Condensed consolidated interim financial statements
Condensed consolidated statement of financial position as at 30 June 2025
(before appropriation of result)
| In millions of euros | Notes | 30 June 2025 | 31 Dec. 2024 |
|---|---|---|---|
| Assets | |||
| Fixed assets | |||
| - tangible fixed assets | 4 | 9,538.6 | 9,434.2 |
| - intangible fixed assets | 156.7 | 140.0 | |
| - investments in joint ventures | 5 | 821.8 | 666.7 |
| - investments in associates | 19.5 | 18.9 | |
| - other participating interests | 7 | 6.4 | 7.0 |
| - deferred tax assets | 213.8 | 221.0 | |
| - derivative financial instruments | 7 | 5.7 | 2.5 |
| Total fixed assets | 10,762.5 | 10,490.3 | |
| Total current assets | 7 | 1,096.3 | 558.2 |
| Total assets | 11,858.8 | 11,048.5 |
| In millions of euros | Notes | 30 June 2025 | 31 Dec. 2024 |
|---|---|---|---|
| Liabilities | |||
| Equity | |||
| - attributable to shareholder | 6,529.4 | 6,382.9 | |
| - attributable to holder non-controlling interest | 18.7 | 17.6 | |
| Total equity | 6,548.1 | 6,400.5 | |
| Non-current liabilities | |||
| - interest-bearing loans | 6, 7 | 3,369.8 | 3,274.8 |
| - lease liabilities | 102.4 | 104.0 | |
| - contract liabilities | 85.4 | 85.1 | |
| - deferred tax liabilities | 202.5 | 190.5 | |
| - other non-current liabilities and provisions | 7 | 12.5 | 10.9 |
| - derivative financial instruments | 139.6 | 143.2 | |
| Total non-current liabilities | 3,912.2 | 3,808.5 | |
| Current liabilities | |||
| - current financing liabilities | 6, 7 | 775.0 | 280.0 |
| - lease liabilities | 9.7 | 9.7 | |
| - derivative financial instruments | 7 | 9.4 | 11.6 |
| - trade payables, corporate income tax, other payables and contract liabilities | 604.4 | 538.2 | |
| Total current liabilities | 1,398.5 | 839.5 | |
| Total liabilities | 11,858.8 | 11,048.5 |
Condensed consolidated statement of profit and loss for the first half of 2025
| In millions of euros | Notes | First half-year of 2025 | First half-year of 2024 | ||
|---|---|---|---|---|---|
| Continuing operations | |||||
| Revenues | 2, 3 | 809.0 | 681.8 | ||
| Other revenue | 28.5 | 14.0 | |||
| Total revenues | 837.5 | 695.8 | |||
| Capitalised expenses | 69.7 | 68.8 | |||
| Personnel expenses and other operating expenses | 2 | -523.9 | -477.7 | ||
| Depreciation expenses | -177.3 | -161.2 | |||
| Total expenses | -631.5 | -570.1 | |||
| Operating result | 206.0 | 125.7 | |||
| Finance income and expenses | -39.9 | -24.1 | |||
| Share in result of joint ventures | 5 | 13.0 | 22.3 | ||
| Result before taxation | 179.1 | 123.9 | |||
| Income taxes | -34.0 | -28.4 | |||
| Result after taxation | 145.1 | 95.5 | |||
| Allocation of the result after taxation | |||||
| - Result attributable to shareholder | 144.0 | 94.0 | |||
| - Result attributable to holder non-controlling interest | 1.1 | 1.5 | |||
| Result after taxation | 145.1 | 95.5 |
Consolidated statement of other comprehensive income for the first half of 2025
| In millions of euros | Notes | First half-year of 2025 | First half-year of 2024 | ||
|---|---|---|---|---|---|
| Result after taxation according to condensed consolidated statement of profit and loss | 145.1 | 95.5 | |||
| Sum of actuarial gains and losses on employee benefits, | 1.6 | 3.4 | |||
| of which corporate income tax | -0.5 | -1.0 | |||
| Changes in other participating interests measured at fair value | -0.6 | - | |||
