Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 1

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 1
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1.

‘Underlying’ is a non-GAAP alternative performance measure (APM) used by management to monitor performance across the Group. This measure along with other APMs used in this report are explained in more detail on pages 4 7 to 5 1 . These measures are not substitutes for IFRS measures, however management believes such additional information is useful in assessing the performance of the business on a comparable basis.

2.

Constant currency calculated using current year average exchange rate of $1.353 (2024: actual average exchange rate was $1.296).

**Continued delivery against our strategic objectives**

#### Financial performance
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Underlying EPS of 29.8p, up 6% with FY2026 guidance modestly higher reflecting stronger underlying performance partially offset by exchange rate headwinds. Statutory EPS constant at 12.6p.

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Higher underlying operating profit reflects increased investment across our regulated businesses.

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Interim dividend of 16.35p, 35% of prior year full dividend.

#### Strategic initiatives
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Supporting the UK Government in the development of AI Growth Zones, and readiness to connect 19 GW of additional demand in RIIO-T3.

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Supply chain and delivery mechanisms now secured for more than three-quarters of our £60 billion five-year investment plan. In the first half of this year we have:

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agreed £8 billion Electricity Transmission Partnership for substation construction;

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established a £12 billion HVDC framework for civil works in the UK; and

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agreed the partners to support over $3 billion of capital work in New England across the next five years.

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Delivered our three-year target of £100 million cumulative synergies from the acquisition of UK Electricity Distribution, six months ahead of schedule.

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Continued to streamline the portfolio with National Grid Renewables divested and Grain LNG sale agreed.

#### Key projects
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Strong progress on construction of all six Wave 1 ASTI* projects in the UK.

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Planning applications for Norwich to Tilbury and Sea Link Wave 2 ASTI projects accepted by UK Planning Inspectorate.

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Smart Path Connect project to upgrade more than 100 miles of transmission lines in upstate New York ready to energise in December 2025.

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Replaced a further 208 miles of leak-prone pipe across our gas networks in the US.