Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 20

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 20
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39 million( 2024: £57 million) with no fair value remeasurements ( 2024: £3 milliongains). On an adjusted basis, the share of net profits from joint ventures and associates decreased to £39 million( 2024: £60 million) due to the sale of the Emerald JV (part of National Grid Renewables) in May 2025, with increased profits in BritNed broadly offsetting lower profits in Nemo.

#### Tax
The statutory tax charge for continuing operations was £208 million( 2024: £112 million) including the impact of tax on exceptional items and remeasurements of £15 millioncredit ( 2024: £17 millioncharge). The adjusted tax charge for continuing operations was £223 million( 2024: £129 million), resulting in an effective tax rate for continuing operations (excluding profits from joint ventures and associates) of 23.8%( 2024: 23.9%). The underlying effective tax rate for continuing operations (excluding profits from joint ventures and associates) was 11.3%( 2024: 11.9%). Our underlying tax (a non-GAAP measure) takes our adjusted tax charge and further excludes the tax impacts on timing and major storm costs and deferred tax in our UK regulated businesses (NGET and NGED). The underlying effective tax rate of 11.3%is lower than the prior period ( 11.9%), primarily due to higher capex in our UK regulated businesses (NGET and NGED) resulting in higher deferred tax exclusion, and a higher net prior year adjustment credit. This is partially offset by a change in geographic profit mix .

#### Net debt
Net debt is a measure derived from IFRS (comprising cash and cash equivalents, current financial investments, borrowings and bank overdrafts and financing derivatives) and is defined and reconciled to these balances in note 11to the financial statements.

During the first six months of the year, net debt increased to £41.8 billion, £0.5 billionhigher than at 31 March 2025. Movements in exchange rates reduced reported opening net debt by £1.0 billion. Net debt benefited from the receipt of £1.5 billionof proceeds from the sale of National Grid Renewables in May 2025. In addition, cash generated from continuing operations of £3,638 millionand dividends received on financial investments of £49 millionwere offset by £4,784 millionof cash