Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 14

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 14
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 11%, normalised in year for business disposals, reflecting an increase in investment, predominantly ASTI projects and New York investment.

Depreciation is expected to increase, reflecting the impact of continued high levels of capital investment.

Operating cash flow generated from continuing operations (excluding acquisitions, disposals and transaction costs) is expected to increase by around 20% compared to 2024/25 driven by increased underlying performance and lower timing under-recoveries, including non-recurrence of the 2024/25 significant ESO return of prior year over-recoveries.

Net debt is expected to increase by just over £6 billion (from £41.4 billion as at 31 March 2025), driven by our continued levels of significant investment in critical energy infrastructure, partially offset by operating cash inflows, with regulatory gearing expected to be in the low-mid 60% range. The forecast excludes the expected sale proceeds from the National Grid Renewables and Grain LNG disposals.

Weighted average number of shares (WAV) is expected to be approximately 4,925 million in 2025/26.

### Financial review
In managing the business, we focus on various non-IFRS alternative performance measures (APMs) and regulatory performance measures (RPMs) which provide meaningful comparisons of performance between years, monitor the strength of the Group's balance sheet and ensure profitability reflects the Group's regulatory economic arrangements. Such APMs and RPMs are supplementary to, and should not be regarded as a substitute for, IFRS measures, which we refer to as statutory results. We explain the basis of these measures and, where practicable, reconcile to statutory results on pages 7 3 to 89 . Adjusted results exclude exceptional items and remeasurements whereas underlying results exclude (i) revenue timing differences arising from our regulatory contracts; (ii) major storm costs recoverable in future periods, where above $100 million (in aggregate, net of in-year allowances and deductibles) in the year; and (iii) impact of deferred tax on our UK regulated businesses' underlying results (NGET and NGED); none of which give rise to economic gains/losses.

#### Performance for the year ended 31 March

#### Financial summary for continuing operations
| (£ million)                                    | 2024/25 | 2023/24 | change % |
| Accounting profit                              |         |         |          |
| Gross revenue                                  |  18,378 |  19,850 | -