Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 12

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 12
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/25 baseline of 73.3p. This includes our long-run average scrip uptake assumption of 25% per annum, which will support our sustainable, progressive dividend policy into the future.

We will maintain a progressive level of total dividend aiming to grow the DPS in line with UK CPIH in keeping with the current dividend policy (for details of our dividend policy please refer to page 2 0 ).

#### 2025/26 forward guidance
This forward guidance is based on our continuing businesses, as defined by IFRS. It includes Grain LNG and the controlling stake of National Grid Renewables which are held for sale within continuing operations before they are assumed to be sold in the 2025/26 financial year.

The outlook and forward guidance contained in this statement should be reviewed, together with the forward-looking statements set out in this release, in the context of the cautionary statement. The forward guidance in this section is presented on an underlying basis and excludes remeasurements and exceptional items, deferrable major storm costs in the US (when greater than $100 million), timing and the impact on underlying results of deferred tax in our UK regulated businesses. The 2024/25 forward guidance assumes an exchange rate of £1:$1.30, reflecting nearer term exchange rates.

#### UK Electricity Transmission
Underlying net revenue is expected to increase by over £250 million compared to 2024/25 primarily driven by higher allowances as a result of growing RAV, including returns on increasing ASTI investment and indexation. Depreciation is expected to be around £20 million higher in the year due to the increasing asset base.

We expect to deliver around 100bps of outperformance in the final year of RIIO-T2 in Operational Return on Equity. This is in line with our target to deliver 100 basis points of operational outperformance on average through the five-year period of the RIIO-T2 price control.

#### UK Electricity Distribution
Underlying net revenue is expected to be broadly in line with 2024/25 with higher allowances as a result of a growing RAV including indexation , offset by lower tax allowances from increased investment that attracts greater capital allowances. Increased depreciation, reflecting the increasing asset base is expected to be offset by the non-recurrence of Storm Darragh costs.

We expect to deliver around 50 basis pointsof outperformance in the third year of RIIO-ED2 in operational Return on Equity. Increasing from 2024/25, primarily as a result of the one