsAcquisitionsClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionsProvisionsDisclosure" xlink:label="rj_AdditionsProvisionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionsProvisionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionsProvisionsPolicy" xlink:label="rj_AdditionsProvisionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionsProvisionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionsProvisionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdditionsProvisions" xlink:label="rj_AdditionsProvisions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_402a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_402a_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdditionsProvisions_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdjustedEquityAfterRecalculation" xlink:label="rj_AdjustedEquityAfterRecalculation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_140_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_140_208_ref">
      <ref:Chapter>140</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustedEquityAfterRecalculation_loc" xlink:to="rj_RJ_2026-01-01_140_208_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_401_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustedEquityAfterRecalculation_loc" xlink:to="rj_RJ_2026-01-01_240_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdjustedRevaluationReserveAfterRecalculationChangeAccountingPolicies" xlink:label="rj_AdjustedRevaluationReserveAfterRecalculationChangeAccountingPolicies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustedRevaluationReserveAfterRecalculationChangeAccountingPolicies_loc" xlink:to="rj_RJ_2026-01-01_240_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_407_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustedRevaluationReserveAfterRecalculationChangeAccountingPolicies_loc" xlink:to="rj_RJ_2026-01-01_240_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdjustmentToPoliciesImpossibilityDescription" xlink:label="rj_AdjustmentToPoliciesImpossibilityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_405_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentToPoliciesImpossibilityDescription_loc" xlink:to="rj_RJ_2026-01-01_214_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdjustmentsDepreciationAndAmortisationExpense" xlink:label="rj_AdjustmentsDepreciationAndAmortisationExpense_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_202_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsDepreciationAndAmortisationExpense_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_212_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_212_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsDepreciationAndAmortisationExpense_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsDepreciationAndAmortisationExpense_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_504_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsDepreciationAndAmortisationExpense_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdjustmentsImpairmentLossReversalImpairmentLossRecognisedInProfitLoss" xlink:label="rj_AdjustmentsImpairmentLossReversalImpairmentLossRecognisedInProfitLoss_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsImpairmentLossReversalImpairmentLossRecognisedInProfitLoss_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsImpairmentLossReversalImpairmentLossRecognisedInProfitLoss_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsImpairmentLossReversalImpairmentLossRecognisedInProfitLoss_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsImpairmentLossReversalImpairmentLossRecognisedInProfitLoss_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdjustmentsReconcileNetResult" xlink:label="rj_AdjustmentsReconcileNetResult_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsReconcileNetResult_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdjustmentsReconcileOperatingResult" xlink:label="rj_AdjustmentsReconcileOperatingResult_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsReconcileOperatingResult_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsReconcileOperatingResult_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsReconcileOperatingResult_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AdjustmentsRecycleItems" xlink:label="rj_AdjustmentsRecycleItems_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_265_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_265_205_ref">
      <ref:Chapter>265</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AdjustmentsRecycleItems_loc" xlink:to="rj_RJ_2026-01-01_265_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AffairsImpactStaffingDescription" xlink:label="rj_AffairsImpactStaffingDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_514_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_514_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>514</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AffairsImpactStaffingDescription_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AggregationAndDeterminationCashflowGeneratingUnitDescription" xlink:label="rj_AggregationAndDeterminationCashflowGeneratingUnitDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_805_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_805_D_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AggregationAndDeterminationCashflowGeneratingUnitDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AgreementBetweenPensionFundEmployersRelatingToFinancingImplementationDescription" xlink:label="rj_AgreementBetweenPensionFundEmployersRelatingToFinancingImplementationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AgreementBetweenPensionFundEmployersRelatingToFinancingImplementationDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AgreementsWithClientsConcerningFinancingAndExecutionInformationPremiumPensionInstitutions" xlink:label="rj_AgreementsWithClientsConcerningFinancingAndExecutionInformationPremiumPensionInstitutions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_403_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AgreementsWithClientsConcerningFinancingAndExecutionInformationPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AgriculturalInventoriesCurrentValueImpairmentThroughRevaluationReserve" xlink:label="rj_AgriculturalInventoriesCurrentValueImpairmentThroughRevaluationReserve_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_603_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_603_B_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AgriculturalInventoriesCurrentValueImpairmentThroughRevaluationReserve_loc" xlink:to="rj_RJ_2026-01-01_220_603_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AgriculturalInventoriesCurrentValuePolicy" xlink:label="rj_AgriculturalInventoriesCurrentValuePolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_603_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_603_A_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AgriculturalInventoriesCurrentValuePolicy_loc" xlink:to="rj_RJ_2026-01-01_220_603_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AgriculturalInventoriesCurrentValueRevaluation" xlink:label="rj_AgriculturalInventoriesCurrentValueRevaluation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AgriculturalInventoriesCurrentValueRevaluation_loc" xlink:to="rj_RJ_2026-01-01_220_603_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AgriculturalInventoriesCurrentValueRevaluationsDisclosure" xlink:label="rj_AgriculturalInventoriesCurrentValueRevaluationsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_603_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_603_C_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AgriculturalInventoriesCurrentValueRevaluationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_220_603_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_603_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_603_D_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AgriculturalInventoriesCurrentValueRevaluationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_220_603_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AgriculturalInventoriesCurrentValue" xlink:label="rj_AgriculturalInventoriesCurrentValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_603_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_603_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AgriculturalInventoriesCurrentValue_loc" xlink:to="rj_RJ_2026-01-01_220_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AllAspectsOfTransactionsNotConsideredLeaseInTermsOfEconomicRealityDisclosure" xlink:label="rj_AllAspectsOfTransactionsNotConsideredLeaseInTermsOfEconomicRealityDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_509_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_509_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AllAspectsOfTransactionsNotConsideredLeaseInTermsOfEconomicRealityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_292_509_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AllocationRemunerationToIndividualInvestmentFirmsDescription" xlink:label="rj_AllocationRemunerationToIndividualInvestmentFirmsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_507_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_507_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>507</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AllocationRemunerationToIndividualInvestmentFirmsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AllocationRolesResponsiblitiesSupervisoryBoardDescription" xlink:label="rj_AllocationRolesResponsiblitiesSupervisoryBoardDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AllocationRolesResponsiblitiesSupervisoryBoardDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105h_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AllowancesPaidToAttractParticipantsDisclosure" xlink:label="rj_AllowancesPaidToAttractParticipantsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_421_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_421_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>421</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AllowancesPaidToAttractParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_421_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AllowancesPaidToAttractParticipantsPolicy" xlink:label="rj_AllowancesPaidToAttractParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AllowancesPaidToAttractParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_615_421_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AllowancesPaidToAttractParticipants" xlink:label="rj_AllowancesPaidToAttractParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AllowancesPaidToAttractParticipants_loc" xlink:to="rj_RJ_2026-01-01_615_421_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AlternativeInvestmentsRiskPolicyDescription" xlink:label="rj_AlternativeInvestmentsRiskPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AlternativeInvestmentsRiskPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AlternativeMethodIncomeExpenseDescription" xlink:label="rj_AlternativeMethodIncomeExpenseDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_703_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_703_G_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AlternativeMethodIncomeExpenseDescription_loc" xlink:to="rj_RJ_2026-01-01_212_703_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmortisationAcquisitionCosts" xlink:label="rj_AmortisationAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmortisationAcquisitionCosts_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmortisationInterestRatesDiscounts" xlink:label="rj_AmortisationInterestRatesDiscounts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmortisationInterestRatesDiscounts_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmortisationSharePremiumDiscounts" xlink:label="rj_AmortisationSharePremiumDiscounts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmortisationSharePremiumDiscounts_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmortisationSharePremiumDiscounts_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountAcquisitionCosts" xlink:label="rj_AmountAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountAcquisitionCosts_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountChangeValueAgriculturalStocksAtCurrentValueProfitLossAccount" xlink:label="rj_AmountChangeValueAgriculturalStocksAtCurrentValueProfitLossAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountChangeValueAgriculturalStocksAtCurrentValueProfitLossAccount_loc" xlink:to="rj_RJ_2026-01-01_220_603_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountConditionalLeasePaymentsLessor" xlink:label="rj_AmountConditionalLeasePaymentsLessor_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_319_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_319_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>319</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountConditionalLeasePaymentsLessor_loc" xlink:to="rj_RJ_2026-01-01_292_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountDeferredIncomeTaxBalanceDeductibleDifferences" xlink:label="rj_AmountDeferredIncomeTaxBalanceDeductibleDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountDeferredIncomeTaxBalanceDeductibleDifferences_loc" xlink:to="rj_RJ_2026-01-01_272_711_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountDeferredIncomeTaxBalanceLossCompensation" xlink:label="rj_AmountDeferredIncomeTaxBalanceLossCompensation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountDeferredIncomeTaxBalanceLossCompensation_loc" xlink:to="rj_RJ_2026-01-01_272_711_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountDeferredIncomeTaxBalanceTemporaryDifferences" xlink:label="rj_AmountDeferredIncomeTaxBalanceTemporaryDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountDeferredIncomeTaxBalanceTemporaryDifferences_loc" xlink:to="rj_RJ_2026-01-01_272_711_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountDeferredIncomeTaxProfitLossAccountDeductibleDifferences" xlink:label="rj_AmountDeferredIncomeTaxProfitLossAccountDeductibleDifferences_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_711_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_711_B_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>711</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountDeferredIncomeTaxProfitLossAccountDeductibleDifferences_loc" xlink:to="rj_RJ_2026-01-01_272_711_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountDeferredIncomeTaxProfitLossAccountLossCompensation" xlink:label="rj_AmountDeferredIncomeTaxProfitLossAccountLossCompensation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountDeferredIncomeTaxProfitLossAccountLossCompensation_loc" xlink:to="rj_RJ_2026-01-01_272_711_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountDeferredIncomeTaxProfitLossAccountTemporaryDifferences" xlink:label="rj_AmountDeferredIncomeTaxProfitLossAccountTemporaryDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountDeferredIncomeTaxProfitLossAccountTemporaryDifferences_loc" xlink:to="rj_RJ_2026-01-01_272_711_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountInterestRateDiscount" xlink:label="rj_AmountInterestRateDiscount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountInterestRateDiscount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountNextExpiredRepaymentsDescription" xlink:label="rj_AmountNextExpiredRepaymentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_308_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountNextExpiredRepaymentsDescription_loc" xlink:to="rj_RJ_2026-01-01_254_308_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountOfOverdueDividentPreferentialSharesDescription" xlink:label="rj_AmountOfOverdueDividentPreferentialSharesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_605_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_605_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>605</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountOfOverdueDividentPreferentialSharesDescription_loc" xlink:to="rj_RJ_2026-01-01_240_605_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountPerShareAvailableForDistributionExceededByFiscalDistributionObligationDisclosure" xlink:label="rj_AmountPerShareAvailableForDistributionExceededByFiscalDistributionObligationDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_425_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_425_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>425</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountPerShareAvailableForDistributionExceededByFiscalDistributionObligationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_425_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountRecognizedIncomeDescription" xlink:label="rj_AmountRecognizedIncomeDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_509_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_509_B_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountRecognizedIncomeDescription_loc" xlink:to="rj_RJ_2026-01-01_292_509_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountsOfAssetsLiabilitiesIntroducedEachPartiesOnMergerDateDescription" xlink:label="rj_AmountsOfAssetsLiabilitiesIntroducedEachPartiesOnMergerDateDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_409_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountsOfAssetsLiabilitiesIntroducedEachPartiesOnMergerDateDescription_loc" xlink:to="rj_RJ_2026-01-01_216_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AmountsOwedByBrokers" xlink:label="rj_AmountsOwedByBrokers_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_302a_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_302a_A_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302a</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AmountsOwedByBrokers_loc" xlink:to="rj_RJ_2026-01-01_615_302a_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AnalysisBalanceIncomeAndExpenses" xlink:label="rj_AnalysisBalanceIncomeAndExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnalysisBalanceIncomeAndExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AnalysisDifferencesActualCurrentAndPreviousFinancialReportingPeriodDisclosure" xlink:label="rj_AnalysisDifferencesActualCurrentAndPreviousFinancialReportingPeriodDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_309_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnalysisDifferencesActualCurrentAndPreviousFinancialReportingPeriodDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AnalysisDifferencesBudgettedActualDisclosure" xlink:label="rj_AnalysisDifferencesBudgettedActualDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_402_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnalysisDifferencesBudgettedActualDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnalysisDifferencesBudgettedActualDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnalysisDifferencesBudgettedActualDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnalysisDifferencesBudgettedActualDisclosure_loc" xlink:to="rj_RJk_2026-01-01_C1_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AnalysisOfCashflowsAndFinancingNeedsDisclosure" xlink:label="rj_AnalysisOfCashflowsAndFinancingNeedsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1041_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1041_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1041</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnalysisOfCashflowsAndFinancingNeedsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_400_1041_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AnalysisOfMainRisksAndUncertaintiesDisclosure" xlink:label="rj_AnalysisOfMainRisksAndUncertaintiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnalysisOfMainRisksAndUncertaintiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_400_1041_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AnnualTrackingDifferenceDescription" xlink:label="rj_AnnualTrackingDifferenceDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_504_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnnualTrackingDifferenceDescription_loc" xlink:to="rj_RJ_2026-01-01_615_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AnnualisedCurrentExpensesFactorDisclosure" xlink:label="rj_AnnualisedCurrentExpensesFactorDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AnnualisedCurrentExpensesFactorDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ApplicableFundingPositionOfPensionProvider" xlink:label="rj_ApplicableFundingPositionOfPensionProvider_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_324_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_324_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>324</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ApplicableFundingPositionOfPensionProvider_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ApplicableOrEstimatedFundingPositionOfPensionProviderDescription" xlink:label="rj_ApplicableOrEstimatedFundingPositionOfPensionProviderDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ApplicableOrEstimatedFundingPositionOfPensionProviderDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ApplicationAndComplianceWithCodesOfConduct" xlink:label="rj_ApplicationAndComplianceWithCodesOfConduct_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_108_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 08</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ApplicationAndComplianceWithCodesOfConduct_loc" xlink:to="rj_RJ_2026-01-01_400_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ApplicationFullVersionAboutNatureDescription" xlink:label="rj_ApplicationFullVersionAboutNatureDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_302_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_302_D_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ApplicationFullVersionAboutNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ApplicationFullVersionAboutScopeDescription" xlink:label="rj_ApplicationFullVersionAboutScopeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ApplicationFullVersionAboutScopeDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ApplicationFullVersionAboutSizeDescription" xlink:label="rj_ApplicationFullVersionAboutSizeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ApplicationFullVersionAboutSizeDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AppointmentAdministratorDuringPeriodDescription" xlink:label="rj_AppointmentAdministratorDuringPeriodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AppointmentAdministratorDuringPeriodDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AppointmentMethodManagementDescription" xlink:label="rj_AppointmentMethodManagementDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_406_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AppointmentMethodManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AppointmentMethodSupervisoryBodyDescription" xlink:label="rj_AppointmentMethodSupervisoryBodyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AppointmentMethodSupervisoryBodyDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetConcernedRestrictionDescription" xlink:label="rj_AssetConcernedRestrictionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_509_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_509_A_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetConcernedRestrictionDescription_loc" xlink:to="rj_RJ_2026-01-01_292_509_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesAsPercentageOfAverageInvestedAssets" xlink:label="rj_AssetManagementExpensesAsPercentageOfAverageInvestedAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesAsPercentageOfAverageInvestedAssets_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesDescription" xlink:label="rj_AssetManagementExpensesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesDisclosure" xlink:label="rj_AssetManagementExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_317_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_317_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>317</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOnBehalfOfParticipantsDisclosure" xlink:label="rj_AssetManagementExpensesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOnBehalfOfParticipantsPolicy" xlink:label="rj_AssetManagementExpensesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOnBehalfOfParticipants" xlink:label="rj_AssetManagementExpensesOnBehalfOfParticipants_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_314_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_314_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>314</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOnBehalfOfPensionFundDisclosure" xlink:label="rj_AssetManagementExpensesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOnBehalfOfPensionFundPolicy" xlink:label="rj_AssetManagementExpensesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOnBehalfOfPensionFund" xlink:label="rj_AssetManagementExpensesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOtherDisclosure" xlink:label="rj_AssetManagementExpensesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOtherPolicy" xlink:label="rj_AssetManagementExpensesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesOther" xlink:label="rj_AssetManagementExpensesOther_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_315_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_315_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>315</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesOther_loc" xlink:to="rj_RJ_2026-01-01_610_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesPaid" xlink:label="rj_AssetManagementExpensesPaid_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_106_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesPaid_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_501_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesPaid_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpensesPolicy" xlink:label="rj_AssetManagementExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetManagementExpenses" xlink:label="rj_AssetManagementExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetManagementExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetsNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure" xlink:label="rj_AssetsNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_404_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetsNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetsTemporarilyPurchasedRepurchaseAgreementDisclosure" xlink:label="rj_AssetsTemporarilyPurchasedRepurchaseAgreementDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BJB_2012-01-01_2_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BJB_2012-01-01_2_ref">
      <ref:Article>2</ref:Article>
      <ref:IssueDate>2012-01-01</ref:IssueDate>
      <ref:Name>Besluit jaarrekening banken</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetsTemporarilyPurchasedRepurchaseAgreementDisclosure_loc" xlink:to="rj_BJB_2012-01-01_2_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_112_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_112_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>112</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetsTemporarilyPurchasedRepurchaseAgreementDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssetsTemporarilySoldRepurchaseAgreementDisclosure" xlink:label="rj_AssetsTemporarilySoldRepurchaseAgreementDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetsTemporarilySoldRepurchaseAgreementDisclosure_loc" xlink:to="rj_BJB_2012-01-01_2_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_111_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_111_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>111</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssetsTemporarilySoldRepurchaseAgreementDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssumptionsDeviationDescription" xlink:label="rj_AssumptionsDeviationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_304_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssumptionsDeviationDescription_loc" xlink:to="rj_RJ_2026-01-01_645_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssumptionsParametersSolvencyCapitalRequirementDescription" xlink:label="rj_AssumptionsParametersSolvencyCapitalRequirementDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403a_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403a_G_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403a</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssumptionsParametersSolvencyCapitalRequirementDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AssumptionsPolicyValueDescription" xlink:label="rj_AssumptionsPolicyValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AssumptionsPolicyValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AttributedEconomicCapitalDisclosure" xlink:label="rj_AttributedEconomicCapitalDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_704_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_704_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>704</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AttributedEconomicCapitalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_704_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AttributedEconomicCapitalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_705_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AvailableForMemberPaymentsDisclosure" xlink:label="rj_AvailableForMemberPaymentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AvailableForMemberPaymentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AvailableForMemberPaymentsPolicy" xlink:label="rj_AvailableForMemberPaymentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AvailableForMemberPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AvailableForMemberPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AvailableForMemberPayments" xlink:label="rj_AvailableForMemberPayments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_620_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_620_301_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AvailableForMemberPayments_loc" xlink:to="rj_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AverageDurationExpenditureRelatingFromStudentFinancialSupportFund" xlink:label="rj_AverageDurationExpenditureRelatingFromStudentFinancialSupportFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AverageDurationExpenditureRelatingFromStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AverageExpenditureRelatingFromStudentFinancialSupportFund" xlink:label="rj_AverageExpenditureRelatingFromStudentFinancialSupportFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AverageExpenditureRelatingFromStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_AverageTermLiabilitiesAndAssetsDescription" xlink:label="rj_AverageTermLiabilitiesAndAssetsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_707_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_707_C_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>707</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_AverageTermLiabilitiesAndAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_272_707_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BalanceIncomeAndExpenses" xlink:label="rj_BalanceIncomeAndExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceIncomeAndExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_307_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceIncomeAndExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceIncomeAndExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceIncomeAndExpenses_loc" xlink:to="rj_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceIncomeAndExpenses_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceIncomeAndExpenses_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C2_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_322_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_322_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>322</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceIncomeAndExpenses_loc" xlink:to="rj_RJk_2026-01-01_C2_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BalanceOtherTechnicalIncomeExpensesCashFlow" xlink:label="rj_BalanceOtherTechnicalIncomeExpensesCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceOtherTechnicalIncomeExpensesCashFlow_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BalanceOtherTechnicalIncomeExpenses" xlink:label="rj_BalanceOtherTechnicalIncomeExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceOtherTechnicalIncomeExpenses_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BalanceValuationEquityDescription" xlink:label="rj_BalanceValuationEquityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403a_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BalanceValuationEquityDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BasisOfCalculationCostsForResultDescription" xlink:label="rj_BasisOfCalculationCostsForResultDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BasisOfCalculationCostsForResultDescription_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BasisOfCalculationCostsManagedAssetsDescription" xlink:label="rj_BasisOfCalculationCostsManagedAssetsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BasisOfCalculationCostsManagedAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BasisOfCalculationCostsParticipantsInvestmentEntityDescription" xlink:label="rj_BasisOfCalculationCostsParticipantsInvestmentEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BasisOfCalculationCostsParticipantsInvestmentEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BasisOfCalculationProposedDividendDescription" xlink:label="rj_BasisOfCalculationProposedDividendDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_708_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_708_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>708</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BasisOfCalculationProposedDividendDescription_loc" xlink:to="rj_RJ_2026-01-01_615_708_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BenefitsRedeemOwnAccount" xlink:label="rj_BenefitsRedeemOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BenefitsRedeemOwnAccount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments" xlink:label="rj_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BW2_2026-01-01_368_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BW2_2026-01-01_368_ref">
      <ref:Article>368</ref:Article>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Burgerlijk wetboek boek 2</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_BW2_2026-01-01_421_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BW2_2026-01-01_421_ref">
      <ref:Article>421</ref:Article>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Burgerlijk wetboek boek 2</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_219_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_219_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>219</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_loc" xlink:to="rj_RJ_2026-01-01_600_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsOtherFixedIncomeSecuritiesAdditions" xlink:label="rj_BondsOtherFixedIncomeSecuritiesAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesAdditions_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesAdditions_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesAdditions_loc" xlink:to="rj_RJ_2026-01-01_600_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsOtherFixedIncomeSecuritiesDepreciation" xlink:label="rj_BondsOtherFixedIncomeSecuritiesDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDepreciation_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDepreciation_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDepreciation_loc" xlink:to="rj_RJ_2026-01-01_600_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsOtherFixedIncomeSecuritiesDisposalsDepreciation" xlink:label="rj_BondsOtherFixedIncomeSecuritiesDisposalsDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDisposalsDepreciation_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDisposalsDepreciation_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDisposalsDepreciation_loc" xlink:to="rj_RJ_2026-01-01_600_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsOtherFixedIncomeSecuritiesDisposals" xlink:label="rj_BondsOtherFixedIncomeSecuritiesDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDisposals_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDisposals_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesDisposals_loc" xlink:to="rj_RJ_2026-01-01_600_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsOtherFixedIncomeSecuritiesImpairmentReversal" xlink:label="rj_BondsOtherFixedIncomeSecuritiesImpairmentReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesImpairmentReversal_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesImpairmentReversal_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesImpairmentReversal_loc" xlink:to="rj_RJ_2026-01-01_600_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsOtherFixedIncomeSecuritiesImpairment" xlink:label="rj_BondsOtherFixedIncomeSecuritiesImpairment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesImpairment_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesImpairment_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesImpairment_loc" xlink:to="rj_RJ_2026-01-01_600_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BondsOtherFixedIncomeSecuritiesMovement" xlink:label="rj_BondsOtherFixedIncomeSecuritiesMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesMovement_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesMovement_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BondsOtherFixedIncomeSecuritiesMovement_loc" xlink:to="rj_RJ_2026-01-01_600_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BookvalueFinancialLease" xlink:label="rj_BookvalueFinancialLease_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_208_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_208_A_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BookvalueFinancialLease_loc" xlink:to="rj_RJ_2026-01-01_292_208_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowedAndLentFinancialInstruments" xlink:label="rj_BorrowedAndLentFinancialInstruments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_H_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_H_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>h</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowedAndLentFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_615_401_H_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutionsDisclosure" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_310_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_310_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>310</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsDisclosure" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsPolicy" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernmentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernments" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsGuaranteedByGovernments_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutionsPolicy" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredDisclosure" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredPolicy" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecuredPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecured" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecured_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutionsWSWSecured_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BorrowingsFromGovernmentsCreditInstitutions" xlink:label="rj_BorrowingsFromGovernmentsCreditInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BorrowingsFromGovernmentsCreditInstitutions_loc" xlink:to="rj_RJ_2026-01-01_645_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BudgetNextFinancialYearSummary" xlink:label="rj_BudgetNextFinancialYearSummary_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_516_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_516_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>516</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetNextFinancialYearSummary_loc" xlink:to="rj_RJ_2026-01-01_640_516_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_407_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetNextFinancialYearSummary_loc" xlink:to="rj_RJk_2026-01-01_C1_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BudgetSummaryForm" xlink:label="rj_BudgetSummaryForm_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_411_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_411_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>411</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetSummaryForm_loc" xlink:to="rj_RJ_2026-01-01_650_411_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_409_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetSummaryForm_loc" xlink:to="rj_RJk_2026-01-01_C2_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BusinessDevelopmentsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription" xlink:label="rj_BusinessDevelopmentsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_506_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_506_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>506</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BusinessDevelopmentsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription_loc" xlink:to="rj_RJ_2026-01-01_615_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BusinessModelDescription" xlink:label="rj_BusinessModelDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_3014_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_3014_A_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>3014</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BusinessModelDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CalculationMethodTreasurySharesPremiumsDiscountsDescription" xlink:label="rj_CalculationMethodTreasurySharesPremiumsDiscountsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_427_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_427_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>427</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CalculationMethodTreasurySharesPremiumsDiscountsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_427_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalAdministeredInOwnNameForTheAccountAndRiskOfThirdPartiesDisclosure" xlink:label="rj_CapitalAdministeredInOwnNameForTheAccountAndRiskOfThirdPartiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BJB_2012-01-01_11_1_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BJB_2012-01-01_11_1_ref">
      <ref:Article>11</ref:Article>
      <ref:IssueDate>2012-01-01</ref:IssueDate>
      <ref:Name>Besluit jaarrekening banken</ref:Name>
      <ref:Paragraph>1</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalAdministeredInOwnNameForTheAccountAndRiskOfThirdPartiesDisclosure_loc" xlink:to="rj_BJB_2012-01-01_11_1_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_115_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_115_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>115</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalAdministeredInOwnNameForTheAccountAndRiskOfThirdPartiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_115_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalRatioExplanation" xlink:label="rj_CapitalRatioExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_263_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_263_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>263</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalRatioExplanation_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_264_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_264_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>264</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalRatioExplanation_loc" xlink:to="rj_RJ_2026-01-01_600_264_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments" xlink:label="rj_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsAccumulatedRevaluations" xlink:label="rj_CapitalisedAcquisitionCostsAccumulatedRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsAccumulatedRevaluations_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsAdditionsThroughAcquisitions" xlink:label="rj_CapitalisedAcquisitionCostsAdditionsThroughAcquisitions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsAdditionsThroughAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsAdditions" xlink:label="rj_CapitalisedAcquisitionCostsAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsAdditions_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsAmortisation" xlink:label="rj_CapitalisedAcquisitionCostsAmortisation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsAmortisation_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsCostPrice" xlink:label="rj_CapitalisedAcquisitionCostsCostPrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsCostPrice_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsDisclosure" xlink:label="rj_CapitalisedAcquisitionCostsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsDisposalsAmortisation" xlink:label="rj_CapitalisedAcquisitionCostsDisposalsAmortisation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsDisposalsAmortisation_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsDisposals" xlink:label="rj_CapitalisedAcquisitionCostsDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsDisposals_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsDivestitures" xlink:label="rj_CapitalisedAcquisitionCostsDivestitures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsDivestitures_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsExchangeDifferences" xlink:label="rj_CapitalisedAcquisitionCostsExchangeDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsImpairmentsReversal" xlink:label="rj_CapitalisedAcquisitionCostsImpairmentsReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsImpairmentsReversal_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsImpairments" xlink:label="rj_CapitalisedAcquisitionCostsImpairments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsImpairments_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsIndemnityInsurance" xlink:label="rj_CapitalisedAcquisitionCostsIndemnityInsurance_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_623_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_623_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>623</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsIndemnityInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_623_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsLiabilitiesLifeInsurance" xlink:label="rj_CapitalisedAcquisitionCostsLiabilitiesLifeInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsLiabilitiesLifeInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_623_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsLifeInsurance" xlink:label="rj_CapitalisedAcquisitionCostsLifeInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsLifeInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_623_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsMovement" xlink:label="rj_CapitalisedAcquisitionCostsMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsMovement_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsMovementsOther" xlink:label="rj_CapitalisedAcquisitionCostsMovementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsPolicy" xlink:label="rj_CapitalisedAcquisitionCostsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCostsRevaluations" xlink:label="rj_CapitalisedAcquisitionCostsRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCostsRevaluations_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedAcquisitionCosts" xlink:label="rj_CapitalisedAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedAcquisitionCosts_loc" xlink:to="rj_RJ_2026-01-01_605_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CapitalisedDiscountsCapitalisedNegativeRedemptionPremiumsDisclosure" xlink:label="rj_CapitalisedDiscountsCapitalisedNegativeRedemptionPremiumsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BW2_2026-01-01_375_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BW2_2026-01-01_375_ref">
      <ref:Article>375</ref:Article>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Burgerlijk wetboek boek 2</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedDiscountsCapitalisedNegativeRedemptionPremiumsDisclosure_loc" xlink:to="rj_BW2_2026-01-01_375_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_249_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_249_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>249</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedDiscountsCapitalisedNegativeRedemptionPremiumsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_249_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CapitalisedDiscountsCapitalisedNegativeRedemptionPremiumsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CarAndTransportCosts" xlink:label="rj_CarAndTransportCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CarAndTransportCosts_loc" xlink:to="rj_RJ_2026-01-01_270_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CarriedInterestPaidByInvestmentEntityToAdministratorInvestmentEntity" xlink:label="rj_CarriedInterestPaidByInvestmentEntityToAdministratorInvestmentEntity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CarriedInterestPaidByInvestmentEntityToAdministratorInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashAndCashEquivalentsAndTheCashFlowFromOperatingInvestingAndFinancingActivitiesAttributableToThirdPartiesDisclosure" xlink:label="rj_CashAndCashEquivalentsAndTheCashFlowFromOperatingInvestingAndFinancingActivitiesAttributableToThirdPartiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_305_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashAndCashEquivalentsAndTheCashFlowFromOperatingInvestingAndFinancingActivitiesAttributableToThirdPartiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashAndCashEquivalentsCashFlow" xlink:label="rj_CashAndCashEquivalentsCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashAndCashEquivalentsCashFlow_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashAndCashEquivalentsIndicationHeldForExploitationObjectiveInvestment" xlink:label="rj_CashAndCashEquivalentsIndicationHeldForExploitationObjectiveInvestment_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_302_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashAndCashEquivalentsIndicationHeldForExploitationObjectiveInvestment_loc" xlink:to="rj_RJ_2026-01-01_650_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashAndCashEquivalentsMoneyMarketFundsCashFlow" xlink:label="rj_CashAndCashEquivalentsMoneyMarketFundsCashFlow_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashAndCashEquivalentsMoneyMarketFundsCashFlow_loc" xlink:to="rj_RJ_2026-01-01_360_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashAndCashEquivalentsNoLegalOwnershipDescription" xlink:label="rj_CashAndCashEquivalentsNoLegalOwnershipDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_115_112_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_115_112_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>112</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashAndCashEquivalentsNoLegalOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashEquivalentsDeviateFromDefinition" xlink:label="rj_CashEquivalentsDeviateFromDefinition_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashEquivalentsDeviateFromDefinition_loc" xlink:to="rj_RJ_2026-01-01_615_302a_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowFinancingActivitiesDiscontinuedOperations" xlink:label="rj_CashFlowFinancingActivitiesDiscontinuedOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFinancingActivitiesDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_304_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowFinancingActivities" xlink:label="rj_CashFlowFinancingActivities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_201_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_310_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_310_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>310</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_311_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_615_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowForecastBasisOfDeterminationDescription" xlink:label="rj_CashFlowForecastBasisOfDeterminationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_805_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_805_G_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowForecastBasisOfDeterminationDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowFromOperations" xlink:label="rj_CashFlowFromOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFromOperations_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_216_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_216_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>216</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFromOperations_loc" xlink:to="rj_RJ_2026-01-01_360_216_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFromOperations_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowFromOperations_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowInvestingActivitiesDiscontinuedOperations" xlink:label="rj_CashFlowInvestingActivitiesDiscontinuedOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestingActivitiesDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_304_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowInvestingActivities" xlink:label="rj_CashFlowInvestingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowInvestmentActivities" xlink:label="rj_CashFlowInvestmentActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestmentActivities_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestmentActivities_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowInvestmentActivities_loc" xlink:to="rj_RJ_2026-01-01_615_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowOperatingActivitiesBeforeTax" xlink:label="rj_CashFlowOperatingActivitiesBeforeTax_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowOperatingActivitiesBeforeTax_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowOperatingActivitiesDiscontinuedOperations" xlink:label="rj_CashFlowOperatingActivitiesDiscontinuedOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowOperatingActivitiesDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_304_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowOperatingActivities" xlink:label="rj_CashFlowOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowPensionActivities" xlink:label="rj_CashFlowPensionActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowPensionActivities_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowStatementDisclosure" xlink:label="rj_CashFlowStatementDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_110_117_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_110_117_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>117</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowStatementDisclosure_loc" xlink:to="rj_RJ_2026-01-01_110_117_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_301_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowStatementDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowStatementExemptionDescription" xlink:label="rj_CashFlowStatementExemptionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowStatementExemptionDescription_loc" xlink:to="rj_RJ_2026-01-01_110_117_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_104_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowStatementExemptionDescription_loc" xlink:to="rj_RJ_2026-01-01_360_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CashFlowStatementPolicy" xlink:label="rj_CashFlowStatementPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CashFlowStatementPolicy_loc" xlink:to="rj_RJ_2026-01-01_360_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CatastropheProvisionDisclosure" xlink:label="rj_CatastropheProvisionDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CatastropheProvisionDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_545_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_545_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>545</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CatastropheProvisionDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_545_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CatastropheProvisionPolicy" xlink:label="rj_CatastropheProvisionPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CatastropheProvisionPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CatastropheProvisionPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CatastropheProvisionPolicy_loc" xlink:to="rj_RJ_2026-01-01_605_545_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CatastropheProvision" xlink:label="rj_CatastropheProvision_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CatastropheProvision_loc" xlink:to="rj_RJ_2026-01-01_605_545_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CauseGapMinimumCapitalRequirementDescription" xlink:label="rj_CauseGapMinimumCapitalRequirementDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403a_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403a_F_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403a</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CauseGapMinimumCapitalRequirementDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsDisclosure" xlink:label="rj_CentralGovernmentContributionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsMinusWorkplaceFunction" xlink:label="rj_CentralGovernmentContributionsMinusWorkplaceFunction_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_505_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_505_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsMinusWorkplaceFunction_loc" xlink:to="rj_RJ_2026-01-01_660_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsPolicy" xlink:label="rj_CentralGovernmentContributionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsWorkplaceFunctionDisclosure" xlink:label="rj_CentralGovernmentContributionsWorkplaceFunctionDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunctionDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCsDisclosure" xlink:label="rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_510_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_510_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>510</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_655_510_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCsPolicy" xlink:label="rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCs" xlink:label="rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCs_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunctionMedicalFacultyUMCs_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsWorkplaceFunctionPolicy" xlink:label="rj_CentralGovernmentContributionsWorkplaceFunctionPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunctionPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunctionPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributionsWorkplaceFunction" xlink:label="rj_CentralGovernmentContributionsWorkplaceFunction_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributionsWorkplaceFunction_loc" xlink:to="rj_RJ_2026-01-01_660_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentContributions" xlink:label="rj_CentralGovernmentContributions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributions_loc" xlink:to="rj_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentContributions_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CentralGovernmentExpenditures" xlink:label="rj_CentralGovernmentExpenditures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CentralGovernmentExpenditures_loc" xlink:to="rj_RJ_2026-01-01_655_509_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingEstimatesDescription" xlink:label="rj_ChangeAccountingEstimatesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesDescription_loc" xlink:to="rj_RJ_2026-01-01_145_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingEstimatesEffectOnCurrentPeriodDescription" xlink:label="rj_ChangeAccountingEstimatesEffectOnCurrentPeriodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesEffectOnCurrentPeriodDescription_loc" xlink:to="rj_RJ_2026-01-01_145_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingEstimatesEffectOnCurrentPeriodNoDeterminationQuantitiveEffectDescription" xlink:label="rj_ChangeAccountingEstimatesEffectOnCurrentPeriodNoDeterminationQuantitiveEffectDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesEffectOnCurrentPeriodNoDeterminationQuantitiveEffectDescription_loc" xlink:to="rj_RJ_2026-01-01_145_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingEstimatesEffectOnFuturePeriodsDescription" xlink:label="rj_ChangeAccountingEstimatesEffectOnFuturePeriodsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_145_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_145_305_ref">
      <ref:Chapter>145</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesEffectOnFuturePeriodsDescription_loc" xlink:to="rj_RJ_2026-01-01_145_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingEstimatesEffectOnFuturePeriodsNoDeterminationStatisticalIndicationDescription" xlink:label="rj_ChangeAccountingEstimatesEffectOnFuturePeriodsNoDeterminationStatisticalIndicationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesEffectOnFuturePeriodsNoDeterminationStatisticalIndicationDescription_loc" xlink:to="rj_RJ_2026-01-01_145_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingEstimatesExplanation" xlink:label="rj_ChangeAccountingEstimatesExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesExplanation_loc" xlink:to="rj_RJ_2026-01-01_145_304_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_504_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesExplanation_loc" xlink:to="rj_RJ_2026-01-01_210_504_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_704_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_704_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>704</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingEstimatesExplanation_loc" xlink:to="rj_RJ_2026-01-01_212_704_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingPoliciesEffectOnFuturePeriodsDescription" xlink:label="rj_ChangeAccountingPoliciesEffectOnFuturePeriodsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_140_216_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_140_216_ref">
      <ref:Chapter>140</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>216</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesEffectOnFuturePeriodsDescription_loc" xlink:to="rj_RJ_2026-01-01_140_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingPoliciesEffectOnIndividualItemsDescription" xlink:label="rj_ChangeAccountingPoliciesEffectOnIndividualItemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesEffectOnIndividualItemsDescription_loc" xlink:to="rj_RJ_2026-01-01_140_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesEffectOnIndividualItemsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A3_114_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingPoliciesEffectOnReservesAndFundsAndResultsDescription" xlink:label="rj_ChangeAccountingPoliciesEffectOnReservesAndFundsAndResultsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_102_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesEffectOnReservesAndFundsAndResultsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingPoliciesMethodProcessingDescription" xlink:label="rj_ChangeAccountingPoliciesMethodProcessingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesMethodProcessingDescription_loc" xlink:to="rj_RJ_2026-01-01_140_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesMethodProcessingDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A3_114_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingPoliciesNotPossibleToQuantifyDescription" xlink:label="rj_ChangeAccountingPoliciesNotPossibleToQuantifyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesNotPossibleToQuantifyDescription_loc" xlink:to="rj_RJ_2026-01-01_140_214_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A3_115_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A3_115_ref">
      <ref:Chapter>A3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>115</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPoliciesNotPossibleToQuantifyDescription_loc" xlink:to="rj_RJk_2026-01-01_A3_115_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAccountingPolicyToHistoricalCostPriceApplicationTransitionalProvisionDescription" xlink:label="rj_ChangeAccountingPolicyToHistoricalCostPriceApplicationTransitionalProvisionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_709_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_709_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>709</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAccountingPolicyToHistoricalCostPriceApplicationTransitionalProvisionDescription_loc" xlink:to="rj_RJ_2026-01-01_212_709_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeAsConsequence" xlink:label="rj_ChangeAsConsequence_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeAsConsequence_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeInOtherTechnicalProvisionsForOwnAccountOtherDisclosure" xlink:label="rj_ChangeInOtherTechnicalProvisionsForOwnAccountOtherDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_106_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeInOtherTechnicalProvisionsForOwnAccountOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeInOtherTechnicalProvisionsForOwnAccountOtherPolicy" xlink:label="rj_ChangeInOtherTechnicalProvisionsForOwnAccountOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeInOtherTechnicalProvisionsForOwnAccountOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_605_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeInOtherTechnicalProvisionsForOwnAccountOther" xlink:label="rj_ChangeInOtherTechnicalProvisionsForOwnAccountOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeInOtherTechnicalProvisionsForOwnAccountOther_loc" xlink:to="rj_RJ_2026-01-01_605_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeOtherTechnicalProvisions" xlink:label="rj_ChangeOtherTechnicalProvisions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_302_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeOtherTechnicalProvisions_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfParticipantsDisclosure" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfParticipantsPolicy" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfParticipants" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundDisclosure" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundIndexationAndOtherMarkUps" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundIndexationAndOtherMarkUps_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundIndexationAndOtherMarkUps_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_255_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_255_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>255</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundIndexationAndOtherMarkUps_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundIndexationAndOtherMarkUps_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundInterestAdded" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundInterestAdded_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundInterestAdded_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundInterestAdded_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundInterestAdded_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundMarketInterestRates" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundMarketInterestRates_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundMarketInterestRates_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundMarketInterestRates_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundMarketInterestRates_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundOther" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundOther_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundOther_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundOther_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPensionAccrual" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPensionAccrual_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPensionAccrual_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPensionAccrual_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPensionAccrual_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPolicy" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundTransfersOfRights" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundTransfersOfRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundTransfersOfRights_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundTransfersOfRights_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundTransfersOfRights_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_319_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_319_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>319</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundTransfersOfRights_loc" xlink:to="rj_RJ_2026-01-01_610_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundWithdrawalsPensionBenefitsAndPensionAdministrationExpenses" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundWithdrawalsPensionBenefitsAndPensionAdministrationExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundWithdrawalsPensionBenefitsAndPensionAdministrationExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundWithdrawalsPensionBenefitsAndPensionAdministrationExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFundWithdrawalsPensionBenefitsAndPensionAdministrationExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFund" xlink:label="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_244_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_244_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>244</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_244_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeProvisionPensionObligationsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeReinsurancePartTechnicalProvision" xlink:label="rj_ChangeReinsurancePartTechnicalProvision_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeReinsurancePartTechnicalProvision_loc" xlink:to="rj_RJ_2026-01-01_610_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeReinsurancePartTechnicalProvisionsDisclosure" xlink:label="rj_ChangeReinsurancePartTechnicalProvisionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeReinsurancePartTechnicalProvisionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeReinsurancePartTechnicalProvisionsPolicy" xlink:label="rj_ChangeReinsurancePartTechnicalProvisionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeReinsurancePartTechnicalProvisionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeReinsurancePartTechnicalProvisionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeReinsurancePartTechnicalProvisions" xlink:label="rj_ChangeReinsurancePartTechnicalProvisions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeReinsurancePartTechnicalProvisions_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeReinsurancePartTechnicalProvisions_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeValueAgriculturalStocksDisclosure" xlink:label="rj_ChangeValueAgriculturalStocksDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_513_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_513_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>513</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeValueAgriculturalStocksDisclosure_loc" xlink:to="rj_RJ_2026-01-01_270_513_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeValueAgriculturalStocksPolicy" xlink:label="rj_ChangeValueAgriculturalStocksPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeValueAgriculturalStocksPolicy_loc" xlink:to="rj_RJ_2026-01-01_270_513_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangeValueAgriculturalStocks" xlink:label="rj_ChangeValueAgriculturalStocks_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangeValueAgriculturalStocks_loc" xlink:to="rj_RJ_2026-01-01_270_513_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesGroupingBalanceSheetIncomeExpensesStatementDisclosure" xlink:label="rj_ChangesGroupingBalanceSheetIncomeExpensesStatementDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_301_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesGroupingBalanceSheetIncomeExpensesStatementDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_301_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesGroupingBalanceSheetIncomeExpensesStatementDisclosure_loc" xlink:to="rj_RJk_2026-01-01_C1_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesInBorrowings" xlink:label="rj_ChangesInBorrowings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesInBorrowings_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesInTheScopeOfTheReportDataPresentationAndDataCollectionMethodsDescription" xlink:label="rj_ChangesInTheScopeOfTheReportDataPresentationAndDataCollectionMethodsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_440_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_440_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>440</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesInTheScopeOfTheReportDataPresentationAndDataCollectionMethodsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_440_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesMethodCalculationKeyFiguresDescription" xlink:label="rj_ChangesMethodCalculationKeyFiguresDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_430_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_430_105_ref">
      <ref:Chapter>430</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesMethodCalculationKeyFiguresDescription_loc" xlink:to="rj_RJ_2026-01-01_430_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesMethodCalculationKeyRatiosDescription" xlink:label="rj_ChangesMethodCalculationKeyRatiosDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesMethodCalculationKeyRatiosDescription_loc" xlink:to="rj_RJ_2026-01-01_430_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesReserveFromChangeValue" xlink:label="rj_ChangesReserveFromChangeValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_202_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesReserveFromChangeValue_loc" xlink:to="rj_RJ_2026-01-01_615_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesStatutoryGoalsDescription" xlink:label="rj_ChangesStatutoryGoalsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_518_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_518_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>518</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesStatutoryGoalsDescription_loc" xlink:to="rj_RJ_2026-01-01_640_518_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_409_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesStatutoryGoalsDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesTermsRightsGrantedCompanyFinancialYearDisclosure" xlink:label="rj_ChangesTermsRightsGrantedCompanyFinancialYearDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_609_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_609_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>609</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesTermsRightsGrantedCompanyFinancialYearDisclosure_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesValueFinancialAssetsDisclosure" xlink:label="rj_ChangesValueFinancialAssetsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_265_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_265_202_ref">
      <ref:Chapter>265</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesValueFinancialAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesValueFinancialAssetsPolicy" xlink:label="rj_ChangesValueFinancialAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesValueFinancialAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesValueFinancialAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesValueFinancialAssets" xlink:label="rj_ChangesValueFinancialAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesValueFinancialAssets_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesValueInvestmentPropertiesDisclosure" xlink:label="rj_ChangesValueInvestmentPropertiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesValueInvestmentPropertiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesValueInvestmentPropertiesPolicy" xlink:label="rj_ChangesValueInvestmentPropertiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesValueInvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesValueInvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesValueInvestmentProperties" xlink:label="rj_ChangesValueInvestmentProperties_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_504_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesValueInvestmentProperties_loc" xlink:to="rj_RJ_2026-01-01_213_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChangesWorkingCapital" xlink:label="rj_ChangesWorkingCapital_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesWorkingCapital_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChangesWorkingCapital_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CharacteristicsOfTheImplementingArrangementOrSimilarFinancingArrangementsDescription" xlink:label="rj_CharacteristicsOfTheImplementingArrangementOrSimilarFinancingArrangementsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CharacteristicsOfTheImplementingArrangementOrSimilarFinancingArrangementsDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ChosenTreatmentRealizedRevaluationsOfAgriculturalStocksDescription" xlink:label="rj_ChosenTreatmentRealizedRevaluationsOfAgriculturalStocksDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ChosenTreatmentRealizedRevaluationsOfAgriculturalStocksDescription_loc" xlink:to="rj_RJ_2026-01-01_220_603_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommercialActivitiesDescription" xlink:label="rj_CommercialActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommercialActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_630_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommercialAndSocialRealEstateInExploitationDisclosure" xlink:label="rj_CommercialAndSocialRealEstateInExploitationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommercialAndSocialRealEstateInExploitationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommercialAndSocialRealEstateInExploitationPolicy" xlink:label="rj_CommercialAndSocialRealEstateInExploitationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommercialAndSocialRealEstateInExploitationPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommercialAndSocialRealEstateInExploitation" xlink:label="rj_CommercialAndSocialRealEstateInExploitation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommercialAndSocialRealEstateInExploitation_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommissionsAndProfitSharingReceivedFromReinsurersCashFlow" xlink:label="rj_CommissionsAndProfitSharingReceivedFromReinsurersCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommissionsAndProfitSharingReceivedFromReinsurersCashFlow_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommissionsPaid" xlink:label="rj_CommissionsPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommissionsPaid_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommissionsReceived" xlink:label="rj_CommissionsReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommissionsReceived_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CommunicationExpenses" xlink:label="rj_CommunicationExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CommunicationExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComparisonTotalReturnWithAppropriateBenchmarksAndZScoresDescription" xlink:label="rj_ComparisonTotalReturnWithAppropriateBenchmarksAndZScoresDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComparisonTotalReturnWithAppropriateBenchmarksAndZScoresDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompensationCostsPensionFund" xlink:label="rj_CompensationCostsPensionFund_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_311_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_311_A_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompensationCostsPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompetenceMatrixDescription" xlink:label="rj_CompetenceMatrixDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105f_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105f_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105f</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompetenceMatrixDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105f_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComplaintsSettlementsDescription" xlink:label="rj_ComplaintsSettlementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_417_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_417_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>417</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComplaintsSettlementsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_417_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComplianceToCodePensionFundsDescription" xlink:label="rj_ComplianceToCodePensionFundsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComplianceToCodePensionFundsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompositionAssetsAccordingToStandardsOfInvestmentPolicyDisclosure" xlink:label="rj_CompositionAssetsAccordingToStandardsOfInvestmentPolicyDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_407_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompositionAssetsAccordingToStandardsOfInvestmentPolicyDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompositionAssetsAccordingToStandardsOfInvestmentPolicyEightyFivePercentOrMoreInvestedDisclosure" xlink:label="rj_CompositionAssetsAccordingToStandardsOfInvestmentPolicyEightyFivePercentOrMoreInvestedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompositionAssetsAccordingToStandardsOfInvestmentPolicyEightyFivePercentOrMoreInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_407_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_410_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompositionAssetsAccordingToStandardsOfInvestmentPolicyEightyFivePercentOrMoreInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompositionBoardAndOtherOrgansPremiumPensionInstitutions" xlink:label="rj_CompositionBoardAndOtherOrgansPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompositionBoardAndOtherOrgansPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompositionOfCashAndCashEquivalentsDisclosure" xlink:label="rj_CompositionOfCashAndCashEquivalentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_302_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompositionOfCashAndCashEquivalentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompositionSolvencyEquityDescription" xlink:label="rj_CompositionSolvencyEquityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403a_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403a_B_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403a</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompositionSolvencyEquityDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompoundFinancialInstrumentsDisclosure" xlink:label="rj_CompoundFinancialInstrumentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_813_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_813_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>813</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompoundFinancialInstrumentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_813_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CompoundTransactionsAndOtherTransactionsWithoutTransferOfCashAndCashEquivalentsDisclosure" xlink:label="rj_CompoundTransactionsAndOtherTransactionsWithoutTransferOfCashAndCashEquivalentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_206_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompoundTransactionsAndOtherTransactionsWithoutTransferOfCashAndCashEquivalentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_206_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_207_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompoundTransactionsAndOtherTransactionsWithoutTransferOfCashAndCashEquivalentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_207_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CompoundTransactionsAndOtherTransactionsWithoutTransferOfCashAndCashEquivalentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComprehensiveIncomeAdjustmentsRecycleItemsDisclosure" xlink:label="rj_ComprehensiveIncomeAdjustmentsRecycleItemsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComprehensiveIncomeAdjustmentsRecycleItemsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComprehensiveIncomeOtherDisclosure" xlink:label="rj_ComprehensiveIncomeOtherDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_265_201_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_265_201_B_ref">
      <ref:Chapter>265</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComprehensiveIncomeOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_201_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_265_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_265_203_ref">
      <ref:Chapter>265</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComprehensiveIncomeOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComprehensiveIncomeOtherIncomeExpensesDisclosure" xlink:label="rj_ComprehensiveIncomeOtherIncomeExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComprehensiveIncomeOtherIncomeExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComprehensiveIncomeOtherIncomeExpenses" xlink:label="rj_ComprehensiveIncomeOtherIncomeExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComprehensiveIncomeOtherIncomeExpenses_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComprehensiveIncomeOther" xlink:label="rj_ComprehensiveIncomeOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComprehensiveIncomeOther_loc" xlink:to="rj_RJ_2026-01-01_265_201_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComprehensiveIncomeOther_loc" xlink:to="rj_RJ_2026-01-01_265_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ComprehensiveIncomeRealisedRevaluationChargedToEquityDisclosure" xlink:label="rj_ComprehensiveIncomeRealisedRevaluationChargedToEquityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ComprehensiveIncomeRealisedRevaluationChargedToEquityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConcentrationInsuranceRisksWithinPortfolioDescription" xlink:label="rj_ConcentrationInsuranceRisksWithinPortfolioDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConcentrationInsuranceRisksWithinPortfolioDescription_loc" xlink:to="rj_RJ_2026-01-01_605_704_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConcentrationRiskDescription" xlink:label="rj_ConcentrationRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConcentrationRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConditionalAcquisitionPurchasePriceDescription" xlink:label="rj_ConditionalAcquisitionPurchasePriceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConditionalAcquisitionPurchasePriceDescription_loc" xlink:to="rj_RJ_2026-01-01_216_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConditionalAcquisitionPurchasePrice" xlink:label="rj_ConditionalAcquisitionPurchasePrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConditionalAcquisitionPurchasePrice_loc" xlink:to="rj_RJ_2026-01-01_216_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConditionalFinancialObligationsRelatingToDevelopmentFundsDescription" xlink:label="rj_ConditionalFinancialObligationsRelatingToDevelopmentFundsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_274_121_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_274_121_ref">
      <ref:Chapter>274</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>121</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConditionalFinancialObligationsRelatingToDevelopmentFundsDescription_loc" xlink:to="rj_RJ_2026-01-01_274_121_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConditionalIncomeExpenseDescription" xlink:label="rj_ConditionalIncomeExpenseDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_602_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_602_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConditionalIncomeExpenseDescription_loc" xlink:to="rj_RJ_2026-01-01_270_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConditionsOfCertificationPossibilityOfExpulsionDescription" xlink:label="rj_ConditionsOfCertificationPossibilityOfExpulsionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConditionsOfCertificationPossibilityOfExpulsionDescription_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_419_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_419_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>419</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConditionsOfCertificationPossibilityOfExpulsionDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConditionsSalePurchaseInvestmentsParticipatingInterestsDescription" xlink:label="rj_ConditionsSalePurchaseInvestmentsParticipatingInterestsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_E_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConditionsSalePurchaseInvestmentsParticipatingInterestsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConsequenceGapMinimumCapitalRequirementDescription" xlink:label="rj_ConsequenceGapMinimumCapitalRequirementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConsequenceGapMinimumCapitalRequirementDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConsolidationChangesInConsolidatedInterestsDescription" xlink:label="rj_ConsolidationChangesInConsolidatedInterestsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_217_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_217_402_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConsolidationChangesInConsolidatedInterestsDescription_loc" xlink:to="rj_RJ_2026-01-01_217_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConsolidationProportionalDisclosure" xlink:label="rj_ConsolidationProportionalDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_215_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_215_206_ref">
      <ref:Chapter>215</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConsolidationProportionalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_215_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsAccumulatedProjectRevenuesRecordedAsLiability" xlink:label="rj_ConstructionContractsAccumulatedProjectRevenuesRecordedAsLiability_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_415_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_415_A_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>415</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAccumulatedProjectRevenuesRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_415_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsAccumulatedProjectRevenues" xlink:label="rj_ConstructionContractsAccumulatedProjectRevenues_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAccumulatedProjectRevenues_loc" xlink:to="rj_RJ_2026-01-01_221_415_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsActivatedCostsDisclosure" xlink:label="rj_ConstructionContractsActivatedCostsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_411_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_411_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>411</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsActivatedCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_221_411_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_601_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_601_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsActivatedCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsActivatedCostsRecordedAsLiabilityDisclosure" xlink:label="rj_ConstructionContractsActivatedCostsRecordedAsLiabilityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsActivatedCostsRecordedAsLiabilityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_221_418_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsAmountRecordedAsLiability" xlink:label="rj_ConstructionContractsAmountRecordedAsLiability_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_409_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAmountRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAmountRecordedAsLiability_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAmountRecordedAsLiability_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsAmount" xlink:label="rj_ConstructionContractsAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAmount_loc" xlink:to="rj_RJ_2026-01-01_221_409_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B5_323_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B5_323_ref">
      <ref:Chapter>B5</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>323</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAmount_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B5_322_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B5_322_ref">
      <ref:Chapter>B5</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>322</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAmount_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsAssetsDisclosure" xlink:label="rj_ConstructionContractsAssetsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_102_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_102_A_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_221_102_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssetsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssetsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsAssetsRecordedAsLiability" xlink:label="rj_ConstructionContractsAssetsRecordedAsLiability_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssetsRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssetsRecordedAsLiability_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssetsRecordedAsLiability_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsAssets" xlink:label="rj_ConstructionContractsAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssets_loc" xlink:to="rj_RJ_2026-01-01_221_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssets_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsAssets_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsCapitalisedExpensesServicesNotYetRenderedRecordedAsLiability" xlink:label="rj_ConstructionContractsCapitalisedExpensesServicesNotYetRenderedRecordedAsLiability_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_415_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_415_D_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>415</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsCapitalisedExpensesServicesNotYetRenderedRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_415_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsCapitalisedExpensesServicesNotYetRendered" xlink:label="rj_ConstructionContractsCapitalisedExpensesServicesNotYetRendered_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsCapitalisedExpensesServicesNotYetRendered_loc" xlink:to="rj_RJ_2026-01-01_221_415_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsClassifiedAsIncomeInIncomeStatement" xlink:label="rj_ConstructionContractsClassifiedAsIncomeInIncomeStatement_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_414_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_414_A_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>414</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsClassifiedAsIncomeInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_221_414_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsDisclosure" xlink:label="rj_ConstructionContractsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsLiabilitiesDisclosure" xlink:label="rj_ConstructionContractsLiabilitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsLiabilitiesPolicy" xlink:label="rj_ConstructionContractsLiabilitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_414_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_414_C_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>414</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B5_327_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B5_327_ref">
      <ref:Chapter>B5</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>327</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesPolicy_loc" xlink:to="rj_RJk_2026-01-01_B5_327_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsLiabilitiesRecordedAsLiability" xlink:label="rj_ConstructionContractsLiabilitiesRecordedAsLiability_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesRecordedAsLiability_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilitiesRecordedAsLiability_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsLiabilities" xlink:label="rj_ConstructionContractsLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_221_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilities_loc" xlink:to="rj_RJk_2026-01-01_B5_323_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsLiabilities_loc" xlink:to="rj_RJk_2026-01-01_B5_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsMethodRecordedAsLiability" xlink:label="rj_ConstructionContractsMethodRecordedAsLiability_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsMethodRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_414_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsMethod" xlink:label="rj_ConstructionContractsMethod_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_414_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_414_D_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>414</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsMethod_loc" xlink:to="rj_RJ_2026-01-01_221_414_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsMethodsProjectIncomeRecordedAsLiability" xlink:label="rj_ConstructionContractsMethodsProjectIncomeRecordedAsLiability_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_414_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_414_B_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>414</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsMethodsProjectIncomeRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_414_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsMethodsProjectIncome" xlink:label="rj_ConstructionContractsMethodsProjectIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsMethodsProjectIncome_loc" xlink:to="rj_RJ_2026-01-01_221_414_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsNatureRecordedAsLiability" xlink:label="rj_ConstructionContractsNatureRecordedAsLiability_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsNatureRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_414_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsNature" xlink:label="rj_ConstructionContractsNature_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsNature_loc" xlink:to="rj_RJ_2026-01-01_221_414_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsNoLegalOwnershipDescription" xlink:label="rj_ConstructionContractsNoLegalOwnershipDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsNoLegalOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsNoLegalOwnershipRecordedAsLiabilityDescription" xlink:label="rj_ConstructionContractsNoLegalOwnershipRecordedAsLiabilityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsNoLegalOwnershipRecordedAsLiabilityDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsPolicy" xlink:label="rj_ConstructionContractsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsPolicy_loc" xlink:to="rj_RJk_2026-01-01_B5_327_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsProgressBillingsRecordedAsLiability" xlink:label="rj_ConstructionContractsProgressBillingsRecordedAsLiability_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_415_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_415_B_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>415</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsProgressBillingsRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_415_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsProgressBillings" xlink:label="rj_ConstructionContractsProgressBillings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsProgressBillings_loc" xlink:to="rj_RJ_2026-01-01_221_415_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsWithheldByClientRecordedAsLiability" xlink:label="rj_ConstructionContractsWithheldByClientRecordedAsLiability_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_415_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_415_C_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>415</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsWithheldByClientRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_221_415_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ConstructionContractsWithheldByClient" xlink:label="rj_ConstructionContractsWithheldByClient_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ConstructionContractsWithheldByClient_loc" xlink:to="rj_RJ_2026-01-01_221_415_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContentPensionRegulationsProductsPremiumPensionInstitutions" xlink:label="rj_ContentPensionRegulationsProductsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContentPensionRegulationsProductsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContingentLiabilitiesIndividualLiabilitiesOfExceptionalImportanceDescription" xlink:label="rj_ContingentLiabilitiesIndividualLiabilitiesOfExceptionalImportanceDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_605_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_605_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>605</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContingentLiabilitiesIndividualLiabilitiesOfExceptionalImportanceDescription_loc" xlink:to="rj_RJ_2026-01-01_220_605_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContingentLiabilitiesIndividualLiabilitiesOfExceptionalImportanceDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuityReserveAdditions" xlink:label="rj_ContinuityReserveAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityReserveAdditions_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuityReserveDisclosure" xlink:label="rj_ContinuityReserveDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityReserveDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuityReserveMinimumRequiredBalanceUnderlyingAssumptionsDescription" xlink:label="rj_ContinuityReserveMinimumRequiredBalanceUnderlyingAssumptionsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_306_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityReserveMinimumRequiredBalanceUnderlyingAssumptionsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuityReservePolicy" xlink:label="rj_ContinuityReservePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityReservePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityReservePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuityReserveWithdrawals" xlink:label="rj_ContinuityReserveWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityReserveWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuityReserve" xlink:label="rj_ContinuityReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityReserve_loc" xlink:to="rj_RJ_2026-01-01_650_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuityRisksAndUncertaintiesDescription" xlink:label="rj_ContinuityRisksAndUncertaintiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuityRisksAndUncertaintiesDescription_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContinuitySectionDisclosure" xlink:label="rj_ContinuitySectionDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContinuitySectionDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContributionRiskParagraphSolvencyPremiumPensionInstitutionsDisclosure" xlink:label="rj_ContributionRiskParagraphSolvencyPremiumPensionInstitutionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_218_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_218_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>218</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionRiskParagraphSolvencyPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_218_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContributionsOfParticipantsDisclosure" xlink:label="rj_ContributionsOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContributionsOfParticipantsPolicy" xlink:label="rj_ContributionsOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContributionsOfParticipants" xlink:label="rj_ContributionsOfParticipants_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_319_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_319_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>319</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_640_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContributionsReceivedCentralCashDisclosure" xlink:label="rj_ContributionsReceivedCentralCashDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsReceivedCentralCashDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContributionsReceivedCentralCashPolicy" xlink:label="rj_ContributionsReceivedCentralCashPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsReceivedCentralCashPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsReceivedCentralCashPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ContributionsReceivedCentralCash" xlink:label="rj_ContributionsReceivedCentralCash_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_609_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_609_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>609</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsReceivedCentralCash_loc" xlink:to="rj_RJ_2026-01-01_605_609_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_615_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_615_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>615</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ContributionsReceivedCentralCash_loc" xlink:to="rj_RJ_2026-01-01_605_615_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CopeWithGapsConcerningExperticeAndSkillsDescription" xlink:label="rj_CopeWithGapsConcerningExperticeAndSkillsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CopeWithGapsConcerningExperticeAndSkillsDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105f_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CoreBusinessDescription" xlink:label="rj_CoreBusinessDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1021_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1021_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1021</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CoreBusinessDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1021_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CoreCapitalAvailableRatio" xlink:label="rj_CoreCapitalAvailableRatio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CoreCapitalAvailableRatio_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CoreCapitalAvailable" xlink:label="rj_CoreCapitalAvailable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CoreCapitalAvailable_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CoreCapitalDisclosure" xlink:label="rj_CoreCapitalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CoreCapitalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CoreCapitalMinimumRequiredRatio" xlink:label="rj_CoreCapitalMinimumRequiredRatio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CoreCapitalMinimumRequiredRatio_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CoreCapitalMinimumRequired" xlink:label="rj_CoreCapitalMinimumRequired_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CoreCapitalMinimumRequired_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CorporateSocialResponsibilityInformation" xlink:label="rj_CorporateSocialResponsibilityInformation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2014_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2014_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2014</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CorporateSocialResponsibilityInformation_loc" xlink:to="rj_RJ_2026-01-01_400_2014_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CorporateSocialResponsibilityInformation_loc" xlink:to="rj_RJ_2026-01-01_650_404_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_402_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CorporateSocialResponsibilityInformation_loc" xlink:to="rj_RJk_2026-01-01_C2_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CorporateStructureAndStaffing" xlink:label="rj_CorporateStructureAndStaffing_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_103_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 03</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CorporateStructureAndStaffing_loc" xlink:to="rj_RJ_2026-01-01_400_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CorrectiveMeasuresGapMinimumCapitalRequirementDescription" xlink:label="rj_CorrectiveMeasuresGapMinimumCapitalRequirementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CorrectiveMeasuresGapMinimumCapitalRequirementDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostAllocationActivitiesDisclosure" xlink:label="rj_CostAllocationActivitiesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_412_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_412_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>412</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostAllocationActivitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_412_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostAllocationActivitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_320_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_323_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_323_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>323</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostAllocationActivitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_323_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_325_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_325_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>325</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostAllocationActivitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_325_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_327_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_327_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>327</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostAllocationActivitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_327_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostAllocationActivitiesPolicy" xlink:label="rj_CostAllocationActivitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostAllocationActivitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_650_320_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostAllocationActivitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_650_325_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostAllocationActivitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_650_327_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostOfSalesNotPurchasedFromMembersDisclosure" xlink:label="rj_CostOfSalesNotPurchasedFromMembersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostOfSalesNotPurchasedFromMembersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostOfSalesNotPurchasedFromMembersPolicy" xlink:label="rj_CostOfSalesNotPurchasedFromMembersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostOfSalesNotPurchasedFromMembersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostOfSalesNotPurchasedFromMembersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostOfSalesNotPurchasedFromMembers" xlink:label="rj_CostOfSalesNotPurchasedFromMembers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostOfSalesNotPurchasedFromMembers_loc" xlink:to="rj_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostPriceProductServiceDelivery" xlink:label="rj_CostPriceProductServiceDelivery_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_316_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_316_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>316</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostPriceProductServiceDelivery_loc" xlink:to="rj_RJ_2026-01-01_650_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsCustodyAssetsInvestmentEntity" xlink:label="rj_CostsCustodyAssetsInvestmentEntity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_419_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_419_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>419</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsCustodyAssetsInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsDirectlyChargedToCapital" xlink:label="rj_CostsDirectlyChargedToCapital_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsDirectlyChargedToCapital_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsIncludedProvisionDescription" xlink:label="rj_CostsIncludedProvisionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_624_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_624_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>624</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsIncludedProvisionDescription_loc" xlink:to="rj_RJ_2026-01-01_605_624_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsInvestmentsDisclosure" xlink:label="rj_CostsInvestmentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsInvestmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_317_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_317_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>317</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsInvestmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsInvestmentsPolicy" xlink:label="rj_CostsInvestmentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsInvestmentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsInvestmentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsInvestments" xlink:label="rj_CostsInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsInvestments_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsInvestments_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsJointCampaignsDisclosure" xlink:label="rj_CostsJointCampaignsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsJointCampaignsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsJointCampaignsPolicy" xlink:label="rj_CostsJointCampaignsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsJointCampaignsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsJointCampaignsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsJointCampaigns" xlink:label="rj_CostsJointCampaigns_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsJointCampaigns_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsObtainingGovernmentSubsidiesDisclosure" xlink:label="rj_CostsObtainingGovernmentSubsidiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsObtainingGovernmentSubsidiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsObtainingGovernmentSubsidiesPolicy" xlink:label="rj_CostsObtainingGovernmentSubsidiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsObtainingGovernmentSubsidiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsObtainingGovernmentSubsidiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsObtainingGovernmentSubsidies" xlink:label="rj_CostsObtainingGovernmentSubsidies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsObtainingGovernmentSubsidies_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOfOutsourcingAndSubcontractingDisclosure" xlink:label="rj_CostsOfOutsourcingAndSubcontractingDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_301_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOfOutsourcingAndSubcontractingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOfOutsourcingAndSubcontractingPolicy" xlink:label="rj_CostsOfOutsourcingAndSubcontractingPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOfOutsourcingAndSubcontractingPolicy_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOfOutsourcingAndSubcontracting" xlink:label="rj_CostsOfOutsourcingAndSubcontracting_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOfOutsourcingAndSubcontracting_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOfOwnOrganisationDisclosure" xlink:label="rj_CostsOfOwnOrganisationDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_407_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOfOwnOrganisationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntityDisclosure" xlink:label="rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntityPolicy" xlink:label="rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntityPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntityPolicy_loc" xlink:to="rj_RJ_2026-01-01_615_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntity" xlink:label="rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOutsourcedWorkAdministrationCustodyAssetsInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOutsourcedWorkCustodyOfInvestmentEntity" xlink:label="rj_CostsOutsourcedWorkCustodyOfInvestmentEntity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOutsourcedWorkCustodyOfInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOutsourcedWorkDisclosure" xlink:label="rj_CostsOutsourcedWorkDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOutsourcedWorkDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOutsourcedWorkPolicy" xlink:label="rj_CostsOutsourcedWorkPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOutsourcedWorkPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOutsourcedWorkPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOutsourcedWork" xlink:label="rj_CostsOutsourcedWork_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOutsourcedWork_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOwnFundraisingDisclosure" xlink:label="rj_CostsOwnFundraisingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOwnFundraisingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOwnFundraisingPolicy" xlink:label="rj_CostsOwnFundraisingPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOwnFundraisingPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOwnFundraisingPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsOwnFundraising" xlink:label="rj_CostsOwnFundraising_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsOwnFundraising_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsProvisionBalanceInsurance" xlink:label="rj_CostsProvisionBalanceInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsProvisionBalanceInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsRawMaterialsConsumablesNotPurchasedFromMembersDisclosure" xlink:label="rj_CostsRawMaterialsConsumablesNotPurchasedFromMembersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsRawMaterialsConsumablesNotPurchasedFromMembersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsRawMaterialsConsumablesNotPurchasedFromMembersPolicy" xlink:label="rj_CostsRawMaterialsConsumablesNotPurchasedFromMembersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsRawMaterialsConsumablesNotPurchasedFromMembersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsRawMaterialsConsumablesNotPurchasedFromMembersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsRawMaterialsConsumablesNotPurchasedFromMembers" xlink:label="rj_CostsRawMaterialsConsumablesNotPurchasedFromMembers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsRawMaterialsConsumablesNotPurchasedFromMembers_loc" xlink:to="rj_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsSettledOwnAccount" xlink:label="rj_CostsSettledOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsSettledOwnAccount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsThirdPartyCampaignsDisclosure" xlink:label="rj_CostsThirdPartyCampaignsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsThirdPartyCampaignsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsThirdPartyCampaignsPolicy" xlink:label="rj_CostsThirdPartyCampaignsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsThirdPartyCampaignsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsThirdPartyCampaignsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CostsThirdPartyCampaigns" xlink:label="rj_CostsThirdPartyCampaigns_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CostsThirdPartyCampaigns_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CounterpartiesDerivativesTransactionsDescription" xlink:label="rj_CounterpartiesDerivativesTransactionsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_505_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_505_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CounterpartiesDerivativesTransactionsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CountryCounterpartiesDescription" xlink:label="rj_CountryCounterpartiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_431_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_431_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>431</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CountryCounterpartiesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CoverageRatioPolicyDescription" xlink:label="rj_CoverageRatioPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CoverageRatioPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CreditorsDisclosure" xlink:label="rj_CreditorsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CreditorsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CreditorsPolicy" xlink:label="rj_CreditorsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CreditorsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CreditorsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_Creditors" xlink:label="rj_Creditors_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_302a_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_302a_B_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302a</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_Creditors_loc" xlink:to="rj_RJ_2026-01-01_615_302a_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CriteriaFinishedPhaseRealEstateInDevelopmentDescription" xlink:label="rj_CriteriaFinishedPhaseRealEstateInDevelopmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CriteriaFinishedPhaseRealEstateInDevelopmentDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CriticalPerformanceIndicatorPartSustainableActivitiesCapitalExpensesDescription" xlink:label="rj_CriticalPerformanceIndicatorPartSustainableActivitiesCapitalExpensesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CriticalPerformanceIndicatorPartSustainableActivitiesCapitalExpensesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CriticalPerformanceIndicatorPartSustainableActivitiesOperationalExpensesDescription" xlink:label="rj_CriticalPerformanceIndicatorPartSustainableActivitiesOperationalExpensesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CriticalPerformanceIndicatorPartSustainableActivitiesOperationalExpensesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CriticalPerformanceIndicatorPartSustainableActivitiesPollutionPreventionControlDescription" xlink:label="rj_CriticalPerformanceIndicatorPartSustainableActivitiesPollutionPreventionControlDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CriticalPerformanceIndicatorPartSustainableActivitiesPollutionPreventionControlDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CriticalPerformanceIndicatorPartSustainableActivitiesProtectionRestorationEcosystemsDescription" xlink:label="rj_CriticalPerformanceIndicatorPartSustainableActivitiesProtectionRestorationEcosystemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CriticalPerformanceIndicatorPartSustainableActivitiesProtectionRestorationEcosystemsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CriticalPerformanceIndicatorPartSustainableActivitiesProtectionWaterResourcesDescription" xlink:label="rj_CriticalPerformanceIndicatorPartSustainableActivitiesProtectionWaterResourcesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CriticalPerformanceIndicatorPartSustainableActivitiesProtectionWaterResourcesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CriticalPerformanceIndicatorPartSustainableActivitiesRevenueDescription" xlink:label="rj_CriticalPerformanceIndicatorPartSustainableActivitiesRevenueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CriticalPerformanceIndicatorPartSustainableActivitiesRevenueDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CriticalPerformanceIndicatorPartSustainableActivitiesTransitionCircularEconomyDescription" xlink:label="rj_CriticalPerformanceIndicatorPartSustainableActivitiesTransitionCircularEconomyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CriticalPerformanceIndicatorPartSustainableActivitiesTransitionCircularEconomyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CultureAndBehaviourSoftControls" xlink:label="rj_CultureAndBehaviourSoftControls_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_106_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 06</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CultureAndBehaviourSoftControls_loc" xlink:to="rj_RJ_2026-01-01_400_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CumulativeUnprocessedShareLossesParticipatingInterestsDisclosure" xlink:label="rj_CumulativeUnprocessedShareLossesParticipatingInterestsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_818_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_818_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>818</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CumulativeUnprocessedShareLossesParticipatingInterestsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_214_818_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CumulativeUnprocessedShareLossesParticipatingInterests" xlink:label="rj_CumulativeUnprocessedShareLossesParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CumulativeUnprocessedShareLossesParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_214_818_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrencyDifferencesLoansConsideredAsCorrectionInterestChargesDue" xlink:label="rj_CurrencyDifferencesLoansConsideredAsCorrectionInterestChargesDue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrencyDifferencesLoansConsideredAsCorrectionInterestChargesDue_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrencyDifferencesLoansConsideredAsCorrectionInterestChargesDue_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrencyOfSecuritiesDescription" xlink:label="rj_CurrencyOfSecuritiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrencyOfSecuritiesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentExpensesFactorClassOfShares" xlink:label="rj_CurrentExpensesFactorClassOfShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentExpensesFactorClassOfShares_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentExpensesFactorClassesOfSharesDisclosure" xlink:label="rj_CurrentExpensesFactorClassesOfSharesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentExpensesFactorClassesOfSharesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentExpensesFactorDisclosure" xlink:label="rj_CurrentExpensesFactorDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentExpensesFactorDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentExpensesFactorSubfund" xlink:label="rj_CurrentExpensesFactorSubfund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentExpensesFactorSubfund_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentExpensesFactorSubfundsDisclosure" xlink:label="rj_CurrentExpensesFactorSubfundsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentExpensesFactorSubfundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentExpensesFactor" xlink:label="rj_CurrentExpensesFactor_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentExpensesFactor_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CurrentValueBasisOfDeterminationDescription" xlink:label="rj_CurrentValueBasisOfDeterminationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_805_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_805_F_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CurrentValueBasisOfDeterminationDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CustodianFeesDisclosure" xlink:label="rj_CustodianFeesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CustodianFeesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CustodianFeesPolicy" xlink:label="rj_CustodianFeesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CustodianFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CustodianFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_CustodianFees" xlink:label="rj_CustodianFees_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_303_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CustodianFees_loc" xlink:to="rj_RJ_2026-01-01_615_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_CustodianFees_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DBCsDBCHealthcareProductsInProgressAssets" xlink:label="rj_DBCsDBCHealthcareProductsInProgressAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_302_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressAssets_loc" xlink:to="rj_RJ_2026-01-01_655_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DBCsDBCHealthcareProductsInProgressBillings" xlink:label="rj_DBCsDBCHealthcareProductsInProgressBillings_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_303_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressBillings_loc" xlink:to="rj_RJ_2026-01-01_655_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DBCsDBCHealthcareProductsInProgressDisclosure" xlink:label="rj_DBCsDBCHealthcareProductsInProgressDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DBCsDBCHealthcareProductsInProgressGross" xlink:label="rj_DBCsDBCHealthcareProductsInProgressGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressGross_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DBCsDBCHealthcareProductsInProgressLiabilities" xlink:label="rj_DBCsDBCHealthcareProductsInProgressLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressLiabilities_loc" xlink:to="rj_RJ_2026-01-01_655_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DBCsDBCHealthcareProductsInProgressNet" xlink:label="rj_DBCsDBCHealthcareProductsInProgressNet_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressNet_loc" xlink:to="rj_RJ_2026-01-01_655_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DBCsDBCHealthcareProductsInProgressPolicy" xlink:label="rj_DBCsDBCHealthcareProductsInProgressPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DBCsDBCHealthcareProductsInProgressProvision" xlink:label="rj_DBCsDBCHealthcareProductsInProgressProvision_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DBCsDBCHealthcareProductsInProgressProvision_loc" xlink:to="rj_RJ_2026-01-01_655_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageExpenses" xlink:label="rj_DamageExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageExpenses_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamageOutflowOverviewDisclosure" xlink:label="rj_DamageOutflowOverviewDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageOutflowOverviewDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamageOutflowOverviewDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamagesBenefitsPaidGross" xlink:label="rj_DamagesBenefitsPaidGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamagesBenefitsPaidGross_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamagesBenefitsPaidReinsurance" xlink:label="rj_DamagesBenefitsPaidReinsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamagesBenefitsPaidReinsurance_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamagesBenefitsPaid" xlink:label="rj_DamagesBenefitsPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamagesBenefitsPaid_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DamagesBenefitsReceivedFromReinsurers" xlink:label="rj_DamagesBenefitsReceivedFromReinsurers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DamagesBenefitsReceivedFromReinsurers_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DebtClaimsDividendInterest" xlink:label="rj_DebtClaimsDividendInterest_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_302a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_302a_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DebtClaimsDividendInterest_loc" xlink:to="rj_RJ_2026-01-01_615_302a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DecisionsAllowanceDiscountDescription" xlink:label="rj_DecisionsAllowanceDiscountDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DecisionsAllowanceDiscountDescription_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DecreaseInValueDeferredTaxAssetsDisclosure" xlink:label="rj_DecreaseInValueDeferredTaxAssetsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DecreaseInValueDeferredTaxAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DecreaseInValueDeferredTaxAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_M1_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_M1_302_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A1_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A1_302_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DecreaseInValueDeferredTaxAssetsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_A1_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DecreaseInValueDeferredTaxAssetsPolicy" xlink:label="rj_DecreaseInValueDeferredTaxAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DecreaseInValueDeferredTaxAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DecreaseInValueDeferredTaxAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DecreaseInValueDeferredTaxAssets" xlink:label="rj_DecreaseInValueDeferredTaxAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_406_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DecreaseInValueDeferredTaxAssets_loc" xlink:to="rj_RJ_2026-01-01_272_406_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B15_117_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B15_117_ref">
