Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 41

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 41
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     -95 |       1,071 |   -191 |                    880 |
| UK Electricity System Operator   |         1,029 |  -1,217 |        -188 |    479 |                    291 |
| New England                      |         1,545 |    -663 |         882 |    148 |                  1,030 |
| New York                         |         2,341 |    -869 |       1,472 |    318 |                  1,790 |
| National Grid Ventures           |           650 |       — |         650 |      — |                    650 |
| Other                            |            98 |       — |          98 |      — |                     98 |
| Sales between segments           |          -142 |       — |        -142 |      — |                   -142 |
| Total from continuing operations |         7,961 |  -3,047 |       4,914 |    836 |                  5,750 |

Alternative performance measures/non-IFRS reconciliations continued

#### Adjusted profit measures
In considering the financial performance of our business and segments, we use various adjusted profit measures in order to aid comparability of results year-on-year. The various measures are presented on page 1 2and reconciled below.

Adjusted results:These exclude the impact of exceptional items and remeasurements that are treated as discrete transactions under IFRS and can accordingly be classified as such. Further details of these items are included in note 4.

Underlying results:Further adapts our adjusted results to take account of volumetric and other revenue timing differences arising due to the in-year difference between allowed and collected revenues, including revenue incentives, as governed by our rate plans in the US or regulatory price controls in the UK (but excluding totex-related allowances and adjustments). As defined on page 82 of the Annual Report and Accounts for the year ended 31 March 2025, major storm costs are costs (net of certain deductibles) that are recoverable under our US rate plans but expensed as incurred under IFRS. Where the total incurred costs (after deductibles and allowances) exceed $100 million in any given year we also exclude the net amount from underlying earnings.Underlying results also exclude deferred tax in our UK regulated business (NGET and NGED). Our UK regulated revenue contain an allowance for current tax, but not for deferred tax, so excluding the IFRS deferred