In April 2025, Enexis Holding N.V. issued two green bonds, each valued at € 500 million. These have maturities of 8 and 12 years, with respective coupon rates of 3.25% and 3.625%. These green bonds were issued under the Green Finance Framework of April 2023. Enexis’s impact on a sustainable society has been validated externally and confirmed by ISS-ESG. For more information regarding the terms and conditions of the issued green bond, reference is made to the Final Terms and the Green Finance Framework on the Enexis website (new window).
Fair value interest-bearing loans
As at 30 June 2025, Enexis Holding N.V. had a total of € 4,475 million (year-end 2024: € 3,481 million) in interest-bearing loans (excluding lease liabilities) on its balance sheet. The fair value of these interest-bearing loans (excluding lease liabilities) amounted to € 4,296 million (year-end 2024: € 3,251 million). The fair value of listed bonds is based on their listed prices. The fair value of other loans, including the convertible hybrid shareholders’ loan, is based on the calculation method using the Euro Utility (A) BFV yield curve as at 30 June 2025. 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.
The carrying amount and fair value of the interest-bearing loans were higher as of 30 June 2025 compared to the end of 2024 due to the issue of the green bonds with a nominal value of € 1 billion in April 2025.
Credit rating
The long-term credit rating issued by Standard & Poor’s (S&P) remained unchanged (AA- with a stable outlook). The long-term credit rating issued by Moody’s also remained unchanged (Aa3). However, the stable outlook has been adjusted to negative. Enexis Holding N.V.’s short-term credit ratings remained unchanged as at the end of June 2025 compared to year-end 2024: A-1 (S&P) and P-1 (Moody’s). In order to achieve the objective of maintaining at least an A credit rating and a financially robust capital structure, we aim for an FFO/net interest-bearing liabilities ratio of at least 12%.
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Standard |
Actual |
|
|
FFO/net interest-bearing liabilities |
≥ 12% |
21% |
The ‘FFO/net interest-bearing liabilities’ ratio is calculated as follows:
FFO/net interest-bearing liabilities: (operating income + depreciation – amortisations + dividend received from associates – financial expenses + financial income – taxes due and payable) / net interest-bearing liabilities.
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 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.