This Annual Report covers the period from January 2025 to December 2025. It presents ENTSO-E’s key achievements in supporting the secure and coordinated operation of Europe’s power system, while contributing to the implementation of European energy and climate policy objectives. The report highlights ENTSO-E’s central role in facilitating the energy transition, in fulfilling its legal mandates under EU legislation, and in coordinating pan-European “All TSOs” tasks across system operation, market design, infrastructure planning, innovation, and digitalisation.