      <ref:Chapter>B15</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>117</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DecreaseInValueDeferredTaxAssets_loc" xlink:to="rj_RJk_2026-01-01_B15_117_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutionsDisclosure" xlink:label="rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_302_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutionsPolicy" xlink:label="rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutions" xlink:label="rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeductedManagementFeesAndOtherFeesPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeductionCostsManagement" xlink:label="rj_DeductionCostsManagement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeductionCostsManagement_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredAcquisitionCostsClassifiedAsOperatingActivities" xlink:label="rj_DeferredAcquisitionCostsClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredAcquisitionCostsClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredIncomeTaxExpense" xlink:label="rj_DeferredIncomeTaxExpense_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_503_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredIncomeTaxExpense_loc" xlink:to="rj_RJ_2026-01-01_272_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredIncomeTaxExpense_loc" xlink:to="rj_RJ_2026-01-01_272_711_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxAssetsCurrentDisclosure" xlink:label="rj_DeferredTaxAssetsCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsCurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsCurrentDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_119_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B15_114_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B15_114_ref">
      <ref:Chapter>B15</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>114</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsCurrentDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B15_114_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B15_124_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B15_124_ref">
      <ref:Chapter>B15</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>124</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsCurrentDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B15_124_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxAssetsCurrent" xlink:label="rj_DeferredTaxAssetsCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsCurrent_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxAssetsDisclosure" xlink:label="rj_DeferredTaxAssetsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_712_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_712_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>712</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_712_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxAssetsNoncurrentDisclosure" xlink:label="rj_DeferredTaxAssetsNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsNoncurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsNoncurrentDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsNoncurrentDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B15_114_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsNoncurrentDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B15_124_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxAssetsNoncurrent" xlink:label="rj_DeferredTaxAssetsNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxAssetsPolicy" xlink:label="rj_DeferredTaxAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_701_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_701_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>701</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_272_701_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_272_712_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxAssets" xlink:label="rj_DeferredTaxAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssets_loc" xlink:to="rj_RJ_2026-01-01_272_601_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxAssets_loc" xlink:to="rj_RJ_2026-01-01_272_711_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxDiscountedValueDisclosure" xlink:label="rj_DeferredTaxDiscountedValueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_707_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_707_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>707</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxDiscountedValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_707_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxInvestmentsDisclosure" xlink:label="rj_DeferredTaxInvestmentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_424_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_424_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>424</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxInvestmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_424_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxInvestmentsPolicy" xlink:label="rj_DeferredTaxInvestmentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxInvestmentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxInvestmentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxLiabilitiesDisclosure" xlink:label="rj_DeferredTaxLiabilitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilitiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B15_114_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilitiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B15_124_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxLiabilitiesPolicy" xlink:label="rj_DeferredTaxLiabilitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_272_701_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeferredTaxLiabilities" xlink:label="rj_DeferredTaxLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilities_loc" xlink:to="rj_RJ_2026-01-01_272_601_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilities_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeferredTaxLiabilities_loc" xlink:to="rj_RJ_2026-01-01_272_711_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DefinitionKeyFiguresNotDerivedFinancialStatements" xlink:label="rj_DefinitionKeyFiguresNotDerivedFinancialStatements_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_430_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_430_104_ref">
      <ref:Chapter>430</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DefinitionKeyFiguresNotDerivedFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DefinitionKeyRatiosNotDerivedFinancialStatements" xlink:label="rj_DefinitionKeyRatiosNotDerivedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DefinitionKeyRatiosNotDerivedFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciableAcquisitionCosts" xlink:label="rj_DepreciableAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciableAcquisitionCosts_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciableInterestRateDiscount" xlink:label="rj_DepreciableInterestRateDiscount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciableInterestRateDiscount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciationActivatedAcquisitionCosts" xlink:label="rj_DepreciationActivatedAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciationActivatedAcquisitionCosts_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciationAmortisationAndInterestExpensesDisclosure" xlink:label="rj_DepreciationAmortisationAndInterestExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciationAmortisationAndInterestExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciationAmortisation" xlink:label="rj_DepreciationAmortisation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciationAmortisation_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciationAndWriteOffsCreditsPolicy" xlink:label="rj_DepreciationAndWriteOffsCreditsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_211_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_211_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>211</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciationAndWriteOffsCreditsPolicy_loc" xlink:to="rj_RJ_2026-01-01_600_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciationInterestRateDiscount" xlink:label="rj_DepreciationInterestRateDiscount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciationInterestRateDiscount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciationOfferedInterestRateDiscountInterestRateDiscount" xlink:label="rj_DepreciationOfferedInterestRateDiscountInterestRateDiscount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciationOfferedInterestRateDiscountInterestRateDiscount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DepreciationOperatingAssets" xlink:label="rj_DepreciationOperatingAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DepreciationOperatingAssets_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DerivativeFinancialInstrumentsNotionalAmount" xlink:label="rj_DerivativeFinancialInstrumentsNotionalAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DerivativeFinancialInstrumentsNotionalAmount_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DerivativeFinancialInstrumentsPositiveFairValue" xlink:label="rj_DerivativeFinancialInstrumentsPositiveFairValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DerivativeFinancialInstrumentsPositiveFairValue_loc" xlink:to="rj_RJ_2026-01-01_600_236_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundAdditions" xlink:label="rj_DesignatedFundAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundAdditions_loc" xlink:to="rj_RJ_2026-01-01_640_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundAdditions_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundDescription" xlink:label="rj_DesignatedFundDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundDescription_loc" xlink:to="rj_RJ_2026-01-01_630_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundDescription_loc" xlink:to="rj_RJ_2026-01-01_640_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundDescription_loc" xlink:to="rj_RJ_2026-01-01_655_309a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundMovement" xlink:label="rj_DesignatedFundMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundMovement_loc" xlink:to="rj_RJ_2026-01-01_640_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundMovement_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundPrivateDisclosure" xlink:label="rj_DesignatedFundPrivateDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPrivateDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundPrivatePolicy" xlink:label="rj_DesignatedFundPrivatePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPrivatePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPrivatePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundPrivate" xlink:label="rj_DesignatedFundPrivate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPrivate_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundPublicDisclosure" xlink:label="rj_DesignatedFundPublicDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPublicDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundPublicPolicy" xlink:label="rj_DesignatedFundPublicPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPublicPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPublicPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundPublic" xlink:label="rj_DesignatedFundPublic_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundPublic_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundWithdrawals" xlink:label="rj_DesignatedFundWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_640_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundWithdrawals_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFund" xlink:label="rj_DesignatedFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFund_loc" xlink:to="rj_RJ_2026-01-01_630_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFund_loc" xlink:to="rj_RJ_2026-01-01_640_404_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_309_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFund_loc" xlink:to="rj_RJ_2026-01-01_650_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFund_loc" xlink:to="rj_RJ_2026-01-01_655_309a_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_306_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFund_loc" xlink:to="rj_RJk_2026-01-01_C1_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundsAdditions" xlink:label="rj_DesignatedFundsAdditions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_306_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsAdditions_loc" xlink:to="rj_RJ_2026-01-01_640_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsAdditions_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_304_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsAdditions_loc" xlink:to="rj_RJk_2026-01-01_C1_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundsDisclosure" xlink:label="rj_DesignatedFundsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundsPolicy" xlink:label="rj_DesignatedFundsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFundsWithdrawals" xlink:label="rj_DesignatedFundsWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_640_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFundsWithdrawals_loc" xlink:to="rj_RJk_2026-01-01_C1_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedFunds" xlink:label="rj_DesignatedFunds_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_202_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJ_2026-01-01_630_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_205_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJ_2026-01-01_630_205_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJ_2026-01-01_640_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJ_2026-01-01_650_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJ_2026-01-01_655_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJk_2026-01-01_C1_306_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_306_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJk_2026-01-01_C2_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedFunds_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReserveAdditions" xlink:label="rj_DesignatedReserveAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveAdditions_loc" xlink:to="rj_RJ_2026-01-01_640_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveAdditions_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReserveDescription" xlink:label="rj_DesignatedReserveDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescription_loc" xlink:to="rj_RJ_2026-01-01_630_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescription_loc" xlink:to="rj_RJ_2026-01-01_640_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_307_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescription_loc" xlink:to="rj_RJ_2026-01-01_650_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescription_loc" xlink:to="rj_RJ_2026-01-01_655_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReserveMovement" xlink:label="rj_DesignatedReserveMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveMovement_loc" xlink:to="rj_RJ_2026-01-01_640_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveMovement_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservePrivateDisclosure" xlink:label="rj_DesignatedReservePrivateDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePrivateDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservePrivatePolicy" xlink:label="rj_DesignatedReservePrivatePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePrivatePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePrivatePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservePrivate" xlink:label="rj_DesignatedReservePrivate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePrivate_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservePublicDisclosure" xlink:label="rj_DesignatedReservePublicDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePublicDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservePublicPolicy" xlink:label="rj_DesignatedReservePublicPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePublicPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePublicPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservePublic" xlink:label="rj_DesignatedReservePublic_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservePublic_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReserveWithdrawals" xlink:label="rj_DesignatedReserveWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_640_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserveWithdrawals_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReserve" xlink:label="rj_DesignatedReserve_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_235_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_235_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>235</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserve_loc" xlink:to="rj_RJ_2026-01-01_610_235_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserve_loc" xlink:to="rj_RJ_2026-01-01_630_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserve_loc" xlink:to="rj_RJ_2026-01-01_640_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserve_loc" xlink:to="rj_RJ_2026-01-01_650_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserve_loc" xlink:to="rj_RJ_2026-01-01_655_309_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_307_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserve_loc" xlink:to="rj_RJk_2026-01-01_C1_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservesAdditions" xlink:label="rj_DesignatedReservesAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesAdditions_loc" xlink:to="rj_RJ_2026-01-01_640_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesAdditions_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesAdditions_loc" xlink:to="rj_RJk_2026-01-01_C1_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservesDisclosure" xlink:label="rj_DesignatedReservesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservesOtherDisclosure" xlink:label="rj_DesignatedReservesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservesOtherPolicy" xlink:label="rj_DesignatedReservesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservesOther" xlink:label="rj_DesignatedReservesOther_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_408_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesOther_loc" xlink:to="rj_RJ_2026-01-01_605_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservesPolicy" xlink:label="rj_DesignatedReservesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReservesWithdrawals" xlink:label="rj_DesignatedReservesWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_610_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_640_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReservesWithdrawals_loc" xlink:to="rj_RJk_2026-01-01_C1_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DesignatedReserves" xlink:label="rj_DesignatedReserves_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJ_2026-01-01_610_235_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJ_2026-01-01_630_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_206_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJ_2026-01-01_630_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJ_2026-01-01_640_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJ_2026-01-01_650_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJ_2026-01-01_655_305_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_305_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJk_2026-01-01_C2_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJk_2026-01-01_C1_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DesignatedReserves_loc" xlink:to="rj_RJk_2026-01-01_C1_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeterminationCostPriceIndirectCostsDescription" xlink:label="rj_DeterminationCostPriceIndirectCostsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeterminationCostPriceIndirectCostsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeterminationSolvencyPremiumPensionInstitutionsDisclosure" xlink:label="rj_DeterminationSolvencyPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeterminationSolvencyPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_218_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DeterminationSupervisoryBoardMeetsIndependencyCriteriaDescription" xlink:label="rj_DeterminationSupervisoryBoardMeetsIndependencyCriteriaDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105d_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105d_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105d</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DeterminationSupervisoryBoardMeetsIndependencyCriteriaDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105d_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DevelopmentMarketValueDescription" xlink:label="rj_DevelopmentMarketValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_402_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DevelopmentMarketValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DevelopmentPolicyValueDescription" xlink:label="rj_DevelopmentPolicyValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DevelopmentPolicyValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DevelopmentsInMattersExpectationsStatedPreviousManagementReportDescription" xlink:label="rj_DevelopmentsInMattersExpectationsStatedPreviousManagementReportDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1014_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1014_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1014</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DevelopmentsInMattersExpectationsStatedPreviousManagementReportDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1014_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_513_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_513_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>513</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DevelopmentsInMattersExpectationsStatedPreviousManagementReportDescription_loc" xlink:to="rj_RJ_2026-01-01_660_513_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DevelopmentsInternalExternalQualityManagementDescription" xlink:label="rj_DevelopmentsInternalExternalQualityManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DevelopmentsInternalExternalQualityManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DevelopmentsRelatedPartiesDescription" xlink:label="rj_DevelopmentsRelatedPartiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DevelopmentsRelatedPartiesDescription_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DevelopmentsWithRespectToInvestmentsAndReturnsInformation" xlink:label="rj_DevelopmentsWithRespectToInvestmentsAndReturnsInformation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DevelopmentsWithRespectToInvestmentsAndReturnsInformation_loc" xlink:to="rj_RJ_2026-01-01_611_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DifferencesBetweenBalanceSheetItemsMovementCashFlowStatementBeginningEndingBalancesDisclosure" xlink:label="rj_DifferencesBetweenBalanceSheetItemsMovementCashFlowStatementBeginningEndingBalancesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_303_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DifferencesBetweenBalanceSheetItemsMovementCashFlowStatementBeginningEndingBalancesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DifferencesBetweenCashFlowStatementMovementsAssetsEquityAndLiabilitiesDisclosure" xlink:label="rj_DifferencesBetweenCashFlowStatementMovementsAssetsEquityAndLiabilitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DifferencesBetweenCashFlowStatementMovementsAssetsEquityAndLiabilitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DifferencesBetweenCashFlowStatementMovementsAssetsReservesAndFundsAndLiabilitiesDisclosure" xlink:label="rj_DifferencesBetweenCashFlowStatementMovementsAssetsReservesAndFundsAndLiabilitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DifferencesBetweenCashFlowStatementMovementsAssetsReservesAndFundsAndLiabilitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DifferencesReservesAndFundsResultSeparateConsolidatedFinancialStatementsDisclosure" xlink:label="rj_DifferencesReservesAndFundsResultSeparateConsolidatedFinancialStatementsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_401_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DifferencesReservesAndFundsResultSeparateConsolidatedFinancialStatementsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DilutionsGainsLossesNatureAndExtentDescription" xlink:label="rj_DilutionsGainsLossesNatureAndExtentDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_813_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_813_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>813</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DilutionsGainsLossesNatureAndExtentDescription_loc" xlink:to="rj_RJ_2026-01-01_214_813_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DilutionsGainsLossesProcessingMethodDescription" xlink:label="rj_DilutionsGainsLossesProcessingMethodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DilutionsGainsLossesProcessingMethodDescription_loc" xlink:to="rj_RJ_2026-01-01_214_813_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectAndIndirectEconomicalEffectsWithRespectToFinancialTransactionsBetweenTheOrganisationAndItsStakeholdersDescription" xlink:label="rj_DirectAndIndirectEconomicalEffectsWithRespectToFinancialTransactionsBetweenTheOrganisationAndItsStakeholdersDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_432_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_432_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>432</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectAndIndirectEconomicalEffectsWithRespectToFinancialTransactionsBetweenTheOrganisationAndItsStakeholdersDescription_loc" xlink:to="rj_RJ_2026-01-01_920_432_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentIncomeReceived" xlink:label="rj_DirectInvestmentIncomeReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentIncomeReceived_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentIncomeReceived_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentPropertiesOnBehalfOfParticipantsDisclosure" xlink:label="rj_DirectInvestmentPropertiesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentPropertiesOnBehalfOfParticipantsPolicy" xlink:label="rj_DirectInvestmentPropertiesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentPropertiesOnBehalfOfParticipants" xlink:label="rj_DirectInvestmentPropertiesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentPropertiesOnBehalfOfPensionFundDisclosure" xlink:label="rj_DirectInvestmentPropertiesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentPropertiesOnBehalfOfPensionFundPolicy" xlink:label="rj_DirectInvestmentPropertiesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentPropertiesOnBehalfOfPensionFund" xlink:label="rj_DirectInvestmentPropertiesOnBehalfOfPensionFund_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_212_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_212_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentPropertiesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResultsDisclosure" xlink:label="rj_DirectInvestmentResultsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResultsOnBehalfOfParticipantsDisclosure" xlink:label="rj_DirectInvestmentResultsOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResultsOnBehalfOfParticipantsPolicy" xlink:label="rj_DirectInvestmentResultsOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResultsOnBehalfOfParticipants" xlink:label="rj_DirectInvestmentResultsOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResultsOnBehalfOfPensionFundDisclosure" xlink:label="rj_DirectInvestmentResultsOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResultsOnBehalfOfPensionFundPolicy" xlink:label="rj_DirectInvestmentResultsOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResultsOnBehalfOfPensionFund" xlink:label="rj_DirectInvestmentResultsOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResultsPolicy" xlink:label="rj_DirectInvestmentResultsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResultsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectInvestmentResults" xlink:label="rj_DirectInvestmentResults_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_610_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectInvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_615_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectOperationalExpensesOfInvestmentPropertiesThatDidNotGeneratedRentalIncomeDuringTheReportingPeriodDisclosure" xlink:label="rj_DirectOperationalExpensesOfInvestmentPropertiesThatDidNotGeneratedRentalIncomeDuringTheReportingPeriodDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802_F_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectOperationalExpensesOfInvestmentPropertiesThatDidNotGeneratedRentalIncomeDuringTheReportingPeriodDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_802_F_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectOperationalExpensesOfInvestmentPropertiesThatDidNotGeneratedRentalIncomeDuringTheReportingPeriodDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectOperationalExpensesOfInvestmentPropertiesThatDidNotGeneratedRentalIncomeDuringTheReportingPeriod" xlink:label="rj_DirectOperationalExpensesOfInvestmentPropertiesThatDidNotGeneratedRentalIncomeDuringTheReportingPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectOperationalExpensesOfInvestmentPropertiesThatDidNotGeneratedRentalIncomeDuringTheReportingPeriod_loc" xlink:to="rj_RJ_2026-01-01_213_802_F_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_212_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_212_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectOperationalExpensesOfInvestmentPropertiesThatDidNotGeneratedRentalIncomeDuringTheReportingPeriod_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectOperationalExpensesOfInvestmentPropertiesThatGeneratedRentalIncomeDuringTheReportingPeriodDisclosure" xlink:label="rj_DirectOperationalExpensesOfInvestmentPropertiesThatGeneratedRentalIncomeDuringTheReportingPeriodDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectOperationalExpensesOfInvestmentPropertiesThatGeneratedRentalIncomeDuringTheReportingPeriodDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_802_F_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectOperationalExpensesOfInvestmentPropertiesThatGeneratedRentalIncomeDuringTheReportingPeriodDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectOperationalExpensesOfInvestmentPropertiesThatGeneratedRentalIncomeDuringTheReportingPeriod" xlink:label="rj_DirectOperationalExpensesOfInvestmentPropertiesThatGeneratedRentalIncomeDuringTheReportingPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectOperationalExpensesOfInvestmentPropertiesThatGeneratedRentalIncomeDuringTheReportingPeriod_loc" xlink:to="rj_RJ_2026-01-01_213_802_F_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectOperationalExpensesOfInvestmentPropertiesThatGeneratedRentalIncomeDuringTheReportingPeriod_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DirectionToPensionProviderGivenDuringPeriodDescription" xlink:label="rj_DirectionToPensionProviderGivenDuringPeriodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DirectionToPensionProviderGivenDuringPeriodDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsBookValueAssetsTotal" xlink:label="rj_DiscontinuedOperationsBookValueAssetsTotal_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_304_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_304_E_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsBookValueAssetsTotal_loc" xlink:to="rj_RJ_2026-01-01_345_304_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsBookValueAssets" xlink:label="rj_DiscontinuedOperationsBookValueAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_307_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_307_B_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsBookValueAssets_loc" xlink:to="rj_RJ_2026-01-01_345_307_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsBookValueLiabilitiesTotal" xlink:label="rj_DiscontinuedOperationsBookValueLiabilitiesTotal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsBookValueLiabilitiesTotal_loc" xlink:to="rj_RJ_2026-01-01_345_304_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsBookValueLiabilities" xlink:label="rj_DiscontinuedOperationsBookValueLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsBookValueLiabilities_loc" xlink:to="rj_RJ_2026-01-01_345_307_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsConsequencesOfChangesInPlanDescription" xlink:label="rj_DiscontinuedOperationsConsequencesOfChangesInPlanDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_308_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsConsequencesOfChangesInPlanDescription_loc" xlink:to="rj_RJ_2026-01-01_345_308_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsDescription" xlink:label="rj_DiscontinuedOperationsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_304_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_304_A_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_345_304_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsDescription_loc" xlink:to="rj_RJk_2026-01-01_B18_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsDisclosure" xlink:label="rj_DiscontinuedOperationsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_345_304_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_307_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_345_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsFinalisationTimeDescription" xlink:label="rj_DiscontinuedOperationsFinalisationTimeDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_304_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_304_D_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsFinalisationTimeDescription_loc" xlink:to="rj_RJ_2026-01-01_345_304_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsNatureOfInitialEventDescription" xlink:label="rj_DiscontinuedOperationsNatureOfInitialEventDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_304_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_304_C_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsNatureOfInitialEventDescription_loc" xlink:to="rj_RJ_2026-01-01_345_304_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsNetProceedsOfSale" xlink:label="rj_DiscontinuedOperationsNetProceedsOfSale_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsNetProceedsOfSale_loc" xlink:to="rj_RJ_2026-01-01_345_307_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsSegmentDescription" xlink:label="rj_DiscontinuedOperationsSegmentDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_304_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_304_B_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsSegmentDescription_loc" xlink:to="rj_RJ_2026-01-01_345_304_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscontinuedOperationsTimeOfInitialEventDescription" xlink:label="rj_DiscontinuedOperationsTimeOfInitialEventDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscontinuedOperationsTimeOfInitialEventDescription_loc" xlink:to="rj_RJ_2026-01-01_345_304_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_213_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_213_A_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>213</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_410_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountRateDeviationDescription" xlink:label="rj_DiscountRateDeviationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountRateDeviationDescription_loc" xlink:to="rj_RJ_2026-01-01_645_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountRateForDeterminingMarketValueDescription" xlink:label="rj_DiscountRateForDeterminingMarketValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_302_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_302_C_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountRateForDeterminingMarketValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountRateOfPresentValueDeferredTaxLiabilitiesAndAssetsAppliedPercentageNetInterestDescription" xlink:label="rj_DiscountRateOfPresentValueDeferredTaxLiabilitiesAndAssetsAppliedPercentageNetInterestDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_707_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_707_B_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>707</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountRateOfPresentValueDeferredTaxLiabilitiesAndAssetsAppliedPercentageNetInterestDescription_loc" xlink:to="rj_RJ_2026-01-01_272_707_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountRatePolicyValueDescription" xlink:label="rj_DiscountRatePolicyValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountRatePolicyValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountsOnPensionObligationsDifferencesComparedToDNBReportsDescription" xlink:label="rj_DiscountsOnPensionObligationsDifferencesComparedToDNBReportsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_251a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_251a_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>251a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountsOnPensionObligationsDifferencesComparedToDNBReportsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_251a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountsOnPensionObligationsDisclosure" xlink:label="rj_DiscountsOnPensionObligationsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountsOnPensionObligationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_251a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountsOnPensionObligationsImpactDescription" xlink:label="rj_DiscountsOnPensionObligationsImpactDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountsOnPensionObligationsImpactDescription_loc" xlink:to="rj_RJ_2026-01-01_610_251a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountsOnPensionObligationsMethodDeterminingDescription" xlink:label="rj_DiscountsOnPensionObligationsMethodDeterminingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountsOnPensionObligationsMethodDeterminingDescription_loc" xlink:to="rj_RJ_2026-01-01_610_251a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscussionsSupervisoryBoardStrategyDescription" xlink:label="rj_DiscussionsSupervisoryBoardStrategyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105a_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscussionsSupervisoryBoardStrategyDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DisposalsRedemptionsDivestituresClassifiedAsInvestingActivities" xlink:label="rj_DisposalsRedemptionsDivestituresClassifiedAsInvestingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DisposalsRedemptionsDivestituresClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DisposalsRedemptionsDivestituresClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DistributionsOfShareCertificates" xlink:label="rj_DistributionsOfShareCertificates_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DistributionsOfShareCertificates_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DistributionsOfShareCertificates_loc" xlink:to="rj_RJk_2026-01-01_C1_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiversityAspectsDescription" xlink:label="rj_DiversityAspectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_4039_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_4039_A_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>4039</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiversityAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4039_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_4046_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_4046_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>4046</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiversityAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4046_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiversityPurposesDescription" xlink:label="rj_DiversityPurposesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_4039_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_4039_B_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>4039</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiversityPurposesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4039_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiversityPurposesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4046_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiversityPurposesNotMetDescription" xlink:label="rj_DiversityPurposesNotMetDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_4039_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_4039_C_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>4039</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiversityPurposesNotMetDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4039_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiversityPurposesNotMetDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4046_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendAndRentalIncomeDisclosure" xlink:label="rj_DividendAndRentalIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendAndRentalIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendAndRentalIncomePolicy" xlink:label="rj_DividendAndRentalIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendAndRentalIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendAndRentalIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendAndRentalIncome" xlink:label="rj_DividendAndRentalIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendAndRentalIncome_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendExpense" xlink:label="rj_DividendExpense_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_823_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_823_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>823</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendExpense_loc" xlink:to="rj_RJ_2026-01-01_290_823_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendIncomeDisclosure" xlink:label="rj_DividendIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendIncome" xlink:label="rj_DividendIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendIncome_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendPayableHoldersPreferredSharesDisclosure" xlink:label="rj_DividendPayableHoldersPreferredSharesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendPayableHoldersPreferredSharesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_160_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendPayableHoldersPreferredShares" xlink:label="rj_DividendPayableHoldersPreferredShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendPayableHoldersPreferredShares_loc" xlink:to="rj_RJ_2026-01-01_160_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendPayableHoldersSharesRecordedAsEquityDisclosure" xlink:label="rj_DividendPayableHoldersSharesRecordedAsEquityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendPayableHoldersSharesRecordedAsEquityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendPayableHoldersSharesRecordedAsEquityPolicy" xlink:label="rj_DividendPayableHoldersSharesRecordedAsEquityPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendPayableHoldersSharesRecordedAsEquityPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendPayableHoldersSharesRecordedAsEquity" xlink:label="rj_DividendPayableHoldersSharesRecordedAsEquity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_160_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_160_208_ref">
      <ref:Chapter>160</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendPayableHoldersSharesRecordedAsEquity_loc" xlink:to="rj_RJ_2026-01-01_160_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendPayableHoldersSharesRecordedAsLiabilityDisclosure" xlink:label="rj_DividendPayableHoldersSharesRecordedAsLiabilityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendPayableHoldersSharesRecordedAsLiabilityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_160_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendPayableHoldersSharesRecordedAsLiabilityPolicy" xlink:label="rj_DividendPayableHoldersSharesRecordedAsLiabilityPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendPayableHoldersSharesRecordedAsLiabilityPolicy_loc" xlink:to="rj_RJ_2026-01-01_271_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendPayableHoldersSharesRecordedAsLiability" xlink:label="rj_DividendPayableHoldersSharesRecordedAsLiability_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendPayableHoldersSharesRecordedAsLiability_loc" xlink:to="rj_RJ_2026-01-01_160_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsPaidClassifiedAsFinancingActivities" xlink:label="rj_DividendsPaidClassifiedAsFinancingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_213_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_213_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>213</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsPaidClassifiedAsOperatingActivities" xlink:label="rj_DividendsPaidClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsPaidToMinorityInterestsClassifiedAsFinancingActivities" xlink:label="rj_DividendsPaidToMinorityInterestsClassifiedAsFinancingActivities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_221_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_221_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>221</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidToMinorityInterestsClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsPaidToMinorityInterestsClassifiedAsOperatingActivities" xlink:label="rj_DividendsPaidToMinorityInterestsClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidToMinorityInterestsClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsPaidToShareholdersClassifiedAsFinancingActivities" xlink:label="rj_DividendsPaidToShareholdersClassifiedAsFinancingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidToShareholdersClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsPaidToShareholdersClassifiedAsOperatingActivities" xlink:label="rj_DividendsPaidToShareholdersClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsPaidToShareholdersClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsReceivedClassifiedAsFinancingActivities" xlink:label="rj_DividendsReceivedClassifiedAsFinancingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsReceivedClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsReceivedClassifiedAsInvestingActivities" xlink:label="rj_DividendsReceivedClassifiedAsInvestingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsReceivedClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DividendsReceivedClassifiedAsOperatingActivities" xlink:label="rj_DividendsReceivedClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsReceivedClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsReceivedClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DividendsReceivedClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DocumentIntendedRoundingLevel" xlink:label="rj_DocumentIntendedRoundingLevel_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_110_103_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_110_103_E_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DocumentIntendedRoundingLevel_loc" xlink:to="rj_RJ_2026-01-01_110_103_E_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DocumentIntendedRoundingLevel_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DocumentRelatesToIndividualEntityOrGroup" xlink:label="rj_DocumentRelatesToIndividualEntityOrGroup_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_110_103_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_110_103_B_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DocumentRelatesToIndividualEntityOrGroup_loc" xlink:to="rj_RJ_2026-01-01_110_103_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DocumentRelatesToIndividualEntityOrGroup_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A1_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DonorContributionsDisclosure" xlink:label="rj_DonorContributionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DonorContributionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DonorContributionsPolicy" xlink:label="rj_DonorContributionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DonorContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DonorContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DonorContributions" xlink:label="rj_DonorContributions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_320_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_320_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>320</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DonorContributions_loc" xlink:to="rj_RJ_2026-01-01_640_320_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DurationFixedIncomeSecuritiesDescription" xlink:label="rj_DurationFixedIncomeSecuritiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DurationFixedIncomeSecuritiesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DurationMatchingPolicyDescription" xlink:label="rj_DurationMatchingPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DurationMatchingPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DuringTheFinancialYearDeclaredProposedDividendPerShareDisclosure" xlink:label="rj_DuringTheFinancialYearDeclaredProposedDividendPerShareDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_420_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_420_108_ref">
      <ref:Chapter>420</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DuringTheFinancialYearDeclaredProposedDividendPerShareDisclosure_loc" xlink:to="rj_RJ_2026-01-01_420_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EBITA" xlink:label="rj_EBITA_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_509_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_509_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EBITA_loc" xlink:to="rj_RJ_2026-01-01_270_509_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EBITDA" xlink:label="rj_EBITDA_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EBITDA_loc" xlink:to="rj_RJ_2026-01-01_270_509_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarlyRedemptionAfterBalanceSheetDateBeforePreparationOfFinancialStatementsAlternativeDescription" xlink:label="rj_EarlyRedemptionAfterBalanceSheetDateBeforePreparationOfFinancialStatementsAlternativeDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_307_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_307_A_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarlyRedemptionAfterBalanceSheetDateBeforePreparationOfFinancialStatementsAlternativeDescription_loc" xlink:to="rj_RJ_2026-01-01_254_307_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B9_206_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B9_206_A_ref">
      <ref:Chapter>B9</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarlyRedemptionAfterBalanceSheetDateBeforePreparationOfFinancialStatementsAlternativeDescription_loc" xlink:to="rj_RJk_2026-01-01_B9_206_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarlyRedemptionAfterBalanceSheetDateBeforePreparationOfFinancialStatementsDescription" xlink:label="rj_EarlyRedemptionAfterBalanceSheetDateBeforePreparationOfFinancialStatementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_306_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarlyRedemptionAfterBalanceSheetDateBeforePreparationOfFinancialStatementsDescription_loc" xlink:to="rj_RJ_2026-01-01_254_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarlyRedemptionCosts" xlink:label="rj_EarlyRedemptionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarlyRedemptionCosts_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarlyRedemptionCosts_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarlyRetirementAndOtherNonActivitySchemesDisclosure" xlink:label="rj_EarlyRetirementAndOtherNonActivitySchemesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarlyRetirementAndOtherNonActivitySchemesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarningsPerShareBasicComponentOfNetResultUsedAsBase" xlink:label="rj_EarningsPerShareBasicComponentOfNetResultUsedAsBase_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_340_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_340_501_ref">
      <ref:Chapter>340</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareBasicComponentOfNetResultUsedAsBase_loc" xlink:to="rj_RJ_2026-01-01_340_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarningsPerShareBasic" xlink:label="rj_EarningsPerShareBasic_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_340_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_340_401_ref">
      <ref:Chapter>340</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareBasic_loc" xlink:to="rj_RJ_2026-01-01_340_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_340_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_340_402_ref">
      <ref:Chapter>340</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareBasic_loc" xlink:to="rj_RJ_2026-01-01_340_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarningsPerShareConditionsOfFinancialInstrumentsThatResultInDilutionDescription" xlink:label="rj_EarningsPerShareConditionsOfFinancialInstrumentsThatResultInDilutionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_340_502_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_340_502_ref">
      <ref:Chapter>340</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>502</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareConditionsOfFinancialInstrumentsThatResultInDilutionDescription_loc" xlink:to="rj_RJ_2026-01-01_340_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarningsPerShareDilutedComponentOfNetResultUsedAsBase" xlink:label="rj_EarningsPerShareDilutedComponentOfNetResultUsedAsBase_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareDilutedComponentOfNetResultUsedAsBase_loc" xlink:to="rj_RJ_2026-01-01_340_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarningsPerShareDiluted" xlink:label="rj_EarningsPerShareDiluted_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareDiluted_loc" xlink:to="rj_RJ_2026-01-01_340_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareDiluted_loc" xlink:to="rj_RJ_2026-01-01_340_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarningsPerShareDisclosure" xlink:label="rj_EarningsPerShareDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareDisclosure_loc" xlink:to="rj_RJ_2026-01-01_340_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarningsPerSharePolicy" xlink:label="rj_EarningsPerSharePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerSharePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EarningsPerShareReconciliationComponentsNetResultUsedAsBaseDisclosure" xlink:label="rj_EarningsPerShareReconciliationComponentsNetResultUsedAsBaseDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EarningsPerShareReconciliationComponentsNetResultUsedAsBaseDisclosure_loc" xlink:to="rj_RJ_2026-01-01_340_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EcologicalOrSocialFeaturesDescription" xlink:label="rj_EcologicalOrSocialFeaturesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_507_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_507_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>507</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EcologicalOrSocialFeaturesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EducationPerformanceDescription" xlink:label="rj_EducationPerformanceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EducationPerformanceDescription_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EducationalEducationprogrammaticAffairsDescription" xlink:label="rj_EducationalEducationprogrammaticAffairsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EducationalEducationprogrammaticAffairsDescription_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EffectExchangeRateChangesCashAndCashEquivalents" xlink:label="rj_EffectExchangeRateChangesCashAndCashEquivalents_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffectExchangeRateChangesCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_203_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffectExchangeRateChangesCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_360_203_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffectExchangeRateChangesCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffectExchangeRateChangesCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffectExchangeRateChangesCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EffectMainEventsSixMonthsDescription" xlink:label="rj_EffectMainEventsSixMonthsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_394_502_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_394_502_ref">
      <ref:Chapter>394</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>502</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffectMainEventsSixMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_394_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EffectParameterRiskModuleDescription" xlink:label="rj_EffectParameterRiskModuleDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403a_H_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403a_H_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403a</ref:Paragraph>
      <ref:Subparagraph>h</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffectParameterRiskModuleDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_H_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EffortsImproveDiversityInCompositionGovernanceBodiesDescription" xlink:label="rj_EffortsImproveDiversityInCompositionGovernanceBodiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_4039_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_4039_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>4039</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffortsImproveDiversityInCompositionGovernanceBodiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4039_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EffortsImproveDiversityInCompositionGovernanceBodiesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EmissionCostsEquity" xlink:label="rj_EmissionCostsEquity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_214_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmissionCostsEquity_loc" xlink:to="rj_RJ_2026-01-01_240_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EmissionCosts" xlink:label="rj_EmissionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmissionCosts_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmissionCosts_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EmployeeBenefitsExpensesExcludingExternalEmployees" xlink:label="rj_EmployeeBenefitsExpensesExcludingExternalEmployees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmployeeBenefitsExpensesExcludingExternalEmployees_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EmployeeBenefitsExpensesOtherDisclosure" xlink:label="rj_EmployeeBenefitsExpensesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmployeeBenefitsExpensesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EmployeeBenefitsExpensesOtherPolicy" xlink:label="rj_EmployeeBenefitsExpensesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmployeeBenefitsExpensesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmployeeBenefitsExpensesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EmployeeBenefitsExpensesOther" xlink:label="rj_EmployeeBenefitsExpensesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmployeeBenefitsExpensesOther_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EmployeeBenefitsExpensesOther_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EndDateAppointmentSupervisoryDirector" xlink:label="rj_EndDateAppointmentSupervisoryDirector_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EndDateAppointmentSupervisoryDirector_loc" xlink:to="rj_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EnvironmentalPoliciesAndObjectivesWithRespectToTheDifferentEnvironmentalAspectsDescription" xlink:label="rj_EnvironmentalPoliciesAndObjectivesWithRespectToTheDifferentEnvironmentalAspectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_422_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_422_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>422</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EnvironmentalPoliciesAndObjectivesWithRespectToTheDifferentEnvironmentalAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_422_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EqualisationAccountDisclosure" xlink:label="rj_EqualisationAccountDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EqualisationAccountDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EqualisationAccountPolicy" xlink:label="rj_EqualisationAccountPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EqualisationAccountPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EqualisationAccountPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EqualisationAccount" xlink:label="rj_EqualisationAccount_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_712_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_712_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>712</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EqualisationAccount_loc" xlink:to="rj_RJ_2026-01-01_615_712_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquipmentFurnishingExpensesDisclosure" xlink:label="rj_EquipmentFurnishingExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquipmentFurnishingExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquipmentFurnishingExpensesPolicy" xlink:label="rj_EquipmentFurnishingExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquipmentFurnishingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquipmentFurnishingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquipmentFurnishingExpenses" xlink:label="rj_EquipmentFurnishingExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquipmentFurnishingExpenses_loc" xlink:to="rj_RJ_2026-01-01_615_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAdditionsChargedAgainstIncomeStatement" xlink:label="rj_EquityAdditionsChargedAgainstIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAdditionsChargedAgainstIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAdditionsOther" xlink:label="rj_EquityAdditionsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAdditionsOther_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAdditionsThroughRevaluationReserve" xlink:label="rj_EquityAdditionsThroughRevaluationReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAdditionsThroughRevaluationReserve_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAdditions" xlink:label="rj_EquityAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAdditions_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAndLiabilitiesOtherDisclosure" xlink:label="rj_EquityAndLiabilitiesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAndLiabilitiesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAndLiabilitiesOtherPolicy" xlink:label="rj_EquityAndLiabilitiesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAndLiabilitiesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAndLiabilitiesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAndLiabilitiesOther" xlink:label="rj_EquityAndLiabilitiesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAndLiabilitiesOther_loc" xlink:to="rj_RJ_2026-01-01_615_302a_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityAssetsLiabilitiesMovementsOther" xlink:label="rj_EquityAssetsLiabilitiesMovementsOther_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_601_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_601_C_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityAssetsLiabilitiesMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_615_601_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityCalculationMethodCoverageRatioOtherDescription" xlink:label="rj_EquityCalculationMethodCoverageRatioOtherDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_239_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_239_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>239</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityCalculationMethodCoverageRatioOtherDescription_loc" xlink:to="rj_RJ_2026-01-01_610_239_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityCalculationMethodNominalCoverageRatioDescription" xlink:label="rj_EquityCalculationMethodNominalCoverageRatioDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityCalculationMethodNominalCoverageRatioDescription_loc" xlink:to="rj_RJ_2026-01-01_610_239_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityContinuityDisclosure" xlink:label="rj_EquityContinuityDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_243_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_243_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>243</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityContinuityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_240_243_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityContinuityDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_131_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityCoverageRatioOtherDescription" xlink:label="rj_EquityCoverageRatioOtherDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityCoverageRatioOtherDescription_loc" xlink:to="rj_RJ_2026-01-01_610_239_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityDirectlyFinancialInstruments" xlink:label="rj_EquityDirectlyFinancialInstruments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_601_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_601_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityDirectlyFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_240_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityExtentOfComplianceMinimalRequiredDescription" xlink:label="rj_EquityExtentOfComplianceMinimalRequiredDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityExtentOfComplianceMinimalRequiredDescription_loc" xlink:to="rj_RJ_2026-01-01_610_239_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityImportantSubsequentEventsDisclosure" xlink:label="rj_EquityImportantSubsequentEventsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B8_129_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B8_129_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>129</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityImportantSubsequentEventsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B8_129_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityIncomeInvestmentsAllocation" xlink:label="rj_EquityIncomeInvestmentsAllocation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityIncomeInvestmentsAllocation_loc" xlink:to="rj_RJ_2026-01-01_615_601_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityIncomeOtherAllocation" xlink:label="rj_EquityIncomeOtherAllocation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityIncomeOtherAllocation_loc" xlink:to="rj_RJ_2026-01-01_615_601_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityIncreaseDecreaseEquityManagedCapital" xlink:label="rj_EquityIncreaseDecreaseEquityManagedCapital_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityIncreaseDecreaseEquityManagedCapital_loc" xlink:to="rj_RJ_2026-01-01_615_601_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityInvestmentsSurplusShortfallValue" xlink:label="rj_EquityInvestmentsSurplusShortfallValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityInvestmentsSurplusShortfallValue_loc" xlink:to="rj_RJ_2026-01-01_615_601_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityLiabilitiesTransfersAmount" xlink:label="rj_EquityLiabilitiesTransfersAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityLiabilitiesTransfersAmount_loc" xlink:to="rj_RJ_2026-01-01_620_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityLiabilitiesTransfersDescription" xlink:label="rj_EquityLiabilitiesTransfersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityLiabilitiesTransfersDescription_loc" xlink:to="rj_RJ_2026-01-01_620_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityLiabilitiesTransfersTimeDescription" xlink:label="rj_EquityLiabilitiesTransfersTimeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityLiabilitiesTransfersTimeDescription_loc" xlink:to="rj_RJ_2026-01-01_620_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityMinimalRequired" xlink:label="rj_EquityMinimalRequired_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityMinimalRequired_loc" xlink:to="rj_RJ_2026-01-01_610_239_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityNominalCoverageRatio" xlink:label="rj_EquityNominalCoverageRatio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityNominalCoverageRatio_loc" xlink:to="rj_RJ_2026-01-01_610_239_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityRequiredByPensionsAct" xlink:label="rj_EquityRequiredByPensionsAct_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityRequiredByPensionsAct_loc" xlink:to="rj_RJ_2026-01-01_610_239_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityReversalAdditionsThroughRevaluationReserve" xlink:label="rj_EquityReversalAdditionsThroughRevaluationReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityReversalAdditionsThroughRevaluationReserve_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityRevisionsDecisionProfitSharing" xlink:label="rj_EquityRevisionsDecisionProfitSharing_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityRevisionsDecisionProfitSharing_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquitySpecialProvisionsArticlesAssociationDisclosure" xlink:label="rj_EquitySpecialProvisionsArticlesAssociationDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_309_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquitySpecialProvisionsArticlesAssociationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_309_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_402_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquitySpecialProvisionsArticlesAssociationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityTaxes" xlink:label="rj_EquityTaxes_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityTaxes_loc" xlink:to="rj_RJ_2026-01-01_615_601_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityWithdrawalsOther" xlink:label="rj_EquityWithdrawalsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityWithdrawalsOther_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EquityWithdrawals" xlink:label="rj_EquityWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EquityWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EstimatesDisclosure" xlink:label="rj_EstimatesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_110_129_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_110_129_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>129</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EstimatesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_110_129_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_EvaluationAlternativeMeasuresInternalAuditFunctionDescription" xlink:label="rj_EvaluationAlternativeMeasuresInternalAuditFunctionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105b_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_EvaluationAlternativeMeasuresInternalAuditFunctionDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExceptionalItemAmount" xlink:label="rj_ExceptionalItemAmount_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_404_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemAmount_loc" xlink:to="rj_RJ_2026-01-01_270_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemAmount_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExceptionalItemLineItemIncomeStatement" xlink:label="rj_ExceptionalItemLineItemIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemLineItemIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_270_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemLineItemIncomeStatement_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B13_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExceptionalItemProcessedDescription" xlink:label="rj_ExceptionalItemProcessedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemProcessedDescription_loc" xlink:to="rj_RJ_2026-01-01_270_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExceptionalItemsCashFlowStatementDisclosure" xlink:label="rj_ExceptionalItemsCashFlowStatementDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_304_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemsCashFlowStatementDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExceptionalItemsDisclosure" xlink:label="rj_ExceptionalItemsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_270_404_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_405_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_270_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExceptionalItemsPolicy" xlink:label="rj_ExceptionalItemsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExceptionalItemsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExcessValueAlertExplanation" xlink:label="rj_ExcessValueAlertExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_601_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_601_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
    </link:reference>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_523_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_523_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>523</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExcessValueAlertExplanation_loc" xlink:to="rj_RJ_2026-01-01_660_523_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeDifferencesForeignCurrencyAcquisitionCosts" xlink:label="rj_ExchangeDifferencesForeignCurrencyAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeDifferencesForeignCurrencyAcquisitionCosts_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeDifferencesForeignCurrencyInterestRateDiscount" xlink:label="rj_ExchangeDifferencesForeignCurrencyInterestRateDiscount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeDifferencesForeignCurrencyInterestRateDiscount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeDifferencesForeignParticipatingInterestsDisclosure" xlink:label="rj_ExchangeDifferencesForeignParticipatingInterestsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeDifferencesForeignParticipatingInterestsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExchangeDifferencesForeignParticipatingInterests" xlink:label="rj_ExchangeDifferencesForeignParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExchangeDifferencesForeignParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExecutionDiversityPolicyDescription" xlink:label="rj_ExecutionDiversityPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExecutionDiversityPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4039_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExecutionDiversityPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4046_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExerciseOfAuthorityOfCertainBodiesPensionFundSubjectToApprovalSupervisorDuringPeriodSituationDescription" xlink:label="rj_ExerciseOfAuthorityOfCertainBodiesPensionFundSubjectToApprovalSupervisorDuringPeriodSituationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExerciseOfAuthorityOfCertainBodiesPensionFundSubjectToApprovalSupervisorDuringPeriodSituationDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExercisePricesRightsGrantedCompanyDuringFinancialYear" xlink:label="rj_ExercisePricesRightsGrantedCompanyDuringFinancialYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExercisePricesRightsGrantedCompanyDuringFinancialYear_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpectedDevelopmentsDescription" xlink:label="rj_ExpectedDevelopmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpectedDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpectedDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpectedDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_411_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpectedDevelopmentsDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpectedDevelopmentsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription" xlink:label="rj_ExpectedDevelopmentsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpectedDevelopmentsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription_loc" xlink:to="rj_RJ_2026-01-01_615_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpectedIncomeDescription" xlink:label="rj_ExpectedIncomeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpectedIncomeDescription_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpectedTimingReceiptNetResultDiscontinuedOperationsAssetsDescription" xlink:label="rj_ExpectedTimingReceiptNetResultDiscontinuedOperationsAssetsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_307_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_307_A_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpectedTimingReceiptNetResultDiscontinuedOperationsAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_345_307_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpectedTimingReceiptNetResultDiscontinuedOperationsLongTermLoansDescription" xlink:label="rj_ExpectedTimingReceiptNetResultDiscontinuedOperationsLongTermLoansDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpectedTimingReceiptNetResultDiscontinuedOperationsLongTermLoansDescription_loc" xlink:to="rj_RJ_2026-01-01_345_307_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpenditureRelatingFromStudentFinancialSupportFund" xlink:label="rj_ExpenditureRelatingFromStudentFinancialSupportFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpenditureRelatingFromStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpenseClaimsPaymentsManagingDirectorsDisclosure" xlink:label="rj_ExpenseClaimsPaymentsManagingDirectorsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpenseClaimsPaymentsManagingDirectorsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_518_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpenseClaimsPaymentsManagingDirectorsOther" xlink:label="rj_ExpenseClaimsPaymentsManagingDirectorsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpenseClaimsPaymentsManagingDirectorsOther_loc" xlink:to="rj_RJ_2026-01-01_660_518_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpenseClaimsPaymentsManagingDirectors" xlink:label="rj_ExpenseClaimsPaymentsManagingDirectors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpenseClaimsPaymentsManagingDirectors_loc" xlink:to="rj_RJ_2026-01-01_660_518_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesActual" xlink:label="rj_ExpensesActual_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesActual_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesBorrowingLendingFinancialInstruments" xlink:label="rj_ExpensesBorrowingLendingFinancialInstruments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_418_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_418_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>418</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesBorrowingLendingFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_615_418_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesDirectIndirectInvestmentsOtherInvestmentEntitiesDisclosure" xlink:label="rj_ExpensesDirectIndirectInvestmentsOtherInvestmentEntitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesDirectIndirectInvestmentsOtherInvestmentEntitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesDirectInvestmentsOtherInvestmentEntities" xlink:label="rj_ExpensesDirectInvestmentsOtherInvestmentEntities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesDirectInvestmentsOtherInvestmentEntities_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesDiscontinuedOperations" xlink:label="rj_ExpensesDiscontinuedOperations_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_304_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_304_F_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_304_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesEducationAndResearchSatelliteOrganisationsMedicalCluster" xlink:label="rj_ExpensesEducationAndResearchSatelliteOrganisationsMedicalCluster_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_506_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_506_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>506</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesEducationAndResearchSatelliteOrganisationsMedicalCluster_loc" xlink:to="rj_RJ_2026-01-01_660_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesFeesIndependentMedicalSpecialistsDisclosure" xlink:label="rj_ExpensesFeesIndependentMedicalSpecialistsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesFeesIndependentMedicalSpecialistsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesFeesIndependentMedicalSpecialistsPolicy" xlink:label="rj_ExpensesFeesIndependentMedicalSpecialistsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesFeesIndependentMedicalSpecialistsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesFeesIndependentMedicalSpecialistsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesFeesIndependentMedicalSpecialists" xlink:label="rj_ExpensesFeesIndependentMedicalSpecialists_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesFeesIndependentMedicalSpecialists_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesIndirectInvestmentsOtherInvestmentEntities" xlink:label="rj_ExpensesIndirectInvestmentsOtherInvestmentEntities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesIndirectInvestmentsOtherInvestmentEntities_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesNoncommercialActivitiesDisclosure" xlink:label="rj_ExpensesNoncommercialActivitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesNoncommercialActivitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesNoncommercialActivitiesPolicy" xlink:label="rj_ExpensesNoncommercialActivitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesNoncommercialActivitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesNoncommercialActivities" xlink:label="rj_ExpensesNoncommercialActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesNoncommercialActivities_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesOtherExceedingTenPercentOfTotalExpensesDisclosure" xlink:label="rj_ExpensesOtherExceedingTenPercentOfTotalExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesOtherExceedingTenPercentOfTotalExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_422_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesOtherExceedingTenPercentOfTotalExpensesPolicy" xlink:label="rj_ExpensesOtherExceedingTenPercentOfTotalExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesOtherExceedingTenPercentOfTotalExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_615_422_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesOtherExceedingTenPercentOfTotalExpenses" xlink:label="rj_ExpensesOtherExceedingTenPercentOfTotalExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesOtherExceedingTenPercentOfTotalExpenses_loc" xlink:to="rj_RJ_2026-01-01_615_422_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesOtherPaid" xlink:label="rj_ExpensesOtherPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesOtherPaid_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesProspectusActualDisclosure" xlink:label="rj_ExpensesProspectusActualDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesProspectusActualDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesProspectus" xlink:label="rj_ExpensesProspectus_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesProspectus_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure" xlink:label="rj_ExpensesRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_301_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesReimbursementsBorrowingLendingFinancialInstrumentsDisclosure" xlink:label="rj_ExpensesReimbursementsBorrowingLendingFinancialInstrumentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesReimbursementsBorrowingLendingFinancialInstrumentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_418_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesReimbursementsBorrowingLendingFinancialInstrumentsPolicy" xlink:label="rj_ExpensesReimbursementsBorrowingLendingFinancialInstrumentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesReimbursementsBorrowingLendingFinancialInstrumentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_615_418_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesReimbursementsBorrowingLendingFinancialInstruments" xlink:label="rj_ExpensesReimbursementsBorrowingLendingFinancialInstruments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesReimbursementsBorrowingLendingFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_615_418_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesSpentOnObjectivesDisclosure" xlink:label="rj_ExpensesSpentOnObjectivesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectivesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesSpentOnObjectivesOwnContribution" xlink:label="rj_ExpensesSpentOnObjectivesOwnContribution_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectivesOwnContribution_loc" xlink:to="rj_RJ_2026-01-01_650_316_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_313_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_313_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>313</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectivesOwnContribution_loc" xlink:to="rj_RJk_2026-01-01_C2_313_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesSpentOnObjectivesPolicy" xlink:label="rj_ExpensesSpentOnObjectivesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectivesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectivesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpensesSpentOnObjectives" xlink:label="rj_ExpensesSpentOnObjectives_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectives_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_315_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_315_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>315</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpensesSpentOnObjectives_loc" xlink:to="rj_RJk_2026-01-01_C2_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpirationCapitalPremiumPensionInstitutionsDisclosure" xlink:label="rj_ExpirationCapitalPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpirationCapitalPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpirationCapitalPremiumPensionInstitutionsPolicy" xlink:label="rj_ExpirationCapitalPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpirationCapitalPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpirationCapitalPremiumPensionInstitutions" xlink:label="rj_ExpirationCapitalPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpirationCapitalPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpirationCapital" xlink:label="rj_ExpirationCapital_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpirationCapital_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpiredSubsidyLiabilities" xlink:label="rj_ExpiredSubsidyLiabilities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_203_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpiredSubsidyLiabilities_loc" xlink:to="rj_RJ_2026-01-01_640_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExpiryDatesIncomeTaxForwardLossCompensationDescription" xlink:label="rj_ExpiryDatesIncomeTaxForwardLossCompensationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_710_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_710_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>710</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExpiryDatesIncomeTaxForwardLossCompensationDescription_loc" xlink:to="rj_RJ_2026-01-01_272_710_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExploitationSubsidiesRecordedAsDeductionOfCosts" xlink:label="rj_ExploitationSubsidiesRecordedAsDeductionOfCosts_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_274_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_274_108_ref">
      <ref:Chapter>274</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExploitationSubsidiesRecordedAsDeductionOfCosts_loc" xlink:to="rj_RJ_2026-01-01_274_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExploitationSubsidiesRecordedAsOperatingIncome" xlink:label="rj_ExploitationSubsidiesRecordedAsOperatingIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExploitationSubsidiesRecordedAsOperatingIncome_loc" xlink:to="rj_RJ_2026-01-01_274_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExploitationSubsidies" xlink:label="rj_ExploitationSubsidies_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_274_111_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_274_111_ref">
      <ref:Chapter>274</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>111</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExploitationSubsidies_loc" xlink:to="rj_RJ_2026-01-01_274_111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentEvaluationConsequencesMultiYearPolicyPlanDescription" xlink:label="rj_ExtentEvaluationConsequencesMultiYearPolicyPlanDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_408_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentEvaluationConsequencesMultiYearPolicyPlanDescription_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentInvestedInSponsorDescription" xlink:label="rj_ExtentInvestedInSponsorDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentInvestedInSponsorDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentNotRealisedRevaluationReserveDescription" xlink:label="rj_ExtentNotRealisedRevaluationReserveDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentNotRealisedRevaluationReserveDescription_loc" xlink:to="rj_RJ_2026-01-01_212_709_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentNowArrangementDescription" xlink:label="rj_ExtentNowArrangementDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2020-09-14_RJU2020-13_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2020-09-14_RJU2020-13_ref">
      <ref:IssueDate>2020-09-14</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>RJ Uiting 2020-13</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentNowArrangementDescription_loc" xlink:to="rj_RJ_2020-09-14_RJU2020-13_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentOfGovernmentSubsidiesDescription" xlink:label="rj_ExtentOfGovernmentSubsidiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentOfGovernmentSubsidiesDescription_loc" xlink:to="rj_RJ_2026-01-01_274_121_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentOfMemberLiabilityDescription" xlink:label="rj_ExtentOfMemberLiabilityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_620_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_620_404_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentOfMemberLiabilityDescription_loc" xlink:to="rj_RJ_2026-01-01_620_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentToWhichBenefitsAreRecurringOnceOrAnnualyDescription" xlink:label="rj_ExtentToWhichBenefitsAreRecurringOnceOrAnnualyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_516_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_516_A_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>516</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentToWhichBenefitsAreRecurringOnceOrAnnualyDescription_loc" xlink:to="rj_RJ_2026-01-01_640_516_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentToWhichBenefitsAreRecurringOnceOrAnnualyDescription_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentTransactionCostsOfReissuedPriceOrPurchasedPriceDescription" xlink:label="rj_ExtentTransactionCostsOfReissuedPriceOrPurchasedPriceDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_711_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_711_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>711</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentTransactionCostsOfReissuedPriceOrPurchasedPriceDescription_loc" xlink:to="rj_RJ_2026-01-01_615_711_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtentTransactionCostsOfReissuedPriceOrPurchasedPrice" xlink:label="rj_ExtentTransactionCostsOfReissuedPriceOrPurchasedPrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtentTransactionCostsOfReissuedPriceOrPurchasedPrice_loc" xlink:to="rj_RJ_2026-01-01_615_711_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExternalDevelopmentsImpactingSocialAspectsDescription" xlink:label="rj_ExternalDevelopmentsImpactingSocialAspectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2017_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2017_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2017</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExternalDevelopmentsImpactingSocialAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExternalEmployeesExpensesDisclosure" xlink:label="rj_ExternalEmployeesExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExternalEmployeesExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExternalEmployeesExpensesPolicy" xlink:label="rj_ExternalEmployeesExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExternalEmployeesExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExternalEmployeesExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExternalEmployeesExpenses" xlink:label="rj_ExternalEmployeesExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExternalEmployeesExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtraordinaryIncomeExpensesDisclosure" xlink:label="rj_ExtraordinaryIncomeExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtraordinaryIncomeExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtraordinaryIncomeExpensesPolicy" xlink:label="rj_ExtraordinaryIncomeExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtraordinaryIncomeExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtraordinaryIncomeExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtraordinaryIncomeExpenses" xlink:label="rj_ExtraordinaryIncomeExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtraordinaryIncomeExpenses_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExtraordinaryResultClassifiedAsOperatingActivities" xlink:label="rj_ExtraordinaryResultClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExtraordinaryResultClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FacilitationParticipationByCompetentAuthorityDescription" xlink:label="rj_FacilitationParticipationByCompetentAuthorityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_522_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_522_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>522</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FacilitationParticipationByCompetentAuthorityDescription_loc" xlink:to="rj_RJ_2026-01-01_660_522_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FairValueInformationWhenPreparedOnHistoricalCostBasisDisclosure" xlink:label="rj_FairValueInformationWhenPreparedOnHistoricalCostBasisDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_115_220_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_115_220_ref">
      <ref:Chapter>115</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>220</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FairValueInformationWhenPreparedOnHistoricalCostBasisDisclosure_loc" xlink:to="rj_RJ_2026-01-01_115_220_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_206a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_206a_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>206a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FairValueInformationWhenPreparedOnHistoricalCostBasisDisclosure_loc" xlink:to="rj_RJk_2026-01-01_A2_206a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FavourableDifferenceReceivedAmountPrincipalAmount" xlink:label="rj_FavourableDifferenceReceivedAmountPrincipalAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FavourableDifferenceReceivedAmountPrincipalAmount_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FavourableDifferenceReceivedAmountPrincipalAmount_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FeasibilityTestDescription" xlink:label="rj_FeasibilityTestDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FeasibilityTestDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FeesToCoverLegalBudgetAcceptableCosts" xlink:label="rj_FeesToCoverLegalBudgetAcceptableCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FeesToCoverLegalBudgetAcceptableCosts_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeaseLiabilitiesCurrentDisclosure" xlink:label="rj_FinanceLeaseLiabilitiesCurrentDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_208_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesCurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_292_208_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesCurrentDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B11_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeaseLiabilitiesCurrentPolicy" xlink:label="rj_FinanceLeaseLiabilitiesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeaseLiabilitiesCurrent" xlink:label="rj_FinanceLeaseLiabilitiesCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_201_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesCurrent_loc" xlink:to="rj_RJ_2026-01-01_292_201_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B11_112_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B11_112_ref">
      <ref:Chapter>B11</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>112</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesCurrent_loc" xlink:to="rj_RJk_2026-01-01_B11_112_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B11_107_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B11_107_ref">
      <ref:Chapter>B11</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>107</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesCurrent_loc" xlink:to="rj_RJk_2026-01-01_B11_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeaseLiabilitiesNoncurrentDisclosure" xlink:label="rj_FinanceLeaseLiabilitiesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesNoncurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_292_208_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesNoncurrentDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B11_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeaseLiabilitiesNoncurrentPolicy" xlink:label="rj_FinanceLeaseLiabilitiesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeaseLiabilitiesNoncurrent" xlink:label="rj_FinanceLeaseLiabilitiesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_292_208_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesNoncurrent_loc" xlink:to="rj_RJk_2026-01-01_B11_112_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesNoncurrent_loc" xlink:to="rj_RJk_2026-01-01_B11_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeaseLiabilitiesPolicy" xlink:label="rj_FinanceLeaseLiabilitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeaseLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesConditionalMinimalLeasePaymentsExpenseDuringPeriod" xlink:label="rj_FinanceLeasesConditionalMinimalLeasePaymentsExpenseDuringPeriod_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_208_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_208_D_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesConditionalMinimalLeasePaymentsExpenseDuringPeriod_loc" xlink:to="rj_RJ_2026-01-01_292_208_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesConditionalMinimalLeasePaymentsIncomeDuringPeriod" xlink:label="rj_FinanceLeasesConditionalMinimalLeasePaymentsIncomeDuringPeriod_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_311_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_311_E_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesConditionalMinimalLeasePaymentsIncomeDuringPeriod_loc" xlink:to="rj_RJ_2026-01-01_292_311_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesCumulativeProvisionIncollectability" xlink:label="rj_FinanceLeasesCumulativeProvisionIncollectability_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_311_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_311_D_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesCumulativeProvisionIncollectability_loc" xlink:to="rj_RJ_2026-01-01_292_311_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesDiscountedValueMaturityExceedingFiveYears" xlink:label="rj_FinanceLeasesDiscountedValueMaturityExceedingFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesDiscountedValueMaturityExceedingFiveYears_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesDiscountedValueMaturityExceedingOneYearWithinFiveYears" xlink:label="rj_FinanceLeasesDiscountedValueMaturityExceedingOneYearWithinFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesDiscountedValueMaturityExceedingOneYearWithinFiveYears_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesDiscountedValueMaturityWithinOneYear" xlink:label="rj_FinanceLeasesDiscountedValueMaturityWithinOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesDiscountedValueMaturityWithinOneYear_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesDiscountedValue" xlink:label="rj_FinanceLeasesDiscountedValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesDiscountedValue_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesFutureSubLeaseReceivables" xlink:label="rj_FinanceLeasesFutureSubLeaseReceivables_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_208_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_208_E_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesFutureSubLeaseReceivables_loc" xlink:to="rj_RJ_2026-01-01_292_208_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesGrossInvestmentMaturityExceedingOneYearWithinFiveYears" xlink:label="rj_FinanceLeasesGrossInvestmentMaturityExceedingOneYearWithinFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesGrossInvestmentMaturityExceedingOneYearWithinFiveYears_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesGrossInvestmentMaturityWithinOneYear" xlink:label="rj_FinanceLeasesGrossInvestmentMaturityWithinOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesGrossInvestmentMaturityWithinOneYear_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesGrossInvestment" xlink:label="rj_FinanceLeasesGrossInvestment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesGrossInvestment_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesGrossInvestmentsMaturityExceedingFiveYears" xlink:label="rj_FinanceLeasesGrossInvestmentsMaturityExceedingFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesGrossInvestmentsMaturityExceedingFiveYears_loc" xlink:to="rj_RJ_2026-01-01_292_311_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesImportantConditions" xlink:label="rj_FinanceLeasesImportantConditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesImportantConditions_loc" xlink:to="rj_RJ_2026-01-01_292_208_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_311_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesImportantConditions_loc" xlink:to="rj_RJ_2026-01-01_292_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesImportantConditions_loc" xlink:to="rj_RJ_2026-01-01_360_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesMinimalLeasePaymentsMaturityExceedingFiveYears" xlink:label="rj_FinanceLeasesMinimalLeasePaymentsMaturityExceedingFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesMinimalLeasePaymentsMaturityExceedingFiveYears_loc" xlink:to="rj_RJ_2026-01-01_292_208_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesMinimalLeasePaymentsMaturityExceedingOneYearWithinFiveYears" xlink:label="rj_FinanceLeasesMinimalLeasePaymentsMaturityExceedingOneYearWithinFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesMinimalLeasePaymentsMaturityExceedingOneYearWithinFiveYears_loc" xlink:to="rj_RJ_2026-01-01_292_208_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesMinimalLeasePaymentsMaturityWithinOneYear" xlink:label="rj_FinanceLeasesMinimalLeasePaymentsMaturityWithinOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesMinimalLeasePaymentsMaturityWithinOneYear_loc" xlink:to="rj_RJ_2026-01-01_292_208_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesMinimalLeasePayments" xlink:label="rj_FinanceLeasesMinimalLeasePayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesMinimalLeasePayments_loc" xlink:to="rj_RJ_2026-01-01_292_208_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesPolicy" xlink:label="rj_FinanceLeasesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesPolicy_loc" xlink:to="rj_RJ_2026-01-01_292_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesResidualValue" xlink:label="rj_FinanceLeasesResidualValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_311_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_311_C_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesResidualValue_loc" xlink:to="rj_RJ_2026-01-01_292_311_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinanceLeasesUnearnedInterestIncome" xlink:label="rj_FinanceLeasesUnearnedInterestIncome_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_311_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_311_B_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinanceLeasesUnearnedInterestIncome_loc" xlink:to="rj_RJ_2026-01-01_292_311_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsAdditionsThroughAcquisitions" xlink:label="rj_FinancialAssetsAdditionsThroughAcquisitions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_802_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_802_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsAdditionsThroughAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_214_802_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsCostPrice" xlink:label="rj_FinancialAssetsCostPrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsCostPrice_loc" xlink:to="rj_RJ_2026-01-01_214_802_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsDeductibleOrClaimableWithinTwelveMonthsDescription" xlink:label="rj_FinancialAssetsDeductibleOrClaimableWithinTwelveMonthsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_190_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_190_207_ref">
