Our
financial policy
Our financial policy forms the foundation for a healthy and future-proof organisation. It enables us to keep investing in a reliable, affordable and sustainable energy system. Transparency on this policy gives investors an understanding of how we make financial decisions and create value for society and our stakeholders.
Financial framework
- Solid A rating profile
- FFO/Net debt: minimum 11%
- Comply with regulatory criteria for the network operators
Dividend policy
- Stable dividend pay-out ratio
- Pay-out: maximum 45% of the profit after tax, with a cap of € 100 million *
adjusted for fair value movements, periodic payments relating to loans that are recognised in equity and exceptional items that did not lead to a cash flow, unless investments or financial criteria demand a higher profit retention percentage and/or unless the solvency ratio falls below 30% after payment of dividend.
*From financial year 2026 onwards, the cap amount will be indexed annually
General principles
- Part of overall policy and strategy
- Balance between protection of debt providers’ and shareholder returns
- Financial strength and discipline
- Maintain cushion relative to regulatory criteria
- Flexibility to grow and invest
- Transparent reporting
Framework Agreement Dutch state
The Government and grid operators Alliander, Enexis and Stedin have reached an agreement on the terms that will allow future capital injections and related shareholdings by the Government in the grid operators.
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Concluded in 2022, the framework agreement provides an important financial backstop for the energy transition. It strengthens the companies’ equity base, enabling the large-scale investments needed to expand and reinforce the electricity grid and meet growing demand.
It also reinforces the strategic relationship between the State and the network operators and provides greater financial certainty. As a result, S&P classifies the companies as government-related entities, reflecting the expectation of state support to maintain a minimum credit rating.
Together, this creates a stable foundation that allows network operators to continue and accelerate investments in a future-proof energy system.