Interest-bearing loans concern loans drawn at group level, but which largely serve as financing of group company investments.

The sustainability-linked bonds (SLBs) were issued in accordance with the SLB Framework (2020 version), which is in line with the ICMA's sustainability-linked bond principles (SLBPs). We have set two targets that have to be achieved by 31 December 2030. These targets were selected because they are relevant and material for Gasunie’s business and sustainability strategy. Progress on these targets is measured through annual emission monitoring and reporting in accordance with the GHG protocol. 

• Target 1: Reduce methane emissions to 70.0 kt CO₂e by 2030; and
• Target 2: Reduce Scope 1 emissions and market-based Scope 2 emissions by 34% by 2030 compared to the base year 2020, assuming unchanged gas transport 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 2031 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 2025 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.

The green bonds were issued under Gasunie’s Green Financing Framework, which complies with the International Capital Markets Association’s (ICMA) Green Bond Principles. All proceeds from these bonds must be fully allocated to our green expenditure objectives for climate-related and environment-related economic activities.

The weighted average effective interest rate on the non-current loans at year-end 2025 was 2.3% (year-end 2024: 2.0%).

We have not provided any security to credit providers with regard to the interest-bearing loans. Neither were there any significant financial covenants or ratios with which we had to comply.

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

Note ‎27 ‘Financial risk management’ provides more information on the financial risks associated with the interest-bearing loans and how the company manages and tries to limit financial risks.