Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 42

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 42
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 tax charge aligns our underlying results APM more closely with our regulatory performance measures. Group underlying EPS is one of the incentive targets set annually and part of the LTPP target for remunerating certain Executive Directors.

Constant currency:‘Constant Currency Basis’ refers to the reporting of the actual results against the results for the same period last year which, in respect of any US dollar currency-denominated activity, have been translated using the weighted average US dollar exchange rate for the six months ended 30 September 2025, which was $ 1.35to £1.00. The weighted average rate for the six months ended 30 September 2024, was $ 1.30to £1.00. Assets and liabilities as at 30 September 2025have been retranslated at the closing rate at 30 September 2025of $ 1.34to £1.00. The closing rate for the balance sheet date 31 March 2025was $ 1.29to £1.00.

**Alternative performance measures/non-IFRS reconciliations continued

Reconciliation of Statutory, Adjusted and Underlying Profits and Earnings – at actual exchange rates – continuing operations**

| Six months ended 30 September 2025     | Statutory | Exceptionals and remeasurements | Adjusted | Timing | Deferred tax on underlying profits in NGET and NGED | Underlying |
| £m                                     |        £m |                              £m |       £m |     £m |                                                  £m |            |
| UK Electricity Transmission            |       810 |                               3 |      813 |     33 |                                                   — |        846 |
| UK Electricity Distribution            |       488 |                               — |      488 |     63 |                                                   — |        551 |
| UK Electricity System Operator         |         — |                               — |        — |      — |                                                   — |          — |
| New England                            |        61 |                              20 |       81 |    211 |                                                   — |        292 |
| New York                               |        78 |                              -5 |       73 |    370 |                                                   — |        443 |
| National Grid Ventures                 |       126 |                              61 |      187 |      — |                                                   — |        187 |
| Other                                  |       -37 |                              10 |      -27 |      — |                                                   — |        -27 |
| Total