Financial position

Development of the net debt position (€ million)

In 2025, the net debt position increased by €930 million and amounted to €4,891 million at the end of 2025 (year-end 2024: €3,961 million). The increase includes the one-time amounts received in 2025 for the aforementioned sale of the high-voltage network and transformers, totalling €136 million. Without these sales proceeds, net debt would have increased by nearly €1.1 billion. This trend is not new. For years, cash flow from normal operations has not been sufficient to cover the increasing spend on investments.

The redeemed leases are paid rental obligations that are recognised based on IFRS 16 as repayment of the financial lease obligation. These repayments reduced relative to 2024, due to the redemption of two leasehold contracts in 2024. The subordinated perpetual bond loans issued in 2024 and 2025 are both classified as equity under IFRS, but count as 50% borrowed capital under our financial policy.

The development of the net debt position during 2025 is shown in the graph below.

Net debt position

Alliander extended its Debt Issuance Programme (formerly EMTN) to a total of €10 billion in 2025. As at 31 December 2025, the carrying amount of the outstanding bonds was €4,917 million (nominal value €4,950 million).

Alliander has two euro commercial paper (ECP) programmes totalling €1,500 million, which can be used to issue short-term debt instruments. In addition to the standard ECP programme there is also a separate programme to issue green ECP debt instruments. In the latter case, the funds obtained are used to finance assets that are further specified in the Green Finance Framework. At year-end 2025 and 2024, no use was made of this programme.

Interest-bearing debt

The repayment schedule for the interest-bearing debt at year-end 2025 was as follows:

Repayment schedule for interest-bearing debt (€ million)

The amounts in 2027, 2028, 2030, 2032, 2033, 2034 and part of the payments in the period after 2035 mainly relate to the repayment of bond loans. The other amounts relate to the repayment of shareholder loans and other loans.

Available green financing capacity

Alliander has arranged 11 green financing facilities since 2016, including ten publicly issued green bond loans. The proceeds of these financing facilities have been used to fund various assets that are defined in more detail in the Green Finance Framework. These assets and financing facilities are accounted for in separate reports. A summary referred to as the allocation table is part of these reports. This summary details the size and composition of Alliander N.V.’s green asset portfolio and green financing.

Allocation table: use of funds available from green financing facilities

The table shows that the net weighted carrying amount of green assets as at 31 December 2025 was €7,097 million. This represents an increase of €1,068 million compared to 31 December 2024 (€6,029 million).

As a result, €2,147 million in green financing capacity was available at year-end 2025. The changes in 2025 to the total green financing of €1,500 million relate to the issue of a green subordinated perpetual bond loan at a nominal value of €500 million and two new senior bonds: a green bond with a nominal value of €500 million and a maturity of 8 years, and a green bond with a nominal value of €500 million and a maturity of 12 years.