Enexis realised a net profit of €185 million in the first half of 2026. This is in line with the result for the first half of 2025 (€192 million). Revenue continued to grow, while the costs of transmission services and distribution losses declined. However, this was outweighed by higher operating expenses and increased financial expenses resulting from the growing level of investment.
Balance available for operating activities
Compared with the first half of 2025, revenue increased by €47 million to €1,511 million. The increase in regulated revenue was mainly driven by higher periodic transmission and connection fees for gas and metering services.
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Revenue from electricity transmission and connection fees decreased by 0.5% compared with the first half of 2025. This was mainly due to an average tariff reduction of 2.0%, partly offset by a 1.6% increase in volumes. The transmission services charged by TenneT to Enexis decreased, resulting in lower transmission services being passed through in Enexis’ tariffs.
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The revenue increase in gas was driven by an average tariff increase of 7.3%, partly offset by a 1.4% decline in volumes. The tariff increase mainly reflects retrospective adjustments relating to previous years to compensate for declining volumes and the removal costs of gas connections.
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The increase in revenue from metering services was due to the relatively low tariffs applied in 2025, resulting from settlements related to previous years.
Revenue can be broken down as follows:
|
€ Million |
1st half year 2026 |
1st half year 2025 |
|
Regulated |
||
|
Periodic transmission- and connection fees for electricity |
||
|
High-volume consumers1 |
458 |
450 |
|
Low-volume consumers |
676 |
690 |
|
Periodic transmission- and connection fees for gas |
||
|
High-volume consumers |
31 |
30 |
|
Low-volume consumers |
220 |
207 |
|
Metering services |
59 |
41 |
|
Amortised contributions2 |
36 |
20 |
|
Other1 |
4 |
5 |
|
Subtotal |
1,484 |
1,443 |
|
Other revenue |
||
|
Income from sale of products and services |
27 |
21 |
|
Total other revenue |
27 |
21 |
|
Total |
1,511 |
1,464 |
In addition to the increase in revenue, the costs of transmission services and distribution losses decreased by €43 million, mainly due to lower transmission fees charged by TenneT and lower distribution loss costs. The reduction in distribution loss costs was driven by a decrease of €5 million for electricity and €9 million for gas.
The costs of transmission services and distribution losses can be broken down as follows:
|
€ Million |
1st half year 2026 |
1st half year 2025 |
|
Transmission services |
385 |
414 |
|
Distribution losses |
59 |
73 |
|
Total |
444 |
487 |
Other operating income was nil in the first half of 2026 (first half of 2025: €1 million) and comprises income not directly related to Enexis’ core activities.
Operating expenses
Operating expenses increased by €80 million to €766 million. The increase was mainly driven by higher personnel costs
(+€40 million), reflecting continued growth in the workforce and increases under the collective labour agreement. Depreciation and decommissioning also increased (+€34 million) as a result of the higher level of investment and one-off decommissioning of assets1. The costs of outsourced work, materials and other external costs (+€22 million) and other operating expenses (+€1 million) increased in line with the growing workload. This increase was partly offset by higher capitalised own-production expenses (-€17 million).
Financial income and expenses
Net finance expenses increased by €18 million to €51 million. This increase mainly reflects the issuance of new bonds in 2025 and 2026 and the resulting increase in interest-bearing liabilities to finance investments in the energy infrastructure.
Taxes
Income tax amounted to €65 million, €2 million lower than the first half of 2025. The effective tax rate for the first half of 2026 was 25.9%, in line with the statutory corporate income tax rate in the Netherlands, which is 25.8%.