TenneT Holding reported a €465 million year-on-year increase in earnings before interest and taxes (EBIT) in the first half of 2025, supported by rising revenues and continued investment in energy infrastructure.
The electricity transmission system operator posted underlying EBIT of nearly €1.5 billion for the first six months of the year, compared with just over €1 billion in the same period in 2024. Underlying revenue rose to €4.4 billion, up from €4.1 billion.
“We delivered a solid financial performance in the first half of the year,” said Arina Freitag, chief financial officer of TenneT Holding. “Our financial strength is crucial to the execution of our investment portfolio.”
TenneT increased its investment in critical onshore and offshore grid infrastructure to €5.5 billion in the period, up from €4.6 billion a year earlier. The company plans to invest a total of €200 billion in the Netherlands and Germany by 2034 to support the energy transition and rising electricity demand.
Since January 2025, TenneT has operated through two separate entities—TenneT Netherlands and TenneT Germany—under a single holding structure. A long-term financing solution for TenneT Germany is still under consideration. The Dutch government is exploring two options: a private placement of shares or an initial public offering (IPO), with a decision expected by September.
To support domestic investment, the Dutch state is providing a €52 billion guarantee for TenneT Netherlands, covering roughly €90 billion of planned 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,” Freitag added.
Operational highlights in the first half included the completion of onshore grid reinforcements in Zeeland, in the Netherlands, and progress on key offshore projects. The topside for the Hollandse Kust (west Beta) platform was installed in the Dutch North Sea, advancing offshore transmission capacity.
In Germany, TenneT began construction on the Hardebek substation and the Netzbooster facility in Schleswig-Holstein. The company also added converter platforms for the BorWin 5 and DolWin 5 grid links, increasing offshore transmission capacity in the German North Sea to nearly 10 gigawatts (GW).
