In the first half of 2026, Enexis invested 22% more than in the same period last year, particularly in the electricity grid. With this, we added 1,150 MVA of transmission capacity to our electricity grid. But building infrastructure alone is not enough. To tackle grid congestion, we need to place far greater emphasis on flexibility, awareness, and innovative solutions. Sustainable energy carriers such as biomethane and heat are equally indispensable to a future-proof energy system.
Despite the substantial increase in electricity grid capacity in the first half of the year, the number of customers on our waiting list continues to grow. Since 1 July, the new prioritisation framework from the ACM has been in force, which determines the priority order in which customers in congested areas receive grid capacity. Recently, we have seen that the removal of the reservation for small consumers has caused concern, particularly among households, small businesses and local authorities. Enexis takes these concerns seriously. We are working hard on a range of solutions to connect as many customers as possible and reduce the waiting list.
Strong interest in flexible solutions
Our efforts are focused on making a suitable offer to many of our business customers on the waiting list this year. For a large group of businesses, there are opportunities to consume or feed electricity back into the grid outside peak periods. To achieve this, both generation and consumption must become more flexible. In recent months, we have seen strong interest in our Blokstroom product and our new flexibility offering, both from high volume consumers and from solar parks feeding electricity back into our grid. We also concluded new Group Transmission Agreements in Hardenberg and Bergeijk.
Small consumers, too, are proving willing to shift their energy consumption away from peak hours. There is considerable interest in the Zonnedimmer pilot, for example, while pilots involving grid-aware charging of electric vehicles and the remote control of heat pumps and batteries have produced positive results.
Sharp increase in applications from low-volume consumers
Since the announcement of the prioritisation framework, the number of applications from low-volume consumers for a new or higher-capacity connection has doubled. In April, ahead of the new prioritisation framework, we announced the seven areas where no additional capacity will be made available for the time being because the grid has reached its limits. In many cases, however, upgrading the connection is not necessary and more can be achieved than is often assumed, even with a single-phase connection, including a heat pump or a ‘smart' charging point.
Grid-conscious housing development
The prioritisation framework raised concerns about whether planned housing developments can go ahead. We will certainly be able to connect the new homes planned in our service area over the next two to three years. Beyond that, however, housing development could come under pressure. Looking further ahead, we therefore advocate grid-conscious housing development: designing neighbourhoods with well-insulated homes equipped with solar panels, batteries and an energy management system, allowing solar energy generated during the day to be stored for use in the evening. This would enable Enexis to connect six to eight times as many homes using the same infrastructure. Because these homes can operate independently for a period, they also strengthen the resilience of the energy system.
Safety remains our top priority
Every workplace accident is one too many. That is why strengthening safe working practices at Enexis and among our contractor partners remains our highest priority. Unfortunately, the number of lost-time accidents at Enexis in the first half of this year was almost the same as in the first half of last year, leaving us above our target level.
The situation among our contractor partners is even more concerning. The number of accidents increased, partly due to caught-in or crushed injuries and incidents involving falling objects.
We therefore remain committed to increasing safety awareness and reducing the number of accidents. In April, we organised a safety and health workshop together with four contractor partners. During the session, we discussed practical challenges and agreed on improvement measures. We will continue to hold these sessions. In addition, we are engaging with our contractor partners at management level to ensure we work together towards an even safer working environment.
Financial results
We continue to invest heavily in the energy transition. As a result, cash flow from operating activities and investments in tangible and intangible fixed assets amounted to negative €647 million in the first half of 2026 (H1 2025: negative €434 million). Compared with the first half of 2025, investment in expanding and reinforcing the electricity grid increased by €174 million. To finance these investments, we issued a new €750 million green bond in February and made a drawdown of €250 million under our facility with the European Investment Bank. In April, we also repaid a €500 million bond. As a result of the increased debt position, the FFO/net interest-bearing debt ratio declined to 16% (year-end 2025: 20%).
Net profit for the first half of 2026 amounted to €185 million, broadly in line with the €192 million reported for the same period in 2025. Higher revenue and lower costs for transmission services and distribution losses were offset by higher operating expenses and increased financial expenses resulting from higher debt levels.
Looking ahead
The energy transition will continue to present major challenges for grid operators and society in the years ahead. Given the size of our waiting list, the urgency remains high. We remain fully committed. Every new transformer station, every flexibility contract and every solar panel that is dimmed creates additional capacity for customers on our waiting list. Fortunately, we are succeeding in recruiting many new technical employees, and we are also looking forward to welcoming our new Executive Board member, Walter Grootveld. We would like to thank all our colleagues and our (construction) partners for their dedication and contribution over the past six months and our customers for their patience and for their contribution to the flexible use of the electricity grid.
Executive Board Enexis Holding N.V.
Rutger van der Leeuw
Marjanne van Ittersum
Han Slootweg