TenneT Holding saw a €465m rise in earnings before interest and taxes (EBIT) in the first half of 2025.
The grid company reported an underlying EBIT of almost €1.5bn, compared to just over €1bn in the previous period for 2024.
Underlying revenue in the first half of 2025 was recorded at €4.4bn, compared to €4.1bn in the previous corresponding period.
In the first six months of 2025, TenneT continued expanding the grid needed to facilitate the electrification of the energy system.
Total investments in critical onshore and offshore electricity infrastructure increased to €5.5bn, up from €4.6bn in the same period last year. TenneT plans to invest a total of €200bn in grid enhancements and expansion in the Netherlands and Germany by 2034.
January marked the launch of two independently operating companies, TenneT Netherlands and TenneT Germany, under the umbrella of TenneT Holding.
In the process of reaching a structural financing solution for TenneT Germany, the Dutch minister of finance confirmed at the end of June that two options will be further explored in the next few months: either a private placement of shares or an initial public offering (IPO). A decision on one of these options is expected in September 2025.
“We delivered a solid financial performance in the first half of the year,” said Arina Freitag (pictured), chief financial officer of TenneT Holding.
“Our financial strength is crucial to the execution of our investment portfolio. In this regard, we are pleased that the Dutch government provides a state guarantee of €52bn to TenneT Netherlands, backing approximately €90bn in Dutch grid investments over the next decade.
“With more than 10,000 dedicated colleagues in the Netherlands and Germany we invest in our grids for society.”
Highlights for the first half included the completion of onshore grid reinforcement projects in Zeeland in the Netherlands. Key offshore milestones so far this year include the installation of the topside for the Hollandse Kust (west Beta) project in the Dutch part of the North Sea.
In Germany, construction began on the Hardebek substation and the Netzbooster (Grid Booster) facility in Schleswig-Holstein. With respect to offshore, TenneT added two new converter platforms for the BorWin 5 and DolWin 5 grid connections, increasing the transmission capacity in the German North Sea to almost 10GW.