Segment reporting

General

Alliander distinguishes the following segments:

• Network operator Liander

• Other

The figures for each reporting segment, excluding incidental items and fair value movements, are shown in the following table. These figures are a direct reflection of the regular internal reporting. Detailed information on segment reporting can be found in note 2 to the financial statements.

Primary segmentation

Network operator Liander

The Liander network operator segment consists of the legal entity Liander N.V., which, as designated network operator within network company Alliander, has a statutory duty to manage the electricity and gas networks and related assets in the provinces of Gelderland and Flevoland, as well as in parts of Friesland, Noord-Holland and Zuid-Holland. Liander connects customers to the energy infrastructure through which it distributes electricity and gas to those customers.

Liander’s operating income for 2025 was up €218 million on 2024, coming in at €3,145 million. This increase is mainly due to higher regulated electricity tariffs. On the other hand, net operating expenses increased by €143 million. The increase is mainly due to higher employee benefit expenses (€74 million) as a result of workforce expansion, a 5% collective labour agreement increase and greater use of external capacity. In addition, internal costs rose (€85 million) due to higher costs for IT systems as a result of increasing demand for digitalisation and future-proofing the IT landscape. Supporting components have also been upgraded, including those relating to continuity, control and security. Furthermore, other procurement costs increased (€45 million), mainly due to higher expenditure on outsourced work as a result of an increased work package, and depreciation costs rose (€19 million) due to higher investments.

At the same time, the decline in energy prices had a positive effect on the procurement of network losses, which decreased by €45 million. In-house production also increased by €47 million, as a larger proportion of in-house hours were devoted to the increased work package relating to investment projects. Net operating profit came in at €404 million, which is €75 million higher than in 2024.

Other

The Other segment covers the entirety of the other operating segments within Alliander group, such as the activities of Qirion, Alliander AG and Firan. At €812 million, external operating income in 2025 was up €134 million compared to 2024. The operating loss moved from €7 million negative in 2024 to €15 million negative in 2025 as a result of increasing development costs at Firan.