Interim condensed consolidated financial statements (unaudited)
Interim condensed consolidated statement of financial position as at 30 June 2026 (unaudited)
(before profit appropriation)
| In millions of euros | Notes | 30 June 2026 | 31 Dec. 2025 |
|---|---|---|---|
| Assets | |||
| Fixed assets | |||
| - property, pland and equipment | 4 | 10,046.7 | 9,719.0 |
| - intangible assets | 170.8 | 162.0 | |
| - investments in joint ventures | 5 | 1,218.3 | 1,098.1 |
| - investments in associates | 21.0 | 20.7 | |
| - other equity interests | 7 | 7.0 | 7.0 |
| - deferred tax assets | 210.9 | 247.5 | |
| - derivative financial instruments | 7 | 1.0 | 2.3 |
| Total fixed assets | 11,675.7 | 11,256.6 | |
| Current assts | |||
| - inventories | 136.8 | 134.1 | |
| - derivative financial instruments, trade and other receivables and corporate income tax | 7 | 393.5 | 381.8 |
| - cash and cash equivalents | 7 | 611.3 | 28.6 |
| Total current assets | 1,141.6 | 544.5 | |
| Total assets | 12,817.3 | 11,801.1 |
| In millions of euros | Notes | 30 June 2026 | 31 Dec. 2025 |
|---|---|---|---|
| Liabilities | |||
| Equity | |||
| - attributable to shareholder | 6,772.0 | 6,477.6 | |
| - attributable to holder of non-controlling interest | 17.4 | 16.7 | |
| Total equity | 6,789.4 | 6,494.3 | |
| Non-current liabilities | |||
| - interest-bearing loans | 6, 7 | 4,754.2 | 3,371.0 |
| - lease liabilities | 100.7 | 103.4 | |
| - contract liabilities | 98.1 | 96.0 | |
| - deferred tax liabilities | 161.6 | 157.8 | |
| - other non-current liabilities and provisions | 3.2 | 7.6 | |
| - derivative financial instruments | 156.1 | 154.9 | |
| Total non-current liabilities | 5,273.9 | 3,890.7 | |
| Current liabilities | |||
| - current financing liabilities | 6, 7 | 50.0 | 800.0 |
| - lease liabilities | 11.6 | 11.6 | |
| - derivative financial instruments | 7 | 5.1 | 9.8 |
| - trade payables, corporate income tax, other payables and contract liabilities | 7 | 687.3 | 594.7 |
| Total current liabilities | 754.0 | 1,416.1 | |
| Total liabilities | 12,817.3 | 11,801.1 |
Interim condensed consolidated statement of profit and loss for the first half of 2026 (unaudited)
| In millions of euros | Notes | First half-year of 2026 | First half-year of 2025 | ||
|---|---|---|---|---|---|
| Continuing operations | |||||
| Net revenue | 2, 3 | 1,019.5 | 809.0 | ||
| Other revenue | 29.1 | 28.5 | |||
| Total revenues | 1,048.6 | 837.5 | |||
| Capitalised expenses | 83.8 | 69.7 | |||
| Personnel expenses and other operating expenses | -538.1 | -523.9 | |||
| Depreciation expenses | -183.6 | -177.3 | |||
| Total expenses | -637.9 | -631.5 | |||
| Operating result | 410.7 | 206.0 | |||
| Finance income and expenses | -44.7 | -39.9 | |||
| Share in result of joint ventures | 5 | 16.0 | 13.0 | ||
| Result before taxation | 382.0 | 179.1 | |||
| Income taxes | -88.7 | -34.0 | |||
| Result after taxation | 293.3 | 145.1 | |||
| Allocation of the result after taxation | |||||
| - Result attributable to shareholder | 292.7 | 144.0 | |||
| - Result attributable to holder of non-controlling interest | 0.6 | 1.1 | |||
| Result after taxation | 293.3 | 145.1 |
Interim consolidated statement of other comprehensive income for the first half of 2026 (unaudited)
| In millions of euros | Notes | First half-year of 2026 | First half-year of 2025 | ||
|---|---|---|---|---|---|