| Total of results taken to equity which will not reclassified to profit and loss | 0.5 | 2.4 | |||
| Changes in the cash flow hedge reserve concerning joint ventures and associates | 5 | 2.1 | 2.6 | ||
| Total of results taken to equity which will be reclassified subsequently to profit and loss | 2.1 | 2.6 | |||
| Other comprehensive income | 2.6 | 5.0 | |||
| Total comprehensive income for the year | 147.7 | 100.5 | |||
| Allocation of the total comprehensive income for the year | |||||
| - Comprehensive income attributable to shareholder | 146.6 | 99.0 | |||
| - Comprehensive income attributable to holder non-controlling interest | 1.1 | 1.5 | |||
| Total comprehensive income for the year | 147.7 | 100.5 |
Condensed consolidated statement of changes in equity for the first half of 2025
| In millions of euros | Share capital | Fair value reserve | Cash flow hedge reserve | Other reserves | Unappropriated result | Total equity attributable to shareholder | Total equity attributable to holder non-controlling interest | Total equity |
|---|---|---|---|---|---|---|---|---|
| First half-year of 2025 | ||||||||
| Balance as at 1 January 2025 | 0.2 | -172.7 | -8.4 | 6,496.1 | 67.8 | 6,382.9 | 17.6 | 6,400.5 |
| Total of comprehensive income for the financial year | - | -0.6 | 2.1 | 1.1 | 144.0 | 146.6 | 1.1 | 147.7 |
| Dividend paid for 2024 | - | - | - | - | - | - | - | - |
| Added to other reserves | - | - | - | 67.8 | -67.8 | - | - | - |
| Balance as at 30 June 2025 | 0.2 | -173.3 | -6.3 | 6,565.0 | 144.0 | 6,529.4 | 18.7 | 6,548.1 |
| First half-year of 2024 | ||||||||
| Balance as at 1 January 2024 | 0.2 | -172.7 | -6.7 | 6,277.1 | 482.3 | 6,580.0 | 16.0 | 6,596.0 |
| Total of comprehensive income for the financial year | - | - | 2.6 | 2.4 | 94.0 | 99.0 | 1.5 | 100.5 |
| Dividend paid for 2023 | - | - | - | - | -266.0 | -266.0 | - | -266.0 |
| Added to other reserves | - | - | - | 216.3 | -216.3 | - | - | - |
| Balance as at 30 June 2024 | 0.2 | -172.7 | -4.1 | 6,495.8 | 94.0 | 6,413.0 | 17.5 | 6,430.5 |
Condensed consolidated cash flow statement for the first half of 2025
| In millions of euros | Notes | First half-year of 2025 | First half-year of 2024 | ||
|---|---|---|---|---|---|
| Cash flow from business operations | 485.2 | 270.8 | |||
| Net amount of interest paid and received, corporate income tax and dividends received | -48.9 | 18.8 | |||
| Cash flow from operating activities | 436.4 | 289.6 | |||
| Cash flow from investing activities | 4, 5 | -376.1 | -294.0 | ||
| Cash flow from financing activities | |||||
| Uptake of long-term loans | 6 | 743.3 | 498.2 | ||
| Lease payments | -4.9 | -4.6 | |||
| Uptake of short-term financing | 6 | 255.1 | - | ||
| Repayment of short-term financing | 6 | -410.1 | - | ||
| Dividend paid to shareholder | - | -266.0 | |||
| Cash flow from financing activities | 583.4 | 227.6 | |||
| Net cash flow for the financial year | 643.7 | 223.2 | |||
| Cash and cash equivalents at previous year-end | 66.4 | 294.7 | |||
| Effects of exchange rate changes on cash and cash equivalents | 1.1 | -0.1 | |||
| Cash and cash equivalents at year-end | 7 | 711.2 | 517.8 |
Notes to the condensed consolidated interim financial statements for 2025
General
Preparation of the interim financial statements
These condensed consolidated interim financial statements (hereinafter called the ‘interim financial statements’) were prepared by the Executive Board on 18 July 2025.