      <ref:Chapter>190</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsDeductibleOrClaimableWithinTwelveMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_190_207_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsDeductibleOrClaimableWithinTwelveMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsDivestitures" xlink:label="rj_FinancialAssetsDivestitures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsDivestitures_loc" xlink:to="rj_RJ_2026-01-01_214_802_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsDividendFromParticipatingInterests" xlink:label="rj_FinancialAssetsDividendFromParticipatingInterests_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_804_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_804_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>804</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsDividendFromParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_214_804_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsExchangeDifferences" xlink:label="rj_FinancialAssetsExchangeDifferences_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_806_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_806_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>806</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_214_806_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsFairValueDisclosure" xlink:label="rj_FinancialAssetsFairValueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_805_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_805_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsFairValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_214_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsImpairmentDescription" xlink:label="rj_FinancialAssetsImpairmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsImpairmentDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsImpairmentReversalDescription" xlink:label="rj_FinancialAssetsImpairmentReversalDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsImpairmentReversalDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsIndicationHeldForExploitationObjectiveInvestment" xlink:label="rj_FinancialAssetsIndicationHeldForExploitationObjectiveInvestment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsIndicationHeldForExploitationObjectiveInvestment_loc" xlink:to="rj_RJ_2026-01-01_650_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsNoLegalOwnershipDescription" xlink:label="rj_FinancialAssetsNoLegalOwnershipDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsNoLegalOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsOtherDisclosure" xlink:label="rj_FinancialAssetsOtherDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_708_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_708_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>708</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_708_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsOtherPolicy" xlink:label="rj_FinancialAssetsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsOther" xlink:label="rj_FinancialAssetsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsOther_loc" xlink:to="rj_RJ_2026-01-01_315_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure" xlink:label="rj_FinancialAssetsRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialAssetsShareInResultParticipatingInterests" xlink:label="rj_FinancialAssetsShareInResultParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialAssetsShareInResultParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_214_804_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialDevelopments" xlink:label="rj_FinancialDevelopments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_104_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 04</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialDevelopments_loc" xlink:to="rj_RJ_2026-01-01_400_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialExpensesDisclosure" xlink:label="rj_FinancialExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialExpensesPolicy" xlink:label="rj_FinancialExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialExpenses" xlink:label="rj_FinancialExpenses_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_309_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialExpenses_loc" xlink:to="rj_RJ_2026-01-01_640_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialImpactExceptionalItemIncorporatedOtherItemProfitLossDescription" xlink:label="rj_FinancialImpactExceptionalItemIncorporatedOtherItemProfitLossDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialImpactExceptionalItemIncorporatedOtherItemProfitLossDescription_loc" xlink:to="rj_RJ_2026-01-01_270_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialIncomeDisclosure" xlink:label="rj_FinancialIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialIncomeExpensesDisclosure" xlink:label="rj_FinancialIncomeExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialIncomeExpensesPolicy" xlink:label="rj_FinancialIncomeExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialIncomeExpenses" xlink:label="rj_FinancialIncomeExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpenses_loc" xlink:to="rj_RJ_2026-01-01_270_510_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpenses_loc" xlink:to="rj_RJ_2026-01-01_660_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_314_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_314_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>314</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomeExpenses_loc" xlink:to="rj_RJk_2026-01-01_C2_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialIncomePolicy" xlink:label="rj_FinancialIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialIncome" xlink:label="rj_FinancialIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialIncome_loc" xlink:to="rj_RJ_2026-01-01_640_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsAllowedListedOnRegulatedMarket" xlink:label="rj_FinancialInstrumentsAllowedListedOnRegulatedMarket_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_601_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_601_B_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsAllowedListedOnRegulatedMarket_loc" xlink:to="rj_RJ_2026-01-01_615_601_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsAssetDisposalDescription" xlink:label="rj_FinancialInstrumentsAssetDisposalDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_912_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_912_B_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>912</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsAssetDisposalDescription_loc" xlink:to="rj_RJ_2026-01-01_290_912_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsAssets" xlink:label="rj_FinancialInstrumentsAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_801_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_801_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>801</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsAssets_loc" xlink:to="rj_RJ_2026-01-01_290_801_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsAverageCarryingAmountFinancialAssetsFinancialLiabilitiesRecordedInBalanceSheet" xlink:label="rj_FinancialInstrumentsAverageCarryingAmountFinancialAssetsFinancialLiabilitiesRecordedInBalanceSheet_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_946_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_946_C_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>946</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsAverageCarryingAmountFinancialAssetsFinancialLiabilitiesRecordedInBalanceSheet_loc" xlink:to="rj_RJ_2026-01-01_290_946_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsAverageFairValueAllFinancialAssetsFinancialLiabilities" xlink:label="rj_FinancialInstrumentsAverageFairValueAllFinancialAssetsFinancialLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsAverageFairValueAllFinancialAssetsFinancialLiabilities_loc" xlink:to="rj_RJ_2026-01-01_290_946_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsAveragePrincipalOfAverageNominalValueUnderlyingPrimaryInstrument" xlink:label="rj_FinancialInstrumentsAveragePrincipalOfAverageNominalValueUnderlyingPrimaryInstrument_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsAveragePrincipalOfAverageNominalValueUnderlyingPrimaryInstrument_loc" xlink:to="rj_RJ_2026-01-01_290_946_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsAverageSimilarAmountOffBalanceSheetFinancialAssetsFinancialLiabilities" xlink:label="rj_FinancialInstrumentsAverageSimilarAmountOffBalanceSheetFinancialAssetsFinancialLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsAverageSimilarAmountOffBalanceSheetFinancialAssetsFinancialLiabilities_loc" xlink:to="rj_RJ_2026-01-01_290_946_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsBookValueDisclosure" xlink:label="rj_FinancialInstrumentsBookValueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_916_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_916_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>916</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsBookValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_916_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_M1_109_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_M1_109_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>109</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsBookValueDisclosure_loc" xlink:to="rj_RJk_2026-01-01_M1_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsBookValueHigherThanFairValueDisclosure" xlink:label="rj_FinancialInstrumentsBookValueHigherThanFairValueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_943_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_943_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>943</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsBookValueHigherThanFairValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_943_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsBorrowedLentDescription" xlink:label="rj_FinancialInstrumentsBorrowedLentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsBorrowedLentDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_H_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsBusinessPurposesForUseDescription" xlink:label="rj_FinancialInstrumentsBusinessPurposesForUseDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsBusinessPurposesForUseDescription_loc" xlink:to="rj_RJ_2026-01-01_290_901_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsChangeFairValueFinancialAssetsFinancialLiabilitiesRecordedAsIncomeOrExpense" xlink:label="rj_FinancialInstrumentsChangeFairValueFinancialAssetsFinancialLiabilitiesRecordedAsIncomeOrExpense_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_946_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_946_A_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>946</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsChangeFairValueFinancialAssetsFinancialLiabilitiesRecordedAsIncomeOrExpense_loc" xlink:to="rj_RJ_2026-01-01_290_946_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsContractualConditionsDescription" xlink:label="rj_FinancialInstrumentsContractualConditionsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_906_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_906_A_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>906</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsContractualConditionsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_906_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsCurrencyRiskDisclosure" xlink:label="rj_FinancialInstrumentsCurrencyRiskDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_913_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_913_E_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>913</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsCurrencyRiskDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_913_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsDeferredOrUnrecognizedIncomeExpensesHedgingInstrumentsOtherThanRelatedToExpectedFutureTransactions" xlink:label="rj_FinancialInstrumentsDeferredOrUnrecognizedIncomeExpensesHedgingInstrumentsOtherThanRelatedToExpectedFutureTransactions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_946_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_946_B_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>946</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsDeferredOrUnrecognizedIncomeExpensesHedgingInstrumentsOtherThanRelatedToExpectedFutureTransactions_loc" xlink:to="rj_RJ_2026-01-01_290_946_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsDescription" xlink:label="rj_FinancialInstrumentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_901_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsEquity" xlink:label="rj_FinancialInstrumentsEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsEquity_loc" xlink:to="rj_RJ_2026-01-01_290_801_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsExtentDescription" xlink:label="rj_FinancialInstrumentsExtentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsExtentDescription_loc" xlink:to="rj_RJ_2026-01-01_290_906_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsExtentUsedDescription" xlink:label="rj_FinancialInstrumentsExtentUsedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsExtentUsedDescription_loc" xlink:to="rj_RJ_2026-01-01_290_901_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsFairValueDisclosure" xlink:label="rj_FinancialInstrumentsFairValueDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsFairValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_912_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsFairValuePolicy" xlink:label="rj_FinancialInstrumentsFairValuePolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_912_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_912_A_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>912</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsFairValuePolicy_loc" xlink:to="rj_RJ_2026-01-01_290_912_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsFairValuePolicy_loc" xlink:to="rj_RJ_2026-01-01_290_912_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeDirectlyThroughEquity" xlink:label="rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeDirectlyThroughEquity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_913_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_913_C_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>913</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeDirectlyThroughEquity_loc" xlink:to="rj_RJ_2026-01-01_290_913_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeTransferFromEquityToFirstDeterminationOfAcquisitionPrice" xlink:label="rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeTransferFromEquityToFirstDeterminationOfAcquisitionPrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeTransferFromEquityToFirstDeterminationOfAcquisitionPrice_loc" xlink:to="rj_RJ_2026-01-01_290_913_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeTransferFromEquityToIncomeStatement" xlink:label="rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeTransferFromEquityToIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingCashFlowHedgeTransferFromEquityToIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_290_913_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingCircumstancesCashFlowsLiabilitiesAriseSignificantLiquidityRiskDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingCircumstancesCashFlowsLiabilitiesAriseSignificantLiquidityRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingCircumstancesCashFlowsLiabilitiesAriseSignificantLiquidityRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsEffectivePart" xlink:label="rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsEffectivePart_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_913_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_913_F_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>913</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsEffectivePart_loc" xlink:to="rj_RJ_2026-01-01_290_913_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsIneffectivePartRecordedThroughIncomeStatement" xlink:label="rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsIneffectivePartRecordedThroughIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsIneffectivePartRecordedThroughIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_290_913_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsIneffectivePart" xlink:label="rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsIneffectivePart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstrumentsIneffectivePart_loc" xlink:to="rj_RJ_2026-01-01_290_913_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstruments" xlink:label="rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstruments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingCumulativeFairValueChangeHedgeInstruments_loc" xlink:to="rj_RJ_2026-01-01_290_913_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingDisclosure" xlink:label="rj_FinancialInstrumentsHedgeAccountingDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_913_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_913_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>913</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_913_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingExtentSignificantLiquidityRiskDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingExtentSignificantLiquidityRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingExtentSignificantLiquidityRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingFinancialInstrumentDesignatedHedgeInstrumentDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingFinancialInstrumentDesignatedHedgeInstrumentDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_913_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_913_D_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>913</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingFinancialInstrumentDesignatedHedgeInstrumentDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingFinancialInstrumentDesignatedHedgeInstrumentFairValue" xlink:label="rj_FinancialInstrumentsHedgeAccountingFinancialInstrumentDesignatedHedgeInstrumentFairValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingFinancialInstrumentDesignatedHedgeInstrumentFairValue_loc" xlink:to="rj_RJ_2026-01-01_290_913_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingGoalsPoliciesFinancialRiskDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingGoalsPoliciesFinancialRiskDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_913_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_913_A_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>913</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingGoalsPoliciesFinancialRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingHedgeStrategyDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingHedgeStrategyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingHedgeStrategyDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingHedgingTransactionsExpectedToBeRecordedInIncomeStatementDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingHedgingTransactionsExpectedToBeRecordedInIncomeStatementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingHedgingTransactionsExpectedToBeRecordedInIncomeStatementDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingImportantAnticipatedTransactionsPreviouslyUsedForHedgeAccountingDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingImportantAnticipatedTransactionsPreviouslyUsedForHedgeAccountingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingImportantAnticipatedTransactionsPreviouslyUsedForHedgeAccountingDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingMomentCashFlowsLiabilitiesOccurSignificantLiquidityRiskDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingMomentCashFlowsLiabilitiesOccurSignificantLiquidityRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingMomentCashFlowsLiabilitiesOccurSignificantLiquidityRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingNatureOfRisksCoveredDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingNatureOfRisksCoveredDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingNatureOfRisksCoveredDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingNatureRisksToBeHedgedDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingNatureRisksToBeHedgedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_913_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_913_B_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>913</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingNatureRisksToBeHedgedDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingNatureSignificantLiquidityRiskDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingNatureSignificantLiquidityRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingNatureSignificantLiquidityRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingNumberOfMonthsOrYearsFutureSalesHedgedDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingNumberOfMonthsOrYearsFutureSalesHedgedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingNumberOfMonthsOrYearsFutureSalesHedgedDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingPercentageOfSalesInFurtureMonthsOrYearsDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingPercentageOfSalesInFurtureMonthsOrYearsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingPercentageOfSalesInFurtureMonthsOrYearsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingPeriodsOfExpectedHedgingTransactionsDescription" xlink:label="rj_FinancialInstrumentsHedgeAccountingPeriodsOfExpectedHedgingTransactionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingPeriodsOfExpectedHedgingTransactionsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_913_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeAccountingPolicy" xlink:label="rj_FinancialInstrumentsHedgeAccountingPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_906_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_906_B_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>906</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingPolicy_loc" xlink:to="rj_RJ_2026-01-01_290_906_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeAccountingPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsHedgeIneffectivePartDisclosure" xlink:label="rj_FinancialInstrumentsHedgeIneffectivePartDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsHedgeIneffectivePartDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_913_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsImpactHedgeInstrumentsInterestCashflowLiquidityRisksDisclosure" xlink:label="rj_FinancialInstrumentsImpactHedgeInstrumentsInterestCashflowLiquidityRisksDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_918_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_918_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>918</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsImpactHedgeInstrumentsInterestCashflowLiquidityRisksDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_918_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsInterestRelatedIncomeExpenseDisclosure" xlink:label="rj_FinancialInstrumentsInterestRelatedIncomeExpenseDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_947_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_947_A_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>947</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsInterestRelatedIncomeExpenseDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_947_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedAgreedInterestRateOrAmountOfInterestOrDividendOrOthersDescription" xlink:label="rj_FinancialInstrumentsIssuedAgreedInterestRateOrAmountOfInterestOrDividendOrOthersDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_F_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedAgreedInterestRateOrAmountOfInterestOrDividendOrOthersDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedAmountsAndTimingsExpectedFutureReceiptsPrincipalAmountDescription" xlink:label="rj_FinancialInstrumentsIssuedAmountsAndTimingsExpectedFutureReceiptsPrincipalAmountDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_E_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedAmountsAndTimingsExpectedFutureReceiptsPrincipalAmountDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedConditionsRelatedProvisionsDescription" xlink:label="rj_FinancialInstrumentsIssuedConditionsRelatedProvisionsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_J_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_J_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>j</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedConditionsRelatedProvisionsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_J_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedCurrencyOfReceiptsPaymentsDescription" xlink:label="rj_FinancialInstrumentsIssuedCurrencyOfReceiptsPaymentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_H_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_H_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>h</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedCurrencyOfReceiptsPaymentsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_H_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedExerciseDate" xlink:label="rj_FinancialInstrumentsIssuedExerciseDate_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_B_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedExerciseDate_loc" xlink:to="rj_RJ_2026-01-01_290_908_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedExercisePriceOrRangeDescription" xlink:label="rj_FinancialInstrumentsIssuedExercisePriceOrRangeDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_C_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedExercisePriceOrRangeDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedExpirationDate" xlink:label="rj_FinancialInstrumentsIssuedExpirationDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedExpirationDate_loc" xlink:to="rj_RJ_2026-01-01_290_908_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedInstrumentsExchangedDescription" xlink:label="rj_FinancialInstrumentsIssuedInstrumentsExchangedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_i_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_i_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>i</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedInstrumentsExchangedDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedNominalAmount" xlink:label="rj_FinancialInstrumentsIssuedNominalAmount_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_A_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedNominalAmount_loc" xlink:to="rj_RJ_2026-01-01_290_908_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedObtainedSecuritiesDescription" xlink:label="rj_FinancialInstrumentsIssuedObtainedSecuritiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_G_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedObtainedSecuritiesDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedOptionsForConversionExchangeDescription" xlink:label="rj_FinancialInstrumentsIssuedOptionsForConversionExchangeDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_908_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_908_D_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>908</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedOptionsForConversionExchangeDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedOptionsForEarlySettlementDescription" xlink:label="rj_FinancialInstrumentsIssuedOptionsForEarlySettlementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedOptionsForEarlySettlementDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedPrincipalAmount" xlink:label="rj_FinancialInstrumentsIssuedPrincipalAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedPrincipalAmount_loc" xlink:to="rj_RJ_2026-01-01_290_908_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedRepaymentDate" xlink:label="rj_FinancialInstrumentsIssuedRepaymentDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedRepaymentDate_loc" xlink:to="rj_RJ_2026-01-01_290_908_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsIssuedSimilarAmountDerivative" xlink:label="rj_FinancialInstrumentsIssuedSimilarAmountDerivative_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsIssuedSimilarAmountDerivative_loc" xlink:to="rj_RJ_2026-01-01_290_908_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsLegalFormClassifiedAsEquityDisclosure" xlink:label="rj_FinancialInstrumentsLegalFormClassifiedAsEquityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsLegalFormClassifiedAsEquityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_240_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsLegalFormClassifiedAsEquityPolicy" xlink:label="rj_FinancialInstrumentsLegalFormClassifiedAsEquityPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsLegalFormClassifiedAsEquityPolicy_loc" xlink:to="rj_RJ_2026-01-01_240_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsLegalFormClassifiedAsEquity" xlink:label="rj_FinancialInstrumentsLegalFormClassifiedAsEquity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_503_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsLegalFormClassifiedAsEquity_loc" xlink:to="rj_RJ_2026-01-01_240_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsLiabilities" xlink:label="rj_FinancialInstrumentsLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_290_801_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsListedRegulatedMarket" xlink:label="rj_FinancialInstrumentsListedRegulatedMarket_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsListedRegulatedMarket_loc" xlink:to="rj_RJ_2026-01-01_615_601_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsMeasuresTakenReduceRiskAssociatedWithUseDescription" xlink:label="rj_FinancialInstrumentsMeasuresTakenReduceRiskAssociatedWithUseDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsMeasuresTakenReduceRiskAssociatedWithUseDescription_loc" xlink:to="rj_RJ_2026-01-01_290_901_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsMethodsAssumptionsFairValueEstimationDescription" xlink:label="rj_FinancialInstrumentsMethodsAssumptionsFairValueEstimationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsMethodsAssumptionsFairValueEstimationDescription_loc" xlink:to="rj_RJ_2026-01-01_290_912_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsNatureDescription" xlink:label="rj_FinancialInstrumentsNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_290_906_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsNatureExtentAndContractualConditionsDescription" xlink:label="rj_FinancialInstrumentsNatureExtentAndContractualConditionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsNatureExtentAndContractualConditionsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_906_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsNotAllowedListedOrNotTradedOnRegulatedMarket" xlink:label="rj_FinancialInstrumentsNotAllowedListedOrNotTradedOnRegulatedMarket_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsNotAllowedListedOrNotTradedOnRegulatedMarket_loc" xlink:to="rj_RJ_2026-01-01_615_601_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedAgreedInterestRateOrAmountOfInterestOrDividendOrOthersDescription" xlink:label="rj_FinancialInstrumentsObtainedAgreedInterestRateOrAmountOfInterestOrDividendOrOthersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedAgreedInterestRateOrAmountOfInterestOrDividendOrOthersDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedAmountsAndTimingsExpectedFutureReceiptsPrincipalAmountDescription" xlink:label="rj_FinancialInstrumentsObtainedAmountsAndTimingsExpectedFutureReceiptsPrincipalAmountDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedAmountsAndTimingsExpectedFutureReceiptsPrincipalAmountDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedConditionsRelatedProvisionsDescription" xlink:label="rj_FinancialInstrumentsObtainedConditionsRelatedProvisionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedConditionsRelatedProvisionsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_J_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedCurrencyOfReceiptsPaymentsDescription" xlink:label="rj_FinancialInstrumentsObtainedCurrencyOfReceiptsPaymentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedCurrencyOfReceiptsPaymentsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_H_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedExerciseDate" xlink:label="rj_FinancialInstrumentsObtainedExerciseDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedExerciseDate_loc" xlink:to="rj_RJ_2026-01-01_290_908_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedExercisePriceOrRangeDescription" xlink:label="rj_FinancialInstrumentsObtainedExercisePriceOrRangeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedExercisePriceOrRangeDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedExpirationDate" xlink:label="rj_FinancialInstrumentsObtainedExpirationDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedExpirationDate_loc" xlink:to="rj_RJ_2026-01-01_290_908_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedInstrumentsExchangedDescription" xlink:label="rj_FinancialInstrumentsObtainedInstrumentsExchangedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedInstrumentsExchangedDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedNominalAmount" xlink:label="rj_FinancialInstrumentsObtainedNominalAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedNominalAmount_loc" xlink:to="rj_RJ_2026-01-01_290_908_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedOptionsForConversionExchangeDescription" xlink:label="rj_FinancialInstrumentsObtainedOptionsForConversionExchangeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedOptionsForConversionExchangeDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedOptionsForEarlySettlementDescription" xlink:label="rj_FinancialInstrumentsObtainedOptionsForEarlySettlementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedOptionsForEarlySettlementDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedPrincipalAmount" xlink:label="rj_FinancialInstrumentsObtainedPrincipalAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedPrincipalAmount_loc" xlink:to="rj_RJ_2026-01-01_290_908_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedRepaymentDate" xlink:label="rj_FinancialInstrumentsObtainedRepaymentDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedRepaymentDate_loc" xlink:to="rj_RJ_2026-01-01_290_908_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedSecuritiesDescription" xlink:label="rj_FinancialInstrumentsObtainedSecuritiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedSecuritiesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_H_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsObtainedSimilarAmountDerivative" xlink:label="rj_FinancialInstrumentsObtainedSimilarAmountDerivative_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsObtainedSimilarAmountDerivative_loc" xlink:to="rj_RJ_2026-01-01_290_908_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsOther" xlink:label="rj_FinancialInstrumentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsOther_loc" xlink:to="rj_RJ_2026-01-01_615_601_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsPolicy" xlink:label="rj_FinancialInstrumentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_290_906_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_914_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_914_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>914</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_290_914_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B12_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsPutUpAsCollateralForDebtsDescription" xlink:label="rj_FinancialInstrumentsPutUpAsCollateralForDebtsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsPutUpAsCollateralForDebtsDescription_loc" xlink:to="rj_RJ_2026-01-01_290_908_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsRepricingOrRepaymentDatesAndEffectiveInterestRatesDisclosure" xlink:label="rj_FinancialInstrumentsRepricingOrRepaymentDatesAndEffectiveInterestRatesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsRepricingOrRepaymentDatesAndEffectiveInterestRatesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_918_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsRiskAssociatedWithUseDescription" xlink:label="rj_FinancialInstrumentsRiskAssociatedWithUseDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsRiskAssociatedWithUseDescription_loc" xlink:to="rj_RJ_2026-01-01_290_901_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsRiskManagementInterestRisksDisclosure" xlink:label="rj_FinancialInstrumentsRiskManagementInterestRisksDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsRiskManagementInterestRisksDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_918_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsRiskManagementInterestRisksDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsSecuritisationRepurchaseAgreementDisclosure" xlink:label="rj_FinancialInstrumentsSecuritisationRepurchaseAgreementDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_947_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_947_B_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>947</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsSecuritisationRepurchaseAgreementDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_947_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsTradedOnRegulatedOrOtherMarketForFinancialInstruments" xlink:label="rj_FinancialInstrumentsTradedOnRegulatedOrOtherMarketForFinancialInstruments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsTradedOnRegulatedOrOtherMarketForFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_615_601_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsTypePolicy" xlink:label="rj_FinancialInstrumentsTypePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsTypePolicy_loc" xlink:to="rj_RJ_2026-01-01_290_906_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsTypePolicy_loc" xlink:to="rj_RJ_2026-01-01_290_914_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsType" xlink:label="rj_FinancialInstrumentsType_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsType_loc" xlink:to="rj_RJ_2026-01-01_290_906_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_912_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_912_C_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>912</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsType_loc" xlink:to="rj_RJ_2026-01-01_290_912_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstrumentsValuationDateDescription" xlink:label="rj_FinancialInstrumentsValuationDateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstrumentsValuationDateDescription_loc" xlink:to="rj_RJ_2026-01-01_290_912_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialInstruments" xlink:label="rj_FinancialInstruments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_290_801_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialLiabilitiesNoncurrentBookValueHigherThanFairValueDisclosure" xlink:label="rj_FinancialLiabilitiesNoncurrentBookValueHigherThanFairValueDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialLiabilitiesNoncurrentBookValueHigherThanFairValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_290_943_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialPositionAndDevelopmentsInFinancialPositionDuringPeriodDescription" xlink:label="rj_FinancialPositionAndDevelopmentsInFinancialPositionDuringPeriodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialPositionAndDevelopmentsInFinancialPositionDuringPeriodDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialProductsSustainabilityDescription" xlink:label="rj_FinancialProductsSustainabilityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialProductsSustainabilityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialReportingPeriodDifferentThanAnnualImpactComparativesDescription" xlink:label="rj_FinancialReportingPeriodDifferentThanAnnualImpactComparativesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_110_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_110_104_ref">
      <ref:Chapter>110</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialReportingPeriodDifferentThanAnnualImpactComparativesDescription_loc" xlink:to="rj_RJ_2026-01-01_110_104_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A1_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A1_305_ref">
      <ref:Chapter>A1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialReportingPeriodDifferentThanAnnualImpactComparativesDescription_loc" xlink:to="rj_RJk_2026-01-01_A1_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialReportingPeriodDifferentThanAnnualReasonDescription" xlink:label="rj_FinancialReportingPeriodDifferentThanAnnualReasonDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialReportingPeriodDifferentThanAnnualReasonDescription_loc" xlink:to="rj_RJ_2026-01-01_110_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialReportingPeriodDifferentThanAnnualReasonDescription_loc" xlink:to="rj_RJk_2026-01-01_A1_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialReportingPeriodDifferentThanAnnualStatus" xlink:label="rj_FinancialReportingPeriodDifferentThanAnnualStatus_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialReportingPeriodDifferentThanAnnualStatus_loc" xlink:to="rj_RJ_2026-01-01_110_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialReportingPeriodDifferentThanAnnualStatus_loc" xlink:to="rj_RJk_2026-01-01_A1_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancialStatementsDateOfPreparation" xlink:label="rj_FinancialStatementsDateOfPreparation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_160_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_160_401_ref">
      <ref:Chapter>160</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialStatementsDateOfPreparation_loc" xlink:to="rj_RJ_2026-01-01_160_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A4_110_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A4_110_ref">
      <ref:Chapter>A4</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancialStatementsDateOfPreparation_loc" xlink:to="rj_RJk_2026-01-01_A4_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesCorrectionsPreviousYears" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesCorrectionsPreviousYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesCorrectionsPreviousYears_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesDisclosure" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesFinancingDifferenceDuringPeriod" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesFinancingDifferenceDuringPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesFinancingDifferenceDuringPeriod_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesIncludedInLiabilitiesFinancingSurplus" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesIncludedInLiabilitiesFinancingSurplus_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesIncludedInLiabilitiesFinancingSurplus_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesIncludedInReceivablesFinancingDeficit" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesIncludedInReceivablesFinancingDeficit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesIncludedInReceivablesFinancingDeficit_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesMovement" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesMovement_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesPaymentsReceipts" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesPaymentsReceipts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesPaymentsReceipts_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesPolicy" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRatesStageOfAdoption" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRatesStageOfAdoption_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRatesStageOfAdoption_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplusToBeSettledInRates" xlink:label="rj_FinancingDeficitSurplusToBeSettledInRates_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplusToBeSettledInRates_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinancingDeficitSurplus" xlink:label="rj_FinancingDeficitSurplus_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinancingDeficitSurplus_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FinesAdministrativePenaltiesImposedDuringPeriodDescription" xlink:label="rj_FinesAdministrativePenaltiesImposedDuringPeriodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FinesAdministrativePenaltiesImposedDuringPeriodDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FiscalStatusInvestmentEntityDisclosure" xlink:label="rj_FiscalStatusInvestmentEntityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FiscalStatusInvestmentEntityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_424_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoodAndHospitalityExpensesDisclosure" xlink:label="rj_FoodAndHospitalityExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoodAndHospitalityExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoodAndHospitalityExpensesPolicy" xlink:label="rj_FoodAndHospitalityExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoodAndHospitalityExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoodAndHospitalityExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoodAndHospitalityExpenses" xlink:label="rj_FoodAndHospitalityExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoodAndHospitalityExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyExchangeRateResultsDisclosure" xlink:label="rj_ForeignCurrencyExchangeRateResultsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyExchangeRateResultsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyMethodConversionProcessingPolicy" xlink:label="rj_ForeignCurrencyMethodConversionProcessingPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_502_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_502_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>502</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyMethodConversionProcessingPolicy_loc" xlink:to="rj_RJ_2026-01-01_122_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationActivitiesAbroadBalancePolicy" xlink:label="rj_ForeignCurrencyTranslationActivitiesAbroadBalancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationActivitiesAbroadBalancePolicy_loc" xlink:to="rj_RJ_2026-01-01_122_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationActivitiesAbroadGoodwillAdjustmentActualValueBalancePolicy" xlink:label="rj_ForeignCurrencyTranslationActivitiesAbroadGoodwillAdjustmentActualValueBalancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationActivitiesAbroadGoodwillAdjustmentActualValueBalancePolicy_loc" xlink:to="rj_RJ_2026-01-01_122_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationActivitiesAbroadGoodwillAdjustmentActualValueProfitAndLossAccountPolicy" xlink:label="rj_ForeignCurrencyTranslationActivitiesAbroadGoodwillAdjustmentActualValueProfitAndLossAccountPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationActivitiesAbroadGoodwillAdjustmentActualValueProfitAndLossAccountPolicy_loc" xlink:to="rj_RJ_2026-01-01_122_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationActivitiesAbroadPolicy" xlink:label="rj_ForeignCurrencyTranslationActivitiesAbroadPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationActivitiesAbroadPolicy_loc" xlink:to="rj_RJ_2026-01-01_122_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationActivitiesAbroadProfitAndLossAccountPolicy" xlink:label="rj_ForeignCurrencyTranslationActivitiesAbroadProfitAndLossAccountPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationActivitiesAbroadProfitAndLossAccountPolicy_loc" xlink:to="rj_RJ_2026-01-01_122_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationBalanceSheetPolicy" xlink:label="rj_ForeignCurrencyTranslationBalanceSheetPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationBalanceSheetPolicy_loc" xlink:to="rj_RJ_2026-01-01_122_502_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationBalanceSheetPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationChangeFunctionalCurrencyDescription" xlink:label="rj_ForeignCurrencyTranslationChangeFunctionalCurrencyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_505_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_505_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationChangeFunctionalCurrencyDescription_loc" xlink:to="rj_RJ_2026-01-01_122_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationChangePresentationCurrencyDescription" xlink:label="rj_ForeignCurrencyTranslationChangePresentationCurrencyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_504_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_504_C_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationChangePresentationCurrencyDescription_loc" xlink:to="rj_RJ_2026-01-01_122_504_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_410_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationChangePresentationCurrencyDescription_loc" xlink:to="rj_RJk_2026-01-01_A2_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationDifferencePresentationFunctionalCurrencyDescription" xlink:label="rj_ForeignCurrencyTranslationDifferencePresentationFunctionalCurrencyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_504_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_504_A_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationDifferencePresentationFunctionalCurrencyDescription_loc" xlink:to="rj_RJ_2026-01-01_122_504_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationDifferencePresentationFunctionalCurrencyDescription_loc" xlink:to="rj_RJk_2026-01-01_A2_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationDifferencePresentationLocalCurrencyDescription" xlink:label="rj_ForeignCurrencyTranslationDifferencePresentationLocalCurrencyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_504_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_504_B_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationDifferencePresentationLocalCurrencyDescription_loc" xlink:to="rj_RJ_2026-01-01_122_504_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationFunctionalCurrencyHyperinflationDescription" xlink:label="rj_ForeignCurrencyTranslationFunctionalCurrencyHyperinflationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_506_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_506_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>506</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationFunctionalCurrencyHyperinflationDescription_loc" xlink:to="rj_RJ_2026-01-01_122_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationHyperinflationPolicy" xlink:label="rj_ForeignCurrencyTranslationHyperinflationPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_506a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_506a_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>506a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationHyperinflationPolicy_loc" xlink:to="rj_RJ_2026-01-01_122_506a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationImpactChangesInExchangeRatesAfterBalanceSheetDateDescription" xlink:label="rj_ForeignCurrencyTranslationImpactChangesInExchangeRatesAfterBalanceSheetDateDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_508_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_508_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>508</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationImpactChangesInExchangeRatesAfterBalanceSheetDateDescription_loc" xlink:to="rj_RJ_2026-01-01_122_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyTranslationIncomeStatementPolicy" xlink:label="rj_ForeignCurrencyTranslationIncomeStatementPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationIncomeStatementPolicy_loc" xlink:to="rj_RJ_2026-01-01_122_502_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyTranslationIncomeStatementPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A2_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignLegalEntityCoGroupParentDescription" xlink:label="rj_ForeignLegalEntityCoGroupParentDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_217_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_217_504_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignLegalEntityCoGroupParentDescription_loc" xlink:to="rj_RJ_2026-01-01_217_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForewordByManagementInSustainabilityReport" xlink:label="rj_ForewordByManagementInSustainabilityReport_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_410_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForewordByManagementInSustainabilityReport_loc" xlink:to="rj_RJ_2026-01-01_920_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FormCollateralProvidedTotalDebtsDescription" xlink:label="rj_FormCollateralProvidedTotalDebtsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_404_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FormCollateralProvidedTotalDebtsDescription_loc" xlink:to="rj_RJ_2026-01-01_254_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FormCollateralProvidedTotalDebtsDescription_loc" xlink:to="rj_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesAdditions" xlink:label="rj_FoundationCapitalAndReservesAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesDirectlyChangeAccountingPolicies" xlink:label="rj_FoundationCapitalAndReservesDirectlyChangeAccountingPolicies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesDirectlyChangeAccountingPolicies_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesDirectlyExchangeDifferences" xlink:label="rj_FoundationCapitalAndReservesDirectlyExchangeDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesDirectlyExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesDirectlyImpairmentReversal" xlink:label="rj_FoundationCapitalAndReservesDirectlyImpairmentReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesDirectlyImpairmentReversal_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesDirectlyImpairment" xlink:label="rj_FoundationCapitalAndReservesDirectlyImpairment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesDirectlyImpairment_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesDirectlyPriorPeriodErrors" xlink:label="rj_FoundationCapitalAndReservesDirectlyPriorPeriodErrors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesDirectlyPriorPeriodErrors_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesDisclosure" xlink:label="rj_FoundationCapitalAndReservesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesMovementOther" xlink:label="rj_FoundationCapitalAndReservesMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesMovementOther_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesMovement" xlink:label="rj_FoundationCapitalAndReservesMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesMovement_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesPolicy" xlink:label="rj_FoundationCapitalAndReservesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesRelease" xlink:label="rj_FoundationCapitalAndReservesRelease_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesRelease_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesTransfers" xlink:label="rj_FoundationCapitalAndReservesTransfers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesTransfers_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReservesWithdrawals" xlink:label="rj_FoundationCapitalAndReservesWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReservesWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalAndReserves" xlink:label="rj_FoundationCapitalAndReserves_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReserves_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalAndReserves_loc" xlink:to="rj_RJ_2026-01-01_610_237_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalDisclosure" xlink:label="rj_FoundationCapitalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapitalPolicy" xlink:label="rj_FoundationCapitalPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapitalPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FoundationCapital" xlink:label="rj_FoundationCapital_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapital_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapital_loc" xlink:to="rj_RJ_2026-01-01_630_202_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_203_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapital_loc" xlink:to="rj_RJ_2026-01-01_630_203_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_312_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_312_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>312</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapital_loc" xlink:to="rj_RJ_2026-01-01_640_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapital_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapital_loc" xlink:to="rj_RJ_2026-01-01_655_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FoundationCapital_loc" xlink:to="rj_RJ_2026-01-01_655_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FreeDisposableCapitalNonDisposableCapitalDescription" xlink:label="rj_FreeDisposableCapitalNonDisposableCapitalDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_311_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FreeDisposableCapitalNonDisposableCapitalDescription_loc" xlink:to="rj_RJ_2026-01-01_640_311_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_305_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FreeDisposableCapitalNonDisposableCapitalDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FrequencyValuationNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure" xlink:label="rj_FrequencyValuationNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FrequencyValuationNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FunctionalCurrencyDescription" xlink:label="rj_FunctionalCurrencyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_122_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_122_105_ref">
      <ref:Chapter>122</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FunctionalCurrencyDescription_loc" xlink:to="rj_RJ_2026-01-01_122_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FundingPolicyDescription" xlink:label="rj_FundingPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundingPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FundraisingExpensesDisclosure" xlink:label="rj_FundraisingExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundraisingExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundraisingExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FundraisingExpensesPercentage" xlink:label="rj_FundraisingExpensesPercentage_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_326_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_326_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>326</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundraisingExpensesPercentage_loc" xlink:to="rj_RJ_2026-01-01_650_326_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FundraisingExpensesPolicy" xlink:label="rj_FundraisingExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundraisingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundraisingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FundraisingExpenses" xlink:label="rj_FundraisingExpenses_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_318_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_318_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>318</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundraisingExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_318_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundraisingExpenses_loc" xlink:to="rj_RJk_2026-01-01_C2_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FundsDisclosure" xlink:label="rj_FundsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FundsPolicy" xlink:label="rj_FundsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FundsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_Funds" xlink:label="rj_Funds_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_Funds_loc" xlink:to="rj_RJ_2026-01-01_650_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_Funds_loc" xlink:to="rj_RJk_2026-01-01_C2_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FurtherDetailsPerCategoryLeaseDescription" xlink:label="rj_FurtherDetailsPerCategoryLeaseDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_208_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_208_C_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FurtherDetailsPerCategoryLeaseDescription_loc" xlink:to="rj_RJ_2026-01-01_292_208_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FutureExpectations" xlink:label="rj_FutureExpectations_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_110_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_110_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 10</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FutureExpectations_loc" xlink:to="rj_RJ_2026-01-01_400_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FutureProfitMarginsAcquiredPortfolioDisclosure" xlink:label="rj_FutureProfitMarginsAcquiredPortfolioDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FutureProfitMarginsAcquiredPortfolioDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FutureProfitMarginsAcquiredPortfolioPolicy" xlink:label="rj_FutureProfitMarginsAcquiredPortfolioPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FutureProfitMarginsAcquiredPortfolioPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FutureProfitMarginsAcquiredPortfolioPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FutureProfitMarginsAcquiredPortfolio" xlink:label="rj_FutureProfitMarginsAcquiredPortfolio_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_306_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FutureProfitMarginsAcquiredPortfolio_loc" xlink:to="rj_RJ_2026-01-01_605_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GapMinimumCapitalRequirementAmount" xlink:label="rj_GapMinimumCapitalRequirementAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GapMinimumCapitalRequirementAmount_loc" xlink:to="rj_RJ_2026-01-01_605_403a_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralBankingRisksReserveAdditions" xlink:label="rj_GeneralBankingRisksReserveAdditions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_261_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_261_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>261</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralBankingRisksReserveAdditions_loc" xlink:to="rj_RJ_2026-01-01_600_261_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralBankingRisksReserveMovement" xlink:label="rj_GeneralBankingRisksReserveMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralBankingRisksReserveMovement_loc" xlink:to="rj_RJ_2026-01-01_600_261_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralBankingRisksReserveRelease" xlink:label="rj_GeneralBankingRisksReserveRelease_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralBankingRisksReserveRelease_loc" xlink:to="rj_RJ_2026-01-01_600_261_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralExpensesDisclosure" xlink:label="rj_GeneralExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralExpensesPolicy" xlink:label="rj_GeneralExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralExpenses" xlink:label="rj_GeneralExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralExpenses_loc" xlink:to="rj_RJ_2026-01-01_270_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralOtherReservesDisclosure" xlink:label="rj_GeneralOtherReservesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralOtherReservesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralOtherReservesPolicy" xlink:label="rj_GeneralOtherReservesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralOtherReservesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralOtherReservesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralOtherReserves" xlink:label="rj_GeneralOtherReserves_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralOtherReserves_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralOtherReserves_loc" xlink:to="rj_RJ_2026-01-01_655_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralReserveDisclosure" xlink:label="rj_GeneralReserveDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralReserveDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralReservePolicy" xlink:label="rj_GeneralReservePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralReservePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralReservePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GeneralReserve" xlink:label="rj_GeneralReserve_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_314_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_314_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>314</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralReserve_loc" xlink:to="rj_RJ_2026-01-01_640_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralReserve_loc" xlink:to="rj_RJ_2026-01-01_660_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GeneralReserve_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoingConcernEffectNotGoingConcernBasisOnReservesAndFundsAndResultsDescription" xlink:label="rj_GoingConcernEffectNotGoingConcernBasisOnReservesAndFundsAndResultsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoingConcernEffectNotGoingConcernBasisOnReservesAndFundsAndResultsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoingConcernFactsAndCircumstancesNotGoingConcernDescription" xlink:label="rj_GoingConcernFactsAndCircumstancesNotGoingConcernDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_170_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_170_208_ref">
      <ref:Chapter>170</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoingConcernFactsAndCircumstancesNotGoingConcernDescription_loc" xlink:to="rj_RJ_2026-01-01_170_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoingConcernLiquidationPlanDescription" xlink:label="rj_GoingConcernLiquidationPlanDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoingConcernLiquidationPlanDescription_loc" xlink:to="rj_RJ_2026-01-01_170_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoingConcernMethodsAndSignificantAssumptionsUsedForValuationOnLiquidationBasisAndRelatedSignificantUncertaintiesDescription" xlink:label="rj_GoingConcernMethodsAndSignificantAssumptionsUsedForValuationOnLiquidationBasisAndRelatedSignificantUncertaintiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoingConcernMethodsAndSignificantAssumptionsUsedForValuationOnLiquidationBasisAndRelatedSignificantUncertaintiesDescription_loc" xlink:to="rj_RJ_2026-01-01_170_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoingConcernNatureAmountSignificantPositiveNegativeChangesInValueDescription" xlink:label="rj_GoingConcernNatureAmountSignificantPositiveNegativeChangesInValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoingConcernNatureAmountSignificantPositiveNegativeChangesInValueDescription_loc" xlink:to="rj_RJ_2026-01-01_170_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoingConcernTheNatureAndAmountOfIncomeAndExpensesRecordedOnTheBalanceSheetUntilTheExpectedDateOfSettlementDescription" xlink:label="rj_GoingConcernTheNatureAndAmountOfIncomeAndExpensesRecordedOnTheBalanceSheetUntilTheExpectedDateOfSettlementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoingConcernTheNatureAndAmountOfIncomeAndExpensesRecordedOnTheBalanceSheetUntilTheExpectedDateOfSettlementDescription_loc" xlink:to="rj_RJ_2026-01-01_170_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillAccumulatedAmortisationRevaluations" xlink:label="rj_GoodwillAccumulatedAmortisationRevaluations_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_403_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_403_E_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillAccumulatedAmortisationRevaluations_loc" xlink:to="rj_RJ_2026-01-01_216_403_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillAdditions" xlink:label="rj_GoodwillAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillAdditions_loc" xlink:to="rj_RJ_2026-01-01_216_403_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillAdjustmentsLaterIdentifiedAssetsLiabilities" xlink:label="rj_GoodwillAdjustmentsLaterIdentifiedAssetsLiabilities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_403_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_403_F_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillAdjustmentsLaterIdentifiedAssetsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_216_403_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillAmortisationPeriod" xlink:label="rj_GoodwillAmortisationPeriod_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_403_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_403_A_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillAmortisationPeriod_loc" xlink:to="rj_RJ_2026-01-01_216_403_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillAmortisation" xlink:label="rj_GoodwillAmortisation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillAmortisation_loc" xlink:to="rj_RJ_2026-01-01_216_403_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillGross" xlink:label="rj_GoodwillGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillGross_loc" xlink:to="rj_RJ_2026-01-01_216_403_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillImpairment" xlink:label="rj_GoodwillImpairment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillImpairment_loc" xlink:to="rj_RJ_2026-01-01_216_403_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillIncomeStatementLineItemWhereAmortisationRecognisedDescription" xlink:label="rj_GoodwillIncomeStatementLineItemWhereAmortisationRecognisedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_403_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_403_D_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillIncomeStatementLineItemWhereAmortisationRecognisedDescription_loc" xlink:to="rj_RJ_2026-01-01_216_403_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillMovement" xlink:label="rj_GoodwillMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillMovement_loc" xlink:to="rj_RJ_2026-01-01_216_403_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillMovementsOther" xlink:label="rj_GoodwillMovementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_216_403_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillPolicyNonlinearDescription" xlink:label="rj_GoodwillPolicyNonlinearDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_403_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_403_C_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillPolicyNonlinearDescription_loc" xlink:to="rj_RJ_2026-01-01_216_403_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillReasonAndFactsDeterminingAmortisationTermOfMoreThanTwentyYearsDescription" xlink:label="rj_GoodwillReasonAndFactsDeterminingAmortisationTermOfMoreThanTwentyYearsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_403_B2_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_403_B2_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
      <ref:Subparagraph>b2</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillReasonAndFactsDeterminingAmortisationTermOfMoreThanTwentyYearsDescription_loc" xlink:to="rj_RJ_2026-01-01_216_403_B2_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillTaxEffectAmortisationDescription" xlink:label="rj_GoodwillTaxEffectAmortisationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_403_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillTaxEffectAmortisationDescription_loc" xlink:to="rj_RJ_2026-01-01_216_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GoodwillWriteOffDueToDisposals" xlink:label="rj_GoodwillWriteOffDueToDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GoodwillWriteOffDueToDisposals_loc" xlink:to="rj_RJ_2026-01-01_216_403_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GovernanceDevelopmentsDescription" xlink:label="rj_GovernanceDevelopmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GovernanceDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GovernmentContributionsAndSubsidiesOtherDisclosure" xlink:label="rj_GovernmentContributionsAndSubsidiesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GovernmentContributionsAndSubsidiesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GovernmentContributionsAndSubsidiesOtherPolicy" xlink:label="rj_GovernmentContributionsAndSubsidiesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GovernmentContributionsAndSubsidiesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GovernmentContributionsAndSubsidiesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GovernmentContributionsAndSubsidiesOther" xlink:label="rj_GovernmentContributionsAndSubsidiesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GovernmentContributionsAndSubsidiesOther_loc" xlink:to="rj_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GovernmentContributionsAndSubsidiesOther_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GovernmentLeviesDisclosure" xlink:label="rj_GovernmentLeviesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_429_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_429_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>429</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GovernmentLeviesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_429_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GrantedInterestRatesDiscounts" xlink:label="rj_GrantedInterestRatesDiscounts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GrantedInterestRatesDiscounts_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GroundsDecisionParameterRiskModuleDescription" xlink:label="rj_GroundsDecisionParameterRiskModuleDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GroundsDecisionParameterRiskModuleDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_H_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GuaranteeContractsDisclosure" xlink:label="rj_GuaranteeContractsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GuaranteeContractsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GuaranteeContractsInvestmentsInInvestmentTrustDisclosure" xlink:label="rj_GuaranteeContractsInvestmentsInInvestmentTrustDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_228_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_228_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>228</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GuaranteeContractsInvestmentsInInvestmentTrustDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_228_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GuaranteeContractsPolicy" xlink:label="rj_GuaranteeContractsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GuaranteeContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GuaranteeContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GuaranteeContracts" xlink:label="rj_GuaranteeContracts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GuaranteeContracts_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GuaranteedEquityDisclosure" xlink:label="rj_GuaranteedEquityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GuaranteedEquityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_240_619_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_GuaranteedEquity" xlink:label="rj_GuaranteedEquity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_619_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_619_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>619</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_GuaranteedEquity_loc" xlink:to="rj_RJ_2026-01-01_240_619_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HedgeRelationshipCumulativeFairValueChangeEffectivePart" xlink:label="rj_HedgeRelationshipCumulativeFairValueChangeEffectivePart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HedgeRelationshipCumulativeFairValueChangeEffectivePart_loc" xlink:to="rj_RJ_2026-01-01_290_913_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HedgeRelationshipCumulativeFairValueChangeIneffectivePartAmountChargedToIncomeStatement" xlink:label="rj_HedgeRelationshipCumulativeFairValueChangeIneffectivePartAmountChargedToIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HedgeRelationshipCumulativeFairValueChangeIneffectivePartAmountChargedToIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_290_913_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HedgeRelationshipCumulativeFairValueChangeIneffectivePart" xlink:label="rj_HedgeRelationshipCumulativeFairValueChangeIneffectivePart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HedgeRelationshipCumulativeFairValueChangeIneffectivePart_loc" xlink:to="rj_RJ_2026-01-01_290_913_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HedgingInvestmentRiskAndSubsequentPositionsDescription" xlink:label="rj_HedgingInvestmentRiskAndSubsequentPositionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HedgingInvestmentRiskAndSubsequentPositionsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HistoricalCostInformationWhenPreparedOnFairValueBasisDisclosure" xlink:label="rj_HistoricalCostInformationWhenPreparedOnFairValueBasisDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HistoricalCostInformationWhenPreparedOnFairValueBasisDisclosure_loc" xlink:to="rj_RJ_2026-01-01_115_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HousingFacilitiesInExploitationDisclosure" xlink:label="rj_HousingFacilitiesInExploitationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HousingFacilitiesInExploitationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HousingFacilitiesInExploitationPolicy" xlink:label="rj_HousingFacilitiesInExploitationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HousingFacilitiesInExploitationPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HousingFacilitiesInExploitation" xlink:label="rj_HousingFacilitiesInExploitation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HousingFacilitiesInExploitation_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HowControlSupervisionComplianceInvestmentStatuteDescription" xlink:label="rj_HowControlSupervisionComplianceInvestmentStatuteDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HowControlSupervisionComplianceInvestmentStatuteDescription_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_HumanRightsInRelationToActivitiesOfTheOrganisationItsSuppliersCustomersAndRelationsDescription" xlink:label="rj_HumanRightsInRelationToActivitiesOfTheOrganisationItsSuppliersCustomersAndRelationsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_425_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_425_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>425</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_HumanRightsInRelationToActivitiesOfTheOrganisationItsSuppliersCustomersAndRelationsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_425_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpactTaxesComprehensiveIncomeOther" xlink:label="rj_ImpactTaxesComprehensiveIncomeOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpactTaxesComprehensiveIncomeOther_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairedCashflowGeneratingUnitDescription" xlink:label="rj_ImpairedCashflowGeneratingUnitDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairedCashflowGeneratingUnitDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentAssetsNoncurrentDisclosure" xlink:label="rj_ImpairmentAssetsNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentAssetsNoncurrentInIncomeStatement" xlink:label="rj_ImpairmentAssetsNoncurrentInIncomeStatement_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_801_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_801_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>801</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentAssetsNoncurrentPolicy" xlink:label="rj_ImpairmentAssetsNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentAssetsNoncurrentReversalDisclosure" xlink:label="rj_ImpairmentAssetsNoncurrentReversalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentAssetsNoncurrentReversalPolicy" xlink:label="rj_ImpairmentAssetsNoncurrentReversalPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentReversalPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentReversalPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentAssetsNoncurrentReversal" xlink:label="rj_ImpairmentAssetsNoncurrentReversal_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_801_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_801_B_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>801</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrentReversal_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentAssetsNoncurrent" xlink:label="rj_ImpairmentAssetsNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_121_801_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentAssetsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentCashflowAssetCategoryDescription" xlink:label="rj_ImpairmentCashflowAssetCategoryDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentCashflowAssetCategoryDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentCashflowReportingSegmentDescription" xlink:label="rj_ImpairmentCashflowReportingSegmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentCashflowReportingSegmentDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentFinancialAssetsDisclosure" xlink:label="rj_ImpairmentFinancialAssetsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentFinancialAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentFinancialAssetsIncomeStatementLineItems" xlink:label="rj_ImpairmentFinancialAssetsIncomeStatementLineItems_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_801_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_801_A_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>801</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentFinancialAssetsIncomeStatementLineItems_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentFinancialAssetsRecordedDirectInEquity" xlink:label="rj_ImpairmentFinancialAssetsRecordedDirectInEquity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_801_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_801_C_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>801</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentFinancialAssetsRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentFinancialAssetsRecordedInIncomeStatement" xlink:label="rj_ImpairmentFinancialAssetsRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentFinancialAssetsRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentFinancialAssetsReversalDisclosure" xlink:label="rj_ImpairmentFinancialAssetsReversalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentFinancialAssetsReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentFinancialAssetsReversalIncomeStatementLineItems" xlink:label="rj_ImpairmentFinancialAssetsReversalIncomeStatementLineItems_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentFinancialAssetsReversalIncomeStatementLineItems_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentFinancialAssetsReversalRecordedDirectInEquity" xlink:label="rj_ImpairmentFinancialAssetsReversalRecordedDirectInEquity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_801_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_801_D_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>801</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentFinancialAssetsReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentFinancialAssetsReversalRecordedInIncomeStatement" xlink:label="rj_ImpairmentFinancialAssetsReversalRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentFinancialAssetsReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIndividualAssetDescription" xlink:label="rj_ImpairmentIndividualAssetDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_805_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_805_C_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIndividualAssetDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_325a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_325a_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>325a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIndividualAssetDescription_loc" xlink:to="rj_RJk_2026-01-01_A2_325a_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_325c_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_325c_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>325c</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIndividualAssetDescription_loc" xlink:to="rj_RJk_2026-01-01_A2_325c_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIndividualAssetReportingSegmentWhichIsSignificantDescription" xlink:label="rj_ImpairmentIndividualAssetReportingSegmentWhichIsSignificantDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIndividualAssetReportingSegmentWhichIsSignificantDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsDisclosure" xlink:label="rj_ImpairmentIntangibleAssetsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_806_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_806_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>806</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_121_806_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_503_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_210_503_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_324_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_324_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>324</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_A2_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_A1_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsIncomeStatementLineItems" xlink:label="rj_ImpairmentIntangibleAssetsIncomeStatementLineItems_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsIncomeStatementLineItems_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsPolicy" xlink:label="rj_ImpairmentIntangibleAssetsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsRecordedDirectInEquity" xlink:label="rj_ImpairmentIntangibleAssetsRecordedDirectInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_804_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_804_A_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>804</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_804_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_324b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_324b_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>324b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsRecordedDirectInEquity_loc" xlink:to="rj_RJk_2026-01-01_A2_324b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsRecordedInIncomeStatement" xlink:label="rj_ImpairmentIntangibleAssetsRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_804_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsRecordedInIncomeStatement_loc" xlink:to="rj_RJk_2026-01-01_A2_324a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsReversalDisclosure" xlink:label="rj_ImpairmentIntangibleAssetsReversalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_121_806_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_210_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsReversalIncomeStatementLineItems" xlink:label="rj_ImpairmentIntangibleAssetsReversalIncomeStatementLineItems_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsReversalIncomeStatementLineItems_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsReversalRecordedDirectInEquity" xlink:label="rj_ImpairmentIntangibleAssetsReversalRecordedDirectInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_804_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_804_B_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>804</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsReversalRecordedInIncomeStatement" xlink:label="rj_ImpairmentIntangibleAssetsReversalRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssetsReversal" xlink:label="rj_ImpairmentIntangibleAssetsReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssetsReversal_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentIntangibleAssets" xlink:label="rj_ImpairmentIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_417_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_417_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>417</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_210_417_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_324a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_324a_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>324a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentIntangibleAssets_loc" xlink:to="rj_RJk_2026-01-01_A2_324a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentPropertiesDisclosure" xlink:label="rj_ImpairmentInvestmentPropertiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_121_806_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_A2_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_A1_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentPropertiesPolicy" xlink:label="rj_ImpairmentInvestmentPropertiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentPropertiesRecordedDirectInEquity" xlink:label="rj_ImpairmentInvestmentPropertiesRecordedDirectInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_804_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesRecordedDirectInEquity_loc" xlink:to="rj_RJk_2026-01-01_A2_324b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentPropertiesRecordedInIncomeStatement" xlink:label="rj_ImpairmentInvestmentPropertiesRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_804_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesRecordedInIncomeStatement_loc" xlink:to="rj_RJk_2026-01-01_A2_324a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentPropertiesReversalDisclosure" xlink:label="rj_ImpairmentInvestmentPropertiesReversalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_121_806_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentPropertiesReversalRecordedDirectInEquity" xlink:label="rj_ImpairmentInvestmentPropertiesReversalRecordedDirectInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentPropertiesReversalRecordedInIncomeStatement" xlink:label="rj_ImpairmentInvestmentPropertiesReversalRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentPropertiesReversal" xlink:label="rj_ImpairmentInvestmentPropertiesReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesReversal_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_M1_325_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_M1_325_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>325</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentPropertiesReversal_loc" xlink:to="rj_RJk_2026-01-01_M1_325_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentInvestmentProperties" xlink:label="rj_ImpairmentInvestmentProperties_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentProperties_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentInvestmentProperties_loc" xlink:to="rj_RJk_2026-01-01_A2_324a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentDisclosure" xlink:label="rj_ImpairmentPropertyPlantEquipmentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_121_806_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_706_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_706_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>706</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_706_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_M1_133_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_M1_133_ref">
      <ref:Chapter>M1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>133</ref:Paragraph>
    </link:reference>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_133_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_133_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>133</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B2_133_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentIncomeStatementLineItems" xlink:label="rj_ImpairmentPropertyPlantEquipmentIncomeStatementLineItems_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentIncomeStatementLineItems_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentPolicy" xlink:label="rj_ImpairmentPropertyPlantEquipmentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentPolicy_loc" xlink:to="rj_RJk_2026-01-01_M1_133_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentRecordedDirectInEquity" xlink:label="rj_ImpairmentPropertyPlantEquipmentRecordedDirectInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_804_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentRecordedDirectInEquity_loc" xlink:to="rj_RJk_2026-01-01_A2_324b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentRecordedInIncomeStatement" xlink:label="rj_ImpairmentPropertyPlantEquipmentRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_804_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentRecordedInIncomeStatement_loc" xlink:to="rj_RJk_2026-01-01_A2_324a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentReversalDisclosure" xlink:label="rj_ImpairmentPropertyPlantEquipmentReversalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_121_806_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_706_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentReversalIncomeStatementLineItems" xlink:label="rj_ImpairmentPropertyPlantEquipmentReversalIncomeStatementLineItems_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversalIncomeStatementLineItems_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentReversalRecordedDirectInEquity" xlink:label="rj_ImpairmentPropertyPlantEquipmentReversalRecordedDirectInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentReversalRecordedInIncomeStatement" xlink:label="rj_ImpairmentPropertyPlantEquipmentReversalRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipmentReversal" xlink:label="rj_ImpairmentPropertyPlantEquipmentReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversal_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipmentReversal_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentPropertyPlantEquipment" xlink:label="rj_ImpairmentPropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_454_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_454_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>454</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_212_454_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentPropertyPlantEquipment_loc" xlink:to="rj_RJk_2026-01-01_A2_324a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesDisclosure" xlink:label="rj_ImpairmentSecuritiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_121_806_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_210_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_M1_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_A2_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesPolicy" xlink:label="rj_ImpairmentSecuritiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B3_128_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesRecordedDirectInEquity" xlink:label="rj_ImpairmentSecuritiesRecordedDirectInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_804_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesRecordedDirectInEquity_loc" xlink:to="rj_RJk_2026-01-01_A2_324b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesRecordedInIncomeStatement" xlink:label="rj_ImpairmentSecuritiesRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_804_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesRecordedInIncomeStatement_loc" xlink:to="rj_RJk_2026-01-01_A2_324a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesReversalDisclosure" xlink:label="rj_ImpairmentSecuritiesReversalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_121_806_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_210_503_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_226_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_226_305_ref">
      <ref:Chapter>226</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_226_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesReversalPolicy" xlink:label="rj_ImpairmentSecuritiesReversalPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesReversalRecordedDirectInEquity" xlink:label="rj_ImpairmentSecuritiesReversalRecordedDirectInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_801_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalRecordedDirectInEquity_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesReversalRecordedInIncomeStatement" xlink:label="rj_ImpairmentSecuritiesReversalRecordedInIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversalRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_121_804_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecuritiesReversal" xlink:label="rj_ImpairmentSecuritiesReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecuritiesReversal_loc" xlink:to="rj_RJ_2026-01-01_121_801_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImpairmentSecurities" xlink:label="rj_ImpairmentSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecurities_loc" xlink:to="rj_RJ_2026-01-01_121_801_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImpairmentSecurities_loc" xlink:to="rj_RJk_2026-01-01_A2_324a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImplementationAgreementDescription" xlink:label="rj_ImplementationAgreementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImplementationAgreementDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImplementationAndResultsDiversityPolicyDescription" xlink:label="rj_ImplementationAndResultsDiversityPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImplementationAndResultsDiversityPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4039_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImplementationAndResultsDiversityPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4046_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImportantCategoriesTradeDescription" xlink:label="rj_ImportantCategoriesTradeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImportantCategoriesTradeDescription_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImportantFindingsConclusionsEvaluationDescription" xlink:label="rj_ImportantFindingsConclusionsEvaluationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImportantFindingsConclusionsEvaluationDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105f_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImportantPolicyConditionsInsuranceContractsDescription" xlink:label="rj_ImportantPolicyConditionsInsuranceContractsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImportantPolicyConditionsInsuranceContractsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_704_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImportantPropertiesEconomicRealityDescription" xlink:label="rj_ImportantPropertiesEconomicRealityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImportantPropertiesEconomicRealityDescription_loc" xlink:to="rj_RJ_2026-01-01_271_213_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImportantPropertiesEconomicRealityDescription_loc" xlink:to="rj_RJ_2026-01-01_271_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImprovementInTheRiskManagementSystemWithRegardsToRisksAndUncertaintiesDescription" xlink:label="rj_ImprovementInTheRiskManagementSystemWithRegardsToRisksAndUncertaintiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1057_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1057_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1057</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImprovementInTheRiskManagementSystemWithRegardsToRisksAndUncertaintiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1057_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_4044_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_4044_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>4044</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImprovementInTheRiskManagementSystemWithRegardsToRisksAndUncertaintiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4044_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImprovementInTheRiskManagementSystemWithRegardsToRisksAndUncertaintiesDescription_loc" xlink:to="rj_RJ_2026-01-01_650_411_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InControlStatementAdministrator" xlink:label="rj_InControlStatementAdministrator_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_503_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InControlStatementAdministrator_loc" xlink:to="rj_RJ_2026-01-01_615_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeAvailabilityContributionsEducationDisclosure" xlink:label="rj_IncomeAvailabilityContributionsEducationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAvailabilityContributionsEducationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeAvailabilityContributionsEducationPolicy" xlink:label="rj_IncomeAvailabilityContributionsEducationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAvailabilityContributionsEducationPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAvailabilityContributionsEducationPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeAvailabilityContributionsEducation" xlink:label="rj_IncomeAvailabilityContributionsEducation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAvailabilityContributionsEducation_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeAvailabilityContributionsHealthcareDisclosure" xlink:label="rj_IncomeAvailabilityContributionsHealthcareDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAvailabilityContributionsHealthcareDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeAvailabilityContributionsHealthcarePolicy" xlink:label="rj_IncomeAvailabilityContributionsHealthcarePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAvailabilityContributionsHealthcarePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAvailabilityContributionsHealthcarePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeAvailabilityContributionsHealthcare" xlink:label="rj_IncomeAvailabilityContributionsHealthcare_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeAvailabilityContributionsHealthcare_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeCareServicesOtherDisclosure" xlink:label="rj_IncomeCareServicesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeCareServicesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeCareServicesOtherPolicy" xlink:label="rj_IncomeCareServicesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeCareServicesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeCareServicesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeCareServicesOther" xlink:label="rj_IncomeCareServicesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeCareServicesOther_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeDiscontinuedOperations" xlink:label="rj_IncomeDiscontinuedOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_304_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeExpensesOtherCashFlow" xlink:label="rj_IncomeExpensesOtherCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeExpensesOtherCashFlow_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromBusinessDisclosure" xlink:label="rj_IncomeFromBusinessDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromBusinessDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromBusinessDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromBusinessPolicy" xlink:label="rj_IncomeFromBusinessPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromBusinessPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromBusinessPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromBusiness" xlink:label="rj_IncomeFromBusiness_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromBusiness_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_313_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_313_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>313</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromBusiness_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_310_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_310_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>310</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromBusiness_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromCareServicesAndSocialSupportDisclosure" xlink:label="rj_IncomeFromCareServicesAndSocialSupportDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromCareServicesAndSocialSupportDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromCareServicesAndSocialSupportPolicy" xlink:label="rj_IncomeFromCareServicesAndSocialSupportPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromCareServicesAndSocialSupportPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromCareServicesAndSocialSupportPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromCareServicesAndSocialSupport" xlink:label="rj_IncomeFromCareServicesAndSocialSupport_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromCareServicesAndSocialSupport_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromCareServicesAndSocialSupport_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromCollectionsDisclosure" xlink:label="rj_IncomeFromCollectionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_314_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_314_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>314</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromCollectionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromCollections" xlink:label="rj_IncomeFromCollections_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromCollections_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_311_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromCollections_loc" xlink:to="rj_RJk_2026-01-01_C2_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromContributionsDisclosure" xlink:label="rj_IncomeFromContributionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromContributionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromContributions" xlink:label="rj_IncomeFromContributions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromContributions_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromContributions_loc" xlink:to="rj_RJk_2026-01-01_C2_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromDonationsGiftsDisclosure" xlink:label="rj_IncomeFromDonationsGiftsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromDonationsGiftsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromDonationsGifts" xlink:label="rj_IncomeFromDonationsGifts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromDonationsGifts_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromDonationsGifts_loc" xlink:to="rj_RJk_2026-01-01_C2_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromEducationAndResearchDisclosure" xlink:label="rj_IncomeFromEducationAndResearchDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEducationAndResearchDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromEducationAndResearchRelatingExpensesFacultyTasks" xlink:label="rj_IncomeFromEducationAndResearchRelatingExpensesFacultyTasks_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEducationAndResearchRelatingExpensesFacultyTasks_loc" xlink:to="rj_RJ_2026-01-01_660_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromEducationAndResearchSatelliteOrganisationsMedicalCluster" xlink:label="rj_IncomeFromEducationAndResearchSatelliteOrganisationsMedicalCluster_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEducationAndResearchSatelliteOrganisationsMedicalCluster_loc" xlink:to="rj_RJ_2026-01-01_660_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromEducationAndResearch" xlink:label="rj_IncomeFromEducationAndResearch_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEducationAndResearch_loc" xlink:to="rj_RJ_2026-01-01_660_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromEquityFundsDisclosure" xlink:label="rj_IncomeFromEquityFundsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEquityFundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEquityFundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromEquityFundsPolicy" xlink:label="rj_IncomeFromEquityFundsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEquityFundsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEquityFundsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromEquityFunds" xlink:label="rj_IncomeFromEquityFunds_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEquityFunds_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEquityFunds_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromEquityFunds_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromFundraisingDisclosure" xlink:label="rj_IncomeFromFundraisingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromFundraisingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromFundraisingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromFundraisingPolicy" xlink:label="rj_IncomeFromFundraisingPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromFundraisingPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromFundraisingPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromFundraising" xlink:label="rj_IncomeFromFundraising_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromFundraising_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromFundraising_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromIndividualsDisclosure" xlink:label="rj_IncomeFromIndividualsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromIndividualsOtherDisclosure" xlink:label="rj_IncomeFromIndividualsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromIndividualsOtherPolicy" xlink:label="rj_IncomeFromIndividualsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromIndividualsOther" xlink:label="rj_IncomeFromIndividualsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsOther_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsOther_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsOther_loc" xlink:to="rj_RJk_2026-01-01_C2_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromIndividualsPolicy" xlink:label="rj_IncomeFromIndividualsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_300_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_300_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividualsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromIndividuals" xlink:label="rj_IncomeFromIndividuals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividuals_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividuals_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromIndividuals_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromInheritancesDisclosure" xlink:label="rj_IncomeFromInheritancesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromInheritancesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromInheritances" xlink:label="rj_IncomeFromInheritances_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromInheritances_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromInheritances_loc" xlink:to="rj_RJk_2026-01-01_C2_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromNoncommercialActivitiesDisclosure" xlink:label="rj_IncomeFromNoncommercialActivitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromNoncommercialActivitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromNoncommercialActivitiesPolicy" xlink:label="rj_IncomeFromNoncommercialActivitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromNoncommercialActivitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromNoncommercialActivities" xlink:label="rj_IncomeFromNoncommercialActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromNoncommercialActivities_loc" xlink:to="rj_RJ_2026-01-01_630_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromOtherFundraisingOrganizations" xlink:label="rj_IncomeFromOtherFundraisingOrganizations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherFundraisingOrganizations_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherFundraisingOrganizations_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherFundraisingOrganizations_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromOtherNonprofitOrganizationsDisclosure" xlink:label="rj_IncomeFromOtherNonprofitOrganizationsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherNonprofitOrganizationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherNonprofitOrganizationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromOtherNonprofitOrganizationsPolicy" xlink:label="rj_IncomeFromOtherNonprofitOrganizationsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherNonprofitOrganizationsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherNonprofitOrganizationsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromOtherNonprofitOrganizations" xlink:label="rj_IncomeFromOtherNonprofitOrganizations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherNonprofitOrganizations_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOtherNonprofitOrganizations_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromOwnLotteriesContestsDisclosure" xlink:label="rj_IncomeFromOwnLotteriesContestsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOwnLotteriesContestsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromOwnLotteriesContests" xlink:label="rj_IncomeFromOwnLotteriesContests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOwnLotteriesContests_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromOwnLotteriesContests_loc" xlink:to="rj_RJk_2026-01-01_C2_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromRealisedPriceGainsLossesDisclosure" xlink:label="rj_IncomeFromRealisedPriceGainsLossesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromRealisedPriceGainsLossesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromRealisedPriceGainsLosses" xlink:label="rj_IncomeFromRealisedPriceGainsLosses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromRealisedPriceGainsLosses_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromRelatedNonProfitOrganizationsDisclosure" xlink:label="rj_IncomeFromRelatedNonProfitOrganizationsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromRelatedNonProfitOrganizationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromRelatedNonProfitOrganizationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromRelatedNonProfitOrganizationsPolicy" xlink:label="rj_IncomeFromRelatedNonProfitOrganizationsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromRelatedNonProfitOrganizationsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromRelatedNonProfitOrganizationsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromRelatedNonProfitOrganizations" xlink:label="rj_IncomeFromRelatedNonProfitOrganizations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromRelatedNonProfitOrganizations_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromRelatedNonProfitOrganizations_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromSaleGoods" xlink:label="rj_IncomeFromSaleGoods_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromSaleGoods_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromSponsoringDisclosure" xlink:label="rj_IncomeFromSponsoringDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromSponsoringDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromSponsoring" xlink:label="rj_IncomeFromSponsoring_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromSponsoring_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromSubcontractingDisclosure" xlink:label="rj_IncomeFromSubcontractingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromSubcontractingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromSubcontractingPolicy" xlink:label="rj_IncomeFromSubcontractingPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromSubcontractingPolicy_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromSubcontracting" xlink:label="rj_IncomeFromSubcontracting_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromSubcontracting_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromUnrealisedPriceGainsLossesDisclosure" xlink:label="rj_IncomeFromUnrealisedPriceGainsLossesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromUnrealisedPriceGainsLossesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeFromUnrealisedPriceGainsLosses" xlink:label="rj_IncomeFromUnrealisedPriceGainsLosses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeFromUnrealisedPriceGainsLosses_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeGiftsFromFundraisingDisclosure" xlink:label="rj_IncomeGiftsFromFundraisingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeGiftsFromFundraisingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeGiftsFromFundraisingPolicy" xlink:label="rj_IncomeGiftsFromFundraisingPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeGiftsFromFundraisingPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeGiftsFromFundraisingPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeGiftsFromFundraising" xlink:label="rj_IncomeGiftsFromFundraising_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeGiftsFromFundraising_loc" xlink:to="rj_RJ_2026-01-01_640_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeHealthInsuranceActDisclosure" xlink:label="rj_IncomeHealthInsuranceActDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeHealthInsuranceActDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeHealthInsuranceActPolicy" xlink:label="rj_IncomeHealthInsuranceActPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeHealthInsuranceActPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeHealthInsuranceActPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeHealthInsuranceAct" xlink:label="rj_IncomeHealthInsuranceAct_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeHealthInsuranceAct_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeInternationalOrganisations" xlink:label="rj_IncomeInternationalOrganisations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeInternationalOrganisations_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeInternationalOrganisations_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeLegalBudgetAcceptableCostsWlzDisclosure" xlink:label="rj_IncomeLegalBudgetAcceptableCostsWlzDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeLegalBudgetAcceptableCostsWlzDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeLegalBudgetAcceptableCostsWlzPolicy" xlink:label="rj_IncomeLegalBudgetAcceptableCostsWlzPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeLegalBudgetAcceptableCostsWlzPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeLegalBudgetAcceptableCostsWlzPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeLegalBudgetAcceptableCostsWlz" xlink:label="rj_IncomeLegalBudgetAcceptableCostsWlz_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeLegalBudgetAcceptableCostsWlz_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeLegalBudgetAcceptableCosts" xlink:label="rj_IncomeLegalBudgetAcceptableCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeLegalBudgetAcceptableCosts_loc" xlink:to="rj_RJ_2026-01-01_655_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeMinistryVenJDisclosure" xlink:label="rj_IncomeMinistryVenJDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeMinistryVenJDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeMinistryVenJPolicy" xlink:label="rj_IncomeMinistryVenJPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeMinistryVenJPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeMinistryVenJPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeMinistryVenJ" xlink:label="rj_IncomeMinistryVenJ_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeMinistryVenJ_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeOfShares" xlink:label="rj_IncomeOfShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOfShares_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOfShares_loc" xlink:to="rj_RJk_2026-01-01_C1_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeOnThirdPartyContractsDisclosure" xlink:label="rj_IncomeOnThirdPartyContractsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOnThirdPartyContractsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeOnThirdPartyContractsPolicy" xlink:label="rj_IncomeOnThirdPartyContractsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOnThirdPartyContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOnThirdPartyContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeOnThirdPartyContracts" xlink:label="rj_IncomeOnThirdPartyContracts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOnThirdPartyContracts_loc" xlink:to="rj_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOnThirdPartyContracts_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeOtherFinancialAssetsSecuritiesDisclosure" xlink:label="rj_IncomeOtherFinancialAssetsSecuritiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOtherFinancialAssetsSecuritiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeOtherFinancialAssetsSecuritiesPolicy" xlink:label="rj_IncomeOtherFinancialAssetsSecuritiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOtherFinancialAssetsSecuritiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOtherFinancialAssetsSecuritiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeOtherFinancialAssetsSecurities" xlink:label="rj_IncomeOtherFinancialAssetsSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOtherFinancialAssetsSecurities_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeOtherReceived" xlink:label="rj_IncomeOtherReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeOtherReceived_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeProductServiceDeliveryDisclosure" xlink:label="rj_IncomeProductServiceDeliveryDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeProductServiceDeliveryDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeProductServiceDeliveryGross" xlink:label="rj_IncomeProductServiceDeliveryGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeProductServiceDeliveryGross_loc" xlink:to="rj_RJ_2026-01-01_650_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeProductServiceDeliveryPolicy" xlink:label="rj_IncomeProductServiceDeliveryPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeProductServiceDeliveryPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeProductServiceDeliveryPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeProductServiceDeliveryUnreliableValueEstimationDisclosure" xlink:label="rj_IncomeProductServiceDeliveryUnreliableValueEstimationDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_407_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeProductServiceDeliveryUnreliableValueEstimationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeProductServiceDelivery" xlink:label="rj_IncomeProductServiceDelivery_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeProductServiceDelivery_loc" xlink:to="rj_RJ_2026-01-01_640_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeProductServiceDelivery_loc" xlink:to="rj_RJ_2026-01-01_640_319_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeProductServiceDelivery_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeRecognitionPolicy" xlink:label="rj_IncomeRecognitionPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeRecognitionPolicy_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeRecognitionPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B13_101a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B13_101a_ref">
      <ref:Chapter>B13</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeRecognitionPolicy_loc" xlink:to="rj_RJk_2026-01-01_B13_101a_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B13_109_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B13_109_ref">
