Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 4

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 4
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, falls and manual handling injuries. Our recent implementation of an enhanced safety reporting system is driving continuous improvements and data insights, recognition of positive safety behaviours, and ongoing learning and development.

We continue to invest in our people to attract, develop and retain a qualified and competent workforce, delivering robust training programmes built around a culture of safety. Our commitment to achieving safety excellence extends to our contractors where we deploy standardsand protocols for them to follow when working for National Grid.

**Financial performance: A strong start to our five-year financial framework**

For detailed financial performance commentary, please refer to the Financial Review section on page 12 . Our statutory operating profit is presented on page 12 which includes the impact of exceptional items, remeasurements, major storms, timing and the impact of deferred tax in our UK regulated businesses. A reconciliation between Statutory performance and our Alternative Performance Measures (APMs) is presented on page 76 .

The Group's financial performance in 2024/25 continued to demonstrate the resilience of our business model which enables us to effectively manage the impacts of inflation and cost pressures, changes in interest rates and exchange rate fluctuations.

Underlying operating profit for continuing operations increased by £589 million at constant currency to £5,357 million, an increase of 12% on the prior year. This improvement was principally driven by strong performance across our regulated businesses including new rates for our downstate gas businesses in New York, new rates for our Massachusetts Electric business, higher revenues supported by increased allowances and indexation in the UK and delivery of strong cost efficiency. This was partly offset by lower revenues from our interconnectors.

Underlying EPS of 73.3p increased by 1.2p per share, or 2% compared to the previous year, with the underlying operating profit increase more than offsetting the increased number of shares after the Rights Issue.

Capital investment for continuing operations increased by £1,627 million at constant currency to a record £9,847 million, an increase of 20% on the prior year. This increase was principally driven by the ramp up in spend on Wave 1 Accelerated Strategic Transmission Investment ( ASTI) projects and customer connections in our UK Electricity Transmission business, increased spend on leak-prone pipe replacement and electricity transmission projects in New York; partially offset by lower investment in National Grid Ventures (NGV) with the commissioning of the Viking interconnector in the prior year, and National Grid Renewables and Grain LNG being classified as held for sale (see note 9).

During the year,