| Result after taxation according to condensed consolidated statement of profit and loss | 293.3 | 145.1 | |||
| Sum of actuarial gains and losses on employee benefits, | 0.8 | 1.6 | |||
| corporate income tax related to the above | -0.2 | -0.5 | |||
| Changes in other participating interests measured at fair value | - | -0.6 | |||
| Total of items that will not be reclassified to profit and loss | 0.6 | 0.5 | |||
| Changes in the cash flow hedge reserve concerning joint ventures and associates | 5 | 1.2 | 2.1 | ||
| Total of items that may be subsequently reclassified to profit and loss | 1.2 | 2.1 | |||
| Other comprehensive income | 1.8 | 2.6 | |||
| Total comprehensive income for the half-year | 295.1 | 147.7 | |||
| Allocation of the total comprehensive income for the half-year | |||||
| - Comprehensive income attributable to shareholder | 294.5 | 146.6 | |||
| - Comprehensive income attributable to holder of non-controlling interest | 0.6 | 1.1 | |||
| Total comprehensive income for the half-year | 295.1 | 147.7 |
Interim condensed consolidated statement of changes in equity for the first half of 2026 (unaudited)
| 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 of non-controlling interest | Total equity |
|---|---|---|---|---|---|---|---|---|
| First half-year of 2026 | ||||||||
| Balance as at 1 January 2026 | 0.2 | -172.7 | -3.1 | 6,569.7 | 83.6 | 6,477.6 | 16.7 | 6,494.3 |
| Total comprehensive income for the half-year | - | - | 1.2 | 0.6 | 292.7 | 294.5 | 0.6 | 295.1 |
| Dividend paid for 2025 | - | - | - | - | - | - | - | - |
| Added to other reserves | - | - | - | 83.6 | -83.6 | - | - | - |
| Balance as at 30 June 2026 | 0.2 | -172.7 | -1.9 | 6,653.9 | 292.7 | 6,772.0 | 17.4 | 6,789.4 |
| 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 comprehensive income for the half-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 |
Interim condensed consolidated cash flow statement for the first half of 2026 (unaudited)
| In millions of euros | Notes | First half-year of 2026 | First half-year of 2025 | ||
|---|---|---|---|---|---|
| Cash flow from business operations | 545.2 | 485.2 | |||
| Net amount of interest paid and received, corporate income tax and dividends received | -56.2 | -48.9 | |||
| Cash flow from operating activities | 489.0 | 436.4 | |||
| Cash flow from investing activities | 4, 5 | -533.4 | -376.1 | ||
| Cash flow from financing activities | |||||
| Proceeds from long-term loans | 6 | 1,381.8 | 743.3 | ||
| Repayment of long-term loans | 6 | -650.0 | - | ||
| Lease payments | -4.7 | -4.9 | |||
| Proceeds from short-term financing | 6 | 190.4 | 255.1 | ||
| Repayment of short-term financing | 6 | -290.4 | -410.1 | ||
| Dividend paid to shareholder | - | - | |||
| Cash flow from financing activities | 627.1 | 583.4 | |||
| Net cash flow for the half-year | 582.7 | 643.7 | |||
| Cash and cash equivalents at previous year-end | 28.6 | 66.4 | |||
| Effects of exchange rate changes on cash and cash equivalents | - | 1.1 | |||
| Cash and cash equivalents at half year-end | 7 | 611.3 | 711.2 |
Notes to the interim condensed consolidated financial statements for 2026 (unaudited)
General
Preparation of the interim financial statements
These condensed consolidated financial statements (hereinafter called the ‘interim financial statements’) were prepared by the Executive Board on 16 July 2026.
