Note 13 Interest-bearing debt

The movements in new loans, repayments and security deposit repayments during the year gave rise to cash flows. The carrying amount of the non-current and current interest-bearing debt is as follows:

Short and long-term interest-bearing debt

In 2021, Alliander issued a convertible subordinated shareholders’ loan with a nominal amount of €600 million. Under certain circumstances, Alliander has the right to convert the loan into shares at a conversion rate to be established at the time. Due to the movement in the FFO/net debt ratio (<16% and the reasonable expectation that this ratio will continue to fall in the coming period), the condition for conversion was met as at the balance sheet date. To date, Alliander has not taken any decision to exercise the conversion right. As the conversion ratio for determining the number of shares to be issued has not yet been set, the convertible subordinated shareholder loan is still classified as a non-current liability.

Short-term interest-bearing debt, amounting to €301 million as at year-end 2025 (2024: €1 million), is mostly made up of the current portion of a green bond loan (€300 million).

On 6 May 2025, Alliander issued green bond loans with a total nominal value of €1 billion, comprising €500 million with an eight-year term (issued at 99.113% of nominal with a coupon of 3.00%) and €500 million with a twelve-year term (issued at 99.653% of nominal with a coupon of 3.50%). The proceeds will be used to enable more investments in the power grid for the energy transition. Prior to issuing green bonds, Alliander renewed its Green Finance Framework in April 2025.

As at year-end 2025, a carrying amount of €3,926 million (face value €3,950 million) had been issued under the EMTN programme. The bonds issued under the EMTN programme are listed on Euronext Amsterdam.

As at year-end 2025, no commercial paper was outstanding under the ECP programme (2024: nil).

Maturities of interest-bearing debt