Amprion on growth path: positive business development and further investments in grid expansion
Transmission system operator Amprion GmbH (‘Amprion’) achieved very good results in the first half of 2025 and invested around €2.0 billion in grid expansion. In May, the company once again issued a green bond with a total volume of one billion euros on the international capital market. In the Green Finance Investor Report published today, investors gain detailed insights into how the funds raised from green bonds are being used.
Revenue in accordance with IFRS amounted to around €3.1 billion in the first half of 2025, representing an increase of 11.3 per cent compared with the same period of the previous year.
Adjusted EBITDA1, 2 rose by 33.4 per cent to around €792 million. Adjusted net income1, 2 amounted to around €288 million, representing an increase of 47.8 per cent. The increase in these earnings figures is mainly due to a higher asset base (regulated asset base) resulting from higher investments compared with the first half of 2024.
Higher investments in grid expansion
Amprion is continuously expanding the transmission grid to enable the integration of renewable energy. In the first six months of the current year, the company invested around €2.0 billion in the necessary upgrade and expansion of its transmission grid. This represents an increase of around 50 per cent compared with the same period last year.
Significant progress was made in particular on the major projects Rhein-Main-Link, Ultranet, A-Nord and the offshore grid connections. The company plans to invest €36.4 billion in the transmission grid by 2029.
Successful financing in the first half of 2025
In May 2025, Amprion once again successfully placed a green bond in two tranches of €500 million each on the international capital market. The tranches have maturities of 4.5 years (coupon 3.000 per cent p.a.) and 11 years (coupon 3.875 per cent p.a.). In the area of short-term financing, the company also concluded four bilateral credit lines with its core banks, each with a volume of €200 million, during the reporting period. These facilities have a term of 12 months and expire in March 2026.
Peter Rüth, CFO of Amprion, commented: ‘We have started 2025 with positive business development and have continued to successfully implement our financing strategy. With the publication of our half-year financial report, which is being released for the first time, we are further increasing transparency for our investors and fully meeting the expectations and requirements of the capital market.’
Amprion is making an important contribution to achieving Germany's climate targets, emphasised Rüth: ‘The implementation of our ambitious investment programme will only be possible with a regulatory framework that is competitive by international standards,’ added Peter Rüth.
Green Finance Investor Report 2024
The Green Finance Investor Report 2024 published today provides investors with comprehensive information and a high degree of transparency regarding the appropriate use of funds from green bonds. Amprion follows a project portfolio approach when allocating funds. As of 31 December 2024, the project portfolio amounted to €9.7 billion. This compares with funds raised of €5.1 billion.
The proceeds will be used exclusively for sustainable projects that meet the criteria of the Amprion Green Finance Framework. The framework was developed in accordance with the international Green Bond Principles and confirmed by the ESG rating agency Sustainalytics in a second party opinion.
All relevant documents relating to the publication of the 2025 half-year results are available at the following links:
- Green Finance Investor Report 2024
- Half-year financial report 2025 (including review by auditors)
- Tables showing adjusted, unaudited IFRS half-year figures for 20251 1
1 In accordance with IFRS accounting standards, Amprion also presents key financial figures on an adjusted basis in order to avoid significant distortions caused by regulatory factors and to achieve a more period-appropriate presentation of the earnings position.
2 Adjustment of the previous year's figure due to the change in accounting policy implemented in the 2024 financial year.
