In February 2026, Enexis Holding N.V. issued a €750 million green bond with a six-year maturity and a 3% coupon rate. The bond was issued under the Green Finance Framework of April 2023. Enexis’ contribution to a sustainable society has been validated externally and confirmed by ISS ESG. Further information on the terms and conditions of the green bond is available in the Final Terms and the Green Finance Framework on the Enexis website.
On 15 June 2026, Enexis Holding N.V. made its first drawdown of €250 million under the €500 million committed loan facility with the European Investment Bank (EIB), leaving €250 million available for future drawdowns. The drawdown has a 13-year term, with the interest rate fixed at 3.126% until 2030.
Fair value of interest-bearing loans
As at 30 June 2026, Enexis Holding N.V. had €5,471 million in interest-bearing loans (excluding lease liabilities) recognised on its balance sheet (year-end 2025: €4,972 million). The fair value of these interest-bearing loans (excluding lease liabilities) amounted to €5,279 million (year-end 2025: €4,758 million). The fair value of the bonds is based on quoted market prices. The fair value of the other loans, including the convertible hybrid shareholders’ loan and the EIB drawdown, is calculated using the Euro Utility (A) BFV interest yield curve as at 30 June 2026. A mark-up for the subordinated and illiquid character of the loan is taken into account in the calculation of the fair value of the convertible hybrid shareholders’ loan. Both the carrying amount and the fair value of the interest-bearing loans were higher compared to the end of 2025. This was mainly due to the issuance of the €750 million green bond in February 2026. In addition, the carrying amount of the interest-bearing loans increased following the €250 million drawdown under the €500 million committed loan facility with the European Investment Bank in June 2026. This was partially offset by the redemption of a bond in April 2026, which had a nominal value of €500 million.
Credit rating
The long-term credit ratings of Enexis Holding N.V. remained unchanged. Fitch Ratings reaffirmed its AA- rating with a stable outlook, while Moody's reaffirmed its A1 rating with a stable outlook. The short-term credit ratings also remained unchanged as at 30 June 2026: F1+ from Fitch Ratings and P-1 from Moody's.
Enexis’ financial policy aims to maintain at least an A/A2 credit rating profile. To support this objective, several financial thresholds and criteria are monitored. The FFO/net interest-bearing debt ratio is a key metric that is closely monitored. A 12% threshold is used to assess whether measures are required to improve the ratio.
|
Standard |
Actual |
|
|
FFO/net interest-bearing liabilities |
≥ 12% |
16% |
The ‘FFO/net interest-bearing liabilities’ ratio is calculated as follows:
-
FFO/net interest-bearing liabilities: (profit after tax + depreciation and decommissioning − amortised contributions, adjusted for changes in deferred tax, working capital and other cash flows) ÷ (total interest-bearing liabilities − deposits − cash and cash equivalents).
Dividend policy
From the 2025 financial year onwards, the dividend policy has been adjusted to distribute 50% of net profit from ordinary operations, up to a maximum of €100 million. This is conditional on Enexis maintaining its A credit rating profile over the next five years. Starting in the 2026 financial year, the ceiling will be indexed annually based on the Consumer Price Index published by Statistics Netherlands (CBS) for that year.