For years, we have worked hard to build a future-proof energy system. The combination of record investment levels, smarter use of our grids, ongoing innovation, and increasingly effective cooperation with construction partners and public authorities is accelerating progress. Even though we are seeing glimmers of improvement, unfortunately our customers are noticing too little of it: our waiting list has grown again and the pressure on our grids remains high. That pains us. In addition to building faster, flexibly utilising the existing grid remains indispensable to create as much capacity as possible for the ambitions of our current and future customers.
To support as many customers as possible, we are operating our grids close to their limits – always within safe boundaries. So far, this approach has proved effective: the number of disruptions to our electricity grid did not increase last year. At the same time, pressure on the grid continues to grow, driven primarily by high levels of energy feed-in in spring and peak consumption in winter. As a result, several grid sections were designated as critical in 2025 and are subject to enhanced monitoring. We are taking every possible measure to manage overload and avoid the need to disconnect customers in extreme situations, including congestion management and the deployment of batteries.
2025 was also the year in which we had to position ourselves in relation to shifting geopolitical dynamics. Recently, the conflict in the Middle East has been added to that. Rising geopolitical tensions, cyber threats, disruptions in the supply chain and international conflicts increase the risk that Enexis’ energy supply and the services we provide to our customers and society may be interrupted. These developments are a major concern to us. We are working hard tocstrengthen our organisational resilience.
Waiting list remains
In recent years, Enexis has carried out a record amount of work. In 2025, we again invested heavily in our grids: €1.9 billion (2024: €1.4 billion). In 2025, we expanded our electricity grid faster than planned, just as we did in previous years, and we realized 1,260 MVA of grid capacity. This was due in part to our strong collaboration with contractors. Together, we accelerated the Neighbourhood Approach (‘Buurtaanpak’), through which we reinforce our electricity grid district by district. At the same time, in the second half of the year we also saw for the first time that the queue of customer requests for feed‑in capacity began to stabilise. That gives us confidence that our approach is starting to deliver results.
But we are fully aware that the ‘outside world’, and our customers in particular, are still noticing little of our efforts to reduce grid congestion. We regret this, and it presents a challenge for Enexis. Waiting lists and saturated power grids will remain a reality for the foreseeable future. Despite record investments, the pressure on our grids remains high, and we will not be able to keep pace with the growing demand for transport capacity in the coming years. Many businesses will remain on the waiting list, preventing them from becoming more sustainable or expanding. From mid‑2026 onwards, we expect that households will also may be affected as a result of the ACM’s new prioritisation framework.
Our aim for 2026 is to make a proposition to lots of business customers on the waiting list of more than 10,000 requests for a (new or upgraded) connection to the electricity grid. We intend to achieve this through, among other things, a new, more area‑focused approach with flexible connection solutions and smarter use of the existing grid capacity. In 2026, additional capacity will also become available at TenneT in North Brabant, which will allow us to help move customers off the waiting list. Business customers are increasingly aware that transmission scarcity can affect their operations, and that they need to adapt to this new reality.
Faster permitting procedures
To get projects off the ground more quickly, it is necessary we work with municipalities to shorten permitting procedures. In 2025, we concluded dozens of new cooperation agreements (CAs) with local authorities to support this effort. Each year, Enexis applies for around 80,000 permits from local authorities. Permitting procedures for large medium-voltage and high-voltage substations are the most time-consuming, typically taking five to seven years. In recent years, we have built up considerable expertise to effectively address spatial planning issues and permitting procedures with municipalities. To speed up permitting procedures, policies from the new cabinet are needed. We therefore look forward to the further elaboration of the Net Congestion Crisis Act by the new cabinet.