Reporting entity
N.V. Nederlandse Gasunie (hereinafter also called ‘Gasunie’, ‘the company’ and ‘we’) is a European energy infrastructure company.
Our primary activity is to provide regulated transmission services in the Netherlands and Germany. We are also involved in joint arrangements for transport pipelines that connect the Gasunie transmission network with markets outside the Netherlands. In addition, we offer other services with our energy infrastructure, including storing natural gas and providing infrastructure for the import of LNG. Alongside this, we are making extensive use of our infrastructure and knowledge for the further development and integration of alternative energy sources and carriers, such as hydrogen and heat, and for carbon transport and storage.
Gasunie is a public limited company (Naamloze Vennootschap; N.V.) and has its registered and actual offices at Concourslaan 17, Groningen, the Netherlands, and is registered with the Chamber of Commerce under number 02029700. N.V. Nederlandse Gasunie is the ultimate parent of the group. All shares in Gasunie issued as at the balance sheet date are held by the Dutch State (with the Ministry of Finance acting on its behalf).
Reporting period
These interim financial statements cover the first six months of the 2025 financial year, with 30 June 2025 being the balance sheet date.
Presentation and functional currency
We present the financial statements in euros, which is also our functional currency. Unless stated otherwise, all amounts are in millions of euros.
Going concern
These interim financial statements have been prepared on a going concern basis. We believe that there is no uncertainty about using the going concern assumption.
Seasonal influence
Gasunie’s revenue and costs are not spread out evenly over the year, due to seasonal influences. Our core activity is the transmission of natural gas through the gas transmission network. Our revenue consists largely of the sale of the available transmission capacity and transmission-related services. Over the winter months, our customers book considerably more capacity than over the summer period. As a result, our revenue is higher in the winter months than in the other months of the year. While a substantial part of the costs of network operations is fixed, another part is variable and depends on actual volumes of gas transmitted. Larger gas transmission volumes in the winter months lead to higher costs over those months compared to the other months of the year.
Management judgements and estimates
In preparing the interim financial statements, we have used estimates and assessments that could affect the assets and liabilities presented as at the balance sheet date and the result for the first six months of the financial year. The actual results may differ from these estimates. We review the estimates and underlying assumptions on a regular basis. We recognise revisions to estimates in the period in which the estimate is revised and in future periods affected by the review.
The effect of our judgements and estimates is significant for the:
- measurement and determination of the useful life of fixed assets;
- measurement of other equity interests;
- measurement of deferred tax assets;
- measurement of pension obligations;
- measurement and determination of the provision for abandonment costs;
- measurement of derivative financial instruments; and
- classification of investments in joint operations and joint ventures.
In certain cases, developments in the area of the energy transition, environmental and climate objectives and/or geopolitical developments also affect the judgements and estimates as stated above. We take these developments into account in our judgements and estimates.
Basis for preparation
Statement of compliance
The interim financial statements capture the company’s periodic interim information and were prepared in compliance with IAS 34 ‘Interim Financial Reporting’, as adopted by the European Union. Since these interim financial statements do not contain all notes that are normally included in the financial statements for a full year, they must be read in conjunction with N.V. Nederlandse Gasunie’s 2024 consolidated financial statements.
The interim financial statements have not been audited or reviewed by our external auditor.
Accounting policies for consolidation, measurement of assets and liabilities and determination of the results
We prepare our consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union. In this context, IFRS comprises the International Accounting Standards (IAS) published by the International Accounting Standards Board and the interpretations of IFRS and IAS published by the IFRS Interpretations Committee (IFRIC) and Standing Interpretations Committee (SIC) respectively.
The accounting policies used in preparing the 2025 interim financial statements are the same as those used to prepare the 2024 consolidated financial statements, except for the new and amended standards detailed in the next section.
New and amended standards for financial reporting
The following amendments to standards came/come into effect at the start of the 2025 or 2026 financial year:
- Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (effective from 1 January 2025);
- Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (effective from 1 January 2026);
- Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (effective from 1 January 2026).
