Funding

At least one rating agency will be assigned to rate each bond issuance. The outstanding bonds are rated by Moody’s and/or Fitch. All our bonds are Senior unsecured.

The table below provides an overview of the drawdowns made under the EIB loan facilities.

To better align interest expenses with regulatory compensation, Enexis intends to raise funding via CMS-linked instruments. Enexis has mandated BNP Paribas and NatWest to explore the possibility of a 10 to 15 year Green CMS or CMT linked EMTN issuance. The transaction may be executed in the near future subject to market conditions.

Enexis has drawn up a 'Green Finance Framework' that serves as a framework for monitoring the sustainability quality of eligible green assets when issuing green financing instruments. ISS ESG has carried out a Second Party Opinion (SPO) for the framework.

ISSUANCE OF OUTSTANDING GREEN BONDS

Currently Enexis has eight green bonds totaling EUR 4.25 billion. The last green bond has been issued in February 2026. Each green bond is issued for an amount of EUR 500 or EUR 750 million. The green bonds have been drawn under the existing EMTN programme and are included in the overview of all outstanding draws under this programme.

PUBLICATION GREEN BOND IMPACT & ALLOCATION REPORT

Within a year of issuing a green bond, Enexis Holding N.V. publishes a Green Bond Impact & Allocation report. This report provides insight into which activities within Enexis Group are financed using the green bonds issued by Enexis Holding N.V. and what the environmental impact of these investments is.

July & November 2020 - Convertible Hybrid Shareholder Loan

In two tranches Enexis Holding N.V. issued a 60-year convertible hybrid shareholder loan for a total amount of EUR 500 million. The interest for tranche A and B until the first interest revision date of November 29, 2030 is 2.15% and 1.40% respectively. The loan is subordinated to all other Enexis debts. Enexis has the right to convert the loan into shares if Enexis' credit rating falls or threatens to fall below the A/A2 level. Furthermore, Enexis has the option to repay the loan on November 29, 2030 and every ten years thereafter. Fitch ratings has assigned equity credit to the loan.