Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 44

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 44
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2025.

2.

Opening balances have been restated to reflect the finalisation of calculated over/(under)-recoveries in the UK and the US and also adjusted for the regulatory time value of money impact on opening balances, where appropriate, in the UK.

#### Capital investment – at constant currency
‘Capital investment’ or ‘investment’ both refer to additions to property, plant and equipment and intangible assets, including capital prepayments plus equity contributions to joint ventures and associates during the period. This measure of capital investment is aligned with how we present our segmental information (see note 2(c) to the financial statements for further details). References to ‘capital investment’ in our regulated networks include the following segments: UK Electricity Transmission, UK Electricity Distribution, New England and New York, but exclude National Grid Ventures and ‘Other’. Capital investment measures are presented at actual exchange rates, but are also shown on a constant currency basis to show the year-on-year comparisons excluding any impact of foreign currency translation movements.

|                                         | At actual exchange rates |       |          |    | At constant currency |       |          |
| Six months ended 30 September           |                     2025 |  2024 | % change |    |                 2025 |  2024 | % change |
| £m                                      |                       £m |       |       £m | £m |                      |       |          |
| UK Electricity Transmission             |                    1,684 | 1,290 |       31 |    |                1,684 | 1,290 |       31 |
| UK Electricity Distribution             |                      756 |   647 |       17 |    |                  756 |   647 |       17 |
| New England                             |                      958 |   814 |       18 |    |                  958 |   780 |       23 |
| New York                                |                    1,585 | 1,569 |        1 |    |                1,585 | 1,503 |        5 |
| Capital investment (regulated networks) |                    4,983 | 4,320 |       15 |    |                4,983 | 4,220 |       18 |
| National Grid Ventures                  |                       69 |   279 |      -75 |    |                   69 |   270 |      -74 |
| Other                                   |                        — |     4 |     -100 |    |