Revenue
Of Enexis’ total revenue, 81% (2024: 80%) is aligned revenue related to activity 4.9 (NACE code 35.13). The table below provides a breakdown of the aligned revenue. The percentage of aligned activities in 2025 is in line with that of 2024.
The remaining 19% consists of non-eligible revenue, revenue that is eligible but not aligned, and revenue from non-material activities. Non-eligible revenue relates to the transport and distribution of natural gas. Eligible but non-aligned revenue consists of revenue related to CHP (combined heat and power) connections and conventional meters; however, the amount involved is very limited and rounds to 0% of total revenue. Revenue from non-material activities is also limited in scale (2025: €1 million) and likewise represents 0% of total revenue.
|
€ Million |
2025 |
2024 |
|
Periodic transmission- and connection fees for electricity High-volume |
904 |
756 |
|
Periodic transmission- and connection fees for electricity Low-volume |
1,393 |
1,198 |
|
Metering services - electricity |
41 |
69 |
|
Amortised contributions- electricity |
30 |
30 |
|
Other revenues |
15 |
16 |
|
Total aligned revenues |
2,383 |
2,069 |
The determination of total revenue under the Taxonomy is in line with IFRS reporting standards and therefore corresponds to net revenue in the financial statements(‘note 1 Revenue’).
Capital expenditure
Of the total capital expenditure (CapEx) 79% (2024: 72%) was aligned. This relates to all investments in tangible fixed assets associated with our electricity network (activity 4.9 / NACE code 35.13). Investments in the electricity grid increased again this year, leading to a higher share of aligned CapEx. Investments in activities 4.15, 6.5, and 7.7 together account for 3% of total CapEx and are therefore classified as immaterial. The remaining 18% of non-eligible investments mainly relates to investments in the natural gas network. Investments in CHP connections and conventional meters were nil in 2025 (2024: nil).
Total capital expenditure under the Taxonomy was in line with the IFRS reporting standards and includes:
-
Investments in tangible fixed assets (note 12 of the financial statements);
-
Investments in intangible fixed assets (note 13 of the financial statements);
-
Additions to the right-of-use assets (note 14 of the financial statements).
Operational expenditure
Of the total operational expenditure (OpEx), 68% (2024: 69%) was related to Taxonomy-eligible activities, namely activity 4.9. A further 9% (2024: 9%) was related to activity 6.5. These costs are eligible but not aligned, as they do not meet the technical screening criteria, for example with regard to the use of recyclable materials. Non-material activities accounted for 1% of operating expenditure. The remaining 22% related to non-eligible activities, primarily the distribution of natural gas. Overall, the proportions of eligible and aligned activities in 2025 were broadly in line with those in 2024.
Under the EU Taxonomy, operating expenditure is defined as direct, non-capitalised costs incurred in maintaining assets. On this basis, Enexis has determined that operating expenditure relating to activity 4.9 comprises the costs incurred for the maintenance and repair of assets within the electricity network. Operating expenditure relating to activity 6.5 covers all day-to-day maintenance costs for the vehicle fleet that have not been capitalised.
For the mandatory EU Taxonomy tables, please see the 'EU Taxonomy tables' on the next page.