      <ref:Chapter>B13</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>109</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeRecognitionPolicy_loc" xlink:to="rj_RJk_2026-01-01_B13_109_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeRecognitionPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B13_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B13_101_ref">
      <ref:Chapter>B13</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeRecognitionPolicy_loc" xlink:to="rj_RJk_2026-01-01_B13_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeSaleGoodsDisclosure" xlink:label="rj_IncomeSaleGoodsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSaleGoodsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeSpecialPurposeDescription" xlink:label="rj_IncomeSpecialPurposeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSpecialPurposeDescription_loc" xlink:to="rj_RJ_2026-01-01_640_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeSpecialPurposeDisclosure" xlink:label="rj_IncomeSpecialPurposeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSpecialPurposeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_408_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSpecialPurposeDisclosure_loc" xlink:to="rj_RJk_2026-01-01_C1_312_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeSpecialPurpose" xlink:label="rj_IncomeSpecialPurpose_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSpecialPurpose_loc" xlink:to="rj_RJ_2026-01-01_640_408_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_312_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_312_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>312</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSpecialPurpose_loc" xlink:to="rj_RJk_2026-01-01_C1_312_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeSpentOnObjectivesDescription" xlink:label="rj_IncomeSpentOnObjectivesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_405_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSpentOnObjectivesDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSpentOnObjectivesDescription_loc" xlink:to="rj_RJ_2026-01-01_650_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeSubcriptionFees" xlink:label="rj_IncomeSubcriptionFees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeSubcriptionFees_loc" xlink:to="rj_RJ_2026-01-01_640_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseApplicableRate" xlink:label="rj_IncomeTaxExpenseApplicableRate_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_703_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_703_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseApplicableRate_loc" xlink:to="rj_RJ_2026-01-01_272_703_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_704_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_704_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>704</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseApplicableRate_loc" xlink:to="rj_RJ_2026-01-01_272_704_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_705_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_705_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseApplicableRate_loc" xlink:to="rj_RJ_2026-01-01_272_705_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseCurrent" xlink:label="rj_IncomeTaxExpenseCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_702_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_702_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseCurrent_loc" xlink:to="rj_RJ_2026-01-01_272_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseDiscontinuedOperations" xlink:label="rj_IncomeTaxExpenseDiscontinuedOperations_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_713_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_713_A_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>713</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_272_713_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_304_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseEffectiveRate" xlink:label="rj_IncomeTaxExpenseEffectiveRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseEffectiveRate_loc" xlink:to="rj_RJ_2026-01-01_272_703_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseEffectiveRate_loc" xlink:to="rj_RJ_2026-01-01_272_704_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseIncludingImpactOfDiscontinuedOperationsLongTermLoans" xlink:label="rj_IncomeTaxExpenseIncludingImpactOfDiscontinuedOperationsLongTermLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseIncludingImpactOfDiscontinuedOperationsLongTermLoans_loc" xlink:to="rj_RJ_2026-01-01_345_307_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseIncludingImpactOfDiscontinuedOperations" xlink:label="rj_IncomeTaxExpenseIncludingImpactOfDiscontinuedOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseIncludingImpactOfDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_307_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseOrdinaryActivitiesDiscontinuedOperations" xlink:label="rj_IncomeTaxExpenseOrdinaryActivitiesDiscontinuedOperations_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_713_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_713_B_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>713</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseOrdinaryActivitiesDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_272_713_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpensePrevious" xlink:label="rj_IncomeTaxExpensePrevious_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpensePrevious_loc" xlink:to="rj_RJ_2026-01-01_272_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxExpenseRateDescription" xlink:label="rj_IncomeTaxExpenseRateDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_706_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_706_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>706</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxExpenseRateDescription_loc" xlink:to="rj_RJ_2026-01-01_272_706_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxFiscalAdjustmentsPriorYearsDisclosure" xlink:label="rj_IncomeTaxFiscalAdjustmentsPriorYearsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_D3.2_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_D3.2_401_ref">
      <ref:Chapter>D3.2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxFiscalAdjustmentsPriorYearsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_D3.2_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_D3.1_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_D3.1_401_ref">
      <ref:Chapter>D3.1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxFiscalAdjustmentsPriorYearsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_D3.1_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxFiscalUnityDisclosure" xlink:label="rj_IncomeTaxFiscalUnityDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_808_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_808_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>808</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxFiscalUnityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_808_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxForwardLossCompensationDescription" xlink:label="rj_IncomeTaxForwardLossCompensationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxForwardLossCompensationDescription_loc" xlink:to="rj_RJ_2026-01-01_272_710_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxForwardLossCompensationDescription_loc" xlink:to="rj_RJ_2026-01-01_615_424_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxForwardLossCompensationTemporaryDifferencesDescription" xlink:label="rj_IncomeTaxForwardLossCompensationTemporaryDifferencesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxForwardLossCompensationTemporaryDifferencesDescription_loc" xlink:to="rj_RJ_2026-01-01_272_710_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxImpactDividendProposalDescription" xlink:label="rj_IncomeTaxImpactDividendProposalDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_714_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_714_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>714</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxImpactDividendProposalDescription_loc" xlink:to="rj_RJ_2026-01-01_272_714_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxImpactPotentialProfitLossBenefitsShareholdersDescription" xlink:label="rj_IncomeTaxImpactPotentialProfitLossBenefitsShareholdersDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_715_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_715_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>715</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxImpactPotentialProfitLossBenefitsShareholdersDescription_loc" xlink:to="rj_RJ_2026-01-01_272_715_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxPaidClassifiedAsFinancingActivities" xlink:label="rj_IncomeTaxPaidClassifiedAsFinancingActivities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_214_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_214_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>214</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxPaidClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxPaidClassifiedAsInvestingActivities" xlink:label="rj_IncomeTaxPaidClassifiedAsInvestingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxPaidClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxPaidClassifiedAsOperatingActivities" xlink:label="rj_IncomeTaxPaidClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxProfitRetentionFiscalRatesReasonInfeasibleExplanation" xlink:label="rj_IncomeTaxProfitRetentionFiscalRatesReasonInfeasibleExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxProfitRetentionFiscalRatesReasonInfeasibleExplanation_loc" xlink:to="rj_RJ_2026-01-01_272_712_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxReceivedClassifiedAsFinancingActivities" xlink:label="rj_IncomeTaxReceivedClassifiedAsFinancingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxReceivedClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxReceivedClassifiedAsInvestingActivities" xlink:label="rj_IncomeTaxReceivedClassifiedAsInvestingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxReceivedClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxReceivedClassifiedAsOperatingActivities" xlink:label="rj_IncomeTaxReceivedClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxReceivedClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxRecordedDirectlyIntoEquityDisclosure" xlink:label="rj_IncomeTaxRecordedDirectlyIntoEquityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxRecordedDirectlyIntoEquityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_701_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxRecordedDirectlyIntoEquityDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_121_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxRecordedDirectlyIntoEquityDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B15_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxTemporaryDifferencesDescription" xlink:label="rj_IncomeTaxTemporaryDifferencesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxTemporaryDifferencesDescription_loc" xlink:to="rj_RJ_2026-01-01_272_710_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTaxTemporaryDifferencesRelatedPartiesNoDeferredTaxLiabilitiesRecognisedDescription" xlink:label="rj_IncomeTaxTemporaryDifferencesRelatedPartiesNoDeferredTaxLiabilitiesRecognisedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_709_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_709_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>709</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTaxTemporaryDifferencesRelatedPartiesNoDeferredTaxLiabilitiesRecognisedDescription_loc" xlink:to="rj_RJ_2026-01-01_272_709_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeTicketSales" xlink:label="rj_IncomeTicketSales_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeTicketSales_loc" xlink:to="rj_RJ_2026-01-01_640_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeWMODisclosure" xlink:label="rj_IncomeWMODisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeWMODisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeWMOPolicy" xlink:label="rj_IncomeWMOPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeWMOPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeWMOPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeWMO" xlink:label="rj_IncomeWMO_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeWMO_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeYouthLawDisclosure" xlink:label="rj_IncomeYouthLawDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeYouthLawDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeYouthLawPolicy" xlink:label="rj_IncomeYouthLawPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeYouthLawPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeYouthLawPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncomeYouthLaw" xlink:label="rj_IncomeYouthLaw_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncomeYouthLaw_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncorperationOfTheRiskManagementSystemDescription" xlink:label="rj_IncorperationOfTheRiskManagementSystemDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1058_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1058_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1058</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncorperationOfTheRiskManagementSystemDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1058_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncorporationAndEmissionExpensesRecordedInIncomeStatement" xlink:label="rj_IncorporationAndEmissionExpensesRecordedInIncomeStatement_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_307_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncorporationAndEmissionExpensesRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_615_307_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_308_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncorporationAndEmissionExpensesRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_615_308_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_416_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_416_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>416</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncorporationAndEmissionExpensesRecordedInIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_615_416_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseBankersNotImmediatelyPayable" xlink:label="rj_IncreaseDecreaseBankersNotImmediatelyPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseBankersNotImmediatelyPayable_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseCashAndCashEquivalents" xlink:label="rj_IncreaseDecreaseCashAndCashEquivalents_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseCashAndCashEquivalents_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseCredits" xlink:label="rj_IncreaseDecreaseCredits_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseCredits_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseFundsEntrusted" xlink:label="rj_IncreaseDecreaseFundsEntrusted_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseFundsEntrusted_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseGeneralBankingRisksReserve" xlink:label="rj_IncreaseDecreaseGeneralBankingRisksReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseGeneralBankingRisksReserve_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseGovernmentSecuritiesCurrent" xlink:label="rj_IncreaseDecreaseGovernmentSecuritiesCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseGovernmentSecuritiesCurrent_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseInInventories" xlink:label="rj_IncreaseDecreaseInInventories_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInInventories_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInInventories_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInInventories_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseInLiabilities" xlink:label="rj_IncreaseDecreaseInLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInLiabilities_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseInOtherAccruals" xlink:label="rj_IncreaseDecreaseInOtherAccruals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInOtherAccruals_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseInOtherReceivables" xlink:label="rj_IncreaseDecreaseInOtherReceivables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInOtherReceivables_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseInReceivables" xlink:label="rj_IncreaseDecreaseInReceivables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInReceivables_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInReceivables_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInReceivables_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseInTradeAccountsPayable" xlink:label="rj_IncreaseDecreaseInTradeAccountsPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInTradeAccountsPayable_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInTradeAccountsPayable_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseInTradeAccountsReceivable" xlink:label="rj_IncreaseDecreaseInTradeAccountsReceivable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInTradeAccountsReceivable_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseInTradeAccountsReceivable_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseLiabilitiesCurrent" xlink:label="rj_IncreaseDecreaseLiabilitiesCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseLiabilitiesCurrent_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseLiabilitiesNoncurrent" xlink:label="rj_IncreaseDecreaseLiabilitiesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseLiabilitiesNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseOperationalActivities" xlink:label="rj_IncreaseDecreaseOperationalActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseOperationalActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseOtherOperationalActivities" xlink:label="rj_IncreaseDecreaseOtherOperationalActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseOtherOperationalActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseProvisions" xlink:label="rj_IncreaseDecreaseProvisions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseProvisions_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseProvisions_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseProvisions_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseProvisions_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseProvisions_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseReceivablesCurrent" xlink:label="rj_IncreaseDecreaseReceivablesCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseReceivablesCurrent_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseReceivablesNoncurrent" xlink:label="rj_IncreaseDecreaseReceivablesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseReceivablesNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseDecreaseSecuritiesTradingPortfolio" xlink:label="rj_IncreaseDecreaseSecuritiesTradingPortfolio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseDecreaseSecuritiesTradingPortfolio_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseNegativeVvp" xlink:label="rj_IncreaseNegativeVvp_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseNegativeVvp_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IncreaseTechnicalProvisionsForOwnAccount" xlink:label="rj_IncreaseTechnicalProvisionsForOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IncreaseTechnicalProvisionsForOwnAccount_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndexationBacklogsDescription" xlink:label="rj_IndexationBacklogsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndexationBacklogsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndexationPolicyDescription" xlink:label="rj_IndexationPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndexationPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndicationDirectorsConsideredNonIndependent" xlink:label="rj_IndicationDirectorsConsideredNonIndependent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndicationDirectorsConsideredNonIndependent_loc" xlink:to="rj_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndicationNatureDependenceAndFactorsNonFixedInterestRateDescription" xlink:label="rj_IndicationNatureDependenceAndFactorsNonFixedInterestRateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndicationNatureDependenceAndFactorsNonFixedInterestRateDescription_loc" xlink:to="rj_RJ_2026-01-01_254_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndicationNatureNonDaebActivities" xlink:label="rj_IndicationNatureNonDaebActivities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_311_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndicationNatureNonDaebActivities_loc" xlink:to="rj_RJ_2026-01-01_645_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndicationOfChosenTreatmentMethodForIncomeFromEstates" xlink:label="rj_IndicationOfChosenTreatmentMethodForIncomeFromEstates_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_408a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_408a_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndicationOfChosenTreatmentMethodForIncomeFromEstates_loc" xlink:to="rj_RJ_2026-01-01_640_408a_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_312a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_312a_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>312a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndicationOfChosenTreatmentMethodForIncomeFromEstates_loc" xlink:to="rj_RJk_2026-01-01_C1_312a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentPropertiesOnBehalfOfParticipantsDisclosure" xlink:label="rj_IndirectInvestmentPropertiesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentPropertiesOnBehalfOfParticipantsPolicy" xlink:label="rj_IndirectInvestmentPropertiesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentPropertiesOnBehalfOfParticipants" xlink:label="rj_IndirectInvestmentPropertiesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentPropertiesOnBehalfOfPensionFundDisclosure" xlink:label="rj_IndirectInvestmentPropertiesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentPropertiesOnBehalfOfPensionFundPolicy" xlink:label="rj_IndirectInvestmentPropertiesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentPropertiesOnBehalfOfPensionFund" xlink:label="rj_IndirectInvestmentPropertiesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentPropertiesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResultsDisclosure" xlink:label="rj_IndirectInvestmentResultsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResultsOnBehalfOfParticipantsDisclosure" xlink:label="rj_IndirectInvestmentResultsOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResultsOnBehalfOfParticipantsPolicy" xlink:label="rj_IndirectInvestmentResultsOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResultsOnBehalfOfParticipants" xlink:label="rj_IndirectInvestmentResultsOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResultsOnBehalfOfPensionFundDisclosure" xlink:label="rj_IndirectInvestmentResultsOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResultsOnBehalfOfPensionFundPolicy" xlink:label="rj_IndirectInvestmentResultsOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResultsOnBehalfOfPensionFund" xlink:label="rj_IndirectInvestmentResultsOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResultsPolicy" xlink:label="rj_IndirectInvestmentResultsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResultsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IndirectInvestmentResults" xlink:label="rj_IndirectInvestmentResults_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_610_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IndirectInvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_615_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InformationAboutFinancialPolicyDisclosure" xlink:label="rj_InformationAboutFinancialPolicyDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_406_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InformationAboutFinancialPolicyDisclosure_loc" xlink:to="rj_RJk_2026-01-01_C2_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InformationAboutFinancialPolicyDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InformationAboutGovernanceDisclosure" xlink:label="rj_InformationAboutGovernanceDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_404_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InformationAboutGovernanceDisclosure_loc" xlink:to="rj_RJk_2026-01-01_C2_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InformationAboutGovernanceDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InformationOnRelevantLineitemsInFinancialStatementsDescription" xlink:label="rj_InformationOnRelevantLineitemsInFinancialStatementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_608_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_608_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>608</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InformationOnRelevantLineitemsInFinancialStatementsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_608_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InformationOtherManagementReport" xlink:label="rj_InformationOtherManagementReport_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1111_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1111_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1111</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InformationOtherManagementReport_loc" xlink:to="rj_RJ_2026-01-01_400_1111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InformationReturnAndCostsSecuritiesFinancingTransactionsDescription" xlink:label="rj_InformationReturnAndCostsSecuritiesFinancingTransactionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InformationReturnAndCostsSecuritiesFinancingTransactionsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InsuranceContractsProfitSharingGuaranteesOptionsAmountIncludedInEquityDescription" xlink:label="rj_InsuranceContractsProfitSharingGuaranteesOptionsAmountIncludedInEquityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_552_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_552_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>552</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InsuranceContractsProfitSharingGuaranteesOptionsAmountIncludedInEquityDescription_loc" xlink:to="rj_RJ_2026-01-01_605_552_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InsuranceContractsProfitSharingGuaranteesOptionsAmountIncludedInTechnicalProvisionsDescription" xlink:label="rj_InsuranceContractsProfitSharingGuaranteesOptionsAmountIncludedInTechnicalProvisionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InsuranceContractsProfitSharingGuaranteesOptionsAmountIncludedInTechnicalProvisionsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_552_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InsuranceContractsProfitSharingGuaranteesOptionsDisclosure" xlink:label="rj_InsuranceContractsProfitSharingGuaranteesOptionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InsuranceContractsProfitSharingGuaranteesOptionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_552_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsActualCostPrice" xlink:label="rj_IntangibleAssetsActualCostPrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsActualCostPrice_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsAdditionsThroughAcquisitions" xlink:label="rj_IntangibleAssetsAdditionsThroughAcquisitions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_501_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_501_F_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsAdditionsThroughAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_210_501_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsAmortisationRateRangeEnd" xlink:label="rj_IntangibleAssetsAmortisationRateRangeEnd_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_501_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_501_B_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsAmortisationRateRangeEnd_loc" xlink:to="rj_RJ_2026-01-01_210_501_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsAmortisationRateRangeEnd_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsAmortisationRateRangeStart" xlink:label="rj_IntangibleAssetsAmortisationRateRangeStart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsAmortisationRateRangeStart_loc" xlink:to="rj_RJ_2026-01-01_210_501_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsAmortisationRateRangeStart_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsAmortisationRate" xlink:label="rj_IntangibleAssetsAmortisationRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsAmortisationRate_loc" xlink:to="rj_RJ_2026-01-01_210_501_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsAmortisationRate_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsCommitmentsRelatingToAdditionsThroughAcquisitionsDescription" xlink:label="rj_IntangibleAssetsCommitmentsRelatingToAdditionsThroughAcquisitionsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_505_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_505_D_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsCommitmentsRelatingToAdditionsThroughAcquisitionsDescription_loc" xlink:to="rj_RJ_2026-01-01_210_505_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsCommitmentsRelatingToAdditionsThroughAcquisitionsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsCostPrice" xlink:label="rj_IntangibleAssetsCostPrice_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_501_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_501_D_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsCostPrice_loc" xlink:to="rj_RJ_2026-01-01_210_501_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsCostsOfResearchAndDevelopmentIncludedInTheResultForTheFinancialPeriodDescription" xlink:label="rj_IntangibleAssetsCostsOfResearchAndDevelopmentIncludedInTheResultForTheFinancialPeriodDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_506_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_506_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>506</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsCostsOfResearchAndDevelopmentIncludedInTheResultForTheFinancialPeriodDescription_loc" xlink:to="rj_RJ_2026-01-01_210_506_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B1_120_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B1_120_ref">
      <ref:Chapter>B1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>120</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsCostsOfResearchAndDevelopmentIncludedInTheResultForTheFinancialPeriodDescription_loc" xlink:to="rj_RJk_2026-01-01_B1_120_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsDivestitures" xlink:label="rj_IntangibleAssetsDivestitures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsDivestitures_loc" xlink:to="rj_RJ_2026-01-01_210_501_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsEconomicLife" xlink:label="rj_IntangibleAssetsEconomicLife_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsEconomicLife_loc" xlink:to="rj_RJ_2026-01-01_210_501_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsEconomicLife_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsExchangeDifferences" xlink:label="rj_IntangibleAssetsExchangeDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_210_501_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsFullyAmortisedAssetsDescription" xlink:label="rj_IntangibleAssetsFullyAmortisedAssetsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_508_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_508_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>508</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsFullyAmortisedAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_210_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsHeldForExploitationObjectiveInvestmentIndication" xlink:label="rj_IntangibleAssetsHeldForExploitationObjectiveInvestmentIndication_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsHeldForExploitationObjectiveInvestmentIndication_loc" xlink:to="rj_RJ_2026-01-01_650_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsImpairmentDescription" xlink:label="rj_IntangibleAssetsImpairmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsImpairmentDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsImpairmentReversalDescription" xlink:label="rj_IntangibleAssetsImpairmentReversalDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsImpairmentReversalDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsIncomeStatementLineItemWhereAmortisationRecognisedDescription" xlink:label="rj_IntangibleAssetsIncomeStatementLineItemWhereAmortisationRecognisedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_501_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_501_E_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsIncomeStatementLineItemWhereAmortisationRecognisedDescription_loc" xlink:to="rj_RJ_2026-01-01_210_501_E_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsIncomeStatementLineItemWhereAmortisationRecognisedDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsIndividualAssetOfImportanceBookValue" xlink:label="rj_IntangibleAssetsIndividualAssetOfImportanceBookValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_505_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_505_B_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsIndividualAssetOfImportanceBookValue_loc" xlink:to="rj_RJ_2026-01-01_210_505_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsIndividualAssetOfImportanceBookValue_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsIndividualAssetOfImportanceDescription" xlink:label="rj_IntangibleAssetsIndividualAssetOfImportanceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsIndividualAssetOfImportanceDescription_loc" xlink:to="rj_RJ_2026-01-01_210_505_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsIndividualAssetOfImportanceDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsIndividualAssetOfImportanceRemainingLife" xlink:label="rj_IntangibleAssetsIndividualAssetOfImportanceRemainingLife_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsIndividualAssetOfImportanceRemainingLife_loc" xlink:to="rj_RJ_2026-01-01_210_505_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsIndividualAssetOfImportanceRemainingLife_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsInvestmentsInternallyGenerated" xlink:label="rj_IntangibleAssetsInvestmentsInternallyGenerated_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsInvestmentsInternallyGenerated_loc" xlink:to="rj_RJ_2026-01-01_210_501_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsLimitedOwnership" xlink:label="rj_IntangibleAssetsLimitedOwnership_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_505_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_505_C_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsLimitedOwnership_loc" xlink:to="rj_RJ_2026-01-01_210_505_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsLimitedOwnership_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsMovementsOther" xlink:label="rj_IntangibleAssetsMovementsOther_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_501_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_501_E_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_220_501_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsNoLegalOwnershipDescription" xlink:label="rj_IntangibleAssetsNoLegalOwnershipDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsNoLegalOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsNotRecordedOnBalanceDescription" xlink:label="rj_IntangibleAssetsNotRecordedOnBalanceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsNotRecordedOnBalanceDescription_loc" xlink:to="rj_RJ_2026-01-01_210_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsOtherDisclosure" xlink:label="rj_IntangibleAssetsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsOtherPolicy" xlink:label="rj_IntangibleAssetsOtherPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_501_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_501_A_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_210_501_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_501_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_501_C_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_210_501_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsOther" xlink:label="rj_IntangibleAssetsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOther_loc" xlink:to="rj_RJ_2026-01-01_315_201_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsOther_loc" xlink:to="rj_RJ_2026-01-01_315_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsPutUpAsCollateralForDebts" xlink:label="rj_IntangibleAssetsPutUpAsCollateralForDebts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsPutUpAsCollateralForDebts_loc" xlink:to="rj_RJ_2026-01-01_210_505_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsPutUpAsCollateralForDebts_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsReasonAndFactsDeterminingAmortisationTermExceedingTwentyYearsDescription" xlink:label="rj_IntangibleAssetsReasonAndFactsDeterminingAmortisationTermExceedingTwentyYearsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_505_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_505_A_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsReasonAndFactsDeterminingAmortisationTermExceedingTwentyYearsDescription_loc" xlink:to="rj_RJ_2026-01-01_210_505_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsReasonAndFactsDeterminingAmortisationTermExceedingTwentyYearsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B1_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntangibleAssetsRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure" xlink:label="rj_IntangibleAssetsRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntangibleAssetsRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestDividendsRentReceived" xlink:label="rj_InterestDividendsRentReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestDividendsRentReceived_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestExpenseOtherLiabilities" xlink:label="rj_InterestExpenseOtherLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestExpenseOtherLiabilities_loc" xlink:to="rj_RJ_2026-01-01_290_823_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestExpensesDisclosure" xlink:label="rj_InterestExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestExpensesIncludedLeaseTermFinancialLeasing" xlink:label="rj_InterestExpensesIncludedLeaseTermFinancialLeasing_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestExpensesIncludedLeaseTermFinancialLeasing_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestExpensesIncludedLeaseTermFinancialLeasing_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestExpensesPolicy" xlink:label="rj_InterestExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestExpenses" xlink:label="rj_InterestExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestIncomeDisclosure" xlink:label="rj_InterestIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestIncomePolicy" xlink:label="rj_InterestIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestIncome" xlink:label="rj_InterestIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestIncome_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestIncome_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestOtherInvestmentExpensesPaid" xlink:label="rj_InterestOtherInvestmentExpensesPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestOtherInvestmentExpensesPaid_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestPaidClassifiedAsFinancingActivities" xlink:label="rj_InterestPaidClassifiedAsFinancingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestPaidClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestPaidClassifiedAsInvestingActivities" xlink:label="rj_InterestPaidClassifiedAsInvestingActivities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_218_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_218_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>218</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestPaidClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_218_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestPaidClassifiedAsOperatingActivities" xlink:label="rj_InterestPaidClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestPaidClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestProvisionBalanceInsurance" xlink:label="rj_InterestProvisionBalanceInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestProvisionBalanceInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestReceivedClassifiedAsFinancingActivities" xlink:label="rj_InterestReceivedClassifiedAsFinancingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestReceivedClassifiedAsFinancingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestReceivedClassifiedAsInvestingActivities" xlink:label="rj_InterestReceivedClassifiedAsInvestingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestReceivedClassifiedAsInvestingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestReceivedClassifiedAsOperatingActivities" xlink:label="rj_InterestReceivedClassifiedAsOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestReceivedClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestReceivedClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_213_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestReceivedClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestReceivedClassifiedAsOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestRepricingDate" xlink:label="rj_InterestRepricingDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestRepricingDate_loc" xlink:to="rj_RJ_2026-01-01_290_918_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestsInInvestmentPoolsAssociatedRisksDescription" xlink:label="rj_InterestsInInvestmentPoolsAssociatedRisksDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_229_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_229_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>229</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestsInInvestmentPoolsAssociatedRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_605_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestsInInvestmentPoolsNatureDescription" xlink:label="rj_InterestsInInvestmentPoolsNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestsInInvestmentPoolsNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_605_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestsInInvestmentsEntitiesAssociatedRisksDescription" xlink:label="rj_InterestsInInvestmentsEntitiesAssociatedRisksDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestsInInvestmentsEntitiesAssociatedRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_605_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InterestsInInvestmentsEntitiesNatureDescription" xlink:label="rj_InterestsInInvestmentsEntitiesNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InterestsInInvestmentsEntitiesNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_605_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternalDevelopmentsImpactingSocialAspectsDescription" xlink:label="rj_InternalDevelopmentsImpactingSocialAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternalDevelopmentsImpactingSocialAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternalOrganisationalStructureAndStaffingDescription" xlink:label="rj_InternalOrganisationalStructureAndStaffingDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1031_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1031_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1031</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternalOrganisationalStructureAndStaffingDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1031_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternationalPartnershipsDisclosure" xlink:label="rj_InternationalPartnershipsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_402_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternationalPartnershipsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternationalPartnershipsNatureExtentExpensesSpentOnFundraisingDescription" xlink:label="rj_InternationalPartnershipsNatureExtentExpensesSpentOnFundraisingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternationalPartnershipsNatureExtentExpensesSpentOnFundraisingDescription_loc" xlink:to="rj_RJ_2026-01-01_650_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternationalPartnershipsRemittancesSubsidiesPaidDisclosure" xlink:label="rj_InternationalPartnershipsRemittancesSubsidiesPaidDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternationalPartnershipsRemittancesSubsidiesPaidDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InternationalPartnershipsRemittancesSubsidiesPaid" xlink:label="rj_InternationalPartnershipsRemittancesSubsidiesPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InternationalPartnershipsRemittancesSubsidiesPaid_loc" xlink:to="rj_RJ_2026-01-01_650_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntramuralRealEstateInExploitationDisclosure" xlink:label="rj_IntramuralRealEstateInExploitationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntramuralRealEstateInExploitationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntramuralRealEstateInExploitationPolicy" xlink:label="rj_IntramuralRealEstateInExploitationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntramuralRealEstateInExploitationPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntramuralRealEstateInExploitation" xlink:label="rj_IntramuralRealEstateInExploitation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntramuralRealEstateInExploitation_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntrinsicValuePerParticipationRightDisclosure" xlink:label="rj_IntrinsicValuePerParticipationRightDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_408_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntrinsicValuePerParticipationRightDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvalidityProvisionBalanceInsurance" xlink:label="rj_InvalidityProvisionBalanceInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvalidityProvisionBalanceInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesCostMethodDescription" xlink:label="rj_InventoriesCostMethodDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_601_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_601_A_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesCostMethodDescription_loc" xlink:to="rj_RJ_2026-01-01_220_601_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_602_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_602_B_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesCostMethodDescription_loc" xlink:to="rj_RJ_2026-01-01_220_602_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesCostRecognisedAsExpenseDuringPeriod" xlink:label="rj_InventoriesCostRecognisedAsExpenseDuringPeriod_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_601_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_601_D_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesCostRecognisedAsExpenseDuringPeriod_loc" xlink:to="rj_RJ_2026-01-01_220_601_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesIndicationHeldForExploitationObjectiveInvestment" xlink:label="rj_InventoriesIndicationHeldForExploitationObjectiveInvestment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesIndicationHeldForExploitationObjectiveInvestment_loc" xlink:to="rj_RJ_2026-01-01_650_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesNoLegalOwnershipDescription" xlink:label="rj_InventoriesNoLegalOwnershipDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesNoLegalOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesPledgedAsCollateralDescription" xlink:label="rj_InventoriesPledgedAsCollateralDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_601_H_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_601_H_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>h</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesPledgedAsCollateralDescription_loc" xlink:to="rj_RJ_2026-01-01_220_601_H_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B4_110a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B4_110a_ref">
      <ref:Chapter>B4</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesPledgedAsCollateralDescription_loc" xlink:to="rj_RJk_2026-01-01_B4_110a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesPurchaseCommitmentsDescription" xlink:label="rj_InventoriesPurchaseCommitmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesPurchaseCommitmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_220_605_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesPurchaseCommitmentsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B4_110_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_208_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesPurchaseCommitmentsDescription_loc" xlink:to="rj_RJk_2026-01-01_B10_208_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesRealisableValueDescription" xlink:label="rj_InventoriesRealisableValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_601_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_601_B_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesRealisableValueDescription_loc" xlink:to="rj_RJ_2026-01-01_220_601_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesRealisableValuePolicy" xlink:label="rj_InventoriesRealisableValuePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesRealisableValuePolicy_loc" xlink:to="rj_RJ_2026-01-01_220_601_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B4_110c_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B4_110c_ref">
      <ref:Chapter>B4</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110c</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesRealisableValuePolicy_loc" xlink:to="rj_RJk_2026-01-01_B4_110c_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesRealisableValue" xlink:label="rj_InventoriesRealisableValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_601_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_601_C_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesRealisableValue_loc" xlink:to="rj_RJ_2026-01-01_220_601_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure" xlink:label="rj_InventoriesRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesWriteDownReversalCircumstancesDescription" xlink:label="rj_InventoriesWriteDownReversalCircumstancesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_601_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_601_G_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesWriteDownReversalCircumstancesDescription_loc" xlink:to="rj_RJ_2026-01-01_220_601_G_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesWriteDownReversalCircumstancesDescription_loc" xlink:to="rj_RJk_2026-01-01_B4_110c_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesWriteDownReversal" xlink:label="rj_InventoriesWriteDownReversal_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_403_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesWriteDownReversal_loc" xlink:to="rj_RJ_2026-01-01_220_403_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_601_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_601_F_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesWriteDownReversal_loc" xlink:to="rj_RJ_2026-01-01_220_601_F_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesWriteDownReversal_loc" xlink:to="rj_RJk_2026-01-01_B4_110c_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InventoriesWriteDown" xlink:label="rj_InventoriesWriteDown_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesWriteDown_loc" xlink:to="rj_RJ_2026-01-01_220_403_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_220_601_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_220_601_E_ref">
      <ref:Chapter>220</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InventoriesWriteDown_loc" xlink:to="rj_RJ_2026-01-01_220_601_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentDescription" xlink:label="rj_InvestmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherAvailabilityAnnualReportDescription" xlink:label="rj_InvestmentEntityOtherAvailabilityAnnualReportDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_i_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_i_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>i</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherAvailabilityAnnualReportDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherCompositionInvestmentPortfolioDescription" xlink:label="rj_InvestmentEntityOtherCompositionInvestmentPortfolioDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherCompositionInvestmentPortfolioDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherCostBenefitAllocationAgreementInvestmentEntityDescription" xlink:label="rj_InvestmentEntityOtherCostBenefitAllocationAgreementInvestmentEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherCostBenefitAllocationAgreementInvestmentEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherInvestmentPolicyDescription" xlink:label="rj_InvestmentEntityOtherInvestmentPolicyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_J_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_J_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>j</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherInvestmentPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_J_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherInvestmentResultsDescription" xlink:label="rj_InvestmentEntityOtherInvestmentResultsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherInvestmentResultsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherMoreThanTwentyPercentOfCapitalInvestedDisclosure" xlink:label="rj_InvestmentEntityOtherMoreThanTwentyPercentOfCapitalInvestedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherMoreThanTwentyPercentOfCapitalInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherNetAssetValueInterest" xlink:label="rj_InvestmentEntityOtherNetAssetValueInterest_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherNetAssetValueInterest_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherRelativeInterestDescription" xlink:label="rj_InvestmentEntityOtherRelativeInterestDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherRelativeInterestDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherRelativeInterest" xlink:label="rj_InvestmentEntityOtherRelativeInterest_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherRelativeInterest_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentEntityOtherSupervisionDescription" xlink:label="rj_InvestmentEntityOtherSupervisionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentEntityOtherSupervisionDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentOther" xlink:label="rj_InvestmentOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentOther_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPolicyConductedDescription" xlink:label="rj_InvestmentPolicyConductedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_501_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_501_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>501</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPolicyConductedDescription_loc" xlink:to="rj_RJ_2026-01-01_615_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPolicyTakesIntoAccountEnvironmentClimateHumanRightsSocialRelationsDescription" xlink:label="rj_InvestmentPolicyTakesIntoAccountEnvironmentClimateHumanRightsSocialRelationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPolicyTakesIntoAccountEnvironmentClimateHumanRightsSocialRelationsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPortfolioCompositionDescription" xlink:label="rj_InvestmentPortfolioCompositionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPortfolioCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPortfolioValuationCarriedOutByInternalOrExternalAppraisersDescription" xlink:label="rj_InvestmentPortfolioValuationCarriedOutByInternalOrExternalAppraisersDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_403_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPortfolioValuationCarriedOutByInternalOrExternalAppraisersDescription_loc" xlink:to="rj_RJ_2026-01-01_615_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPortfolioValuationPartTotalDuringPeriodDescription" xlink:label="rj_InvestmentPortfolioValuationPartTotalDuringPeriodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPortfolioValuationPartTotalDuringPeriodDescription_loc" xlink:to="rj_RJ_2026-01-01_615_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPortfolioValuationPrinciplesDescription" xlink:label="rj_InvestmentPortfolioValuationPrinciplesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPortfolioValuationPrinciplesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesAccumulatedRevaluations" xlink:label="rj_InvestmentPropertiesAccumulatedRevaluations_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_803_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_803_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAccumulatedRevaluations_loc" xlink:to="rj_RJ_2026-01-01_213_803_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_212a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_212a_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>212a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAccumulatedRevaluations_loc" xlink:to="rj_RJk_2026-01-01_B2_212a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesActualCostPrice" xlink:label="rj_InvestmentPropertiesActualCostPrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesActualCostPrice_loc" xlink:to="rj_RJ_2026-01-01_213_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesAdditionsInitial" xlink:label="rj_InvestmentPropertiesAdditionsInitial_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_803_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_803_A_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditionsInitial_loc" xlink:to="rj_RJ_2026-01-01_213_803_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_805_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_805_D_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditionsInitial_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesAdditionsSubsequentExpenditures" xlink:label="rj_InvestmentPropertiesAdditionsSubsequentExpenditures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditionsSubsequentExpenditures_loc" xlink:to="rj_RJ_2026-01-01_213_803_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditionsSubsequentExpenditures_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesAdditionsThroughAcquisitions" xlink:label="rj_InvestmentPropertiesAdditionsThroughAcquisitions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_803_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_803_B_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditionsThroughAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_213_803_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditionsThroughAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesAdditions" xlink:label="rj_InvestmentPropertiesAdditions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_702_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_702_B_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditions_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditions_loc" xlink:to="rj_RJ_2026-01-01_213_803_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesAdditions_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesChangesInFairValue" xlink:label="rj_InvestmentPropertiesChangesInFairValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesChangesInFairValue_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_803_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_803_D_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesChangesInFairValue_loc" xlink:to="rj_RJ_2026-01-01_213_803_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesCircumstancesRightsOfUseAccountedAsInvestmentPropertyDescription" xlink:label="rj_InvestmentPropertiesCircumstancesRightsOfUseAccountedAsInvestmentPropertyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802_B_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesCircumstancesRightsOfUseAccountedAsInvestmentPropertyDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesContractualObligationsToPurchaseConstructOrDevelopInvestmentPropertyOrForRepairsMaintenanceOrEnhancementsDescription" xlink:label="rj_InvestmentPropertiesContractualObligationsToPurchaseConstructOrDevelopInvestmentPropertyOrForRepairsMaintenanceOrEnhancementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802_H_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802_H_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
      <ref:Subparagraph>h</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesContractualObligationsToPurchaseConstructOrDevelopInvestmentPropertyOrForRepairsMaintenanceOrEnhancementsDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_H_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesContractualObligationsToPurchaseConstructOrDevelopInvestmentPropertyOrForRepairsMaintenanceOrEnhancementsDescription_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesCostPrice" xlink:label="rj_InvestmentPropertiesCostPrice_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_805_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_805_C_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesCostPrice_loc" xlink:to="rj_RJ_2026-01-01_213_805_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_212b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_212b_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>212b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesCostPrice_loc" xlink:to="rj_RJk_2026-01-01_B2_212b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesCriteriaToDistinguishBetweenRealEstateForOwnUseDescription" xlink:label="rj_InvestmentPropertiesCriteriaToDistinguishBetweenRealEstateForOwnUseDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802_C_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesCriteriaToDistinguishBetweenRealEstateForOwnUseDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesDepreciationRateRangeEnd" xlink:label="rj_InvestmentPropertiesDepreciationRateRangeEnd_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_805_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_805_B_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDepreciationRateRangeEnd_loc" xlink:to="rj_RJ_2026-01-01_213_805_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDepreciationRateRangeEnd_loc" xlink:to="rj_RJk_2026-01-01_B2_212a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesDepreciationRateRangeStart" xlink:label="rj_InvestmentPropertiesDepreciationRateRangeStart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDepreciationRateRangeStart_loc" xlink:to="rj_RJ_2026-01-01_213_805_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDepreciationRateRangeStart_loc" xlink:to="rj_RJk_2026-01-01_B2_212a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesDepreciationRate" xlink:label="rj_InvestmentPropertiesDepreciationRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDepreciationRate_loc" xlink:to="rj_RJ_2026-01-01_213_805_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDepreciationRate_loc" xlink:to="rj_RJk_2026-01-01_B2_212a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesDepreciation" xlink:label="rj_InvestmentPropertiesDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDepreciation_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDepreciation_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesDisclosure" xlink:label="rj_InvestmentPropertiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_801_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B2_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesDisposalsDepreciation" xlink:label="rj_InvestmentPropertiesDisposalsDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisposalsDepreciation_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_803_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_803_C_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisposalsDepreciation_loc" xlink:to="rj_RJ_2026-01-01_213_803_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisposalsDepreciation_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesDisposalsNotValuedAtFairValueDescription" xlink:label="rj_InvestmentPropertiesDisposalsNotValuedAtFairValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_804_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_804_D_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>804</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisposalsNotValuedAtFairValueDescription_loc" xlink:to="rj_RJ_2026-01-01_213_804_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesDisposals" xlink:label="rj_InvestmentPropertiesDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisposals_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisposals_loc" xlink:to="rj_RJ_2026-01-01_213_803_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesDisposals_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesEconomicLife" xlink:label="rj_InvestmentPropertiesEconomicLife_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesEconomicLife_loc" xlink:to="rj_RJ_2026-01-01_213_805_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesEconomicLife_loc" xlink:to="rj_RJk_2026-01-01_B2_212a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesExchangeDifferences" xlink:label="rj_InvestmentPropertiesExchangeDifferences_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_803_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_803_E_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_213_803_E_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesExistenceOfLimitationsRegardingTheApplicationDescription" xlink:label="rj_InvestmentPropertiesExistenceOfLimitationsRegardingTheApplicationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802_G_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesExistenceOfLimitationsRegardingTheApplicationDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_G_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesExistenceOfLimitationsRegardingTheApplicationDescription_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesExistenceOfLimitationsRegardingTheCollectabilityOfIncomeDescription" xlink:label="rj_InvestmentPropertiesExistenceOfLimitationsRegardingTheCollectabilityOfIncomeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesExistenceOfLimitationsRegardingTheCollectabilityOfIncomeDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_G_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesExistenceOfLimitationsRegardingTheCollectabilityOfIncomeDescription_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesFairValueBasedOnEstimateOfIndependentQualifiedExpertDescription" xlink:label="rj_InvestmentPropertiesFairValueBasedOnEstimateOfIndependentQualifiedExpertDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802_E_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesFairValueBasedOnEstimateOfIndependentQualifiedExpertDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesFairValueDisclosure" xlink:label="rj_InvestmentPropertiesFairValueDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesFairValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_504_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_805_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_805_E_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesFairValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_805_E_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesFairValueDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B2_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesFairValueNotBasedOnEstimateOfIndependentQualifiedExpertDescription" xlink:label="rj_InvestmentPropertiesFairValueNotBasedOnEstimateOfIndependentQualifiedExpertDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesFairValueNotBasedOnEstimateOfIndependentQualifiedExpertDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesFairValue" xlink:label="rj_InvestmentPropertiesFairValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesFairValue_loc" xlink:to="rj_RJ_2026-01-01_213_805_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesImpairmentDescription" xlink:label="rj_InvestmentPropertiesImpairmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesImpairmentDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesImpairmentReversalDescription" xlink:label="rj_InvestmentPropertiesImpairmentReversalDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesImpairmentReversalDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesImpairmentReversal" xlink:label="rj_InvestmentPropertiesImpairmentReversal_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_515_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_515_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>515</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesImpairmentReversal_loc" xlink:to="rj_RJ_2026-01-01_213_515_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesImpairmentReversal_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesImpairment" xlink:label="rj_InvestmentPropertiesImpairment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesImpairment_loc" xlink:to="rj_RJ_2026-01-01_213_515_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesImpairment_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentDisclosure" xlink:label="rj_InvestmentPropertiesInDevelopmentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipants" xlink:label="rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFund" xlink:label="rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopmentPolicy" xlink:label="rj_InvestmentPropertiesInDevelopmentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInDevelopment" xlink:label="rj_InvestmentPropertiesInDevelopment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInDevelopment_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInExploitationDisclosure" xlink:label="rj_InvestmentPropertiesInExploitationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInExploitationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInExploitationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInExploitationPolicy" xlink:label="rj_InvestmentPropertiesInExploitationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInExploitationPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInExploitationPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInterestRateDeterminationConsiderationsDescription" xlink:label="rj_InvestmentPropertiesInterestRateDeterminationConsiderationsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802_D_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInterestRateDeterminationConsiderationsDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesInterestRateToDetermineFairValueDescription" xlink:label="rj_InvestmentPropertiesInterestRateToDetermineFairValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesInterestRateToDetermineFairValueDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesMethodsAssumptionsToDetermineFairValueDescription" xlink:label="rj_InvestmentPropertiesMethodsAssumptionsToDetermineFairValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMethodsAssumptionsToDetermineFairValueDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesMovement" xlink:label="rj_InvestmentPropertiesMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMovement_loc" xlink:to="rj_RJ_2026-01-01_213_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMovement_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesMovementsOther" xlink:label="rj_InvestmentPropertiesMovementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_803_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_803_G_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_213_803_G_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentPropertiesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentPropertiesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfParticipants" xlink:label="rj_InvestmentPropertiesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentPropertiesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentPropertiesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfPensionFund" xlink:label="rj_InvestmentPropertiesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_211_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_211_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>211</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutions" xlink:label="rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOnBehalfOfPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOverviewOfAssumptionsToDetermineFairValueDescription" xlink:label="rj_InvestmentPropertiesOverviewOfAssumptionsToDetermineFairValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOverviewOfAssumptionsToDetermineFairValueDescription_loc" xlink:to="rj_RJ_2026-01-01_213_802_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesOwnDevelopmentCostsOtherIndirectCostsAndInterestIsTakenIntoAccountDescription" xlink:label="rj_InvestmentPropertiesOwnDevelopmentCostsOtherIndirectCostsAndInterestIsTakenIntoAccountDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_805a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_805a_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesOwnDevelopmentCostsOtherIndirectCostsAndInterestIsTakenIntoAccountDescription_loc" xlink:to="rj_RJ_2026-01-01_213_805a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesPolicy" xlink:label="rj_InvestmentPropertiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_213_504_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802_A_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_213_802_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_805_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_805_A_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_213_805_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesPolicy_loc" xlink:to="rj_RJk_2026-01-01_B2_211_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B2_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesPolicy_loc" xlink:to="rj_RJk_2026-01-01_B2_212a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesReasonWhyFairValueCannotBeQuantifiedAndLikelyRangeOfFairValueDescription" xlink:label="rj_InvestmentPropertiesReasonWhyFairValueCannotBeQuantifiedAndLikelyRangeOfFairValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_804_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_804_B_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>804</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesReasonWhyFairValueCannotBeQuantifiedAndLikelyRangeOfFairValueDescription_loc" xlink:to="rj_RJ_2026-01-01_213_804_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_804_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_804_C_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>804</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesReasonWhyFairValueCannotBeQuantifiedAndLikelyRangeOfFairValueDescription_loc" xlink:to="rj_RJ_2026-01-01_213_804_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesReasonWhyFairValueCannotBeQuantifiedAndLikelyRangeOfFairValueDescription_loc" xlink:to="rj_RJ_2026-01-01_213_805_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesTransfers" xlink:label="rj_InvestmentPropertiesTransfers_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_803_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_803_F_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>803</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesTransfers_loc" xlink:to="rj_RJ_2026-01-01_213_803_F_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesTransfers_loc" xlink:to="rj_RJ_2026-01-01_213_805_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_303_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_303_F_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesTransfers_loc" xlink:to="rj_RJ_2026-01-01_645_303_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertiesValuedAtHistoricCostsAsFairValueCannotBeQuantifiedDescription" xlink:label="rj_InvestmentPropertiesValuedAtHistoricCostsAsFairValueCannotBeQuantifiedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_804_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_804_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>804</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertiesValuedAtHistoricCostsAsFairValueCannotBeQuantifiedDescription_loc" xlink:to="rj_RJ_2026-01-01_213_804_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentProperties" xlink:label="rj_InvestmentProperties_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentProperties_loc" xlink:to="rj_RJ_2026-01-01_213_801_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentProperties_loc" xlink:to="rj_RJk_2026-01-01_B2_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentPropertyDescription" xlink:label="rj_InvestmentPropertyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_804_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_804_A_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>804</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertyDescription_loc" xlink:to="rj_RJ_2026-01-01_213_804_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentPropertyDescription_loc" xlink:to="rj_RJ_2026-01-01_213_805_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultFromInvestmentEntity" xlink:label="rj_InvestmentResultFromInvestmentEntity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultFromInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultOnBehalfOfParticipants" xlink:label="rj_InvestmentResultOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultPerUnitChangesInValue" xlink:label="rj_InvestmentResultPerUnitChangesInValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultPerUnitChangesInValue_loc" xlink:to="rj_RJ_2026-01-01_615_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultPerUnitDisclosure" xlink:label="rj_InvestmentResultPerUnitDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultPerUnitDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultPerUnitExpenses" xlink:label="rj_InvestmentResultPerUnitExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultPerUnitExpenses_loc" xlink:to="rj_RJ_2026-01-01_615_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultPerUnitIncome" xlink:label="rj_InvestmentResultPerUnitIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultPerUnitIncome_loc" xlink:to="rj_RJ_2026-01-01_615_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultPerUnit" xlink:label="rj_InvestmentResultPerUnit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultPerUnit_loc" xlink:to="rj_RJ_2026-01-01_615_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsDerivativesDisclosure" xlink:label="rj_InvestmentResultsDerivativesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsDerivativesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsDerivativesPolicy" xlink:label="rj_InvestmentResultsDerivativesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsDerivativesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsDerivatives" xlink:label="rj_InvestmentResultsDerivatives_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsDerivatives_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsDisclosure" xlink:label="rj_InvestmentResultsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsDividendsDisclosure" xlink:label="rj_InvestmentResultsDividendsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsDividendsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsDividendsPolicy" xlink:label="rj_InvestmentResultsDividendsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsDividendsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsDividendsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsDividends" xlink:label="rj_InvestmentResultsDividends_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsDividends_loc" xlink:to="rj_RJ_2026-01-01_615_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsFixedIncomeSecuritiesDisclosure" xlink:label="rj_InvestmentResultsFixedIncomeSecuritiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsFixedIncomeSecuritiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsFixedIncomeSecuritiesPolicy" xlink:label="rj_InvestmentResultsFixedIncomeSecuritiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsFixedIncomeSecuritiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsFixedIncomeSecuritiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsFixedIncomeSecurities" xlink:label="rj_InvestmentResultsFixedIncomeSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsFixedIncomeSecurities_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInterestIncomeDisclosure" xlink:label="rj_InvestmentResultsInterestIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInterestIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInterestIncomePolicy" xlink:label="rj_InvestmentResultsInterestIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInterestIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInterestIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInterestIncome" xlink:label="rj_InvestmentResultsInterestIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInterestIncome_loc" xlink:to="rj_RJ_2026-01-01_615_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInvestmentPropertiesDisclosure" xlink:label="rj_InvestmentResultsInvestmentPropertiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentPropertiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInvestmentPropertiesPolicy" xlink:label="rj_InvestmentResultsInvestmentPropertiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentPropertiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInvestmentProperties" xlink:label="rj_InvestmentResultsInvestmentProperties_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentProperties_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInvestmentsOtherDisclosure" xlink:label="rj_InvestmentResultsInvestmentsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInvestmentsOtherPolicy" xlink:label="rj_InvestmentResultsInvestmentsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsInvestmentsOther" xlink:label="rj_InvestmentResultsInvestmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentsOther_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsInvestmentsOther_loc" xlink:to="rj_RJ_2026-01-01_615_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsNetPensionArrangements" xlink:label="rj_InvestmentResultsNetPensionArrangements_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_108_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsNetPensionArrangements_loc" xlink:to="rj_RJ_2026-01-01_610_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentResultsOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentResultsOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentResultsOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_301_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_301_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>301</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfParticipants" xlink:label="rj_InvestmentResultsOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentResultsOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentResultsOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfPensionFund" xlink:label="rj_InvestmentResultsOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutions" xlink:label="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsOnBehalfOfPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsPolicy" xlink:label="rj_InvestmentResultsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsRentalIncomeDisclosure" xlink:label="rj_InvestmentResultsRentalIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsRentalIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsRentalIncomePolicy" xlink:label="rj_InvestmentResultsRentalIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsRentalIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsRentalIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsRentalIncome" xlink:label="rj_InvestmentResultsRentalIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsRentalIncome_loc" xlink:to="rj_RJ_2026-01-01_615_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsSharesDisclosure" xlink:label="rj_InvestmentResultsSharesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsSharesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsSharesPolicy" xlink:label="rj_InvestmentResultsSharesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsSharesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResultsShares" xlink:label="rj_InvestmentResultsShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResultsShares_loc" xlink:to="rj_RJ_2026-01-01_610_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentResults" xlink:label="rj_InvestmentResults_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_610_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentResults_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentRisksAlternativeInvestmentsDescription" xlink:label="rj_InvestmentRisksAlternativeInvestmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentRisksAlternativeInvestmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentRisksDescription" xlink:label="rj_InvestmentRisksDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsAcquisitionsEightyFivePercentOrMoreInvested" xlink:label="rj_InvestmentsAcquisitionsEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsAcquisitionsEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsAcquisitionsEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsAcquisitionsMarketValue" xlink:label="rj_InvestmentsAcquisitionsMarketValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsAcquisitionsMarketValue_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsAcquisitions" xlink:label="rj_InvestmentsAcquisitions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsAdditions" xlink:label="rj_InvestmentsAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsDisclosure" xlink:label="rj_InvestmentsBondsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipants" xlink:label="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFund" xlink:label="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsMortgagesDebenturesOtherFixedOrVariableInterestSecuritiesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsOtherDisclosure" xlink:label="rj_InvestmentsBondsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsOtherPolicy" xlink:label="rj_InvestmentsBondsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsOther" xlink:label="rj_InvestmentsBondsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsOther_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBondsPolicy" xlink:label="rj_InvestmentsBondsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBondsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBonds" xlink:label="rj_InvestmentsBonds_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBonds_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsBookValue" xlink:label="rj_InvestmentsBookValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsBookValue_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDepositsAndSuchOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsDepositsAndSuchOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDepositsAndSuchOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsDepositsAndSuchOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDepositsAndSuchOnBehalfOfParticipants" xlink:label="rj_InvestmentsDepositsAndSuchOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFund" xlink:label="rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDepositsAndSuchOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsDerivativesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsDerivativesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfParticipants" xlink:label="rj_InvestmentsDerivativesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsDerivativesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsDerivativesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfPensionFund" xlink:label="rj_InvestmentsDerivativesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutions" xlink:label="rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDerivativesOnBehalfOfPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDisposals" xlink:label="rj_InvestmentsDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDisposals_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDisposals_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDivestitures" xlink:label="rj_InvestmentsDivestitures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDivestitures_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDivestitures_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDutchStateBondsDisclosure" xlink:label="rj_InvestmentsDutchStateBondsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDutchStateBondsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDutchStateBondsPolicy" xlink:label="rj_InvestmentsDutchStateBondsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDutchStateBondsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDutchStateBondsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsDutchStateBonds" xlink:label="rj_InvestmentsDutchStateBonds_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsDutchStateBonds_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFairValueDeterminingAppliedCalculationMethodFrequencyDescription" xlink:label="rj_InvestmentsFairValueDeterminingAppliedCalculationMethodFrequencyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_402_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFairValueDeterminingAppliedCalculationMethodFrequencyDescription_loc" xlink:to="rj_RJ_2026-01-01_615_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFairValueDeterminingAppliedTaxationMethodFrequencyDescription" xlink:label="rj_InvestmentsFairValueDeterminingAppliedTaxationMethodFrequencyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFairValueDeterminingAppliedTaxationMethodFrequencyDescription_loc" xlink:to="rj_RJ_2026-01-01_615_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFairValueMethodDeterminingDisclosure" xlink:label="rj_InvestmentsFairValueMethodDeterminingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFairValueMethodDeterminingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipants" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFund" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutions" xlink:label="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsFixedIncomeSecuritiesOnBehalfOfPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipants" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFund" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInFixedIncomeSecuritiesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipants" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFund" xlink:label="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsInstitutionsListedNonListedInvestInSharesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsLiabilities" xlink:label="rj_InvestmentsLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_615_302a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsLoanedOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentsLoanedOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_211_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_211_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>211</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsLoanedOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsMarketValue" xlink:label="rj_InvestmentsMarketValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMarketValue_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsMortgageLoansDisclosure" xlink:label="rj_InvestmentsMortgageLoansDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMortgageLoansDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsMortgageLoansPolicy" xlink:label="rj_InvestmentsMortgageLoansPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMortgageLoansPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMortgageLoansPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsMortgageLoans" xlink:label="rj_InvestmentsMortgageLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMortgageLoans_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsMovementMarketValue" xlink:label="rj_InvestmentsMovementMarketValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMovementMarketValue_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsMovementOther" xlink:label="rj_InvestmentsMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMovementOther_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMovementOther_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsMovement" xlink:label="rj_InvestmentsMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMovement_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMovement_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsMovement_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsNetPensionArrangements" xlink:label="rj_InvestmentsNetPensionArrangements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsNetPensionArrangements_loc" xlink:to="rj_RJ_2026-01-01_610_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfParticipants" xlink:label="rj_InvestmentsOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPensionFundExtentBalancesFutureCashFlowsHedgedByDerivativesDisclosure" xlink:label="rj_InvestmentsOnBehalfOfPensionFundExtentBalancesFutureCashFlowsHedgedByDerivativesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_215_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_215_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>215</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFundExtentBalancesFutureCashFlowsHedgedByDerivativesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPensionFundExtentLentOutDisclosure" xlink:label="rj_InvestmentsOnBehalfOfPensionFundExtentLentOutDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFundExtentLentOutDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPensionFundInvestedInContributingOrganisationsDisclosure" xlink:label="rj_InvestmentsOnBehalfOfPensionFundInvestedInContributingOrganisationsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFundInvestedInContributingOrganisationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPensionFund" xlink:label="rj_InvestmentsOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOnBehalfOfPremiumPensionInstitutions" xlink:label="rj_InvestmentsOnBehalfOfPremiumPensionInstitutions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_201_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOnBehalfOfPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOptionsWarrantsDisclosure" xlink:label="rj_InvestmentsOptionsWarrantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOptionsWarrantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOptionsWarrantsPolicy" xlink:label="rj_InvestmentsOptionsWarrantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOptionsWarrantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOptionsWarrantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOptionsWarrants" xlink:label="rj_InvestmentsOptionsWarrants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOptionsWarrants_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherDisclosure" xlink:label="rj_InvestmentsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherExtentPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentsOtherExtentPremiumPensionInstitutionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_209_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherExtentPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherExtentPremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentsOtherExtentPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherExtentPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherExtentPremiumPensionInstitutions" xlink:label="rj_InvestmentsOtherExtentPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherExtentPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherInvestmentEntitiesEightyFivePercentOrMoreOfCapitalDisclosure" xlink:label="rj_InvestmentsOtherInvestmentEntitiesEightyFivePercentOrMoreOfCapitalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherInvestmentEntitiesEightyFivePercentOrMoreOfCapitalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherInvestmentEntityLevelExpensesRelatedAverageNetAssetValueDisclosure" xlink:label="rj_InvestmentsOtherInvestmentEntityLevelExpensesRelatedAverageNetAssetValueDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherInvestmentEntityLevelExpensesRelatedAverageNetAssetValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherNaturePremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentsOtherNaturePremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherNaturePremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherNaturePremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentsOtherNaturePremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherNaturePremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherNaturePremiumPensionInstitutions" xlink:label="rj_InvestmentsOtherNaturePremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherNaturePremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsOtherOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsOtherOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfParticipants" xlink:label="rj_InvestmentsOtherOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsOtherOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsOtherOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfPensionFund" xlink:label="rj_InvestmentsOtherOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutions" xlink:label="rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherOnBehalfOfPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOtherPolicy" xlink:label="rj_InvestmentsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsOther" xlink:label="rj_InvestmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsOther_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPreciousMetalsDisclosure" xlink:label="rj_InvestmentsPreciousMetalsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPreciousMetalsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPreciousMetalsPolicy" xlink:label="rj_InvestmentsPreciousMetalsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPreciousMetalsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPreciousMetalsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPreciousMetals" xlink:label="rj_InvestmentsPreciousMetals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPreciousMetals_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPriceDifferencesEightyFivePercentOrMoreInvested" xlink:label="rj_InvestmentsPriceDifferencesEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPriceDifferencesEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPriceDifferencesEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPriceDifferencesMarketValue" xlink:label="rj_InvestmentsPriceDifferencesMarketValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPriceDifferencesMarketValue_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPriceDifferences" xlink:label="rj_InvestmentsPriceDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPriceDifferences_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPrivateLoansDisclosure" xlink:label="rj_InvestmentsPrivateLoansDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPrivateLoansDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPrivateLoansPolicy" xlink:label="rj_InvestmentsPrivateLoansPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPrivateLoansPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPrivateLoansPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsPrivateLoans" xlink:label="rj_InvestmentsPrivateLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsPrivateLoans_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsProcurements" xlink:label="rj_InvestmentsProcurements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsProcurements_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsProcurements_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateDisclosure" xlink:label="rj_InvestmentsRealEstateDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateInTheNetherlandsDisclosure" xlink:label="rj_InvestmentsRealEstateInTheNetherlandsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateInTheNetherlandsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateInTheNetherlandsPolicy" xlink:label="rj_InvestmentsRealEstateInTheNetherlandsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateInTheNetherlandsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateInTheNetherlandsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateInTheNetherlands" xlink:label="rj_InvestmentsRealEstateInTheNetherlands_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateInTheNetherlands_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateOtherDisclosure" xlink:label="rj_InvestmentsRealEstateOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateOtherPolicy" xlink:label="rj_InvestmentsRealEstateOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstateOther" xlink:label="rj_InvestmentsRealEstateOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstateOther_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstatePolicy" xlink:label="rj_InvestmentsRealEstatePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstatePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstatePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRealEstate" xlink:label="rj_InvestmentsRealEstate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRealEstate_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRedemptions" xlink:label="rj_InvestmentsRedemptions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRedemptions_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRedemptions_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsReturnInternalExternalDevelopmentsDescription" xlink:label="rj_InvestmentsReturnInternalExternalDevelopmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsReturnInternalExternalDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRevaluationsEightyFivePercentOrMoreInvested" xlink:label="rj_InvestmentsRevaluationsEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRevaluationsEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRevaluationsEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRevaluationsMarketValue" xlink:label="rj_InvestmentsRevaluationsMarketValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRevaluationsMarketValue_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsRevaluations" xlink:label="rj_InvestmentsRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsRevaluations_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSalesEightyFivePercentOrMoreInvested" xlink:label="rj_InvestmentsSalesEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSalesEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSalesEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSalesMarketValue" xlink:label="rj_InvestmentsSalesMarketValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSalesMarketValue_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSales" xlink:label="rj_InvestmentsSales_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSales_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersDisclosure" xlink:label="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_230_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_230_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>230</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_230_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersPolicy" xlink:label="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholdersPolicy_loc" xlink:to="rj_RJ_2026-01-01_605_230_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholders" xlink:label="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholders_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_226_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_226_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>226</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSeparateDepositsCollectiveAgreementsForRiskOfPolicyholders_loc" xlink:to="rj_RJ_2026-01-01_605_226_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesDisclosure" xlink:label="rj_InvestmentsSharesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesListedOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsSharesListedOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesListedOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsSharesListedOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesListedOnBehalfOfParticipants" xlink:label="rj_InvestmentsSharesListedOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesListedOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsSharesListedOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesListedOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsSharesListedOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesListedOnBehalfOfPensionFund" xlink:label="rj_InvestmentsSharesListedOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesListedOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesNonListedOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsSharesNonListedOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesNonListedOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsSharesNonListedOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesNonListedOnBehalfOfParticipants" xlink:label="rj_InvestmentsSharesNonListedOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesNonListedOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsSharesNonListedOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesNonListedOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsSharesNonListedOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesNonListedOnBehalfOfPensionFund" xlink:label="rj_InvestmentsSharesNonListedOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesNonListedOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfParticipantsDisclosure" xlink:label="rj_InvestmentsSharesOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfParticipantsPolicy" xlink:label="rj_InvestmentsSharesOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfParticipants" xlink:label="rj_InvestmentsSharesOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfPensionFundDisclosure" xlink:label="rj_InvestmentsSharesOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfPensionFundPolicy" xlink:label="rj_InvestmentsSharesOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfPensionFund" xlink:label="rj_InvestmentsSharesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutionsDisclosure" xlink:label="rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutionsPolicy" xlink:label="rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutions" xlink:label="rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesOnBehalfOfPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsSharesPolicy" xlink:label="rj_InvestmentsSharesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsSharesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsShares" xlink:label="rj_InvestmentsShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsShares_loc" xlink:to="rj_RJ_2026-01-01_615_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvestmentsValueDevelopments" xlink:label="rj_InvestmentsValueDevelopments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsValueDevelopments_loc" xlink:to="rj_RJ_2026-01-01_610_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvestmentsValueDevelopments_loc" xlink:to="rj_RJ_2026-01-01_610_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvolvedAssetsOfDifferentSecuritiesDescription" xlink:label="rj_InvolvedAssetsOfDifferentSecuritiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvolvedAssetsOfDifferentSecuritiesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_InvolvementStakeholdersByCompetentAuthorityDescription" xlink:label="rj_InvolvementStakeholdersByCompetentAuthorityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_InvolvementStakeholdersByCompetentAuthorityDescription_loc" xlink:to="rj_RJ_2026-01-01_660_522_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ItemRecordedOnBalanceCashEquivalentsDeviateFromDefinition" xlink:label="rj_ItemRecordedOnBalanceCashEquivalentsDeviateFromDefinition_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ItemRecordedOnBalanceCashEquivalentsDeviateFromDefinition_loc" xlink:to="rj_RJ_2026-01-01_615_302a_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_JointVenturesActivitiesDescription" xlink:label="rj_JointVenturesActivitiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_502_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_502_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>502</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_JointVenturesActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_655_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_JointVenturesAdministrativeRelationsDescription" xlink:label="rj_JointVenturesAdministrativeRelationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_JointVenturesAdministrativeRelationsDescription_loc" xlink:to="rj_RJ_2026-01-01_655_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_JointVenturesCompositionManagementSupervisoryBodyDescription" xlink:label="rj_JointVenturesCompositionManagementSupervisoryBodyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_JointVenturesCompositionManagementSupervisoryBodyDescription_loc" xlink:to="rj_RJ_2026-01-01_655_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_JointVenturesDisclosure" xlink:label="rj_JointVenturesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_JointVenturesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_655_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_JointVenturesOtherPartiesDescription" xlink:label="rj_JointVenturesOtherPartiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_JointVenturesOtherPartiesDescription_loc" xlink:to="rj_RJ_2026-01-01_655_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_KeyElementsOfPoliciesConductedDescription" xlink:label="rj_KeyElementsOfPoliciesConductedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_KeyElementsOfPoliciesConductedDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1031_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_KeyElementsRecoveryPlanPensionProviderDescription" xlink:label="rj_KeyElementsRecoveryPlanPensionProviderDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_KeyElementsRecoveryPlanPensionProviderDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_KeyFiguresDisclosure" xlink:label="rj_KeyFiguresDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_KeyFiguresDisclosure_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_KeyFiguresDisclosure_loc" xlink:to="rj_RJ_2026-01-01_430_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_KeyRatiosDisclosure" xlink:label="rj_KeyRatiosDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_KeyRatiosDisclosure_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_KeyRatiosDisclosure_loc" xlink:to="rj_RJ_2026-01-01_430_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LackPolicyEnvironmentalSocialPersonnelAspectsDescription" xlink:label="rj_LackPolicyEnvironmentalSocialPersonnelAspectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_3014_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_3014_B_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>3014</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LackPolicyEnvironmentalSocialPersonnelAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LackPolicyFightAgainstCorruptionAndBriberyDescription" xlink:label="rj_LackPolicyFightAgainstCorruptionAndBriberyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LackPolicyFightAgainstCorruptionAndBriberyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LackPolicyHumanRightsDescription" xlink:label="rj_LackPolicyHumanRightsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LackPolicyHumanRightsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LagFaultExplanationExpectedActualDifferencesDescription" xlink:label="rj_LagFaultExplanationExpectedActualDifferencesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LagFaultExplanationExpectedActualDifferencesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LagFaultExtentDescription" xlink:label="rj_LagFaultExtentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LagFaultExtentDescription_loc" xlink:to="rj_RJ_2026-01-01_615_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LeasesPolicy" xlink:label="rj_LeasesPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_101_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LeasesPolicy_loc" xlink:to="rj_RJ_2026-01-01_292_101_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_212_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_212_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LeasesPolicy_loc" xlink:to="rj_RJ_2026-01-01_292_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegacyIncomeDisclosure" xlink:label="rj_LegacyIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegacyIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegacyIncomePolicy" xlink:label="rj_LegacyIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegacyIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegacyIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegacyIncome" xlink:label="rj_LegacyIncome_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_208_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_208_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>208</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegacyIncome_loc" xlink:to="rj_RJ_2026-01-01_640_208_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_210_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_210_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>210</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegacyIncome_loc" xlink:to="rj_RJ_2026-01-01_640_210_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalEntityLossesOverReportingPeriodParticipatingInterestsDisclosure" xlink:label="rj_LegalEntityLossesOverReportingPeriodParticipatingInterestsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalEntityLossesOverReportingPeriodParticipatingInterestsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_214_818_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalEntityLossesOverReportingPeriodParticipatingInterests" xlink:label="rj_LegalEntityLossesOverReportingPeriodParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalEntityLossesOverReportingPeriodParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_214_818_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalEntityManagementCompositionDescription" xlink:label="rj_LegalEntityManagementCompositionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_508_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_508_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>508</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalEntityManagementCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_640_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalEntityManagementSupervisoryBodyCompositionDescription" xlink:label="rj_LegalEntityManagementSupervisoryBodyCompositionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalEntityManagementSupervisoryBodyCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_640_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalEntityPurposeDescription" xlink:label="rj_LegalEntityPurposeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalEntityPurposeDescription_loc" xlink:to="rj_RJ_2026-01-01_640_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalPersonNotALegalOwnerDescription" xlink:label="rj_LegalPersonNotALegalOwnerDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalPersonNotALegalOwnerDescription_loc" xlink:to="rj_RJ_2026-01-01_292_208_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalRisksDescription" xlink:label="rj_LegalRisksDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalStatutoryReservesAdditions" xlink:label="rj_LegalStatutoryReservesAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalStatutoryReservesAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalStatutoryReservesAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LegalStatutoryReservesWithdrawals" xlink:label="rj_LegalStatutoryReservesWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalStatutoryReservesWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LegalStatutoryReservesWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_610_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LentOutSecuritiesAndRawMaterialsAsPartOfTheTotalAssetsRate" xlink:label="rj_LentOutSecuritiesAndRawMaterialsAsPartOfTheTotalAssetsRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LentOutSecuritiesAndRawMaterialsAsPartOfTheTotalAssetsRate_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesCurrentOtherDisclosure" xlink:label="rj_LiabilitiesCurrentOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesCurrentOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesCurrentOtherPolicy" xlink:label="rj_LiabilitiesCurrentOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesCurrentOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesCurrentOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesCurrentOther" xlink:label="rj_LiabilitiesCurrentOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesCurrentOther_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesCurrentSecuredAmount" xlink:label="rj_LiabilitiesCurrentSecuredAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesCurrentSecuredAmount_loc" xlink:to="rj_RJ_2026-01-01_254_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesCurrentSecuredAmount_loc" xlink:to="rj_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesCurrentToParticipatingInterestsExerciseSignificantInfluence" xlink:label="rj_LiabilitiesCurrentToParticipatingInterestsExerciseSignificantInfluence_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_410_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesCurrentToParticipatingInterestsExerciseSignificantInfluence_loc" xlink:to="rj_RJ_2026-01-01_254_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesFinancingSurplusCurrentDisclosure" xlink:label="rj_LiabilitiesFinancingSurplusCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFinancingSurplusCurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesFinancingSurplusCurrentPolicy" xlink:label="rj_LiabilitiesFinancingSurplusCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFinancingSurplusCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFinancingSurplusCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesFinancingSurplusCurrent" xlink:label="rj_LiabilitiesFinancingSurplusCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFinancingSurplusCurrent_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_304_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFinancingSurplusCurrent_loc" xlink:to="rj_RJ_2026-01-01_655_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsDisclosure" xlink:label="rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsPolicy" xlink:label="rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFromRealEstateSoldSubjectTermsConditionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesFromRealEstateSoldSubjectTermsConditions" xlink:label="rj_LiabilitiesFromRealEstateSoldSubjectTermsConditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesFromRealEstateSoldSubjectTermsConditions_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentDebtsAcquiredOnTakeover" xlink:label="rj_LiabilitiesNoncurrentDebtsAcquiredOnTakeover_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentDebtsAcquiredOnTakeover_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentDebtsDisposedOnDisposal" xlink:label="rj_LiabilitiesNoncurrentDebtsDisposedOnDisposal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentDebtsDisposedOnDisposal_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentExchangeRateChanges" xlink:label="rj_LiabilitiesNoncurrentExchangeRateChanges_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentExchangeRateChanges_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentImmediateExigibilityAmount" xlink:label="rj_LiabilitiesNoncurrentImmediateExigibilityAmount_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_408_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentImmediateExigibilityAmount_loc" xlink:to="rj_RJ_2026-01-01_254_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentImmediateExigibilityDescription" xlink:label="rj_LiabilitiesNoncurrentImmediateExigibilityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentImmediateExigibilityDescription_loc" xlink:to="rj_RJ_2026-01-01_254_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentImpositionAmortization" xlink:label="rj_LiabilitiesNoncurrentImpositionAmortization_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentImpositionAmortization_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentInterestRate" xlink:label="rj_LiabilitiesNoncurrentInterestRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentInterestRate_loc" xlink:to="rj_RJ_2026-01-01_254_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentMaturityExceedingOneYearWithinFiveYears" xlink:label="rj_LiabilitiesNoncurrentMaturityExceedingOneYearWithinFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentMaturityExceedingOneYearWithinFiveYears_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentMaturityLessThanOneYear" xlink:label="rj_LiabilitiesNoncurrentMaturityLessThanOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentMaturityLessThanOneYear_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentMovementOther" xlink:label="rj_LiabilitiesNoncurrentMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentMovementOther_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentMovement" xlink:label="rj_LiabilitiesNoncurrentMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentMovement_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentNewFinancing" xlink:label="rj_LiabilitiesNoncurrentNewFinancing_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentNewFinancing_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentRepayments" xlink:label="rj_LiabilitiesNoncurrentRepayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentRepayments_loc" xlink:to="rj_RJ_2026-01-01_254_408a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentSecuredAmount" xlink:label="rj_LiabilitiesNoncurrentSecuredAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentSecuredAmount_loc" xlink:to="rj_RJ_2026-01-01_254_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentSecuredAmount_loc" xlink:to="rj_RJ_2026-01-01_315_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesNoncurrentToParticipatingInterestsExerciseSignificantInfluence" xlink:label="rj_LiabilitiesNoncurrentToParticipatingInterestsExerciseSignificantInfluence_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesNoncurrentToParticipatingInterestsExerciseSignificantInfluence_loc" xlink:to="rj_RJ_2026-01-01_254_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesOtherDisclosure" xlink:label="rj_LiabilitiesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesOtherPolicy" xlink:label="rj_LiabilitiesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesOther" xlink:label="rj_LiabilitiesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesOther_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilitiesRepaymentDate" xlink:label="rj_LiabilitiesRepaymentDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilitiesRepaymentDate_loc" xlink:to="rj_RJ_2026-01-01_254_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilityAdequacyTestAggregatedLevelOfAnalysisDescription" xlink:label="rj_LiabilityAdequacyTestAggregatedLevelOfAnalysisDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_554_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_554_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>554</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilityAdequacyTestAggregatedLevelOfAnalysisDescription_loc" xlink:to="rj_RJ_2026-01-01_605_554_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilityAdequacyTestDisclosure" xlink:label="rj_LiabilityAdequacyTestDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilityAdequacyTestDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_554_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilityAdequacyTestMethodAdjustmentBalanceSheetValueDescription" xlink:label="rj_LiabilityAdequacyTestMethodAdjustmentBalanceSheetValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_556_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_556_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>556</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilityAdequacyTestMethodAdjustmentBalanceSheetValueDescription_loc" xlink:to="rj_RJ_2026-01-01_605_556_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilityAdequacyTestPoliciesMethodsDescription" xlink:label="rj_LiabilityAdequacyTestPoliciesMethodsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilityAdequacyTestPoliciesMethodsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_554_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_555_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_555_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>555</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilityAdequacyTestPoliciesMethodsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_555_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilityAdequacyTestResultsDescription" xlink:label="rj_LiabilityAdequacyTestResultsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilityAdequacyTestResultsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_554_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilityAdequacyTestResultsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_555_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiabilityDebtOfOthersDescription" xlink:label="rj_LiabilityDebtOfOthersDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_108_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_108_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>108</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiabilityDebtOfOthersDescription_loc" xlink:to="rj_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiableEquityCapitalDisclosure" xlink:label="rj_LiableEquityCapitalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiableEquityCapitalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_240_619_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiableEquityCapital" xlink:label="rj_LiableEquityCapital_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiableEquityCapital_loc" xlink:to="rj_RJ_2026-01-01_240_619_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsChangesDuringPeriodConcessionAgreementClassificationDescription" xlink:label="rj_LicensingAgreementsChangesDuringPeriodConcessionAgreementClassificationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_390_102_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_390_102_D_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsChangesDuringPeriodConcessionAgreementClassificationDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsDescription" xlink:label="rj_LicensingAgreementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_390_102_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_390_102_A_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_390_102_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_390_102_B_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_390_102_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_390_102_C_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsDisclosure" xlink:label="rj_LicensingAgreementsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_390_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_390_102_ref">
