Financial developments

Investments reached a record high of €2.1 billion in 2025, compared to €1.8 billion in 2024. In recent years, our investments have increased as we build the infrastructure needed to make the energy transition possible. The expectation is that investments will increase further in the coming years.

The fact that we have been able to invest at this scale is largely due to our financial position and, in particular, our ability to continue to attract funding. In 2025, two senior green bonds were concluded for a total amount of nearly €1 billion. In addition, as announced last year, a subordinated perpetual bond loan was redeemed, followed shortly after by the issue of a new green subordinated perpetual bond for the same amount (nominal value of €500 million). We also have the option of converting the €600 million convertible shareholder loan into shares, subject to certain conditions, which will increase our financing capacity. This is necessary in view of the expected scale of our investments in the near future.

Our remaining cross-border lease was terminated on 2 January 2025, resulting in the transfer of our high-voltage grids and transformers to TenneT and Kenter respectively. This resulted in a net book profit of €70 million. Partly as a result of this, the net profit for 2025 amounts to €289 million, compared to €976 million in 2024, which included the book profit on the sale of Kenter. Excluding exceptional income items of this nature, net profit increased by €22 million in 2025 compared to 2024.

Despite the net profit realised in 2025, our net debt position increased by almost €0.9 billion as a result of our investments and amounted to €4.9 billion at the end of 2025. As long as our investments continue to increase and the current regulatory system, under which compensation is included in the tariffs over an average period of 40 years, remains in effect, there will be significant funding shortfalls each year. So strengthening network company equity is a crucial precondition for being able to continue making the necessary investments and to avoid further pressure on investments in the gas and electricity networks.

From 2027 onwards, the regulatory system will change, moving from a benchmark regulation approach to a form of individual cost-plus regulation. This has the effect of creating favourable conditions for the major investment task in the area of electricity, as well as responding appropriately to declining gas consumption.

Alliander’s financial policy is explained briefly later on in this section. That explanation is followed by the financial results and Alliander’s position regarding matters such as cash flows and financing. These items are followed by taxation and the main regulatory developments. The section ends with a look ahead at the results expected for 2026.