Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 31

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 31
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 the sale is considered to be highly probable and expected to complete within a year, the associated assets and liabilities have been presented as held for sale in the consolidated statement of financial position at 30 September 2025. However, as Grain LNG does not represent separate major lines of business or geographical operations, it has not met the criteria for classification as a discontinued operation and therefore its results for the period are not separately disclosed on the face of the income statement.

The following assets and liabilities were classified as held for sale at 30 September 2025.

|                               | Grain LNG |
| £m                            |           |
| Other intangible assets       |        26 |
| Property, plant and equipment |       949 |
| Trade and other receivables   |        30 |
| Cash and cash equivalents     |       122 |
| Other assets                  |        19 |
| Total assets                  |     1,146 |
| Borrowings                    |      -133 |
| Other liabilities             |      -195 |
| Total liabilities             |      -328 |
| Net assets                    |       818 |

No impairment losses were recognised on reclassification of the Grain LNG assets and liabilities classified to held for sale. The profit after tax for Grain LNG for the period ended 30 September 2025 was £68 million (2024: £69 million).

#### 7. Tax from continuing operations
The tax charge from continuing operations for the six month period ended 30 September 2025 is £208 million (2024: £112 million), and before tax on exceptional items and remeasurements, is £223 million (2024: £129 million). It is based on management’s estimate of the weighted average effective tax rate by jurisdiction expected for the full year. The effective tax rate excluding tax on exceptional items and remeasurements is 22.8% (2024: 21.5%), which includes the impact of our share of post-tax results of joint ventures and associates. The half year effective tax rate before exceptional items and remeasurements, including our share of post-tax results of joint ventures and associates, is lower than the Group’s full year effective tax rate, as shown below, primarily as a result of seasonality of earnings in the US Group.

For the full year, we expect the Group’s effective tax rate excluding tax on exceptional items and remeasurements to be around 25% which includes the impact of our share of post-tax results of joint ventures and associates. The effective