Furthermore, the standards or amendments to standards as listed below are expected to become effective in the future. EU endorsement has not yet been given for these standards:
- IFRS 18 Presentation and Disclosure in Financial Statements;
- IFRS 19 Subsidiaries without Public Accountability: Disclosures;
- Annual Improvements Volume 11.
Our analysis revealed that the standards already adopted have no material impact on our equity, cash flow and/or result, and that the same will apply to the standards still to be endorsed. For that reason, the consequences of amendments referred to above have not been described in detail in these financial statements. We do expect, though, that certain main statements and disclosures will change as a result of the introduction of IFRS 18.
Further notes to the condensed consolidated financial statements
1. Significant matters and events in the first half of 2025
Development of revenue and result
In the first half of 2025, our consolidated net revenue (excluding other revenue) increased by 18.7% compared to the first half of 2024. This increase can largely be attributed to higher regulated transmission tariffs in both the Netherlands and Germany as a result of the regulatory system. At the same time, there is a decrease in capacity bookings in the Netherlands compared to the same period last year. Though this has a dampening effect on net revenue, it does not outweigh the higher transmission tariffs.
The impact of the higher net revenue in the first half of 2025 on the net result has been tempered in part by higher operating expenses. As our workforce has expanded to provide the required capacity for handling the energy transition, our personnel costs have increased. Depreciation costs have also grown as a result of expansions in our infrastructure.
We provide further details on the development of our revenue and result in Note 2 ‘Financial information by operating segment’ and Note 3 ‘Revenue recognition’.
2. Financial information by operating segment
Segmentation
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 Germany and is responsible for managing natural gas transmission, developing the natural gas network and related installations, and helping to facilitate a well-functioning market.
- Participations
This segment focuses on developing energy transition infrastructure and facilitating infrastructure for non-regulated gas transmission and storage in north-western Europe.
The accounting policies for measurement of assets and liabilities and determination of the results of the operating segments are the same as the accounting policies used in preparing the 2024 interim financial statements and in preparing the 2024 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 the financing of Gasunie mainly takes place at group level, liabilities are not segmented and so we do not report on these separately. Transactions between companies which belong to the segments are on arm’s length basis. In the result by operating segment, transactions between the segments have been eliminated.
Information on revenue and results by operating segment
Each operating segment’s revenue and result are as follows:
| In millions of euros | Net revenue | Result | ||
|---|---|---|---|---|
| First half-year of 2025 | First half-year of 2024 | First half-year of 2025 | First half-year of 2024 | |
| Operating segments | ||||
| - Gasunie Transport Services | 542.5 | 493.0 | 121.2 | 94.4 |
| - Gasunie Deutschland | 183.2 | 108.0 | 81.5 | 14.7 |
| - Participations | 134.9 | 139.2 | 3.3 | 16.6 |
| Inter-segment adjustments | -51.6 | -58.4 | - | - |
| Operating segments total | 809.0 | 681.8 | 206.0 | 125.7 |
| Unallocated financial income and expenses and result from participating interests | -26.9 | -1.8 | ||
| Result before taxation | 179.1 | 123.9 | ||
| Income taxes | -34.0 | -28.4 | ||
| Result after taxation | 145.1 | 95.5 | ||
| Allocation of the result after taxation | ||||
| - Result attributable to shareholder | 144.0 | 94.0 | ||
| - Result attributable to holder non-controlling interest | 1.1 | 1.5 | ||
| Result after taxation | 145.1 | 95.5 |
The increase in net revenue for the Gasunie Transport Services and Gasunie Deutschland segments is primarily due to higher regulated transmission tariffs arising from the regulatory system. Net revenue for the Gasunie Transport Services segment is facing downward pressure as well, due to the decrease in capacity bookings.
The effect of the higher net revenue in the Gasunie Transport Services and Gasunie Deutschland segments on the result in the first half of 2025 has been offset in part by higher operating costs, as explained in Note 1 ‘Significant matters and events in the first half of 2025’.
The result of the Participations segment declined in the first half of 2025 due to higher operating costs resulting from an increase in activities related to the energy transition.