      <ref:Chapter>390</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>102</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_390_102_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_390_102_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsKeyTermsDescription" xlink:label="rj_LicensingAgreementsKeyTermsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsKeyTermsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsNatureAndExtentAssetTransferObligationsDescription" xlink:label="rj_LicensingAgreementsNatureAndExtentAssetTransferObligationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsNatureAndExtentAssetTransferObligationsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsNatureAndExtentExtensionTerminationOptionsDescription" xlink:label="rj_LicensingAgreementsNatureAndExtentExtensionTerminationOptionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsNatureAndExtentExtensionTerminationOptionsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsNatureAndExtentOfRightsofUseSpecificAssetsDescription" xlink:label="rj_LicensingAgreementsNatureAndExtentOfRightsofUseSpecificAssetsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsNatureAndExtentOfRightsofUseSpecificAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsNatureAndExtentOfServiceObligationsRightsDescription" xlink:label="rj_LicensingAgreementsNatureAndExtentOfServiceObligationsRightsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsNatureAndExtentOfServiceObligationsRightsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsNatureAndExtentOtherRightsObligationsDescription" xlink:label="rj_LicensingAgreementsNatureAndExtentOtherRightsObligationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsNatureAndExtentOtherRightsObligationsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsNatureAndExtentPropertyPlantEquipmentObligationsDescription" xlink:label="rj_LicensingAgreementsNatureAndExtentPropertyPlantEquipmentObligationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsNatureAndExtentPropertyPlantEquipmentObligationsDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LicensingAgreementsOutlineDescription" xlink:label="rj_LicensingAgreementsOutlineDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LicensingAgreementsOutlineDescription_loc" xlink:to="rj_RJ_2026-01-01_390_102_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LineItemsOtherIncomeStatementNoImpactReceiptsPayments" xlink:label="rj_LineItemsOtherIncomeStatementNoImpactReceiptsPayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LineItemsOtherIncomeStatementNoImpactReceiptsPayments_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LineItemsOtherIncomeStatementReceiptsPaymentsNotConsideredOperatingActivities" xlink:label="rj_LineItemsOtherIncomeStatementReceiptsPaymentsNotConsideredOperatingActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LineItemsOtherIncomeStatementReceiptsPaymentsNotConsideredOperatingActivities_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LiquidInvestmentsCurrent" xlink:label="rj_LiquidInvestmentsCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LiquidInvestmentsCurrent_loc" xlink:to="rj_RJ_2026-01-01_615_302a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsCurrent" xlink:label="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_222_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_222_311_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsCurrent_loc" xlink:to="rj_RJ_2026-01-01_222_311_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_413_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_413_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>413</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsCurrent_loc" xlink:to="rj_RJ_2026-01-01_640_413_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_328_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_328_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>328</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsCurrent_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsNoncurrent" xlink:label="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectorsNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectors" xlink:label="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectors_loc" xlink:to="rj_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectors_loc" xlink:to="rj_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectors_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfManagingDirectorsFormerManagingDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsCurrent" xlink:label="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsCurrent_loc" xlink:to="rj_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsCurrent_loc" xlink:to="rj_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsCurrent_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsCurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsNoncurrent" xlink:label="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectorsNoncurrent_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectors" xlink:label="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="rj_RJ_2026-01-01_222_311_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="rj_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LoansAdvancesGuaranteesOnBehalfOfSupervisoryDirectorsFormerSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LocationActualActivitiesDescription" xlink:label="rj_LocationActualActivitiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_300_105_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_300_105_A_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LocationActualActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_300_105_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LocationActualActivitiesDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LotteriesIncomeDisclosure" xlink:label="rj_LotteriesIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LotteriesIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LotteriesIncomePolicy" xlink:label="rj_LotteriesIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LotteriesIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LotteriesIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_LotteriesIncome" xlink:label="rj_LotteriesIncome_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_209_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LotteriesIncome_loc" xlink:to="rj_RJ_2026-01-01_640_209_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LotteriesIncome_loc" xlink:to="rj_RJ_2026-01-01_650_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_LotteriesIncome_loc" xlink:to="rj_RJk_2026-01-01_C2_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MacroControlInstrumentFinalDeterminationDescription" xlink:label="rj_MacroControlInstrumentFinalDeterminationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_407_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MacroControlInstrumentFinalDeterminationDescription_loc" xlink:to="rj_RJ_2026-01-01_655_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MacroControlInstrumentLiabilityOrProvisionDescription" xlink:label="rj_MacroControlInstrumentLiabilityOrProvisionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MacroControlInstrumentLiabilityOrProvisionDescription_loc" xlink:to="rj_RJ_2026-01-01_655_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MacroControlInstrumentTaxableBasis" xlink:label="rj_MacroControlInstrumentTaxableBasis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MacroControlInstrumentTaxableBasis_loc" xlink:to="rj_RJ_2026-01-01_655_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MagnitudeAndMethodRemunerationDescription" xlink:label="rj_MagnitudeAndMethodRemunerationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_404_104_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_404_104_ref">
      <ref:Chapter>404</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>104</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MagnitudeAndMethodRemunerationDescription_loc" xlink:to="rj_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MagnitudeProcessedCompensationsDescription" xlink:label="rj_MagnitudeProcessedCompensationsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2021-03-10_RJU2021-6_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2021-03-10_RJU2021-6_ref">
      <ref:Chapter>RJ-Uiting 2021-6</ref:Chapter>
      <ref:IssueDate>2021-03-10</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MagnitudeProcessedCompensationsDescription_loc" xlink:to="rj_RJ_2021-03-10_RJU2021-6_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MagnitudeRisksInsuranceDescription" xlink:label="rj_MagnitudeRisksInsuranceDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_703_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_703_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MagnitudeRisksInsuranceDescription_loc" xlink:to="rj_RJ_2026-01-01_605_703_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainAssumptionsForDeterminingMarketValueDescription" xlink:label="rj_MainAssumptionsForDeterminingMarketValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainAssumptionsForDeterminingMarketValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainAssumptionsProcessedMajorMaintenanceProvisionDescription" xlink:label="rj_MainAssumptionsProcessedMajorMaintenanceProvisionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_708_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_708_C_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>708</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainAssumptionsProcessedMajorMaintenanceProvisionDescription_loc" xlink:to="rj_RJ_2026-01-01_212_708_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainCharactaristicsOfPensionArrangementsDescription" xlink:label="rj_MainCharactaristicsOfPensionArrangementsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainCharactaristicsOfPensionArrangementsDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainDifferencesEffectiveTaxRatePreviousYearDescription" xlink:label="rj_MainDifferencesEffectiveTaxRatePreviousYearDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainDifferencesEffectiveTaxRatePreviousYearDescription_loc" xlink:to="rj_RJ_2026-01-01_272_706_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainDifferencesParametersSolvencyCapitalRequirementDescription" xlink:label="rj_MainDifferencesParametersSolvencyCapitalRequirementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainDifferencesParametersSolvencyCapitalRequirementDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainDiscussionTopicsExternalAuditorDescription" xlink:label="rj_MainDiscussionTopicsExternalAuditorDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105g_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105g_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105g</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainDiscussionTopicsExternalAuditorDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105g_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainEventsSixMonthsDescription" xlink:label="rj_MainEventsSixMonthsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainEventsSixMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_394_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainGoalTargetGroupDescription" xlink:label="rj_MainGoalTargetGroupDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainGoalTargetGroupDescription_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainPurposeFinancialLeaseLessorDescription" xlink:label="rj_MainPurposeFinancialLeaseLessorDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_311_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_311_F_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainPurposeFinancialLeaseLessorDescription_loc" xlink:to="rj_RJ_2026-01-01_292_311_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainPurposeOperationalLeaseLessorDescription" xlink:label="rj_MainPurposeOperationalLeaseLessorDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_319_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_319_C_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>319</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainPurposeOperationalLeaseLessorDescription_loc" xlink:to="rj_RJ_2026-01-01_292_319_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainRiskHumanRightsActivitiesDescription" xlink:label="rj_MainRiskHumanRightsActivitiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_3014_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_3014_C_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>3014</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainRiskHumanRightsActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainRisksEnvironmentSocialPersonnelAspectsActivitiesDescription" xlink:label="rj_MainRisksEnvironmentSocialPersonnelAspectsActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainRisksEnvironmentSocialPersonnelAspectsActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainRisksFightAgainstCorruptionAndBriberyDescription" xlink:label="rj_MainRisksFightAgainstCorruptionAndBriberyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainRisksFightAgainstCorruptionAndBriberyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainRisksUncertaintiesSixMonthsDescription" xlink:label="rj_MainRisksUncertaintiesSixMonthsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainRisksUncertaintiesSixMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_394_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainStrategicOperationalComplianceReportingRisksDescription" xlink:label="rj_MainStrategicOperationalComplianceReportingRisksDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainStrategicOperationalComplianceReportingRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4044_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainTopicsFocusSupervisoryBoardDescription" xlink:label="rj_MainTopicsFocusSupervisoryBoardDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainTopicsFocusSupervisoryBoardDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105h_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainTopicsRegulationsCommissionsSupervisoryBoardDescription" xlink:label="rj_MainTopicsRegulationsCommissionsSupervisoryBoardDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainTopicsRegulationsCommissionsSupervisoryBoardDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105h_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainTransactionsRelatedPartySixMonthsDescription" xlink:label="rj_MainTransactionsRelatedPartySixMonthsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_394_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_394_503_ref">
      <ref:Chapter>394</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainTransactionsRelatedPartySixMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_394_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MainUncertainciesProcessedMajorMaintenanceProvisionDescription" xlink:label="rj_MainUncertainciesProcessedMajorMaintenanceProvisionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MainUncertainciesProcessedMajorMaintenanceProvisionDescription_loc" xlink:to="rj_RJ_2026-01-01_212_708_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaintenanceAndEnergyExpensesDisclosure" xlink:label="rj_MaintenanceAndEnergyExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaintenanceAndEnergyExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaintenanceAndEnergyExpensesPolicy" xlink:label="rj_MaintenanceAndEnergyExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaintenanceAndEnergyExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaintenanceAndEnergyExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaintenanceAndEnergyExpenses" xlink:label="rj_MaintenanceAndEnergyExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaintenanceAndEnergyExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementAndAccountingCostsDisclosure" xlink:label="rj_ManagementAndAccountingCostsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementAndAccountingCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementAndAccountingCostsPolicy" xlink:label="rj_ManagementAndAccountingCostsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementAndAccountingCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementAndAccountingCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementAndAccountingCosts" xlink:label="rj_ManagementAndAccountingCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementAndAccountingCosts_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementAndAccountingCosts_loc" xlink:to="rj_RJk_2026-01-01_C2_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpectationsMainDevelopmentsDescription" xlink:label="rj_ManagementExpectationsMainDevelopmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpectationsMainDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpectationsMainDevelopmentsOfChangesInReservesAndProvisionsDescription" xlink:label="rj_ManagementExpectationsMainDevelopmentsOfChangesInReservesAndProvisionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpectationsMainDevelopmentsOfChangesInReservesAndProvisionsDescription_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpectationsMainDevelopmentsOfContractActivitiesDescription" xlink:label="rj_ManagementExpectationsMainDevelopmentsOfContractActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpectationsMainDevelopmentsOfContractActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpectationsMainDevelopmentsOfHousingPoliciesDescription" xlink:label="rj_ManagementExpectationsMainDevelopmentsOfHousingPoliciesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpectationsMainDevelopmentsOfHousingPoliciesDescription_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpectationsMainDevelopmentsOfIncomeExpensesDescription" xlink:label="rj_ManagementExpectationsMainDevelopmentsOfIncomeExpensesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpectationsMainDevelopmentsOfIncomeExpensesDescription_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpectationsMainDevelopmentsOfOtherPlannedInvestmentsProjectsDescription" xlink:label="rj_ManagementExpectationsMainDevelopmentsOfOtherPlannedInvestmentsProjectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpectationsMainDevelopmentsOfOtherPlannedInvestmentsProjectsDescription_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpensesDisclosure" xlink:label="rj_ManagementExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpensesInterestExpensesPaid" xlink:label="rj_ManagementExpensesInterestExpensesPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpensesInterestExpensesPaid_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpensesOtherDisclosure" xlink:label="rj_ManagementExpensesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpensesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpensesOtherPolicy" xlink:label="rj_ManagementExpensesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpensesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpensesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpensesPolicy" xlink:label="rj_ManagementExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementExpenses" xlink:label="rj_ManagementExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpenses_loc" xlink:to="rj_RJ_2026-01-01_615_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpenses_loc" xlink:to="rj_RJ_2026-01-01_615_306_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementExpenses_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementFeesDisclosure" xlink:label="rj_ManagementFeesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementFeesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementFeesPolicy" xlink:label="rj_ManagementFeesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementFees" xlink:label="rj_ManagementFees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementFees_loc" xlink:to="rj_RJ_2026-01-01_615_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementIntentionsDecisionsFinancialTranslationsDescription" xlink:label="rj_ManagementIntentionsDecisionsFinancialTranslationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementIntentionsDecisionsFinancialTranslationsDescription_loc" xlink:to="rj_RJ_2026-01-01_640_516_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementIntentionsDecisionsFinancialTranslationsDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ManagementSupervisoryBodyInformation" xlink:label="rj_ManagementSupervisoryBodyInformation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ManagementSupervisoryBodyInformation_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MarketValueOfRealEstateInOperationValuationByIndependentExpertDescription" xlink:label="rj_MarketValueOfRealEstateInOperationValuationByIndependentExpertDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_302_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_302_F_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MarketValueOfRealEstateInOperationValuationByIndependentExpertDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MarketingCostsDisclosure" xlink:label="rj_MarketingCostsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MarketingCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MarketingCostsPolicy" xlink:label="rj_MarketingCostsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MarketingCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MarketingCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MarketingCosts" xlink:label="rj_MarketingCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MarketingCosts_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MatchingRiskDescription" xlink:label="rj_MatchingRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MatchingRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaterialChangesRemunerationPolicyDescription" xlink:label="rj_MaterialChangesRemunerationPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaterialChangesRemunerationPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaterialConsequencesDefferedTaxesMainDifferencesTaxRateDescription" xlink:label="rj_MaterialConsequencesDefferedTaxesMainDifferencesTaxRateDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_716_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_716_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>716</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaterialConsequencesDefferedTaxesMainDifferencesTaxRateDescription_loc" xlink:to="rj_RJ_2026-01-01_272_716_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaterialImpactDeferredTaxesSignificantChangesTaxRateLegislationAfterBalanceSheetDateExplanation" xlink:label="rj_MaterialImpactDeferredTaxesSignificantChangesTaxRateLegislationAfterBalanceSheetDateExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaterialImpactDeferredTaxesSignificantChangesTaxRateLegislationAfterBalanceSheetDateExplanation_loc" xlink:to="rj_RJ_2026-01-01_272_716_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaterialImpairmentLossIndividualAsset" xlink:label="rj_MaterialImpairmentLossIndividualAsset_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_325b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_325b_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>325b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaterialImpairmentLossIndividualAsset_loc" xlink:to="rj_RJk_2026-01-01_A2_325b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaterialImpairmentLossMainEventsOrCircumstancesThatLedToRecognitionDescription" xlink:label="rj_MaterialImpairmentLossMainEventsOrCircumstancesThatLedToRecognitionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_326_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_326_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>326</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaterialImpairmentLossMainEventsOrCircumstancesThatLedToRecognitionDescription_loc" xlink:to="rj_RJk_2026-01-01_A2_326_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaterialIndividualItemsDescription" xlink:label="rj_MaterialIndividualItemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaterialIndividualItemsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MaterialRisksUncertaintiesRelevantForContinuityDescription" xlink:label="rj_MaterialRisksUncertaintiesRelevantForContinuityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_NCGC_PEBPB_1.4.3_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_NCGC_PEBPB_1.4.3_ref">
      <ref:Chapter>Principes en best practice bepalingen</ref:Chapter>
      <ref:Name>Nederlandse Corporate Governance Code</ref:Name>
      <ref:Paragraph>1.4.3</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaterialRisksUncertaintiesRelevantForContinuityDescription_loc" xlink:to="rj_NCGC_PEBPB_1.4.3_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MaterialRisksUncertaintiesRelevantForContinuityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4044_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MattersPoliticalSocialImpactDescription" xlink:label="rj_MattersPoliticalSocialImpactDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MattersPoliticalSocialImpactDescription_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MeasuresAimedAtRespectForPrivacyAndTheLocalEnvironmentDescription" xlink:label="rj_MeasuresAimedAtRespectForPrivacyAndTheLocalEnvironmentDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_427_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_427_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>427</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MeasuresAimedAtRespectForPrivacyAndTheLocalEnvironmentDescription_loc" xlink:to="rj_RJ_2026-01-01_920_427_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MeasuresAndPerformanceByIndicatorsDescription" xlink:label="rj_MeasuresAndPerformanceByIndicatorsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MeasuresAndPerformanceByIndicatorsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MeasuresForInfluencingCultureBehaviourMotivationEmployeesDescription" xlink:label="rj_MeasuresForInfluencingCultureBehaviourMotivationEmployeesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1061_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1061_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1061</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MeasuresForInfluencingCultureBehaviourMotivationEmployeesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1061_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MeasuresToPreventBriberyAndCorruptionDescription" xlink:label="rj_MeasuresToPreventBriberyAndCorruptionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_431_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_431_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>431</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MeasuresToPreventBriberyAndCorruptionDescription_loc" xlink:to="rj_RJ_2026-01-01_920_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MemberContributionsDisclosure" xlink:label="rj_MemberContributionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MemberContributionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MemberContributionsPolicy" xlink:label="rj_MemberContributionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MemberContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MemberContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MemberContributions" xlink:label="rj_MemberContributions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MemberContributions_loc" xlink:to="rj_RJ_2026-01-01_640_320_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MemberPaymentsDisclosure" xlink:label="rj_MemberPaymentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MemberPaymentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MemberPaymentsPolicy" xlink:label="rj_MemberPaymentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MemberPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MemberPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MemberPayments" xlink:label="rj_MemberPayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MemberPayments_loc" xlink:to="rj_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergerExpensesDisclosure" xlink:label="rj_MergerExpensesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_305_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergerExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_216_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsAcquireeDescription" xlink:label="rj_MergersAcquisitionsAcquireeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsAcquireeDescription_loc" xlink:to="rj_RJ_2026-01-01_216_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B3_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B3_203_ref">
      <ref:Chapter>B3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsAcquireeDescription_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsDateAcquisition" xlink:label="rj_MergersAcquisitionsDateAcquisition_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsDateAcquisition_loc" xlink:to="rj_RJ_2026-01-01_216_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsDateAcquisition_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsDisclosure" xlink:label="rj_MergersAcquisitionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_216_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsDiscontinuedOperationsFollowingMergerAcquisitionDescription" xlink:label="rj_MergersAcquisitionsDiscontinuedOperationsFollowingMergerAcquisitionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsDiscontinuedOperationsFollowingMergerAcquisitionDescription_loc" xlink:to="rj_RJ_2026-01-01_216_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsDivestituresAndOutsourcingInTheContextOfCorporateSocialResponsibilityDescription" xlink:label="rj_MergersAcquisitionsDivestituresAndOutsourcingInTheContextOfCorporateSocialResponsibilityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_436_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_436_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>436</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsDivestituresAndOutsourcingInTheContextOfCorporateSocialResponsibilityDescription_loc" xlink:to="rj_RJ_2026-01-01_920_436_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsMethodProcessingDescription" xlink:label="rj_MergersAcquisitionsMethodProcessingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsMethodProcessingDescription_loc" xlink:to="rj_RJ_2026-01-01_216_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsMethodProcessingDescription_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsNameAcquiree" xlink:label="rj_MergersAcquisitionsNameAcquiree_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsNameAcquiree_loc" xlink:to="rj_RJ_2026-01-01_216_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsNameAcquiree_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAcquisitionsPercentageVotingRightsAcquired" xlink:label="rj_MergersAcquisitionsPercentageVotingRightsAcquired_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsPercentageVotingRightsAcquired_loc" xlink:to="rj_RJ_2026-01-01_216_402_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAcquisitionsPercentageVotingRightsAcquired_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MergersAndAcquisitionsRealizedAfterBalanceSheetDateDescription" xlink:label="rj_MergersAndAcquisitionsRealizedAfterBalanceSheetDateDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_410_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MergersAndAcquisitionsRealizedAfterBalanceSheetDateDescription_loc" xlink:to="rj_RJ_2026-01-01_216_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodActionSpecificPurposeYieldsMoreOfGiftRejectedDescription" xlink:label="rj_MethodActionSpecificPurposeYieldsMoreOfGiftRejectedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_310_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_310_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>310</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodActionSpecificPurposeYieldsMoreOfGiftRejectedDescription_loc" xlink:to="rj_RJ_2026-01-01_650_310_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_307_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodActionSpecificPurposeYieldsMoreOfGiftRejectedDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodActualCostPricePropertyPlantEquipmentActualValueDescription" xlink:label="rj_MethodActualCostPricePropertyPlantEquipmentActualValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_705_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_705_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodActualCostPricePropertyPlantEquipmentActualValueDescription_loc" xlink:to="rj_RJ_2026-01-01_212_705_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodActualCostPricePropertyPlantEquipmentRealisableValueDescription" xlink:label="rj_MethodActualCostPricePropertyPlantEquipmentRealisableValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodActualCostPricePropertyPlantEquipmentRealisableValueDescription_loc" xlink:to="rj_RJ_2026-01-01_212_705_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodActualCostPricePropertyPlantEquipmentValueInUseDescription" xlink:label="rj_MethodActualCostPricePropertyPlantEquipmentValueInUseDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodActualCostPricePropertyPlantEquipmentValueInUseDescription_loc" xlink:to="rj_RJ_2026-01-01_212_705_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodAlternativeMeasuresInternalAuditFunctionDescription" xlink:label="rj_MethodAlternativeMeasuresInternalAuditFunctionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodAlternativeMeasuresInternalAuditFunctionDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodCalculationAppliedTaxRateDescription" xlink:label="rj_MethodCalculationAppliedTaxRateDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_704_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_704_A_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>704</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodCalculationAppliedTaxRateDescription_loc" xlink:to="rj_RJ_2026-01-01_272_704_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodCalculationEffectiveTaxRateDescription" xlink:label="rj_MethodCalculationEffectiveTaxRateDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_704_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_704_B_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>704</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodCalculationEffectiveTaxRateDescription_loc" xlink:to="rj_RJ_2026-01-01_272_704_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodCalculationKeyFiguresNotDerivedFinancialStatements" xlink:label="rj_MethodCalculationKeyFiguresNotDerivedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodCalculationKeyFiguresNotDerivedFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodCalculationKeyRatiosNotDerivedFinancialStatements" xlink:label="rj_MethodCalculationKeyRatiosNotDerivedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodCalculationKeyRatiosNotDerivedFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodCalculationRemunerationAndPayOutsDescription" xlink:label="rj_MethodCalculationRemunerationAndPayOutsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodCalculationRemunerationAndPayOutsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodComplianceAuditCommissionDescription" xlink:label="rj_MethodComplianceAuditCommissionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodComplianceAuditCommissionDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105g_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodComponentsProvisionDamageBenefitsDescription" xlink:label="rj_MethodComponentsProvisionDamageBenefitsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodComponentsProvisionDamageBenefitsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodDeterminationEconomicActvitiesDescription" xlink:label="rj_MethodDeterminationEconomicActvitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodDeterminationEconomicActvitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodDeterminationNotEconomicActvitiesDescription" xlink:label="rj_MethodDeterminationNotEconomicActvitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodDeterminationNotEconomicActvitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodForDetermingValuationComplexDescription" xlink:label="rj_MethodForDetermingValuationComplexDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodForDetermingValuationComplexDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodForDeterminigMarketValueDescription" xlink:label="rj_MethodForDeterminigMarketValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodForDeterminigMarketValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodFrequencyProcessEvaluationDescription" xlink:label="rj_MethodFrequencyProcessEvaluationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodFrequencyProcessEvaluationDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105f_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodNonDependentSupervisoryBoardNoPartialInterestDescription" xlink:label="rj_MethodNonDependentSupervisoryBoardNoPartialInterestDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodNonDependentSupervisoryBoardNoPartialInterestDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105d_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodReceivedCompensationDescription" xlink:label="rj_MethodReceivedCompensationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodReceivedCompensationDescription_loc" xlink:to="rj_RJ_2026-01-01_292_509_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodSpecialPurposeFundFromWhichDestinationIsLostDescription" xlink:label="rj_MethodSpecialPurposeFundFromWhichDestinationIsLostDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodSpecialPurposeFundFromWhichDestinationIsLostDescription_loc" xlink:to="rj_RJ_2026-01-01_650_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodUsedDetermineRevaluationReserveDescription" xlink:label="rj_MethodUsedDetermineRevaluationReserveDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_207_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodUsedDetermineRevaluationReserveDescription_loc" xlink:to="rj_RJ_2026-01-01_645_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodValuationEquityDescription" xlink:label="rj_MethodValuationEquityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403a_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403a_A_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403a</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodValuationEquityDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodValuationNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure" xlink:label="rj_MethodValuationNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodValuationNonFinancialInstrumentsAcceptedOnRegulatedMarketOrOtherMarketFinancialInstrumentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MethodsUsedForFundraisingDescription" xlink:label="rj_MethodsUsedForFundraisingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodsUsedForFundraisingDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MethodsUsedForFundraisingDescription_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MinimumReturnGuaranteeLiabilityDisclosure" xlink:label="rj_MinimumReturnGuaranteeLiabilityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MinimumReturnGuaranteeLiabilityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MinimumReturnGuaranteeLiabilityPolicy" xlink:label="rj_MinimumReturnGuaranteeLiabilityPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MinimumReturnGuaranteeLiabilityPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MinimumReturnGuaranteeLiabilityPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_553_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_553_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>553</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MinimumReturnGuaranteeLiabilityPolicy_loc" xlink:to="rj_RJ_2026-01-01_605_553_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MinimumReturnGuaranteeLiability" xlink:label="rj_MinimumReturnGuaranteeLiability_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_209_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MinimumReturnGuaranteeLiability_loc" xlink:to="rj_RJ_2026-01-01_605_209_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_210_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_210_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>210</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MinimumReturnGuaranteeLiability_loc" xlink:to="rj_RJ_2026-01-01_605_210_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MoneyMarketFunds" xlink:label="rj_MoneyMarketFunds_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MoneyMarketFunds_loc" xlink:to="rj_RJ_2026-01-01_360_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MoneyOrSharesRedeemableLoansConditionsConversion" xlink:label="rj_MoneyOrSharesRedeemableLoansConditionsConversion_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_254_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_254_407_ref">
      <ref:Chapter>254</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MoneyOrSharesRedeemableLoansConditionsConversion_loc" xlink:to="rj_RJ_2026-01-01_254_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MonitoringEvaluatingAchievementResultsAndRealizationImprovementDescription" xlink:label="rj_MonitoringEvaluatingAchievementResultsAndRealizationImprovementDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_407_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MonitoringEvaluatingAchievementResultsAndRealizationImprovementDescription_loc" xlink:to="rj_RJ_2026-01-01_650_407_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MonitoringEvaluatingAchievementResultsAndRealizationImprovementDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MortalityProvisionBalanceInsurance" xlink:label="rj_MortalityProvisionBalanceInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MortalityProvisionBalanceInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MostImportantActivitiesEntityDescription" xlink:label="rj_MostImportantActivitiesEntityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_300_105_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_300_105_B_ref">
      <ref:Chapter>300</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MostImportantActivitiesEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_300_105_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MostImportantActivitiesEntityDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B18_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MostImportantConditionsFinancialInstrumentsLegalFormClassifiedAsEquityDescription" xlink:label="rj_MostImportantConditionsFinancialInstrumentsLegalFormClassifiedAsEquityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_621_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_621_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>621</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MostImportantConditionsFinancialInstrumentsLegalFormClassifiedAsEquityDescription_loc" xlink:to="rj_RJ_2026-01-01_240_621_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MovementBorrowingsCurrent" xlink:label="rj_MovementBorrowingsCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MovementBorrowingsCurrent_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MovementBorrowingsNoncurrent" xlink:label="rj_MovementBorrowingsNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MovementBorrowingsNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MovementDebtsCurrent" xlink:label="rj_MovementDebtsCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MovementDebtsCurrent_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MovementDepositsReinsurers" xlink:label="rj_MovementDepositsReinsurers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MovementDepositsReinsurers_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MovementInvestmentsRiskOfPolicyholders" xlink:label="rj_MovementInvestmentsRiskOfPolicyholders_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MovementInvestmentsRiskOfPolicyholders_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MovementTreasuryShares" xlink:label="rj_MovementTreasuryShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MovementTreasuryShares_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MovementsOtherOwnShares" xlink:label="rj_MovementsOtherOwnShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MovementsOtherOwnShares_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MultiAnnualBudgetsDisclosure" xlink:label="rj_MultiAnnualBudgetsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MultiAnnualBudgetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MultiAnnualOverviewDisclosure" xlink:label="rj_MultiAnnualOverviewDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MultiAnnualOverviewDisclosure_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MultiAnnualOverviewDisclosure_loc" xlink:to="rj_RJ_2026-01-01_430_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MutationReportingYearAcquisitionCosts" xlink:label="rj_MutationReportingYearAcquisitionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MutationReportingYearAcquisitionCosts_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MutationReportingYearInterestRateDiscount" xlink:label="rj_MutationReportingYearInterestRateDiscount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MutationReportingYearInterestRateDiscount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NamePartyOutsourcedManagementOfInvestmentEntityDescription" xlink:label="rj_NamePartyOutsourcedManagementOfInvestmentEntityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_G_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NamePartyOutsourcedManagementOfInvestmentEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NamePartyOutsourcingCustodyAssetsInvestmentEntityDescription" xlink:label="rj_NamePartyOutsourcingCustodyAssetsInvestmentEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NamePartyOutsourcingCustodyAssetsInvestmentEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NamesDirectorsOfACompanyAssociationCooperativeMutualtrustOrFoundationDescription" xlink:label="rj_NamesDirectorsOfACompanyAssociationCooperativeMutualtrustOrFoundationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_410_103_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_410_103_ref">
      <ref:Chapter>410</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>103</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NamesDirectorsOfACompanyAssociationCooperativeMutualtrustOrFoundationDescription_loc" xlink:to="rj_RJ_2026-01-01_410_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NaturalPersonsTotalYearlyRemunerationOneMillionEuroIncludingBusinessUnitDescription" xlink:label="rj_NaturalPersonsTotalYearlyRemunerationOneMillionEuroIncludingBusinessUnitDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NaturalPersonsTotalYearlyRemunerationOneMillionEuroIncludingBusinessUnitDescription_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureCostsProcessedMajorMaintenanceProvisionDescription" xlink:label="rj_NatureCostsProcessedMajorMaintenanceProvisionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_708_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_708_B_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>708</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureCostsProcessedMajorMaintenanceProvisionDescription_loc" xlink:to="rj_RJ_2026-01-01_212_708_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureDependencySupervisoryBoardDescription" xlink:label="rj_NatureDependencySupervisoryBoardDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureDependencySupervisoryBoardDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105d_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureExtentRestructuringDescription" xlink:label="rj_NatureExtentRestructuringDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureExtentRestructuringDescription_loc" xlink:to="rj_RJ_2026-01-01_214_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureMainPerformanceRequirementsDescription" xlink:label="rj_NatureMainPerformanceRequirementsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureMainPerformanceRequirementsDescription_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureNowArrangementDescription" xlink:label="rj_NatureNowArrangementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureNowArrangementDescription_loc" xlink:to="rj_RJ_2020-09-14_RJU2020-13_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureOfGovernmentSubsidiesDescription" xlink:label="rj_NatureOfGovernmentSubsidiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureOfGovernmentSubsidiesDescription_loc" xlink:to="rj_RJ_2026-01-01_274_121_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureOfInstrumentOtherThanEconomicRealityDescription" xlink:label="rj_NatureOfInstrumentOtherThanEconomicRealityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_909_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_909_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>909</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureOfInstrumentOtherThanEconomicRealityDescription_loc" xlink:to="rj_RJ_2026-01-01_290_909_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureOfInstrumentOtherThanLegalNatureDescription" xlink:label="rj_NatureOfInstrumentOtherThanLegalNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureOfInstrumentOtherThanLegalNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_290_909_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NatureSectorSpecificCompensationsDescription" xlink:label="rj_NatureSectorSpecificCompensationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NatureSectorSpecificCompensationsDescription_loc" xlink:to="rj_RJ_2021-03-10_RJU2021-6_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillAccumulatedAmortisation" xlink:label="rj_NegativeGoodwillAccumulatedAmortisation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_406_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_406_C_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillAccumulatedAmortisation_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillAdditions" xlink:label="rj_NegativeGoodwillAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillAdditions_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillAdjustmentsLaterIdentifiedAssetsLiabilities" xlink:label="rj_NegativeGoodwillAdjustmentsLaterIdentifiedAssetsLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillAdjustmentsLaterIdentifiedAssetsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_406_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_406_A_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillDisclosure" xlink:label="rj_NegativeGoodwillDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillDisclosure_loc" xlink:to="rj_RJ_2026-01-01_216_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillEconomicLife" xlink:label="rj_NegativeGoodwillEconomicLife_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillEconomicLife_loc" xlink:to="rj_RJ_2026-01-01_216_406_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillFutureLossesDescription" xlink:label="rj_NegativeGoodwillFutureLossesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_406_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_406_D_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillFutureLossesDescription_loc" xlink:to="rj_RJ_2026-01-01_216_406_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillGross" xlink:label="rj_NegativeGoodwillGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillGross_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillIncomeStatementLineItemWhereRecognisedDescription" xlink:label="rj_NegativeGoodwillIncomeStatementLineItemWhereRecognisedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_216_406_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_216_406_B_ref">
      <ref:Chapter>216</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillIncomeStatementLineItemWhereRecognisedDescription_loc" xlink:to="rj_RJ_2026-01-01_216_406_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillIncomeStatementLineItemWhereRecognisedDescription_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillMovement" xlink:label="rj_NegativeGoodwillMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillMovement_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillMovementsOther" xlink:label="rj_NegativeGoodwillMovementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillPolicy" xlink:label="rj_NegativeGoodwillPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillRecognitionPeriodIncomeStatementDescription" xlink:label="rj_NegativeGoodwillRecognitionPeriodIncomeStatementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillRecognitionPeriodIncomeStatementDescription_loc" xlink:to="rj_RJ_2026-01-01_216_406_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillRecognitionPeriodIncomeStatementDescription_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillReleaseIncomeStatementNotFutureRelated" xlink:label="rj_NegativeGoodwillReleaseIncomeStatementNotFutureRelated_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillReleaseIncomeStatementNotFutureRelated_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillReleaseIncomeStatement" xlink:label="rj_NegativeGoodwillReleaseIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillReleaseIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwillWriteOffDueToDisposals" xlink:label="rj_NegativeGoodwillWriteOffDueToDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwillWriteOffDueToDisposals_loc" xlink:to="rj_RJ_2026-01-01_216_406_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeGoodwill" xlink:label="rj_NegativeGoodwill_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwill_loc" xlink:to="rj_RJ_2026-01-01_216_235_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwill_loc" xlink:to="rj_RJ_2026-01-01_216_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeGoodwill_loc" xlink:to="rj_RJk_2026-01-01_B3_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeInterestExpensesDisclosure" xlink:label="rj_NegativeInterestExpensesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_304_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeInterestExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeInterestIncomeDisclosure" xlink:label="rj_NegativeInterestIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeInterestIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NegativeRevaluationsOfPuttableFinancialInstruments" xlink:label="rj_NegativeRevaluationsOfPuttableFinancialInstruments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_824_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_824_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>824</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NegativeRevaluationsOfPuttableFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_290_824_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetAssetValueInvestmentEntityDisclosure" xlink:label="rj_NetAssetValueInvestmentEntityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetValueInvestmentEntityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetAssetValueInvestmentEntityEightyFivePercentOrMoreInvestedDisclosure" xlink:label="rj_NetAssetValueInvestmentEntityEightyFivePercentOrMoreInvestedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetValueInvestmentEntityEightyFivePercentOrMoreInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetValueInvestmentEntityEightyFivePercentOrMoreInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetAssetValueInvestmentEntityEightyFivePercentOrMoreInvested" xlink:label="rj_NetAssetValueInvestmentEntityEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetValueInvestmentEntityEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetAssetValueInvestmentEntity" xlink:label="rj_NetAssetValueInvestmentEntity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetValueInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetAssetValuePerParticipationRightEightyFivePercentOrMoreInvested" xlink:label="rj_NetAssetValuePerParticipationRightEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetValuePerParticipationRightEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetValuePerParticipationRightEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetAssetValuePerParticipationRight" xlink:label="rj_NetAssetValuePerParticipationRight_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetValuePerParticipationRight_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetAssets" xlink:label="rj_NetAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_302a_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_302a_C_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302a</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssets_loc" xlink:to="rj_RJ_2026-01-01_615_302a_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetCashFlows" xlink:label="rj_NetCashFlows_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetCashFlows_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetCashFlows_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetCashFlows_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetCashFlows_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetCashFlows_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetInvestmentIncomeDisclosure" xlink:label="rj_NetInvestmentIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetInvestmentIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetInvestmentIncome" xlink:label="rj_NetInvestmentIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetInvestmentIncome_loc" xlink:to="rj_RJ_2026-01-01_650_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetPensionArrangementsAgreementsCharacteristicsDescription" xlink:label="rj_NetPensionArrangementsAgreementsCharacteristicsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetPensionArrangementsAgreementsCharacteristicsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetPensionArrangementsRecognisedInFinancialStatementsDescription" xlink:label="rj_NetPensionArrangementsRecognisedInFinancialStatementsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetPensionArrangementsRecognisedInFinancialStatementsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetResultCashFlow" xlink:label="rj_NetResultCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResultCashFlow_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResultCashFlow_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResultCashFlow_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetResultDisclosure" xlink:label="rj_NetResultDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResultDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetResultDiscontinuedOperationsAssets" xlink:label="rj_NetResultDiscontinuedOperationsAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResultDiscontinuedOperationsAssets_loc" xlink:to="rj_RJ_2026-01-01_345_307_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetResultDiscontinuedOperationsLongTermLoans" xlink:label="rj_NetResultDiscontinuedOperationsLongTermLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResultDiscontinuedOperationsLongTermLoans_loc" xlink:to="rj_RJ_2026-01-01_345_307_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetResultPolicy" xlink:label="rj_NetResultPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResultPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResultPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetResult" xlink:label="rj_NetResult_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetResult_loc" xlink:to="rj_RJk_2026-01-01_C1_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetRevenueCategoryDisclosure" xlink:label="rj_NetRevenueCategoryDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetRevenueCategoryDisclosure_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetRevenueCategoryDisclosure_loc" xlink:to="rj_RJk_2026-01-01_M1_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetRevenueDescription" xlink:label="rj_NetRevenueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_603_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_603_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetRevenueDescription_loc" xlink:to="rj_RJ_2026-01-01_605_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NewBorrowings" xlink:label="rj_NewBorrowings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NewBorrowings_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NoOrLimitedAuditSixMonthsDescription" xlink:label="rj_NoOrLimitedAuditSixMonthsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_394_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_394_504_ref">
      <ref:Chapter>394</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoOrLimitedAuditSixMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_394_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NominalValueOfPresentValueDeferredTaxLiabilitiesAndAssets" xlink:label="rj_NominalValueOfPresentValueDeferredTaxLiabilitiesAndAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NominalValueOfPresentValueDeferredTaxLiabilitiesAndAssets_loc" xlink:to="rj_RJ_2026-01-01_272_707_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NominalValueRemainingPresentValueLiabilitiesAndAssets" xlink:label="rj_NominalValueRemainingPresentValueLiabilitiesAndAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_707_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_707_A_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>707</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NominalValueRemainingPresentValueLiabilitiesAndAssets_loc" xlink:to="rj_RJ_2026-01-01_272_707_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NonFinancialPerformanceIndicatorsSpecificActivitiesDescription" xlink:label="rj_NonFinancialPerformanceIndicatorsSpecificActivitiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_3014_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_3014_D_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>3014</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NonFinancialPerformanceIndicatorsSpecificActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NonFinancialStatement" xlink:label="rj_NonFinancialStatement_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_3014_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_3014_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>3014</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NonFinancialStatement_loc" xlink:to="rj_RJ_2026-01-01_400_3014_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NoncommercialActivitiesDescription" xlink:label="rj_NoncommercialActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NoncommercialActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_630_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NowArrangementPolicy" xlink:label="rj_NowArrangementPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NowArrangementPolicy_loc" xlink:to="rj_RJ_2020-09-14_RJU2020-13_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfActiveParticipants" xlink:label="rj_NumberOfActiveParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfActiveParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYearBookValue" xlink:label="rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYearBookValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_306_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYearBookValue_loc" xlink:to="rj_RJ_2026-01-01_645_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYearExpectedRealisableValue" xlink:label="rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYearExpectedRealisableValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYearExpectedRealisableValue_loc" xlink:to="rj_RJ_2026-01-01_645_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYear" xlink:label="rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfHomesForSaleExpectedToBeSoldWithinOneYear_loc" xlink:to="rj_RJ_2026-01-01_645_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfHomesForSale" xlink:label="rj_NumberOfHomesForSale_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfHomesForSale_loc" xlink:to="rj_RJ_2026-01-01_645_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfInactiveParticipants" xlink:label="rj_NumberOfInactiveParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfInactiveParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfKeepersSecuritiesDescription" xlink:label="rj_NumberOfKeepersSecuritiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfKeepersSecuritiesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfNonEERStudentsFinanciallySupportedByStudentFinancialSupportFund" xlink:label="rj_NumberOfNonEERStudentsFinanciallySupportedByStudentFinancialSupportFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfNonEERStudentsFinanciallySupportedByStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfOtherParticipants" xlink:label="rj_NumberOfOtherParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfOtherParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfParticipantsDevelopementsDescription" xlink:label="rj_NumberOfParticipantsDevelopementsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfParticipantsDevelopementsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfParticipants" xlink:label="rj_NumberOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfPensioners" xlink:label="rj_NumberOfPensioners_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfPensioners_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudentsActAsBoardMembersFinanciallySupportedByStudentFinancialSupportFund" xlink:label="rj_NumberOfStudentsActAsBoardMembersFinanciallySupportedByStudentFinancialSupportFund_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_517_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_517_B_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>517</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudentsActAsBoardMembersFinanciallySupportedByStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudentsDisclosure" xlink:label="rj_NumberOfStudentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudentsExceptionalPerformanceSportOrCultureFinanciallySupportedByStudentFinancialSupportFund" xlink:label="rj_NumberOfStudentsExceptionalPerformanceSportOrCultureFinanciallySupportedByStudentFinancialSupportFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudentsExceptionalPerformanceSportOrCultureFinanciallySupportedByStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudentsFinanciallySupportRequestedByStudentFinancialSupportFund" xlink:label="rj_NumberOfStudentsFinanciallySupportRequestedByStudentFinancialSupportFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudentsFinanciallySupportRequestedByStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudentsFinanciallySupportedByStudentFinancialSupportFund" xlink:label="rj_NumberOfStudentsFinanciallySupportedByStudentFinancialSupportFund_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_517_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_517_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>517</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudentsFinanciallySupportedByStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudentsForceMajeureSituationsFinanciallySupportedByStudentFinancialSupportFund" xlink:label="rj_NumberOfStudentsForceMajeureSituationsFinanciallySupportedByStudentFinancialSupportFund_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_517_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_517_A_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>517</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudentsForceMajeureSituationsFinanciallySupportedByStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudentsOtherFinanciallySupportedByStudentFinancialSupportFund" xlink:label="rj_NumberOfStudentsOtherFinanciallySupportedByStudentFinancialSupportFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudentsOtherFinanciallySupportedByStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudentsOutgoingScholarshipsFinanciallySupportedByStudentFinancialSupportFund" xlink:label="rj_NumberOfStudentsOutgoingScholarshipsFinanciallySupportedByStudentFinancialSupportFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudentsOutgoingScholarshipsFinanciallySupportedByStudentFinancialSupportFund_loc" xlink:to="rj_RJ_2026-01-01_660_517_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberOfStudents" xlink:label="rj_NumberOfStudents_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberOfStudents_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberSharesEachHoldersHoldsASpecialStatutoryControlLegalPersonDescription" xlink:label="rj_NumberSharesEachHoldersHoldsASpecialStatutoryControlLegalPersonDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberSharesEachHoldersHoldsASpecialStatutoryControlLegalPersonDescription_loc" xlink:to="rj_RJ_2026-01-01_410_103_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumberSharesNumberRightsGrantedByCompanyFinancialYear" xlink:label="rj_NumberSharesNumberRightsGrantedByCompanyFinancialYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumberSharesNumberRightsGrantedByCompanyFinancialYear_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumericalIndicationNotDetermined" xlink:label="rj_NumericalIndicationNotDetermined_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumericalIndicationNotDetermined_loc" xlink:to="rj_RJ_2026-01-01_140_216_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumericalReconciliationKeyFiguresWithFinancialStatements" xlink:label="rj_NumericalReconciliationKeyFiguresWithFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumericalReconciliationKeyFiguresWithFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NumericalReconciliationKeyRatiosWithFinancialStatements" xlink:label="rj_NumericalReconciliationKeyRatiosWithFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NumericalReconciliationKeyRatiosWithFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_430_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ObjectionsAchievedExtentContributeMainObjectiveDescription" xlink:label="rj_ObjectionsAchievedExtentContributeMainObjectiveDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ObjectionsAchievedExtentContributeMainObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ObjectivesAndCoreActivities" xlink:label="rj_ObjectivesAndCoreActivities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_102_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_102_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 02</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ObjectivesAndCoreActivities_loc" xlink:to="rj_RJ_2026-01-01_400_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions" xlink:label="rj_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ObligationsOnBehalfOfParticipantsPremiumPensionsInstitutionsMovement" xlink:label="rj_ObligationsOnBehalfOfParticipantsPremiumPensionsInstitutionsMovement_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_221_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_221_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>221</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ObligationsOnBehalfOfParticipantsPremiumPensionsInstitutionsMovement_loc" xlink:to="rj_RJ_2026-01-01_611_221_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetAssetsDisclosure" xlink:label="rj_OffBalanceSheetAssetsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_215_207_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_215_207_ref">
      <ref:Chapter>215</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>207</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_215_207_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_518_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_518_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>518</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_518_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_270_602_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_308_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_308_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetAssetsNotFeasibleDescription" xlink:label="rj_OffBalanceSheetAssetsNotFeasibleDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_519_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_519_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>519</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetAssetsNotFeasibleDescription_loc" xlink:to="rj_RJ_2026-01-01_252_519_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsEstimateFinancialEffectDescription" xlink:label="rj_OffBalanceSheetCommitmentsEstimateFinancialEffectDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_509_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_509_A_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsEstimateFinancialEffectDescription_loc" xlink:to="rj_RJ_2026-01-01_252_509_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_204a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_204a_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>204a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsEstimateFinancialEffectDescription_loc" xlink:to="rj_RJk_2026-01-01_B10_204a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsFiscalUnityDescription" xlink:label="rj_OffBalanceSheetCommitmentsFiscalUnityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_517_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_517_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>517</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsFiscalUnityDescription_loc" xlink:to="rj_RJ_2026-01-01_252_517_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_205_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsFiscalUnityDescription_loc" xlink:to="rj_RJk_2026-01-01_B10_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsGuaranteesDescription" xlink:label="rj_OffBalanceSheetCommitmentsGuaranteesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_509_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_509_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsGuaranteesDescription_loc" xlink:to="rj_RJ_2026-01-01_252_509_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsIndicationUncertaintiesAmountOrMomentOfOutflowDescription" xlink:label="rj_OffBalanceSheetCommitmentsIndicationUncertaintiesAmountOrMomentOfOutflowDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_509_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_509_B_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsIndicationUncertaintiesAmountOrMomentOfOutflowDescription_loc" xlink:to="rj_RJ_2026-01-01_252_509_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_204b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_204b_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>204b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsIndicationUncertaintiesAmountOrMomentOfOutflowDescription_loc" xlink:to="rj_RJk_2026-01-01_B10_204b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsNatureDescription" xlink:label="rj_OffBalanceSheetCommitmentsNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_252_509_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsNatureDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsDescription" xlink:label="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_514_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_514_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>514</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsDescription_loc" xlink:to="rj_RJ_2026-01-01_252_514_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsMaturityExceedingFiveYears" xlink:label="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsMaturityExceedingFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsMaturityExceedingFiveYears_loc" xlink:to="rj_RJ_2026-01-01_252_514_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsMaturityExceedingFiveYears_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsMaturityExceedingOneYear" xlink:label="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsMaturityExceedingOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsMaturityExceedingOneYear_loc" xlink:to="rj_RJ_2026-01-01_252_514_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRightsMaturityExceedingOneYear_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRights" xlink:label="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_loc" xlink:to="rj_RJ_2026-01-01_252_514_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsPossibilityOfAnyReimbursementDescription" xlink:label="rj_OffBalanceSheetCommitmentsPossibilityOfAnyReimbursementDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_509_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_509_C_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>509</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPossibilityOfAnyReimbursementDescription_loc" xlink:to="rj_RJ_2026-01-01_252_509_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_204c_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_204c_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>204c</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPossibilityOfAnyReimbursementDescription_loc" xlink:to="rj_RJk_2026-01-01_B10_204c_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetCommitmentsPurchaseCommitmentsDescription" xlink:label="rj_OffBalanceSheetCommitmentsPurchaseCommitmentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_515_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_515_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>515</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPurchaseCommitmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_252_515_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_516_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_516_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>516</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPurchaseCommitmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_252_516_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPurchaseCommitmentsDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_207_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_206_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetCommitmentsPurchaseCommitmentsDescription_loc" xlink:to="rj_RJk_2026-01-01_B10_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OffBalanceSheetLiabilitiesLiabilityClaimDescription" xlink:label="rj_OffBalanceSheetLiabilitiesLiabilityClaimDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_816_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_816_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>816</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetLiabilitiesLiabilityClaimDescription_loc" xlink:to="rj_RJ_2026-01-01_214_816_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_819_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_819_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>819</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetLiabilitiesLiabilityClaimDescription_loc" xlink:to="rj_RJ_2026-01-01_214_819_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B3_130_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B3_130_ref">
      <ref:Chapter>B3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>130</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetLiabilitiesLiabilityClaimDescription_loc" xlink:to="rj_RJk_2026-01-01_B3_130_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_617_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_617_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>617</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetLiabilitiesLiabilityClaimDescription_loc" xlink:to="rj_RJ_2026-01-01_214_617_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetLiabilitiesLiabilityClaimDescription_loc" xlink:to="rj_RJk_2026-01-01_B10_205_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_621_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_621_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>621</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OffBalanceSheetLiabilitiesLiabilityClaimDescription_loc" xlink:to="rj_RJ_2026-01-01_214_621_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OfferedInterestRateDiscount" xlink:label="rj_OfferedInterestRateDiscount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OfferedInterestRateDiscount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OfficeRelatedAndGeneralExpensesDisclosure" xlink:label="rj_OfficeRelatedAndGeneralExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OfficeRelatedAndGeneralExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OfficeRelatedAndGeneralExpenses" xlink:label="rj_OfficeRelatedAndGeneralExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OfficeRelatedAndGeneralExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OfficeRelatedExpenses" xlink:label="rj_OfficeRelatedExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OfficeRelatedExpenses_loc" xlink:to="rj_RJ_2026-01-01_270_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OldAgeObligation" xlink:label="rj_OldAgeObligation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_322_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_322_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>322</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OldAgeObligation_loc" xlink:to="rj_RJ_2026-01-01_271_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OnHowTheOrganisationDealsWithSocialAspectsOfDoingBusinessDescription" xlink:label="rj_OnHowTheOrganisationDealsWithSocialAspectsOfDoingBusinessDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_401_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OnHowTheOrganisationDealsWithSocialAspectsOfDoingBusinessDescription_loc" xlink:to="rj_RJ_2026-01-01_920_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingExpensesOtherPaid" xlink:label="rj_OperatingExpensesOtherPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingExpensesOtherPaid_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingExpensesRealEstateIncludingDepreciationDisclosure" xlink:label="rj_OperatingExpensesRealEstateIncludingDepreciationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingExpensesRealEstateIncludingDepreciationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingExpensesRealEstateIncludingDepreciationPolicy" xlink:label="rj_OperatingExpensesRealEstateIncludingDepreciationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingExpensesRealEstateIncludingDepreciationPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingExpensesRealEstateIncludingDepreciationPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingExpensesRealEstateIncludingDepreciation" xlink:label="rj_OperatingExpensesRealEstateIncludingDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingExpensesRealEstateIncludingDepreciation_loc" xlink:to="rj_RJ_2026-01-01_610_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingIncomeOtherIncomeOtherDisclosure" xlink:label="rj_OperatingIncomeOtherIncomeOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherIncomeOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingIncomeOtherIncomeOtherPolicy" xlink:label="rj_OperatingIncomeOtherIncomeOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherIncomeOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherIncomeOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingIncomeOtherIncomeOther" xlink:label="rj_OperatingIncomeOtherIncomeOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherIncomeOther_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingIncomeOtherServicesOtherDisclosure" xlink:label="rj_OperatingIncomeOtherServicesOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherServicesOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingIncomeOtherServicesOtherPolicy" xlink:label="rj_OperatingIncomeOtherServicesOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherServicesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherServicesOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingIncomeOtherServicesOther" xlink:label="rj_OperatingIncomeOtherServicesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingIncomeOtherServicesOther_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesCommitmentsMaturityAverageDescription" xlink:label="rj_OperatingLeasesCommitmentsMaturityAverageDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B11_113_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B11_113_ref">
      <ref:Chapter>B11</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>113</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesCommitmentsMaturityAverageDescription_loc" xlink:to="rj_RJk_2026-01-01_B11_113_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesConditionalLeasePaymentsDescription" xlink:label="rj_OperatingLeasesConditionalLeasePaymentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesConditionalLeasePaymentsDescription_loc" xlink:to="rj_RJ_2026-01-01_292_208_C_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_212_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_212_C_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesConditionalLeasePaymentsDescription_loc" xlink:to="rj_RJ_2026-01-01_292_212_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesConstraintsDescription" xlink:label="rj_OperatingLeasesConstraintsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesConstraintsDescription_loc" xlink:to="rj_RJ_2026-01-01_292_208_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesConstraintsDescription_loc" xlink:to="rj_RJ_2026-01-01_292_212_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesDisclosure" xlink:label="rj_OperatingLeasesDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_210_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_210_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>210</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_292_210_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_212_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_212_F_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_292_212_F_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B11_113_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesFutureSubLeaseReceivables" xlink:label="rj_OperatingLeasesFutureSubLeaseReceivables_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_212_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_212_D_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesFutureSubLeaseReceivables_loc" xlink:to="rj_RJ_2026-01-01_292_212_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesImportantConditionsDescription" xlink:label="rj_OperatingLeasesImportantConditionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesImportantConditionsDescription_loc" xlink:to="rj_RJ_2026-01-01_292_212_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimalLeasePaymentsDuringPeriod" xlink:label="rj_OperatingLeasesMinimalLeasePaymentsDuringPeriod_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_212_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_212_E_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimalLeasePaymentsDuringPeriod_loc" xlink:to="rj_RJ_2026-01-01_292_212_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimalLeasePayments" xlink:label="rj_OperatingLeasesMinimalLeasePayments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_212_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_212_A_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimalLeasePayments_loc" xlink:to="rj_RJ_2026-01-01_292_212_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimumLeasePaymentsLessors" xlink:label="rj_OperatingLeasesMinimumLeasePaymentsLessors_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_292_319_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_292_319_A_ref">
      <ref:Chapter>292</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>319</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimumLeasePaymentsLessors_loc" xlink:to="rj_RJ_2026-01-01_292_319_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingFiveYearsLessors" xlink:label="rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingFiveYearsLessors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingFiveYearsLessors_loc" xlink:to="rj_RJ_2026-01-01_292_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingFiveYears" xlink:label="rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingFiveYears_loc" xlink:to="rj_RJ_2026-01-01_292_212_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingOneYearWithinFiveYearsLessors" xlink:label="rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingOneYearWithinFiveYearsLessors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingOneYearWithinFiveYearsLessors_loc" xlink:to="rj_RJ_2026-01-01_292_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingOneYearWithinFiveYears" xlink:label="rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingOneYearWithinFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimumLeasePaymentsMaturityExceedingOneYearWithinFiveYears_loc" xlink:to="rj_RJ_2026-01-01_292_212_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimumLeasePaymentsMaturityWithinOneYearLessors" xlink:label="rj_OperatingLeasesMinimumLeasePaymentsMaturityWithinOneYearLessors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimumLeasePaymentsMaturityWithinOneYearLessors_loc" xlink:to="rj_RJ_2026-01-01_292_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesMinimumLeasePaymentsMaturityWithinOneYear" xlink:label="rj_OperatingLeasesMinimumLeasePaymentsMaturityWithinOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesMinimumLeasePaymentsMaturityWithinOneYear_loc" xlink:to="rj_RJ_2026-01-01_292_212_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesNominalValueMinimumLeasePayments" xlink:label="rj_OperatingLeasesNominalValueMinimumLeasePayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesNominalValueMinimumLeasePayments_loc" xlink:to="rj_RJk_2026-01-01_B11_113_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesOptionsClausesDescription" xlink:label="rj_OperatingLeasesOptionsClausesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesOptionsClausesDescription_loc" xlink:to="rj_RJ_2026-01-01_292_208_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesOptionsClausesDescription_loc" xlink:to="rj_RJ_2026-01-01_292_212_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesPaymentsDuringPeriodDisclosure" xlink:label="rj_OperatingLeasesPaymentsDuringPeriodDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesPaymentsDuringPeriodDisclosure_loc" xlink:to="rj_RJ_2026-01-01_292_212_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesPaymentsDuringPeriod" xlink:label="rj_OperatingLeasesPaymentsDuringPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesPaymentsDuringPeriod_loc" xlink:to="rj_RJ_2026-01-01_292_212_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesPolicy" xlink:label="rj_OperatingLeasesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesPolicy_loc" xlink:to="rj_RJ_2026-01-01_292_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingLeasesSubLeaseReceipts" xlink:label="rj_OperatingLeasesSubLeaseReceipts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingLeasesSubLeaseReceipts_loc" xlink:to="rj_RJ_2026-01-01_292_212_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperatingResultCashFlow" xlink:label="rj_OperatingResultCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingResultCashFlow_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingResultCashFlow_loc" xlink:to="rj_RJ_2026-01-01_360_212_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperatingResultCashFlow_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationComplianceBoardPreparedCodeOfConductDescription" xlink:label="rj_OperationComplianceBoardPreparedCodeOfConductDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationComplianceBoardPreparedCodeOfConductDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4044_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationalExpenses" xlink:label="rj_OperationalExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalExpenses_loc" xlink:to="rj_RJ_2026-01-01_270_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationalLeasedAssetsinCreditExplanation" xlink:label="rj_OperationalLeasedAssetsinCreditExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_210_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_210_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>210</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalLeasedAssetsinCreditExplanation_loc" xlink:to="rj_RJ_2026-01-01_600_210_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationalRisksDeficienciesProcessesDescription" xlink:label="rj_OperationalRisksDeficienciesProcessesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_702_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_702_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalRisksDeficienciesProcessesDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationalRisksDescription" xlink:label="rj_OperationalRisksDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationalRisksExternalEventsDescription" xlink:label="rj_OperationalRisksExternalEventsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalRisksExternalEventsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationalRisksFailingPeopleDescription" xlink:label="rj_OperationalRisksFailingPeopleDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalRisksFailingPeopleDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationalRisksProcessesDescription" xlink:label="rj_OperationalRisksProcessesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalRisksProcessesDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OperationalRisksSystemsDescription" xlink:label="rj_OperationalRisksSystemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OperationalRisksSystemsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherFiscalReserves" xlink:label="rj_OtherFiscalReserves_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherFiscalReserves_loc" xlink:to="bw2-titel9_RJk_2026-01-01_D3.2_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherInformationConcerningRiskManagement" xlink:label="rj_OtherInformationConcerningRiskManagement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherInformationConcerningRiskManagement_loc" xlink:to="rj_RJ_2026-01-01_400_1111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherInformationRegardingQualityControl" xlink:label="rj_OtherInformationRegardingQualityControl_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherInformationRegardingQualityControl_loc" xlink:to="rj_RJ_2026-01-01_400_1111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherInformationRelatingToAutomation" xlink:label="rj_OtherInformationRelatingToAutomation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherInformationRelatingToAutomation_loc" xlink:to="rj_RJ_2026-01-01_400_1111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherInformationRelatingToInternalAndExternalInformationSupply" xlink:label="rj_OtherInformationRelatingToInternalAndExternalInformationSupply_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherInformationRelatingToInternalAndExternalInformationSupply_loc" xlink:to="rj_RJ_2026-01-01_400_1111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherInformationRelatingToInternalControlWithRegardsToProcessesAndProcedures" xlink:label="rj_OtherInformationRelatingToInternalControlWithRegardsToProcessesAndProcedures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherInformationRelatingToInternalControlWithRegardsToProcessesAndProcedures_loc" xlink:to="rj_RJ_2026-01-01_400_1111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherInformationRelatingToMarketingAndDistribution" xlink:label="rj_OtherInformationRelatingToMarketingAndDistribution_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherInformationRelatingToMarketingAndDistribution_loc" xlink:to="rj_RJ_2026-01-01_400_1111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutionsDisclosure" xlink:label="rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_215_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_215_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>215</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutionsPolicy" xlink:label="rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutions" xlink:label="rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherLiabilitesAndAccruedLiabilitiesPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure" xlink:label="rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutionsPolicy" xlink:label="rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutions" xlink:label="rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherLiabilitiesOnBehalfOfParticipantsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherNotesIncomeExpensesStatement" xlink:label="rj_OtherNotesIncomeExpensesStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherNotesIncomeExpensesStatement_loc" xlink:to="rj_RJ_2026-01-01_640_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherNotesIncomeExpensesStatement_loc" xlink:to="rj_RJk_2026-01-01_C1_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherNotesIncomeStatement" xlink:label="rj_OtherNotesIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherNotesIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_300_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherProvisionBalanceInsurance" xlink:label="rj_OtherProvisionBalanceInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherProvisionBalanceInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherReimbursementsPremiumPensionInstitutionsDisclosure" xlink:label="rj_OtherReimbursementsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherReimbursementsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherReimbursementsPremiumPensionInstitutionsPolicy" xlink:label="rj_OtherReimbursementsPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherReimbursementsPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherReimbursementsPremiumPensionInstitutions" xlink:label="rj_OtherReimbursementsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherReimbursementsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherSharesOneTimeExpensesParticipantsInvestmentEntity" xlink:label="rj_OtherSharesOneTimeExpensesParticipantsInvestmentEntity_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_428_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_428_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>428</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherSharesOneTimeExpensesParticipantsInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_428_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherTechnicalExpensesForOwnAccountGross" xlink:label="rj_OtherTechnicalExpensesForOwnAccountGross_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_629_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_629_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>629</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherTechnicalExpensesForOwnAccountGross_loc" xlink:to="rj_RJ_2026-01-01_605_629_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherTechnicalExpensesForOwnAccountReinsuredPart" xlink:label="rj_OtherTechnicalExpensesForOwnAccountReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherTechnicalExpensesForOwnAccountReinsuredPart_loc" xlink:to="rj_RJ_2026-01-01_605_629_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherTechnicalExpensesPaid" xlink:label="rj_OtherTechnicalExpensesPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherTechnicalExpensesPaid_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherTechnicalIncomeForOwnAccountGross" xlink:label="rj_OtherTechnicalIncomeForOwnAccountGross_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_614_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_614_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>614</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherTechnicalIncomeForOwnAccountGross_loc" xlink:to="rj_RJ_2026-01-01_605_614_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherTechnicalIncomeForOwnAccountReinsuredPart" xlink:label="rj_OtherTechnicalIncomeForOwnAccountReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherTechnicalIncomeForOwnAccountReinsuredPart_loc" xlink:to="rj_RJ_2026-01-01_605_614_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherTechnicalIncomeOwnAccount" xlink:label="rj_OtherTechnicalIncomeOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherTechnicalIncomeOwnAccount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherTechnicalIncomeReceived" xlink:label="rj_OtherTechnicalIncomeReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherTechnicalIncomeReceived_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OtherTopics" xlink:label="rj_OtherTopics_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_111_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_111_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 11</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OtherTopics_loc" xlink:to="rj_RJ_2026-01-01_400_111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OutsourcingAdministrationInvestmentEntityDescription" xlink:label="rj_OutsourcingAdministrationInvestmentEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OutsourcingAdministrationInvestmentEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OutsourcingAdministrationInvestmentEntityLiabilityDescription" xlink:label="rj_OutsourcingAdministrationInvestmentEntityLiabilityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_412_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_412_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>412</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OutsourcingAdministrationInvestmentEntityLiabilityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_412_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OutsourcingCustodyAssetsInvestmentEntityDescription" xlink:label="rj_OutsourcingCustodyAssetsInvestmentEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OutsourcingCustodyAssetsInvestmentEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OutsourcingCustodyAssetsInvestmentEntityLiabilityDescription" xlink:label="rj_OutsourcingCustodyAssetsInvestmentEntityLiabilityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OutsourcingCustodyAssetsInvestmentEntityLiabilityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_412_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OutsourcingPolicyDescription" xlink:label="rj_OutsourcingPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OutsourcingPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_OverviewSupervisoryBoardMemberAppointedResignDescription" xlink:label="rj_OverviewSupervisoryBoardMemberAppointedResignDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105e_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105e_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105e</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_OverviewSupervisoryBoardMemberAppointedResignDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105e_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PackageCostsDevelopmentChangePackage" xlink:label="rj_PackageCostsDevelopmentChangePackage_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PackageCostsDevelopmentChangePackage_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaidUnpaidRewardsToStaffDescription" xlink:label="rj_PaidUnpaidRewardsToStaffDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_202_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaidUnpaidRewardsToStaffDescription_loc" xlink:to="rj_RJ_2026-01-01_271_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParkingFacilitiesInExploitationDisclosure" xlink:label="rj_ParkingFacilitiesInExploitationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParkingFacilitiesInExploitationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParkingFacilitiesInExploitationPolicy" xlink:label="rj_ParkingFacilitiesInExploitationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParkingFacilitiesInExploitationPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParkingFacilitiesInExploitation" xlink:label="rj_ParkingFacilitiesInExploitation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParkingFacilitiesInExploitation_loc" xlink:to="rj_RJ_2026-01-01_645_302_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationInvestmentFirmNonConsolidatedMajorityAndMinorityInterestDescription" xlink:label="rj_ParticipationInvestmentFirmNonConsolidatedMajorityAndMinorityInterestDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_217_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_217_308_ref">
      <ref:Chapter>217</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationInvestmentFirmNonConsolidatedMajorityAndMinorityInterestDescription_loc" xlink:to="rj_RJ_2026-01-01_217_308_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationRightsOutstandingDisclosure" xlink:label="rj_ParticipationRightsOutstandingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationRightsOutstandingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationRightsOutstandingEightyFivePercentOrMoreInvested" xlink:label="rj_ParticipationRightsOutstandingEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationRightsOutstandingEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationRightsOutstandingEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationRightsOutstanding" xlink:label="rj_ParticipationRightsOutstanding_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationRightsOutstanding_loc" xlink:to="rj_RJ_2026-01-01_615_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationsClassifiedAsEquityDisclosure" xlink:label="rj_ParticipationsClassifiedAsEquityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsEquityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationsClassifiedAsEquityPolicy" xlink:label="rj_ParticipationsClassifiedAsEquityPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsEquityPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsEquityPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationsClassifiedAsEquity" xlink:label="rj_ParticipationsClassifiedAsEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsEquity_loc" xlink:to="rj_RJ_2026-01-01_620_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationsClassifiedAsLiabilitiesDisclosure" xlink:label="rj_ParticipationsClassifiedAsLiabilitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsLiabilitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationsClassifiedAsLiabilitiesPolicy" xlink:label="rj_ParticipationsClassifiedAsLiabilitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ParticipationsClassifiedAsLiabilities" xlink:label="rj_ParticipationsClassifiedAsLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ParticipationsClassifiedAsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_620_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PartyBenefittingSharesPremiumDiscountsDescription" xlink:label="rj_PartyBenefittingSharesPremiumDiscountsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PartyBenefittingSharesPremiumDiscountsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_427_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PatientAndResidentsDependentExpensesDisclosure" xlink:label="rj_PatientAndResidentsDependentExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PatientAndResidentsDependentExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PatientAndResidentsDependentExpensesPolicy" xlink:label="rj_PatientAndResidentsDependentExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PatientAndResidentsDependentExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PatientAndResidentsDependentExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PatientAndResidentsDependentExpenses" xlink:label="rj_PatientAndResidentsDependentExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PatientAndResidentsDependentExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCentralCashAndHealthCareInsuranceFundDisclosure" xlink:label="rj_PayablesCentralCashAndHealthCareInsuranceFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCentralCashAndHealthCareInsuranceFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCentralCashAndHealthCareInsuranceFundPolicy" xlink:label="rj_PayablesCentralCashAndHealthCareInsuranceFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCentralCashAndHealthCareInsuranceFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCentralCashAndHealthCareInsuranceFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCentralCashAndHealthCareInsuranceFund" xlink:label="rj_PayablesCentralCashAndHealthCareInsuranceFund_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_302_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCentralCashAndHealthCareInsuranceFund_loc" xlink:to="rj_RJ_2026-01-01_605_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCentralCashDisclosure" xlink:label="rj_PayablesCentralCashDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCentralCashDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCentralCashPolicy" xlink:label="rj_PayablesCentralCashPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCentralCashPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCentralCashPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCentralCash" xlink:label="rj_PayablesCentralCash_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_303_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCentralCash_loc" xlink:to="rj_RJ_2026-01-01_605_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCooperativeMembersCurrentDisclosure" xlink:label="rj_PayablesCooperativeMembersCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersCurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCooperativeMembersCurrentPolicy" xlink:label="rj_PayablesCooperativeMembersCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCooperativeMembersCurrent" xlink:label="rj_PayablesCooperativeMembersCurrent_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_620_202_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_620_202_ref">
