Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 13

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 13
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 gearing to increase to the mid 60% range by March 2029, and then trend towards the high 60% range by the end of RIIO-T3.

#### Group earnings growth and dividend growth
We expect our CAGR in underlying EPS to be in the 6–8% range from our 2024/25 baseline of 73.3p. This includes our long-run average scrip uptake assumption of 25% per annum, which will support our sustainable, progressive dividend policy into the future.

We will maintain a progressive level of total dividend aiming to grow the dividend per share in line with UK CPIH in keeping with the current dividend policy (for details of our dividend policy please refer to page 16).

#### 2025/26 forward guidance
This forward guidance is based on our continuing operations, as defined by IFRS. The guidance includes businesses classified as held for sale within continuing operations; namely Grain LNG and the controlling stake in National Grid Renewables before it was sold on 29 May 2025.

The outlook and forward guidance contained in this statement should be reviewed, together with the forward looking statements set out in this release, in the context of the cautionary statement. The forward guidance in this section is presented on an underlying basis and excludes remeasurements and exceptional items, deferrable major storm costs in the US (when greater than $100 million, after deductibles and allowances), timing and the impact on underlying results of deferred tax in our UK regulated businesses (UK Electricity Transmission and UK Electricity Distribution). The 2025/26 forward guidance assumes an exchange rate of £1:$1.35, reflecting near term exchange rates.

#### UK Electricity Transmission
Underlying net revenue is expected to increase by around £250 million compared to 2024/25 primarily driven by higher allowances as a result of growing RAV, including returns on increasing ASTI investment and indexation.

We expect to deliver around 100bps of outperformance in the final year of RIIO-T2 in operational Return on Equity . This is in line with our target to deliver 100 basis points of operational outperformance on average through the five-year period of the RIIO-T2 price control.

#### UK Electricity Distribution
Underlying net revenue is expected to be around £20 million higher compared to 2024/25 primarily driven by improved incentive performance. Increased depreciation, reflecting the increasing asset base is expected to be broadly offset by the non-recurrence of Storm Darragh costs.

We expect to deliver around