Inter-segment services represented a total value of € 51.6 million in the first half of 2025 (first half of 2024: € 58.4 million). During the first half of 2025, inter-segment services provided by the Gasunie Transport Services segment came in at a value of € 4.6 million (first half of 2024: € 19.7 million) and for the Gasunie Deutschland segment this was € 0.4 million (first half of 2024: € 0.3 million). The Participations segment provided inter-segment services to the value of € 46.6 million (first half of 2024: € 38.4 million).
Information on assets by operating segment
Each operating segment’s assets are as follows:
| In millions of euros | Assets | |
|---|---|---|
| 30 June 2025 | 31 Dec. 2024 | |
| Operating segments | ||
| - Gasunie Transport Services | 6,453.8 | 6,482.5 |
| - Gasunie Deutschland | 1,999.9 | 1,949.5 |
| - Participations | 2,089.2 | 1,834.7 |
| Operating segments total | 10,542.9 | 10,266.7 |
| Unallocated assets | 1,315.9 | 781.8 |
| Total assets | 11,858.8 | 11,048.5 |
The main investments are described in Note 4 ‘Tangible fixed assets’ and Note 5 ‘Investments in joint ventures’. Unallocated assets comprise deferred tax assets, derivative financial instruments and current assets. The increase in unallocated assets primarily relates to an increase in cash and cash equivalents, as explained in Note 7 ‘Financial instruments’.
3. Revenue recognition
Consolidated net revenue (excluding other revenue) rose by 18.7% compared to the first half of 2024 (first half of 2024: decrease of 38.2%). In addition to Note 2 ‘Financial information by operating segment’, we provide further details and analysis of our revenue and revenue development below.
Information about operating activities
We categorise our revenue according to the way in which economic factors influence the nature, amount, timing and uncertainty of the cash flows. We apply two different revenue categories. The first revenue category is revenue from regulated transmission and related services, as generated by the Gasunie Transport Services and Gasunie Deutschland segments. The Dutch and German regulatory authorities set the permitted revenue (revenue cap) for this revenue category for the long term.
The second revenue category is generated through non-regulated services and/or those fully or partially exempt from regulation. Income from these services is determined by the market forces of supply and demand. Revenue from the non-regulated services and/or those fully or partially exempt from regulation is almost completely generated by the Participations segment.
Net revenue for each operating activity was as follows:
| In millions of euros | Net revenue | |
|---|---|---|
| First half-year of 2025 | First half-year of 2024 | |
| Regulated services | 705.9 | 582.2 |
| Non-regulated and/or (partially) exempt services | 103.1 | 99.6 |
| Total net revenue | 809.0 | 681.8 |
The increase in revenue from revenue-regulated services can be mainly explained by higher regulated transmission tariffs, as explained in note 1 ‘Significant matters and events in the first half of 2025'.
Information on products and services
Looking at revenue, we can divide this into revenue from gas transmission and related services and revenue from other activities. Gas transmission and related services covers revenue from regulated gas transmission and from non-regulated or fully or partially exempt gas transmission and transport. Other activities includes revenue from gas storage and from the provision of other services to third parties.
The breakdown is as follows:
| In millions of euros | Net revenue | |
|---|---|---|
| First half-year of 2025 | First half-year of 2024 | |
| Gas transport and related services | 744.6 | 622.0 |
| Other services | 64.4 | 59.8 |
| Total net revenue | 809.0 | 681.8 |
The increase in revenue from gas transmission and the provision of associated services can be mainly explained by higher regulated transmission tariffs, as explained in note 1 ‘Significant matters and events in the first half of 2025'.
