At year-end 2024, the nominal amount of € 3,415.0 million (year-end 2023: € 3,090.0 million) in non-current loans comprised € 3,050.0 million (year-end 2023: € 2,550.0 million) in bond loans and € 365.0 million (year-end 2023: € 540.0 million) in private loans. The transaction costs and discount still to be amortised amounted to € 15.2 million (year-end 2023: € 14.6 million). This concerns loans drawn at group level, but which largely serve as financing of group company investments.

In April 2024 we issued a new green bond for an amount of € 500.0 million and with an agreed term of 20 years. This bond will be repaid in a lump sum at the end of the term. The bond has been placed under Gasunie’s Green Financing Framework and, as a result, we must fully allocate the proceeds from this bond to our ‘green’ spending. Our Framework complies with the International Capital Markets Association's (ICMA) Green Bond Principles and the spending is EU Taxonomy-eligible for climate and environment-related economic activities.. The effective coupon rate is 3.88% and is fixed for the entire term. After deducting € 1.8 million in discount and transaction costs, € 498.2 million was received. This amount is included in the consolidated cash flow statement.

At the end of 2024, we had issued € 800.0 million (end of 2023: € 800.0 million) in Sustainability-Linked Bonds (SLBs). These were issued in compliance with the Sustainability-Linked Bond Framework (2020 version). This framework is in line with ICMA’s Sustainability-Linked Bond Principles (SLBPs). We have set two targets that have to be achieved by 31 December 2030. The first is for us to reduce our methane emission levels by approximately 50% compared to the 2020 level. The second target relates to our CO₂-equivalent emissions that we can influence, which are to be reduced by 30% by 2030, compared to the 2020 level, assuming unchanged gas transmission volumes. From 2031 onwards, the sustainability targets could possibly result in an annual coupon increase of between 10 and 25 basis points (depending on the SLB) if we have not achieved one or more targets by 31 December 2030. Any coupon increases apply to the period from 2030 to either 2034 or 2036 (depending on the SLB).

These potential coupon increases on our SLBs were not recognised in the effective interest because, based on the specifically agreed scope, at year-end 2024 we had no reason to assume that the company will not hit the targets in due course. The emissions of our joint venture EemsEnergyTerminal are out of scope for the targets set for these SLBs.

In 2024, two private loans were repaid in full on the maturity date.

The weighted average effective interest rate on the non-current loans at year-end 2024 was 2.0% (year-end 2023: 1.8%).

The private loans we all have received from the European Investment Bank (EIB) are subject to a number of change-of-control conditions regarding the Dutch State holding shares in N.V. Nederlandse Gasunie and regarding N.V. Nederlandse Gasunie holding shares in GTS B.V. We deem it unlikely that these change-of-control events will take place within the foreseeable future.

Note ‎28 ‘Financial instruments’ provides more information on the financial risks associated with the interest-bearing loans and how the company manages financial risks with the aim of limiting these.