Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 20

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 20
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 joint ventures and 
 associates                                      |                73 |     37 |       97 |     |                 75 |    101 |      -26 |
| Profit before tax - continuing                  |             3,650 |  3,048 |       20 |     |              4,071 |  3,395 |       20 |
| Tax - continuing                                |              -821 |   -831 |       -1 |     |               -616 |   -515 |       20 |
| Profit after tax - continuing                   |             2,829 |  2,217 |       28 |     |              3,455 |  2,880 |       20 |
| EPS (pence) - continuing                        |              60.0 |   55.5 |        8 |     |               73.3 |   72.1 |        2 |

Statutory operating profit increased in the year, primarily as a result of the non-recurrence of exceptional net charges of £1,011 million in 2023/24 compared with exceptional net gains of £42 million in 2024/25. For details on exceptional items refer to note 4. This was partly offset by £1,420 million adverse year-on-year movements in timing net over-recoveries, £154 million favourable year - on-year movements in commodity derivative remeasurements, improved underlying performance in UK Electricity Transmission, New York and New England, partially offset by a shorter period of ownership of UK Electricity System Operator, along with lower profits in National Grid Ventures and 'Other activities' than 2023/24.

Underlying operating profit increased by £584 million (12%). Major storm costs (net of in-year allowances) were $110 million (£87 million) in 2024/25 and above our $100 million threshold to be excluded from our underlying results, however these were £139 million lower than the equivalent amount excluded in the prior year. The reasons for the movements in underlying operating profit are described in the Business Review.

**Financing costs, share of post-tax joint ventures and associates and taxation - continuing**

#### Net finance costs
Statutory net finance costs of £1,357 million were down from £1,464 million in 2023/24 and included derivative remeasurement gains of £4 million (2024: £15 million gains). Underlying net finance costs for the year were 8% lower than last year at £