Regulated information: Results for the first half of 2026

• Revenue in the first half of 2026 amounts to 343 million euros, which represents an increase of 13.7 million euros compared to the revenue in the same period in 2025 (329.3 million euros).

Key events natural gas

• Transit volumes remain high in first half of the year
• LNG supplies have declined since May
• Gas consumption on the Belgian market remains stable
• Gas-fired power plants absorb larger fluctuations in electricity generation
• Gas storage in Loenhout is filling up more slowly
• Biomethane continues to grow, bio-LNG activities remain at a high level
• Structural measures further reduce methane emissions
• First connection of green hydrogen production unit expected by the end of the year

Key events hydrogen

• First section of Belgian hydrogen network is available to the market
• Progress is being made on establishing cross-border hydrogen infrastructure

Key events CO₂

• Fluxys c-grid and OGE join forces and launch Ruhbens
• The first phase of the CO₂ network in the port of Antwerp takes shape
• Belgium and Norway strengthen cooperation on CO₂ storage
• The bilateral agreement between Belgium and the UK opens new CO₂ storage routes

 

Key Financial Data

Income statement (in thousands of €)	30/06/2026	30/06/2025
Operating revenue	342,968	329,257
EBITDA *	174,183	155,710
EBIT *	84,609	61,879
Net profit	45,303	32,347
Balance sheet (in thousands of €)	30/06/2026	31/12/2025
Investments in property, plant and equipment	87,839	261,751
Total property, plant and equipment	1,880,915	1,862,241
Equity	541,105	592,792
Net financial debt*	378,716	326,904
Total consolidated balance sheet	3,178,744	3,173,685

* EBIT – Earnings Before Interest and Taxes: operating profit/loss from continuing operations plus the result of investments accounted for by the equity method and the dividends received from unconsolidated entities. EBIT is used to monitor the operational performance of the group over time.

* EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization: operating profit/loss from continuing operations, before depreciation, amortisation, impairment and provisions, plus the result of investments accounted for by the equity method and the dividends received from unconsolidated entities. EBITDA is used to monitor the operational performance of the group over time, without considering non-cash expenses.

* Net financial debt: interest-bearing liabilities (including leases), less regulatory liabilities, non-current loans linked to debts, cash linked to early refinancing transactions and 75% of the balance of cash, cash equivalents and short- and long-term cash investments (the other 25% is considered as reserve for operational needs and therefore not available for investments). This indicator gives an idea about the amount of interest-bearing debt that would remain if all available cash would be used to reimburse loans.

 

Revenue and net profit The Fluxys Belgium group generated a revenue of €343.0 million in the first half of 2026, up €13.7 million compared to the same period in 2025 (revenue of €329.3 million).

The change in revenue can chiefly be explained by the change in the components covered by the regulated tariffs. The tariff methodology stipulates that reasonable operating costs must be covered by revenue.

Net profit rose from €32.3 million to €45.3 million. The change in net profit for the period is primarily due to lower expenses associated with hydrogen and CO₂ activities, for which the regulatory framework is currently being developed. Once this framework has been defined, the contingent asset formed in this connection will be converted into a regulatory asset, thereby positively impacting profit. This evolution in the net profit is also supported by an increase in the regulated margin as a result of the growth of the regulated asset base and the rise in the OLO rate.

Investments totalling €87.8 million In the first half of 2026, investments in property, plant and equipment came to €87.8 million, compared to €88.7 million during the same period in 2025.
Of this amount, €38.9 million was allocated to projects related to gas transmission activities, €38.3 million to hydrogen transmission activities, €6.1 million to CO₂ transmission activities, and €3.3 million to projects related to storage activities.

Key events

Transit volumes remain high in first half of the year Border-to-border transmission volumes rose by nearly 5% to 167.2 TWh in the first half of 2026, compared to 160 TWh in the same period in 2025. Flows to Germany in particular rose sharply again, increasing by 25% to 122.6 TWh, compared to 98 TWh in the first half of 2025. In contrast, flows to the Netherlands fell by 17%, from 48 TWh to 39.7 TWh.

Substantial exports to Germany were supported by a high level of activity at Zeebrugge LNG Terminal during the first months of the year. Between January and April, 60 large LNG carriers were unloaded, compared to 47 during the same period in 2025. On 17 February, a record amount of 720 GWh of energy was injected from the terminal into the Belgian network, equivalent to the daily output of around 30 nuclear power plants.

Activities relating to LNG used as a marine fuel also continued to grow, with 39 loading operations in the first half of 2026, compared to 53 such operations for the whole of 2025.

