Record EBITDA and Strong Profitability
Proportional EBITDA increased to EUR 1,184 million (reported), with adjusted proportional EBITDA up ~4.3% year-on-year excluding currency impacts and divestments. EBITDA margin improved to 58% and cash conversion reached 70%.
Record Operating Free Cash Flow and Per-Share Growth
Proportional operating free cash flow increased to EUR 823 million; proportional operating free cash flow per share rose 7% in 2025 to EUR 7.13 and has increased 62% since 2021.
Operating Cash Return (OCR) Improvement
Operating cash return improved to 15.6% in 2025 from 10.2% in 2021 (an increase of 5.4 percentage points). Management raised the long-term OCR ambition to a 13%–17% range.
Capital Allocation and Shareholder Distributions
Announced a shareholder distributions program of ~EUR 1.7 billion through year-end 2030 (including dividend ambition growth of 5%+ annually and a proposed 2025 dividend per share of EUR 1.80). Share buyback ambition of EUR 500 million through 2030, with an initial tranche of up to EUR 100 million over the next 12 months.
Growth Commitments and Project Pipeline
Committed ~EUR 1.9 billion to growth projects since 2022 (EUR 550 million committed in 2025). Around EUR 650 million of projects commissioned and contributing, EUR 1.3 billion under construction, and ~EUR 775 million expected to commission by year-end 2026. Targeting EUR 4 billion growth CapEx through 2030.
Balance Sheet and Leverage
Proportional leverage decreased to 2.6x (2.06x excluding assets under construction), the lowest in five years; consolidated operating free cash flow of EUR 691 million and levered free cash flow of EUR 506 million in 2025.
Operational Resilience and Contractual Strength
Occupancy remained healthy at 91.4%; 70% of revenues are from contracts longer than three years (a 10-percentage-point increase since 2021). Approximately 40% of EBITDA now generated by gas and industrial assets.
Earnings and One-off Positive Items
Net income increased by EUR 228 million in 2025; earnings per share increased by 68%, partly driven by a EUR 113 million dilution gain from AVTL IPO and a EUR 181 million impairment reversal for the Europoort terminal.