Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 16

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 16
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 The prior period included £108 million of (pre ‑ tax) net exceptional gains, comprising: a £151 million credit representing the element of the ESO over-recovery that would be settled through the sales process, a £42 million of charges for our major transformation programme and a £1 million movement on our US environmental provisions. In the current period, tax on exceptional items was £2 million credit (2024: £11 million charge).

Statutory results were adversely impacted by derivative remeasurements in this half year, with post-tax net losses of £32 million (2024: £18 million post-tax net gains). The expected future exceptional costs associated with our multi-year major transformation programme are anticipated to be in the region of £300 million over the period to 2028.

Underlying operating profit of £2,292 million was up 12% and underlying EPS of 29.8p was up 6% against the prior period. This was driven by improved performance in UK Electricity Transmission, New York and New England, partly offset by the sale of the ESO business in October 2024.

Underlying net revenues of £5,800 million were £50 million higher compared to the prior period (£185 million higher at constant currency), driven by higher UK Electricity Transmission regulated revenues (up £129 million) along with increases in New York (up £201 million, or £276 million at constant currency) and New England (up £70 million, or £114 million at constant currency) , partly offset by a £291 million reduction from the disposal of ESO in October last year.

Regulated controllable costs were substantially lower as a result of the disposal of ESO, but after excluding the £159 million impact of that, they were broadly flat on a constant currency basis, with higher workload and inflationary increases being offset by efficiencies and other savings. Depreciation was higher from our ongoing investment programme. Other costs were higher related to increased US property taxes, no repeat of the reduction to environmental remediation provisions in New York in the prior period, also higher costs to deliver outputs as agreed with our regulators (which are offset by higher revenues), partly offset by lower US storm response costs and lower bad debts. These factors resulted in underlying earnings of £1,470 million for the first six months of 2024/25, up £199 million or 16%.

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