Financial results

Net profit amounted to €289 million in 2025, which was €687 million lower than in 2024 (€976 million). In 2024, the sale of Alliander’s subsidiary Kenter resulted in a book profit of €757 million for the year 2024. In addition to the sale of Kenter, we see that the cost level is increasing, with cost increases being recovered (in part) in the regulated tariffs, leading to higher revenues.

Alliander’s income split is as follows: 95% comes from the regulated income of network operator Liander and 5% is from other income sources. The latter mainly consist of work for TenneT projects and district heating network leases. As a network operator, Liander will publish its own annual report on its performance in 2025. This annual report will appear in the second quarter of 2026.

The main expenditure relates to work maintaining and extending the electricity and gas networks and the operating expenses connected with all other activities. We invested €2.1 billion in 2025, mainly in the replacement and expansion of our networks. This investment equates to 44% of our total expenditure. Expenditure on operating expenses, such as procurement for network losses, TenneT’s transmission capacity and employee benefit expenses, accounts for 51% of our expenditure. Additionally, there is the dividend payable to our shareholders and the interest payments to the holders of the subordinated perpetual bond loan and other financiers. The dividend and interest payments for 2025 together amounted to 4% of our overall expenditure. The corporate income tax payment to the tax authorities in 2025 is 1% of our total expenses.