Geographical information
We determine revenue per geographical area based on the area where the activities take place (in or outside the Netherlands). The geographical distribution of the revenue was as follows:
| In millions of euros | Net revenue | |
|---|---|---|
| First half-year of 2025 | First half-year of 2024 | |
| Netherlands | 589.0 | 514.9 |
| Outside the Netherlands | 220.0 | 166.9 |
| Total net revenue | 809.0 | 681.8 |
4. Tangible fixed assets
Investments
In the first half of 2025, investments in tangible fixed assets, not including additions on account of right-of-use assets, represented a total value of € 277.5 million (first half of 2024: € 258.3 million). In the Netherlands, investments relate primarily to regular replacement investments, the construction of the WarmtelinQ heat transport network, and the development of the hydrogen network. The investments in Germany largely relate to the construction of the connector pipeline for the LNG terminal in Brunsbüttel, construction of a new compressor station to increase security of supply, and construction of the hydrogen network.
On 30 June 2025, we had entered into conditional investment obligations amounting to € 887.7 million (year-end 2024: € 335.5 million). The obligations in the Netherlands relate primarily to investments in the WarmtelinQ heat transport network. In Germany, the obligations mainly concern increasing the transmission capacity for the transit of LNG, investments in the context of security of supply, and investments in the hydrogen network in Germany. The conditional investment obligations also include the regular replacement investments in the Netherlands and Germany.
Impairment of fixed assets
At the end of each reporting period, we determine whether there are any events or indications for impairment of fixed assets and we investigate whether there are reasons to reverse (fully or in part) previously recognised impairments.
Our main cash generating units are the:
- gas transmission network in the Netherlands;
- gas transmission network in Germany;
- BBL Company gas transmission network;
- EnergyStock underground gas storage facility.
There are also various smaller cash generating units; these comprise the other tangible fixed assets and financial fixed assets.
Our assessment has not revealed any indication of material impairment (or, where applicable, a reversal of a previously recognised impairment) of the fixed assets as at 30 June 2025, except for the gas transmission network in Germany.
Gas transmission network in Germany
In 2024, German regulator BNetzA introduced the new regulatory framework: KANU 2.0. The KANU 2.0 determination offers German natural gas TSOs and DSOs more flexibility with regard to depreciation methods and periods (asset useful life) for virtually all assets. In the first half of 2025, in line with KANU 2.0, Gasunie decided to shorten the depreciation periods for its regulated German assets to 2045, effective from 1 January 2026. In the second half of 2025, we will further analyse the impact of KANU 2.0 on future cash flows and, with this, the measurement of the value in use of our gas transmission network.
5. Investments in joint ventures
The movements in joint ventures over the first half of 2025 were as follows:
| In millions of euros | First half-year of 2025 | 2024 |
|---|---|---|
| Balance as at 1 January | 638.3 | 483.9 |
| Reclassification Demonstratiefaciliteit SKW from joint venture to associate | - | -17.3 |
| Investments | 141.3 | 173.5 |
| Direct equity movements | 2.1 | -1.7 |
| Share in result | 13.0 | 33.2 |
| Dividend received | -13.3 | -33.3 |
| Closing balance as at 30 June and 31 December respectively | 781.4 | 638.3 |
| Loans to joint ventures | 40.4 | 28.4 |
| Total investments in joint ventures as at 30 June and 31 December respectively | 821.8 | 666.7 |
The investments in the first half of 2025 mainly concerned investments in Porthos and German LNG.
The direct movements in equity referred to the remeasurement of our interest in Gate terminal as a consequence of the change in fair value of the effective part of Gate terminal’s cash flow hedge. Gasunie has recognised this change in equity in other comprehensive income.
The loans to joint ventures concern our shareholder loans to EemsEnergyTerminal and VertiCer.
6. Interest-bearing loans
On 30 June 2025, the nominal amount of € 4,165.0 million (year-end 2024: € 3,415.0 million) in long-term loans comprised € 3,800.0 million (year-end 2024: € 3,050.0 million) in bond loans and € 365.0 million (year-end 2024: € 365.0 million) in private loans. The transaction costs and discount still to be amortised amounted to € 20.2 million (year-end 2024: € 15.2 million).