Flexible use of the grid
In addition to extensive construction work, we are placing greater emphasis on dynamic system management. This includes providing real-time insight into consumption and feed-in, as well as enabling flexible control. Significant additional capacity can be unlocked if Enexis and its customers work together to make smarter use of the grid. We have already reached agreements with operators of solar and wind farms to temporarily limit feed-in during peak hours. We also offer flexible contracts to new customers on a voluntary basis, but we want that to become the norm. In 2025, we completed the 100th Block Power Contract, providing customers with additional transmission capacity. In November, we finalised the first group transmission agreement in Nederweert, involving 14 companies. These arrangements allow participating businesses to better coordinate peaks and troughs in energy consumption and generation, supporting both their sustainability ambitions and growth plans.
Distributing grid capacity more fairly
We are encouraging large business customers to switch to flexible contracts. However, our proposals have not yet proved sufficiently compelling. They are often perceived as complex, and many companies are reluctant to relinquish grid capacity they may need in the future. At the end of 2025, the Netherlands Authority for Consumers and Markets (ACM) formally addressed grid operators on this issue, calling on us to promote flexible contracts more actively. In response, we recently submitted an improvement proposal to the ACM, and it is important that we engage with our customers about our product portfolio. . In addition, we want that future government policy will require high-volume consumers to make part of their contracted capacity available to other users. If all existing business customers were to reduce their capacity slightly, we believe it would be possible to eliminate the waiting list altogether.
Energy consumption at other times
Households have adapted their behaviour more easily than expected. During a 2025 pilot, for example, they were willing to charge their cars at night in exchange for a modest fee. A trial involving 100 households in Drenthe also demonstrated that collectively controlling hybrid heat pumps can reduce peak demand by 10% to 25% without compromising comfort. An increasing number of households are also using home batteries. Previously, we were concerned that this would cause additional peak loads on the grid, but this concern has not yet materialised. Feed-in energy prices are low, so many households are storing the energy for their own use. If millions of households were to adjust their energy consumption slightly – for instance, by charging their cars or doing their laundry outside peak hours – this would create a lot of capacity and reduce the need for costly grid expansion. The new tariff model, set to take effect at earliest in 2028, must encourage our customers to do even more of this.
Accelerating through innovation
Innovation enables us to build faster, more efficiently, and more safely, while also making more flexible use of the grid. By adopting a modular, standardised approach, we have reduced project lead times from 12 months to just 3. The use of prefabricated, plug-in substations has shortened on-site construction time from two days to a single day. New tools are also improving safety and ergonomics. For example, the cable-bending tool enables our employees to handle increasingly heavy, thick cables responsibly and in a physically sustainable way. To further stimulate innovation in the expansion of the low-voltage grid, we launched the international LV Next Challenge together with fellow grid operators. The challenge generated more than 60 ideas, many of which are currently being explored in more detail. The key challenge now is to develop these innovations quickly enough to ensure they can be deployed safely and responsibly in practice.
Greater role for sustainable molecules
In a future-proof energy system, sustainable energy carriers such as biomethane, hydrogen, and heat networks play an important role alongside electricity. That is why we continue to invest in our gas network and in biomethane boosters for feed‑in to the gas grid. However, the development of these alternative energy carriers is progressing slowly, partly due to the lack of clear legislation and regulation. As long as the market framework remains uncertain, investments in sustainable molecules are likely to be postponed. This is a cause for concern.
For this reason, we are actively sharing our vision of a future-proof energy system with governments and policymakers. Together with Netbeheer Nederland, we launched KIES – Keuzes Integraal Energiesysteem (Choices for an Integrated Energy System) – to highlight the difficult choices required to keep the energy system reliable, affordable, and future-proof. KIES focuses on energy security, affordable heating for homes, industrial decarbonisation, and access to energy.
Financial results
Cash flows from operating activities and investments in tangible and intangible fixed assets amounted to negative €844 million in 2025, compared with negative €567 million in 2024. This means that in 2025 we spent over €2 million more per day on our energy grids than we received through our tariffs. To finance the investments, we issued two green bonds in 2025: one in the spring for €1 billion and one in the autumn for €500 million. Both issues attracted strong interest, demonstrating market confidence in our strategy. Thanks to the support of our shareholders, we were able to adjust our dividend policy in 2025. By introducing an indexed cap of €100 million, we retain more funds within the company for the necessary investments in the energy grid and increase our borrowing capacity. We are grateful that our shareholders recognize the importance of maintaining sufficient financial flexibility so that Enexis can continue to invest in the energy grid. By agreeing to an adjusted dividend policy, our shareholders make an important contribution to this. This is essential for ensuring a reliable energy supply for everyone.
