Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 2

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 2
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*.

■ Around 70% of the US investment in our five-year frame agreed with our regulators.

■ ESMP* approved in Massachusetts as a strategic roadmap to support a stronger, smarter and cleaner network.

■ Submitted £35 billion RIIO-T3 business plan; to reinforce and expand the grid, enabling a near doubling of the power that can be transferred around the country, and connection of 35 GW of generation and 19 GVA of demand customers.

*See glossary on page 4 3 .

#### Financial outlook and guidance
■ Guidance is based on our continuing businesses, as defined by IFRS.

■ Financial outlook over the five-year period from 2024/25 to 2028/29:

■ total cumulative capital investment of around £60 billion;

■ asset growth CAGR 1 of around 10% backed by strong balance sheet;

■ driving underlying EPS CAGR 2 of 6-8% from a 2024/25 EPS baseline of 73.3p ;

■ credit metrics consistent with current Group rating; and

■ regulatory gearing is currently 61% , trending back to the high 60% range by the end of RIIO-T3.

■ For 2025/26, we expect strong operational performance across the Group with underlying EPS expected to be in line with the 6-8% CAGR range from the 2024/25 baseline.

■ For further detail, please refer to the five-year financial framework and 2025/26 forward guidance on pages 9 to 1 1 .

1. Group asset compound annual growth rate from a FY24 baseline. Forward years based on assumed USD FX rate of 1.25; and long run UK CPIH and US CPI. Assumes sale of ESO, Grain LNG, and National Grid Renewables. 20% stake in National Gas Transmission classified as a discontinued operation and therefore did not contribute to asset growth.

2. Underlying EPS compound annual growth rate from FY25 baseline. Forward years based on assumed USD FX rate of 1.25; long run UK CPIH, US CPI and interest rate assumptions and scrip uptake of 25%. Assumes sale of Grain LNG and National Grid Renewables. 20% stake in National Gas Transmission classified as a discontinued operation and therefore did not contribute to underlying EPS.

#### Chief Executive Officer succession

#### Capital investment
On 1 May 2025, we announced that Zoë Yujnovich would become our next Chief Executive Officer with effect from