Note 21 Revenue

At €3,273 million, net revenue in 2025 was up €230 million compared to 2024. This was mainly attributable to the €169 million rise in regulated electricity revenue. Tariffs rose by an average of 9%, and there was also an increase in the number of small consumer connections (€15 million revenue) as well as in the transmission volumes for large consumers, leading to an €18 million increase in revenue.

Regulated revenue from gas was €24 million down on 2024, which was due to a fall both in the average tariffs (-4%) and in the number of connections.

The higher revenue from measuring services is due entirely to higher tariffs.

Net revenue for 2025 included €42 million in estimated network fees for large consumers (2024: €37 million), i.e. 1.4% (2024: 1.4%) of total network fee revenue. Estimates made in relation to small consumers are not material. Differences arising on these unbilled revenues are generally small. The estimated revenue concerns the month of December and is largely based on the revenues earned in November.