Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 14

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 14
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 50 basis points of outperformance in the third year of RIIO-ED2 in operational Return on Equity, increasing from 2024/25, primarily as a result of the one-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 around $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 increases from the NIMO rate settlement and rate increases from the KEDNY and KEDLI rate cases. Depreciation is expected to be around $100 million higher, reflecting the increasing asset base and other costs are expected to be around $300 million higher, linked to investments. We also do not expect the $50 million environmental accounting benefit in 2024/25 to repeat.

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 million lower than 2024/25 driven by expected lower interconnector revenues.

We also expect other activities underlying operating loss to be around £30 million lower compared to 2024/25 reflecting lower insurance costs and improved performance within the NG Partners portfolio.

#### Joint Ventures and Associates
Our share of the profit after taxof joint ventures and associates is expected to be around £10 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 had no contribution to IFRS continuing profit prior to its sale on 29 May 2025.

#### Interest and Tax
Net finance costsin 2025/26 are expected to be around £30 millionlower than2024/25 (at actual currency) driven by favourable exchange rate impacts, partly offset by the impact of higher debt issuances 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