1. Revenue

Regulated revenue includes revenue from the provision of services relating to the connection and transmission of electricity and gas, metering services, and other services, less turnover tax. Other revenue includes the proceeds from services such as reinforcing, relocating, or removing connections.

The transmission and connection fees agreed in the contracts with low-volume energy consumers and high-volume energy consumers are identified as a single performance obligation, as the transmission of electricity and gas cannot take place without the connection and the grid. The transaction price is determined on the basis of the standard tariffs charged by Enexis Groep, which for the regulated revenue are based on the maximum tariffs set by the Netherlands Authority for Consumers & Markets (ACM). The transmission of electricity or gas during the contract period constitutes a series of services realised over time. Progress is measured on the basis of the number of days on which Enexis Groep provides its services to the customer.

Enexis Groep supplies goods and services almost exclusively within the Dutch market.

Revenue is calculated by adding the estimated grid fees to the invoiced grid fees and deducting the estimated grid fees to be invoiced at the end of the previous reporting period. The periodic billing of low-volume energy consumers takes place based on fixed amounts depending on the size (capacity) of the connection. It is invoiced and collected by the energy suppliers on behalf of Enexis Groep. The energy suppliers periodically pass on the amounts charged to consumers to Enexis Groep. High-volume energy consumers are invoiced periodically based on the contractually agreed capacity and, in the case of electricity, based on the metered consumption and actual grid load, and are billed and collected by Enexis Groep.

Advance contributions received for the construction of grids and connections are amortised over the useful life of the connection and included in revenue.

The table below provides a breakdown of revenue:

Revenue increased by 14% compared to 2024. This consists of a 14% increase in regulated revenue (excluding other revenue) and a 10% increase in other revenue.

The increase in regulated revenue is mainly attributable to a tariff increase of the periodic transmission and connection charges for electricity and gas. Revenue from transmission and connection fees for electricity rose by 17% compared to 2024. This increase is the result of an average tariff increase of 16% and a volume increase of 1%. The tariff increase is mainly due to the fact that the tariffs for 2025 were set higher as a result of the amended Electricity Method Decision (Methodebesluit Elektriciteit) following the ruling of the Trade and Industry Appeals Tribunal (CBb) in 2023. The CBb ruled that the grid tariffs for electricity and gas were calculated too low. The 2025 tariffs, therefore, include not only a higher remuneration for 2025, but also a retroactive remuneration for the years 2022, 2023, and 2024. The impact of the CBb ruling is approximately €280 million for 2025.

Revenue from gas transmission and connection fees increased by 13% compared to 2024. This increase is attributable to an average tariff increase of 14% and a volume decrease of 1%. The tariff increase for gas is also due to the higher tariffs set for 2025 and the retroactive compensation for 2022, 2023, and 2024 as a result of the CBb ruling. The impact of the CBb ruling is approximately €70 million for 2025.

Regulated revenue from electricity and gas metering services fell by 33% compared to 2024. This decrease is mainly attributable to an average tariff decrease of 33%. The tariff decrease relates to a decrease of 20% for gas metering services and a 41% decrease for electricity metering services.

ACM has decided that regional grid operators will have to settle part of the margin on metering services in the past with future tariffs. However, ACM has not yet determined the method for setting the final margin. In anticipation of the final determination of the method, Enexis set the rates for metering services in 2025 lower than the maximum permitted rate, resulting in a lower revenue of €44 million. At year-end 2025, the expected margin still to be settled is €7 million.

In the net revenue for 2025, the estimated grid charges for low-volume customers amounted to €161 million (2024: €143 million), and for large-volume consumers €79 million (2024: €69 million), together accounting for 8% (2024: 8%) of total revenue. The maturity differences of these revenue items yet to be invoiced are generally small. The estimated revenue relates to December and is largely based on revenues generated in November.