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
Agreement on the terms of the Government’s shareholdings in regional grid operators