Movements in interest-bearing loans were as follows:
| In millions of euros | First half-year of 2025 | 2024 |
|---|---|---|
| Principal amount as at 1 January | 3,415.0 | 3,090.0 |
| Costs and discounts on loans to be amortised | -15.2 | -14.5 |
| Balance as at 1 January | 3,399.8 | 3,075.5 |
| Movements in the first half-year and the financial year respectively: | ||
| Repayments | - | -175.0 |
| Loans and bonds issued | 750.0 | 500.0 |
| Amortisation of costs and discounts on loans | 1.7 | 1.1 |
| Addition of costs and discounts | -6.7 | -1.8 |
| Total movements in the first half-year and the financial year respectively | 745.0 | 324.3 |
| Principal amount as at 30 June and 31 December respectively | 4,165.0 | 3,415.0 |
| Costs and discounts on loans to be amortised | -20.2 | -15.2 |
| Balance as at 30 June and 31 December respectively | 4,144.8 | 3,399.8 |
| Included under current liabilities | -775.0 | -125.0 |
| Total | 3,369.8 | 3,274.8 |
In April 2025 we issued a new bond amounting to € 750.0 million and with an agreed term of 10 years. This bond will be repaid in a lump sum at the end of the term. The coupon rate is 3.5% and is fixed for the entire term. After deducting € 6.7 million in discount and transaction costs, € 743.3 million was received. This amount is also included in the condensed consolidated cash flow statement.
N.V. Nederlandse Gasunie provided no security to its credit providers for the interest-bearing loans or other facilities. The existing loan conditions remained unchanged compared to year-end 2024.
The repayment schedule is as follows:
| In millions of euros | First half-year | Second half-year | Total |
|---|---|---|---|
| Repayment in | |||
| 2025 | 125.0 | 125.0 | |
| 2026 | 650.0 | - | 650.0 |
| 2027 | - | - | - |
| 2028 | - | 300.0 | 300.0 |
| 2029 | 150.0 | - | 150.0 |
| after 2029 | 2,940.0 | ||
| Total repayment obligations | 4,165.0 |
The company has a non-committed overdraft facility of € 25.0 million (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 € 1,050.0 million (year-end 2024: € 1,050.0 million), a € 750.0 million Euro Commercial Paper (ECP) programme (year-end 2024: € 750.0 million), and a € 7.5 billion Euro Medium Term Note (EMTN) programme (year-end 2024: € 7.5 billion). The committed credit facility runs until April 2027. No funds were drawn on the committed credit facility over the last six months (first half of 2024: the same). We can also attract short-term financing on the money market. In the first half of 2025, we raised € 255.1 million in short-term financing and repaid € 410.1 million (first half of 2024: no short-term financing raised or repaid).
Under the EMTN programme, € 3,800.0 million was issued in bond loans as at 30 June 2025 (year-end 2024: € 3,050.0 million). The base prospectus of the EMTN programme is valid until 1 October 2025 and is expected to be updated in the second half of 2025.
The long and short-term credit ratings by S&P and Moody’s did not change over the first half of 2025.
7. Financial instruments
The following financial instruments are recognised in these interim financial statements:
- other equity interests;
- derivative financial instruments;
- interest-bearing loans;
- other primary financial instruments.
Gasunie uses the following hierarchy of measurement methods to determine the fair value of financial instruments:
| Level 1: | Based on quoted prices on active markets for the same instrument. | |
| Level 2: | Based on prices on active markets for comparable instruments, or based on other valuation methods, with all required key data being derived directly or indirectly from publicly available market information. | |
| Level 3: | Based on measurement methods, with all the required key data not being derived from publicly available market information. |
Other equity interests
The other equity interests are as follows:
| Company name | Registered office | Interest | |
|---|---|---|---|
| 30 June 2025 | 31 dec. 2024 | ||
| Energie Data Services Nederland (EDSN) B.V. | Arnhem | 12.5% | 12.5% |
| Nord Stream AG | Zug, Switzerland | 9.0% | 9.0% |
| PRISMA European Capacity Platform GmbH | Leipzig, Germany | 12.8% | 12.8% |
| SCW Systems B.V. | Schoorl | 4.2% | 4.2% |
The fair value of the other equity interests was € 6.4 million as at 30 June 2025 (year-end 2024: € 7.0 million). This is a level 3 fair value measurement (year-end 2024: level 3). The assumption for the interests in PRISMA, EDSN and SCW Systems is that, partly on account of their relatively small size, the net asset value is an estimate of the fair value. For Nord Stream, we maintain our fair value measurement of € zero as at 30 June 2025 (year-end 2024: € zero). In the first half of 2025, regarding the valuation of our interest in Nord Stream, no facts or circumstances have come to our attention which provided significantly different information about the assumptions and estimates used at year-end 2024.