Reporting entity
N.V. Nederlandse Gasunie (hereinafter also called ‘Gasunie’, ‘the company’ and ‘we’) is an energy infrastructure company. Our primary activity is to operate and maintain transmission networks, terminals and storage facilities for gas in the Netherlands and the northern part of Germany. Currently, this is mainly natural gas, but the energy transition will bring a gradual shift towards heat, hydrogen, biomethane and CO2 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. As at the balance sheet date, all issued shares in Gasunie were 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 2026 financial year, with 30 June 2026 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 revenue-generating 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 the 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 affect the assets and liabilities presented in the balance sheet 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 certain pension liabilities;
- 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, these judgements and estimates are affected by developments in the area of the energy transition, environmental and climate objectives, and/or geopolitical developments. To the extent possible, 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 2025 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 International Financial Reporting Standards (IFRS), as adopted by the European Union.
The accounting policies used in preparing the 2026 interim financial statements are the same as those used to prepare the 2025 consolidated financial statements, except for the new and amended standards detailed in the next section.
New and amended standards for financial reporting
The following new and amended standards are effective at the start of the 2026 or 2027 financial year:
- Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (effective from 1 January 2026);
- Annual Improvements Volume 11 (effective from 1 January 2026);
- Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (effective from 1 January 2026);
- IFRS 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027).
Furthermore, the standards listed below are expected to become effective in the future. EU endorsement has not yet been given for these standards:
- IFRS 19 Subsidiaries without Public Accountability: Disclosures;
- IFRS 20 Regulated Assets and Regulated Liabilities.
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 IFRS 19. For that reason, the consequences of amendments referred to above have not been described in detail in these financial statements. We do expect, however, that certain primary statements and disclosures will change as a result of the introduction of IFRS 18. IFRS 20 was published on 28 May 2026 and, if endorsed, will be effective on 1 January 2029. This standard introduces requirements for the recognition of regulatory assets and regulatory liabilities arising from timing differences in rate-regulated activities and will impact our result and equity if we meet the application requirements. An impact assessment has yet to be performed. It is not yet clear whether the standard will apply and the impact, if any, is uncertain.
Further notes to the condensed consolidated financial statements
1. Significant matters and events in the first half of 2026
Development of revenue and result
In the first half of 2026, our consolidated net revenue (excluding other revenue) increased by 26.0% compared to the first half of 2025. This increase can largely be attributed to higher regulated transmission tariffs in the Netherlands as a result of the regulatory system. This is partly offset by a decrease in capacity bookings in the Netherlands and Germany compared to the same period last year.
As operating expenses remained broadly in line with the first half of 2025, the increase in net revenue also resulted in a higher result before taxation.
2. Financial information by operating segment
Segmentation
We present our financial information in accordance with our operations and in alignment with internal management reporting. The operating segments reflect our organisational and management structure. Up to and including 2025, we operated and reported based on a structure comprising our business units Gasunie Transport Services, Gasunie Deutschland and Participations as operating segments. As of 1 January 2026, we adopted a business line structure aligned with our core value chains. This structure reflects our evolving role as an integrated energy infrastructure company and forms the basis for internal reporting. The operating segments are regularly reviewed by the Board of Directors, which is the chief operating decision maker (CODM), to allocate resources and assess performance.
As of 2026, we distinguish the following operating segments:
| Operating segment | Description |
|---|---|
| Methane Transport | Natural gas transmission activities including the operation of the regulated natural gas transmission network in the Netherlands, as well as the non-regulated BBL interconnector between the Netherlands and the United Kingdom. The segment also includes activities directly related to the operation and maintenance of gas transmission infrastructure. |
| Gasunie Deutschland | Operation of the regulated natural gas transmission network and development of the hydrogen transmission network in north-western Germany. Due to its distinct regulatory framework and governance structure, Gasunie Deutschland is a separate operating segment. |
| Storage and Terminals* | Operation of natural gas storage facilities, the operation and development of LNG terminals and the development of hydrogen storage infrastructure and hydrogen terminals. Activities are located in the Netherlands and Germany. |
| Hydrogen Transport* | Development and future operation of the hydrogen transmission network in the Netherlands. |
| CCS* | Development of infrastructure for transport and storage of CO2, including storage in depleted gas fields beneath the bed of the North Sea. |
| Heat* | Development of heat transport infrastructure, currently comprising the WarmtelinQ project in the Netherlands. |
The revenues, results and assets of a segment comprise items directly related to the segment, together with items that can be allocated to the segment on a reasonable basis. 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 segments are included in segment results and are measured on an arm’s length basis.
