0001004315 2026-04-01 2026-09-30 0001004315 2025-04-01 2025-09-30 0001004315 ifrs-full:IssuedCapitalMember 2026-03-31 0001004315 ifrs-full:SharePremiumMember 2026-03-31 0001004315 ifrs-full:RetainedEarningsMember 2026-03-31 0001004315 ifrs-full:OtherReservesMember 2026-03-31 0001004315 ifrs-full:EquityAttributableToOwnersOfParentMember 2026-03-31 0001004315 ifrs-full:NoncontrollingInterestsMember 2026-03-31 0001004315 2026-03-31 0001004315 ifrs-full:RetainedEarningsMember 2026-04-01 2026-09-30 0001004315 ifrs-full:EquityAttributableToOwnersOfParentMember 2026-04-01 2026-09-30 0001004315 ifrs-full:NoncontrollingInterestsMember 2026-04-01 2026-09-30 0001004315 ifrs-full:OtherReservesMember 2026-04-01 2026-09-30 0001004315 ifrs-full:IssuedCapitalMember 2026-04-01 2026-09-30 0001004315 ifrs-full:SharePremiumMember 2026-04-01 2026-09-30 0001004315 ifrs-full:IssuedCapitalMember 2026-09-30 0001004315 ifrs-full:SharePremiumMember 2026-09-30 0001004315 ifrs-full:RetainedEarningsMember 2026-09-30 0001004315 ifrs-full:OtherReservesMember 2026-09-30 0001004315 ifrs-full:EquityAttributableToOwnersOfParentMember 2026-09-30 0001004315 ifrs-full:NoncontrollingInterestsMember 2026-09-30 0001004315 2026-09-30 0001004315 ifrs-full:IssuedCapitalMember 2025-03-31 0001004315 ifrs-full:SharePremiumMember 2025-03-31 0001004315 ifrs-full:RetainedEarningsMember 2025-03-31 0001004315 ifrs-full:OtherReservesMember 2025-03-31 0001004315 ifrs-full:EquityAttributableToOwnersOfParentMember 2025-03-31 0001004315 ifrs-full:NoncontrollingInterestsMember 2025-03-31 0001004315 2025-03-31 0001004315 ifrs-full:RetainedEarningsMember 2025-04-01 2025-09-30 0001004315 ifrs-full:EquityAttributableToOwnersOfParentMember 2025-04-01 2025-09-30 0001004315 ifrs-full:NoncontrollingInterestsMember 2025-04-01 2025-09-30 0001004315 ifrs-full:OtherReservesMember 2025-04-01 2025-09-30 0001004315 ifrs-full:IssuedCapitalMember 2025-04-01 2025-09-30 0001004315 ifrs-full:SharePremiumMember 2025-04-01 2025-09-30 0001004315 ifrs-full:IssuedCapitalMember 2025-09-30 0001004315 ifrs-full:SharePremiumMember 2025-09-30 0001004315 ifrs-full:RetainedEarningsMember 2025-09-30 0001004315 ifrs-full:OtherReservesMember 2025-09-30 0001004315 ifrs-full:EquityAttributableToOwnersOfParentMember 2025-09-30 0001004315 ifrs-full:NoncontrollingInterestsMember 2025-09-30 0001004315 2025-09-30 0001004315 nggtf:CommunityOffshoreWindMember 2026-04-01 2026-09-30 0001004315 nggtf:CommunityOffshoreWindMember 2025-04-01 2025-09-30 0001004315 nggtf:NationalGridRenewablesMember 2026-04-01 2026-09-30 0001004315 nggtf:NationalGridRenewablesMember 2025-04-01 2025-09-30 0001004315 nggtf:JoulentLLCMember nggtf:InvestmentsHeldAtFVTPLMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:FixedInterestRateBondsMember 2026-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 ifrs-full:OperatingSegmentsMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 ifrs-full:OperatingSegmentsMember 2026-04-01 2026-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember 2026-04-01 2026-09-30 0001004315 ifrs-full:OperatingSegmentsMember 2025-04-01 2025-09-30 0001004315 ifrs-full:EliminationOfIntersegmentAmountsMember 2025-04-01 2025-09-30 0001004315 ifrs-full:CountryOfDomicileMember 2026-04-01 2026-09-30 0001004315 ifrs-full:CountryOfDomicileMember 2025-04-01 2025-09-30 0001004315 country:US 2026-04-01 2026-09-30 0001004315 country:US 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:OperatingSegmentsMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember 2025-04-01 2025-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:CountryOfDomicileMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember ifrs-full:CountryOfDomicileMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:CountryOfDomicileMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember ifrs-full:CountryOfDomicileMember 2025-04-01 2025-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember country:US 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember country:US 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember country:US 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember country:US 2025-04-01 2025-09-30 0001004315 ifrs-full:PropertyPlantAndEquipmentMember 2026-04-01 2026-09-30 0001004315 ifrs-full:PropertyPlantAndEquipmentMember 2025-04-01 2025-09-30 0001004315 nggtf:NonCurrentIntangibleAssetsMember 2026-04-01 2026-09-30 0001004315 nggtf:NonCurrentIntangibleAssetsMember 2025-04-01 2025-09-30 0001004315 ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2026-04-01 2026-09-30 0001004315 ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2025-04-01 