Enexis realised a net profit of €400 million in 2025, an increase of €146 million from 2024. This is mainly attributable to increase in net sales of €363 million, driven by tariff increases. This increase is partly offset by a € 15 million increase in transmission services and distribution losses and a €35 million decline in other operating income. In addition, the balance of operating expenses increased by €91 million, mainly due to the organisation's growth and price indexation. The negative balance of financial income and expenses increased by €24 million due to higher interest-bearing loans. Finally, taxes on the result increased by €52 million.
The further increase in investments in the electricity grid, mainly due to the higher volume of work, led to an increase in gross investments by €419 million to €1,906 million. Enexis receives delayed compensation for these investments in tariffs with a time lag. These timing effects are expected to result in negative cash flows from operating activities and investments in tangible and intangible fixed assets in the coming years. Cash flow from operating activities and investments in tangible and intangible fixed assets was €844 million negative in 2025. This represents a deterioration of €277 million compared to 2024.
A more detailed explanation of the financial results is provided in the explanatory text below the table.
|
€ Million |
2025 |
2024 |
2023 |
2022 |
2021 |
|
|
Result |
||||||
|
Revenue |
2,959 |
2,596 |
2,014 |
1,705 |
1,634 |
|
|
Costs of transmission services and distribution losses |
967 |
952 |
809 |
380 |
324 |
|
|
Other operating income |
4 |
39 |
1 |
3 |
2 |
|
|
Balance available for operating activities |
1,996 |
1,683 |
1,206 |
1,328 |
1,312 |
|
|
Operating expenses excluding depreciation, impairments and decommissioning |
855 |
788 |
629 |
583 |
561 |
|
|
Depreciation, impairments and decommissioning |
533 |
509 |
468 |
469 |
429 |
|
|
Operating profit |
608 |
386 |
109 |
276 |
322 |
|
|
Share of result of associates |
0 |
0 |
0 |
1,113 |
0 |
|
|
EBIT1 |
608 |
386 |
109 |
276 |
322 |
|
|
EBITDA1 |
1,141 |
895 |
577 |
745 |
751 |
|
|
Financial income and expenses |
-70 |
-46 |
-21 |
-28 |
-43 |
|
|
Profit before tax |
538 |
340 |
88 |
1,361 |
279 |
|
|
Tax |
-138 |
-86 |
-16 |
-61 |
-80 |
|
|
Profit for the year |
400 |
254 |
72 |
1,300 |
199 |
|
|
Financial position (before profit appropriation) |
||||||
|
Net working capital1 |
-80 |
-41 |
11 |
-37 |
-99 |
|
|
Non-current assets |
12,376 |
10,947 |
9,916 |
9,214 |
8,765 |
|
|
Capital employed1 |
10,890 |
9,587 |
8,677 |
8,019 |
7,802 |
|
|
Equity |
5,811 |
5,538 |
5,320 |
5,441 |
4,241 |
|
|
Net interest-bearing liabilities1 |
4,627 |
3,597 |
2,948 |
2,211 |
- |
|
|
Total assets |
13,438 |
11,487 |
10,460 |
10,348 |
9,395 |
|
|
Ratios |
||||||
|
Solvency1 |
43.2 |
48.2 |
50.9 |
52.6 |
45.1 |
|
|
ROIC1 |
5.6 |
4.0 |
1.3 |
17.3 |
4.1 |
|
|
Return on equity1 |
6.9 |
4.6 |
1.4 |
23.9 |
4.7 |
|
|
Cash flow |
||||||
|
Cash flow from operating activities |
1,062 |
920 |
627 |
673 |
732 |
|
|
Cash flow from operating activities and investing in (in)tangible fixed assets |
-844 |
-567 |
-516 |
-228 |
-154 |
|
|
Cash flow from investing activities |
-2,156 |
-1,476 |
-488 |
-129 |
-984 |
|
|
Cash flow from financing activities |
1,275 |
475 |
-229 |
-434 |
312 |
|
|
Cash flow |
181 |
-81 |
-90 |
110 |
60 |
Balance available for operating activities
The balance available for operating activities increased by €313 million in 2025. This concerns the balance of an increase in net sales (€363 million), an increase in the cost of transmission services and distribution losses (€15 million), and a decrease in other operating income (€35 million). Total revenue amounted to €2,959 million in 2025. The higher revenue is due to higher tariffs for our customers. The average tariff increase for low-volume consumers was 12% for electricity and 10% for gas (including meter rent).
