Cash flow

Consolidated cash flow statement

A summary of the cash flow statement for 2025 is shown below.

Cash flow from operating activities

The cash flow from operating activities in 2025 amounted to €832 million (2024: €829 million). The increase of €3 million relative to 2024 is partly due to a corporate income tax rebate relating to prior years. Against this, the working capital position deteriorated due to a prepayment received in 2024 in the matter of the sale of transformers to Kenter, which took place in 2025.

Cash flow from investing activities

The cash outflow from investing activities in 2025 was just under €1.9 billion, compared to an outflow of €679 million in 2024. This is mainly the result of the cash inflow received in connection with the sale of Kenter in 2024 (€919 million). In addition, investment expenditure rose by €342 million, leading to a higher outflow. In 2025, a total one-off cash inflow of €136 million arose from the sale of the high-voltage grid to TenneT TSO B.V. and the transfer of transformers to Kenter B.V.

In 2025, investments increased by €342 million relative to 2024. The increase is almost entirely due to higher investments in the electricity grids (€250 million). This involves both replacement and expansion of the network. Besides rolling out new and heavier-duty cables, we are building new electrical substations and expanding existing ones. Investments in the gas networks increased by €39 million compared to 2024, and other investments increased by €54 million as a result of an expanded digitalisation portfolio.

Network investments and maintenance costs

Total expenditure on grid-related investments and maintenance costs in 2025 was €2,566 million, an increase of €414 million compared to 2024 (€2,152 million). The increase was caused by higher investments (€342 million), and the costs of maintenance and outages rose by €72 million.

Cash flow from financing activities

The cash flow from financing activities for 2025 amounted to €829 million (2024: €102 million). Cash inflows in 2025 comprised €992 million in proceeds from the issue of green bond loans and the issue of a subordinate perpetual bond loan of nearly €500 million. Cash outflows included the redemption of the subordinated perpetual bond issued in 2018 and the payment of dividend (€96 million) and the coupon on the subordinated perpetual bond (€31 million).

In 2024, a green bond loan for €750 million was issued and, as in 2025, a perpetual bond was issued at a nominal value of €500 million. This was offset by repayments of the EMTN loans (€400 million) and the short-term ECPs loans (€500 million). A dividend (€173 million) and the coupon on the perpetual bond (€8 million) were also paid out in 2024.

Free cash flow

The free cash flow in 2025 totalled €1.0 billion negative, compared to a free cash flow of €150 million positive in 2024. This difference is mainly caused by the funds received from the sale of Kenter in 2024 and higher investments.