ANNUAL REPORT

2025

Securing energy –

now and for the future.

SEFE is an international energy company anchored in Europe, delivering energy solutions that ensure reliable and affordable supply. Our activities span the entire energy value chain – from origination and trading to sales, transport and storage. With decades of trading expertise and a growing LNG portfolio, SEFE is one of Europe’s leading suppliers to industrial customers, providing more than 200 TWh of gas and power each year. We supply over 50,000 clients, from small businesses to municipalities and multinational organisations. By investing in clean energies, we support our customers on their decarbonisation journey and contribute to the energy transition. SEFE employs over 2,000 people worldwide and is owned by the Federal Government of Germany.

Company
key figures

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OF GERMANY’S
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Key figures 2025

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GROSS OPERATING PROFIT
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Our
   locations

GLOBAL HEAD OFFICE:
BERLIN (DE)

OTHER LOCATIONS:
BRUSSELS (BE)
HOUSTON (US)
JEMGUM (DE)
KASSEL (DE)
LONDON (GB)
MANCHESTER (GB)
PARIS (FR)
PRAGUE (CZ)
REHDEN (DE)
ROTTERDAM (NL)
SINGAPORE (SG)
VIENNA (AT)
ZUG (CH)

Letter from the CEO

Dear Readers,

For SEFE, 2025 was characterised by a dynamic and challenging market environment. Geopolitical tensions, regulatory uncertainties and volatile conditions affected energy markets worldwide, demanding strict operating discipline, rigorous risk management and clear strategic decisions. 

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Report of the
  Supervisory Board

Ladies and gentlemen,


In an environment characterised by uncertainty, ensuring a secure and affordable supply for industry and households is more important than ever. SEFE supports its customers and partners in meeting the associated challenges by consistently enhancing its long-term strategy and clearly focusing on energy security, affordability and decarbonisation. 

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Highlights 2025:
securing energy,
delivering progress

In 2025, SEFE made decisive progress in aligning security of supply with growth and decarbonisation. By maintaining a clear focus on diversification, sustainability and innovative energy solutions, we further strengthened our position in international markets. This progress is driven by a strong corporate culture and an increasingly distinctive brand.

Diversifying supplies to secure Europe’s energy needs

Our mission is clear: to safeguard the energy supply of Germany and Europe. In pursuit of this goal, we further diversified our portfolio in 2025 and bolstered our international partnerships.

This includes long-term LNG supply agreements with North American producers, acquiring additional volumes from established partners such as ADNOC in the United Arab Emirates, and becoming the first European company to import LNG from Argentina. At the same time, we’re tapping into new sources of pipeline gas. In 2025, we entered into a partnership with SOCAR, the state-owned energy company of Azerbaijan. Deliveries to Europe have already begun and will gradually increase to 1.5 billion cubic metres of natural gas per year.

These collaborations reinforce our position in global gas markets and open up new sales opportunities. For example, we’re supplying Turkey with LNG for the first time, thereby helping to strengthen the country’s energy security.

By broadening our offering, securing new sources of supply and expanding our global market presence, we’re ensuring reliable and affordable energy and contributing to the resilience of Europe’s energy system.

 

ESG: actions
speak louder
than words

Sustainability is firmly embedded in the way SEFE operates. At the same time, we continually adapt our activities and strategy to the changing regulatory environment, the increasing focus on energy security and the evolving needs of our customers. This may lead to higher emissions, driven by increased utilisation of our assets and a growing energy portfolio. Nevertheless, we continue to make progress against many of our ESG priorities, for example by developing our low-carbon offerings and implementing energy efficiency measures.

As part of our ESG efforts, we also adopted a diversity, equity and inclusion (DEI) statement that defines what SEFE stands for: an inclusive corporate culture that embraces diversity and ensures fair opportunities for all. To bring these values to life, we launched new leadership programmes designed to prepare our managers for the future. Our sustainability achievements were also confirmed by evaluations we received in 2025 from leading rating agencies such as CDP, EcoVadis and MSCI.

Our ambition is to chart a clear course for the future that combines climate action with social responsibility and transparent practices.

Paving the way
for affordable
decarbonisation

SEFE is moving beyond the traditional gas business by actively shaping the transition to a low‑carbon economy. We’re developing new value chains for hydrogen and carbon management to provide our customers with affordable, climate‑friendly energy solutions. Our subsidiary GASCADE has already converted around 400 kilometres of natural gas pipelines to hydrogen, filling them for the first time in 2025 – a major milestone for Germany’s hydrogen core network.

Building on our established trading and sales capabilities, we’re also strategically expanding our offering. Having successfully operated in power markets in countries such as the United Kingdom for many years, we now provide electricity products to business customers in Germany. This allows us to support them in transforming their energy supply and progressing step by step towards decarbonisation. Integrated solutions that combine gas, power and self‑generation are becoming increasingly important in this transition.