LNG supplies have declined since May Market dynamics changed considerably from May onwards, meaning that Zeebrugge saw significantly fewer LNG shipments. This also impacted transit to Germany. Shipping traffic in Zeebrugge remained exceptionally low in July and August as well.

Gas consumption on the Belgian market remains stable Natural gas consumption on the Belgian market remained practically stable in the first half of 2026 at 80.8 TWh, compared to 82 TWh a year earlier.

Due to the mild temperatures in winter and spring, consumption by public distribution fell by 6.1% (from 46.8 TWh to 43.9 TWh), while industrial consumption remained more or less stable (from 21.0 TWh in the first half of 2025 to 21.3 TWh in the first half of 2026). There was a notable increase in consumption by gas-fired power plants (up 11.3%, from 14.0 TWh to 15.6 TWh), driven in part by prolonged maintenance work on Belgium's remaining nuclear power plants intended to extend their service lives.

Gas-fired power plants absorb larger fluctuations in electricity generation During the first half of 2026, on multiple occasions natural gas demand for electricity generation rose sharply during periods of low electricity generation from solar and wind sources.

From 4 to 8 January 2026, gas-fired power plants consumed 1,114 GWh of natural gas, compared to 282 GWh during the same period in 2025 (a fourfold increase). A similar situation arose during the heatwave in late June: between 22 and 27 June, power plants consumed 816 GWh of natural gas, compared to 283 GWh a year earlier, a nearly threefold increase.

These peaks illustrate the importance of natural gas as a flexible energy source when the balance between electricity supply and demand is under pressure. At those times, gas-fired power plants help balance fluctuations in generation from renewable sources.

Gas storage in Loenhout is filling up more slowly Due to the shift in market conditions, injections into the Loenhout underground storage facility started later this year than in previous years. As a result, the degree of filling at the Loenhout facility is lower than in previous years (60% as at 21 September 2026). This trend can also be seen in the rest of North-West Europe. The storage users can still technically achieve the required 90% of their booked capacity by 1 December.

At present, 20% of the storage capacity is still available for sale for the coming winter. Together with other stakeholders, we are exploring ways to encourage the market to book this capacity.

In addition, thanks to its strategic location and international connections, Belgium is less dependent than its neighbours on the volumes stored at Loenhout for gas supplies during winter.

Biomethane continues to grow, bio-LNG activities remain at a high level Although biomethane currently accounts for only a fraction of the total gas supply, its production in Belgium continued to grow substantially, rising by 39% to 268 GWh in the first half of 2026, compared to 193 GWh in the same period in 2025. In addition to the environmentally friendly nature of this energy source, the advantage of biomethane lies in it being fully compatible with existing natural gas infrastructure and facilities.

Bio-LNG activities at the Zeebrugge terminal also remained high. In the first half of 2026, over 1.0 TWh of bio-LNG was reloaded at the terminal onto bunkering vessels and trucks, compared to 1.07 TWh in the first half of 2025.

Structural measures further reduce methane emissions Methane emissions linked to our own activities continued to fall in the first half of 2026. As at 30 June 2026, our CH₄ emissions amounted to 682 tonnes, compared to 748 tonnes in the same period in 2025, a drop of 9%. This result enables us to stay on track with our internal reduction targets.

This decrease is the result of the Methane Emission Reduction (MethER) programme, which encompasses measures to structurally cut methane emissions linked to our activities. Thanks to this programme, we have cut our methane emissions by approximately 75% since 2017.

We continued to invest in measures to reduce our emissions on a structural basis in the first half of 2026 as well. In particular, we focused on improving the sustainability of our facilities, limiting emissions during operational activities and maintenance works, and enhancing our leak detection and repair processes.

First connection of green hydrogen production unit expected by the end of the year In Zeebrugge, Fluxys Belgium is preparing the connection to the natural gas network for HyOffwind, Belgium’s first large-scale renewable hydrogen production unit. The connection is scheduled for the end of the year. HyOffwind produces hydrogen from renewable electricity and transports it by truck to industry and filling stations. Surplus volumes will be injected into our network and will reduce the carbon intensity of natural gas.

First section of Belgian hydrogen network is available to the market Fluxys hydrogen began building its hydrogen pipeline network in early 2025. The pipelines are being laid using multi-purpose technology so that they can also be used for other molecules if necessary.

The 14-kilometre-long pipeline network in the port of Antwerp has recently been completed from a technical perspective and is now available to the market. The section running from Zelzate to Kallo (34 km) is currently being built and is expected to be completed in spring 2027.

