We may use derivative financial instruments to manage interest rate, currency, and price risks arising from ordinary operational activities. We only use derivative financial instruments to hedge risks and not for trading or any other purpose.

The aim is to have up to 10% of our non-current debts (including the current repayment obligation on non-current loans) outstanding in the form of current financing arrangements. However, this situation may differ from day to day, including on the balance sheet date, and depends on the exact liquidity situation and the need for liquidity. Although we conclude these current loans with a fixed interest rate for the term, we do run an interest rate risk on any possible refinancing. 

At year-end 2025, we had no outstanding non-current or current loans with a floating interest rate (same at year-end 2024).

A rise of 100 basis points in interest rates on borrowings will alter the interest expenses by approximately € 2.0 to € 4.0 million (2024: change of around € 1.7 to € 3.4 million).

The currency risk is limited in the context of regulated business operations in the Netherlands and Germany because virtually all transactions take place in euros. For our participating interest BBL Company transactions take place in pounds sterling. We hedge currency risks if there is sufficient certainty about the amount and timing of the foreign currency cash flows.

The total value of these liabilities in pounds sterling was £ 4.1 million at year-end 2025 (year-end 2024: £ 4.3 million). At year-end 2025, the currency risk on the liabilities in pounds sterling was not hedged by forward exchange contracts (same at year-end 2024). Given the limited size of foreign currency positions at the end of the financial year, no sensitivity analysis has been included.

At year-end 2025, no other foreign currency positions of significant size were held, nor were any currency risk hedging instruments used other than those explained in note ‎23 ‘Derivative financial instruments’.

We would be exposed to a minor price risk if the variable costs of gas and power were to rise. Based on the current regulations in the Netherlands and Germany, we are allowed, for a large part, to offset increases in energy costs in future regulated tariffs. For our non-regulated and/or activities exempt from regulation, commercial agreements generally allow us to pass on our energy costs to our customers.

We apply a procurement strategy aimed at achieving a market-competitive price. The basic principle of our policy is that we do not trade in energy supply contracts and do not take speculative positions. We have committed to purchasing the contracted volumes ourselves and using them for our day-to-day operations.

Our energy supply contracts come with the contractual option to partly fix prices for a certain future supply period. We do this, for example, through forward delivery contracts for the physical supply of energy, in which we take into account the anticipated energy requirements for specific periods, in order to meet the own-use exemption under IFRS 9.2.4. The level of price risk hedging is influenced in part by the predictability of how much energy is consumed and when. For required energy that we have not contracted under forward delivery contracts, we procure this on the spot market as and when the need for energy arises.

At year-end 2025, there were no outstanding forward delivery contracts for our own use of energy (same at year-end 2024). In compliance with IFRS 9.2.4, liabilities from forward delivery contracts are not recognised in the balance sheet.

With regard to gas inventories we hold for balancing the gas transmission network, given the underlying regulated settlement system, we do not run a price risk. The value of the stored nitrogen is not significant.

Lastly, Gasunie has entered into investment obligations in a joint venture, the amount of which may vary depending on gas price developments. To limit the cash flow risk on these expected capital expenditures, we use gas price swaps, this way effectively fixing the future variable investment obligation – in terms of our share in this investment obligation – over the term of the investment obligation (until 31 December 2027). At year-end 2025, the volume of the variable investment obligation was 239,362 MWh (2024: 308,421 MWh). The price risk on the variable investment obligation was fully hedged at year-end 2025 (same at year-end 2024). The value of the gas price swap was € 10.6 million negative at year-end 2025 (2024: € 16.3 million negative).

At the end of 2025, we had received € 141.3 million (year-end 2024: € 176.2 million) in counter-guarantees from our co-shareholder in EemsEnergyTerminal. These counter-guarantees are not included in the table above. For further information on these counter-guarantees, see note ‎28 ‘Off-balance sheet assets and obligations’.

Collateral received primarily consists of guarantees issued as part of our gas transport and storage activities, as well as guarantees provided by contractors and suppliers involved in major investment projects. For further information on the security deposits, see note ‎26 ‘Trade and other payables’.

The term of the guarantees received varies from a few months to indefinite guarantees. The guarantees are not freely transferable.

In making use of financial instruments (such as derivative financial instruments) we apply strict limits for each individual counterparty in keeping with our treasury policy to mitigate the related credit risk. This limits the level of risk we are exposed to from our counterparties. We have drawn up criteria for selecting counterparties in financial transactions. These criteria limit the risk associated with possible credit concentrations and market risks. No collateral has been received nor provided with regard to the derivative financial instruments held at year-end 2025 (same at year-end 2024).

Among other things, our financial policy is to reduce our liquidity risk at the lowest possible cost. The options for reducing this risk depend on our solvency and the ratio of our profit-generating capacity to our debt position. We are solvent and can, therefore, attract credit facilities relatively easily. Both the long and short-term credit ratings by S&P (AA- stable outlook and A-1+ respectively) and by Moody’s (A2 stable outlook and P-1 respectively) remained unchanged over 2025.