2025-09-30 0001004315 nggtf:CapitalExpenditurePrepaymentsMember 2026-04-01 2026-09-30 0001004315 nggtf:CapitalExpenditurePrepaymentsMember 2025-04-01 2025-09-30 0001004315 ifrs-full:CountryOfDomicileMember 2026-09-30 0001004315 ifrs-full:CountryOfDomicileMember 2026-03-31 0001004315 country:US 2026-09-30 0001004315 country:US 2026-03-31 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:TransmissionMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:TransmissionMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:TransmissionMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:TransmissionMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:TransmissionMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:TransmissionMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:TransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:DistributionMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:DistributionMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:DistributionMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:DistributionMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:DistributionMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:DistributionMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:DistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherProductAndServicesMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherProductAndServicesMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherProductAndServicesMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherProductAndServicesMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherProductAndServicesMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherProductAndServicesMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherProductAndServicesMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:GenerationMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:GenerationMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:GenerationMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:GenerationMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:GenerationMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:GenerationMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:BeforeExceptionalItemsAndRemeasurementsNettingMember nggtf:GenerationMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 country:US nggtf:UKElectricityTransmissionMember 2026-04-01 2026-09-30 0001004315 country:US nggtf:UKElectricityDistributionMember 2026-04-01 2026-09-30 0001004315 country:US nggtf:NewEnglandSegmentMember 2026-04-01 2026-09-30 0001004315 country:US nggtf:NewYorkSegmentMember 2026-04-01 2026-09-30 0001004315 country:US nggtf:NationalGridVenturesMember 2026-04-01 2026-09-30 0001004315 country:US nggtf:OtherSegmentsMember 2026-04-01 2026-09-30 0001004315 nggtf:TransmissionMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 nggtf:TransmissionMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 nggtf:TransmissionMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:TransmissionMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:TransmissionMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 nggtf:TransmissionMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 nggtf:TransmissionMember 2025-04-01 2025-09-30 0001004315 nggtf:DistributionMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 nggtf:DistributionMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 nggtf:DistributionMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:DistributionMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:DistributionMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 nggtf:DistributionMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 nggtf:DistributionMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherProductAndServicesMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherProductAndServicesMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherProductAndServicesMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherProductAndServicesMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherProductAndServicesMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherProductAndServicesMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherProductAndServicesMember 2025-04-01 2025-09-30 0001004315 nggtf:GenerationMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 nggtf:GenerationMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 nggtf:GenerationMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:GenerationMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 