Net profit increased in 2025 to €400 million compared to €254 million in 2024, mainly driven by a strong rise in revenue. Due to the amended Method Decisions, the tariffs for 2025 were set at a higher level. Revenue also includes an additional compensation relating to the years 2022, 2023 and 2024. The impact of this on net profit is approximately €185 million.
The high level of investments in the electricity grid needed to meet the growing demand of the energy transition will lead to further increases in customer tariffs in the future. This brings certain dilemmas.
Sustainable results
This year, Enexis is publishing its second Sustainability Statement, offering insight into the progress we have made. One concrete result is a 9.8% reduction in CO₂ emissions in scopes 1 and 2 compared to 2024. This was achieved in part by detecting and repairing gas leaks more frequently and efficiently. Reducing the use of primary raw materials also played an important role in tenders for cables and gas pipelines. In addition, we continued to electrify our fleet of leased vehicles.
Safety remains Enexis’ top priority. Nevertheless, the number of safety incidents increased slightly in 2025. In recent years, Enexis has welcomed many new employees who are still building routine in their work. This can lead to minor incidents, such as bumps or trips. We are therefore investing in additional training and guidance to further raise safety awareness. Our goal is clear: to ensure that the number of incidents at Enexis and among our contractors declines again in the near future.
Recruiting new colleagues
We successfully recruited sufficient new colleagues for the tasks ahead, expanding our workforce by more than 600. To ensure we continue to have sufficient qualified technical employees, we need to take a broad view of the labour market. That is why we spoke out last year in The Hague against the government’s plans to restrict knowledge migration. This effort proved successful: at the end of November, the Dutch House of Representatives adopted a motion to revise these plans. As a result, we can continue to attract skilled professionals from abroad. In addition, grid operators, contractors, and the government are working together to train and deploy 5,000 additional technicians by 2030. In our three in‑house vocational training halls, we train apprentice technicians ourselves in an environment that is as realistic as possible.
Change in the Executive Board
In 2025, there was a change in the composition of the Executive Board. In the summer, Marjanne van Ittersum succeeded Mariëlle Vogt as CFO of Enexis. We would like to thank Mariëlle for her tireless dedication and strong commitment to our company and colleagues. CTO Jeroen Sanders stepped down from the Executive Board on 1 March 2026, after a career of 28 years with Enexis and its predecessors. We also thank him for his exceptional dedication and his vital contribution to the company’s success. The succession process for his position is currently ongoing.
Moving forward with energy
Our ambition to continue supplying everyone with affordable and sustainable energy in the future remains as strong as ever. The new coalition agreement offers Enexis important opportunities to accelerate the expansion and smarter use of the energy grid - for example through a Grid Congestion Crisis Act, the roll‑out of hybrid smart heat pumps and grid‑aware integration of renewable energy sources. The new government also emphasises the importance of biomethane, hydrogen and heat networks.
At the same time, additional resources remain necessary to keep heat networks affordable for consumers. We look forward to working with the new ministers to build an affordable and reliable energy system. Swift and decisive decision‑making will be essential to achieving this.
Our ambition to continue providing everyone with affordable and sustainable energy remains undiminished. Enexis grew significantly again, requiring additional effort from everyone involved. We would like to thank our colleagues and construction partners for their commitment and contribution over the past year. Thanks to their efforts, we have made important progress. We also thank our customers for their patience and engagement as we work together on a more flexible energy system. We also value the cooperation with the other grid operators. While the path towards a future-proof energy system still presents many challenges, we remain confident and optimistic. We will therefore continue to build and innovate with conviction.
Executive Board Enexis Holding N.V.
Rutger van der Leeuw
Marjanne van Ittersum
Han Slootweg