As part of the new operating segment structure, we implemented a revised cost allocation methodology. Therefore, the comparative segment information for 2025 has been recalculated to reflect the 2026 business line structure. The 2025 comparative figures have been prepared for external reporting purposes only and are based on high-level estimates and assumptions regarding the impact of the new business line structure. Financial information was not reported or reviewed on this basis in 2025.
Revenue and results by operating segment
Revenues by operating segment are as follows:
| In millions of euros | Methane Transport | Gasunie Deutschland | Other segments (strategic activities) | Total operating segments | Unallocated* | Total |
|---|---|---|---|---|---|---|
| First half-year of 2026 | ||||||
| Total revenues | 786.2 | 201.2 | 75.9 | 1,063.3 | -14.7 | 1,048.6 |
| First half-year of 2025** | ||||||
| Total revenues | 581.0 | 192.8 | 64.7 | 838.5 | -1.0 | 837.5 |
The increase in the Methane Transport segment’s revenue came primarily on the back of higher regulated transmission tariffs within its regulated transmission activities, as explained in note 1 ‘Significant matters and events in the first half of 2026’.
The geographical distribution of our revenues is as follows:
| In millions of euros | Total revenues | |
|---|---|---|
| First half-year of 2026 | First half-year of 2025 | |
| Netherlands | 846.8 | 643.9 |
| Germany | 201.8 | 193.6 |
| Total revenues | 1,048.6 | 837.5 |
Geographic information on revenues is presented based on where we conduct our activities. The basis of allocation has been aligned with the current period to ensure consistency. Comparative information has been restated accordingly.
Results by operating segment for the first half-year of 2026 are as follows:
| In millions of euros | Methane Transport | Gasunie Deutschland | Other segments (strategic activities) | Total operating segments | Unallocated* | Total |
|---|---|---|---|---|---|---|
| First half-year of 2026 | ||||||
| Operating result before depreciation expenses and impairments | 480.1 | 117.5 | -32.1 | 565.5 | 28.8 | 594.3 |
| Depreciation expenses | -121.5 | -30.0 | -14.1 | -165.6 | -18.0 | -183.6 |
| Impairments | - | - | - | - | - | - |
| Operating result | 358.6 | 87.5 | -46.2 | 399.9 | 10.8 | 410.7 |
| Financial income and expenses and share in result of joint ventures | -28.7 | |||||
| Result before taxation | 382.0 | |||||
| Income taxes | -88.7 | |||||
| Result after taxation | 293.3 | |||||
| Allocation of the result after taxation | ||||||
| - Result attributable to shareholder | 292.7 | |||||
| - Result attributable to holder of non-controlling interest | 0.6 | |||||
| Result after taxation | 293.3 |
Comparative figures for the result by operating segment for the first half-year of 2025 are as follows:
| In millions of euros** | Methane Transport | Gasunie Deutschland | Other segments (strategic activities) | Total operating segments | Unallocated* | Total |
|---|---|---|---|---|---|---|
| First half-year of 2025 | ||||||
| Operating result before depreciation expenses and impairments | 248.2 | 99.9 | 13.2 | 361.3 | 22.0 | 383.3 |
| Depreciation expenses | -117.9 | -30.2 | -15.3 | -163.4 | -13.9 | -177.3 |
| Impairments | - | - | - | - | - | - |
| Operating result | 130.3 | 69.7 | -2.1 | 197.9 | 8.1 | 206.0 |
| Financial income and expenses and share in result of joint ventures | -26.9 | |||||
| Result before taxation | 179.1 | |||||
| Income taxes | -34.0 | |||||
| Result after taxation | 145.1 | |||||
| Allocation of the result after taxation | ||||||
| - Result attributable to shareholder | 144.0 | |||||
| - Result attributable to holder of non-controlling interest | 1.1 | |||||
| Result after taxation | 145.1 |
The increase in the operating result of the Methane Transport segment is mainly attributable to higher regulated transmission tariffs, as explained in note 1 ‘Significant matters and events in the first half of 2026’. The operating result of the Other segments is negative compared to the first half-year of 2025. This is mainly attributable to the fact that a significant portion of these strategic activities is still in the development phase. As a result, revenue remains limited, while costs have already incurred.
