Annual Report 2025

Introduction

In this sustainability statement, we report in accordance with the disclosure requirements under the EU Corporate Sustainability Reporting Directive (CSRD) that has been effective since the 2024 reporting year.

Annual Report 2025

Limited assurance report of the independent auditor on the sustainability statement

This limited assurance report is an unofficial translation of the original limited assurance report accompanying the original sustainability statement as included in the annual report 2025, both stated in Dutch.

Annual Report 2025

List of data points under other EU legislation

List of data points in cross-cutting and topic-based standards that derive from other EU legislation:

Annual Report 2025

Making the energy supply and our organisation sustainable

We are dealing with an unprecedented infrastructure challenge. However, physical realisation of our work is constantly hampered by task feasibility limits.

Annual Report 2025

Note 1 Business combinations

There were no investments in business combinations in 2025 and 2024.

Annual Report 2025

Note 10 Trade and other receivables

At the year-end, impairment of receivables totalled €12 million (same at year-end 2024). An impairment loss on receivables of €4 million was recognised in the income statement in 2025 (2024: €5 million).

Annual Report 2025

Note 11 Cash and cash equivalents

The effective interest rate on cash and cash equivalents varies from 1.7% to 3.1% (2024: 2.9% to 4.0%). Cash and cash equivalents are held almost entirely in euros.

Annual Report 2025

Note 12 Equity

The company’s authorised capital is divided into 350 million shares of €5 nominal value. As at year-end 2025, 136,794,964 shares were in issue (2024: 136,794,964).

Annual Report 2025

Note 13 Interest-bearing debt

The movements in new loans, repayments and security deposit repayments during the year gave rise to cash flows.

Annual Report 2025

Note 14 Deferred income

Deferred income relates to construction contributions, investment grants and subsidies received.

Search

Introduction

Limited assurance report of the independent auditor on the sustainability statement

List of data points under other EU legislation

Making the energy supply and our organisation sustainable

Note 1 Business combinations

Note 10 Trade and other receivables

Note 11 Cash and cash equivalents

Note 12 Equity

Note 13 Interest-bearing debt

Note 14 Deferred income