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

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 25
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 over-collections) and slower collections of outstanding receivables;

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higher operating and financing costs than expected; including non-delivery of planned efficiencies across the Group; and

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the potential impact of further significant storm costs in the US.

As part of their analysis, the Board also considered the following potential levers at their discretion to improve the position identified by the analysis if the debt capital markets are not accessible:

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the payment of dividends to shareholders;

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significant changes in the phasing of the Group’s capital expenditure programme, with elements of non-essential works and programmes delayed; and

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a number of further reductions in operating expenditure across the Group.

As at 30 September 2025, the Group had undrawn committed facilities available for general corporate purposes amounting to £7.7 billion and a £1.0 billion undrawn Export Credit Agency (ECA) loan. Based on these available liquidity resources and having considered the reasonable worst-case scenario, and the further levers at the Board’s discretion, the Group has not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on its ability to continue as a going concern for the foreseeable future, a period not less than 12 months from the date of this report.

In addition to the above, the ability to raise new and extend existing financing was separately included in the analysis, and the Directors noted over £2.2 billion of new long-term senior debt and private placements were issued in the period from 1 April to 30 September 2025 as evidence of the Group’s ability to continue to have access to the debt capital markets if needed.

Based on the above, the Directors have concluded the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated interim financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the half year financial information.

**New IFRS accounting standards, interpretations and amendments adopted in the period**

There are no new standards, interpretations or amendments, issued by the IASB or by the IFRS Interpretations Committee (IFRIC), that are applicable for the period commencing on 1 April 2025 and have had a material impact on the Group’s results.

#### 2. Segmental analysis
Revenue and the results of the business are analysed by operating segment,