The increase in revenue can be broken down as follows:
-
Electricity: revenue increased by €343 million compared with 2024. This increase is primarily due to higher tariffs set for 2025 under the amended Electricity Method Decisions, following a 2023 CBb ruling. The CBb concluded that electricity and gas network tariffs had been set too low. As a result, the 2025 tariffs include not only higher remuneration for that year, but also retroactive remuneration for the years 2022, 2023, and 2024.
-
Gas: revenue rose by €55 million compared to 2024, mainly due to a tariff increase that was also caused by the higher tariffs set for 2025 and the retroactive remuneration for the years 2022, 2023, and 2024 as a result of the CBb ruling.
-
Other regulated revenue decreased by €39 million, primarily due to tariff reductions for metering services for gas (20%) and electricity (41%).
-
Non-regulated revenue increased by €4 million compared to 2024.
The cost of transmission services and distribution losses rose by €15 million to €967 million in 2025. Of this increase, €27 million is due to higher costs for TenneT transmission services, driven by higher tariffs (€9 million) and volume growth (€18 million). The volume of purchased capacity is increasing due to rising electricity consumption and the number of connections.
The costs for distribution losses fell by €12 million. This decrease consists of:
-
Electricity purchasing costs fell by €24 million. Of this reduction, €26 million is attributable to price effects, while higher volumes led to an increase of €2 million. The overall decrease is primarily due to lower electricity prices in the most recent period. Following the extreme volatility in energy prices in 2022 and 2023, prices stabilised further in 2024 and 2025.
-
Grid losses related to gas transport increased by €7 million, primarily due to volume differences resulting from higher grid loss than previously expected.
-
Other grid losses rose by €5 million. This increase was mainly driven by settlements with customers arising from measurement errors, which resulted in a €3 million charge for Enexis in 2025, compared with a €2 million gain in 2024.
In 2025, other operating income decreased by €35 million compared with 2024. This decline is mainly due to the recognition of two incidental income items totalling €35 million in 2024, which did not recur in 2025.
Operating expenses
Total operating expenses increased by €91 million to €1,388 million in 2025. The energy transition is driving further growth in the volume of work to be executed. To realise this, we are making a significant effort to recruit and train new technical staff. This has also increased our expenses for materials and outsourced work.
The main developments in operating costs were as follows:
-
Personnel costs increased by €77 million to €818 million in 2025. This increase reflected a €74 million rise in costs for internal staff and a €3 million increase in costs for external staff:
-
Costs for internal staff rose primarily due to higher salary expenses. This resulted from growth in the workforce by 644 FTEs (+11% at year-end), collective bargaining agreement increases (a 3.0% increase as of 1 January 2025 and a 2.0% increase as of 1 July 2025), and periodic salary increases. Social security contributions, pension contributions, and other personnel-related costs increased accordingly.
-
Costs for external personnel increased by €3 million to €187 million. This rise was mainly attributable to higher rates. By the end of 2025, the number of FTEs engaged as external personnel had fallen by 97 FTEs (-8%) compared with 2024.
-
-
Depreciation and decommissioning amounted to €533 million in 2025, an increase of €24 million compared with 2024 (€509 million). Depreciation increased due to the high level of investment made in recent years.
-
The costs of materials, outsourced work, and other external costs increased by €3 million to €310 million. This increase was driven by organisational growth and price indexation.
-
Other operating costs increased by €12 million to €52 million in 2025. Of this increase, €6 million was attributable to a higher net balance of provisions recognised and released compared with 2024, while the remaining €6 million resulted from increases in other costs driven by organisational growth and price indexation.
Financial income and expenses
The negative balance of financial income and expenses amounted to €70 million in 2025, compared to €46 million in 2024, which is €24 million higher than in 2024. The more negative balance is mainly driven by higher interest expenses due to the issuance of three green bonds with a nominal value of €1,500 million in 2025.
Taxes
Income taxes in 2025 amounted to €138 million, which is €52 million higher than in 2024. The increase was attributable to the higher result before tax in 2025.
