At the end of each reporting period, we determine whether there are any events or indications for impairment of tangible fixed assets and/or financial fixed assets and we investigate whether there are reasons to reverse (fully or in part) previously recognised impairments.

Our main cash generating units are the:

• gas transmission network in the Netherlands
• gas transmission network in Germany
• BBL Company gas transmission network
• EnergyStock underground gas storage facility

There are also various smaller cash generating units; these comprise the other tangible fixed assets and financial fixed assets.

Our assessment has not revealed any indication of a material impairment (or, where applicable, a reversal of a previously recognised impairment) of the tangible fixed assets and/or financial fixed assets as at 31 December 2024, with the exception of our sharein EemsEnergyTerminal (which forms part of the other financial assets).

We determined the recoverable amount of the assets of our interest in EemsEnergyTerminal as the fair value minus the costs of disposal. Because, at year-end 2024, there was no directly comparable fair value we could use to derive the fair value of these assets (based on comparable transactions, for example), we applied a measurement method based as much as possible on market-based observations (the income approach). We applied this method to determine a price that knowledgeable willing market parties would, under normal circumstances, agree on for a transaction on the balance sheet date, taking into account the prevailing market conditions. This concerns a level three fair value measurement.

The starting point for the test was the business plan up to mid-2027 – when the original business case ends – as drawn up by the management of EemsEnergyTerminal and approved by the shareholders. For the period after mid-2027, we took into account an extension of the existing business case by eight years. The most recent market insights were used to estimate the key costs and revenue and the expected volumes of the terminal. To err on the side of caution, in the test we did not assume any growth in volume, even though such growth is still technically and commercially possible. In the test, we used a nominal pre-tax discount rate of 9% to 10%; the discount rate applied also includes a risk premium for the risks associated with the extension of the business case.

We expect to make the final decision regarding the extension of the existing business case at the end of 2025. Should we decide in 2025 not to extend the existing business case and we stop developing other/alternative activities for the terminal, there is a risk that there will be an impairment of our interest in EemsEnergyTerminal. The recoverable amount is also based on other significant assumptions.

Based on our test, we have concluded that the recoverable amount for our interest in EemsEnergyTerminal would be higher than the carrying amount and so, accordingly, no impairment was recognised at year-end 2024.