Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 4

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 4
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, changes in interest rates and exchange rate fluctuations.

Underlying operating profit for continuing operations increased by £266 million at constant currency to £2,292 million, an increase of 13% on the previous half year. This improvement was principally driven by strong performance across our regulated businesses including the effect of recent rates for Niagara Mohawk (NIMO) our upstate electric and gas business in New York, the effect of rate increases, storm recoveries and capital trackers in our Massachusetts Electric business (MECO), higher revenues reflecting increased investment in the UK and the classification of Grain LNG as held-for-sale, meaning depreciation has ceased. This was partly offset by the adverse impact of Real Price Effects (RPEs) reducing allowances in UK Electricity Distribution compared to the prior year, higher depreciation across our regulated businesses, and the divestment of the ESO.

Underlying EPS of 29.8p increased by 1.8p per share at constant currency, or 6% compared to the previous year, with the underlying operating profit increase partly offset by the increased weighted average number of shares after the Rights Issue last year and the increased net interest cost for the half year.

Capital investment for continuing operations increased by £558 million at constant currency to £5,052 million, an increase of 12% relative to the prior year period. This increase was principally driven by the ramp up of spend on Wave 1 Accelerated Strategic Transmission Investment (ASTI) projects in our UK Electricity Transmission business, increased asset health and load-related reinforcement investment in UK Electricity Distribution, increased spend on Advanced Metering Infrastructure (AMI) in MECO and NIMO, as well as leak-prone pipe replacement in New York; partially offset by lower investment in National Grid Ventures (NGV) following the divestment of National Grid Renewables and lower capital investment in Grain LNG.

Net debt was £41.8 billion at 30 September 2025, £0.5 billion higher than at 31 March 2025. This increase primarily reflects capital investment in the half year, partially offset by net proceeds of £1.5 billion from the divestment of National Grid Renewables, and the impact of foreign exchange movements.

**A further step up in growth: key projects and investments**

We have delivered another record level of capital investment for a first-half period at £5,052 million, on track to deliver over £11 billion for the full year in line with guidance and our five-year financial framework. This principally reflects the continued progress on