Calculation of the EU Taxonomy

Revenue

Of the total revenue in 2024, 80% (2023: 75%) was related to Taxonomy-eligible activities. Revenue classified as eligible includes revenue related to the distribution of electricity and heat (NACE code 35.13 and NACE code 35.30). The percentage of eligible revenue that cannot be qualified as aligned is zero (2023: 0%), amounting to € 7 million. This revenue pertains to CHP connections, conventional meters, and the transmission and distribution of heat (activity 4.15). The remaining 20% pertains mainly to revenue associated with the transmission and distribution of natural gas. Of the total revenue, 80% (2023: 75%) can be qualified as aligned. The increase is primarily because the aligned revenue related to activity 4.9 increased faster than the other revenue. This increase mainly reflects a rise in the periodic transmission and connection fee for electricity for both high-volume and low-volume consumers. See the table below for a breakdown of the aligned revenue.

The determination of total revenue under the Taxonomy is in line with IFRS reporting standards and therefore corresponds to net revenue in the financial statements (note 1 ‘Revenue’).

Capital Expenditure (CapEx)

Of the total capital expenditure, 78% (2023: 75 %) was related to eligible activities under the Taxonomy. Eligible capital expenditure is defined as: all investments in tangible fixed assets related to our electricity grid (activity 4.9/NACE code 35.13), all investments in tangible fixed assets related to pipelines and installations in the heating and cooling systems network (activity 4.15/NACE code 35.30), all investments in our vehicle fleet (activity 6.15) and in office and industrial buildings (activity 7.7). 4% (2023: 5%) of total CapEx was eligible but not aligned because it was concluded that the technical screening criteria were not satisfied, leaving 74% (2023: 70%) of total CapEx in Taxonomy-aligned activities. The percentage of aligned CapEx increased by 4 percentage points this year. This is due to an increase in investments related to 4.9 and, for the first time this year, part of activity 7.7 was also classified as aligned.

The CapEx KPI also shows that most non-eligible and non-aligned capital expenditures pertain to investments in the natural gas network.

Investments in CHP connections and conventional meters were nil in 2024 (2023: nil). Investments related to activity 6.5 and some in activity 7.7 did not meet the alignment criteria in 2024.

Total capital expenditure under the Taxonomy was in line with the IFRS reporting standards and includes:

• Investments in tangible fixed assets (note 12 of the financial statements);

• Investments in intangible fixed assets (note 13 of the financial statements); and

• Additions to the right of use assets (note 14 of the financial statements).

Operational Expenditure (OpEx)

Of the total operational expenditure, 79% (2023: 79%) was related to Taxonomy-eligible activities. 10% (2023: 10%) of total operational expenditure was eligible but not aligned because it was concluded that the technical screening criteria were not satisfied. Of the total operational expenditure, 69% (2023: 69%) was related to Taxonomy-aligned activities. The eligible and aligned percentages in relation to the operational expenditure in 2024 were in line with 2023.

According to the Taxonomy, operational expenditures are defined as direct, non-capitalised costs related to the maintenance of assets. Based on this definition, Enexis determined the operational expenditure for activities 4.9 and 4.15 as maintenance and outage costs.

In determining the eligible operational expenditure, the existing breakdown by activity and the existing NACE coding system were again followed. The operational expenditure included under NACE code 35.13 and NACE code 35.30 pertains to maintenance and outage costs for assets used to maintain our electricity grid.

The maintenance and outage expenses related to the district heating grid (activity 4.15) are not further specified and are therefore included under the non-eligible OpEx. The operational expenditure related to activities 6.5 and 7.7 concerns all expenditures pertaining to the daily maintenance of the vehicle fleet and buildings that have not been capitalised.

Activities related to nuclear energy and fossil gas

In the table below, Enexis reports on the extent to which nuclear and fossil gas are part of its business activities.