40. Other financial fixed assets

In the consolidated financial statements, expected credit losses from loans and receivables involving consolidated associates are eliminated. This also applies to loans and receivables involving the consolidated associate with regard to the company’s financial statements. When valuing the associate under the changes in equity method, the associate is treated as a collection of assets and liabilities rather than as an indivisible asset. The effect of expected credit losses on loans and receivables involving associates is also eliminated.

The conditions in the current financing arrangements stipulate that no contractual or structural subordination of existing loans in relation to new external financing may occur. To avoid 'structural subordination', Enexis Holding N.V. contracts external financing. The necessary funds for business operations or investments in the energy grids are lent to Enexis Netbeheer B.V. by Enexis Holding N.V. as a back-to-back loan under the same conditions.

For the relevant conditions, see note 30 ‘Financing policy and risks associated with financial instruments’.

(Non-current) loans to group companies increased by € 992 million. This increase was mainly due to Enexis Holding N.V. lending the green bonds issued in 2025 with a nominal value of € 1,500 million to Enexis Netbeheer B.V. At the end of 2025, a bond with a nominal value of € 500 million lend on Enexis Netbeheer B.V. was classified as current in connection with repayment in April 2026. In addition, Mijnwater Warmte Infra B.V. made an additional draw of € 1 million under the current account facility with Enexis Holding N.V. in 2025.

The loans to associates relate to the drawings by EDSN B.V. under the current account facility with Enexis Holding N.V.

The fair value of loans to group companies (including the current portion) amounted to € 4,812 million at year-end 2025 (2024: € 3,305 million).

Changes in other financial fixed assets, including the current portion, are as follows: