Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 19

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 19
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 in customer-funded work, partly offset by lower storm costs.

National Grid Ventures’ statutory operating profit of £126 million was down from £145 million in the prior period. The current year includes a £96 million loss on the disposal of National Grid Renewables which was sold in May 2025 (the loss arose principally from the recycling of cumulative foreign exchange movements up to the date of disposal). Statutory operating profit also includes £18 million of exceptional transaction costs related to the disposal of Grain LNG. In the current period, there were £53 million of gains related to derivative remeasurements on capacity contracts in NSL (2024: £2 million losses). Adjusted operating profit of £187 million was £40 million higher than the prior period, driven by Grain LNG (£23 million higher) and National Grid Renewables (£17 million higher) with Grain LNG benefitting from depreciation ceasing under held for sale accounting treatment and National Grid Renewables benefitting from lower total business development costs than the comparative period. National Grid Renewables (US) was sold on 29 May 2025 for $2.1 billion and Grain LNG (UK) was agreed to be sold for £1.66 billion and is expected to complete before the end of 2025.

‘Other’ activities’ statutory operating loss of £37 million was £24 million favourable to the prior period. The current period includes exceptional charges of £9 million as part of our broader major transformation programme (2024: £26 million). The adjusted operating loss of £27 million (2024: £38 million loss) was adverse to the prior period, principally as a result of fair value losses in NG Partners in the prior period.

#### Financing costs and tax

#### Net finance costs
Statutory net finance costs of £739 millionwere up from £682 millionin the prior period and included derivative remeasurement gains of £61 million( 2024: £12 million). Adjusted net finance costs for continuing operations of £678 million( 2024: £670 million)were £8 million, or 1%higher than the prior period ( £26 million, or 4%higher at constant currency). This was driven by higher inflation on index-linked debt and no repeat of the interest income arising in the prior period on the £6.8 billion rights issue proceeds (held as short-term investments prior to funding of capital investment).

#### Joint ventures and associates
The Group’s share of net profits from joint ventures and associates on a statutory basis was £