Assets by operating segment
Assets by operating segment are as follows:
| In millions of euros | Methane Transport | Gasunie Deutschland | Other segments (strategic activities) | Operating segments total | Unallocated* | Total | |
|---|---|---|---|---|---|---|---|
| Segment Assets | 30 June 2026 | 6,636.4 | 2,350.9 | 2,072.3 | 11,059.6 | 404.2 | 11,463.8 |
| 31 Dec. 2025 | 6,662.9 | 2,106.3 | 1,850.5 | 10,619.7 | 387.2 | 11,006.9 |
Segment assets comprise property, plant and equipment, intangible assets and investments in joint ventures, associates and other equity interests that are allocated to operating segments and reviewed by the CODM.
The main investments are described in note 4 ‘Property, plant and equipment’ and note 5 ‘Investments in joint ventures’.
3. Net revenue
Consolidated net revenue (excluding other revenue) increased with 26.0% compared to the first half of 2025 (first half of 2025: increase of 18.7%). In addition to note 2 ‘Financial information by operating segment’, we provide further details and analysis of our revenue below.
Revenue from operating activities
We categorise our net 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 comprises revenue-regulated transmission and related services, as generated by Gasunie Transport Services and Gasunie Deutschland. The Dutch and German regulatory authorities set the permitted revenue (revenue cap) for these services for a multi-year period.
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.
Net revenue by operating activity was as follows:
| In millions of euros | Net revenue | |
|---|---|---|
| First half-year of 2026 | First half-year of 2025 | |
| Regulated services | 929.0 | 705.9 |
| Non-regulated and/or (partially) exempt services | 90.5 | 103.1 |
| Total net revenue | 1,019.5 | 809.0 |
The increase in revenue-regulated services is mainly due to higher regulated transmission tariffs in the Netherlands, as explained in note 1 Significant matters and events in the first half of 2026'.
4. Property, plant and equipment
Investments
In the first half of 2026, investments in property, plant and equipment, not including additions to right-of-use assets, totalled € 501.1 million (first half of 2025: € 277.5 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 pipelines for LNG terminals, construction of a new electrical compressor station to increase security of supply, and construction of the hydrogen network.
A section of the hydrogen network in the Port of Rotterdam became operational during the first half of 2026, resulting in the transfer of related investments from fixed assets under construction to the relevant asset categories.
On 30 June 2026, we had entered into conditional investment obligations amounting to € 1,069.2 million (year-end 2025: € 1,176.2 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 and to connect the Stade LNG terminal to the natural gas transmission network. 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 property, plant and equipment, and financial fixed assets.
Our assessment did not reveal any indication of material impairment (or, where applicable, a reversal of a previously recognised material impairment) of the fixed assets as at 30 June 2026.
5. Investments in joint ventures
The movements in joint ventures were as follows:
| In millions of euros | First half-year of 2026 | 2025 |
|---|---|---|
| Balance as at 1 January | 1,058.1 | 638.3 |
| Investments | 133.6 | 422.4 |
| Direct equity movements | 1.2 | 5.3 |
| Share in result | 16.0 | 17.5 |
| Dividend received | -20.9 | -25.4 |
| Closing balance as at 30 June and 31 December respectively | 1,188.0 | 1,058.1 |
| Loans to joint ventures | 30.3 | 40.0 |
| Total investments in joint ventures as at 30 June and 31 December respectively | 1,218.3 | 1,098.1 |
The investments in the first half of 2026 mainly concerned investments in Porthos entities and German LNG. Loans to joint ventures relate to EemsEnergyTerminal.
