29. Net revenue
Net revenue was up 23.8% compared to the previous financial year (2024: down 35.9%). For a further explanation of this increase, see note 1 ‘Significant matters and events’.
Information about operating activities
We categorise our revenue according to the way in which economic factors influence the nature, amount, time and uncertainty of the cash flows. We apply two different revenue categories. The first revenue category is revenue from regulated transmission and related services. The Dutch and German regulatory authorities set the permitted revenue for this revenue category for the long term. The second revenue category relates to non-regulated services and/or those exempt from regulation. The market determines, by way of the supply and demand mechanism, our tariffs and volumes for these services and so also our revenue.
Revenue for each operating activity was as follows:
| In millions of euros | Revenue | |
|---|---|---|
| 2025 | 2024 | |
| Regulated services | 1,340.9 | 995.4 |
| Non-regulated and/or exempt services | 210.1 | 257.6 |
| Total revenue | 1,551.0 | 1,253.0 |
The increase in revenue from revenue-regulated services can be mainly explained by higher tariffs as a result of the regulation method. This effect is dampened by a drop in capacity sales and lower revenue from capacity auctions. For a more detailed explanation of the increase in net revenue, see note 1 ‘Significant matters and events’. The decrease in non-regulated services and/or services exempt from regulation mainly relates to the drop in capacity sales due to adverse market conditions.
Information on products and services
Looking at revenue, we can divide this into revenue from gas transport and related services and from other activities. Gas transport and related services covers revenue from regulated gas transport and from non-regulated or exempt gas transport. Other activities include, for example, revenue from gas storage.
The breakdown is as follows:
| In millions of euros | Revenue | |
|---|---|---|
| 2025 | 2024 | |
| Gas transport and related services | 1,402.9 | 1,099.1 |
| Other services | 148.1 | 153.9 |
| Total revenue | 1,551.0 | 1,253.0 |
The increase in revenue from gas transport and related services mainly relates to higher tariffs, as explained in note 1 ‘Significant matters and events’.