What sets us apart is our capacity for innovation and our contribution to decarbonisation. This was also recognised at the Investing in Hydrogen conference in London, where we received the “IMPACT Energy Transition Organisation of the Year 2025” award.

Shaping Europe’s
energy future

The energy sector is undergoing profound transformation. For SEFE, this presents an opportunity to demonstrate thought leadership and play an active role in shaping Europe’s future energy landscape – across multiple channels and particularly at key industry gatherings.

At leading trade fairs and conferences such as E-world and Gastech, we convey to customers, partners and visitors how we maintain energy security, even during periods of geopolitical uncertainty. These events also provide an important platform for driving sector-wide dialogue. In 2025, discussions within the energy industry centred on establishing a reliable hydrogen and CO₂ infrastructure, using artificial intelligence to accelerate decarbonisation and creating practical frameworks for reducing emissions.

By contributing our expertise and taking clear positions on regulatory issues, we underscore our role as a dependable partner to industry. To support Europe’s competitiveness, we advocate for affordable energy and champion new technologies that enable a cost-efficient energy transition.

Our strength:
committed
employees

SEFE’s performance is built on the dedication and expertise of our people – they’re our most valuable asset. As a forward-thinking company, we invest in their development and foster an environment that encourages learning, collaboration and a strong corporate culture.

The results of our annual employee survey – including a record participation rate of more than 80 % – show that we’re on the right track. A large majority would recommend SEFE as an employer and are proud to be part of the organisation. Their feedback has informed a set of concrete measures – including our first employee value proposition, which clearly sets out what we stand for and what employees can expect from us.

Together, we’re creating the foundation for long-term success: a strong, motivated workforce that plays an active role in shaping the transformation of the energy industry.

Taking our
brand to the
next level

In 2025, we further strengthened the SEFE brand and took a decisive step forward by relaunching our corporate website. The new site showcases our identity as a modern, global energy company committed to both security of supply and decarbonisation.

Its design and user‑focused architecture set new benchmarks and underline our ambition to be a leading force in the industry – both operationally and through the reputation of our brand. This applies both externally and internally. With Pulse, our new intranet, we’ve created a central platform that enhances collaboration and communication across the organisation. Delivered in just 100 days, the project won a Silver Award at the 2025 Step Two Intranet & Digital Workplace Awards.

These achievements illustrate how we’re increasing SEFE’s visibility and impact by continuously professionalising our brand – as reflected in the strong response we receive at international energy events.

Our business areas:
strength in breadth

We bring together our strengths in international trading, robust sales capabilities and high-performing infrastructure within an integrated business model. This allows us to respond with agility to evolving market demands, capture new growth opportunities and support our customers in decarbonising their energy supply.

Trading and
origination

As one of Europe’s largest LNG traders, SEFE plays a vital role in safeguarding the stability of the energy system. As a major gas importer, we also help to secure reliable energy for Germany and Europe. To meet our customers’ evolving needs, we further diversified our offering in 2025. This included establishing a new pipeline gas partnership with Azerbaijan and adding additional volumes to our growing LNG portfolio. In parallel, we’re broadening our trading activities in power and emissions certificates and have recently expanded into metals such as copper, aluminium and nickel – all of which are essential to the energy transition. In this way, we’re positioning our offering firmly for the future, fully in line with our aim of supporting our customers on their decarbonisation journey.

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Sales

2025 was an outstanding year for our sales teams. On the one hand, we became the largest gas supplier to commercial and industrial customers in the United Kingdom, achieving a market share of more than 25 %. On the other hand, we considerably expanded our offering. Drawing on our international expertise in power sales, we successfully entered the German electricity market, supported by a strong customer base and close collaboration between our trading and sales specialists. We also began supplying biomethane, a locally sourced and renewable energy source. With these additions to our portfolio, we’re helping our customers to gradually decarbonise their energy consumption – thereby strengthening our position as an integrated energy company.

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SALES VOLUME

Transport

Through its independent transmission system operators GASCADE Gastransport GmbH (GASCADE) and NEL Gastransport GmbH (NGT), SEFE not only manages a secure and high-performance natural gas infrastructure, but also plays a central role in scaling up the hydrogen economy. As part of the “Flow – making hydrogen happen” project, around 400 kilometres of existing natural gas pipelines were converted to hydrogen in 2025. This is currently the longest pipeline conversion of its kind in the world, as well as the largest completed section of Germany’s planned hydrogen core network. The result is a new north-south corridor stretching from the Baltic Sea to the German state of Saxony-Anhalt that is already fully available to the market. This pioneering initiative shows how existing infrastructure can be repurposed for hydrogen transport quickly and cost-effectively.