      <ref:Chapter>620</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>202</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersCurrent_loc" xlink:to="rj_RJ_2026-01-01_620_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCooperativeMembersDisclosure" xlink:label="rj_PayablesCooperativeMembersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCooperativeMembersNoncurrentDisclosure" xlink:label="rj_PayablesCooperativeMembersNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersNoncurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCooperativeMembersNoncurrentPolicy" xlink:label="rj_PayablesCooperativeMembersNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCooperativeMembersPolicy" xlink:label="rj_PayablesCooperativeMembersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesCooperativeMembers" xlink:label="rj_PayablesCooperativeMembers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesCooperativeMembers_loc" xlink:to="rj_RJ_2026-01-01_620_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesDerivativesDisclosure" xlink:label="rj_PayablesDerivativesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesDerivativesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesDerivativesPolicy" xlink:label="rj_PayablesDerivativesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesDerivativesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesDerivativesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesDerivatives" xlink:label="rj_PayablesDerivatives_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_269_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_269_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>269</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesDerivatives_loc" xlink:to="rj_RJ_2026-01-01_610_269_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesEmployeeBenefitsExpensesDisclosure" xlink:label="rj_PayablesEmployeeBenefitsExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesEmployeeBenefitsExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesEmployeeBenefitsExpensesPolicy" xlink:label="rj_PayablesEmployeeBenefitsExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesEmployeeBenefitsExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesEmployeeBenefitsExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesEmployeeBenefitsExpenses" xlink:label="rj_PayablesEmployeeBenefitsExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesEmployeeBenefitsExpenses_loc" xlink:to="rj_RJ_2026-01-01_271_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHealthcareProvidersDisclosure" xlink:label="rj_PayablesHealthcareProvidersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHealthcareProvidersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHealthcareProvidersPolicy" xlink:label="rj_PayablesHealthcareProvidersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHealthcareProvidersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHealthcareProvidersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHealthcareProviders" xlink:label="rj_PayablesHealthcareProviders_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHealthcareProviders_loc" xlink:to="rj_RJ_2026-01-01_605_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsDisclosure" xlink:label="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvestedDisclosure" xlink:label="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvestedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvested" xlink:label="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestments" xlink:label="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsNotPriceExchangeRateRiskInvestments_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsDisclosure" xlink:label="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvestedDisclosure" xlink:label="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvestedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvestedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvested" xlink:label="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvested_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestmentsEightyFivePercentOrMoreInvested_loc" xlink:to="rj_RJ_2026-01-01_615_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestments" xlink:label="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHedgingTransactionsPriceExchangeRateRiskInvestments_loc" xlink:to="rj_RJ_2026-01-01_615_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHolidayPayDisclosure" xlink:label="rj_PayablesHolidayPayDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHolidayPayDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHolidayPayPolicy" xlink:label="rj_PayablesHolidayPayPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHolidayPayPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHolidayPayPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesHolidayPay" xlink:label="rj_PayablesHolidayPay_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_206_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesHolidayPay_loc" xlink:to="rj_RJ_2026-01-01_271_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesIncomeTaxCurrentDisclosure" xlink:label="rj_PayablesIncomeTaxCurrentDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_601_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_601_B_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesIncomeTaxCurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_601_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_603_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_603_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesIncomeTaxCurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_272_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesIncomeTaxCurrent" xlink:label="rj_PayablesIncomeTaxCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesIncomeTaxCurrent_loc" xlink:to="rj_RJ_2026-01-01_272_601_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesIncomeTaxCurrent_loc" xlink:to="rj_RJ_2026-01-01_272_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesPensionPaymentsDisclosure" xlink:label="rj_PayablesPensionPaymentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesPensionPaymentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesPensionPaymentsPolicy" xlink:label="rj_PayablesPensionPaymentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesPensionPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesPensionPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesPensionPayments" xlink:label="rj_PayablesPensionPayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesPensionPayments_loc" xlink:to="rj_RJ_2026-01-01_610_269_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesTransactionsFinancialDerivativesDisclosure" xlink:label="rj_PayablesTransactionsFinancialDerivativesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesTransactionsFinancialDerivativesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_601_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesTransactionsFinancialDerivatives" xlink:label="rj_PayablesTransactionsFinancialDerivatives_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesTransactionsFinancialDerivatives_loc" xlink:to="rj_RJ_2026-01-01_615_601_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesVPLArrangementsReceivedNotYetUtilisedDisclosure" xlink:label="rj_PayablesVPLArrangementsReceivedNotYetUtilisedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesVPLArrangementsReceivedNotYetUtilisedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesVPLArrangementsReceivedNotYetUtilisedPolicy" xlink:label="rj_PayablesVPLArrangementsReceivedNotYetUtilisedPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesVPLArrangementsReceivedNotYetUtilisedPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesVPLArrangementsReceivedNotYetUtilisedPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesVacationDaysDisclosure" xlink:label="rj_PayablesVacationDaysDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesVacationDaysDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesVacationDaysPolicy" xlink:label="rj_PayablesVacationDaysPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesVacationDaysPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesVacationDaysPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesVacationDays" xlink:label="rj_PayablesVacationDays_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesVacationDays_loc" xlink:to="rj_RJ_2026-01-01_271_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesValueTransfersDisclosure" xlink:label="rj_PayablesValueTransfersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesValueTransfersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesValueTransfersPolicy" xlink:label="rj_PayablesValueTransfersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesValueTransfersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesValueTransfersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayablesValueTransfers" xlink:label="rj_PayablesValueTransfers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayablesValueTransfers_loc" xlink:to="rj_RJ_2026-01-01_610_269_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsAcquireRedeemEntitysShares" xlink:label="rj_PaymentsAcquireRedeemEntitysShares_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_220_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_220_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>220</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsAcquireRedeemEntitysShares_loc" xlink:to="rj_RJ_2026-01-01_360_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsCapitalizedDevelopmentCosts" xlink:label="rj_PaymentsCapitalizedDevelopmentCosts_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_217_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_217_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>217</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsCapitalizedDevelopmentCosts_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsEmployees" xlink:label="rj_PaymentsEmployees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsEmployees_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsEmployees_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsInstallmentsOperationalLeasing" xlink:label="rj_PaymentsInstallmentsOperationalLeasing_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_209_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_209_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>209</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsInstallmentsOperationalLeasing_loc" xlink:to="rj_RJ_2026-01-01_360_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsInvestmentsNonShortTermHighlyLiquidSecurities" xlink:label="rj_PaymentsInvestmentsNonShortTermHighlyLiquidSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsInvestmentsNonShortTermHighlyLiquidSecurities_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsManagementInvestments" xlink:label="rj_PaymentsManagementInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsManagementInvestments_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsOtherClassifiedAsInvestmentsActivities" xlink:label="rj_PaymentsOtherClassifiedAsInvestmentsActivities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsOtherClassifiedAsInvestmentsActivities_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsProductionProcess" xlink:label="rj_PaymentsProductionProcess_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsProductionProcess_loc" xlink:to="rj_RJ_2026-01-01_360_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsProvisionRepaymentLongTermLoans" xlink:label="rj_PaymentsProvisionRepaymentLongTermLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsProvisionRepaymentLongTermLoans_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsPurchaseGoodsServices" xlink:label="rj_PaymentsPurchaseGoodsServices_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsPurchaseGoodsServices_loc" xlink:to="rj_RJ_2026-01-01_360_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsPurchaseTreasuryShares" xlink:label="rj_PaymentsPurchaseTreasuryShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsPurchaseTreasuryShares_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsReclaimingValueAddedTax" xlink:label="rj_PaymentsReclaimingValueAddedTax_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_215_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_215_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>215</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsReclaimingValueAddedTax_loc" xlink:to="rj_RJ_2026-01-01_360_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PaymentsSelfMadeTangibleAssets" xlink:label="rj_PaymentsSelfMadeTangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PaymentsSelfMadeTangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionAdministrationExpensesChargedToEmployersDisclosure" xlink:label="rj_PensionAdministrationExpensesChargedToEmployersDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_306_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpensesChargedToEmployersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionAdministrationExpensesChargedToEmployers" xlink:label="rj_PensionAdministrationExpensesChargedToEmployers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpensesChargedToEmployers_loc" xlink:to="rj_RJ_2026-01-01_610_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionAdministrationExpensesDisclosure" xlink:label="rj_PensionAdministrationExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionAdministrationExpensesPaid" xlink:label="rj_PensionAdministrationExpensesPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpensesPaid_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpensesPaid_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionAdministrationExpensesPolicy" xlink:label="rj_PensionAdministrationExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionAdministrationExpenses" xlink:label="rj_PensionAdministrationExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAdministrationExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionAgreementDescription" xlink:label="rj_PensionAgreementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionAgreementDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionArrangementRegulationDescription" xlink:label="rj_PensionArrangementRegulationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionArrangementRegulationDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionArrangementsPolicy" xlink:label="rj_PensionArrangementsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionArrangementsPolicy_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B14_117_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B14_117_ref">
      <ref:Chapter>B14</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>117</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionArrangementsPolicy_loc" xlink:to="rj_RJk_2026-01-01_B14_117_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionBenefitsDisclosure" xlink:label="rj_PensionBenefitsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionBenefitsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionBenefitsPaid" xlink:label="rj_PensionBenefitsPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionBenefitsPaid_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionBenefitsPaid_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionBenefitsPolicy" xlink:label="rj_PensionBenefitsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionBenefitsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionBenefitsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionBenefits" xlink:label="rj_PensionBenefits_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionBenefits_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionBenefits_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionClaimEffectIncomeExpensesStatementDescription" xlink:label="rj_PensionClaimEffectIncomeExpensesStatementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionClaimEffectIncomeExpensesStatementDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionClaimInclusionConsiderationsDescription" xlink:label="rj_PensionClaimInclusionConsiderationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionClaimInclusionConsiderationsDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionExpensesAdditional" xlink:label="rj_PensionExpensesAdditional_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionExpensesAdditional_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionInvestments" xlink:label="rj_PensionInvestments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_542_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_542_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>542</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionInvestments_loc" xlink:to="rj_RJ_2026-01-01_605_542_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionManagementExpensesDescription" xlink:label="rj_PensionManagementExpensesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionManagementExpensesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionManagementExpensesDisclosure" xlink:label="rj_PensionManagementExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionManagementExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionManagementExpensesPerActiveParticipant" xlink:label="rj_PensionManagementExpensesPerActiveParticipant_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionManagementExpensesPerActiveParticipant_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionManagementExpensesPerPensioner" xlink:label="rj_PensionManagementExpensesPerPensioner_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionManagementExpensesPerPensioner_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionManagementExpensesPolicy" xlink:label="rj_PensionManagementExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionManagementExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionManagementExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionManagementExpenses" xlink:label="rj_PensionManagementExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionManagementExpenses_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionObligationsActuarialRisksDescription" xlink:label="rj_PensionObligationsActuarialRisksDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionObligationsActuarialRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionObligationsDurationDescription" xlink:label="rj_PensionObligationsDurationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionObligationsDurationDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionObligationsIndexationRiskDescription" xlink:label="rj_PensionObligationsIndexationRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionObligationsIndexationRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionObligationsMaturityRatiosDescription" xlink:label="rj_PensionObligationsMaturityRatiosDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionObligationsMaturityRatiosDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionObligationsPremiumAnnualAccrualDescription" xlink:label="rj_PensionObligationsPremiumAnnualAccrualDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionObligationsPremiumAnnualAccrualDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionObligationsPremiumPercentagesPoliciesDescription" xlink:label="rj_PensionObligationsPremiumPercentagesPoliciesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionObligationsPremiumPercentagesPoliciesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionPremiums" xlink:label="rj_PensionPremiums_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionPremiums_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionReceivablesDisclosure" xlink:label="rj_PensionReceivablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionReceivablesPolicy" xlink:label="rj_PensionReceivablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesPolicy_loc" xlink:to="rj_RJ_2026-01-01_271_322_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionReceivablesReceivablesAccruedIncome" xlink:label="rj_PensionReceivablesReceivablesAccruedIncome_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_308_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesReceivablesAccruedIncome_loc" xlink:to="rj_RJ_2026-01-01_271_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesReceivablesAccruedIncome_loc" xlink:to="rj_RJ_2026-01-01_271_322_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesReceivablesAccruedIncome_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesReceivablesAccruedIncome_loc" xlink:to="rj_RJ_2026-01-01_605_542_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionReceivablesReceivablesOtherCurrent" xlink:label="rj_PensionReceivablesReceivablesOtherCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesReceivablesOtherCurrent_loc" xlink:to="rj_RJ_2026-01-01_271_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesReceivablesOtherCurrent_loc" xlink:to="rj_RJ_2026-01-01_271_322_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesReceivablesOtherCurrent_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivablesReceivablesOtherCurrent_loc" xlink:to="rj_RJ_2026-01-01_605_542_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionReceivables" xlink:label="rj_PensionReceivables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivables_loc" xlink:to="rj_RJ_2026-01-01_271_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivables_loc" xlink:to="rj_RJ_2026-01-01_271_322_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivables_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionReceivables_loc" xlink:to="rj_RJ_2026-01-01_605_542_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PensionsInternalExternalDevelopmentsDescription" xlink:label="rj_PensionsInternalExternalDevelopmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PensionsInternalExternalDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PercentageTotalRevenues" xlink:label="rj_PercentageTotalRevenues_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PercentageTotalRevenues_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PerformanceFeesAdministratorInvestmentAdvisorAsPercentageOfNetAssetValueDisclosure" xlink:label="rj_PerformanceFeesAdministratorInvestmentAdvisorAsPercentageOfNetAssetValueDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PerformanceFeesAdministratorInvestmentAdvisorAsPercentageOfNetAssetValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PerformanceFeesAdministratorInvestmentAdvisorAsPercentageOfNetAssetValue" xlink:label="rj_PerformanceFeesAdministratorInvestmentAdvisorAsPercentageOfNetAssetValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PerformanceFeesAdministratorInvestmentAdvisorAsPercentageOfNetAssetValue_loc" xlink:to="rj_RJ_2026-01-01_615_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PerformanceFeesDisclosure" xlink:label="rj_PerformanceFeesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PerformanceFeesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PerformanceFeesPolicy" xlink:label="rj_PerformanceFeesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PerformanceFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PerformanceFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PerformanceFees" xlink:label="rj_PerformanceFees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PerformanceFees_loc" xlink:to="rj_RJ_2026-01-01_615_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonalInterestInInvestmentsDisclosure" xlink:label="rj_PersonalInterestInInvestmentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_423_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_423_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>423</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonalInterestInInvestmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_423_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonalInterestInInvestmentsManagingDirectorsFormerManagingDirectorsAmount" xlink:label="rj_PersonalInterestInInvestmentsManagingDirectorsFormerManagingDirectorsAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonalInterestInInvestmentsManagingDirectorsFormerManagingDirectorsAmount_loc" xlink:to="rj_RJ_2026-01-01_615_423_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonalInterestInInvestmentsManagingDirectorsFormerManagingDirectorsControlRights" xlink:label="rj_PersonalInterestInInvestmentsManagingDirectorsFormerManagingDirectorsControlRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonalInterestInInvestmentsManagingDirectorsFormerManagingDirectorsControlRights_loc" xlink:to="rj_RJ_2026-01-01_615_423_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonalInterestInInvestmentsManagingSupervisoryDirectorsFormerManagingSupervisoryDirectorsAmount" xlink:label="rj_PersonalInterestInInvestmentsManagingSupervisoryDirectorsFormerManagingSupervisoryDirectorsAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonalInterestInInvestmentsManagingSupervisoryDirectorsFormerManagingSupervisoryDirectorsAmount_loc" xlink:to="rj_RJ_2026-01-01_615_423_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonalInterestInInvestmentsManagingSupervisoryDirectorsFormerManagingSupervisoryDirectorsControlRights" xlink:label="rj_PersonalInterestInInvestmentsManagingSupervisoryDirectorsFormerManagingSupervisoryDirectorsControlRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonalInterestInInvestmentsManagingSupervisoryDirectorsFormerManagingSupervisoryDirectorsControlRights_loc" xlink:to="rj_RJ_2026-01-01_615_423_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonalInterestInInvestmentsSupervisoryDirectorsFormerSupervisoryDirectorsAmount" xlink:label="rj_PersonalInterestInInvestmentsSupervisoryDirectorsFormerSupervisoryDirectorsAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonalInterestInInvestmentsSupervisoryDirectorsFormerSupervisoryDirectorsAmount_loc" xlink:to="rj_RJ_2026-01-01_615_423_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonalInterestInInvestmentsSupervisoryDirectorsFormerSupervisoryDirectorsControlRights" xlink:label="rj_PersonalInterestInInvestmentsSupervisoryDirectorsFormerSupervisoryDirectorsControlRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonalInterestInInvestmentsSupervisoryDirectorsFormerSupervisoryDirectorsControlRights_loc" xlink:to="rj_RJ_2026-01-01_615_423_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PersonnelRelatedOtherExpenses" xlink:label="rj_PersonnelRelatedOtherExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PersonnelRelatedOtherExpenses_loc" xlink:to="rj_RJ_2026-01-01_270_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PlannedExpenditureOnFundraisingAndSupportingFunctionsDescription" xlink:label="rj_PlannedExpenditureOnFundraisingAndSupportingFunctionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PlannedExpenditureOnFundraisingAndSupportingFunctionsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PlannedExpenditureOnTheObjectiveDescription" xlink:label="rj_PlannedExpenditureOnTheObjectiveDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PlannedExpenditureOnTheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PledgingBorrowingArrangementInformation" xlink:label="rj_PledgingBorrowingArrangementInformation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_515_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_515_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>515</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PledgingBorrowingArrangementInformation_loc" xlink:to="rj_RJ_2026-01-01_660_515_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PledgingBorrowingArrangementMaturities" xlink:label="rj_PledgingBorrowingArrangementMaturities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PledgingBorrowingArrangementMaturities_loc" xlink:to="rj_RJ_2026-01-01_660_515_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PledgingBorrowingArrangementPolicyImplementation" xlink:label="rj_PledgingBorrowingArrangementPolicyImplementation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PledgingBorrowingArrangementPolicyImplementation_loc" xlink:to="rj_RJ_2026-01-01_660_515_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PledgingBorrowingArrangementTypesAndExtent" xlink:label="rj_PledgingBorrowingArrangementTypesAndExtent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PledgingBorrowingArrangementTypesAndExtent_loc" xlink:to="rj_RJ_2026-01-01_660_515_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PoliciesControllingPaymentsDueToTerminationOfTheEmploymentInformation" xlink:label="rj_PoliciesControllingPaymentsDueToTerminationOfTheEmploymentInformation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PoliciesControllingPaymentsDueToTerminationOfTheEmploymentInformation_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PoliciesHandlingComplaintsInformation" xlink:label="rj_PoliciesHandlingComplaintsInformation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PoliciesHandlingComplaintsInformation_loc" xlink:to="rj_RJ_2026-01-01_660_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PoliciesMethodAllocationInvestmentsDescription" xlink:label="rj_PoliciesMethodAllocationInvestmentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_613_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_613_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>613</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PoliciesMethodAllocationInvestmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_613_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PoliciesValuationEquityDescription" xlink:label="rj_PoliciesValuationEquityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PoliciesValuationEquityDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyCommunicationWithStakeholdersDescription" xlink:label="rj_PolicyCommunicationWithStakeholdersDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_410_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyCommunicationWithStakeholdersDescription_loc" xlink:to="rj_RJ_2026-01-01_650_410_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_408_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyCommunicationWithStakeholdersDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyCourseOfBusinessAndPreviousExpectations" xlink:label="rj_PolicyCourseOfBusinessAndPreviousExpectations_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_101_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 01</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyCourseOfBusinessAndPreviousExpectations_loc" xlink:to="rj_RJ_2026-01-01_400_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyEnvironmentalSocialPersonnelAspectsDescription" xlink:label="rj_PolicyEnvironmentalSocialPersonnelAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyEnvironmentalSocialPersonnelAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyExtentAndPurposeOfReservesAndFundsDescription" xlink:label="rj_PolicyExtentAndPurposeOfReservesAndFundsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyExtentAndPurposeOfReservesAndFundsDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_406_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyExtentAndPurposeOfReservesAndFundsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyFightAgainstCorruptionAndBriberyDescription" xlink:label="rj_PolicyFightAgainstCorruptionAndBriberyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyFightAgainstCorruptionAndBriberyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyHoldersProductGroupDescription" xlink:label="rj_PolicyHoldersProductGroupDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyHoldersProductGroupDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403a_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyHumanRightsDescription" xlink:label="rj_PolicyHumanRightsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyHumanRightsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyInvestmentsDescription" xlink:label="rj_PolicyInvestmentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_519_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_519_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>519</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyInvestmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_640_519_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_410_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyInvestmentsDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_410_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyInvestmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyInvestmentsRelatedRisksDescription" xlink:label="rj_PolicyInvestmentsRelatedRisksDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyInvestmentsRelatedRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_640_519_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyInvestmentsRelatedRisksDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_410_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyNonrestrictedEquitySizeFunctionDescription" xlink:label="rj_PolicyNonrestrictedEquitySizeFunctionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_517_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_517_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>517</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyNonrestrictedEquitySizeFunctionDescription_loc" xlink:to="rj_RJ_2026-01-01_640_517_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_408_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyNonrestrictedEquitySizeFunctionDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyOfProspectiveUsageReservesAndFundsDescription" xlink:label="rj_PolicyOfProspectiveUsageReservesAndFundsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyOfProspectiveUsageReservesAndFundsDescription_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyOnRiskManagementOfFinancialInstruments" xlink:label="rj_PolicyOnRiskManagementOfFinancialInstruments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_107_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_107_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 07</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyOnRiskManagementOfFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_400_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyRelatingToRatioExpensesToIncomeOfFundraisingDescription" xlink:label="rj_PolicyRelatingToRatioExpensesToIncomeOfFundraisingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyRelatingToRatioExpensesToIncomeOfFundraisingDescription_loc" xlink:to="rj_RJ_2026-01-01_650_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyRemunerationManagerDescription" xlink:label="rj_PolicyRemunerationManagerDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyRemunerationManagerDescription_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PolicyValuationCostsProcessedMajorMaintenanceProvisionDescription" xlink:label="rj_PolicyValuationCostsProcessedMajorMaintenanceProvisionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_708_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_708_A_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>708</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PolicyValuationCostsProcessedMajorMaintenanceProvisionDescription_loc" xlink:to="rj_RJ_2026-01-01_212_708_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PortfoliosNegativePremiumProvisionDisclosure" xlink:label="rj_PortfoliosNegativePremiumProvisionDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_544a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_544a_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>544a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PortfoliosNegativePremiumProvisionDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_544a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PositiveRevaluationsOfPuttableFinancialInstruments" xlink:label="rj_PositiveRevaluationsOfPuttableFinancialInstruments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PositiveRevaluationsOfPuttableFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_290_824_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PossibleAgreementsImpactsCompositionDecisionProcessDescription" xlink:label="rj_PossibleAgreementsImpactsCompositionDecisionProcessDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PossibleAgreementsImpactsCompositionDecisionProcessDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105d_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PossibleFrequentAbsenceSupervisoryBoardDescription" xlink:label="rj_PossibleFrequentAbsenceSupervisoryBoardDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_405_105i_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_405_105i_ref">
      <ref:Chapter>405</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>105i</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PossibleFrequentAbsenceSupervisoryBoardDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PreferredDividendDeductedFromResultForTheYearDisclosure" xlink:label="rj_PreferredDividendDeductedFromResultForTheYearDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PreferredDividendDeductedFromResultForTheYearDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PreferredDividendDeductedFromResultForTheYearPolicy" xlink:label="rj_PreferredDividendDeductedFromResultForTheYearPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PreferredDividendDeductedFromResultForTheYearPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PreferredDividendDeductedFromResultForTheYear" xlink:label="rj_PreferredDividendDeductedFromResultForTheYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PreferredDividendDeductedFromResultForTheYear_loc" xlink:to="rj_RJ_2026-01-01_160_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumActualCompositionDescription" xlink:label="rj_PremiumActualCompositionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumActualCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumActual" xlink:label="rj_PremiumActual_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_312_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_312_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>312</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumActual_loc" xlink:to="rj_RJ_2026-01-01_610_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumActual_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsDisclosure" xlink:label="rj_PremiumContributionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_311_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_311_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>311</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsEmployersEmployeesDisclosure" xlink:label="rj_PremiumContributionsEmployersEmployeesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsEmployersEmployeesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsEmployersEmployeesPolicy" xlink:label="rj_PremiumContributionsEmployersEmployeesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsEmployersEmployeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsEmployersEmployeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsEmployersEmployees" xlink:label="rj_PremiumContributionsEmployersEmployees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsEmployersEmployees_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsEmployersEmployees_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsNetPensionArrangements" xlink:label="rj_PremiumContributionsNetPensionArrangements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsNetPensionArrangements_loc" xlink:to="rj_RJ_2026-01-01_610_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsOnBehalfOfParticipantsDisclosure" xlink:label="rj_PremiumContributionsOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsOnBehalfOfParticipantsPolicy" xlink:label="rj_PremiumContributionsOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsOnBehalfOfParticipants" xlink:label="rj_PremiumContributionsOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsPolicy" xlink:label="rj_PremiumContributionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributionsReceived" xlink:label="rj_PremiumContributionsReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsReceived_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributionsReceived_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumContributions" xlink:label="rj_PremiumContributions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_308_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumContributions_loc" xlink:to="rj_RJ_2026-01-01_610_308_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumCostEffectiveCompositionDescription" xlink:label="rj_PremiumCostEffectiveCompositionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumCostEffectiveCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_610_312_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumCostEffective" xlink:label="rj_PremiumCostEffective_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumCostEffective_loc" xlink:to="rj_RJ_2026-01-01_610_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumCostEffective_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumDifferencesReasonsDescription" xlink:label="rj_PremiumDifferencesReasonsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumDifferencesReasonsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_312_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumPolicyDescription" xlink:label="rj_PremiumPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumReceivedPremiumsArrearsDescription" xlink:label="rj_PremiumReceivedPremiumsArrearsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_312_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_312_A_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>312</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumReceivedPremiumsArrearsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_312_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumSmoothed" xlink:label="rj_PremiumSmoothed_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumSmoothed_loc" xlink:to="rj_RJ_2026-01-01_610_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumSmoothed_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumsOwnAccount" xlink:label="rj_PremiumsOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumsOwnAccount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PremiumsReceived" xlink:label="rj_PremiumsReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PremiumsReceived_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PresenceAndOperationOfInternalRiskManagementSystemDescription" xlink:label="rj_PresenceAndOperationOfInternalRiskManagementSystemDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PresenceAndOperationOfInternalRiskManagementSystemDescription_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PresentationOfDefferedTaxAssetsDeductibleWithinTwelveMonthsDescription" xlink:label="rj_PresentationOfDefferedTaxAssetsDeductibleWithinTwelveMonthsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PresentationOfDefferedTaxAssetsDeductibleWithinTwelveMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PresentationOfFinancialAssetsDeductibleWithinTwelveMonthsDescription" xlink:label="rj_PresentationOfFinancialAssetsDeductibleWithinTwelveMonthsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PresentationOfFinancialAssetsDeductibleWithinTwelveMonthsDescription_loc" xlink:to="rj_RJ_2026-01-01_272_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PrinciplesDeviationDescription" xlink:label="rj_PrinciplesDeviationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PrinciplesDeviationDescription_loc" xlink:to="rj_RJ_2026-01-01_645_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PrinciplesPoliciesAllocationAssetsLiabilitiesIncomeExpensesCashFlowsToDaebBranch" xlink:label="rj_PrinciplesPoliciesAllocationAssetsLiabilitiesIncomeExpensesCashFlowsToDaebBranch_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PrinciplesPoliciesAllocationAssetsLiabilitiesIncomeExpensesCashFlowsToDaebBranch_loc" xlink:to="rj_RJ_2026-01-01_645_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PrinciplesPoliciesAllocationAssetsLiabilitiesIncomeExpensesCashFlowsToNonDaebBranch" xlink:label="rj_PrinciplesPoliciesAllocationAssetsLiabilitiesIncomeExpensesCashFlowsToNonDaebBranch_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PrinciplesPoliciesAllocationAssetsLiabilitiesIncomeExpensesCashFlowsToNonDaebBranch_loc" xlink:to="rj_RJ_2026-01-01_645_311_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PrinciplesPolicyValueDescription" xlink:label="rj_PrinciplesPolicyValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PrinciplesPolicyValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PriorPeriodErrorsCorrectionEffectDescription" xlink:label="rj_PriorPeriodErrorsCorrectionEffectDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_150_204_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_150_204_ref">
      <ref:Chapter>150</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>204</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PriorPeriodErrorsCorrectionEffectDescription_loc" xlink:to="rj_RJ_2026-01-01_150_204_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A3_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A3_307_ref">
      <ref:Chapter>A3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PriorPeriodErrorsCorrectionEffectDescription_loc" xlink:to="rj_RJk_2026-01-01_A3_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PriorPeriodErrorsDisclosure" xlink:label="rj_PriorPeriodErrorsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PriorPeriodErrorsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_150_204_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_150_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_150_205_ref">
      <ref:Chapter>150</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PriorPeriodErrorsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_150_205_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_150_206_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_150_206_ref">
      <ref:Chapter>150</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>206</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PriorPeriodErrorsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_150_206_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PriorPeriodErrorsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_A3_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PriorPeriodErrorsNatureAndExtentDescription" xlink:label="rj_PriorPeriodErrorsNatureAndExtentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PriorPeriodErrorsNatureAndExtentDescription_loc" xlink:to="rj_RJ_2026-01-01_150_204_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PriorPeriodErrorsNatureAndExtentDescription_loc" xlink:to="rj_RJk_2026-01-01_A3_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsCashObtainedAcquisition" xlink:label="rj_ProceedsCashObtainedAcquisition_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_219_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_219_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>219</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsCashObtainedAcquisition_loc" xlink:to="rj_RJ_2026-01-01_360_219_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsCashObtainedAcquisition_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsFromBorrowingsDebentureLoans" xlink:label="rj_ProceedsFromBorrowingsDebentureLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromBorrowingsDebentureLoans_loc" xlink:to="rj_RJ_2026-01-01_360_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsFromBorrowingsMortgageLoans" xlink:label="rj_ProceedsFromBorrowingsMortgageLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromBorrowingsMortgageLoans_loc" xlink:to="rj_RJ_2026-01-01_360_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsFromBorrowingsOtherLoans" xlink:label="rj_ProceedsFromBorrowingsOtherLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromBorrowingsOtherLoans_loc" xlink:to="rj_RJ_2026-01-01_360_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsFromBorrowingsPrivateLoans" xlink:label="rj_ProceedsFromBorrowingsPrivateLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromBorrowingsPrivateLoans_loc" xlink:to="rj_RJ_2026-01-01_360_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsFromBorrowings" xlink:label="rj_ProceedsFromBorrowings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromBorrowings_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromBorrowings_loc" xlink:to="rj_RJ_2026-01-01_360_220_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsFromDebtSecurities" xlink:label="rj_ProceedsFromDebtSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromDebtSecurities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsFromSaleAndFinancialLeasebackTransaction" xlink:label="rj_ProceedsFromSaleAndFinancialLeasebackTransaction_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromSaleAndFinancialLeasebackTransaction_loc" xlink:to="rj_RJ_2026-01-01_360_207_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsFromSubordinatedBorrowings" xlink:label="rj_ProceedsFromSubordinatedBorrowings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsFromSubordinatedBorrowings_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsIssueShares" xlink:label="rj_ProceedsIssueShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsIssueShares_loc" xlink:to="rj_RJ_2026-01-01_360_220_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsIssueShares_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsIssueShares_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsReplacementShares" xlink:label="rj_ProceedsReplacementShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsReplacementShares_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesGroupCompanies" xlink:label="rj_ProceedsSalesGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesGroupCompanies_loc" xlink:to="rj_RJ_2026-01-01_360_219_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesGroupCompanies_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesIntangibleAssetsNotAccountedAsNetSales" xlink:label="rj_ProceedsSalesIntangibleAssetsNotAccountedAsNetSales_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesIntangibleAssetsNotAccountedAsNetSales_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesIntangibleAssets" xlink:label="rj_ProceedsSalesIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesInvestmentPortfolio" xlink:label="rj_ProceedsSalesInvestmentPortfolio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesInvestmentPortfolio_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesInvestmentsGroupCompaniesAndParticipatingInterests" xlink:label="rj_ProceedsSalesInvestmentsGroupCompaniesAndParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesInvestmentsGroupCompaniesAndParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesInvestmentsLandAndBuildingsAndOfShares" xlink:label="rj_ProceedsSalesInvestmentsLandAndBuildingsAndOfShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesInvestmentsLandAndBuildingsAndOfShares_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesInvestmentsOther" xlink:label="rj_ProceedsSalesInvestmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesInvestmentsOther_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesNonconsolidatedEntities" xlink:label="rj_ProceedsSalesNonconsolidatedEntities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesNonconsolidatedEntities_loc" xlink:to="rj_RJ_2026-01-01_360_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesOtherFinancialAssets" xlink:label="rj_ProceedsSalesOtherFinancialAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesOtherFinancialAssets_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesParticipatingInterestsOther" xlink:label="rj_ProceedsSalesParticipatingInterestsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesParticipatingInterestsOther_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProceedsSalesPropertyPlantAndEquipment" xlink:label="rj_ProceedsSalesPropertyPlantAndEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesPropertyPlantAndEquipment_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesPropertyPlantAndEquipment_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesPropertyPlantAndEquipment_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesPropertyPlantAndEquipment_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProceedsSalesPropertyPlantAndEquipment_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProcessSuccessionPlanningDescription" xlink:label="rj_ProcessSuccessionPlanningDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProcessSuccessionPlanningDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105e_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProcessedWagesDescription" xlink:label="rj_ProcessedWagesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProcessedWagesDescription_loc" xlink:to="rj_RJ_2026-01-01_270_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProcessingCostDeductionPremiumPensionInstitutionsDisclosure" xlink:label="rj_ProcessingCostDeductionPremiumPensionInstitutionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_303_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProcessingCostDeductionPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProcessingOfCompensationsDescription" xlink:label="rj_ProcessingOfCompensationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProcessingOfCompensationsDescription_loc" xlink:to="rj_RJ_2021-03-10_RJU2021-6_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProcessingRepairAndMaintenanceCostsPolicy" xlink:label="rj_ProcessingRepairAndMaintenanceCostsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_701_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_701_A_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>701</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProcessingRepairAndMaintenanceCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_212_701_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProcessingSharesPremiumDiscountsDescription" xlink:label="rj_ProcessingSharesPremiumDiscountsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProcessingSharesPremiumDiscountsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_427_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProductResponsibilityDescription" xlink:label="rj_ProductResponsibilityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProductResponsibilityDescription_loc" xlink:to="rj_RJ_2026-01-01_920_427_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProductsServicesPensionFundDescription" xlink:label="rj_ProductsServicesPensionFundDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProductsServicesPensionFundDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProfitLossAccountAmountAccountedForDescription" xlink:label="rj_ProfitLossAccountAmountAccountedForDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProfitLossAccountAmountAccountedForDescription_loc" xlink:to="rj_RJ_2026-01-01_292_509_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProfitSharingAndDiscountsGross" xlink:label="rj_ProfitSharingAndDiscountsGross_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_618_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_618_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>618</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProfitSharingAndDiscountsGross_loc" xlink:to="rj_RJ_2026-01-01_605_618_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProfitSharingAndDiscountsPaid" xlink:label="rj_ProfitSharingAndDiscountsPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProfitSharingAndDiscountsPaid_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProfitSharingAndDiscountsReinsuredPart" xlink:label="rj_ProfitSharingAndDiscountsReinsuredPart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProfitSharingAndDiscountsReinsuredPart_loc" xlink:to="rj_RJ_2026-01-01_605_618_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProgramsImplementToAchieveMainGoalDescription" xlink:label="rj_ProgramsImplementToAchieveMainGoalDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProgramsImplementToAchieveMainGoalDescription_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProgressionInterestRateInconsistentInterestRateRemainingMaturityDescription" xlink:label="rj_ProgressionInterestRateInconsistentInterestRateRemainingMaturityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProgressionInterestRateInconsistentInterestRateRemainingMaturityDescription_loc" xlink:to="rj_RJ_2026-01-01_254_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentActualCostPrice" xlink:label="rj_PropertyPlantEquipmentActualCostPrice_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_702_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_702_A_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentActualCostPrice_loc" xlink:to="rj_RJ_2026-01-01_212_702_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentAdditionsThroughAcquisitions" xlink:label="rj_PropertyPlantEquipmentAdditionsThroughAcquisitions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentAdditionsThroughAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentBookValueInactiveHeldForSaleDisclosure" xlink:label="rj_PropertyPlantEquipmentBookValueInactiveHeldForSaleDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_707_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_707_C_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>707</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentBookValueInactiveHeldForSaleDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_707_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentBookValueInactiveHeldForSale" xlink:label="rj_PropertyPlantEquipmentBookValueInactiveHeldForSale_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentBookValueInactiveHeldForSale_loc" xlink:to="rj_RJ_2026-01-01_212_707_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentBookValueTemporarilyInactiveAssetsDisclosure" xlink:label="rj_PropertyPlantEquipmentBookValueTemporarilyInactiveAssetsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_707_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_707_A_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>707</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentBookValueTemporarilyInactiveAssetsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_707_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentBookValueTemporarilyInactiveAssets" xlink:label="rj_PropertyPlantEquipmentBookValueTemporarilyInactiveAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentBookValueTemporarilyInactiveAssets_loc" xlink:to="rj_RJ_2026-01-01_212_707_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentCarryingAmountActualCostpriceNoLongerReliableDisclosure" xlink:label="rj_PropertyPlantEquipmentCarryingAmountActualCostpriceNoLongerReliableDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_705_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_705_F_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCarryingAmountActualCostpriceNoLongerReliableDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_705_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentCarryingAmountActualCostpriceNoLongerReliable" xlink:label="rj_PropertyPlantEquipmentCarryingAmountActualCostpriceNoLongerReliable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCarryingAmountActualCostpriceNoLongerReliable_loc" xlink:to="rj_RJ_2026-01-01_212_705_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentCostPrice" xlink:label="rj_PropertyPlantEquipmentCostPrice_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_404_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCostPrice_loc" xlink:to="rj_RJ_2026-01-01_212_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCostPrice_loc" xlink:to="rj_RJ_2026-01-01_212_702_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentCurrentValueDeterminationDescription" xlink:label="rj_PropertyPlantEquipmentCurrentValueDeterminationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_705_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_705_D_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCurrentValueDeterminationDescription_loc" xlink:to="rj_RJ_2026-01-01_212_705_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentCurrentValueIndependentAppraiserDescription" xlink:label="rj_PropertyPlantEquipmentCurrentValueIndependentAppraiserDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_705_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_705_B_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCurrentValueIndependentAppraiserDescription_loc" xlink:to="rj_RJ_2026-01-01_212_705_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentCurrentValueMethodsAndSignificantAssumptionsDescription" xlink:label="rj_PropertyPlantEquipmentCurrentValueMethodsAndSignificantAssumptionsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_705_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_705_C_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCurrentValueMethodsAndSignificantAssumptionsDescription_loc" xlink:to="rj_RJ_2026-01-01_212_705_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentCurrentValueMethodsOfProcessingRevaluationsDescription" xlink:label="rj_PropertyPlantEquipmentCurrentValueMethodsOfProcessingRevaluationsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_705_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_705_G_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCurrentValueMethodsOfProcessingRevaluationsDescription_loc" xlink:to="rj_RJ_2026-01-01_212_705_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentCurrentValueYearOfRevaluationsDescription" xlink:label="rj_PropertyPlantEquipmentCurrentValueYearOfRevaluationsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_705_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_705_A_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>705</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentCurrentValueYearOfRevaluationsDescription_loc" xlink:to="rj_RJ_2026-01-01_212_705_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentDepreciationRateRangeEnd" xlink:label="rj_PropertyPlantEquipmentDepreciationRateRangeEnd_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_701_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_701_D_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>701</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentDepreciationRateRangeEnd_loc" xlink:to="rj_RJ_2026-01-01_212_701_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentDepreciationRateRangeEnd_loc" xlink:to="rj_RJk_2026-01-01_B2_132a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentDepreciationRateRangeStart" xlink:label="rj_PropertyPlantEquipmentDepreciationRateRangeStart_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentDepreciationRateRangeStart_loc" xlink:to="rj_RJ_2026-01-01_212_701_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentDepreciationRateRangeStart_loc" xlink:to="rj_RJk_2026-01-01_B2_132a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentDepreciationRate" xlink:label="rj_PropertyPlantEquipmentDepreciationRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentDepreciationRate_loc" xlink:to="rj_RJ_2026-01-01_212_701_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_132a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_132a_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>132a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentDepreciationRate_loc" xlink:to="rj_RJk_2026-01-01_B2_132a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentDivestitures" xlink:label="rj_PropertyPlantEquipmentDivestitures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentDivestitures_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentEconomicLife" xlink:label="rj_PropertyPlantEquipmentEconomicLife_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentEconomicLife_loc" xlink:to="rj_RJ_2026-01-01_212_701_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentEconomicLife_loc" xlink:to="rj_RJk_2026-01-01_B2_132a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentExchangeDifferences" xlink:label="rj_PropertyPlantEquipmentExchangeDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_212_702_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentFinanceLeaseDisclosure" xlink:label="rj_PropertyPlantEquipmentFinanceLeaseDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentFinanceLeaseDisclosure_loc" xlink:to="rj_RJ_2026-01-01_292_208_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentGrossBookValueFullyDepreciatedStillInUseDisclosure" xlink:label="rj_PropertyPlantEquipmentGrossBookValueFullyDepreciatedStillInUseDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_707_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_707_B_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>707</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentGrossBookValueFullyDepreciatedStillInUseDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_707_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentGrossBookValueFullyDepreciatedStillInUse" xlink:label="rj_PropertyPlantEquipmentGrossBookValueFullyDepreciatedStillInUse_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentGrossBookValueFullyDepreciatedStillInUse_loc" xlink:to="rj_RJ_2026-01-01_212_707_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentHeldForExploitationObjectiveInvestmentIndication" xlink:label="rj_PropertyPlantEquipmentHeldForExploitationObjectiveInvestmentIndication_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentHeldForExploitationObjectiveInvestmentIndication_loc" xlink:to="rj_RJ_2026-01-01_650_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentImpairmentDescription" xlink:label="rj_PropertyPlantEquipmentImpairmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentImpairmentDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentImpairmentReversalDescription" xlink:label="rj_PropertyPlantEquipmentImpairmentReversalDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentImpairmentReversalDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentLimitedOwnershipDescription" xlink:label="rj_PropertyPlantEquipmentLimitedOwnershipDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_703_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_703_A_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentLimitedOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_212_703_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentMarketValueDescription" xlink:label="rj_PropertyPlantEquipmentMarketValueDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_707_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_707_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>707</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentMarketValueDescription_loc" xlink:to="rj_RJ_2026-01-01_212_707_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentNatureAndExtentMovementsOtherDescription" xlink:label="rj_PropertyPlantEquipmentNatureAndExtentMovementsOtherDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_132b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_132b_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>132b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentNatureAndExtentMovementsOtherDescription_loc" xlink:to="rj_RJk_2026-01-01_B2_132b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentNoLegalOwnershipDescription" xlink:label="rj_PropertyPlantEquipmentNoLegalOwnershipDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentNoLegalOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentPaymentIncludedInBookValueOfConstructionInProgressDescription" xlink:label="rj_PropertyPlantEquipmentPaymentIncludedInBookValueOfConstructionInProgressDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_703_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_703_C_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentPaymentIncludedInBookValueOfConstructionInProgressDescription_loc" xlink:to="rj_RJ_2026-01-01_212_703_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentPurchaseCommitmentsDescription" xlink:label="rj_PropertyPlantEquipmentPurchaseCommitmentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_604_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_604_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>604</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentPurchaseCommitmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_212_604_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_703_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_703_D_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentPurchaseCommitmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_212_703_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_132c_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_132c_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>132c</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentPurchaseCommitmentsDescription_loc" xlink:to="rj_RJk_2026-01-01_B2_132c_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentPutUpAsCollateralForDebtsDescription" xlink:label="rj_PropertyPlantEquipmentPutUpAsCollateralForDebtsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_703_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_703_B_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentPutUpAsCollateralForDebtsDescription_loc" xlink:to="rj_RJ_2026-01-01_212_703_B_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_131f_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_131f_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>131f</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentPutUpAsCollateralForDebtsDescription_loc" xlink:to="rj_RJk_2026-01-01_B2_131f_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure" xlink:label="rj_PropertyPlantEquipmentRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentRecognizedAPricesSignificantlyDifferentFromMarketPricesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentReimbursementThirdPartiesForDecreaseInValueOfAssetsDescription" xlink:label="rj_PropertyPlantEquipmentReimbursementThirdPartiesForDecreaseInValueOfAssetsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_703_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_703_E_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentReimbursementThirdPartiesForDecreaseInValueOfAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_212_703_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentRepairCostsExpectationDescription" xlink:label="rj_PropertyPlantEquipmentRepairCostsExpectationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_703_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_703_F_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>703</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentRepairCostsExpectationDescription_loc" xlink:to="rj_RJ_2026-01-01_212_703_F_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_132d_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_132d_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>132d</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentRepairCostsExpectationDescription_loc" xlink:to="rj_RJk_2026-01-01_B2_132d_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentSpecialCircumstancesAdditionsRecognisedDirectlyIncomeExpenseStatementCostPrice" xlink:label="rj_PropertyPlantEquipmentSpecialCircumstancesAdditionsRecognisedDirectlyIncomeExpenseStatementCostPrice_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_201_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentSpecialCircumstancesAdditionsRecognisedDirectlyIncomeExpenseStatementCostPrice_loc" xlink:to="rj_RJ_2026-01-01_650_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentSpecialCircumstancesMethodProcessingAdditionsRecognisedDirectlyIncomeExpenseStatementDescription" xlink:label="rj_PropertyPlantEquipmentSpecialCircumstancesMethodProcessingAdditionsRecognisedDirectlyIncomeExpenseStatementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentSpecialCircumstancesMethodProcessingAdditionsRecognisedDirectlyIncomeExpenseStatementDescription_loc" xlink:to="rj_RJ_2026-01-01_650_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PropertyPlantEquipmentValuationCarriedOutByInternalOrExternalAppraisersDescription" xlink:label="rj_PropertyPlantEquipmentValuationCarriedOutByInternalOrExternalAppraisersDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_232_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_232_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>232</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PropertyPlantEquipmentValuationCarriedOutByInternalOrExternalAppraisersDescription_loc" xlink:to="rj_RJ_2026-01-01_600_232_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProtectionEfficiencyProjectionEfficiencyExcessDescription" xlink:label="rj_ProtectionEfficiencyProjectionEfficiencyExcessDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_267_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_267_A_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>267</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProtectionEfficiencyProjectionEfficiencyExcessDescription_loc" xlink:to="rj_RJ_2026-01-01_610_267_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionActuarialHealthInsuranceDisclosure" xlink:label="rj_ProvisionActuarialHealthInsuranceDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionActuarialHealthInsuranceDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionActuarialHealthInsurancePolicy" xlink:label="rj_ProvisionActuarialHealthInsurancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionActuarialHealthInsurancePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionActuarialHealthInsurancePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionActuarialHealthInsurance" xlink:label="rj_ProvisionActuarialHealthInsurance_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_546_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_546_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>546</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionActuarialHealthInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_546_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionBalanceInsuranceEndReportingYear" xlink:label="rj_ProvisionBalanceInsuranceEndReportingYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionBalanceInsuranceEndReportingYear_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionBalanceInsurance" xlink:label="rj_ProvisionBalanceInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionBalanceInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionDisabilityRisksDisclosure" xlink:label="rj_ProvisionDisabilityRisksDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisabilityRisksDisclosure_loc" xlink:to="rj_RJ_2026-01-01_271_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisabilityRisksDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionDisabilityRisksPolicy" xlink:label="rj_ProvisionDisabilityRisksPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisabilityRisksPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisabilityRisksPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionDisabilityRisks" xlink:label="rj_ProvisionDisabilityRisks_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisabilityRisks_loc" xlink:to="rj_RJ_2026-01-01_271_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionDisposalObligationDisclosure" xlink:label="rj_ProvisionDisposalObligationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligationDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B10_127_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionDisposalObligationPolicy" xlink:label="rj_ProvisionDisposalObligationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligationPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligationPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionDisposalObligation" xlink:label="rj_ProvisionDisposalObligation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_426_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_426_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>426</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligation_loc" xlink:to="rj_RJ_2026-01-01_252_426_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_427_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_427_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>427</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligation_loc" xlink:to="rj_RJ_2026-01-01_252_427_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligation_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionDisposalObligation_loc" xlink:to="rj_RJk_2026-01-01_B10_127_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionEmployeeBenefitsDisclosure" xlink:label="rj_ProvisionEmployeeBenefitsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEmployeeBenefitsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionEmployeeBenefits" xlink:label="rj_ProvisionEmployeeBenefits_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEmployeeBenefits_loc" xlink:to="rj_RJ_2026-01-01_271_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionEnvironmentalDisclosure" xlink:label="rj_ProvisionEnvironmentalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmentalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmentalDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B10_117_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionEnvironmentalPolicy" xlink:label="rj_ProvisionEnvironmentalPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_410_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_410_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>410</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmentalPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_410_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_411_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_411_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>411</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmentalPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_411_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmentalPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmentalPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionEnvironmental" xlink:label="rj_ProvisionEnvironmental_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmental_loc" xlink:to="rj_RJ_2026-01-01_252_410_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmental_loc" xlink:to="rj_RJ_2026-01-01_252_411_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmental_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionEnvironmental_loc" xlink:to="rj_RJk_2026-01-01_B10_117_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionForAgingPopulationDisclosure" xlink:label="rj_ProvisionForAgingPopulationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionForAgingPopulationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionForAgingPopulationPolicy" xlink:label="rj_ProvisionForAgingPopulationPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionForAgingPopulationPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionForAgingPopulationPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionForAgingPopulation" xlink:label="rj_ProvisionForAgingPopulation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionForAgingPopulation_loc" xlink:to="rj_RJ_2026-01-01_605_546_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionForLongevityRisk" xlink:label="rj_ProvisionForLongevityRisk_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionForLongevityRisk_loc" xlink:to="rj_RJ_2026-01-01_605_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionForMovementToBeRecordedForSignificantCollectiveInsuranceContracts" xlink:label="rj_ProvisionForMovementToBeRecordedForSignificantCollectiveInsuranceContracts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionForMovementToBeRecordedForSignificantCollectiveInsuranceContracts_loc" xlink:to="rj_RJ_2026-01-01_605_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionInsuranceDisabilityRisksDisclosure" xlink:label="rj_ProvisionInsuranceDisabilityRisksDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceDisabilityRisksDisclosure_loc" xlink:to="rj_RJ_2026-01-01_271_214_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceDisabilityRisksDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionInsuranceDisabilityRisksPolicy" xlink:label="rj_ProvisionInsuranceDisabilityRisksPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceDisabilityRisksPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceDisabilityRisksPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionInsuranceDisabilityRisks" xlink:label="rj_ProvisionInsuranceDisabilityRisks_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_210_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_210_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>210</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceDisabilityRisks_loc" xlink:to="rj_RJ_2026-01-01_271_210_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionInsuranceIllnessDisabilityDisclosure" xlink:label="rj_ProvisionInsuranceIllnessDisabilityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceIllnessDisabilityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionInsuranceIllnessDisabilityPolicy" xlink:label="rj_ProvisionInsuranceIllnessDisabilityPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceIllnessDisabilityPolicy_loc" xlink:to="rj_RJ_2026-01-01_271_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionInsuranceIllnessDisability" xlink:label="rj_ProvisionInsuranceIllnessDisability_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionInsuranceIllnessDisability_loc" xlink:to="rj_RJ_2026-01-01_271_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionJubileeBenefitsDisclosure" xlink:label="rj_ProvisionJubileeBenefitsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionJubileeBenefitsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionJubileeBenefitsPolicy" xlink:label="rj_ProvisionJubileeBenefitsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionJubileeBenefitsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionJubileeBenefits" xlink:label="rj_ProvisionJubileeBenefits_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionJubileeBenefits_loc" xlink:to="rj_RJ_2026-01-01_271_206_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionLegalProceedingsDisclosure" xlink:label="rj_ProvisionLegalProceedingsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedingsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedingsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B10_116_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionLegalProceedingsPolicy" xlink:label="rj_ProvisionLegalProceedingsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_409_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedingsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedingsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedingsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionLegalProceedings" xlink:label="rj_ProvisionLegalProceedings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedings_loc" xlink:to="rj_RJ_2026-01-01_252_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedings_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionLegalProceedings_loc" xlink:to="rj_RJk_2026-01-01_B10_116_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionMajorMaintenanceDisclosure" xlink:label="rj_ProvisionMajorMaintenanceDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenanceDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenanceDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_709_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenanceDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B2_122_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionMajorMaintenancePolicy" xlink:label="rj_ProvisionMajorMaintenancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenancePolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenancePolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionMajorMaintenance" xlink:label="rj_ProvisionMajorMaintenance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenance_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B2_122_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B2_122_ref">
      <ref:Chapter>B2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>122</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenance_loc" xlink:to="rj_RJk_2026-01-01_B2_122_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_445_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_445_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>445</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionMajorMaintenance_loc" xlink:to="rj_RJ_2026-01-01_212_445_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure" xlink:label="rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutionsPolicy" xlink:label="rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutions" xlink:label="rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnBehalfOfParticipantsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOnerousContractsDisclosure" xlink:label="rj_ProvisionOnerousContractsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContractsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContractsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B10_111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOnerousContractsPolicy" xlink:label="rj_ProvisionOnerousContractsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_404_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_404_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_405_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContractsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOnerousContracts" xlink:label="rj_ProvisionOnerousContracts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContracts_loc" xlink:to="rj_RJ_2026-01-01_252_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContracts_loc" xlink:to="rj_RJ_2026-01-01_252_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContracts_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContracts_loc" xlink:to="rj_RJ_2026-01-01_605_546_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOnerousContracts_loc" xlink:to="rj_RJk_2026-01-01_B10_111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionOperationalCostsAmount" xlink:label="rj_ProvisionOperationalCostsAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionOperationalCostsAmount_loc" xlink:to="rj_RJ_2026-01-01_610_244_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionParticipatingInterestsDifferenceSeparateConsolidated" xlink:label="rj_ProvisionParticipatingInterestsDifferenceSeparateConsolidated_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_304_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_618_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_618_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>618</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterestsDifferenceSeparateConsolidated_loc" xlink:to="rj_RJ_2026-01-01_240_618_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionParticipatingInterestsDisclosure" xlink:label="rj_ProvisionParticipatingInterestsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterestsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterestsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B10_125_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionParticipatingInterestsPolicy" xlink:label="rj_ProvisionParticipatingInterestsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_424_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_424_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>424</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterestsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_424_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterestsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterestsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionParticipatingInterests" xlink:label="rj_ProvisionParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_240_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_252_424_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_650_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionParticipatingInterests_loc" xlink:to="rj_RJk_2026-01-01_B10_125_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsActuarialAssumptionsDescription" xlink:label="rj_ProvisionPensionObligationsActuarialAssumptionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsActuarialAssumptionsDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B14_110_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B14_110_ref">
      <ref:Chapter>B14</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>110</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsActuarialAssumptionsDescription_loc" xlink:to="rj_RJk_2026-01-01_B14_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsActuarialAssumptionsOtherDescription" xlink:label="rj_ProvisionPensionObligationsActuarialAssumptionsOtherDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsActuarialAssumptionsOtherDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B10_109a_H_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B10_109a_H_ref">
      <ref:Chapter>B10</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>109a</ref:Paragraph>
      <ref:Subparagraph>h</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsActuarialAssumptionsOtherDescription_loc" xlink:to="rj_RJk_2026-01-01_B10_109a_H_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsDescription" xlink:label="rj_ProvisionPensionObligationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsDiscountRateDescription" xlink:label="rj_ProvisionPensionObligationsDiscountRateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsDiscountRateDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsMethodDeterminingInterestAdditionDescription" xlink:label="rj_ProvisionPensionObligationsMethodDeterminingInterestAdditionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_318_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_318_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>318</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsMethodDeterminingInterestAdditionDescription_loc" xlink:to="rj_RJ_2026-01-01_610_318_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsNetPensionArrangements" xlink:label="rj_ProvisionPensionObligationsNetPensionArrangements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsNetPensionArrangements_loc" xlink:to="rj_RJ_2026-01-01_610_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfParticipantsDisclosure" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfParticipantsPolicy" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfParticipantsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfParticipantsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfParticipants" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundAppliedActuarialAssumptionsDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundAppliedActuarialAssumptionsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_253_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_253_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>253</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundAppliedActuarialAssumptionsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundAssumptionsAppliedDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundAssumptionsAppliedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundAssumptionsAppliedDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsExtentIndexationTakenIntoAccountDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsExtentIndexationTakenIntoAccountDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_254_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_254_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>254</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsExtentIndexationTakenIntoAccountDescription_loc" xlink:to="rj_RJ_2026-01-01_610_254_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsIndexationClausesDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsIndexationClausesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsIndexationClausesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_254_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsNatureDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundDifferentPensionArrangementsNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_610_254_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundDisclosure" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundExtentInsuredPartnersTakenIntoAccountDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundExtentInsuredPartnersTakenIntoAccountDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundExtentInsuredPartnersTakenIntoAccountDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundExtentPensionAccrualDisabledWorkersTakenIntoAccountDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundExtentPensionAccrualDisabledWorkersTakenIntoAccountDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundExtentPensionAccrualDisabledWorkersTakenIntoAccountDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundIndexationMethodDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundIndexationMethodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundIndexationMethodDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundMarketRateUsedDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundMarketRateUsedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundMarketRateUsedDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundMethodDeterminingMarketRateDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundMethodDeterminingMarketRateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundMethodDeterminingMarketRateDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundMotivationMarketRateUsedIfDifferentInterestRateTermStructurePublishedByDNBDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundMotivationMarketRateUsedIfDifferentInterestRateTermStructurePublishedByDNBDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundMotivationMarketRateUsedIfDifferentInterestRateTermStructurePublishedByDNBDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundNatureAndExtentTransferredInsuranceAndInvestmentRisksDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundNatureAndExtentTransferredInsuranceAndInvestmentRisksDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_257_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_257_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>257</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundNatureAndExtentTransferredInsuranceAndInvestmentRisksDescription_loc" xlink:to="rj_RJ_2026-01-01_610_257_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundPolicy" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToActiveParticipantsDisclosure" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToActiveParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToActiveParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToActiveParticipants" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToActiveParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToActiveParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToInactiveParticipantsDisclosure" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToInactiveParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToInactiveParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToInactiveParticipants" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToInactiveParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToInactiveParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToOtherParticipantsDisclosure" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToOtherParticipantsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToOtherParticipantsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToOtherParticipants" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToOtherParticipants_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToOtherParticipants_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToPensionersDisclosure" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToPensionersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToPensionersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToPensioners" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToPensioners_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundRelatingToPensioners_loc" xlink:to="rj_RJ_2026-01-01_610_256_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFundSurchargePensionDisbursementExpensesDescription" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFundSurchargePensionDisbursementExpensesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFundSurchargePensionDisbursementExpensesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsOnBehalfOfPensionFund" xlink:label="rj_ProvisionPensionObligationsOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_255_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsSurvivalRateDescription" xlink:label="rj_ProvisionPensionObligationsSurvivalRateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsSurvivalRateDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionPensionObligationsValuationMethodsDescription" xlink:label="rj_ProvisionPensionObligationsValuationMethodsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsValuationMethodsDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionPensionObligationsValuationMethodsDescription_loc" xlink:to="rj_RJk_2026-01-01_B14_110_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRepairCostsDisclosure" xlink:label="rj_ProvisionRepairCostsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCostsDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRepairCostsPolicy" xlink:label="rj_ProvisionRepairCostsPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_419_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_419_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>419</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_419_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_420_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_420_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>420</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_420_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCostsPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRepairCosts" xlink:label="rj_ProvisionRepairCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCosts_loc" xlink:to="rj_RJ_2026-01-01_252_419_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCosts_loc" xlink:to="rj_RJ_2026-01-01_252_420_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCosts_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRepairCosts_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_126_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRestructuringDisclosure" xlink:label="rj_ProvisionRestructuringDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuringDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuringDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B10_118_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRestructuringPolicy" xlink:label="rj_ProvisionRestructuringPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_412_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_412_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>412</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuringPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_412_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuringPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuringPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuringPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRestructuring" xlink:label="rj_ProvisionRestructuring_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuring_loc" xlink:to="rj_RJ_2026-01-01_252_412_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuring_loc" xlink:to="rj_RJ_2026-01-01_252_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuring_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRestructuring_loc" xlink:to="rj_RJk_2026-01-01_B10_118_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionRevisionsDecisionProfitSharing" xlink:label="rj_ProvisionRevisionsDecisionProfitSharing_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRevisionsDecisionProfitSharing_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_544_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_544_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>544</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionRevisionsDecisionProfitSharing_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionShareBasedPaymentsDisclosure" xlink:label="rj_ProvisionShareBasedPaymentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionShareBasedPaymentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionShareBasedPaymentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_275_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionShareBasedPaymentsPolicy" xlink:label="rj_ProvisionShareBasedPaymentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionShareBasedPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionShareBasedPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_275_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionShareBasedPayments" xlink:label="rj_ProvisionShareBasedPayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionShareBasedPayments_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionShareBasedPayments_loc" xlink:to="rj_RJ_2026-01-01_275_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionWarrantyDisclosure" xlink:label="rj_ProvisionWarrantyDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarrantyDisclosure_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarrantyDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B10_115_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionWarrantyPolicy" xlink:label="rj_ProvisionWarrantyPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_408_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarrantyPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_408_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarrantyPolicy_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarrantyPolicy_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B10_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionWarranty" xlink:label="rj_ProvisionWarranty_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarranty_loc" xlink:to="rj_RJ_2026-01-01_252_408_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarranty_loc" xlink:to="rj_RJ_2026-01-01_252_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionWarranty_loc" xlink:to="rj_RJk_2026-01-01_B10_115_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsAdditionsChargedAgainstIncomeStatement" xlink:label="rj_ProvisionsAdditionsChargedAgainstIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditionsChargedAgainstIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditionsChargedAgainstIncomeStatement_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsAdditionsOther" xlink:label="rj_ProvisionsAdditionsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditionsOther_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditionsOther_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsAdditionsThroughRevaluationReserve" xlink:label="rj_ProvisionsAdditionsThroughRevaluationReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditionsThroughRevaluationReserve_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditionsThroughRevaluationReserve_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsAdditions" xlink:label="rj_ProvisionsAdditions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_708_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_708_D_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>708</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditions_loc" xlink:to="rj_RJ_2026-01-01_212_708_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_252_502_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_252_502_ref">
      <ref:Chapter>252</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>502</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditions_loc" xlink:to="rj_RJ_2026-01-01_252_502_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditions_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsAdditions_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsExchangeDifferences" xlink:label="rj_ProvisionsExchangeDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_212_708_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_252_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsMaturityExceedingFiveYears" xlink:label="rj_ProvisionsMaturityExceedingFiveYears_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsMaturityExceedingFiveYears_loc" xlink:to="rj_RJ_2026-01-01_252_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsMaturityWithinOneYear" xlink:label="rj_ProvisionsMaturityWithinOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsMaturityWithinOneYear_loc" xlink:to="rj_RJ_2026-01-01_252_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsMovement" xlink:label="rj_ProvisionsMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsMovement_loc" xlink:to="rj_RJ_2026-01-01_212_708_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsMovement_loc" xlink:to="rj_RJ_2026-01-01_252_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsRelease" xlink:label="rj_ProvisionsRelease_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsRelease_loc" xlink:to="rj_RJ_2026-01-01_212_708_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsRelease_loc" xlink:to="rj_RJ_2026-01-01_252_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsReversalAdditionsThroughRevaluationReserve" xlink:label="rj_ProvisionsReversalAdditionsThroughRevaluationReserve_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsReversalAdditionsThroughRevaluationReserve_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsReversalAdditionsThroughRevaluationReserve_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsUsage" xlink:label="rj_ProvisionsUsage_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsUsage_loc" xlink:to="rj_RJ_2026-01-01_212_708_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsUsage_loc" xlink:to="rj_RJ_2026-01-01_252_502_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsWithdrawalsOther" xlink:label="rj_ProvisionsWithdrawalsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsWithdrawalsOther_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsWithdrawalsOther_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsWithdrawalsProfitSharingAllocatedToTechnicalProvisions" xlink:label="rj_ProvisionsWithdrawalsProfitSharingAllocatedToTechnicalProvisions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsWithdrawalsProfitSharingAllocatedToTechnicalProvisions_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsWithdrawalsProfitSharingAllocatedToTechnicalProvisions_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsWithdrawals" xlink:label="rj_ProvisionsWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsYieldedInterest" xlink:label="rj_ProvisionsYieldedInterest_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsYieldedInterest_loc" xlink:to="rj_RJ_2026-01-01_212_708_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsYieldedInterest_loc" xlink:to="rj_RJ_2026-01-01_252_502_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsYieldedInterest_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsYieldedInterest_loc" xlink:to="rj_RJ_2026-01-01_605_544_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PublicityAndCommunicationExpensesDisclosure" xlink:label="rj_PublicityAndCommunicationExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PublicityAndCommunicationExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PublicityExpensesDisclosure" xlink:label="rj_PublicityExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PublicityExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PublicityExpensesPolicy" xlink:label="rj_PublicityExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PublicityExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PublicityExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PublicityExpenses" xlink:label="rj_PublicityExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PublicityExpenses_loc" xlink:to="rj_RJ_2026-01-01_615_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseGroupCompanies" xlink:label="rj_PurchaseGroupCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseGroupCompanies_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseGroupCompanies_loc" xlink:to="rj_RJ_2026-01-01_360_219_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseGroupCompanies_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseIntangibleAssets" xlink:label="rj_PurchaseIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseInvestmentPortfolio" xlink:label="rj_PurchaseInvestmentPortfolio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestmentPortfolio_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseInvestmentsGroupCompaniesAndParticipatingInterestsCashFlow" xlink:label="rj_PurchaseInvestmentsGroupCompaniesAndParticipatingInterestsCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestmentsGroupCompaniesAndParticipatingInterestsCashFlow_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseInvestmentsGroupCompaniesAndParticipatingInterests" xlink:label="rj_PurchaseInvestmentsGroupCompaniesAndParticipatingInterests_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestmentsGroupCompaniesAndParticipatingInterests_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseInvestmentsLandAndBuildingsAndInSharesCashFlow" xlink:label="rj_PurchaseInvestmentsLandAndBuildingsAndInSharesCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestmentsLandAndBuildingsAndInSharesCashFlow_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseInvestmentsLandAndBuildingsAndInShares" xlink:label="rj_PurchaseInvestmentsLandAndBuildingsAndInShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestmentsLandAndBuildingsAndInShares_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseInvestmentsOtherCashFlow" xlink:label="rj_PurchaseInvestmentsOtherCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestmentsOtherCashFlow_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseInvestmentsOther" xlink:label="rj_PurchaseInvestmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestmentsOther_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseInvestments" xlink:label="rj_PurchaseInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestments_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestments_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseInvestments_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseLandBuildingsMachinesConcessionsParticipations" xlink:label="rj_PurchaseLandBuildingsMachinesConcessionsParticipations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseLandBuildingsMachinesConcessionsParticipations_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseNonConsolidatedEntities" xlink:label="rj_PurchaseNonConsolidatedEntities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseNonConsolidatedEntities_loc" xlink:to="rj_RJ_2026-01-01_360_219_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseOfParticipatingInterestsAndPartnerships" xlink:label="rj_PurchaseOfParticipatingInterestsAndPartnerships_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseOfParticipatingInterestsAndPartnerships_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseOtherFinancialAssets" xlink:label="rj_PurchaseOtherFinancialAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseOtherFinancialAssets_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseOtherFinancialAssets_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseParticipatingInterestsOther" xlink:label="rj_PurchaseParticipatingInterestsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseParticipatingInterestsOther_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchasePropertyPlantEquipmentCashFlow" xlink:label="rj_PurchasePropertyPlantEquipmentCashFlow_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasePropertyPlantEquipmentCashFlow_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchasePropertyPlantEquipment" xlink:label="rj_PurchasePropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasePropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasePropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasePropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasePropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasePropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseTreasurySharesNonListedOrganisationsInvestmentEntityHasControllingInterestDescription" xlink:label="rj_PurchaseTreasurySharesNonListedOrganisationsInvestmentEntityHasControllingInterestDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseTreasurySharesNonListedOrganisationsInvestmentEntityHasControllingInterestDescription_loc" xlink:to="rj_RJ_2026-01-01_615_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseValueDeliveredProductsDisclosure" xlink:label="rj_PurchaseValueDeliveredProductsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseValueDeliveredProductsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseValueDeliveredProductsPolicy" xlink:label="rj_PurchaseValueDeliveredProductsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseValueDeliveredProductsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseValueDeliveredProductsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchaseValueDeliveredProducts" xlink:label="rj_PurchaseValueDeliveredProducts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchaseValueDeliveredProducts_loc" xlink:to="rj_RJ_2026-01-01_640_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchasedInvestmentsPayable" xlink:label="rj_PurchasedInvestmentsPayable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasedInvestmentsPayable_loc" xlink:to="rj_RJ_2026-01-01_615_302a_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchasesAndAcquisitionsExpensesDisclosure" xlink:label="rj_PurchasesAndAcquisitionsExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasesAndAcquisitionsExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PurchasesAndAcquisitionsExpenses" xlink:label="rj_PurchasesAndAcquisitionsExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PurchasesAndAcquisitionsExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_QualityOfActivitiesAndEffectivenessAndEfficiencyDescription" xlink:label="rj_QualityOfActivitiesAndEffectivenessAndEfficiencyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_QualityOfActivitiesAndEffectivenessAndEfficiencyDescription_loc" xlink:to="rj_RJ_2026-01-01_650_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInDevelopmentDisclosure" xlink:label="rj_RealEstateInDevelopmentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInDevelopmentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInDevelopmentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInDevelopmentPolicy" xlink:label="rj_RealEstateInDevelopmentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInDevelopmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_802a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_802a_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>802a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInDevelopmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_213_802a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInDevelopmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInDevelopmentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInDevelopment" xlink:label="rj_RealEstateInDevelopment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInDevelopment_loc" xlink:to="rj_RJ_2026-01-01_213_802b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationAccumulatedRevaluations" xlink:label="rj_RealEstateInExploitationAccumulatedRevaluations_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_303_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationAccumulatedRevaluations_loc" xlink:to="rj_RJ_2026-01-01_645_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationAdditionsInitial" xlink:label="rj_RealEstateInExploitationAdditionsInitial_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_303_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_303_A_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationAdditionsInitial_loc" xlink:to="rj_RJ_2026-01-01_645_303_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationAdditionsSubsequentExpenditures" xlink:label="rj_RealEstateInExploitationAdditionsSubsequentExpenditures_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationAdditionsSubsequentExpenditures_loc" xlink:to="rj_RJ_2026-01-01_645_303_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationAdditionsThroughAcquisitions" xlink:label="rj_RealEstateInExploitationAdditionsThroughAcquisitions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_303_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_303_B_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationAdditionsThroughAcquisitions_loc" xlink:to="rj_RJ_2026-01-01_645_303_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationAdditionsTransfers" xlink:label="rj_RealEstateInExploitationAdditionsTransfers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationAdditionsTransfers_loc" xlink:to="rj_RJ_2026-01-01_645_303_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationAdditions" xlink:label="rj_RealEstateInExploitationAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationAdditions_loc" xlink:to="rj_RJ_2026-01-01_645_303_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationDifferencePolicyValueConsequencesDescription" xlink:label="rj_RealEstateInExploitationDifferencePolicyValueConsequencesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationDifferencePolicyValueConsequencesDescription_loc" xlink:to="rj_RJ_2026-01-01_645_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationDifferencePolicyValueDescription" xlink:label="rj_RealEstateInExploitationDifferencePolicyValueDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationDifferencePolicyValueDescription_loc" xlink:to="rj_RJ_2026-01-01_645_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationDisclosure" xlink:label="rj_RealEstateInExploitationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationDisposals" xlink:label="rj_RealEstateInExploitationDisposals_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_303_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_303_D_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationDisposals_loc" xlink:to="rj_RJ_2026-01-01_645_303_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationMovement" xlink:label="rj_RealEstateInExploitationMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationMovement_loc" xlink:to="rj_RJ_2026-01-01_645_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationMovementsOther" xlink:label="rj_RealEstateInExploitationMovementsOther_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_303_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_303_G_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationMovementsOther_loc" xlink:to="rj_RJ_2026-01-01_645_303_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationPolicy" xlink:label="rj_RealEstateInExploitationPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_302_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_302_A_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_302_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationPurchaseDevelopCommitmentsDescription" xlink:label="rj_RealEstateInExploitationPurchaseDevelopCommitmentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_302_G_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_302_G_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
      <ref:Subparagraph>g</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationPurchaseDevelopCommitmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_G_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationReclassificationsFactsCircumstancesDescription" xlink:label="rj_RealEstateInExploitationReclassificationsFactsCircumstancesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_305_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationReclassificationsFactsCircumstancesDescription_loc" xlink:to="rj_RJ_2026-01-01_645_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationReclassificationsImpactOnEquityAndResultsDescription" xlink:label="rj_RealEstateInExploitationReclassificationsImpactOnEquityAndResultsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationReclassificationsImpactOnEquityAndResultsDescription_loc" xlink:to="rj_RJ_2026-01-01_645_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationReclassificationsRealEstateSoldSubjectTermsConditions" xlink:label="rj_RealEstateInExploitationReclassificationsRealEstateSoldSubjectTermsConditions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_303_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_303_C_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationReclassificationsRealEstateSoldSubjectTermsConditions_loc" xlink:to="rj_RJ_2026-01-01_645_303_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationResultChangesInMarketValue" xlink:label="rj_RealEstateInExploitationResultChangesInMarketValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_303_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_303_E_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationResultChangesInMarketValue_loc" xlink:to="rj_RJ_2026-01-01_645_303_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationTransfersToInventoriesRealEstateForOwnUse" xlink:label="rj_RealEstateInExploitationTransfersToInventoriesRealEstateForOwnUse_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationTransfersToInventoriesRealEstateForOwnUse_loc" xlink:to="rj_RJ_2026-01-01_645_303_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitationValuationCarriedOutByAppraiserDisclosure" xlink:label="rj_RealEstateInExploitationValuationCarriedOutByAppraiserDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitationValuationCarriedOutByAppraiserDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_302_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateInExploitation" xlink:label="rj_RealEstateInExploitation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitation_loc" xlink:to="rj_RJ_2026-01-01_645_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateInExploitation_loc" xlink:to="rj_RJ_2026-01-01_645_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateSoldSubjectTermsConditionsDisclosure" xlink:label="rj_RealEstateSoldSubjectTermsConditionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateSoldSubjectTermsConditionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateSoldSubjectTermsConditionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateSoldSubjectTermsConditionsNumberOfTransactions" xlink:label="rj_RealEstateSoldSubjectTermsConditionsNumberOfTransactions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateSoldSubjectTermsConditionsNumberOfTransactions_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateSoldSubjectTermsConditionsPolicy" xlink:label="rj_RealEstateSoldSubjectTermsConditionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateSoldSubjectTermsConditionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateSoldSubjectTermsConditionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateSoldSubjectTermsConditionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateSoldSubjectTermsConditionsTransactionsConditionsDescription" xlink:label="rj_RealEstateSoldSubjectTermsConditionsTransactionsConditionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateSoldSubjectTermsConditionsTransactionsConditionsDescription_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealEstateSoldSubjectTermsConditions" xlink:label="rj_RealEstateSoldSubjectTermsConditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealEstateSoldSubjectTermsConditions_loc" xlink:to="rj_RJ_2026-01-01_645_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisableValueDeterminationIntangibleAssetsDescription" xlink:label="rj_RealisableValueDeterminationIntangibleAssetsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisableValueDeterminationIntangibleAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisableValueTypeDescription" xlink:label="rj_RealisableValueTypeDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_121_805_E_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_121_805_E_ref">
      <ref:Chapter>121</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>805</ref:Paragraph>
      <ref:Subparagraph>e</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisableValueTypeDescription_loc" xlink:to="rj_RJ_2026-01-01_121_805_E_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_A2_325_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_A2_325_ref">