Gross capital expenditure
In 2025, Enexis achieved a gross capital expenditure level of €1,906 million, representing an increase of €419 million compared to the previous year. This growth is mainly due to:
-
An increase in gross capital expenditure in the electricity grid, gas network, and smart meters. To meet the growing demands of the energy transition, investments rose by €466 million compared with 2024, reaching €1,788 million. This 35% increase consisted of a 29% increase in work volume and a 6% increase in prices.
-
The largest increase was seen in the electricity grid, where investments rose by €431 million. The energy transition is causing a sharp increase in customer demand, requiring substantial grid expansion and reinforcement. Investments in grid expansion and upgrades alone increased by €393 million. In addition, spending on the replacement and reconstruction of existing infrastructure rose by €30 million, while the balance of other investments, including standard and customised connections, increased by €8 million.
-
Investments in the gas grid also increased by €25 million, primarily driven by work to improve safety and reliability.
-
Investments in smart meters grew by €10 million. Smart meters were replaced when they became outdated or defective, or were installed at the customer’s request.
-
-
Other investments decreased by €47 million, primarily due to the absence of one-off expenses incurred in 2024.
After deducting €127 million in customer contributions, net capital expenditure amounted to €1,779 million in 2025, an increase of €399 million compared with 2024.
The table below presents gross capital expenditure (excluding customer contributions) in our electricity grid, gas networks, and smart meters, as well as other investments.
|
Gross investments |
|||||
|
€ miljoen |
2025 |
2024 |
2023 |
2022 |
2021 |
|
Electricity |
|||||
|
Standard connections |
67 |
62 |
60 |
48 |
37 |
|
Customised connections |
59 |
67 |
120 |
89 |
90 |
|
Grid expansions and grid improvements |
1,134 |
741 |
464 |
350 |
298 |
|
Reconstructions |
57 |
51 |
30 |
23 |
26 |
|
Replacements |
129 |
105 |
88 |
73 |
62 |
|
Other |
73 |
62 |
37 |
32 |
31 |
|
Total Electricity |
1,519 |
1,088 |
799 |
615 |
544 |
|
Gas |
|||||
|
Standard connections |
2 |
3 |
3 |
3 |
4 |
|
Customised connections |
3 |
3 |
3 |
3 |
2 |
|
Grid expansions and grid improvements |
29 |
23 |
20 |
15 |
12 |
|
Reconstructions |
23 |
24 |
20 |
17 |
17 |
|
Replacements |
171 |
150 |
157 |
162 |
161 |
|
Other |
3 |
3 |
3 |
3 |
3 |
|
Total Gas |
231 |
206 |
206 |
203 |
199 |
|
- |
|||||
|
Smart meters |
|||||
|
Low-volume electricity |
24 |
19 |
23 |
20 |
24 |
|
Low-volume gas |
14 |
9 |
11 |
13 |
20 |
|
Total smart meters |
38 |
28 |
34 |
33 |
44 |
|
Total investments electricity, gas and smart meters |
1,788 |
1,322 |
1,039 |
851 |
787 |
|
Other investments |
118 |
165 |
104 |
50 |
99 |
|
Total gross investments |
1,906 |
1,487 |
1,143 |
901 |
886 |
Cash flows
The cash flow before financing activities was €1,094 million negative, a decrease of €538 million compared to 2024 (€556 million negative), mainly due to higher investments in property, plant, and equipment.
-
Our cash flow from operating activities was €1,062 million, an increase of €142 million compared to 2024. This is mainly explained by the positive development in results, as operating income increased more than operating expenses.
-
The net cash outflow from investing activities amounted to €2,156 million, an increase in expenditure of €680 million. This increase was driven primarily by higher investments (€419 million) and, in addition, by a net increase in deposits of €250 million.
-
Cash flow from operating activities and investments in tangible and intangible fixed assets amounted to a net outflow of €844 million (2024: €567 million).
-
Finally, the cash flow from financing amounted to €1,275 million (2024: €475 million). The increase of €800 million compared to 2024 is attributable to the issuance of three new green bonds in 2025, compared to 2024, when one bond was issued. An opposite effect is caused by a higher dividend paid in 2025 compared to 2024.
The balance of all cash flows is €181 million positive, an increase of €262 million compared to 2024.