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PIPELINES
CONVERTED TO HYDROGEN
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Storage

Storage facilities are crucial for ensuring security of supply – today for natural gas and tomorrow also for hydrogen. We’re systematically preparing our infrastructure for the transformation of the energy system by adapting them to changing requirements. In 2025, SEFE achieved two important milestones: we completed the basic engineering for JemgumH₂, a large scale hydrogen storage facility, and acquired the land needed to deliver the project. Building on our long-standing expertise in storage operations, we’ve developed deep technical know-how in handling different gases. This puts us in a strong position to advance future-ready infrastructure that supports decarbonisation and is designed for a broad spectrum of molecules – from hydrogen and methane to CO₂.

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Management Report

Strategy

SEFE’s strategy is focused on ensuring energy security for Germany and Europe while driving the decarbonisation of the economy.

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Report on expected developments

For 2026, SEFE expects positive results, underpinned by expanded trading activities, higher sales volumes and new strategic initiatives.

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Report on opportunities
and risks

SEFE harnesses long-term growth potential by proactively identifying and managing opportunities and risks at an early stage.

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Consolidated Financial Statements

SEFE’s business performance demonstrates that profitability and social responsibility can go hand in hand. Despite geopolitical and regulatory uncertainties, as well as volatile market conditions, SEFE has maintained a strong market position. This is clearly reflected in the company’s positive financial results and robust balance sheet.

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Sustainability Statement

Sustainability
commitment

SEFE is committed to providing energy and solutions towards a low-carbon society while securing affordable energy for Europe.

Energy transition timelines are adapting to reflect the realities of volatile energy markets, geopolitical tensions and economic pressures on households and businesses. Policymakers increasingly acknowledge that the transition cannot come at the expense of affordable access to energy, nor undermine resilience of supply chains. While the commitment to the energy transition remains, there is a new focus on finding a pragmatic pathway that balances climate ambition with the near-term needs of economies and societies.

ESG principles are the foundation of SEFE’s strategy. The integration of ESG into SEFE’s outlook is viewed as essential, influencing everything from the energy markets where SEFE competes to the partnerships SEFE needs to establish to support customers in achieving shared sustainability goals. Given the paramount importance of incorporating ESG into SEFE’s daily business activities, the responsibility for upholding sustainability principles lies with leaders at all levels within SEFE.

Sustainability General information (pdf)

Environmental
approach

SEFE is committed to providing energy and solutions for a low-carbon society while securing affordable energy for Europe.

Energy companies have an opportunity to power the world in a positive and more sustainable way. As a company that sources, sells, transports, stores, trades and risk warehouses gas, SEFE is keenly aware of its responsibility to support the energy transition. While SEFE’s own operations produce a relatively limited amount of GHG emissions, the natural gas delivered to downstream customers places a burden on the environment. SEFE is therefore increasingly providing a diverse suite of products, ranging from traditional offerings to alternative fuels and low-carbon energy solutions.

In support of this, SEFE will seek to reduce its GHG emissions, both in its own operations and those of its partners and customers, and to minimise any other environmental impacts. SEFE will also support its customers and partners on their decarbonisation journeys by providing competitive, affordable, innovative and flexible solutions. SEFE’s overarching low-carbon strategic goal is to be considered a preferred and reliable decarbonisation partner by customers, suppliers and partners.

Environmental information (pdf)

Social
approach

SEFE’s social vision is to become an employer of choice for innovative and diverse talent who can bring its transformation to life and secure energy for its customers across Europe and the world.

Given the competition for talent across the industry, SEFE has recognised that it must become an employer of choice for people who want to make a difference, delivering both energy security for society and a low-carbon energy future. SEFE is challenging itself to become a place where all people can thrive, regardless of gender, national origin and educational and professional backgrounds. In support of this, SEFE’s staff are being given access to tools, comprehensive training and ongoing support. SEFE is also unifying systems and processes across the entire business to create a more efficient and responsive organisation.

SEFE takes a broader perspective on the sustainability of its business, which includes the importance of delivering secure and reliable energy o businesses across Europe and beyond. Achieving this mission and fulfilling SEFE’s societal responsibilities are possible only with a diverse workforce that possesses the right skills to succeed.

Social information (pdf)

Governance
approach

SEFE is committed to forming lasting bonds of mutual trust and engagement with its customers and stakeholders, supported by a clear compass of ethical and compliance principles and a focus on innovation.

Increased regulation and scrutiny of governance practices require high levels of ethical conduct and compliance. SEFE has an increasingly diverse set of stakeholders, with customers, partners, industry associations, governments and the public holding a very wide set of views. As a result, SEFE understands that it must engage frequently and in depth with its stakeholders and navigate sometimes competing goals, needs and priorities. SEFE values this mutual exchange and will continue to align with stakeholders on its ESG priorities.

SEFE always acts with integrity and vigilance. SEFE is also aware of the importance of good governance for business continuity. SEFE adheres to high governance standards and ensures rigorous compliance across its entire business. In support of this, SEFE has implemented a comprehensive governance model to ensure that high ethical and compliance standards are maintained.

Governance information (pdf)

Downloads

Annual Report 2025