      <ref:Chapter>A2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>325</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisableValueTypeDescription_loc" xlink:to="rj_RJk_2026-01-01_A2_325_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisedInvestmentsLossesDisclosure" xlink:label="rj_RealisedInvestmentsLossesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedInvestmentsLossesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisedInvestmentsLossesPolicy" xlink:label="rj_RealisedInvestmentsLossesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedInvestmentsLossesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedInvestmentsLossesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisedInvestmentsLosses" xlink:label="rj_RealisedInvestmentsLosses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedInvestmentsLosses_loc" xlink:to="rj_RJ_2026-01-01_615_405a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisedInvestmentsProfitsDisclosure" xlink:label="rj_RealisedInvestmentsProfitsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedInvestmentsProfitsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisedInvestmentsProfitsPolicy" xlink:label="rj_RealisedInvestmentsProfitsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedInvestmentsProfitsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedInvestmentsProfitsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisedInvestmentsProfits" xlink:label="rj_RealisedInvestmentsProfits_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedInvestmentsProfits_loc" xlink:to="rj_RJ_2026-01-01_615_405a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisedRevaluationChargedToEquity" xlink:label="rj_RealisedRevaluationChargedToEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedRevaluationChargedToEquity_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealisedValueDifferences" xlink:label="rj_RealisedValueDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealisedValueDifferences_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RealizationOfRealisedAndUnrealisedResultsDescription" xlink:label="rj_RealizationOfRealisedAndUnrealisedResultsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RealizationOfRealisedAndUnrealisedResultsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_405a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonAdjustmentComparativesNotPossibleDescription" xlink:label="rj_ReasonAdjustmentComparativesNotPossibleDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_140_211_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_140_211_ref">
      <ref:Chapter>140</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>211</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonAdjustmentComparativesNotPossibleDescription_loc" xlink:to="rj_RJ_2026-01-01_140_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonChangesRatioDescription" xlink:label="rj_ReasonChangesRatioDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_404_106_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_404_106_ref">
      <ref:Chapter>404</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonChangesRatioDescription_loc" xlink:to="rj_RJ_2026-01-01_404_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonDeviationDescription" xlink:label="rj_ReasonDeviationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonDeviationDescription_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonForDeviantConsiderationParticipationDescription" xlink:label="rj_ReasonForDeviantConsiderationParticipationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_214_810_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_214_810_ref">
      <ref:Chapter>214</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>810</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonForDeviantConsiderationParticipationDescription_loc" xlink:to="rj_RJ_2026-01-01_214_810_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonForDeviantConsiderationSignificantInfluenceDescription" xlink:label="rj_ReasonForDeviantConsiderationSignificantInfluenceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonForDeviantConsiderationSignificantInfluenceDescription_loc" xlink:to="rj_RJ_2026-01-01_214_810_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonForEquityLiabilitiesTransfersDescription" xlink:label="rj_ReasonForEquityLiabilitiesTransfersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonForEquityLiabilitiesTransfersDescription_loc" xlink:to="rj_RJ_2026-01-01_620_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonLackDiversityPolicyDescription" xlink:label="rj_ReasonLackDiversityPolicyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BIB_2023-01-01_3a_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BIB_2023-01-01_3a_D_ref">
      <ref:Article>3a</ref:Article>
      <ref:IssueDate>2023-01-01</ref:IssueDate>
      <ref:Name>Besluit inhoud bestuursverslag</ref:Name>
      <ref:Paragraph>d</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonLackDiversityPolicyDescription_loc" xlink:to="rj_BIB_2023-01-01_3a_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonLackDiversityPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4039_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonMethodAllocationInvestmentsDescription" xlink:label="rj_ReasonMethodAllocationInvestmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonMethodAllocationInvestmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_613_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonNotPossibleToRecalculateMultiAnnualOverviewDescription" xlink:label="rj_ReasonNotPossibleToRecalculateMultiAnnualOverviewDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_140_212_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_140_212_ref">
      <ref:Chapter>140</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonNotPossibleToRecalculateMultiAnnualOverviewDescription_loc" xlink:to="rj_RJ_2026-01-01_140_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonPossibleReappointmentImportanceDescription" xlink:label="rj_ReasonPossibleReappointmentImportanceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonPossibleReappointmentImportanceDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105e_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonReclassificationFinancialAssetDescription" xlink:label="rj_ReasonReclassificationFinancialAssetDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_947_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_947_C_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>947</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonReclassificationFinancialAssetDescription_loc" xlink:to="rj_RJ_2026-01-01_290_947_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonReliableCalculationNotPossibleDescription" xlink:label="rj_ReasonReliableCalculationNotPossibleDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_140_215_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_140_215_ref">
      <ref:Chapter>140</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>215</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonReliableCalculationNotPossibleDescription_loc" xlink:to="rj_RJ_2026-01-01_140_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonValuationDifferentWayDescription" xlink:label="rj_ReasonValuationDifferentWayDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonValuationDifferentWayDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonsAndFinancialEffectsRemunerationDescription" xlink:label="rj_ReasonsAndFinancialEffectsRemunerationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonsAndFinancialEffectsRemunerationDescription_loc" xlink:to="rj_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReasonsNoInternalAuditFunctionDescription" xlink:label="rj_ReasonsNoInternalAuditFunctionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReasonsNoInternalAuditFunctionDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceiptsCustomers" xlink:label="rj_ReceiptsCustomers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceiptsCustomers_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceiptsCustomers_loc" xlink:to="rj_RJ_2026-01-01_360_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceiptsInvestmentsNonShortTermHighlyLiquidSecurities" xlink:label="rj_ReceiptsInvestmentsNonShortTermHighlyLiquidSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceiptsInvestmentsNonShortTermHighlyLiquidSecurities_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceiptsInvestments" xlink:label="rj_ReceiptsInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceiptsInvestments_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceiptsOtherPolicyholders" xlink:label="rj_ReceiptsOtherPolicyholders_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceiptsOtherPolicyholders_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceiptsPaymentValueAddedTax" xlink:label="rj_ReceiptsPaymentValueAddedTax_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceiptsPaymentValueAddedTax_loc" xlink:to="rj_RJ_2026-01-01_360_215_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceiptsProvisionRepaymentLongTermLoans" xlink:label="rj_ReceiptsProvisionRepaymentLongTermLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceiptsProvisionRepaymentLongTermLoans_loc" xlink:to="rj_RJ_2026-01-01_360_217_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceiptsRoyaltiesCommissionAndSuch" xlink:label="rj_ReceiptsRoyaltiesCommissionAndSuch_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceiptsRoyaltiesCommissionAndSuch_loc" xlink:to="rj_RJ_2026-01-01_360_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesAndPrepayments" xlink:label="rj_ReceivablesAndPrepayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesAndPrepayments_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCentralCashDisclosure" xlink:label="rj_ReceivablesCentralCashDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCentralCashDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCentralCashPolicy" xlink:label="rj_ReceivablesCentralCashPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCentralCashPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCentralCashPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCentralCash" xlink:label="rj_ReceivablesCentralCash_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCentralCash_loc" xlink:to="rj_RJ_2026-01-01_605_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCooperativeMembersCurrentDisclosure" xlink:label="rj_ReceivablesCooperativeMembersCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersCurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCooperativeMembersCurrentPolicy" xlink:label="rj_ReceivablesCooperativeMembersCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCooperativeMembersCurrent" xlink:label="rj_ReceivablesCooperativeMembersCurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersCurrent_loc" xlink:to="rj_RJ_2026-01-01_620_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCooperativeMembersDisclosure" xlink:label="rj_ReceivablesCooperativeMembersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCooperativeMembersNoncurrentDisclosure" xlink:label="rj_ReceivablesCooperativeMembersNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersNoncurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCooperativeMembersNoncurrentPolicy" xlink:label="rj_ReceivablesCooperativeMembersNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCooperativeMembersPolicy" xlink:label="rj_ReceivablesCooperativeMembersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesCooperativeMembers" xlink:label="rj_ReceivablesCooperativeMembers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesCooperativeMembers_loc" xlink:to="rj_RJ_2026-01-01_620_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFinancingDeficitDisclosure" xlink:label="rj_ReceivablesFinancingDeficitDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFinancingDeficitDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFinancingDeficitPolicy" xlink:label="rj_ReceivablesFinancingDeficitPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFinancingDeficitPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFinancingDeficitPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFinancingDeficit" xlink:label="rj_ReceivablesFinancingDeficit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFinancingDeficit_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFinancingDeficit_loc" xlink:to="rj_RJ_2026-01-01_655_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksAdditionsDueToChangesInValue" xlink:label="rj_ReceivablesFromBanksAdditionsDueToChangesInValue_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_205_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_205_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>205</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksAdditionsDueToChangesInValue_loc" xlink:to="rj_RJ_2026-01-01_600_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksConcentration" xlink:label="rj_ReceivablesFromBanksConcentration_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BJB_2012-01-01_11_4_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BJB_2012-01-01_11_4_ref">
      <ref:Article>11</ref:Article>
      <ref:IssueDate>2012-01-01</ref:IssueDate>
      <ref:Name>Besluit jaarrekening banken</ref:Name>
      <ref:Paragraph>4</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksConcentration_loc" xlink:to="rj_BJB_2012-01-01_11_4_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksConcentration_loc" xlink:to="rj_RJ_2026-01-01_600_204_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksMovementOther" xlink:label="rj_ReceivablesFromBanksMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksMovementOther_loc" xlink:to="rj_RJ_2026-01-01_600_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksMovement" xlink:label="rj_ReceivablesFromBanksMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksMovement_loc" xlink:to="rj_RJ_2026-01-01_600_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksReceiptsAfterWriteOffs" xlink:label="rj_ReceivablesFromBanksReceiptsAfterWriteOffs_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksReceiptsAfterWriteOffs_loc" xlink:to="rj_RJ_2026-01-01_600_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksReleaseDueToChangesInValue" xlink:label="rj_ReceivablesFromBanksReleaseDueToChangesInValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksReleaseDueToChangesInValue_loc" xlink:to="rj_RJ_2026-01-01_600_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromBanksWriteOffs" xlink:label="rj_ReceivablesFromBanksWriteOffs_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromBanksWriteOffs_loc" xlink:to="rj_RJ_2026-01-01_600_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCentralCashAndHealthCareInsuranceFundDisclosure" xlink:label="rj_ReceivablesFromCentralCashAndHealthCareInsuranceFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCentralCashAndHealthCareInsuranceFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCentralCashAndHealthCareInsuranceFundPolicy" xlink:label="rj_ReceivablesFromCentralCashAndHealthCareInsuranceFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCentralCashAndHealthCareInsuranceFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCentralCashAndHealthCareInsuranceFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCentralCashAndHealthCareInsuranceFund" xlink:label="rj_ReceivablesFromCentralCashAndHealthCareInsuranceFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCentralCashAndHealthCareInsuranceFund_loc" xlink:to="rj_RJ_2026-01-01_605_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersAdditionsDueToChangesInValue" xlink:label="rj_ReceivablesFromCustomersAdditionsDueToChangesInValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersAdditionsDueToChangesInValue_loc" xlink:to="rj_RJ_2026-01-01_600_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersConcentration" xlink:label="rj_ReceivablesFromCustomersConcentration_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersConcentration_loc" xlink:to="rj_BJB_2012-01-01_11_4_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersConcentration_loc" xlink:to="rj_RJ_2026-01-01_600_209_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersMovementOther" xlink:label="rj_ReceivablesFromCustomersMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersMovementOther_loc" xlink:to="rj_RJ_2026-01-01_600_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersMovement" xlink:label="rj_ReceivablesFromCustomersMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersMovement_loc" xlink:to="rj_RJ_2026-01-01_600_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersReceiptsAfterWriteOffs" xlink:label="rj_ReceivablesFromCustomersReceiptsAfterWriteOffs_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersReceiptsAfterWriteOffs_loc" xlink:to="rj_RJ_2026-01-01_600_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersReleaseDueToChangesInValue" xlink:label="rj_ReceivablesFromCustomersReleaseDueToChangesInValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersReleaseDueToChangesInValue_loc" xlink:to="rj_RJ_2026-01-01_600_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromCustomersWriteOffs" xlink:label="rj_ReceivablesFromCustomersWriteOffs_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromCustomersWriteOffs_loc" xlink:to="rj_RJ_2026-01-01_600_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromDeferredProfitSharingDisclosure" xlink:label="rj_ReceivablesFromDeferredProfitSharingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromDeferredProfitSharingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_307_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_307_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>307</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromDeferredProfitSharingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromDeferredProfitSharingPolicy" xlink:label="rj_ReceivablesFromDeferredProfitSharingPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromDeferredProfitSharingPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromDeferredProfitSharingPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromDeferredProfitSharing" xlink:label="rj_ReceivablesFromDeferredProfitSharing_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromDeferredProfitSharing_loc" xlink:to="rj_RJ_2026-01-01_605_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromEmployersDisclosure" xlink:label="rj_ReceivablesFromEmployersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromEmployersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromEmployersPolicy" xlink:label="rj_ReceivablesFromEmployersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromEmployersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromEmployersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromEmployers" xlink:label="rj_ReceivablesFromEmployers_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_231_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_231_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>231</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromEmployers_loc" xlink:to="rj_RJ_2026-01-01_610_231_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromHealthcareProvidersDisclosure" xlink:label="rj_ReceivablesFromHealthcareProvidersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromHealthcareProvidersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromHealthcareProvidersPolicy" xlink:label="rj_ReceivablesFromHealthcareProvidersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromHealthcareProvidersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromHealthcareProvidersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromHealthcareProviders" xlink:label="rj_ReceivablesFromHealthcareProviders_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromHealthcareProviders_loc" xlink:to="rj_RJ_2026-01-01_605_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccountsDisclosure" xlink:label="rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccountsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccountsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccountsPolicy" xlink:label="rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccountsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccountsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccountsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccounts" xlink:label="rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccounts_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_225_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_225_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>225</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesNotImmediatelyDueFromCurrentAccounts_loc" xlink:to="rj_RJ_2026-01-01_610_225_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsDisclosure" xlink:label="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsPolicy" xlink:label="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccountsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccounts" xlink:label="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccounts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccounts_loc" xlink:to="rj_RJ_2026-01-01_610_225_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromMinistryOCWDisclosure" xlink:label="rj_ReceivablesFromMinistryOCWDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromMinistryOCWDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_201_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromMinistryOCWDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromMinistryOCWPolicy" xlink:label="rj_ReceivablesFromMinistryOCWPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromMinistryOCWPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromMinistryOCWPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromMinistryOCW" xlink:label="rj_ReceivablesFromMinistryOCW_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromMinistryOCW_loc" xlink:to="rj_RJ_2026-01-01_660_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromParticipantsPensionFundDisclosure" xlink:label="rj_ReceivablesFromParticipantsPensionFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromParticipantsPensionFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromParticipantsPensionFundPolicy" xlink:label="rj_ReceivablesFromParticipantsPensionFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromParticipantsPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromParticipantsPensionFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromParticipantsPensionFund" xlink:label="rj_ReceivablesFromParticipantsPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromParticipantsPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_231_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromProfitSharingNotImmediatelyDueDisclosure" xlink:label="rj_ReceivablesFromProfitSharingNotImmediatelyDueDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromProfitSharingNotImmediatelyDueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromProfitSharingNotImmediatelyDuePolicy" xlink:label="rj_ReceivablesFromProfitSharingNotImmediatelyDuePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromProfitSharingNotImmediatelyDuePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromProfitSharingNotImmediatelyDuePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromProfitSharingNotImmediatelyDue" xlink:label="rj_ReceivablesFromProfitSharingNotImmediatelyDue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromProfitSharingNotImmediatelyDue_loc" xlink:to="rj_RJ_2026-01-01_610_225_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromValueTransfersDisclosure" xlink:label="rj_ReceivablesFromValueTransfersDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromValueTransfersDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromValueTransfersPolicy" xlink:label="rj_ReceivablesFromValueTransfersPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromValueTransfersPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromValueTransfersPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesFromValueTransfers" xlink:label="rj_ReceivablesFromValueTransfers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesFromValueTransfers_loc" xlink:to="rj_RJ_2026-01-01_610_231_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesIncomeTaxDisclosure" xlink:label="rj_ReceivablesIncomeTaxDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesIncomeTaxDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesIncomeTaxPolicy" xlink:label="rj_ReceivablesIncomeTaxPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesIncomeTaxPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesIncomeTax" xlink:label="rj_ReceivablesIncomeTax_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_601_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_601_A_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesIncomeTax_loc" xlink:to="rj_RJ_2026-01-01_272_601_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesIndicationHeldForExploitationObjectiveInvestment" xlink:label="rj_ReceivablesIndicationHeldForExploitationObjectiveInvestment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesIndicationHeldForExploitationObjectiveInvestment_loc" xlink:to="rj_RJ_2026-01-01_650_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesMaturityExceedingOneYearDisclosure" xlink:label="rj_ReceivablesMaturityExceedingOneYearDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_222_306_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_222_306_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>306</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesMaturityExceedingOneYearDisclosure_loc" xlink:to="rj_RJ_2026-01-01_222_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesNoLegalOwnershipDescription" xlink:label="rj_ReceivablesNoLegalOwnershipDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesNoLegalOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOnEmployersPremiumPensionInstitutionsDisclosure" xlink:label="rj_ReceivablesOnEmployersPremiumPensionInstitutionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_213_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_213_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>213</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOnEmployersPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOnEmployersPremiumPensionInstitutionsPolicy" xlink:label="rj_ReceivablesOnEmployersPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOnEmployersPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOnEmployersPremiumPensionInstitutions" xlink:label="rj_ReceivablesOnEmployersPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOnEmployersPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOnParticipantsPremiumPensionInstitutionsDisclosure" xlink:label="rj_ReceivablesOnParticipantsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOnParticipantsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOnParticipantsPremiumPensionInstitutionsPolicy" xlink:label="rj_ReceivablesOnParticipantsPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOnParticipantsPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOnParticipantsPremiumPensionInstitutions" xlink:label="rj_ReceivablesOnParticipantsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOnParticipantsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOtherReinsurancePartTechnicalProvisionsDisclosure" xlink:label="rj_ReceivablesOtherReinsurancePartTechnicalProvisionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOtherReinsurancePartTechnicalProvisionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOtherReinsurancePartTechnicalProvisionsPolicy" xlink:label="rj_ReceivablesOtherReinsurancePartTechnicalProvisionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOtherReinsurancePartTechnicalProvisionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOtherReinsurancePartTechnicalProvisionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesOtherReinsurancePartTechnicalProvisions" xlink:label="rj_ReceivablesOtherReinsurancePartTechnicalProvisions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesOtherReinsurancePartTechnicalProvisions_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesPayablesClassifiedAsCashAndCashEquivalentsOnBehalfOfPensionFund" xlink:label="rj_ReceivablesPayablesClassifiedAsCashAndCashEquivalentsOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesPayablesClassifiedAsCashAndCashEquivalentsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesPayablesClassifiedAsInvestmentsOnBehalfOfPensionFund" xlink:label="rj_ReceivablesPayablesClassifiedAsInvestmentsOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesPayablesClassifiedAsInvestmentsOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesPayablesClassifiedAsPayablesOnBehalfOfPensionFund" xlink:label="rj_ReceivablesPayablesClassifiedAsPayablesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesPayablesClassifiedAsPayablesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesPayablesClassifiedAsReceivablesOnBehalfOfPensionFund" xlink:label="rj_ReceivablesPayablesClassifiedAsReceivablesOnBehalfOfPensionFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesPayablesClassifiedAsReceivablesOnBehalfOfPensionFund_loc" xlink:to="rj_RJ_2026-01-01_610_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesReinsuranceDisclosure" xlink:label="rj_ReceivablesReinsuranceDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesReinsuranceDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesReinsurancePolicy" xlink:label="rj_ReceivablesReinsurancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesReinsurancePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesReinsurancePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesReinsurance" xlink:label="rj_ReceivablesReinsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesReinsurance_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesValueTransfersPremiumPensionInstitutionsDisclosure" xlink:label="rj_ReceivablesValueTransfersPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesValueTransfersPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesValueTransfersPremiumPensionInstitutionsPolicy" xlink:label="rj_ReceivablesValueTransfersPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesValueTransfersPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivablesValueTransfersPremiumPensionInstitutions" xlink:label="rj_ReceivablesValueTransfersPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivablesValueTransfersPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_213_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReceivedExpectedGoodsForExecutionAssignmentsDisclosure" xlink:label="rj_ReceivedExpectedGoodsForExecutionAssignmentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_420_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_420_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>420</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReceivedExpectedGoodsForExecutionAssignmentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_420_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReclassificationPropertyPlantEquipment" xlink:label="rj_ReclassificationPropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReclassificationPropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_645_303_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReconcileOperatingResultCashFlowFromOperationsDirectMethodDisclosure" xlink:label="rj_ReconcileOperatingResultCashFlowFromOperationsDirectMethodDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_360_211_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_360_211_ref">
      <ref:Chapter>360</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>211</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReconcileOperatingResultCashFlowFromOperationsDirectMethodDisclosure_loc" xlink:to="rj_RJ_2026-01-01_360_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RecoveryPlanApplicableDuringPeriodDescription" xlink:label="rj_RecoveryPlanApplicableDuringPeriodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RecoveryPlanApplicableDuringPeriodDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RecoveryPlanInCaseOfReserveDeficitDescription" xlink:label="rj_RecoveryPlanInCaseOfReserveDeficitDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RecoveryPlanInCaseOfReserveDeficitDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RedemptionPremiums" xlink:label="rj_RedemptionPremiums_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RedemptionPremiums_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RedemptionPremiums_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RedemptionRightsObligationsRealEstateSoldUnderConditionsQualifySalesTransactionExplanation" xlink:label="rj_RedemptionRightsObligationsRealEstateSoldUnderConditionsQualifySalesTransactionExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RedemptionRightsObligationsRealEstateSoldUnderConditionsQualifySalesTransactionExplanation_loc" xlink:to="rj_RJ_2026-01-01_645_308_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReferenceToTheAvailableInformationOnComplianceWithCodesOfConduct" xlink:label="rj_ReferenceToTheAvailableInformationOnComplianceWithCodesOfConduct_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_514_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_514_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>514</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReferenceToTheAvailableInformationOnComplianceWithCodesOfConduct_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReferencesToStandardsForManagementSystemsDescription" xlink:label="rj_ReferencesToStandardsForManagementSystemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReferencesToStandardsForManagementSystemsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_417_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReflectionByCompetentAuthorityDescription" xlink:label="rj_ReflectionByCompetentAuthorityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReflectionByCompetentAuthorityDescription_loc" xlink:to="rj_RJ_2026-01-01_660_522_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RegulatoryCapitalAvailableRatio" xlink:label="rj_RegulatoryCapitalAvailableRatio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RegulatoryCapitalAvailableRatio_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RegulatoryCapitalAvailable" xlink:label="rj_RegulatoryCapitalAvailable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RegulatoryCapitalAvailable_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RegulatoryCapitalDisclosure" xlink:label="rj_RegulatoryCapitalDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RegulatoryCapitalDisclosure_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RegulatoryCapitalMinimumRequiredRatio" xlink:label="rj_RegulatoryCapitalMinimumRequiredRatio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RegulatoryCapitalMinimumRequiredRatio_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RegulatoryCapitalMinimumRequired" xlink:label="rj_RegulatoryCapitalMinimumRequired_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RegulatoryCapitalMinimumRequired_loc" xlink:to="rj_RJ_2026-01-01_600_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutionsDisclosure" xlink:label="rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutionsPolicy" xlink:label="rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutions" xlink:label="rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReimbursementActivitiesInvestmentsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReimbursementsBorrowingLendingFinancialInstruments" xlink:label="rj_ReimbursementsBorrowingLendingFinancialInstruments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReimbursementsBorrowingLendingFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_615_418_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsuranceOtherContractsDisclosure" xlink:label="rj_ReinsuranceOtherContractsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsuranceOtherContractsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsuranceOtherContractsPolicy" xlink:label="rj_ReinsuranceOtherContractsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsuranceOtherContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsuranceOtherContractsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsuranceOtherContracts" xlink:label="rj_ReinsuranceOtherContracts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsuranceOtherContracts_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsAdditions" xlink:label="rj_ReinsurancePartTechnicalProvisionsAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsDisclosure" xlink:label="rj_ReinsurancePartTechnicalProvisionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsExchangeDifferences" xlink:label="rj_ReinsurancePartTechnicalProvisionsExchangeDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsMovementOther" xlink:label="rj_ReinsurancePartTechnicalProvisionsMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsMovementOther_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsMovement" xlink:label="rj_ReinsurancePartTechnicalProvisionsMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsMovement_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsNatureInsuranceRelatedReceivablesPayablesDescription" xlink:label="rj_ReinsurancePartTechnicalProvisionsNatureInsuranceRelatedReceivablesPayablesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsNatureInsuranceRelatedReceivablesPayablesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsPolicy" xlink:label="rj_ReinsurancePartTechnicalProvisionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsRelease" xlink:label="rj_ReinsurancePartTechnicalProvisionsRelease_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsRelease_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsTermsApplicableExpirationInsurancePolicyDescription" xlink:label="rj_ReinsurancePartTechnicalProvisionsTermsApplicableExpirationInsurancePolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsTermsApplicableExpirationInsurancePolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsUsage" xlink:label="rj_ReinsurancePartTechnicalProvisionsUsage_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsUsage_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisionsYieldedInterest" xlink:label="rj_ReinsurancePartTechnicalProvisionsYieldedInterest_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisionsYieldedInterest_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePartTechnicalProvisions" xlink:label="rj_ReinsurancePartTechnicalProvisions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisions_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePartTechnicalProvisions_loc" xlink:to="rj_RJ_2026-01-01_610_229_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePolicyDescription" xlink:label="rj_ReinsurancePolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurancePremiumsPaid" xlink:label="rj_ReinsurancePremiumsPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePremiumsPaid_loc" xlink:to="rj_RJ_2026-01-01_605_803_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePremiumsPaid_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurancePremiumsPaid_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReinsurerBenefitsReceived" xlink:label="rj_ReinsurerBenefitsReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurerBenefitsReceived_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReinsurerBenefitsReceived_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedAgreementsOptionDescription" xlink:label="rj_RelatedAgreementsOptionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedAgreementsOptionDescription_loc" xlink:to="rj_RJ_2026-01-01_292_509_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianAmountTransactionsNotOccurredRegulatedMarketOrOtherMarketFinancialInstruments" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianAmountTransactionsNotOccurredRegulatedMarketOrOtherMarketFinancialInstruments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_D_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianAmountTransactionsNotOccurredRegulatedMarketOrOtherMarketFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_615_401_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianFeaturesAgreementsDescription" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianFeaturesAgreementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_A_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianFeaturesAgreementsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentDescription" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentsEncompassesMoreThanTenPercentOfCapitalDescription" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentsEncompassesMoreThanTenPercentOfCapitalDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_F_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_F_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>f</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentsEncompassesMoreThanTenPercentOfCapitalDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentsInInvestmentEntitiesDescription" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentsInInvestmentEntitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianInvestmentsInInvestmentEntitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianManagedInvestmentDescription" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianManagedInvestmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianManagedInvestmentDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_E_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionDescription" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_C_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionsNotAtArmsLengthDescription" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionsNotAtArmsLengthDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionsNotAtArmsLengthDescription_loc" xlink:to="rj_RJ_2026-01-01_615_401_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionsVolumeRate" xlink:label="rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionsVolumeRate_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_401_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_401_B_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartiesFundManagerInvestmentEntityCustodianTransactionsVolumeRate_loc" xlink:to="rj_RJ_2026-01-01_615_401_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyConsolidationRate" xlink:label="rj_RelatedPartyConsolidationRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyConsolidationRate_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyDateLastFinancialStatements" xlink:label="rj_RelatedPartyDateLastFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyDateLastFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyEquityLastFinancialStatements" xlink:label="rj_RelatedPartyEquityLastFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyEquityLastFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyIncomeLastFinancialStatements" xlink:label="rj_RelatedPartyIncomeLastFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyIncomeLastFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyLegalForm" xlink:label="rj_RelatedPartyLegalForm_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyLegalForm_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyMainActivitiesContractTeachingIndication" xlink:label="rj_RelatedPartyMainActivitiesContractTeachingIndication_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_440_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_440_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>440</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyMainActivitiesContractTeachingIndication_loc" xlink:to="rj_RJ_2026-01-01_660_440_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyMainActivitiesIndication" xlink:label="rj_RelatedPartyMainActivitiesIndication_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyMainActivitiesIndication_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyMainActivitiesOtherIndication" xlink:label="rj_RelatedPartyMainActivitiesOtherIndication_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyMainActivitiesOtherIndication_loc" xlink:to="rj_RJ_2026-01-01_660_440_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyParticipationRate" xlink:label="rj_RelatedPartyParticipationRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyParticipationRate_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyRegisteredOffice" xlink:label="rj_RelatedPartyRegisteredOffice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyRegisteredOffice_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartyResultsLastFinancialStatements" xlink:label="rj_RelatedPartyResultsLastFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartyResultsLastFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelatedPartySeverallyLiableForLiabilities" xlink:label="rj_RelatedPartySeverallyLiableForLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelatedPartySeverallyLiableForLiabilities_loc" xlink:to="rj_RJ_2026-01-01_660_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReleasesForCostsVVP" xlink:label="rj_ReleasesForCostsVVP_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReleasesForCostsVVP_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReleasesPremiumsOwnAccount" xlink:label="rj_ReleasesPremiumsOwnAccount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReleasesPremiumsOwnAccount_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelevantPoliticalAspectsDescription" xlink:label="rj_RelevantPoliticalAspectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_520_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_520_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>520</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelevantPoliticalAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_660_520_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RelevantSocialAspectsDescription" xlink:label="rj_RelevantSocialAspectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2011_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2011_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2011</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RelevantSocialAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2011_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReliabilityCostsTransactionPremiumPensionInstitutionsDisclosure" xlink:label="rj_ReliabilityCostsTransactionPremiumPensionInstitutionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_611_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_611_304_ref">
      <ref:Chapter>611</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReliabilityCostsTransactionPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemainingTermRightsGrantedCompanyDuringFinancialYear" xlink:label="rj_RemainingTermRightsGrantedCompanyDuringFinancialYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemainingTermRightsGrantedCompanyDuringFinancialYear_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemittancesToRelatedPartiesDisclosure" xlink:label="rj_RemittancesToRelatedPartiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemittancesToRelatedPartiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemittancesToRelatedParties" xlink:label="rj_RemittancesToRelatedParties_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemittancesToRelatedParties_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityDisclosure" xlink:label="rj_RemunerationAdministratorInvestmentEntityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityEmployeesAttributableToInvestmentEntityNumberOfBeneficiaries" xlink:label="rj_RemunerationAdministratorInvestmentEntityEmployeesAttributableToInvestmentEntityNumberOfBeneficiaries_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityEmployeesAttributableToInvestmentEntityNumberOfBeneficiaries_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityEmployeesAttributableToInvestmentEntity" xlink:label="rj_RemunerationAdministratorInvestmentEntityEmployeesAttributableToInvestmentEntity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityEmployeesAttributableToInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityEmployeesInvolvedWithInvestmentEntityNumberOfBeneficiaries" xlink:label="rj_RemunerationAdministratorInvestmentEntityEmployeesInvolvedWithInvestmentEntityNumberOfBeneficiaries_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityEmployeesInvolvedWithInvestmentEntityNumberOfBeneficiaries_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityEmployeesInvolvedWithInvestmentEntity" xlink:label="rj_RemunerationAdministratorInvestmentEntityEmployeesInvolvedWithInvestmentEntity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityEmployeesInvolvedWithInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityEmployeesNumberOfBeneficiaries" xlink:label="rj_RemunerationAdministratorInvestmentEntityEmployeesNumberOfBeneficiaries_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityEmployeesNumberOfBeneficiaries_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityEmployeesRegular" xlink:label="rj_RemunerationAdministratorInvestmentEntityEmployeesRegular_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityEmployeesRegular_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityEmployeesVariable" xlink:label="rj_RemunerationAdministratorInvestmentEntityEmployeesVariable_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityEmployeesVariable_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityEmployees" xlink:label="rj_RemunerationAdministratorInvestmentEntityEmployees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityEmployees_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityKeyEmployees" xlink:label="rj_RemunerationAdministratorInvestmentEntityKeyEmployees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityKeyEmployees_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntityManagement" xlink:label="rj_RemunerationAdministratorInvestmentEntityManagement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntityManagement_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationAdministratorInvestmentEntity" xlink:label="rj_RemunerationAdministratorInvestmentEntity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationAdministratorInvestmentEntity_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationExecutiveManagingDirectors" xlink:label="rj_RemunerationExecutiveManagingDirectors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationExecutiveManagingDirectors_loc" xlink:to="rj_RJ_2026-01-01_271_605a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationExecutiveNonExecutiveManagingDirectorsDisclosure" xlink:label="rj_RemunerationExecutiveNonExecutiveManagingDirectorsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationExecutiveNonExecutiveManagingDirectorsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_271_605a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationExecutiveNonExecutiveManagingDirectors" xlink:label="rj_RemunerationExecutiveNonExecutiveManagingDirectors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationExecutiveNonExecutiveManagingDirectors_loc" xlink:to="rj_RJ_2026-01-01_271_605a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationManagingSupervisoryDirectorsExtentOfEmploymentInHours" xlink:label="rj_RemunerationManagingSupervisoryDirectorsExtentOfEmploymentInHours_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationManagingSupervisoryDirectorsExtentOfEmploymentInHours_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationManagingSupervisoryDirectorsParttimeRate" xlink:label="rj_RemunerationManagingSupervisoryDirectorsParttimeRate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationManagingSupervisoryDirectorsParttimeRate_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationManagingSupervisoryDirectors" xlink:label="rj_RemunerationManagingSupervisoryDirectors_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_605_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_605_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>605</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationManagingSupervisoryDirectors_loc" xlink:to="rj_RJ_2026-01-01_271_605_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_212_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_212_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>212</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationManagingSupervisoryDirectors_loc" xlink:to="rj_RJ_2026-01-01_600_212_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_308_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_308_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>308</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationManagingSupervisoryDirectors_loc" xlink:to="rj_RJ_2026-01-01_630_308_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationManagingSupervisoryDirectors_loc" xlink:to="rj_RJ_2026-01-01_640_413_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationManagingSupervisoryDirectors_loc" xlink:to="rj_RJ_2026-01-01_650_328_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationManagingSupervisoryDirectors_loc" xlink:to="bw2-titel9_RJk_2026-01-01_C1_315_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RemunerationNonExecutiveManagingDirectors" xlink:label="rj_RemunerationNonExecutiveManagingDirectors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RemunerationNonExecutiveManagingDirectors_loc" xlink:to="rj_RJ_2026-01-01_271_605a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RentalIncomeDisclosure" xlink:label="rj_RentalIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RentalIncomeFromInvestmentPropertiesDisclosure" xlink:label="rj_RentalIncomeFromInvestmentPropertiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalIncomeFromInvestmentPropertiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_213_802_F_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalIncomeFromInvestmentPropertiesDisclosure_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RentalIncomeFromInvestmentProperties" xlink:label="rj_RentalIncomeFromInvestmentProperties_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalIncomeFromInvestmentProperties_loc" xlink:to="rj_RJ_2026-01-01_213_802_F_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalIncomeFromInvestmentProperties_loc" xlink:to="rj_RJk_2026-01-01_B2_212_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RentalIncomePolicy" xlink:label="rj_RentalIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RentalIncome" xlink:label="rj_RentalIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalIncome_loc" xlink:to="rj_RJ_2026-01-01_640_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RentalLeasingExpensesDisclosure" xlink:label="rj_RentalLeasingExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalLeasingExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RentalLeasingExpensesPolicy" xlink:label="rj_RentalLeasingExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalLeasingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalLeasingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_290_906_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalLeasingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_292_101_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalLeasingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_292_208_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalLeasingExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RentalLeasingExpenses" xlink:label="rj_RentalLeasingExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RentalLeasingExpenses_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RepaymentsBorrowings" xlink:label="rj_RepaymentsBorrowings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RepaymentsBorrowings_loc" xlink:to="rj_RJ_2026-01-01_360_202_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RepaymentsBorrowings_loc" xlink:to="rj_RJ_2026-01-01_360_220_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RepaymentsBorrowings_loc" xlink:to="rj_RJ_2026-01-01_660_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RepaymentsDebtSecurities" xlink:label="rj_RepaymentsDebtSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RepaymentsDebtSecurities_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RepaymentsSubordinatedBorrowings" xlink:label="rj_RepaymentsSubordinatedBorrowings_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RepaymentsSubordinatedBorrowings_loc" xlink:to="rj_RJ_2026-01-01_600_119_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RepresentationExpenses" xlink:label="rj_RepresentationExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RepresentationExpenses_loc" xlink:to="rj_RJ_2026-01-01_660_518_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RequiredCoverageRatiosAndExtentComplianceDescription" xlink:label="rj_RequiredCoverageRatiosAndExtentComplianceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RequiredCoverageRatiosAndExtentComplianceDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RequiredInterestGross" xlink:label="rj_RequiredInterestGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RequiredInterestGross_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RequiredInterestReinsurance" xlink:label="rj_RequiredInterestReinsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RequiredInterestReinsurance_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResearchAndDevelopment" xlink:label="rj_ResearchAndDevelopment_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_109_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_109_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 09</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResearchAndDevelopment_loc" xlink:to="rj_RJ_2026-01-01_400_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReserveDiscretionaryProfitSharingDisclosure" xlink:label="rj_ReserveDiscretionaryProfitSharingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReserveDiscretionaryProfitSharingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReserveDiscretionaryProfitSharingMovement" xlink:label="rj_ReserveDiscretionaryProfitSharingMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReserveDiscretionaryProfitSharingMovement_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReserveDiscretionaryProfitSharingPolicy" xlink:label="rj_ReserveDiscretionaryProfitSharingPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReserveDiscretionaryProfitSharingPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReserveDiscretionaryProfitSharingPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReserveDiscretionaryProfitSharingPolicy_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReserveDiscretionaryProfitSharing" xlink:label="rj_ReserveDiscretionaryProfitSharing_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReserveDiscretionaryProfitSharing_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsAdditions" xlink:label="rj_ReservesAndFundsAdditions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_304_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsAdditions_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_303_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsAdditions_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsConsolidatedFinancialStatements" xlink:label="rj_ReservesAndFundsConsolidatedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsConsolidatedFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_650_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDifferenceSeparateConsolidatedFinancialStatementsOther" xlink:label="rj_ReservesAndFundsDifferenceSeparateConsolidatedFinancialStatementsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDifferenceSeparateConsolidatedFinancialStatementsOther_loc" xlink:to="rj_RJ_2026-01-01_650_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDifferenceSeparateConsolidatedFinancialStatements" xlink:label="rj_ReservesAndFundsDifferenceSeparateConsolidatedFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDifferenceSeparateConsolidatedFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_650_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDirectlyChangeAccountingPolicies" xlink:label="rj_ReservesAndFundsDirectlyChangeAccountingPolicies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyChangeAccountingPolicies_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyChangeAccountingPolicies_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDirectlyExchangeDifferences" xlink:label="rj_ReservesAndFundsDirectlyExchangeDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyExchangeDifferences_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDirectlyFinancialInstruments" xlink:label="rj_ReservesAndFundsDirectlyFinancialInstruments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyFinancialInstruments_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDirectlyImpairmentReversal" xlink:label="rj_ReservesAndFundsDirectlyImpairmentReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyImpairmentReversal_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyImpairmentReversal_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDirectlyImpairment" xlink:label="rj_ReservesAndFundsDirectlyImpairment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyImpairment_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyImpairment_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDirectlyPriorPeriodErrors" xlink:label="rj_ReservesAndFundsDirectlyPriorPeriodErrors_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyPriorPeriodErrors_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDirectlyPriorPeriodErrors_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsDisclosure" xlink:label="rj_ReservesAndFundsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsImportantSubsequentEventsDisclosure" xlink:label="rj_ReservesAndFundsImportantSubsequentEventsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsImportantSubsequentEventsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_102_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsMovementOther" xlink:label="rj_ReservesAndFundsMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsMovementOther_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsMovementOther_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsMovement" xlink:label="rj_ReservesAndFundsMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsMovement_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsMovement_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsOtherDisclosure" xlink:label="rj_ReservesAndFundsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsOtherPolicy" xlink:label="rj_ReservesAndFundsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsOther" xlink:label="rj_ReservesAndFundsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsOther_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsPolicy" xlink:label="rj_ReservesAndFundsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsRelease" xlink:label="rj_ReservesAndFundsRelease_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsRelease_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsRelease_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsRevaluations" xlink:label="rj_ReservesAndFundsRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsRevaluations_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsRevaluations_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsSeparateFinancialStatements" xlink:label="rj_ReservesAndFundsSeparateFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsSeparateFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_650_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsTransfers" xlink:label="rj_ReservesAndFundsTransfers_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsTransfers_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsTransfers_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFundsWithdrawals" xlink:label="rj_ReservesAndFundsWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFundsWithdrawals_loc" xlink:to="rj_RJk_2026-01-01_C2_303_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesAndFunds" xlink:label="rj_ReservesAndFunds_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFunds_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFunds_loc" xlink:to="rj_RJ_2026-01-01_650_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFunds_loc" xlink:to="rj_RJ_2026-01-01_650_304_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_302_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_302_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesAndFunds_loc" xlink:to="rj_RJk_2026-01-01_C2_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesDisclosure" xlink:label="rj_ReservesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesLimitedSpendingDisclosure" xlink:label="rj_ReservesLimitedSpendingDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_630_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_630_305_ref">
      <ref:Chapter>630</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>305</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesLimitedSpendingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_630_305_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_406_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesLimitedSpendingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_406_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_309_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesLimitedSpendingDisclosure_loc" xlink:to="rj_RJk_2026-01-01_C1_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesOtherAdditions" xlink:label="rj_ReservesOtherAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesOtherAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesOtherAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesOtherAdditions_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesOtherWithdrawals" xlink:label="rj_ReservesOtherWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesOtherWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesOtherWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_610_307_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesOtherWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReservesPolicy" xlink:label="rj_ReservesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReservesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_Reserves" xlink:label="rj_Reserves_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_Reserves_loc" xlink:to="rj_RJ_2026-01-01_650_303_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_304_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_Reserves_loc" xlink:to="rj_RJk_2026-01-01_C2_304_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResponsibilitiesAndWorkingMethodManagementDescription" xlink:label="rj_ResponsibilitiesAndWorkingMethodManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResponsibilitiesAndWorkingMethodManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResponsibilitiesAndWorkingMethodSupervisoryBodyDescription" xlink:label="rj_ResponsibilitiesAndWorkingMethodSupervisoryBodyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResponsibilitiesAndWorkingMethodSupervisoryBodyDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResponsibilityMemo" xlink:label="rj_ResponsibilityMemo_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_518_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_518_A_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>518</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResponsibilityMemo_loc" xlink:to="rj_RJ_2026-01-01_660_518_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResponsibilityProgressProcessQualityStandards" xlink:label="rj_ResponsibilityProgressProcessQualityStandards_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_521_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_521_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>521</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResponsibilityProgressProcessQualityStandards_loc" xlink:to="rj_RJ_2026-01-01_660_521_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultActivititiesDescription" xlink:label="rj_ResultActivititiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_514_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_514_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>514</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultActivititiesDescription_loc" xlink:to="rj_RJ_2026-01-01_640_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultAnalysisDisclosure" xlink:label="rj_ResultAnalysisDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultAnalysisDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_604_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultAnalysisIndustry" xlink:label="rj_ResultAnalysisIndustry_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultAnalysisIndustry_loc" xlink:to="rj_RJ_2026-01-01_605_604_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultAnalysisSourceOfProfit" xlink:label="rj_ResultAnalysisSourceOfProfit_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultAnalysisSourceOfProfit_loc" xlink:to="rj_RJ_2026-01-01_605_604_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultBeforeMemberPaymentsDisclosure" xlink:label="rj_ResultBeforeMemberPaymentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeMemberPaymentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultBeforeMemberPaymentsPolicy" xlink:label="rj_ResultBeforeMemberPaymentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeMemberPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeMemberPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultBeforeMemberPayments" xlink:label="rj_ResultBeforeMemberPayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeMemberPayments_loc" xlink:to="rj_RJ_2026-01-01_620_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultBeforeTaxDiscontinuedOperations" xlink:label="rj_ResultBeforeTaxDiscontinuedOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeTaxDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_272_713_B_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeTaxDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_304_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultBeforeTaxDueSettlementOfEquityIncludingImpactOfDiscontinuedOperationsDescription" xlink:label="rj_ResultBeforeTaxDueSettlementOfEquityIncludingImpactOfDiscontinuedOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeTaxDueSettlementOfEquityIncludingImpactOfDiscontinuedOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_345_307_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultBeforeTaxDueToSaleOfAssetsIncludingImpactOfDiscontinuedOperationsDescription" xlink:label="rj_ResultBeforeTaxDueToSaleOfAssetsIncludingImpactOfDiscontinuedOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeTaxDueToSaleOfAssetsIncludingImpactOfDiscontinuedOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_345_307_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultBeforeTaxIncludingImpactOfDiscontinuedOperationsLongTermLoans" xlink:label="rj_ResultBeforeTaxIncludingImpactOfDiscontinuedOperationsLongTermLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeTaxIncludingImpactOfDiscontinuedOperationsLongTermLoans_loc" xlink:to="rj_RJ_2026-01-01_345_307_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultBeforeTaxIncludingImpactOfDiscontinuedOperations" xlink:label="rj_ResultBeforeTaxIncludingImpactOfDiscontinuedOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeTaxIncludingImpactOfDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_307_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_345_401_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_345_401_ref">
      <ref:Chapter>345</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>401</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultBeforeTaxIncludingImpactOfDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultDevelopmentLifeInsuranceWallet" xlink:label="rj_ResultDevelopmentLifeInsuranceWallet_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultDevelopmentLifeInsuranceWallet_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultDisclosure" xlink:label="rj_ResultDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultDiscontinuedOperations" xlink:label="rj_ResultDiscontinuedOperations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultDiscontinuedOperations_loc" xlink:to="rj_RJ_2026-01-01_345_304_F_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultFromDerivativeFinancialInstruments" xlink:label="rj_ResultFromDerivativeFinancialInstruments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_309_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_309_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>309</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultFromDerivativeFinancialInstruments_loc" xlink:to="rj_RJ_2026-01-01_600_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultFromFinancialTransactionsOther" xlink:label="rj_ResultFromFinancialTransactionsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultFromFinancialTransactionsOther_loc" xlink:to="rj_RJ_2026-01-01_600_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultFromForeignExchange" xlink:label="rj_ResultFromForeignExchange_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultFromForeignExchange_loc" xlink:to="rj_RJ_2026-01-01_600_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultFromInvestments" xlink:label="rj_ResultFromInvestments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_228_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_228_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>228</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultFromInvestments_loc" xlink:to="rj_RJ_2026-01-01_605_228_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultFromSecurities" xlink:label="rj_ResultFromSecurities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultFromSecurities_loc" xlink:to="rj_RJ_2026-01-01_600_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultInvalidity" xlink:label="rj_ResultInvalidity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultInvalidity_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultMortality" xlink:label="rj_ResultMortality_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultMortality_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultOtherTechnicalPolicyProvision" xlink:label="rj_ResultOtherTechnicalPolicyProvision_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultOtherTechnicalPolicyProvision_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultPolicy" xlink:label="rj_ResultPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultProbabilitySystems" xlink:label="rj_ResultProbabilitySystems_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultProbabilitySystems_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultSaleIntangibleAssets" xlink:label="rj_ResultSaleIntangibleAssets_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_210_424_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_210_424_ref">
      <ref:Chapter>210</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>424</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultSaleIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_210_424_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultSalePropertyPlantEquipment" xlink:label="rj_ResultSalePropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultSalePropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_212_707_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_Result" xlink:label="rj_Result_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_Result_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultsEvaluationAlternativeMeasuresInternalAuditFunctionDescription" xlink:label="rj_ResultsEvaluationAlternativeMeasuresInternalAuditFunctionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultsEvaluationAlternativeMeasuresInternalAuditFunctionDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultsMaterialChangesExternalCircumstancesDescription" xlink:label="rj_ResultsMaterialChangesExternalCircumstancesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_NCGC_PEBPB_1.4.2_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_NCGC_PEBPB_1.4.2_ref">
      <ref:Chapter>Principes en best practice bepalingen</ref:Chapter>
      <ref:Name>Nederlandse Corporate Governance Code</ref:Name>
      <ref:Paragraph>1.4.2</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultsMaterialChangesExternalCircumstancesDescription_loc" xlink:to="rj_NCGC_PEBPB_1.4.2_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultsMaterialChangesExternalCircumstancesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4044_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultsPolicyEnvironmentalSocialPersonnelAspectsDescription" xlink:label="rj_ResultsPolicyEnvironmentalSocialPersonnelAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultsPolicyEnvironmentalSocialPersonnelAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultsPolicyFightAgainstCorruptionAndBriberyDescription" xlink:label="rj_ResultsPolicyFightAgainstCorruptionAndBriberyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultsPolicyFightAgainstCorruptionAndBriberyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultsPolicyHumanRightsDescription" xlink:label="rj_ResultsPolicyHumanRightsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultsPolicyHumanRightsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_3014_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ResultsYearlyEvaluationRemunerationPolicyDescription" xlink:label="rj_ResultsYearlyEvaluationRemunerationPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ResultsYearlyEvaluationRemunerationPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_615_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RetirementBenefitPlansBasedOnIAS19RAssociatedRisks" xlink:label="rj_RetirementBenefitPlansBasedOnIAS19RAssociatedRisks_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_322_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_322_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>322</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RetirementBenefitPlansBasedOnIAS19RAssociatedRisks_loc" xlink:to="rj_RJ_2026-01-01_650_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RetirementBenefitPlansBasedOnIAS19RCharacteristics" xlink:label="rj_RetirementBenefitPlansBasedOnIAS19RCharacteristics_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RetirementBenefitPlansBasedOnIAS19RCharacteristics_loc" xlink:to="rj_RJ_2026-01-01_650_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RetirementBenefitPlansBasedOnIAS19RDisclosure" xlink:label="rj_RetirementBenefitPlansBasedOnIAS19RDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RetirementBenefitPlansBasedOnIAS19RDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RetirementBenefitPlansBasedOnIAS19RFundingArrangements" xlink:label="rj_RetirementBenefitPlansBasedOnIAS19RFundingArrangements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RetirementBenefitPlansBasedOnIAS19RFundingArrangements_loc" xlink:to="rj_RJ_2026-01-01_650_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RetirementBenefitPlansBasedOnIAS19RImpactOnAmountsInFinancialStatements" xlink:label="rj_RetirementBenefitPlansBasedOnIAS19RImpactOnAmountsInFinancialStatements_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RetirementBenefitPlansBasedOnIAS19RImpactOnAmountsInFinancialStatements_loc" xlink:to="rj_RJ_2026-01-01_650_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReturnAllocatedProvisionsDescription" xlink:label="rj_ReturnAllocatedProvisionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReturnAllocatedProvisionsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_267_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReturnCollectiveInvestmentReusedSecuritiesCashDescription" xlink:label="rj_ReturnCollectiveInvestmentReusedSecuritiesCashDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReturnCollectiveInvestmentReusedSecuritiesCashDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReturnFeesNotBenefittingInvestmentEntityDisclosure" xlink:label="rj_ReturnFeesNotBenefittingInvestmentEntityDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_417_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_417_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>417</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReturnFeesNotBenefittingInvestmentEntityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_417_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReturnInvestmentPortfolioAllocatedComponentsDescription" xlink:label="rj_ReturnInvestmentPortfolioAllocatedComponentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_216_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_216_A_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>216</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReturnInvestmentPortfolioAllocatedComponentsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_216_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ReusedReceivedSecuritesDescription" xlink:label="rj_ReusedReceivedSecuritesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ReusedReceivedSecuritesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationPropertyPlantEquipmentDisclosure" xlink:label="rj_RevaluationPropertyPlantEquipmentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationPropertyPlantEquipmentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationPropertyPlantEquipment" xlink:label="rj_RevaluationPropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationPropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_265_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveAdditions" xlink:label="rj_RevaluationReserveAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveAdditions_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveChangeAccountingPoliciesTaxImpact" xlink:label="rj_RevaluationReserveChangeAccountingPoliciesTaxImpact_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_404_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveChangeAccountingPoliciesTaxImpact_loc" xlink:to="rj_RJ_2026-01-01_240_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveChangeAccountingPolicies" xlink:label="rj_RevaluationReserveChangeAccountingPolicies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveChangeAccountingPolicies_loc" xlink:to="rj_RJ_2026-01-01_240_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveRealisedRevaluationsTaxImpact" xlink:label="rj_RevaluationReserveRealisedRevaluationsTaxImpact_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_272_304_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_272_304_ref">
      <ref:Chapter>272</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>304</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRealisedRevaluationsTaxImpact_loc" xlink:to="rj_RJ_2026-01-01_272_304_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRealisedRevaluationsTaxImpact_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B8_126_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B15_111_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B15_111_ref">
      <ref:Chapter>B15</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>111</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRealisedRevaluationsTaxImpact_loc" xlink:to="rj_RJk_2026-01-01_B15_111_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveRealisedRevaluationsThroughHedgedAssetsLiabilities" xlink:label="rj_RevaluationReserveRealisedRevaluationsThroughHedgedAssetsLiabilities_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_610_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_610_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>610</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRealisedRevaluationsThroughHedgedAssetsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_240_610_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveRealisedRevaluationsThroughIncomeStatement" xlink:label="rj_RevaluationReserveRealisedRevaluationsThroughIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRealisedRevaluationsThroughIncomeStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveRealisedRevaluationsThroughOtherReserves" xlink:label="rj_RevaluationReserveRealisedRevaluationsThroughOtherReserves_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRealisedRevaluationsThroughOtherReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveRevaluationsThroughHedgedAssetsLiabilities" xlink:label="rj_RevaluationReserveRevaluationsThroughHedgedAssetsLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRevaluationsThroughHedgedAssetsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_240_610_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveRevaluationsThroughIncomeStatement" xlink:label="rj_RevaluationReserveRevaluationsThroughIncomeStatement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRevaluationsThroughIncomeStatement_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveRevaluationsThroughOtherReserves" xlink:label="rj_RevaluationReserveRevaluationsThroughOtherReserves_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_227b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_227b_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>227b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRevaluationsThroughOtherReserves_loc" xlink:to="rj_RJ_2026-01-01_240_227b_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveRevaluationsThroughOtherReserves_loc" xlink:to="bw2-titel9_RJ_2026-01-01_240_222_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevaluationReserveWithdrawals" xlink:label="rj_RevaluationReserveWithdrawals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevaluationReserveWithdrawals_loc" xlink:to="rj_RJ_2026-01-01_650_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenueOtherOperatingIncomeSpecialItemsNetProfitCompaniesOverPeriodPriorMergerDateDescription" xlink:label="rj_RevenueOtherOperatingIncomeSpecialItemsNetProfitCompaniesOverPeriodPriorMergerDateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenueOtherOperatingIncomeSpecialItemsNetProfitCompaniesOverPeriodPriorMergerDateDescription_loc" xlink:to="rj_RJ_2026-01-01_216_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenueRecognitionPolicy" xlink:label="rj_RevenueRecognitionPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenueRecognitionPolicy_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenueRecognitionPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenueRecognitionPolicy_loc" xlink:to="rj_RJk_2026-01-01_B13_101a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenueRecognitionPolicy_loc" xlink:to="rj_RJk_2026-01-01_B13_109_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenuesFromDividends" xlink:label="rj_RevenuesFromDividends_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenuesFromDividends_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenuesFromInterest" xlink:label="rj_RevenuesFromInterest_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenuesFromInterest_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenuesFromLicenses" xlink:label="rj_RevenuesFromLicenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenuesFromLicenses_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenuesFromProvidingServices" xlink:label="rj_RevenuesFromProvidingServices_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenuesFromProvidingServices_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenuesFromRoyalties" xlink:label="rj_RevenuesFromRoyalties_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenuesFromRoyalties_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenuesFromSaleOfGoods" xlink:label="rj_RevenuesFromSaleOfGoods_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenuesFromSaleOfGoods_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RevenuesOther" xlink:label="rj_RevenuesOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RevenuesOther_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_Revenues" xlink:label="rj_Revenues_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_Revenues_loc" xlink:to="rj_RJ_2026-01-01_270_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RightsAndObligationsCompensationsDescription" xlink:label="rj_RightsAndObligationsCompensationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsAndObligationsCompensationsDescription_loc" xlink:to="rj_RJ_2021-03-10_RJU2021-6_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RightsAssociatedWithSharesHeldInAdministrationDescription" xlink:label="rj_RightsAssociatedWithSharesHeldInAdministrationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsAssociatedWithSharesHeldInAdministrationDescription_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsAssociatedWithSharesHeldInAdministrationDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RightsGrantedNotYetExercisedEndOfTheYearClaimRights" xlink:label="rj_RightsGrantedNotYetExercisedEndOfTheYearClaimRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsGrantedNotYetExercisedEndOfTheYearClaimRights_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RightsGrantedNotYetExercisedEndOfTheYearNominalValue" xlink:label="rj_RightsGrantedNotYetExercisedEndOfTheYearNominalValue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsGrantedNotYetExercisedEndOfTheYearNominalValue_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RightsGrantedNumberOfUnderlyingSharesOfNotYetExercisedRights" xlink:label="rj_RightsGrantedNumberOfUnderlyingSharesOfNotYetExercisedRights_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsGrantedNumberOfUnderlyingSharesOfNotYetExercisedRights_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RightsGrantedPurchaseCommitmentsDescription" xlink:label="rj_RightsGrantedPurchaseCommitmentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_240_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_240_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>240</ref:Paragraph>
    </link:reference>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_608_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_608_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>608</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsGrantedPurchaseCommitmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_240_608_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfNewSharesIssuedDescription" xlink:label="rj_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfNewSharesIssuedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfNewSharesIssuedDescription_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfPurchasedOwnSharesDescription" xlink:label="rj_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfPurchasedOwnSharesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RightsGrantedPurchaseOfTreasurySharesOrIssuanceOfNewSharesOnBehalfOfPurchasedOwnSharesDescription_loc" xlink:to="rj_RJ_2026-01-01_240_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RiskManagementInTheContextOfManagementOfCorporateSocialResponsibilityReportingDescription" xlink:label="rj_RiskManagementInTheContextOfManagementOfCorporateSocialResponsibilityReportingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RiskManagementInTheContextOfManagementOfCorporateSocialResponsibilityReportingDescription_loc" xlink:to="rj_RJ_2026-01-01_920_417_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RiskManagementInsuranceDescription" xlink:label="rj_RiskManagementInsuranceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RiskManagementInsuranceDescription_loc" xlink:to="rj_RJ_2026-01-01_605_703_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RisksAndRiskManagement" xlink:label="rj_RisksAndRiskManagement_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_105_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_105_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1 - 05</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RisksAndRiskManagement_loc" xlink:to="rj_RJ_2026-01-01_400_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RisksAssociatedWithOutsourcingDescription" xlink:label="rj_RisksAssociatedWithOutsourcingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RisksAssociatedWithOutsourcingDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_RisksWTPDescription" xlink:label="rj_RisksWTPDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_RisksWTPDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SalesInvestments" xlink:label="rj_SalesInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SalesInvestments_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SalesRelatedExpenses" xlink:label="rj_SalesRelatedExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SalesRelatedExpenses_loc" xlink:to="rj_RJ_2026-01-01_270_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SalesRepaymentsInvestments" xlink:label="rj_SalesRepaymentsInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SalesRepaymentsInvestments_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SalesRepaymentsInvestments_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ScopeIFRS9Description" xlink:label="rj_ScopeIFRS9Description_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_290_101_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_290_101_ref">
      <ref:Chapter>290</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ScopeIFRS9Description_loc" xlink:to="rj_RJ_2026-01-01_290_101_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ScopeIFRS15Description" xlink:label="rj_ScopeIFRS15Description_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ScopeIFRS15Description_loc" xlink:to="rj_RJ_2026-01-01_221_102_A_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_101_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_101_A_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>101</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ScopeIFRS15Description_loc" xlink:to="rj_RJ_2026-01-01_270_101_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesCurrentFairValueDisclosure" xlink:label="rj_SecuritiesCurrentFairValueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_226_303_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_226_303_ref">
      <ref:Chapter>226</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>303</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesCurrentFairValueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_226_303_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesCurrentFairValueDisclosure_loc" xlink:to="bw2-titel9_RJk_2026-01-01_B6_107_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesFinancingTransactionsAggregatedTransactionDataDescription" xlink:label="rj_SecuritiesFinancingTransactionsAggregatedTransactionDataDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesFinancingTransactionsAggregatedTransactionDataDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesFinancingTransactionsConcentrationDataDescription" xlink:label="rj_SecuritiesFinancingTransactionsConcentrationDataDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesFinancingTransactionsConcentrationDataDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesFinancingTransactionsCustodyCollateralGivenDescription" xlink:label="rj_SecuritiesFinancingTransactionsCustodyCollateralGivenDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesFinancingTransactionsCustodyCollateralGivenDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesFinancingTransactionsCustodyCollateralReceivedDescription" xlink:label="rj_SecuritiesFinancingTransactionsCustodyCollateralReceivedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesFinancingTransactionsCustodyCollateralReceivedDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesFinancingTransactionsGeneralDataDescription" xlink:label="rj_SecuritiesFinancingTransactionsGeneralDataDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesFinancingTransactionsGeneralDataDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesFinancingTransactionsMaturityProfileSegmentDescription" xlink:label="rj_SecuritiesFinancingTransactionsMaturityProfileSegmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesFinancingTransactionsMaturityProfileSegmentDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesFinancingTransactionsReturnCostsProceedsDescription" xlink:label="rj_SecuritiesFinancingTransactionsReturnCostsProceedsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesFinancingTransactionsReturnCostsProceedsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesFinancingTransactionsReuseOfSecuritiesDataDescription" xlink:label="rj_SecuritiesFinancingTransactionsReuseOfSecuritiesDataDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesFinancingTransactionsReuseOfSecuritiesDataDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesHandlingAndClearingDescription" xlink:label="rj_SecuritiesHandlingAndClearingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesHandlingAndClearingDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesHeldForExploitationObjectiveInvestmentDescription" xlink:label="rj_SecuritiesHeldForExploitationObjectiveInvestmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesHeldForExploitationObjectiveInvestmentDescription_loc" xlink:to="rj_RJ_2026-01-01_650_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesHeldOnDifferentAccountsDescription" xlink:label="rj_SecuritiesHeldOnDifferentAccountsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesHeldOnDifferentAccountsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesListed" xlink:label="rj_SecuritiesListed_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B3_124_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B3_124_ref">
      <ref:Chapter>B3</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>124</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesListed_loc" xlink:to="rj_RJk_2026-01-01_B3_124_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesMaturityProfileDescription" xlink:label="rj_SecuritiesMaturityProfileDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesMaturityProfileDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesNoLegalOwnershipDescription" xlink:label="rj_SecuritiesNoLegalOwnershipDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesNoLegalOwnershipDescription_loc" xlink:to="rj_RJ_2026-01-01_115_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesNonListed" xlink:label="rj_SecuritiesNonListed_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesNonListed_loc" xlink:to="rj_RJk_2026-01-01_B3_124_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesTenLargestCounterpartiesDescription" xlink:label="rj_SecuritiesTenLargestCounterpartiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesTenLargestCounterpartiesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesTenLargestIssuersDescription" xlink:label="rj_SecuritiesTenLargestIssuersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesTenLargestIssuersDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecuritiesThatWillBeAllowedTradedOnRegulatedMarketWithinOneYear" xlink:label="rj_SecuritiesThatWillBeAllowedTradedOnRegulatedMarketWithinOneYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecuritiesThatWillBeAllowedTradedOnRegulatedMarketWithinOneYear_loc" xlink:to="rj_RJ_2026-01-01_615_601_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SecurtiesTypesAndQualityDescription" xlink:label="rj_SecurtiesTypesAndQualityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SecurtiesTypesAndQualityDescription_loc" xlink:to="rj_RJ_2026-01-01_615_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingAcquisitionsFinancialAssets" xlink:label="rj_SegmentReportingAcquisitionsFinancialAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingAcquisitionsFinancialAssets_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingAcquisitionsIntangibleAssets" xlink:label="rj_SegmentReportingAcquisitionsIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingAcquisitionsIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingAcquisitionsPropertyPlantEquipment" xlink:label="rj_SegmentReportingAcquisitionsPropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingAcquisitionsPropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingAmortisationIntangibleAssets" xlink:label="rj_SegmentReportingAmortisationIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingAmortisationIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingAssets" xlink:label="rj_SegmentReportingAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingAssets_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingChangesCompositionDescription" xlink:label="rj_SegmentReportingChangesCompositionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_350_317_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_350_317_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>317</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingChangesCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_350_317_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingChangesCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_660_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingDepreciationPropertyPlantEquipment" xlink:label="rj_SegmentReportingDepreciationPropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingDepreciationPropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingDisclosure" xlink:label="rj_SegmentReportingDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_350_313_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_350_313_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>313</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_350_313_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_510_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingImpairmentIntangibleAssets" xlink:label="rj_SegmentReportingImpairmentIntangibleAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingImpairmentIntangibleAssets_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingImpairmentPropertyPlantEquipment" xlink:label="rj_SegmentReportingImpairmentPropertyPlantEquipment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingImpairmentPropertyPlantEquipment_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingIncomeAttributableIntercompanySegmentsOther" xlink:label="rj_SegmentReportingIncomeAttributableIntercompanySegmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingIncomeAttributableIntercompanySegmentsOther_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingIncomeAttributableIntercompanySegmentsOther_loc" xlink:to="rj_RJ_2026-01-01_640_510_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingIncomeAttributableThirdParties" xlink:label="rj_SegmentReportingIncomeAttributableThirdParties_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingIncomeAttributableThirdParties_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingIncomeAttributableThirdParties_loc" xlink:to="rj_RJ_2026-01-01_640_510_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingIncome" xlink:label="rj_SegmentReportingIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingIncome_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingIncome_loc" xlink:to="rj_RJ_2026-01-01_640_510_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingLiabilities" xlink:label="rj_SegmentReportingLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingLiabilities_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingNetRevenueAttributableIntercompanySegmentsOther" xlink:label="rj_SegmentReportingNetRevenueAttributableIntercompanySegmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingNetRevenueAttributableIntercompanySegmentsOther_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingNetRevenueAttributableThirdParties" xlink:label="rj_SegmentReportingNetRevenueAttributableThirdParties_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingNetRevenueAttributableThirdParties_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingNetRevenue" xlink:label="rj_SegmentReportingNetRevenue_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingNetRevenue_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingPolicy" xlink:label="rj_SegmentReportingPolicy_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_350_315_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_350_315_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>315</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingPolicy_loc" xlink:to="rj_RJ_2026-01-01_350_315_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingPolicy_loc" xlink:to="rj_RJ_2026-01-01_660_307_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingProvisions" xlink:label="rj_SegmentReportingProvisions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingProvisions_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingReconciliationSegmentedAggregatedInformationDescription" xlink:label="rj_SegmentReportingReconciliationSegmentedAggregatedInformationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_350_316_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_350_316_ref">
      <ref:Chapter>350</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>316</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingReconciliationSegmentedAggregatedInformationDescription_loc" xlink:to="rj_RJ_2026-01-01_350_316_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SegmentReportingResultForTheYear" xlink:label="rj_SegmentReportingResultForTheYear_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SegmentReportingResultForTheYear_loc" xlink:to="rj_RJ_2026-01-01_350_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SelectionProcessAndSafeguardIndependenceAuditorDescription" xlink:label="rj_SelectionProcessAndSafeguardIndependenceAuditorDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SelectionProcessAndSafeguardIndependenceAuditorDescription_loc" xlink:to="rj_RJ_2026-01-01_405_105g_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SemiAnnualAnnualFinancialReportingStatement" xlink:label="rj_SemiAnnualAnnualFinancialReportingStatement_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_394_601_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_394_601_ref">
      <ref:Chapter>394</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>601</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SemiAnnualAnnualFinancialReportingStatement_loc" xlink:to="rj_RJ_2026-01-01_394_601_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_4013_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_4013_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>4013</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SemiAnnualAnnualFinancialReportingStatement_loc" xlink:to="rj_RJ_2026-01-01_400_4013_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SensitivityAnalysisDisclosure" xlink:label="rj_SensitivityAnalysisDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SensitivityAnalysisDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_704_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SensitivityAnalysisDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_705_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SensitivityAnalysisDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SensitivityInvestmentsOnMarketDevelopmentDescription" xlink:label="rj_SensitivityInvestmentsOnMarketDevelopmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SensitivityInvestmentsOnMarketDevelopmentDescription_loc" xlink:to="rj_RJ_2026-01-01_610_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SeperatedAssetsDescription" xlink:label="rj_SeperatedAssetsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_106_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_106_A_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>106</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SeperatedAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_106_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ServiceFeesDisclosure" xlink:label="rj_ServiceFeesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ServiceFeesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ServiceFeesPolicy" xlink:label="rj_ServiceFeesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ServiceFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ServiceFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ServiceFees" xlink:label="rj_ServiceFees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ServiceFees_loc" xlink:to="rj_RJ_2026-01-01_615_306_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementContributionReceivedHealthcareInsuranceFundDisclosure" xlink:label="rj_SettlementContributionReceivedHealthcareInsuranceFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementContributionReceivedHealthcareInsuranceFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementContributionReceivedHealthcareInsuranceFundPolicy" xlink:label="rj_SettlementContributionReceivedHealthcareInsuranceFundPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementContributionReceivedHealthcareInsuranceFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementContributionReceivedHealthcareInsuranceFundPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementContributionReceivedHealthcareInsuranceFund" xlink:label="rj_SettlementContributionReceivedHealthcareInsuranceFund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementContributionReceivedHealthcareInsuranceFund_loc" xlink:to="rj_RJ_2026-01-01_605_609_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementResultGross" xlink:label="rj_SettlementResultGross_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementResultGross_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementResultReinsurance" xlink:label="rj_SettlementResultReinsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementResultReinsurance_loc" xlink:to="rj_RJ_2026-01-01_605_616_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SettlementStatisticsDisclosure" xlink:label="rj_SettlementStatisticsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SettlementStatisticsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_551_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SeverancePaymentsDisclosure" xlink:label="rj_SeverancePaymentsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SeverancePaymentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SeverancePaymentsPolicy" xlink:label="rj_SeverancePaymentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SeverancePaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SeverancePaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SeverancePayments" xlink:label="rj_SeverancePayments_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_271_503_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_271_503_ref">
      <ref:Chapter>271</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>503</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SeverancePayments_loc" xlink:to="rj_RJ_2026-01-01_271_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SeveranceSchemeDirectorOrPreviousDirectorDescription" xlink:label="rj_SeveranceSchemeDirectorOrPreviousDirectorDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SeveranceSchemeDirectorOrPreviousDirectorDescription_loc" xlink:to="rj_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsDescription" xlink:label="rj_ShareBasedPaymentsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_275_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_275_504_ref">
      <ref:Chapter>275</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsDescription_loc" xlink:to="rj_RJ_2026-01-01_275_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsDeterminingFairValueIntrinsicValueShareOptionsDisclosure" xlink:label="rj_ShareBasedPaymentsDeterminingFairValueIntrinsicValueShareOptionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_275_507_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_275_507_ref">
      <ref:Chapter>275</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>507</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsDeterminingFairValueIntrinsicValueShareOptionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_275_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsDisclosure" xlink:label="rj_ShareBasedPaymentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_275_508_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_275_508_ref">
      <ref:Chapter>275</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>508</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_275_508_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsExpensesDisclosure" xlink:label="rj_ShareBasedPaymentsExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsExpensesPolicy" xlink:label="rj_ShareBasedPaymentsExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_275_507_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsExpenses" xlink:label="rj_ShareBasedPaymentsExpenses_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_275_505_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_275_505_ref">
      <ref:Chapter>275</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>505</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsExpenses_loc" xlink:to="rj_RJ_2026-01-01_275_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsGrantedNotYetExercisedPositionDescription" xlink:label="rj_ShareBasedPaymentsGrantedNotYetExercisedPositionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsGrantedNotYetExercisedPositionDescription_loc" xlink:to="rj_RJ_2026-01-01_275_508_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B8_135_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B8_135_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>135</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsGrantedNotYetExercisedPositionDescription_loc" xlink:to="rj_RJk_2026-01-01_B8_135_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsHedgingGrantedShareOptionsPolicyDescription" xlink:label="rj_ShareBasedPaymentsHedgingGrantedShareOptionsPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsHedgingGrantedShareOptionsPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_275_508_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsHedgingGrantedShareOptionsPolicyDescription_loc" xlink:to="rj_RJk_2026-01-01_B8_135_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsImportantConditionsDescription" xlink:label="rj_ShareBasedPaymentsImportantConditionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsImportantConditionsDescription_loc" xlink:to="rj_RJ_2026-01-01_275_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsIncludedWagesSalaries" xlink:label="rj_ShareBasedPaymentsIncludedWagesSalaries_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsIncludedWagesSalaries_loc" xlink:to="rj_RJ_2026-01-01_275_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsLiabilities" xlink:label="rj_ShareBasedPaymentsLiabilities_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsLiabilities_loc" xlink:to="rj_RJ_2026-01-01_275_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsPolicy" xlink:label="rj_ShareBasedPaymentsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_275_507_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsPurchaseCommitmentDescription" xlink:label="rj_ShareBasedPaymentsPurchaseCommitmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsPurchaseCommitmentDescription_loc" xlink:to="rj_RJ_2026-01-01_240_240_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_B8_128_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_B8_128_ref">
      <ref:Chapter>B8</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>128</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsPurchaseCommitmentDescription_loc" xlink:to="rj_RJk_2026-01-01_B8_128_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPaymentsTreasurySharesPaymentsAveragePrice" xlink:label="rj_ShareBasedPaymentsTreasurySharesPaymentsAveragePrice_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsTreasurySharesPaymentsAveragePrice_loc" xlink:to="rj_RJ_2026-01-01_275_508_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPaymentsTreasurySharesPaymentsAveragePrice_loc" xlink:to="rj_RJk_2026-01-01_B8_135_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareBasedPayments" xlink:label="rj_ShareBasedPayments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPayments_loc" xlink:to="rj_RJ_2026-01-01_275_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareBasedPayments_loc" xlink:to="rj_RJ_2026-01-01_275_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareCapitalFiscalNotRecognised" xlink:label="rj_ShareCapitalFiscalNotRecognised_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_240_611_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_240_611_ref">
      <ref:Chapter>240</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>611</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareCapitalFiscalNotRecognised_loc" xlink:to="rj_RJ_2026-01-01_240_611_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareCertificatesIssued" xlink:label="rj_ShareCertificatesIssued_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareCertificatesIssued_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareCertificatesIssued_loc" xlink:to="rj_RJk_2026-01-01_C1_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ShareCertificatesOrSharesHeldInAdministationDisclosure" xlink:label="rj_ShareCertificatesOrSharesHeldInAdministationDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareCertificatesOrSharesHeldInAdministationDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ShareCertificatesOrSharesHeldInAdministationDisclosure_loc" xlink:to="rj_RJk_2026-01-01_C1_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharePremiumFiscalNotRecognised" xlink:label="rj_SharePremiumFiscalNotRecognised_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharePremiumFiscalNotRecognised_loc" xlink:to="rj_RJ_2026-01-01_240_611_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesHeldInAdministration" xlink:label="rj_SharesHeldInAdministration_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesHeldInAdministration_loc" xlink:to="rj_RJ_2026-01-01_640_529_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesHeldInAdministration_loc" xlink:to="rj_RJk_2026-01-01_C1_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments" xlink:label="rj_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_600_224_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_600_224_ref">
