We are investing record amounts in our networks. Substantial funding is required to build a future-proof energy system and ensure that all customers continue to have access to energy.
Our expenditure has been rising year on year to support the energy transition through our infrastructure. In 2025, our investments amounted to €1,906 million, an increase of €419 million compared with the €1,487 million invested in 2024. Thanks to our strong financial position, we can absorb these additional costs. At the same time, we are keenly aware of the need to spend public funds responsibly. This is part of our public mandate and helps keep energy affordable for everyone. We therefore remain focused on our core tasks and on working as cost-efficiently as possible, for example by applying Lean methodologies and optimising our ICT landscape. In 2025, we also invested in innovations to expand the grid as cost-effectively as possible.
Financing the energy transition
In the coming years, Enexis will continue to invest heavily in expanding and reinforcing the electricity grid. These investments come with significant costs and will lead to higher grid management expenses and, ultimately, higher tariffs for customers. Alongside the cost control and efficiency measures within our influence, it is essential that we generate sufficient income to finance the energy transition.
Enexis is expected to remain structurally cash-flow negative for the foreseeable future and will therefore need to continue raising debt, increasing our overall liabilities. Although revenues are projected to grow in the coming years, they will not be sufficient to fully cover our expenditure. Maintaining a strong credit profile is therefore crucial, as it allows us to access capital on favourable terms, including during periods of financial uncertainty.
To remain financially sound, Enexis has pursued a three-pillar policy since 2023:
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Encouraging optimal societal choices and improving efficiency and productivity: By promoting optimal location choices, the required investments can be kept to a minimum. An optimal location is one where energy generation and consumption are situated close to each other. In addition, Enexis continuously works to improve implementation efficiency. Smarter and more efficient ways of working, enable us to deliver more for our customers, directly contributing to the affordability of the energy supply. We achieve this through further standardisation, digitalisation, and process simplification, which together drive higher productivity. At the same time, Enexis collaborates with municipalities and provinces to develop clear, coherent energy plans. These plans involve making deliberate choices regarding heat networks, the use of biomethane and hydrogen, and promoting responsible charging of electric vehicles.
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Balancing tariffs and revenue: The second pillar focuses on maintaining a balance between affordable tariffs for customers and reasonable returns for shareholders. A key development in this context was the ruling by the CBb, after which the ACM increased the permitted revenue for grid operators. This adjustment is resulting in an increase in permitted revenue – and therefore in tariffs – of more than €700 million over the period 2024 to 2026.
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Strengthening equity: The third pillar aims to strengthen Enexis’ financial base. Shareholders contributed to this in 2020 by providing a convertible hybrid shareholder loan. In addition, the proceeds from the sale of Fudura in 2022 were largely used to finance investments in the energy transition. The dividend policy has also been adjusted to further reinforce equity. This revised policy was formally approved at the shareholders’ meeting in April 2025. From the 2025 financial year onwards, dividends will be 50% of net profit, capped at €100 million per year (indexed from the 2026 financial year onwards). Finally, an agreement has been reached with the government under which the State may become a shareholder if Enexis’ financial position so requires.
Looking ahead, Enexis will continue to focus on these three areas to safeguard financial stability and maintain strong creditworthiness. This is essential to ensure that we can continue to finance the energy transition.
New regulatory methodology for customer tariffs from 2027
A new regulatory period will begin in 2027. In September 2025, the ACM published draft methodology decisions for electricity and gas for the period 2027-2031. In these draft decisions, the ACM proposed a shift to a new regulatory methodology: the Cost+ method. This approach will apply to both electricity and gas, as well as to regional and national grid operators. Under the Cost+ methodology, grid operators are compensated for their actual efficient costs plus a reasonable return. This offers several advantages, including improved alignment between incurred costs and the reimbursement of those costs through customer tariffs, resulting in greater income certainty for grid operators. From a financial perspective, Enexis expects the transition from benchmark regulation to the Cost+ method to have a limited impact.
In addition to introducing the Cost+ methodology, the ACM will transition to a nominal weighted average cost of capital (WACC) system for electricity tariff setting from 2027 onwards. This system already applies to gas tariffs. As a result, inflation compensation on electricity investments will be reflected earlier in customer tariffs. This change is expected to increase net turnover during the upcoming regulatory period (2027–2031).
A sustainable investment
In April 2025, Enexis Holding N.V. issued 2 green bonds, each with a nominal value of €500 million with coupon rates of 3.25% and 3.625%, and maturities of 8 and 12 years, respectively. In November 2025, Enexis issued an additional green bond for €500 million, with a coupon rate of 3.375% and a 10-year maturity. Enexis now has nine bonds outstanding, seven of which are green bonds. The proceeds from these bond issues are used by Enexis Holding N.V. to finance network expansions and upgrades required for the integration of renewable energy, the automation of distribution networks, the rollout of smart meters, and investments in sustainable buildings. A Green Finance Framework has been developed to govern the issuance of green bonds. The current Green Finance Framework is fully aligned with the EU Taxonomy. This has been externally reviewed and validated by ISS ESG. In this way, Enexis demonstrates its significant contribution to sustainability and its positive impact on society.
By adhering to the EU Taxonomy and the Green Bond Principles and embedding them in the Green Finance Framework, Enexis ensures full transparency throughout the financing process. Combined with strong ratings from Sustainalytics and ISS ESG, this provides investors with confidence in Enexis’ green bonds. All of Enexis’ green bonds are listed on Euronext Amsterdam.
Credit rating profile
Maintaining at least an A/A2 credit rating profile over a five-year horizon is a key pillar of Enexis’ financial policy. This underpins a healthy capital structure and supports investor confidence. Enexis Holding N.V. has terminated its contract with S&P Global Ratings (Standard & Poor’s). Instead, the credit rating agency Fitch Ratings has confirmed the long-term rating of Enexis Holding N.V. at AA- with a stable outlook. Enexis Holding N.V. will continue to be assessed by two rating agencies: Moody’s Investors Service and Fitch Ratings. Moody’s issues credit ratings solely for Enexis Holding N.V. Its long-term rating was adjusted from Aa3 with a stable outlook to A1 with a stable outlook. The downgrade primarily reflects the expected increase in Enexis’ investments in grid expansion and reinforcement in the coming years. Moody’s short-term rating remains unchanged at P-1. Fitch has also reaffirmed Enexis Holding N.V.’s short-term rating at F1+.
A key condition for maintaining an A/A2 credit rating profile is the availability of sufficient financial resources to cover cash outflows for at least 12 months ahead. This liquidity buffer is partly supported by a € 1 billion committed revolving credit facility (RCF). In view of rising investment levels, Enexis concluded three additional RCFs totalling €300 million in September 2025, ensuring liquidity coverage for at least 12 months. These facilities were arranged bilaterally with three long-standing banking partners for a two-year term. In 2025, Enexis Holding N.V. did not draw on any of these RCFs.
For further information on financing, liquidity, and credit ratings, see note 30 to the financial statements: ‘Financing policy and risks associated with financial instruments’.
Sustainability Profile
