TenneT Germany Continues Growth Trajectory in the First Half of 2026

• Investments (HGB) increase to €4.1 billion in the first half-year (+14% vs. H1 2025)
• Underlying EBIT rises to €1.1 billion (+29% vs. H1 2025)
• Foreseen equity funding needs secured
• Successful inaugural green bond issuance lays foundation for long-term presence in the debt capital markets

TenneT Germany invested a total of €4.1 billion in the expansion and modernisation of the German electricity transmission grid in the first half of 2026. This represents an increase of approximately 14% compared with the prior-year period (H1 2025: €3.6 billion). The company thus continues its growth trajectory and consistently advances the expansion of a high-performance electricity infrastructure onshore and offshore.

Underlying revenue increased by approximately 14% to €3.5 billion (H1 2025: €3.1 billion). Underlying EBIT rose by approximately 29% year-on-year to €1.1 billion (H1 2025: €866 million). Underlying net income for the first half year increased by approximately 26% to €560 million (H1 2025: €445 million).

Tim Meyerjürgens, CEO of TenneT Germany: “The growing demand for grid capacity makes the expansion and modernisation of the electricity transmission grid a key future task for our country. With a secured long-term financing base and tangible progress across our grid expansion projects, we are advancing this task consistently and at high speed. In doing so, we are strengthening Germany’s security of supply and competitiveness while creating the foundation for the further electrification of the economy and society.”

Foreseen Equity Funding Needs Secured Through New Ownership Structure
The new long-term ownership structure of TenneT Germany was successfully established through the equity transaction with APG, GIC and Norges Bank Investment Management (NBIM), completed in the first half of 2026, as well as the investment of Kreditanstalt für Wiederaufbau (KfW) on 3 July 2026.

With its new ownership structure, TenneT Germany has established a robust long-term equity base to support one of Europe’s largest infrastructure programmes. Through the planned equity contributions, APG, GIC and NBIM will hold a combined stake of 46%, while KfW will hold 25.1% and TenneT Holding 28.9% of TenneT Germany. As a result, TenneT Germany’s foreseen equity funding needs for its planned investment programme are secured.

Successful Debut in the Debt Capital Markets
TenneT Germany successfully placed its first green bonds in the first half of 2026. The issuance had a total volume of €3.5 billion and, at the time of issuance, was by far the largest corporate European Green Bond (EuGB) ever issued in the EUR debt capital markets. Due to strong international demand, the order book was approximately 6.3 times oversubscribed at its peak.

Dr Markus Binder, CFO of TenneT Germany: “Our investment programme requires a financing structure that keeps pace with our growth. In the first half of the year, we implemented key building blocks for this. Our successful bond market debut is a central milestone of our long-term financing strategy. The trust of investors and the positive response from the capital markets confirm that we are on the right track. This provides us with an excellent starting position to reliably finance the expansion of a high-performance and future-proof electricity transmission grid.”

Progress in Grid Expansion
TenneT Germany also made significant progress in the implementation of its investment programme in the first half of 2026. With the completion of tunnelling works for the ElbX Elbe crossing, the company successfully completed a key section of the SuedLink project. In addition, TenneT Germany started construction of the Sengwarden grid connection point in Wilhelmshaven, a future central energy hub for Germany and Europe. In July 2026, the company also commissioned the Ostbayernring transmission line. This creates additional capacity for the integration of renewable energy and thereby reduces the need for redispatch measures. Overall, TenneT Germany built 188 kilometres of new grid in the first half of 2026.

Outlook
TenneT Germany will continue its growth path in the second half of 2026 and consistently drive forward the expansion and modernisation of the German electricity transmission grid. Despite an increasingly uncertain economic environment, the company confirms its outlook for the 2026 financial year. TenneT Germany continues to expect its investments (HGB) to increase by a low double-digit percentage compared with FY 2025 and underlying EBIT to grow in the mid double-digit percentage range.

Press Contact
Maria-Elena Richter
+49 151 217 84235
maria-elena.richter@tennet.eu

About TenneT Germany
TenneT Germany is the largest transmission system operator in Germany. The company operates critical infrastructure that secures access to a reliable, sustainable and affordable electricity supply. TenneT Germany is one of the largest investors in electricity grids on land and at sea in Germany. Located at the Northwest European energy crossroads, TenneT Germany connects: North and South. Offshore and Onshore. Germany and Europe. With its more than 5,000 employees, the company builds, maintains and operates Germany's largest transmission grid with a length over 14,700 km connecting more than a third of the European Union’s total offshore wind capacity. The connection of the North Sea as one of the world’s largest renewable energy sources plays a central role in this. The company’s growth is driven by a rapidly evolving electricity demand that requires a flexible and growing grid architecture.
Lighting the way ahead together