We aim to have a financial profile that will enable us to implement our strategy and, at the same time, lead to a satisfactory credit rating that aligns with our profile and our shareholder’s policy.

We have included further information about the company’s financial position, the financial and other instruments used, and the size of these instruments in note ‎17 ‘Interest-bearing loans’ and note ‎27 ‘Financial risk management’.

Please also refer to the notes on equity in the company financial statements (note ‎43 ‘Issued share capital’, note ‎44 ‘Remeasurement reserve’, note ‎45 ‘Legal reserve for participating interests’, note ‎46 ‘Other reserves’ and note ‎47 ‘Unappropriated result’).

Issued share capital

The authorised share capital amounts to € 756,000 and is divided into 7,560 ordinary shares, each having a nominal value of € 100, of which 1,513 have been issued and paid up in full. No movements took place in the issued and paid-up shares during the financial year (same as in 2024).

As at the balance sheet date all our shares issued were held by the Dutch State (same at year-end 2024).

Fair value reserve

The fair value reserve concerns our investments in other equity interests that we measure at fair value. We form a fair value reserve for the difference between the original acquisition price and the fair value. The negative fair value reserve at the end of 2025 concerns our interest in Nord Stream (same as in 2024). For a more detailed explanation of the fair value of Nord Stream, see note ‎9 ‘Other equity interests’.

Cash flow hedge reserve

The cash flow hedge reserve concerned the changes to the fair value of the effective part of a cash flow hedge for the non-consolidated joint venture Gate terminal. The hedge related to the hedging part of the floating interest rate risk of Gate terminal. For more information, see note ‎7 ‘Investments in joint ventures’.

Other reserves

Amounts included under ‘other reserves’ can be classified as accumulated profits.