Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 13

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 13
---
-off impact of Storm Darragh costs in 2024/25, alongside the impact of Real Price Effects. We expect outperformance to improve towards 100bps over the remainder of RIIO-ED2.

#### New England
Underlying net revenue is expected to be around $400 million higher, driven primarily by rate increases and higher tracker revenue. This is expected to be offset by just over $50 million higher depreciation as a result of the increasing asset base and around $250 million of other cost increases linked to investments.

Return on Equity for New England is expected to be similar to 2024/25.

#### New York
Underlying net revenue is expected to be around $950 million higher, including expected increases from the NIMO rate settlement and rate increases from the KEDNY and KEDLI rate cases. Depreciation is expected to be just over $150 million higher, reflecting the increasing asset base and other costs are expected to be around $250 million higher, linked to investments. We also expect no repeat of the $50 million environmental accounting benefit in 2024/25.

Return on Equity for New York is expected to slightly improve compared to 2024/25.

#### National Grid Ventures and Other activities
In NGV, we expect operating profitto be nearly £50 millionlower than 2024/25 driven by expected lower interconnector revenues.

We also expect other activities underlying operating loss to be broadly flat year-on-year.

#### Joint Ventures and Associates
Our share of the profit after taxof joint ventures and associates is expected to be around £20 million lower than 2024/25 as a result of lower profits from our Emerald joint venture (part of the National Grid Renewables disposal group)which has not contributed to IFRS continuing profit since its classification as held for sale in September 2024.

#### Interest and Tax
Net finance costs in 2025/26 are expected to be around £40 million higher than 2024/25 as a result of higher debt issuance to fund investment growth.

For the full year 2025/26, the underlying effective tax rate, excluding the share of post-tax profits from joint ventures and associates, is expected to be around 15%. This is calculated following our definition of underlying earnings which excludes the impact of deferred tax on underlying results of our UK regulated businesses.

#### Investment, Growth and Net Debt
Overall Group capital investmentfor continuing operations in 2025/26 is expected to be over £11 billion.

Asset Growth is expected to be around