Financial outlook for 2026

Investments

Alliander’s work package will continue to grow significantly in the coming years. We anticipate that the gross investments, mainly for expanding the networks in 2026, will total in excess of €2 billion. As a consequence of the fast-growing demand for transmission, the power grid is becoming increasingly congested, resulting in limits on transmission. Besides the traditional way of resolving this issue by laying additional cables, Alliander is continuing its programme to structurally make better use of the networks.

Cash flows and financing

As the ever-increasing investment levels cannot be fully financed with the operational cash flows, we expect a sharp negative free cash flow in 2026, which will have to be funded through bond loans, possibly in a hybrid form.

Regulation

From 2027 onwards, benchmark regulation will be replaced by regulation based on an individual cost-plus approach. In addition, the expected costs in 2027 will also be immediately factored into the 2027 tariffs. The forecasts for this will need to be submitted in the first half of 2026.