These pipelines connect the industrial ports of Ghent and Antwerp and are a strategic link in the implementation of the federal and Flemish hydrogen strategies with a view to ensuring security of the energy supply and the decarbonisation of industry in Belgium and its neighbouring countries.

Progress is being made on establishing cross-border hydrogen infrastructure We are working hard to establish cross-border hydrogen connections with our neighbouring countries. Regarding the Netherlands, in early April Fluxys hydrogen and Hynetwork (a subsidiary of the Dutch company Gasunie) signed a cooperation agreement on the planned development of an initial interconnection via Zandvliet.

Fluxys c-grid and OGE join forces and launch Ruhbens In March, Fluxys c-grid and the German transmission system operator OGE launched the Ruhbens project: a cross-border CO₂ transport corridor capable of connecting industry in the Ruhr area and beyond with export facilities at the port of Zeebrugge and permanent storage sites in the North Sea.

Through this collaboration, Fluxys c-grid and OGE are taking a significant step forward in the development of large-scale, reliable CCS solutions for industrial players in North-West Europe, subject to sufficient market demand and suitable support mechanisms.

The first phase of the CO₂ network in the port of Antwerp takes shape In late March 2026, the Flemish government appointed Fluxys c-grid Antwerp as the local CO₂ network operator (LCNO) for the Antwerp port area. Fluxys c-grid Antwerp is a joint venture between Fluxys Belgium, Pipelink and Air Liquide.

It was established in early 2025 to develop and operate a CO₂ pipeline network in the Antwerp port area, in line with Flemish regulations.

Construction of the first phase of this pipeline network (from Zandvliet to Lillo) is well under way, with technical completion of this section scheduled for the end of September. Through this network, CO₂ captured from industrial players in the Antwerp port area can be transported to permanent underground storage solutions in the North Sea.

Belgium and Norway strengthen cooperation on CO₂ storage The Belgian state visit to Norway in March 2026 confirmed the strategic importance of the cooperation between the two countries regarding CO₂ transport and storage. Building on their long-standing partnership, Fluxys and Equinor are developing infrastructure to give industrial emitters access to permanent CO₂ storage in the Norwegian part of the North Sea.

Following the Belgian economic mission, the Flemish and Walloon Minister-Presidents, Matthias Diependaele and Adrien Dolimont, together with representatives of the Belgian CCS ecosystem, visited Northern Lights, a CO₂ transport and storage infrastructure project in Norway. This highlighted the political support for carbon capture and storage (CCS) and the desire to step up cooperation with Norway.

During the state visit, Belgium and Norway also signed a bilateral treaty on cross-border CO₂ transport, further strengthening the regulatory framework for future investments.

The bilateral agreement between Belgium and the UK opens new CO₂ storage routes On 16 June, Belgium and the United Kingdom signed a bilateral agreement enabling the cross-border transport of CO₂ from Europe for permanent storage in the British part of the North Sea.

This agreement marks an important step forward in the development of international CO₂ value chains and supports projects such as CarbonConnect, which aims to establish a subsea link between Zeebrugge and CO₂ storage sites in the British part of the southern North Sea.

Belgium has previously concluded similar agreements with Norway, Denmark and the Netherlands.

 

Transactions with related parties

Transactions with related parties are detailed in Note 11 of the condensed half-yearly financial statements in the half-yearly financial report 2026.

Financial outlook

Tariff methodology

In accordance with the 2024-2027 tariff methodology, the net profit from regulated natural gas activities is determined by various regulatory parameters, including the OLO rate, equity invested and financial structure, as well as incentives. The recurring dividend will continue to evolve, primarily on the basis of the above parameters. The increase in net profit for the period is largely due to the change in expenditure on hydrogen and CO₂ activities, for which the regulatory framework is currently being developed. 
Once this framework has been clarified, the contingent asset will be converted into a regulatory asset and will positively impact profit.

In June 2026, CREG, the federal regulator, approved the tariff methodology for the upcoming regulatory period 2028-2031. This methodology introduces, in particular, a new model intended to further stabilise the fair profit margin. This margin is therefore less contingent on the high volatility of interest rates on financial markets.

Financial impact of a number of uncertainties

The company closely monitors the financial impact of a number of uncertainties affecting the natural gas market. For more information, please refer to the "Risk Management" chapter (Economic security, Global geopolitical developments, Conflict in Ukraine and Sanctions against Russia) in the half-yearly financial report 2026 for more information.

Half-yearly financial report available

The Fluxys Belgium Half-yearly financial report 2026, including the condensed financial statements, is available on the Fluxys Belgium website.