Porthos is the first major CO2 transport and storage system of its kind in the Netherlands. Following a review of the project schedule in April, it became apparent that the Porthos project will be delayed and is expected to become operational later than previously planned. Due to dependencies between various project components, the anticipated start of Porthos operations has been postponed to 2027. At this stage, it is not yet possible to determine the full financial impact of the delay, as several construction and development activities still need to be completed. Several stakeholders have prepared preliminary estimates, which are not yet aligned. Further clarity is expected in the third quarter of 2026, after which the impact can be properly assessed.
In May, EemsEnergyTerminal took an important step towards extending the LNG terminal in the Port of Eemshaven beyond 2027. Based on the commercial contracts concluded for the period 2028–2036, the shareholders Gasunie and Vopak have taken a conditional investment decision. The final investment decision by the shareholders will follow once the required permits have been obtained.
The direct equity movements concern 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 other comprehensive income.
6. Interest-bearing loans
On 30 June 2026, the nominal amount of € 4,790.0 million (year-end 2025: € 4,040.0 million) in long-term loans comprised € 4,550.0 million (year-end 2025: € 3,800.0 million) in bond loans and € 240.0 million (year-end 2025: € 240.0 million) in private loans. Unamortised transaction costs and discount amounted to € 35.8 million (year-end 2025: € 19.0 million).
Movements in interest-bearing loans were as follows:
| In millions of euros | First half-year of 2026 | 2025 |
|---|---|---|
| Principal amount as at 1 January | 4,040.0 | 3,415.0 |
| Costs and discounts on loans to be amortised | -19.0 | -15.2 |
| Balance as at 1 January | 4,021.0 | 3,399.8 |
| Movements in the first half-year and the financial year respectively: | ||
| Repayments | -650.0 | -125.0 |
| Loans and bonds issued | 1,400.0 | 750.0 |
| Amortisation of costs and discounts on loans | 1.4 | 2.9 |
| Addition of costs and discounts | -18.2 | -6.7 |
| Total movements in the first half-year and the financial year respectively | 733.2 | 621.2 |
| Principal amount as at 30 June and 31 December respectively | 4,790.0 | 4,040.0 |
| Costs and discounts on loans to be amortised | -35.8 | -19.0 |
| Balance as at 30 June and 31 December respectively | 4,754.2 | 4,021.0 |
| Included under current liabilities | - | -650.0 |
| Total | 4,754.2 | 3,371.0 |
On 8 January 2026 and 23 June 2026, we issued bonds of € 750 million and € 650 million, respectively, with maturities of 12 and 11 years. Both bonds carry a coupon rate of 3.75% and will be repaid in a lump sum at maturity. The January issue qualifies as a green bond. Gasunie commits to investing the proceeds from this green bond in energy transition projects relating to hydrogen, heat and CCS, in line with the categories and conditions set out in the Green Financing Framework published by Gasunie in 2023. After deducting discounts and transaction costs of € 10.7 million and € 7.5 million, net proceeds of € 739.3 million and € 642.5 million were received, respectively. These amounts are also included in the condensed consolidated cash flow statement.
N.V. Nederlandse Gasunie provides no security to its credit providers for the interest-bearing loans or other facilities. The terms and conditions of the continuing loans remained unchanged compared to year-end 2025.
The repayment schedule is as follows:
| In millions of euros | First half-year | Second half-year | Total |
|---|---|---|---|
| Repayment in | |||
| 2026 | - | - | |
| 2027 | - | - | - |
| 2028 | - | 300.0 | 300.0 |
| 2029 | 150.0 | - | 150.0 |
| 2030 | 90.0 | - | 90.0 |
| after 2030 | 4,250.0 | ||
| Total repayment obligations | 4,790.0 |
The company has a non-committed current account facility of € 25.0 million (year-end 2025: € 25.0 million), a non-committed bank loan facility of € 100.0 million (year-end 2025: € 100.0 million), a committed revolving credit facility of € 1,400.0 million (year-end 2025: € 1,400.0 million), a € 750.0 million Euro Commercial Paper (ECP) programme (year-end 2025: € 750.0 million), and a € 7.5 billion Euro Medium Term Note (EMTN) programme (year-end 2025: € 7.5 billion). The committed revolving credit facility runs until November 2030, with two optional extensions of one year each. No funds were drawn on the committed revolving credit facility over the last six months (first half of 2025: the same). We can also obtain short-term financing on the money market. In the first half of 2026, we raised € 190.4 million in short-term financing and repaid € 290.4 million (first half of 2025: short-term financing raised € 255.1 million and repaid € 410.1 million).