In order to hedge the liquidity risk, we had a € 25.0 million non-committed current account facility at year-end 2025 (year-end 2024: € 25.0 million), a non-committed bank loan facility of € 100.0 million (year-end 2024: € 100.0 million), a committed credit facility of € 1,400.0 million (year-end 2024: € 1,050.0 million), a Euro Commercial Paper (ECP) programme of € 750.0 million (year-end 2024: € 750.0 million) and a European Medium Term Note (EMTN) programme of € 7.5 billion (year-end 2024: € 7.5 billion).

On 6 November 2025, the committed credit facility was renewed for an initial term of five years with two optional extensions of one year each, putting the latest possible end date after exercising both extension options at 6 November 2032. The inclusion of an accordion facility means that this credit facility can be raised by a maximum of € 600.0 million to a total of € 2.0 billion. This credit facility has been set up as a sustainability-linked loan, meaning that the interest rate is linked directly to Gasunie achieving certain sustainability targets. Annual targets have been set for methane emissions, Scope 1 and 2 carbon emission reduction, and diversity (percentage of management positions held by women), with the first two having been set in accordance with the SLB bonds (see note 17 ‘Interest-bearing loans’). The diversity target will be set in 2026. Gasunie is required to submit an annual Sustainability Compliance Certificate that has been verified by an external auditor, with the first one due by 30 June 2027. The interest rate will be raised or lowered annually by 1 or 2 basis points, depending on the number of targets met. No collateral has been provided.

We withdrew € 150.0 million under the ECP last year (2024: € 105.0 million). No funds were drawn on the committed credit facility over the past year. Additionally, we may also raise other short-term loans on the money market. In 2025, we withdrew € 120.0 million on such credit facilities (2024: withdrawal of € 50.0 million). Under the EMTN programme, € 3,800.0 million had been issued in loans as at year-end 2025 (year-end 2024: € 3,050.0 million), of which € 650.0 million has to be repaid in 2026. The EMTN programme was approved on 1 October 2025 and applies for one year from the date of approval.

Virtually all the lease contracts included in the balance sheet are subject to an annual inflation adjustment based on underlying price indexes. The stated cash flows relating to the leases do not take future increases into account. At year-end 2025, there were no leases with a start date in the future, nor were there any residual value guarantees or material extension or termination options (same at year-end 2024).

The way in which fair value is determined is described under ’Determining fair value’ in the accounting policies for the measurement of assets and liabilities and the determination of the results. In 2025, no transfers took place between the various fair value measurement levels (same as in 2024).

Other equity interests

At year-end 2025, the value of other equity interests measured at fair value in the balance sheet was € 7.0 million (year-end 2024: € .0 million). This is a level 3 fair value measurement (year-end 2024: level 3). For more information, see note ‎9 ‘Other equity interests’.

Derivative financial instruments

The derivative financial instruments concern our forward exchange contracts and gas price swaps.

We determine the fair value of the forward exchange contracts based on the present value of projected future cash flows. For this purpose, we made use of forward exchange rates with a comparable term and a zero-coupon discount rate that matches the currency and the term of the transactions, taking into account Gasunie’s credit risk and that of the relevant counterparties. This is a level 2 fair value measurement (year-end 2024: level 2). At year-end 2025, the contract liabilities totalled € 0 (year-end 2024: € 0.8 million). We explain this further in note ‎23 ‘Derivative financial instruments’.

We determine the fair value of gas price swaps based on the present value of quoted commodity prices for gas price swaps. For this purpose, we made use of the closing prices for forward supply contracts for natural gas with a comparable term and a zero-coupon discount rate that matches the currency and the term of the transactions, taking into account Gasunie’s credit risk and that of the relevant counterparties. This is a level 2 fair value measurement (year-end 2024: level 2). At year-end 2025, the fair value of the gas price swap was € 10.1 million negative (year-end 2024: € 16.3 million negative).

Interest-bearing loans

The interest-bearing loans comprise bond loans with a listing on the Amsterdam stock exchange, and private loans.

The fair value of listed bond loans is the same as the year-end exit price. This is a level 1 fair value measurement (year-end 2024: level 1). The fair value of the private loans has been determined by calculating the present value of the expected future cash flows at a discount rate equal to the applicable risk-free market interest for the remaining term, plus credit and liquidity surcharges. We also take our own risk profile and those of the counterparties into account. This is a level 2 fair value measurement (year-end 2024: level 2).

Other primary financial instruments

Other primary financial instruments comprise trade and other receivables, cash and cash equivalents, current financing liabilities (excluding current repayment obligations on non-current loans), trade and other payables. Given the short term of these instruments, their carrying amount approximates their fair value.