Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 15

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 15
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 to be around 15%. This is calculated following our definition of underlying earnings which excludes the impact of deferred tax on underlying results of our UK regulated businesses (UK Electricity Transmission and UK Electricity Distribution).

#### Investment, Growth and Net Debt
Overall Group capital investmentfor continuing operations in 2025/26 is expected to be over £11 billion.

Asset Growthis expected to be around 11%, normalised in year for business disposals, reflecting an increase in investment, predominantly in New York, New England, and in the ASTI projects within UK Electricity Transmission.

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

Operating cash flowgenerated 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 around £1.5 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 around 60%. The forecast includes the expected sale proceeds from the Grain LNG disposal.

Weighted average number of shares (WAV) is expected to be approximately 4,947 million in 2025/26.

### Financial review – HY 2025/26

#### Performance for the six months ended 30 September

#### Financial summary for continuing operations
| (£ million)                                        |   2025 |   2024 | change % |
| Accounting profit                                  |        |        |          |
| Gross revenue                                      |  7,065 |  7,961 | -11%     |
| Operating costs                                    | -5,539 | -6,652 | 17%      |
| Statutory operating profit                         |  1,526 |  1,309 | 17%      |
| Net finance costs                                  |   -739 |   -682 | -8%      |
| Share of joint ventures and associates (after tax) |     39 |     57 | -32%     |
| Tax                                                |   -208 |   -112 | -86%     |
| Non-controlling interest                           |     -1 |     -1 | —%       |
| Statutory earnings