Under the EMTN programme, € 4,550.0 million of bond loans were in issue as at 30 June 2026 (year-end 2025: € 3,800.0 million). The base prospectus of the EMTN programme is valid until 1 October 2026 and is expected to be updated in the second half of 2026.
Gasunie’s long-term and short-term credit ratings remained unchanged during the first half of 2026. Standard & Poor’s maintained its long-term rating of AA- with a stable outlook and its short-term rating of A-1+. Moody’s maintained its long-term rating of A2 and its short-term rating of P-1. However, Moody’s changed the outlook on its long-term rating from stable to negative.
7. Financial instruments
Other equity interests
The other equity interests are as follows:
| Registered office | Interest | ||
|---|---|---|---|
| 30 June 2026 | 31 Dec. 2025 | ||
| 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 € 7.0 million as at 30 June 2026 (year-end 2025: € 7.0 million). This is a level 3 fair value measurement (year-end 2025: level 3). For the equity interests in PRISMA, EDSN and SCW Systems we assume, partly due to their relatively small size, that the fair value approximates the carrying amount. For Nord Stream, we maintain our fair value measurement of zero as at 30 June 2026 (year-end 2025: zero). Regarding Nord Stream, no facts or circumstances have come to our attention in the first half of 2026 that would materially affect the assumptions and estimates used at year-end 2025.
Derivative financial instruments
The derivative financial instruments are forward exchange contracts and gas price swaps.
The forward exchange contracts we have concluded with banks 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. Through a supplementary agreement with EemsEnergyTerminal, which also qualifies as a derivative financial instrument, these contracts are fully passed through to the joint venture. Consequently, the offsetting derivative positions have, on balance, no effect on Gasunie’s consolidated result and both the derivative and the positions to be hedged are fully recognised via EemsEnergyTerminal. The fair value of the forward exchange contracts was, on balance, zero as at 30 June 2026 (year-end 2025: zero). Without the supplementary agreement, the fair value of the forward exchange contracts as at 30 June 2026 was € 2.8 million negative (year-end 2025: € 7.3 million negative). These are level 2 fair value measurements (year-end 2025: level 2).
Gasunie has entered into investment obligations in Porthos, 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 to fix our share of the future investment over the term of the obligation (until 31 December 2027). As at 30 June 2026, the fair value of the gas price swap was € 5.2 million negative (year-end 2025: € 10.1 million negative). This is a level 2 fair value measurement (year-end 2025: level 2).
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 2025: 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 2025: level 2).
The carrying amount and the fair value of the interest-bearing loans as follows:
| In millions of euros | 30 June 2026 | 31 Dec. 2025 | ||||
|---|---|---|---|---|---|---|
| Carrying amount | Fair value | Difference | Carrying amount | Fair value | Difference | |
| Bonds | 4,550.0 | 4,373.2 | -176.8 | 3,781.0 | 3,611.6 | -169.4 |
| Private loans | 240.0 | 219.9 | -20.1 | 240.0 | 218.7 | -21.3 |
| Total interest-bearing loans | 4,790.0 | 4,593.0 | -197.0 | 4,021.0 | 3,830.8 | -190.7 |
The change in the fair value of the loans in the first half of 2026 was primarily due to changes in market interest rates, the remaining term of the loans, and the effect of interest accruals or payments.
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 long-term loans) and trade and other payables. Given the short term of these instruments, their carrying amount approximates their fair value.
The increase in cash and cash equivalents mainly relates to the bond issued on 23 June 2026, which is largely invested in short-term deposits as at 30 June 2026.
8. Events after the balance sheet date
No significant events occurred after the balance sheet date that have to be recognised or disclosed in the interim financial statements.