Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 16

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 16
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 higher than the prior year due to our growing asset base. Net financing costs were lower, benefiting from the Rights Issue proceeds in June 2024. Other interest was favourable year on year driven by higher capitalised interest. Underlying profit after tax increased by 20% and resulted in a 2% increase in underlying EPS to 73.3p.

Capital investment of £9,847 million was £1,612 million (20%) higher than 2023/24, driven by increased ASTI and customer connections investment in UK Electricity Transmission, increased capital expenditure in New York, New England and UK Electricity Distribution, partly offset by lower investment in National Grid Ventures. Higher capital investment is partly offset by reduced year-on-year RAV indexation from lower inflation resulting in asset growth of 9.0% (2024: 9.7%).

**Reconciliation of different measures of profitability and earnings**

In calculating adjusted profit measures, where we consider it is in the interests of users of the financial statements to do so we exclude certain discrete items of income or expense that we consider to b e exceptional in nature. The table below reconciles our statutory profit measures for continuing operations, at actual exchange rates, to adjusted and underlying versions. Further information on exceptional items and remeasurements is provided in notes 2, 4 and 5.

**Reconciliation of profit and earnings from continuing operations**

|                                                | Operating profit |       |     | Profit after tax |       |     | Earnings per share 
           (pence)1 |       |
| (£ million)                                    |             2025 |  2024 |     |             2025 |  2024 |     |               2025 |  2024 |
| Statutory results                              |            4,934 | 4,475 |     |            2,829 | 2,217 |     |               60.0 |  55.5 |
| Exceptional items                              |              -42 | 1,011 |     |             -118 |   852 |     |               -2.4 |  21.4 |
| Remeasurements                                 |             -127 |   -24 |     |              -93 |    32 |     |               -2.0 |   0.8 |
| Adjusted results                               |            4,765 | 5,462 |     |            2,618 | 3,101 |     |               55