We break down our financial information according to our operations, with the operating segments reflecting our management structure. We differentiate between the following segments:

• Gasunie Transport Services
  This segment covers regulated network operations in the Netherlands and is responsible for managing natural gas transmission, developing the natural gas network and related installations, and helping to facilitate a well-functioning market.
• Gasunie Deutschland
  This segment covers regulated network operations in north-western Germany and is responsible for managing natural gas transmission, developing the natural gas network and the German hydrogen network, the related installations, and helping to facilitate a well-functioning market.
• Participations
  This segment is focused on developing and managing infrastructure for the transport and storage of CO₂, hydrogen and heat, facilitating the production of biomethane, and facilitating natural gas flows to north-western Europe through LNG import terminals and interconnection pipelines.

The accounting policies for measurement of assets and liabilities and the determination of the results used for the operating segments are the same as the accounting policies used when drawing up these consolidated financial statements. The assets, revenue and results of a segment comprise items directly related to the segments and items that we can reasonably attribute to them. Because our financing mainly takes place at group level, we do not segment liabilities and, therefore, do not report on these separately. We carry out transactions between companies that belong to the segments at arm’s length. As regards intersegment eliminations, we have removed transactions between the segments in the financial information by operating segment. 

Over 2025, the Gasunie Transport Services operating segment provided inter-segment services to the value of € 7.9 million (2024: € 21.7 million), while the Gasunie Deutschland operating segment provided inter-segment services to the value of € 0.8 million (2024: € 0.9 million) and the Participations operating segment to the value of € 97.3 million (2024: € 84.5 million).

For further details of how our result and net revenue developed in 2025, see note ‎1 ‘Significant matters and events’ and note ‎29 'Net revenue’.

Key customers

In 2025, we did not generate more than 10% of our external revenue from gas transport and related services from a single customer (2024: more than 10% of our revenue came from a single customer). For a more detailed explanation of our credit risk, see note ‎27 ‘Financial risk management’.

Allocated assets per segment include property, plant and equipment and intangible assets, joint ventures and associates, and other equity interests. Unallocated assets comprise deferred tax assets, derivative financial instruments and current assets.

Investments in property, plant and equipment and intangible assets at the Gasunie Deutschland operating segment related mainly to property, plant and equipment and are further explained in note ‎4 ‘Property, plant and equipment’. Movements in other material non-cash items at the Gasunie Transport Services operating segment were caused mainly by movements in other provisions, as explained in note ‎22 ‘Other provisions’. The drop in other material non-cash items at the Gasunie Deutschland operating segment was caused largely by the impairment detailed in note ‎3 ‘Impairment tests’.

Fixed assets comprise property, plant and equipment and intangible assets and our share in the joint ventures, associates and other equity interests.

Investments in joint ventures and associates in 2025 mainly concern our investments in Porthos and German LNG. The table shown above does not include the loans given to joint ventures and associates. There were no acquisitions in joint ventures and associates in 2025 (same as in 2024). More details about the movements in joint ventures and associates can be found in note ‎7 ‘Investments in joint ventures’ and note ‎8 ‘Investments in associates’.