      <ref:Chapter>600</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>224</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations" xlink:label="rj_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesAdditions" xlink:label="rj_SharesOtherVariableYieldSecuritiesAdditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAdditions_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAdditions_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesAdditions_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesDepreciation" xlink:label="rj_SharesOtherVariableYieldSecuritiesDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDepreciation_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDepreciation_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDepreciation_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesDisposalsDepreciation" xlink:label="rj_SharesOtherVariableYieldSecuritiesDisposalsDepreciation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDisposalsDepreciation_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDisposalsDepreciation_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDisposalsDepreciation_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesDisposals" xlink:label="rj_SharesOtherVariableYieldSecuritiesDisposals_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDisposals_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDisposals_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesDisposals_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesImpairmentReversal" xlink:label="rj_SharesOtherVariableYieldSecuritiesImpairmentReversal_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesImpairmentReversal_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesImpairmentReversal_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesImpairmentReversal_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesImpairment" xlink:label="rj_SharesOtherVariableYieldSecuritiesImpairment_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesImpairment_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesImpairment_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesImpairment_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesMovement" xlink:label="rj_SharesOtherVariableYieldSecuritiesMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesMovement_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesMovement_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesMovement_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesOtherVariableYieldSecuritiesRevaluations" xlink:label="rj_SharesOtherVariableYieldSecuritiesRevaluations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesRevaluations_loc" xlink:to="rj_BW2_2026-01-01_368_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesRevaluations_loc" xlink:to="rj_BW2_2026-01-01_421_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesOtherVariableYieldSecuritiesRevaluations_loc" xlink:to="rj_RJ_2026-01-01_600_224_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SharesRedeemableLoansConditionsConversion" xlink:label="rj_SharesRedeemableLoansConditionsConversion_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SharesRedeemableLoansConditionsConversion_loc" xlink:to="rj_RJ_2026-01-01_254_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SignificantRisksAndUncertaintiesOfThePastYearAndTheirConsequencesDescription" xlink:label="rj_SignificantRisksAndUncertaintiesOfThePastYearAndTheirConsequencesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1056_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1056_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1056</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SignificantRisksAndUncertaintiesOfThePastYearAndTheirConsequencesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1056_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SignificantRisksAndUncertaintiesOfThePastYearAndTheirConsequencesDescription_loc" xlink:to="rj_RJ_2026-01-01_650_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SignificantRisksAndUncertaintiesOfThePastYearAndTheirConsequencesDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_407_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SignificantRisksAndUncertaintiesOfThePastYearAndTheirConsequencesDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SituationPerYearEndActivitiesNonListedOrganisationsDescription" xlink:label="rj_SituationPerYearEndActivitiesNonListedOrganisationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SituationPerYearEndActivitiesNonListedOrganisationsDescription_loc" xlink:to="rj_RJ_2026-01-01_615_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SocialAspectsUnderstandingTheChainDescription" xlink:label="rj_SocialAspectsUnderstandingTheChainDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2015_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2015_A_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2015</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SocialAspectsUnderstandingTheChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SoldInvestments" xlink:label="rj_SoldInvestments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SoldInvestments_loc" xlink:to="rj_RJ_2026-01-01_615_302a_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SolvencyConsideredEssentialDisclosure" xlink:label="rj_SolvencyConsideredEssentialDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SolvencyConsideredEssentialDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SolvencyConsideredEssentialImpactOfRisksInRiskReportDescription" xlink:label="rj_SolvencyConsideredEssentialImpactOfRisksInRiskReportDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SolvencyConsideredEssentialImpactOfRisksInRiskReportDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SolvencyConsideredEssentialMethodOfDeterminationDescription" xlink:label="rj_SolvencyConsideredEssentialMethodOfDeterminationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SolvencyConsideredEssentialMethodOfDeterminationDescription_loc" xlink:to="rj_RJ_2026-01-01_605_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SolvencyDisclosure" xlink:label="rj_SolvencyDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_402_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_402_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>402</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SolvencyDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_402_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SolvencyRequirementsInformationPremiumPensionInstitutions" xlink:label="rj_SolvencyRequirementsInformationPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SolvencyRequirementsInformationPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SpecificCodesOfConductFollowedAndWhichCodesOfConductAreConcernedDescription" xlink:label="rj_SpecificCodesOfConductFollowedAndWhichCodesOfConductAreConcernedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SpecificCodesOfConductFollowedAndWhichCodesOfConductAreConcernedDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SpendingPercentageDisclosure" xlink:label="rj_SpendingPercentageDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SpendingPercentageDisclosure_loc" xlink:to="rj_RJ_2026-01-01_650_320_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SpendingPercentageExpenses" xlink:label="rj_SpendingPercentageExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SpendingPercentageExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_320_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SpendingPercentageIncome" xlink:label="rj_SpendingPercentageIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SpendingPercentageIncome_loc" xlink:to="rj_RJ_2026-01-01_650_320_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SponsoringContributionsDisclosure" xlink:label="rj_SponsoringContributionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SponsoringContributionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SponsoringContributionsPolicy" xlink:label="rj_SponsoringContributionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SponsoringContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SponsoringContributionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SponsoringContributions" xlink:label="rj_SponsoringContributions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SponsoringContributions_loc" xlink:to="rj_RJ_2026-01-01_640_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevelDisclosure" xlink:label="rj_StaffingLevelDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_655_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_655_409_ref">
      <ref:Chapter>655</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelDisclosure_loc" xlink:to="rj_RJ_2026-01-01_655_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevelManagementDisclosure" xlink:label="rj_StaffingLevelManagementDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelManagementDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevelManagement" xlink:label="rj_StaffingLevelManagement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelManagement_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevelOtherEmployeesDisclosure" xlink:label="rj_StaffingLevelOtherEmployeesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelOtherEmployeesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevelOtherEmployees" xlink:label="rj_StaffingLevelOtherEmployees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelOtherEmployees_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevelTeachingStaffDisclosure" xlink:label="rj_StaffingLevelTeachingStaffDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelTeachingStaffDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevelTeachingStaff" xlink:label="rj_StaffingLevelTeachingStaff_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelTeachingStaff_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevel" xlink:label="rj_StaffingLevel_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevel_loc" xlink:to="rj_RJ_2026-01-01_655_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StakeholderCategoriesDescription" xlink:label="rj_StakeholderCategoriesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StakeholderCategoriesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StakeholdersBodyCompositionDescription" xlink:label="rj_StakeholdersBodyCompositionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StakeholdersBodyCompositionDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StakeholdersBodyOpinionActionsPoliciesFuturePolicyChoicesManagementDescription" xlink:label="rj_StakeholdersBodyOpinionActionsPoliciesFuturePolicyChoicesManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StakeholdersBodyOpinionActionsPoliciesFuturePolicyChoicesManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StakeholdersBodyOpinionResponseManagementDescription" xlink:label="rj_StakeholdersBodyOpinionResponseManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StakeholdersBodyOpinionResponseManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StartDateAppointmentSupervisoryDirector" xlink:label="rj_StartDateAppointmentSupervisoryDirector_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StartDateAppointmentSupervisoryDirector_loc" xlink:to="rj_RJ_2026-01-01_405_105_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatementIncomeExpensesLineItemWhereInformationExpensesRecognisedDescription" xlink:label="rj_StatementIncomeExpensesLineItemWhereInformationExpensesRecognisedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatementIncomeExpensesLineItemWhereInformationExpensesRecognisedDescription_loc" xlink:to="rj_RJ_2026-01-01_650_323_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_317_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_317_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>317</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatementIncomeExpensesLineItemWhereInformationExpensesRecognisedDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_317_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatementOfComprehensiveIncomeDisclosure" xlink:label="rj_StatementOfComprehensiveIncomeDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_265_201_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_265_201_ref">
      <ref:Chapter>265</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>201</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatementOfComprehensiveIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_265_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatementOfComprehensiveIncomePolicy" xlink:label="rj_StatementOfComprehensiveIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatementOfComprehensiveIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_265_205_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatementsAgreementsAndGuidelinesInTheContextOfSocialReportingDescription" xlink:label="rj_StatementsAgreementsAndGuidelinesInTheContextOfSocialReportingDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_415_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_415_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>415</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatementsAgreementsAndGuidelinesInTheContextOfSocialReportingDescription_loc" xlink:to="rj_RJ_2026-01-01_920_415_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatisticalConnectionAverageEffectiveTaxRateAndAppliedTaxRateDescription" xlink:label="rj_StatisticalConnectionAverageEffectiveTaxRateAndAppliedTaxRateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatisticalConnectionAverageEffectiveTaxRateAndAppliedTaxRateDescription_loc" xlink:to="rj_RJ_2026-01-01_272_704_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatisticalConnectionFactorsIncomeTaxAndResultBeforeTax" xlink:label="rj_StatisticalConnectionFactorsIncomeTaxAndResultBeforeTax_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatisticalConnectionFactorsIncomeTaxAndResultBeforeTax_loc" xlink:to="rj_RJ_2026-01-01_272_704_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatisticalConnectionTaxChargeOrGainResultBeforeTaxAndAppliedTaxRateDescription" xlink:label="rj_StatisticalConnectionTaxChargeOrGainResultBeforeTaxAndAppliedTaxRateDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatisticalConnectionTaxChargeOrGainResultBeforeTaxAndAppliedTaxRateDescription_loc" xlink:to="rj_RJ_2026-01-01_272_704_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StatutoryReserveNatureDescription" xlink:label="rj_StatutoryReserveNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatutoryReserveNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_630_305_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StatutoryReserveNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_655_308_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StructureAndResultsRemunerationDescription" xlink:label="rj_StructureAndResultsRemunerationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StructureAndResultsRemunerationDescription_loc" xlink:to="rj_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StudentsFinanciallySupportedByFinancialSupportFundDisclosure" xlink:label="rj_StudentsFinanciallySupportedByFinancialSupportFundDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StudentsFinanciallySupportedByFinancialSupportFundDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_517_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubordinatedLiabilityDescription" xlink:label="rj_SubordinatedLiabilityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BJB_2012-01-01_6_5_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BJB_2012-01-01_6_5_ref">
      <ref:Article>6</ref:Article>
      <ref:IssueDate>2012-01-01</ref:IssueDate>
      <ref:Name>Besluit jaarrekening banken</ref:Name>
      <ref:Paragraph>5</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubordinatedLiabilityDescription_loc" xlink:to="rj_BJB_2012-01-01_6_5_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubordinatedLiabilityDescription_loc" xlink:to="rj_RJ_2026-01-01_600_253_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubordinatedLoansDisclosure" xlink:label="rj_SubordinatedLoansDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubordinatedLoansDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubordinatedLoansPolicy" xlink:label="rj_SubordinatedLoansPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubordinatedLoansPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubordinatedLoansPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubordinatedLoans" xlink:label="rj_SubordinatedLoans_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubordinatedLoans_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_242_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_242_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>242</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubordinatedLoans_loc" xlink:to="rj_RJ_2026-01-01_610_242_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsequentEventsEstimateFinancialImpactDescription" xlink:label="rj_SubsequentEventsEstimateFinancialImpactDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsequentEventsEstimateFinancialImpactDescription_loc" xlink:to="rj_RJ_2026-01-01_160_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsequentEventsEstimateFinancialImpactDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A4_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsequentEventsManagementReport" xlink:label="rj_SubsequentEventsManagementReport_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_160_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_160_407_ref">
      <ref:Chapter>160</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsequentEventsManagementReport_loc" xlink:to="rj_RJ_2026-01-01_160_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsequentEventsNatureDescription" xlink:label="rj_SubsequentEventsNatureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsequentEventsNatureDescription_loc" xlink:to="rj_RJ_2026-01-01_160_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsequentEventsNatureDescription_loc" xlink:to="bw2-titel9_RJk_2026-01-01_A4_112_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsequentEventsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription" xlink:label="rj_SubsequentEventsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsequentEventsNonListedOrganisationsInvestmentEntityHasControllingInterestDescription_loc" xlink:to="rj_RJ_2026-01-01_615_506_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidiesAndContributionsExpensesDisclosure" xlink:label="rj_SubsidiesAndContributionsExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesAndContributionsExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidiesAndContributionsExpenses" xlink:label="rj_SubsidiesAndContributionsExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesAndContributionsExpenses_loc" xlink:to="rj_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidiesGiftsProvidedDisclosure" xlink:label="rj_SubsidiesGiftsProvidedDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesGiftsProvidedDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidiesGiftsProvidedPolicy" xlink:label="rj_SubsidiesGiftsProvidedPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesGiftsProvidedPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesGiftsProvidedPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidiesGiftsProvided" xlink:label="rj_SubsidiesGiftsProvided_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesGiftsProvided_loc" xlink:to="rj_RJ_2026-01-01_640_309_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidiesProvidedExplanation" xlink:label="rj_SubsidiesProvidedExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesProvidedExplanation_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidiesProvidedIncludingSubsidyLiabilitiesNotDistributed" xlink:label="rj_SubsidiesProvidedIncludingSubsidyLiabilitiesNotDistributed_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesProvidedIncludingSubsidyLiabilitiesNotDistributed_loc" xlink:to="rj_RJ_2026-01-01_650_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidiesProvided" xlink:label="rj_SubsidiesProvided_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidiesProvided_loc" xlink:to="rj_RJ_2026-01-01_650_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeActivitiesFullyPerformedAndCompletedAtPeriodEndInAccordanceWithConditions" xlink:label="rj_SubsidyIncomeActivitiesFullyPerformedAndCompletedAtPeriodEndInAccordanceWithConditions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeActivitiesFullyPerformedAndCompletedAtPeriodEndInAccordanceWithConditions_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeAllocationAmount" xlink:label="rj_SubsidyIncomeAllocationAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAllocationAmount_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeAllocationCharacteristic" xlink:label="rj_SubsidyIncomeAllocationCharacteristic_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAllocationCharacteristic_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeAllocationDate" xlink:label="rj_SubsidyIncomeAllocationDate_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAllocationDate_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeAnySurplusBalance" xlink:label="rj_SubsidyIncomeAnySurplusBalance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAnySurplusBalance_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeAnySurplusToBeSettled" xlink:label="rj_SubsidyIncomeAnySurplusToBeSettled_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeAnySurplusToBeSettled_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeBalanceStillToSpend" xlink:label="rj_SubsidyIncomeBalanceStillToSpend_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeBalanceStillToSpend_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsMinistryVWSDisclosure" xlink:label="rj_SubsidyIncomeCentralGovernmentsMinistryVWSDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsMinistryVWSDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsMinistryVWSPolicy" xlink:label="rj_SubsidyIncomeCentralGovernmentsMinistryVWSPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsMinistryVWSPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsMinistryVWSPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsMinistryVWS" xlink:label="rj_SubsidyIncomeCentralGovernmentsMinistryVWS_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsMinistryVWS_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsMinistryVenJDisclosure" xlink:label="rj_SubsidyIncomeCentralGovernmentsMinistryVenJDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsMinistryVenJDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsMinistryVenJPolicy" xlink:label="rj_SubsidyIncomeCentralGovernmentsMinistryVenJPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsMinistryVenJPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsMinistryVenJPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsMinistryVenJ" xlink:label="rj_SubsidyIncomeCentralGovernmentsMinistryVenJ_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsMinistryVenJ_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsOtherDisclosure" xlink:label="rj_SubsidyIncomeCentralGovernmentsOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsOtherPolicy" xlink:label="rj_SubsidyIncomeCentralGovernmentsOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernmentsOther" xlink:label="rj_SubsidyIncomeCentralGovernmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernmentsOther_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCentralGovernments" xlink:label="rj_SubsidyIncomeCentralGovernments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCentralGovernments_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeCompanies" xlink:label="rj_SubsidyIncomeCompanies_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCompanies_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_404_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeCompanies_loc" xlink:to="rj_RJ_2026-01-01_660_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeConditionsDisclosure" xlink:label="rj_SubsidyIncomeConditionsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_411_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_411_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>411</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeConditionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_411_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_405_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeConditionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_314_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_314_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>314</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeConditionsDisclosure_loc" xlink:to="rj_RJk_2026-01-01_C1_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeDisclosure" xlink:label="rj_SubsidyIncomeDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeDisclosure_loc" xlink:to="rj_RJ_2026-01-01_660_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeEuropeanUnion" xlink:label="rj_SubsidyIncomeEuropeanUnion_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeEuropeanUnion_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeExpensesUtilisationDuringReportingPeriod" xlink:label="rj_SubsidyIncomeExpensesUtilisationDuringReportingPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeExpensesUtilisationDuringReportingPeriod_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeExpensesUtilisation" xlink:label="rj_SubsidyIncomeExpensesUtilisation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeExpensesUtilisation_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeGovernmentsOther" xlink:label="rj_SubsidyIncomeGovernmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeGovernmentsOther_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeGovernments" xlink:label="rj_SubsidyIncomeGovernments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeGovernments_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeIncidentalStructuralCharacterDescription" xlink:label="rj_SubsidyIncomeIncidentalStructuralCharacterDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeIncidentalStructuralCharacterDescription_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_315_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_315_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>315</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeIncidentalStructuralCharacterDescription_loc" xlink:to="rj_RJ_2026-01-01_650_315_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_312_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_312_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>312</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeIncidentalStructuralCharacterDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_312_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeIncidentalStructuralCharacterDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_313_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeInternationalOrganisations" xlink:label="rj_SubsidyIncomeInternationalOrganisations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeInternationalOrganisations_loc" xlink:to="rj_RJ_2026-01-01_660_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeInternationalOrganisations_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeKNAW" xlink:label="rj_SubsidyIncomeKNAW_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeKNAW_loc" xlink:to="rj_RJ_2026-01-01_660_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeKNAW_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeNWO" xlink:label="rj_SubsidyIncomeNWO_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeNWO_loc" xlink:to="rj_RJ_2026-01-01_660_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeNWO_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeNationalGovernmentsOther" xlink:label="rj_SubsidyIncomeNationalGovernmentsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeNationalGovernmentsOther_loc" xlink:to="rj_RJ_2026-01-01_660_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeNationalGovernmentsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeNationalGovernments" xlink:label="rj_SubsidyIncomeNationalGovernments_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeNationalGovernments_loc" xlink:to="rj_RJ_2026-01-01_660_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeNationalGovernments_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeNonProfitOrganisationsOther" xlink:label="rj_SubsidyIncomeNonProfitOrganisationsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeNonProfitOrganisationsOther_loc" xlink:to="rj_RJ_2026-01-01_660_404_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeNonProfitOrganisationsOther_loc" xlink:to="bw2-titel9_RJ_2026-01-01_660_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeOtherDisclosure" xlink:label="rj_SubsidyIncomeOtherDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeOtherDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeOtherPolicy" xlink:label="rj_SubsidyIncomeOtherPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeOtherPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeOther" xlink:label="rj_SubsidyIncomeOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeOther_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomePolicy" xlink:label="rj_SubsidyIncomePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomePrivateOrganisationsOther" xlink:label="rj_SubsidyIncomePrivateOrganisationsOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomePrivateOrganisationsOther_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomePrivateOrganisations" xlink:label="rj_SubsidyIncomePrivateOrganisations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomePrivateOrganisations_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLawDisclosure" xlink:label="rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLawDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLawDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLawPolicy" xlink:label="rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLawPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLawPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLawPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLaw" xlink:label="rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLaw_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeProvincesMunicipalitiesExcludingWMOYouthLaw_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeReceivedBeforeReportingPeriod" xlink:label="rj_SubsidyIncomeReceivedBeforeReportingPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeReceivedBeforeReportingPeriod_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeReceivedDuringReportingPeriod" xlink:label="rj_SubsidyIncomeReceivedDuringReportingPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeReceivedDuringReportingPeriod_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeReceivedUpToAndIncludingReportingPeriod" xlink:label="rj_SubsidyIncomeReceivedUpToAndIncludingReportingPeriod_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeReceivedUpToAndIncludingReportingPeriod_loc" xlink:to="rj_RJ_2026-01-01_660_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncomeSettlementNotYetApproved" xlink:label="rj_SubsidyIncomeSettlementNotYetApproved_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncomeSettlementNotYetApproved_loc" xlink:to="rj_RJk_2026-01-01_C1_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyIncome" xlink:label="rj_SubsidyIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncome_loc" xlink:to="rj_RJ_2026-01-01_640_309_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncome_loc" xlink:to="rj_RJ_2026-01-01_640_409_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncome_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncome_loc" xlink:to="rj_RJ_2026-01-01_655_402a_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyIncome_loc" xlink:to="rj_RJk_2026-01-01_C1_313_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyLiabilitiesCurrentDisclosure" xlink:label="rj_SubsidyLiabilitiesCurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesCurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyLiabilitiesCurrentPolicy" xlink:label="rj_SubsidyLiabilitiesCurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesCurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyLiabilitiesDisclosure" xlink:label="rj_SubsidyLiabilitiesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyLiabilitiesNoncurrentDisclosure" xlink:label="rj_SubsidyLiabilitiesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesNoncurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyLiabilitiesNoncurrentPolicy" xlink:label="rj_SubsidyLiabilitiesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyLiabilitiesNotDistributed" xlink:label="rj_SubsidyLiabilitiesNotDistributed_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesNotDistributed_loc" xlink:to="rj_RJ_2026-01-01_650_322_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubsidyLiabilitiesPolicy" xlink:label="rj_SubsidyLiabilitiesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubsidyLiabilitiesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubstainabilityReportDateOfPublication" xlink:label="rj_SubstainabilityReportDateOfPublication_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_211_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_211_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>211</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubstainabilityReportDateOfPublication_loc" xlink:to="rj_RJ_2026-01-01_920_211_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SubstainabilityReportSummary" xlink:label="rj_SubstainabilityReportSummary_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_210_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_210_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>210</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubstainabilityReportSummary_loc" xlink:to="rj_RJ_2026-01-01_920_210_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_408_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_408_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>408</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SubstainabilityReportSummary_loc" xlink:to="rj_RJ_2026-01-01_920_408_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutionsDisclosure" xlink:label="rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutionsPolicy" xlink:label="rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutions" xlink:label="rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SumOfTransferTakenPensionObligationsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SumOfTransferTakenPensionObligations" xlink:label="rj_SumOfTransferTakenPensionObligations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SumOfTransferTakenPensionObligations_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutionsDisclosure" xlink:label="rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutionsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutionsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutionsPolicy" xlink:label="rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutionsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutionsPolicy_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutions" xlink:label="rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutions_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SumOfTransferTransferredPensionObligationsPremiumPensionInstitutions_loc" xlink:to="rj_RJ_2026-01-01_611_302_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SumOfTransferTransferredPensionObligations" xlink:label="rj_SumOfTransferTransferredPensionObligations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SumOfTransferTransferredPensionObligations_loc" xlink:to="rj_RJ_2026-01-01_610_267_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SupervisionExpensesDisclosure" xlink:label="rj_SupervisionExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisionExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SupervisionExpensesPolicy" xlink:label="rj_SupervisionExpensesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisionExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisionExpensesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SupervisionExpenses" xlink:label="rj_SupervisionExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisionExpenses_loc" xlink:to="rj_RJ_2026-01-01_615_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SupervisoryBodyReport" xlink:label="rj_SupervisoryBodyReport_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisoryBodyReport_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_403_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisoryBodyReport_loc" xlink:to="rj_RJ_2026-01-01_650_403_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_660_519_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_660_519_ref">
      <ref:Chapter>660</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>519</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisoryBodyReport_loc" xlink:to="rj_RJ_2026-01-01_660_519_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_W_2018-01-01_36_3_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_W_2018-01-01_36_3_ref">
      <ref:Article>36</ref:Article>
      <ref:IssueDate>2018-01-01</ref:IssueDate>
      <ref:Name>Woningwet</ref:Name>
      <ref:Paragraph>3</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SupervisoryBodyReport_loc" xlink:to="rj_W_2018-01-01_36_3_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SuretiesReceivedToDecreaseCounterpartyRiskDescription" xlink:label="rj_SuretiesReceivedToDecreaseCounterpartyRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SuretiesReceivedToDecreaseCounterpartyRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_615_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SustainabilityReportingWithRegardsToWaterRightsDescription" xlink:label="rj_SustainabilityReportingWithRegardsToWaterRightsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_602_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_602_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SustainabilityReportingWithRegardsToWaterRightsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SustainableRelatedEffectDescription" xlink:label="rj_SustainableRelatedEffectDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SustainableRelatedEffectDescription_loc" xlink:to="rj_RJ_2026-01-01_610_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SustainableRelatedEffectIndexDescription" xlink:label="rj_SustainableRelatedEffectIndexDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SustainableRelatedEffectIndexDescription_loc" xlink:to="rj_RJ_2026-01-01_610_507_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxBurdenIndividualItemsInOverviewTotalResultExplanation" xlink:label="rj_TaxBurdenIndividualItemsInOverviewTotalResultExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxBurdenIndividualItemsInOverviewTotalResultExplanation_loc" xlink:to="rj_RJ_2026-01-01_265_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxPayablesNoncurrentDisclosure" xlink:label="rj_TaxPayablesNoncurrentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxPayablesNoncurrentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxPayablesNoncurrentPolicy" xlink:label="rj_TaxPayablesNoncurrentPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxPayablesNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxPayablesNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_272_701_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxPayablesNoncurrentPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxPayablesNoncurrent" xlink:label="rj_TaxPayablesNoncurrent_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxPayablesNoncurrent_loc" xlink:to="rj_RJ_2026-01-01_272_601_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxReceivablesDisclosure" xlink:label="rj_TaxReceivablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxReceivablesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxReceivablesPolicy" xlink:label="rj_TaxReceivablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxReceivablesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxReceivablesPolicy_loc" xlink:to="rj_RJ_2026-01-01_272_701_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxReceivablesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TaxReceivables" xlink:label="rj_TaxReceivables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TaxReceivables_loc" xlink:to="rj_RJ_2026-01-01_272_601_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionDiscretionaryProfitSharingObligationsDisclosure" xlink:label="rj_TechnicalProvisionDiscretionaryProfitSharingObligationsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionDiscretionaryProfitSharingObligationsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionDiscretionaryProfitSharingObligationsPolicy" xlink:label="rj_TechnicalProvisionDiscretionaryProfitSharingObligationsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionDiscretionaryProfitSharingObligationsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionDiscretionaryProfitSharingObligationsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionDiscretionaryProfitSharingObligations" xlink:label="rj_TechnicalProvisionDiscretionaryProfitSharingObligations_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionDiscretionaryProfitSharingObligations_loc" xlink:to="rj_RJ_2026-01-01_605_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_511_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_511_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>511</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionDiscretionaryProfitSharingObligations_loc" xlink:to="rj_RJ_2026-01-01_605_511_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionOther" xlink:label="rj_TechnicalProvisionOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionOther_loc" xlink:to="rj_RJ_2026-01-01_610_261_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionSettlementInsuranceAgreementAmount" xlink:label="rj_TechnicalProvisionSettlementInsuranceAgreementAmount_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_403a_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_403a_D_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>403a</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionSettlementInsuranceAgreementAmount_loc" xlink:to="rj_RJ_2026-01-01_605_403a_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsBenefitsPayableLifeInsurance" xlink:label="rj_TechnicalProvisionsBenefitsPayableLifeInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsBenefitsPayableLifeInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_541_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsForDamagesOrBenefitsPayableDiscountRate" xlink:label="rj_TechnicalProvisionsForDamagesOrBenefitsPayableDiscountRate_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_605_550_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_605_550_ref">
      <ref:Chapter>605</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>550</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsForDamagesOrBenefitsPayableDiscountRate_loc" xlink:to="rj_RJ_2026-01-01_605_550_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsForDamagesOrBenefitsPayableDiscountingDisclosure" xlink:label="rj_TechnicalProvisionsForDamagesOrBenefitsPayableDiscountingDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsForDamagesOrBenefitsPayableDiscountingDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_550_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsForDamagesOrBenefitsPayableNominalAmountBeforeDiscounting" xlink:label="rj_TechnicalProvisionsForDamagesOrBenefitsPayableNominalAmountBeforeDiscounting_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsForDamagesOrBenefitsPayableNominalAmountBeforeDiscounting_loc" xlink:to="rj_RJ_2026-01-01_605_550_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsLifeInsuranceOther" xlink:label="rj_TechnicalProvisionsLifeInsuranceOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsLifeInsuranceOther_loc" xlink:to="rj_RJ_2026-01-01_605_541_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsMovement" xlink:label="rj_TechnicalProvisionsMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsMovement_loc" xlink:to="rj_RJ_2026-01-01_605_106_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsOtherAdditions" xlink:label="rj_TechnicalProvisionsOtherAdditions_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_263_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_263_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>263</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsOtherAdditions_loc" xlink:to="rj_RJ_2026-01-01_610_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsOtherExchangeDifferences" xlink:label="rj_TechnicalProvisionsOtherExchangeDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsOtherExchangeDifferences_loc" xlink:to="rj_RJ_2026-01-01_610_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsOtherMovementOther" xlink:label="rj_TechnicalProvisionsOtherMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsOtherMovementOther_loc" xlink:to="rj_RJ_2026-01-01_610_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsOtherMovement" xlink:label="rj_TechnicalProvisionsOtherMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsOtherMovement_loc" xlink:to="rj_RJ_2026-01-01_610_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsOtherRelease" xlink:label="rj_TechnicalProvisionsOtherRelease_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsOtherRelease_loc" xlink:to="rj_RJ_2026-01-01_610_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsOtherUsage" xlink:label="rj_TechnicalProvisionsOtherUsage_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsOtherUsage_loc" xlink:to="rj_RJ_2026-01-01_610_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsOtherYieldedInterest" xlink:label="rj_TechnicalProvisionsOtherYieldedInterest_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsOtherYieldedInterest_loc" xlink:to="rj_RJ_2026-01-01_610_263_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TechnicalProvisionsUnearnedPremiumsLifeInsurance" xlink:label="rj_TechnicalProvisionsUnearnedPremiumsLifeInsurance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TechnicalProvisionsUnearnedPremiumsLifeInsurance_loc" xlink:to="rj_RJ_2026-01-01_605_541_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TermOtherImportantTermsDescription" xlink:label="rj_TermOtherImportantTermsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TermOtherImportantTermsDescription_loc" xlink:to="rj_RJ_2026-01-01_292_509_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheActivitiesDescription" xlink:label="rj_TheActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_640_301_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_640_513_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_640_513_ref">
      <ref:Chapter>640</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>513</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_640_513_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_650_403_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_405_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheActivitiesDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheActualPerformanceIndicatorsRelatedToTheIdentifiedEnvironmentalAspectsDescription" xlink:label="rj_TheActualPerformanceIndicatorsRelatedToTheIdentifiedEnvironmentalAspectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_423_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_423_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>423</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheActualPerformanceIndicatorsRelatedToTheIdentifiedEnvironmentalAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_423_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheAnalysisOfEconomicalEnvironmentalAndSocialAspectsInTheChainDescription" xlink:label="rj_TheAnalysisOfEconomicalEnvironmentalAndSocialAspectsInTheChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheAnalysisOfEconomicalEnvironmentalAndSocialAspectsInTheChainDescription_loc" xlink:to="rj_RJ_2026-01-01_920_417_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheAnalysisOfTheDifferencesBetweenThePerformancesAchievedAndTheObjectivesStipulatedDescription" xlink:label="rj_TheAnalysisOfTheDifferencesBetweenThePerformancesAchievedAndTheObjectivesStipulatedDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_421_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_421_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>421</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheAnalysisOfTheDifferencesBetweenThePerformancesAchievedAndTheObjectivesStipulatedDescription_loc" xlink:to="rj_RJ_2026-01-01_920_421_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheAppliedAccountingStandardsOrGuidelinesDescription" xlink:label="rj_TheAppliedAccountingStandardsOrGuidelinesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_435_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_435_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>435</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheAppliedAccountingStandardsOrGuidelinesDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheAuditAndCertificationOfManagementSystemsDescription" xlink:label="rj_TheAuditAndCertificationOfManagementSystemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheAuditAndCertificationOfManagementSystemsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_417_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsChainDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsChainDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2015_D_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2015_D_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2015</ref:Paragraph>
      <ref:Subparagraph>d</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2016_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2016_B_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2016</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyChainDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyOperationsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2016_A_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2016_A_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2016</ref:Paragraph>
      <ref:Subparagraph>a</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsFinancialContributionsToSocietyOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyChainDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyOperationsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsNonFinancialContributionsToSocietyOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsOperationsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEconomicAspectsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsChainDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsChainDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2015_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2015_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2015</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresChainDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresOperationsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresOperationsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2015_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2015_B_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2015</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsEnvironmentalProtectionMeasuresOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsOperationsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheEnvironmentalAspectsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsChainDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsChainDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_2015_C_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_2015_C_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>2015</ref:Paragraph>
      <ref:Subparagraph>c</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsChainDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsOperationsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsHumanRightsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsOperationsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityChainDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityOperationsDescription" xlink:label="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_C_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheBusinessActivitiesWithRegardsToTheSocialAspectsSafetyHealthEducationDiversityOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheChoiceAndTheRoleOfDialoguesWithInterestedInTheReportingProcessDescription" xlink:label="rj_TheChoiceAndTheRoleOfDialoguesWithInterestedInTheReportingProcessDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheChoiceAndTheRoleOfDialoguesWithInterestedInTheReportingProcessDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheChoicesMadeRelatedToTheInformationToBeReportedInThePolicyReportDescription" xlink:label="rj_TheChoicesMadeRelatedToTheInformationToBeReportedInThePolicyReportDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheChoicesMadeRelatedToTheInformationToBeReportedInThePolicyReportDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsChainDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsChainDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsOperationsDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsGovernanceEthicsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersChainDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersOperationsDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsInfluenceStakeholdersOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyChainDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyOperationsDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsMainProblemsChallengesImpactOnStrategyOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsChainDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsChainDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsChainDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsOperationsDescription" xlink:label="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsOperationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompanyActivitiesWithRegardsToTheGeneralSocialAspectsRelationToOtherAspectsOperationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompositionOfManagementDescription" xlink:label="rj_TheCompositionOfManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompositionOfManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompositionOfManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_610_504_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompositionOfManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_640_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompositionOfManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_640_513_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompositionOfManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCompositionOfSupervisoryBodyDescription" xlink:label="rj_TheCompositionOfSupervisoryBodyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompositionOfSupervisoryBodyDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCompositionOfSupervisoryBodyDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheConsiderationsWithRegardsToTheAspectDescription" xlink:label="rj_TheConsiderationsWithRegardsToTheAspectDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheConsiderationsWithRegardsToTheAspectDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheConsultationWithStakeholdersDescription" xlink:label="rj_TheConsultationWithStakeholdersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheConsultationWithStakeholdersDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheConsultationsAndOutcomesRelatedToTheDialogueWithStakeholdersDescription" xlink:label="rj_TheConsultationsAndOutcomesRelatedToTheDialogueWithStakeholdersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheConsultationsAndOutcomesRelatedToTheDialogueWithStakeholdersDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_409_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>409</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheConsultationsAndOutcomesRelatedToTheDialogueWithStakeholdersDescription_loc" xlink:to="rj_RJ_2026-01-01_920_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheContributionThatTheOrganisationIntendsToDeliverToSustainableDevelopmentDescription" xlink:label="rj_TheContributionThatTheOrganisationIntendsToDeliverToSustainableDevelopmentDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_411_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_411_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>411</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheContributionThatTheOrganisationIntendsToDeliverToSustainableDevelopmentDescription_loc" xlink:to="rj_RJ_2026-01-01_920_411_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheControlsToMitigateThePrincipalRisksAndUncertaintiesDescription" xlink:label="rj_TheControlsToMitigateThePrincipalRisksAndUncertaintiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheControlsToMitigateThePrincipalRisksAndUncertaintiesDescription_loc" xlink:to="rj_NCGC_PEBPB_1.4.2_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1054_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1054_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1054</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheControlsToMitigateThePrincipalRisksAndUncertaintiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1054_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheControlsToMitigateThePrincipalRisksAndUncertaintiesDescription_loc" xlink:to="rj_RJ_2026-01-01_650_411_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheCorporateSocialResponsibilityReportingPolicyDescription" xlink:label="rj_TheCorporateSocialResponsibilityReportingPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheCorporateSocialResponsibilityReportingPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_920_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheDegreeOfSubjectivityInValuationsDescription" xlink:label="rj_TheDegreeOfSubjectivityInValuationsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1052_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1052_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1052</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheDegreeOfSubjectivityInValuationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheDifferencesWithTheReportingPeriodOfTheFinancialReportDescription" xlink:label="rj_TheDifferencesWithTheReportingPeriodOfTheFinancialReportDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_439_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_439_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>439</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheDifferencesWithTheReportingPeriodOfTheFinancialReportDescription_loc" xlink:to="rj_RJ_2026-01-01_920_439_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheDiversityPolicyOfTheCompositionOfManagementSupervisoryBoardDescription" xlink:label="rj_TheDiversityPolicyOfTheCompositionOfManagementSupervisoryBoardDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheDiversityPolicyOfTheCompositionOfManagementSupervisoryBoardDescription_loc" xlink:to="rj_BIB_2023-01-01_3a_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheDiversityPolicyOfTheCompositionOfManagementSupervisoryBoardDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4039_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheDivisionOfTasksAndResponsibilitiesLegalEntityDescription" xlink:label="rj_TheDivisionOfTasksAndResponsibilitiesLegalEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheDivisionOfTasksAndResponsibilitiesLegalEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheEconomicalAspectsRelatedToBothFinancialAndNonFinancialIndicatorsDescription" xlink:label="rj_TheEconomicalAspectsRelatedToBothFinancialAndNonFinancialIndicatorsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_428_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_428_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>428</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheEconomicalAspectsRelatedToBothFinancialAndNonFinancialIndicatorsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_428_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheExpectationsRelatedToFutureDevelopmentsAndTheFormulationOfNewObjectivesDescription" xlink:label="rj_TheExpectationsRelatedToFutureDevelopmentsAndTheFormulationOfNewObjectivesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_434_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_434_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>434</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheExpectationsRelatedToFutureDevelopmentsAndTheFormulationOfNewObjectivesDescription_loc" xlink:to="rj_RJ_2026-01-01_920_434_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheExpectedImpactOnTheResultsAndFinancialPositionDescription" xlink:label="rj_TheExpectedImpactOnTheResultsAndFinancialPositionDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1055_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1055_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1055</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheExpectedImpactOnTheResultsAndFinancialPositionDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1055_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheExpectedImpactOnTheResultsAndFinancialPositionDescription_loc" xlink:to="rj_RJ_2026-01-01_650_411_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheFutureExpectationsConcerningTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription" xlink:label="rj_TheFutureExpectationsConcerningTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheFutureExpectationsConcerningTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheGovernanceStructureAndManagementInformationSystemsForTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription" xlink:label="rj_TheGovernanceStructureAndManagementInformationSystemsForTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheGovernanceStructureAndManagementInformationSystemsForTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheGovernanceStructureAndManagementOfTheCorporateSocialResponsibilityReportingDescription" xlink:label="rj_TheGovernanceStructureAndManagementOfTheCorporateSocialResponsibilityReportingDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_416_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_416_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>416</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheGovernanceStructureAndManagementOfTheCorporateSocialResponsibilityReportingDescription_loc" xlink:to="rj_RJ_2026-01-01_920_416_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheGroupStructureAndLegalFormDescription" xlink:label="rj_TheGroupStructureAndLegalFormDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_405_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheGroupStructureAndLegalFormDescription_loc" xlink:to="rj_RJ_2026-01-01_920_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheImpactOfChangesInDefinitionAndMeasurementMethodsDescription" xlink:label="rj_TheImpactOfChangesInDefinitionAndMeasurementMethodsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheImpactOfChangesInDefinitionAndMeasurementMethodsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheImplementationAndTestingOfTheFormulatedPolicyDescription" xlink:label="rj_TheImplementationAndTestingOfTheFormulatedPolicyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_418_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_418_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>418</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheImplementationAndTestingOfTheFormulatedPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_920_418_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheImplementedMeasuresAndMonitoringOfTheComplianceWithTheseMeasuresDescription" xlink:label="rj_TheImplementedMeasuresAndMonitoringOfTheComplianceWithTheseMeasuresDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_430_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_430_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>430</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheImplementedMeasuresAndMonitoringOfTheComplianceWithTheseMeasuresDescription_loc" xlink:to="rj_RJ_2026-01-01_920_430_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheImplicationsForTheInformationInTheSustainabilityReportDescription" xlink:label="rj_TheImplicationsForTheInformationInTheSustainabilityReportDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheImplicationsForTheInformationInTheSustainabilityReportDescription_loc" xlink:to="rj_RJ_2026-01-01_920_436_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheInherentLimitationsInTheReliabilityOfTheDataAsAResultofTheMethodsOfMeasuringEstimatingAndCalculatingDescription" xlink:label="rj_TheInherentLimitationsInTheReliabilityOfTheDataAsAResultofTheMethodsOfMeasuringEstimatingAndCalculatingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheInherentLimitationsInTheReliabilityOfTheDataAsAResultofTheMethodsOfMeasuringEstimatingAndCalculatingDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheIntegrationOfTheManagementOfEconomicalEnvironmentalAndSocialAspectsInTheDailyActivitiesDescription" xlink:label="rj_TheIntegrationOfTheManagementOfEconomicalEnvironmentalAndSocialAspectsInTheDailyActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheIntegrationOfTheManagementOfEconomicalEnvironmentalAndSocialAspectsInTheDailyActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_920_417_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheInternationalCooperationWithinTheSectorDescription" xlink:label="rj_TheInternationalCooperationWithinTheSectorDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_407_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_407_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>407</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheInternationalCooperationWithinTheSectorDescription_loc" xlink:to="rj_RJ_2026-01-01_920_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheInternationalTradeFinanceAndPropertyRelationsOfTheOrganisationDescription" xlink:label="rj_TheInternationalTradeFinanceAndPropertyRelationsOfTheOrganisationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheInternationalTradeFinanceAndPropertyRelationsOfTheOrganisationDescription_loc" xlink:to="rj_RJ_2026-01-01_920_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheLegalStructureDescription" xlink:label="rj_TheLegalStructureDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheLegalStructureDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1031_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheLegalStructureDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMainCategoriesOfSuppliersClassifiedByPreferenceRankingsDescription" xlink:label="rj_TheMainCategoriesOfSuppliersClassifiedByPreferenceRankingsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMainCategoriesOfSuppliersClassifiedByPreferenceRankingsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMainDivisionsBranchesParticipatingInterestsOfTheCorporationDescription" xlink:label="rj_TheMainDivisionsBranchesParticipatingInterestsOfTheCorporationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMainDivisionsBranchesParticipatingInterestsOfTheCorporationDescription_loc" xlink:to="rj_RJ_2026-01-01_920_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMainMarketsAndCategoriesOfCustomersInTheContextOfSupplyChainInformationDescription" xlink:label="rj_TheMainMarketsAndCategoriesOfCustomersInTheContextOfSupplyChainInformationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMainMarketsAndCategoriesOfCustomersInTheContextOfSupplyChainInformationDescription_loc" xlink:to="rj_RJ_2026-01-01_920_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMainSubcontractorsIfApplicableDescription" xlink:label="rj_TheMainSubcontractorsIfApplicableDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMainSubcontractorsIfApplicableDescription_loc" xlink:to="rj_RJ_2026-01-01_920_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMeasuresAimedAtTheIntegrityOfTheAdvertisingPoliciesDescription" xlink:label="rj_TheMeasuresAimedAtTheIntegrityOfTheAdvertisingPoliciesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMeasuresAimedAtTheIntegrityOfTheAdvertisingPoliciesDescription_loc" xlink:to="rj_RJ_2026-01-01_920_427_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMethodOfImplementationOfFairCompetitionAndPricingDescription" xlink:label="rj_TheMethodOfImplementationOfFairCompetitionAndPricingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMethodOfImplementationOfFairCompetitionAndPricingDescription_loc" xlink:to="rj_RJ_2026-01-01_920_431_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMethodsOfMeasuringEstimatingAndCalculatingDescription" xlink:label="rj_TheMethodsOfMeasuringEstimatingAndCalculatingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMethodsOfMeasuringEstimatingAndCalculatingDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMostImportantPerformanceIndicatorsDescription" xlink:label="rj_TheMostImportantPerformanceIndicatorsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_419_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_419_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>419</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMostImportantPerformanceIndicatorsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_419_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMostImportantProductsServicesAndMarketsDescription" xlink:label="rj_TheMostImportantProductsServicesAndMarketsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_404_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_404_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>404</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMostImportantProductsServicesAndMarketsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMostRelevantProcessesWithinTheOrganisationDescription" xlink:label="rj_TheMostRelevantProcessesWithinTheOrganisationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMostRelevantProcessesWithinTheOrganisationDescription_loc" xlink:to="rj_RJ_2026-01-01_920_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheMultiannualOverviewAndTrendsDescription" xlink:label="rj_TheMultiannualOverviewAndTrendsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_603_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_603_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>603</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheMultiannualOverviewAndTrendsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_603_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheNationalAndInternationalLaborAspectsDescription" xlink:label="rj_TheNationalAndInternationalLaborAspectsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_424_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_424_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>424</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheNationalAndInternationalLaborAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_424_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheNationalInternationalChainInWhichTheEntityOperatesDescription" xlink:label="rj_TheNationalInternationalChainInWhichTheEntityOperatesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_406_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheNationalInternationalChainInWhichTheEntityOperatesDescription_loc" xlink:to="rj_RJ_2026-01-01_920_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheObjectiveDescription" xlink:label="rj_TheObjectiveDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1021_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_615_501_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_640_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_640_513_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_650_312_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_650_405_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_650_405_ref">
      <ref:Chapter>650</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>405</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_650_405_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_405_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C2_403_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C2_403_ref">
      <ref:Chapter>C2</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>403</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectiveDescription_loc" xlink:to="rj_RJk_2026-01-01_C2_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheObjectivesRelatedToEconomicalEnvironmentalAndSocialAspectsOfBusinessOperationsAndSupplyChainResponsibilityDescription" xlink:label="rj_TheObjectivesRelatedToEconomicalEnvironmentalAndSocialAspectsOfBusinessOperationsAndSupplyChainResponsibilityDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_413_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_413_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>413</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectivesRelatedToEconomicalEnvironmentalAndSocialAspectsOfBusinessOperationsAndSupplyChainResponsibilityDescription_loc" xlink:to="rj_RJ_2026-01-01_920_413_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheObjectivesRelatedToThePerformanceIndicatorsDescription" xlink:label="rj_TheObjectivesRelatedToThePerformanceIndicatorsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_920_420_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_920_420_ref">
      <ref:Chapter>920</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>420</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheObjectivesRelatedToThePerformanceIndicatorsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_420_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheOperationalRisksAndUncertaintiesRelatedToTheRemunerationPolicyDescription" xlink:label="rj_TheOperationalRisksAndUncertaintiesRelatedToTheRemunerationPolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheOperationalRisksAndUncertaintiesRelatedToTheRemunerationPolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheOperationalRisksAndUncertaintiesRelatedToTheReputationOfTheEntityDescription" xlink:label="rj_TheOperationalRisksAndUncertaintiesRelatedToTheReputationOfTheEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheOperationalRisksAndUncertaintiesRelatedToTheReputationOfTheEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheOperationalRisksAndUncertaintiesRelatingToCorruptionDescription" xlink:label="rj_TheOperationalRisksAndUncertaintiesRelatingToCorruptionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheOperationalRisksAndUncertaintiesRelatingToCorruptionDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheOperationalRisksAndUncertaintiesRelatingToInternalOrganizationAndAdministrationDescription" xlink:label="rj_TheOperationalRisksAndUncertaintiesRelatingToInternalOrganizationAndAdministrationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheOperationalRisksAndUncertaintiesRelatingToInternalOrganizationAndAdministrationDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheOperationalRisksAndUncertaintiesRelatingToPersonnelProductsAndTheEnvironmentDescription" xlink:label="rj_TheOperationalRisksAndUncertaintiesRelatingToPersonnelProductsAndTheEnvironmentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheOperationalRisksAndUncertaintiesRelatingToPersonnelProductsAndTheEnvironmentDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheOperationalRisksAndUncertaintiesRelatingToVulnerabilityToFraudDescription" xlink:label="rj_TheOperationalRisksAndUncertaintiesRelatingToVulnerabilityToFraudDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheOperationalRisksAndUncertaintiesRelatingToVulnerabilityToFraudDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheOutcomesRelatedToTheDialogueWithStakeholdersDescription" xlink:label="rj_TheOutcomesRelatedToTheDialogueWithStakeholdersDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheOutcomesRelatedToTheDialogueWithStakeholdersDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePoliciesWithRegardsToTheAspectDescription" xlink:label="rj_ThePoliciesWithRegardsToTheAspectDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePoliciesWithRegardsToTheAspectDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePoliciesWithRegardsToTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription" xlink:label="rj_ThePoliciesWithRegardsToTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePoliciesWithRegardsToTheGeneralEnvironmentalSocialFinancialAndEconomicalAspectsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePolicyForObtainingBasicInformationDescription" xlink:label="rj_ThePolicyForObtainingBasicInformationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePolicyForObtainingBasicInformationDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePolicyOnAnimalWelfareAndGeneticModificationDescription" xlink:label="rj_ThePolicyOnAnimalWelfareAndGeneticModificationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePolicyOnAnimalWelfareAndGeneticModificationDescription_loc" xlink:to="rj_RJ_2026-01-01_920_427_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePolicyOnIndependentAssuranceOTheSustainabilityReportingDescription" xlink:label="rj_ThePolicyOnIndependentAssuranceOTheSustainabilityReportingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePolicyOnIndependentAssuranceOTheSustainabilityReportingDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePolicyToMeetTheObjectiveDescription" xlink:label="rj_ThePolicyToMeetTheObjectiveDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePolicyToMeetTheObjectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_640_513_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePolicyToMeetTheObjectiveDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_405_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesMarketDemandsOnProductAndServicesOfTheEntityDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesMarketDemandsOnProductAndServicesOfTheEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesMarketDemandsOnProductAndServicesOfTheEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatedToGovernanceDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatedToGovernanceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatedToGovernanceDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatedToSocialDevelopmentsDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatedToSocialDevelopmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatedToSocialDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatedToSustainabilityDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatedToSustainabilityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatedToSustainabilityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatedToTheDependenceOfTheEntityOnProductsAndServicesDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatedToTheDependenceOfTheEntityOnProductsAndServicesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatedToTheDependenceOfTheEntityOnProductsAndServicesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToBedReductionInMentalHealthCareDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToBedReductionInMentalHealthCareDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToBedReductionInMentalHealthCareDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToCarryingOutSelfTestsDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToCarryingOutSelfTestsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToCarryingOutSelfTestsDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToChangesInStrategyDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToChangesInStrategyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToChangesInStrategyDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToContractingCarePerfomanceRelatedFundingDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToContractingCarePerfomanceRelatedFundingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToContractingCarePerfomanceRelatedFundingDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToDevelopmentsInTheCompetitiveAbilityOfTheEntityDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToDevelopmentsInTheCompetitiveAbilityOfTheEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToDevelopmentsInTheCompetitiveAbilityOfTheEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToDevelopmentsMacroFrameworkDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToDevelopmentsMacroFrameworkDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToDevelopmentsMacroFrameworkDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToFinancialReportingDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToFinancialReportingDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToFinancialReportingDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToInternalAndExternalLawsAndRegulationsDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToInternalAndExternalLawsAndRegulationsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToInternalAndExternalLawsAndRegulationsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToOperatingActivitiesDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToOperatingActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToOperatingActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToPropertyValuationIncludingImpairmentsDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToPropertyValuationIncludingImpairmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToPropertyValuationIncludingImpairmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToRevenueRecognitionDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToRevenueRecognitionDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToRevenueRecognitionDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToSpecialCostDevelopmentsDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToSpecialCostDevelopmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToSpecialCostDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToTechnologicalDevelopmentsDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToTechnologicalDevelopmentsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToTechnologicalDevelopmentsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToTheFinancialPositionOfTheEntityDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToTheFinancialPositionOfTheEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToTheFinancialPositionOfTheEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToTheImplementationOfNewInformationSystemsDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToTheImplementationOfNewInformationSystemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToTheImplementationOfNewInformationSystemsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ThePrincipalRisksAndUncertaintiesRelatingToTheStrategyOfTheEntityDescription" xlink:label="rj_ThePrincipalRisksAndUncertaintiesRelatingToTheStrategyOfTheEntityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ThePrincipalRisksAndUncertaintiesRelatingToTheStrategyOfTheEntityDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheProcessForDeterminingTheBusinessStrategyDescription" xlink:label="rj_TheProcessForDeterminingTheBusinessStrategyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheProcessForDeterminingTheBusinessStrategyDescription_loc" xlink:to="rj_RJ_2026-01-01_920_416_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheProcessForTheCompositionOfTheSupervisoryBoardDescription" xlink:label="rj_TheProcessForTheCompositionOfTheSupervisoryBoardDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheProcessForTheCompositionOfTheSupervisoryBoardDescription_loc" xlink:to="rj_RJ_2026-01-01_920_416_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheProfileOfTheOrganisationAndItsActivitiesDescription" xlink:label="rj_TheProfileOfTheOrganisationAndItsActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheProfileOfTheOrganisationAndItsActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_920_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheRelationshipWithLawsAndRegulationsAndLicensesDescription" xlink:label="rj_TheRelationshipWithLawsAndRegulationsAndLicensesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheRelationshipWithLawsAndRegulationsAndLicensesDescription_loc" xlink:to="rj_RJ_2026-01-01_920_417_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheReportingProcessAndMethodForConsolidatingDataDescription" xlink:label="rj_TheReportingProcessAndMethodForConsolidatingDataDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheReportingProcessAndMethodForConsolidatingDataDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheResultsOfTheActivitiesDescription" xlink:label="rj_TheResultsOfTheActivitiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_C1_406_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_C1_406_ref">
      <ref:Chapter>C1</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>406</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheResultsOfTheActivitiesDescription_loc" xlink:to="rj_RJk_2026-01-01_C1_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheReviewImplementationAndOutcomesDescription" xlink:label="rj_TheReviewImplementationAndOutcomesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheReviewImplementationAndOutcomesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2017_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheRisksRelatingToImplementingFinancialReportingSystemsDescription" xlink:label="rj_TheRisksRelatingToImplementingFinancialReportingSystemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheRisksRelatingToImplementingFinancialReportingSystemsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheRoleOfDefinitionsDescription" xlink:label="rj_TheRoleOfDefinitionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheRoleOfDefinitionsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheScopeOfTheIndependentAssuranceProcessDescription" xlink:label="rj_TheScopeOfTheIndependentAssuranceProcessDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheScopeOfTheIndependentAssuranceProcessDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheScopeOfTheSubtainabilityReportDescription" xlink:label="rj_TheScopeOfTheSubtainabilityReportDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheScopeOfTheSubtainabilityReportDescription_loc" xlink:to="rj_RJ_2026-01-01_920_436_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheSizeOfTheOrganisationDescription" xlink:label="rj_TheSizeOfTheOrganisationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSizeOfTheOrganisationDescription_loc" xlink:to="rj_RJ_2026-01-01_920_404_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheSocialAspectsBusinessActivitiesDescription" xlink:label="rj_TheSocialAspectsBusinessActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSocialAspectsBusinessActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2015_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheSocialAspectsOwnOperationsBusinessActivitiesDescription" xlink:label="rj_TheSocialAspectsOwnOperationsBusinessActivitiesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSocialAspectsOwnOperationsBusinessActivitiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheSocialAspectsSpecificallyRelatedToTheChainInWhichTheEntityOperatesDescription" xlink:label="rj_TheSocialAspectsSpecificallyRelatedToTheChainInWhichTheEntityOperatesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1071_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1071_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1071</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSocialAspectsSpecificallyRelatedToTheChainInWhichTheEntityOperatesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1071_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSocialAspectsSpecificallyRelatedToTheChainInWhichTheEntityOperatesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheSocialPerformanceOfTheOrganisationDescription" xlink:label="rj_TheSocialPerformanceOfTheOrganisationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSocialPerformanceOfTheOrganisationDescription_loc" xlink:to="rj_RJ_2026-01-01_920_401_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheSustainabilityReportingWithRegardsToClimateChangeDescription" xlink:label="rj_TheSustainabilityReportingWithRegardsToClimateChangeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSustainabilityReportingWithRegardsToClimateChangeDescription_loc" xlink:to="rj_RJ_2026-01-01_920_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheSustainabilityReportingWithRegardsToHumanRightsDescription" xlink:label="rj_TheSustainabilityReportingWithRegardsToHumanRightsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSustainabilityReportingWithRegardsToHumanRightsDescription_loc" xlink:to="rj_RJ_2026-01-01_920_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheSustainableSupplyChainManagementDescription" xlink:label="rj_TheSustainableSupplyChainManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheSustainableSupplyChainManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_400_2016_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheTargetGroupOfTheReportDescription" xlink:label="rj_TheTargetGroupOfTheReportDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheTargetGroupOfTheReportDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheTermInOfficeOfMembersOfManagementDescription" xlink:label="rj_TheTermInOfficeOfMembersOfManagementDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheTermInOfficeOfMembersOfManagementDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheTermInOfficeOfMembersOfSupervisoryBodyDescription" xlink:label="rj_TheTermInOfficeOfMembersOfSupervisoryBodyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheTermInOfficeOfMembersOfSupervisoryBodyDescription_loc" xlink:to="rj_RJ_2026-01-01_650_406_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheUnderlyingPrincipleOfTheDataDescription" xlink:label="rj_TheUnderlyingPrincipleOfTheDataDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheUnderlyingPrincipleOfTheDataDescription_loc" xlink:to="rj_RJ_2026-01-01_920_435_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TheVisionOfTheOrganisationOnCorporateSocialResponsibilityDescription" xlink:label="rj_TheVisionOfTheOrganisationOnCorporateSocialResponsibilityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TheVisionOfTheOrganisationOnCorporateSocialResponsibilityDescription_loc" xlink:to="rj_RJ_2026-01-01_920_411_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TotalAmountProcessedInEquity" xlink:label="rj_TotalAmountProcessedInEquity_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TotalAmountProcessedInEquity_loc" xlink:to="rj_RJ_2026-01-01_272_701_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TradeOtherReceivablesDisclosure" xlink:label="rj_TradeOtherReceivablesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TradeOtherReceivablesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TradeOtherReceivablesPolicy" xlink:label="rj_TradeOtherReceivablesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TradeOtherReceivablesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TradeOtherReceivablesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TradeOtherReceivables" xlink:label="rj_TradeOtherReceivables_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TradeOtherReceivables_loc" xlink:to="rj_RJ_2026-01-01_655_301_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TradeReceivablesGross" xlink:label="rj_TradeReceivablesGross_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_222_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_222_203_ref">
      <ref:Chapter>222</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TradeReceivablesGross_loc" xlink:to="rj_RJ_2026-01-01_222_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TradeReceivablesNet" xlink:label="rj_TradeReceivablesNet_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TradeReceivablesNet_loc" xlink:to="rj_RJ_2026-01-01_222_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TradeReceivablesProvisionBadDebts" xlink:label="rj_TradeReceivablesProvisionBadDebts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TradeReceivablesProvisionBadDebts_loc" xlink:to="rj_RJ_2026-01-01_222_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransactionCostsAsPercentageOfAverageInvestedAssets" xlink:label="rj_TransactionCostsAsPercentageOfAverageInvestedAssets_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCostsAsPercentageOfAverageInvestedAssets_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransactionCostsDescription" xlink:label="rj_TransactionCostsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCostsDescription_loc" xlink:to="rj_RJ_2026-01-01_610_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransactionCostsDisclosure" xlink:label="rj_TransactionCostsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_415_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_415_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>415</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCostsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_415_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransactionCostsPolicy" xlink:label="rj_TransactionCostsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCostsPolicy_loc" xlink:to="rj_RJ_2026-01-01_615_415_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransactionCosts" xlink:label="rj_TransactionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransactionCosts_loc" xlink:to="rj_RJ_2026-01-01_610_314_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransferComponentsVvp" xlink:label="rj_TransferComponentsVvp_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransferComponentsVvp_loc" xlink:to="rj_RJ_2026-01-01_605_4_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransfersOfRightsBalanceDisclosure" xlink:label="rj_TransfersOfRightsBalanceDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsBalanceDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransfersOfRightsBalancePolicy" xlink:label="rj_TransfersOfRightsBalancePolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsBalancePolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsBalancePolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransfersOfRightsBalance" xlink:label="rj_TransfersOfRightsBalance_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsBalance_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsBalance_loc" xlink:to="rj_RJ_2026-01-01_610_302_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsBalance_loc" xlink:to="rj_RJ_2026-01-01_610_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransfersOfRightsPaid" xlink:label="rj_TransfersOfRightsPaid_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsPaid_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsPaid_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransfersOfRightsReceived" xlink:label="rj_TransfersOfRightsReceived_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsReceived_loc" xlink:to="rj_RJ_2026-01-01_610_106_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransfersOfRightsReceived_loc" xlink:to="rj_RJ_2026-01-01_610_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransitionAccountingProvisionMajorMaintenanceDisclosure" xlink:label="rj_TransitionAccountingProvisionMajorMaintenanceDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_809_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_809_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>809</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransitionAccountingProvisionMajorMaintenanceDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_809_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransitionalArrangementProvisionMajorMaintenanceEducation" xlink:label="rj_TransitionalArrangementProvisionMajorMaintenanceEducation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransitionalArrangementProvisionMajorMaintenanceEducation_loc" xlink:to="rj_RJ_2026-01-01_660_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransitionalProvisionConstructionContractsDisclosure" xlink:label="rj_TransitionalProvisionConstructionContractsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_221_602_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_221_602_ref">
      <ref:Chapter>221</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>602</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransitionalProvisionConstructionContractsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_221_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransitionalProvisionConstructionContractsRecordedAsLiabilityDisclosure" xlink:label="rj_TransitionalProvisionConstructionContractsRecordedAsLiabilityDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransitionalProvisionConstructionContractsRecordedAsLiabilityDisclosure_loc" xlink:to="rj_RJ_2026-01-01_221_602_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransitionalProvisionPropertyPlantEquipmentDisclosure" xlink:label="rj_TransitionalProvisionPropertyPlantEquipmentDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_212_807_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_212_807_ref">
      <ref:Chapter>212</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>807</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransitionalProvisionPropertyPlantEquipmentDisclosure_loc" xlink:to="rj_RJ_2026-01-01_212_807_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransitionalProvisionRevenueDisclosure" xlink:label="rj_TransitionalProvisionRevenueDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_270_702_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_270_702_ref">
      <ref:Chapter>270</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>702</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransitionalProvisionRevenueDisclosure_loc" xlink:to="rj_RJ_2026-01-01_270_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TravelExpensesAbroad" xlink:label="rj_TravelExpensesAbroad_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TravelExpensesAbroad_loc" xlink:to="rj_RJ_2026-01-01_660_518_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TravelExpensesInland" xlink:label="rj_TravelExpensesInland_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TravelExpensesInland_loc" xlink:to="rj_RJ_2026-01-01_660_518_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TreasurySharesAcquired" xlink:label="rj_TreasurySharesAcquired_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_429_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_429_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>429</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TreasurySharesAcquired_loc" xlink:to="rj_RJ_2026-01-01_615_429_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TreasurySharesIssuedReissued" xlink:label="rj_TreasurySharesIssuedReissued_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TreasurySharesIssuedReissued_loc" xlink:to="rj_RJ_2026-01-01_615_429_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TreasurySharesMovementOther" xlink:label="rj_TreasurySharesMovementOther_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TreasurySharesMovementOther_loc" xlink:to="rj_RJ_2026-01-01_615_429_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TreasurySharesMovement" xlink:label="rj_TreasurySharesMovement_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TreasurySharesMovement_loc" xlink:to="rj_RJ_2026-01-01_615_429_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TreasurySharesOneTimeExpensesDisclosure" xlink:label="rj_TreasurySharesOneTimeExpensesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TreasurySharesOneTimeExpensesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_428_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TreasurySharesPremiumsDiscountsDisclosure" xlink:label="rj_TreasurySharesPremiumsDiscountsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TreasurySharesPremiumsDiscountsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_427_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TreasurySharesPremiumsDiscountsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_711_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TreasurySharesWithdrawn" xlink:label="rj_TreasurySharesWithdrawn_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TreasurySharesWithdrawn_loc" xlink:to="rj_RJ_2026-01-01_615_429_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TuitionCourseTrainingExamFeesDisclosure" xlink:label="rj_TuitionCourseTrainingExamFeesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TuitionCourseTrainingExamFeesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TuitionCourseTrainingExamFeesPolicy" xlink:label="rj_TuitionCourseTrainingExamFeesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TuitionCourseTrainingExamFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TuitionCourseTrainingExamFeesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TuitionCourseTrainingExamFees" xlink:label="rj_TuitionCourseTrainingExamFees_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TuitionCourseTrainingExamFees_loc" xlink:to="rj_RJ_2026-01-01_660_301_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TuitionCourseTrainingExamFees_loc" xlink:to="rj_RJ_2026-01-01_660_512_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TurnoverRatioDisclosure" xlink:label="rj_TurnoverRatioDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_615_414_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_615_414_ref">
      <ref:Chapter>615</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>414</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TurnoverRatioDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_414_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TurnoverRatioSubfund" xlink:label="rj_TurnoverRatioSubfund_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TurnoverRatioSubfund_loc" xlink:to="rj_RJ_2026-01-01_615_414_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TurnoverRatioSubfundsDisclosure" xlink:label="rj_TurnoverRatioSubfundsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TurnoverRatioSubfundsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_615_414_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TurnoverRatio" xlink:label="rj_TurnoverRatio_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TurnoverRatio_loc" xlink:to="rj_RJ_2026-01-01_615_414_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UncertaintiesRelatingToComplexAllocationSystemsDescription" xlink:label="rj_UncertaintiesRelatingToComplexAllocationSystemsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UncertaintiesRelatingToComplexAllocationSystemsDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1052_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UncertaintiesRelatingToSettlementContributionsDescription" xlink:label="rj_UncertaintiesRelatingToSettlementContributionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UncertaintiesRelatingToSettlementContributionsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UncertaintyDescription" xlink:label="rj_UncertaintyDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_135_203_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_135_203_ref">
      <ref:Chapter>135</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>203</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UncertaintyDescription_loc" xlink:to="rj_RJ_2026-01-01_135_203_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UndefinedOtherExpenses" xlink:label="rj_UndefinedOtherExpenses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UndefinedOtherExpenses_loc" xlink:to="rj_RJ_2026-01-01_270_503_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderlyingPositionsHeldByDerivativesDescription" xlink:label="rj_UnderlyingPositionsHeldByDerivativesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderlyingPositionsHeldByDerivativesDescription_loc" xlink:to="rj_RJ_2026-01-01_615_505_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderstandingCostsAssetManagementAndTransactionCosts" xlink:label="rj_UnderstandingCostsAssetManagementAndTransactionCosts_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderstandingCostsAssetManagementAndTransactionCosts_loc" xlink:to="rj_RJ_2026-01-01_611_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskDescription" xlink:label="rj_UnderwritingRiskDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskDescription_loc" xlink:to="rj_RJ_2026-01-01_610_403_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskIndemnityInsuranceAdequacyDescription" xlink:label="rj_UnderwritingRiskIndemnityInsuranceAdequacyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskIndemnityInsuranceAdequacyDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskIndemnityInsuranceCatastrophesDescription" xlink:label="rj_UnderwritingRiskIndemnityInsuranceCatastrophesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskIndemnityInsuranceCatastrophesDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskIndemnityInsuranceDescription" xlink:label="rj_UnderwritingRiskIndemnityInsuranceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskIndemnityInsuranceDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskIndemnityInsurancePremiumRatesDescription" xlink:label="rj_UnderwritingRiskIndemnityInsurancePremiumRatesDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskIndemnityInsurancePremiumRatesDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskLifeInsuranceCostsDescription" xlink:label="rj_UnderwritingRiskLifeInsuranceCostsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskLifeInsuranceCostsDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskLifeInsuranceDeathDescription" xlink:label="rj_UnderwritingRiskLifeInsuranceDeathDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskLifeInsuranceDeathDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskLifeInsuranceDescription" xlink:label="rj_UnderwritingRiskLifeInsuranceDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskLifeInsuranceDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskLifeInsuranceEarlySurrenderDescription" xlink:label="rj_UnderwritingRiskLifeInsuranceEarlySurrenderDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskLifeInsuranceEarlySurrenderDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskLifeInsuranceInvalidityDescription" xlink:label="rj_UnderwritingRiskLifeInsuranceInvalidityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskLifeInsuranceInvalidityDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskLifeInsuranceLongLifeDescription" xlink:label="rj_UnderwritingRiskLifeInsuranceLongLifeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskLifeInsuranceLongLifeDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRiskLifeInsuranceMorbidityDescription" xlink:label="rj_UnderwritingRiskLifeInsuranceMorbidityDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRiskLifeInsuranceMorbidityDescription_loc" xlink:to="rj_RJ_2026-01-01_605_702_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRisksExtentDescription" xlink:label="rj_UnderwritingRisksExtentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRisksExtentDescription_loc" xlink:to="rj_RJ_2026-01-01_605_704_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnderwritingRisksImpactReinsurancePolicyDescription" xlink:label="rj_UnderwritingRisksImpactReinsurancePolicyDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnderwritingRisksImpactReinsurancePolicyDescription_loc" xlink:to="rj_RJ_2026-01-01_605_704_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnexpiredRisksDiscountedChequesBillsOfExchangeDescription" xlink:label="rj_UnexpiredRisksDiscountedChequesBillsOfExchangeDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnexpiredRisksDiscountedChequesBillsOfExchangeDescription_loc" xlink:to="rj_RJ_2026-01-01_252_108_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnfavourableDifferenceReceivedAmountPrincipalAmount" xlink:label="rj_UnfavourableDifferenceReceivedAmountPrincipalAmount_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnfavourableDifferenceReceivedAmountPrincipalAmount_loc" xlink:to="rj_RJ_2026-01-01_273_104_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnfavourableDifferenceReceivedAmountPrincipalAmount_loc" xlink:to="rj_RJ_2026-01-01_273_201_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnpaidDueRewardsToStaffDescription" xlink:label="rj_UnpaidDueRewardsToStaffDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnpaidDueRewardsToStaffDescription_loc" xlink:to="rj_RJ_2026-01-01_271_202_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnrealisedInvestmentsLossesDisclosure" xlink:label="rj_UnrealisedInvestmentsLossesDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedInvestmentsLossesDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnrealisedInvestmentsLossesPolicy" xlink:label="rj_UnrealisedInvestmentsLossesPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedInvestmentsLossesPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedInvestmentsLossesPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnrealisedInvestmentsLosses" xlink:label="rj_UnrealisedInvestmentsLosses_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedInvestmentsLosses_loc" xlink:to="rj_RJ_2026-01-01_615_405a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnrealisedInvestmentsProfitsDisclosure" xlink:label="rj_UnrealisedInvestmentsProfitsDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedInvestmentsProfitsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_300_103_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnrealisedInvestmentsProfitsPolicy" xlink:label="rj_UnrealisedInvestmentsProfitsPolicy_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedInvestmentsProfitsPolicy_loc" xlink:to="rj_RJ_2026-01-01_120_401_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedInvestmentsProfitsPolicy_loc" xlink:to="rj_RJ_2026-01-01_300_103_A_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnrealisedInvestmentsProfits" xlink:label="rj_UnrealisedInvestmentsProfits_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedInvestmentsProfits_loc" xlink:to="rj_RJ_2026-01-01_615_405a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UnrealisedValueDifferences" xlink:label="rj_UnrealisedValueDifferences_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UnrealisedValueDifferences_loc" xlink:to="rj_RJ_2026-01-01_615_310_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UseOfBasicVersionForModelValuationDescription" xlink:label="rj_UseOfBasicVersionForModelValuationDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_645_302_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_645_302_B_ref">
      <ref:Chapter>645</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>302</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UseOfBasicVersionForModelValuationDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_UseOfFullVersionForModelValuationDescription" xlink:label="rj_UseOfFullVersionForModelValuationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_UseOfFullVersionForModelValuationDescription_loc" xlink:to="rj_RJ_2026-01-01_645_302_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ValueAtRiskDisclosure" xlink:label="rj_ValueAtRiskDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ValueAtRiskDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_704_ref"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ValueAtRiskDisclosure_loc" xlink:to="rj_RJ_2026-01-01_605_705_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ValueInUseDeterminationIntangibleAssetsDescription" xlink:label="rj_ValueInUseDeterminationIntangibleAssetsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ValueInUseDeterminationIntangibleAssetsDescription_loc" xlink:to="rj_RJ_2026-01-01_210_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ValuesMethodEmbeddedDescription" xlink:label="rj_ValuesMethodEmbeddedDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ValuesMethodEmbeddedDescription_loc" xlink:to="rj_RJ_2026-01-01_400_4044_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_VariableRemunerationBasedOnPrestationIndicatorsExplanation" xlink:label="rj_VariableRemunerationBasedOnPrestationIndicatorsExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_VariableRemunerationBasedOnPrestationIndicatorsExplanation_loc" xlink:to="rj_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_VariableRemunerationDescription" xlink:label="rj_VariableRemunerationDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_VariableRemunerationDescription_loc" xlink:to="rj_RJ_2026-01-01_404_104_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_WarrantsAndWarrantsLoansConditionsConversion" xlink:label="rj_WarrantsAndWarrantsLoansConditionsConversion_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_WarrantsAndWarrantsLoansConditionsConversion_loc" xlink:to="rj_RJ_2026-01-01_254_407_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_WayInWhichPensionArrangementsAreInsuredByPensionProviderDescription" xlink:label="rj_WayInWhichPensionArrangementsAreInsuredByPensionProviderDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_WayInWhichPensionArrangementsAreInsuredByPensionProviderDescription_loc" xlink:to="rj_RJ_2026-01-01_271_324_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_WeightedAverageNumberDilutedShares" xlink:label="rj_WeightedAverageNumberDilutedShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_WeightedAverageNumberDilutedShares_loc" xlink:to="rj_RJ_2026-01-01_340_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_WeightedAverageNumberOrdinaryShares" xlink:label="rj_WeightedAverageNumberOrdinaryShares_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_WeightedAverageNumberOrdinaryShares_loc" xlink:to="rj_RJ_2026-01-01_340_501_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_WhetherSpecificCodesOfConductAreMandatoryOrVoluntaryDescription" xlink:label="rj_WhetherSpecificCodesOfConductAreMandatoryOrVoluntaryDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_WhetherSpecificCodesOfConductAreMandatoryOrVoluntaryDescription_loc" xlink:to="rj_RJ_2026-01-01_655_514_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_WillingnessOfHedgingRisksAndUncertaintiesDescription" xlink:label="rj_WillingnessOfHedgingRisksAndUncertaintiesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_400_1053_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_400_1053_ref">
      <ref:Chapter>400</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>1053</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_WillingnessOfHedgingRisksAndUncertaintiesDescription_loc" xlink:to="rj_RJ_2026-01-01_400_1053_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_AverageNumberEmployeesSegmentsAxis" xlink:label="bw2-titel9_AverageNumberEmployeesSegmentsAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_AverageNumberEmployeesSegmentsAxis_loc" xlink:to="bw2-titel9_RJ_2026-01-01_650_319_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_ShareBasedPaymentsSpecificationAxis" xlink:label="bw2-titel9_ShareBasedPaymentsSpecificationAxis_loc"/>
    <link:reference xlink:type="resource" xlink:label="bw2-titel9_RJ_2026-01-01_275_504_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="bw2-titel9_RJ_2026-01-01_275_504_ref">
      <ref:Chapter>275</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>504</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_ShareBasedPaymentsSpecificationAxis_loc" xlink:to="bw2-titel9_RJ_2026-01-01_275_504_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_SpecialGoverningControlStructureAxis" xlink:label="bw2-titel9_SpecialGoverningControlStructureAxis_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_SpecialGoverningControlStructureAxis_loc" xlink:to="bw2-titel9_RJ_2026-01-01_410_102_D_ref"/>
    <link:loc xlink:type="locator" xlink:href="https://www.nltaxonomie.nl/bw2-titel9/2026-12-31.a/bw2-titel9-cor.xsd#bw2-titel9_RemunerationManagingDirectorsAdjustmentDisclosure" xlink:label="bw2-titel9_RemunerationManagingDirectorsAdjustmentDisclosure_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="bw2-titel9_RemunerationManagingDirectorsAdjustmentDisclosure_loc" xlink:to="bw2-titel9_RJ_2026-01-01_271_607_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_BudgetIncomeStatementAndExpenses" xlink:label="rj_BudgetIncomeStatementAndExpenses_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_305_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_305_ref">
      <ref:Chapter>305</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_BudgetIncomeStatementAndExpenses_loc" xlink:to="rj_RJ_2026-01-01_305_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ClaimsBanksExplanation" xlink:label="rj_ClaimsBanksExplanation_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_BJB_2015-01-01_3.5_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_BJB_2015-01-01_3.5_ref">
      <ref:Article>3.5</ref:Article>
      <ref:IssueDate>2015-01-01</ref:IssueDate>
      <ref:Name>Besluit jaarrekening banken</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ClaimsBanksExplanation_loc" xlink:to="rj_BJB_2015-01-01_3.5_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountRateCurrentDescription" xlink:label="rj_DiscountRateCurrentDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_213_a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_213_a_ref">
      <ref:Chapter>213</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountRateCurrentDescription_loc" xlink:to="rj_RJ_2026-01-01_213_a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_DiscountRateNoncurrentDescription" xlink:label="rj_DiscountRateNoncurrentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_DiscountRateNoncurrentDescription_loc" xlink:to="rj_RJ_2026-01-01_213_a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ExplanationPensionFunds" xlink:label="rj_ExplanationPensionFunds_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_267_b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_267_b_ref">
      <ref:Chapter>267</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>b</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ExplanationPensionFunds_loc" xlink:to="rj_RJ_2026-01-01_267_b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_FairValueFinancialInstrumentsDisclosure" xlink:label="rj_FairValueFinancialInstrumentsDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_937_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_937_ref">
      <ref:Chapter>937</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_FairValueFinancialInstrumentsDisclosure_loc" xlink:to="rj_RJ_2026-01-01_937_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyExchangeRateResultsExpense" xlink:label="rj_ForeignCurrencyExchangeRateResultsExpense_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_503_a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_503_a_ref">
      <ref:Chapter>503</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>a</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyExchangeRateResultsExpense_loc" xlink:to="rj_RJ_2026-01-01_503_a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ForeignCurrencyExchangeRateResultsIncome" xlink:label="rj_ForeignCurrencyExchangeRateResultsIncome_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ForeignCurrencyExchangeRateResultsIncome_loc" xlink:to="rj_RJ_2026-01-01_503_a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImportantPropertiesEconomicRealityPayablesCurrentDescription" xlink:label="rj_ImportantPropertiesEconomicRealityPayablesCurrentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImportantPropertiesEconomicRealityPayablesCurrentDescription_loc" xlink:to="rj_RJ_2026-01-01_213_a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImportantPropertiesEconomicRealityPayablesNoncurrentDescription" xlink:label="rj_ImportantPropertiesEconomicRealityPayablesNoncurrentDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImportantPropertiesEconomicRealityPayablesNoncurrentDescription_loc" xlink:to="rj_RJ_2026-01-01_213_a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ImportantPropertiesEconomicRealityProvisionsDescription" xlink:label="rj_ImportantPropertiesEconomicRealityProvisionsDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ImportantPropertiesEconomicRealityProvisionsDescription_loc" xlink:to="rj_RJ_2026-01-01_213_a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_IntegralAdoptionGuidelinesDescription" xlink:label="rj_IntegralAdoptionGuidelinesDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_303b_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_303b_ref">
      <ref:Chapter>303b</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_IntegralAdoptionGuidelinesDescription_loc" xlink:to="rj_RJk_2026-01-01_303b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_MajorPerformanceMethodDescription" xlink:label="rj_MajorPerformanceMethodDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_601_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_601_ref">
      <ref:Chapter>601</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_MajorPerformanceMethodDescription_loc" xlink:to="rj_RJ_2026-01-01_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_NetAssetsInvestmentFirms" xlink:label="rj_NetAssetsInvestmentFirms_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_302a_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_302a_ref">
      <ref:Chapter>302a</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_NetAssetsInvestmentFirms_loc" xlink:to="rj_RJ_2026-01-01_302a_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayoutCapacityCollectiveDescription" xlink:label="rj_PayoutCapacityCollectiveDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayoutCapacityCollectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_267_b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_ProvisionsExpectedReimbursementsDescription" xlink:label="rj_ProvisionsExpectedReimbursementsDescription_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJk_2026-01-01_109a_i_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJk_2026-01-01_109a_i_ref">
      <ref:Chapter>109a</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving voor kleine rechtspersonen</ref:Name>
      <ref:Paragraph>i</ref:Paragraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_ProvisionsExpectedReimbursementsDescription_loc" xlink:to="rj_RJk_2026-01-01_109a_i_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SpreadingCapacityCollectiveDescription" xlink:label="rj_SpreadingCapacityCollectiveDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SpreadingCapacityCollectiveDescription_loc" xlink:to="rj_RJ_2026-01-01_267_b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SpreadingMethodDescription" xlink:label="rj_SpreadingMethodDescription_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SpreadingMethodDescription_loc" xlink:to="rj_RJ_2026-01-01_267_b_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_StaffingLevelsIdentifiedSegment" xlink:label="rj_StaffingLevelsIdentifiedSegment_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_409_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_409_ref">
      <ref:Chapter>409</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_StaffingLevelsIdentifiedSegment_loc" xlink:to="rj_RJ_2026-01-01_409_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransitionAccountingPolicyChangeProvisionMajorMaintenanceDisclosure" xlink:label="rj_TransitionAccountingPolicyChangeProvisionMajorMaintenanceDisclosure_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_810_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_810_ref">
      <ref:Chapter>810</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransitionAccountingPolicyChangeProvisionMajorMaintenanceDisclosure_loc" xlink:to="rj_RJ_2026-01-01_810_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_TransitionalProvisionExplanation" xlink:label="rj_TransitionalProvisionExplanation_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_TransitionalProvisionExplanation_loc" xlink:to="rj_RJ_2026-01-01_601_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_PayoutCapacityTypedMember" xlink:label="rj_PayoutCapacityTypedMember_loc"/>
    <link:reference xlink:type="resource" xlink:label="rj_RJ_2026-01-01_610_267_B_ref" xlink:role="http://www.xbrl.org/2003/role/reference" id="rj_RJ_2026-01-01_610_267_B_ref">
      <ref:Chapter>610</ref:Chapter>
      <ref:IssueDate>2026-01-01</ref:IssueDate>
      <ref:Name>Richtlijnen voor de jaarverslaggeving</ref:Name>
      <ref:Paragraph>267</ref:Paragraph>
      <ref:Subparagraph>b</ref:Subparagraph>
    </link:reference>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_PayoutCapacityTypedMember_loc" xlink:to="rj_RJ_2026-01-01_610_267_B_ref"/>
    <link:loc xlink:type="locator" xlink:href="rj-cor.xsd#rj_SpreadingCapacityTypedMember" xlink:label="rj_SpreadingCapacityTypedMember_loc"/>
    <link:referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="rj_SpreadingCapacityTypedMember_loc" xlink:to="rj_RJ_2026-01-01_610_267_B_ref"/>
  </link:referenceLink>
</link:linkbase>
