Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 26

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 26
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 based on the information the Board of Directors uses internally for the purposes of evaluating the performance of each operating segment and determining resource allocation between them. The Board is National Grid’s chief operating decision maker (as defined by IFRS 8 ‘Operating Segments’) and as a matter of course, the Board considers multiple profitability measures by segment, being ‘adjusted profit’ and ‘underlying profit’. Adjusted profit excludes exceptional items and remeasurements (as defined in note 4) and is used by management and the Board to monitor financial performance as it is considered that it aids the comparability of our reported financial performance from year to year. Underlying profit, as presented in the Annual Report and Accounts, represents adjusted profit and also excludes the effects of timing, major storm costs and deferred tax expenses in our UK Electricity Transmission and UK Electricity Distribution businesses. The measure of profit disclosed in this note and the primary profitability benchmark considered by the chief operating decision maker is operating profit before exceptional items and remeasurements, adjusted profit, as this is the measure that is most consistent with the IFRS results reported within these financial statements.

The results of our five principal businesses are reported to the Board and are accordingly treated as reportable operating segments. All other operating segments are either reported to the Board on an aggregated basis or do not meet the quantitative threshold in order to be considered a separate operating segment. The following table describes the main activities for each reportable operating segment:

| UK Electricity Transmission | The high-voltage electricity transmission networks in England and   
 Wales. This includes our Accelerated Strategic Transmission         
 Investment projects to connect more clean, low-carbon power to the  
 transmission network in England and Wales.                          |
| UK Electricity Distribution | The electricity distribution networks of NGED in the East Midlands, 
 West Midlands and South West of England and South                   
 Wales.                                                              |
| New England                 | Electricity distribution networks, high-voltage electricity         
 transmission networks and gas distribution networks in New          
 England.                                                            |
| New York                    | Electricity distribution networks, high-voltage electricity         
 transmission networks and gas distribution networks in New          
 York.                                                               |
| National Grid Ventures      | Comprises our electricity interconnectors in the UK, our            
 electricity generation business in the US, all commercial           
 operations in LNG at Providence, Rhode Island in the US and the     
 Isle of Grain in the UK, and our investment in NG Renewables, our   
 renewables business in the US. While NGV operates outside our       
 regulated core business, the electricity interconnectors