Derivative financial instruments
The derivative financial instruments are forward exchange contracts and gas price swaps.
The forward exchange contracts we have concluded relate to the hedging of the currency risk on the costs of chartering two FSRUs (floating LNG terminals) by our joint venture EemsEnergyTerminal, which must pay these costs in US dollars. Because we do not consolidate the financial data relating to EemsEnergyTerminal, there is in principle a mismatch between the recognition of the hedged position in EemsEnergyTerminal (which is not included in the consolidated financial statements) and the hedging instruments N.V. Nederlandse Gasunie has concluded for EemsEnergyTerminal (which are included in the consolidated financial statements).
To mitigate this mismatch, Gasunie has concluded a supplementary agreement with EemsEnergyTerminal, based on which we fully offset the settled and outstanding forward exchange contracts that we have with our external counterparties with EemsEnergyTerminal. This supplementary agreement itself also qualifies as a derivative financial instrument. The effect is that the balance sheet shows two derivative positions that change in unison in opposite directions, meaning these derivative positions have, on balance, no effect on Gasunie’s consolidated result and both the derivative and the positions to be hedged are effectively recognised fully via EemsEnergyTerminal. Without netting, the fair value of the forward exchange contracts as at 30 June 2025 was € 11.0 million negative (year-end 2024: € 6.2 million positive).
We determine the fair value of the forward exchange contracts based on the present value of projected future cash flows. For this purpose, we make 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). As at 30 June 2025, the fair value of the forward exchange contracts was, on balance, zero (year-end 2024: € 0.8 million). At year-end 2024, our joint ventures had several short-term forward exchange contracts for investment obligations, with a value of € 0.8 million.
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 – over the term of the investment obligation (until 31 December 2027).
We determine the fair value of the gas price swap based on the present value of quoted commodity prices for gas price swaps. For this purpose, we made use of the closing prices for gas forward products 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). As at 30 June 2025, the fair value of the gas price swap was € 10.9 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 bonds is the same as the exit price on the balance sheet date. 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 have also taken our own risk profile and those of the counterparties into account. This is a level 2 fair value measurement (year-end 2024: level 2).
The carrying amount and the fair value of the interest-bearing loans as at 30 June 2025 were:
| In millions of euros | 30 June 2025 | 31 Dec. 2024 | ||||
|---|---|---|---|---|---|---|
| Carrying amount | Fair value | Difference | Carrying amount | Fair value | Difference | |
| Bonds | 3,779.8 | 3,629.4 | -150.4 | 3,034.8 | 2,904.6 | -130.2 |
| Private loans | 365.0 | 345.8 | -19.2 | 365.0 | 342.2 | -22.8 |
| Total interest-bearing loans | 4,144.8 | 3,975.2 | -169.6 | 3,399.8 | 3,246.8 | -153.0 |
The change in the fair value of the loans in the first half of 2025 was primarily due to changes in market interest rates, the remaining term of the loans, and the effect of interest additions or payments.
Other primary financial instruments
Other primary financial instruments comprise trade and other receivables, cash and cash equivalents (presented under current assets in these interim financial statements), current financing liabilities (excluding current repayment obligations on long-term loans), trade and other payables. Given the short term of these instruments, their carrying amount approximates their fair value.
The balance of cash and cash equivalents as part of current assets was € 711.1 million as at 30 June 2025 (year-end 2024: € 66.4 million). The increase in cash and cash equivalents relates in part to the issue of the bond loan in April 2025.
8. Events after the balance sheet date
No significant events occurred after the balance sheet date that have to be recognised or explained in the interim financial statements.