nggtf:GenerationMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 nggtf:GenerationMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 nggtf:GenerationMember 2025-04-01 2025-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 ifrs-full:CountryOfDomicileMember nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 country:US nggtf:UKElectricityTransmissionMember 2025-04-01 2025-09-30 0001004315 country:US nggtf:UKElectricityDistributionMember 2025-04-01 2025-09-30 0001004315 country:US nggtf:NewEnglandSegmentMember 2025-04-01 2025-09-30 0001004315 country:US nggtf:NewYorkSegmentMember 2025-04-01 2025-09-30 0001004315 country:US nggtf:NationalGridVenturesMember 2025-04-01 2025-09-30 0001004315 country:US nggtf:OtherSegmentsMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsMember 2026-04-01 2026-09-30 0001004315 nggtf:RemeasurementsMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsMember nggtf:NationalGridRenewablesMember 2025-04-01 2025-09-30 0001004315 nggtf:RemeasurementsMember nggtf:NationalGridRenewablesMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsAndRemeasurementsNettingMember nggtf:NationalGridRenewablesMember 2025-04-01 2025-09-30 0001004315 nggtf:ExceptionalItemsMember 2025-04-01 2025-09-30 0001004315 nggtf:RemeasurementsMember 2025-04-01 2025-09-30 0001004315 nggtf:CommunityOffshoreWindLLCMember 2025-04-01 2025-09-30 0001004315 nggtf:CommunityOffshoreWindLLCMember 2025-03-31 0001004315 nggtf:CommunityOffshoreWindLLCMember 2026-08-04 2026-08-04 0001004315 nggtf:ExceptionalItemsMember nggtf:CommunityOffshoreWindLLCMember 2026-08-04 2026-08-04 0001004315 nggtf:ExceptionalItemsMember nggtf:CommunityOffshoreWindLLCMember 2026-04-01 2026-09-30 0001004315 nggtf:ExceptionalItemsMember nggtf:NationalGridRenewablesMember ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember 2025-04-01 2025-09-30 0001004315 nggtf:NationalGridRenewablesMember ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember 2025-05-29 2025-05-29 0001004315 nggtf:ExceptionalItemsMember nggtf:MajorTransformationProgrammeMember 2025-04-01 2025-09-30 0001004315 2025-04-01 2026-03-31 0001004315 nggtf:FinalDividendMember 2025-04-01 2026-03-31 0001004315 nggtf:InterimDividendMember 2025-04-01 2026-03-31 0001004315 nggtf:FinalDividendMember 2024-04-01 2025-03-31 0001004315 2026-04-01 2027-03-31 0001004315 nggtf:InvestmentsHeldAtFVTPLMember ifrs-full:Level1OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:InvestmentsHeldAtFVTPLMember ifrs-full:Level2OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:InvestmentsHeldAtFVTPLMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:InvestmentsHeldAtFVTPLMember 2026-09-30 0001004315 nggtf:InvestmentsHeldAtFVTPLMember ifrs-full:Level1OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:InvestmentsHeldAtFVTPLMember ifrs-full:Level2OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:InvestmentsHeldAtFVTPLMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:InvestmentsHeldAtFVTPLMember 2026-03-31 0001004315 nggtf:InvestmentsHeldAtFVTOCIMember ifrs-full:Level1OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:InvestmentsHeldAtFVTOCIMember ifrs-full:Level2OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:InvestmentsHeldAtFVTOCIMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:InvestmentsHeldAtFVTOCIMember 2026-09-30 0001004315 nggtf:InvestmentsHeldAtFVTOCIMember ifrs-full:Level1OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:InvestmentsHeldAtFVTOCIMember ifrs-full:Level2OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:InvestmentsHeldAtFVTOCIMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:InvestmentsHeldAtFVTOCIMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level1OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level1OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level1OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level1OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember 2026-03-31 0001004315 ifrs-full:Level1OfFairValueHierarchyMember 2026-09-30 0001004315 ifrs-full:Level2OfFairValueHierarchyMember 2026-09-30 0001004315 ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 ifrs-full:Level1OfFairValueHierarchyMember 2026-03-31 0001004315 ifrs-full:Level2OfFairValueHierarchyMember 2026-03-31 0001004315 ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level1OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level1OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level1OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level1OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember 2026-03-31 0001004315 ifrs-full:AtFairValueMember 2026-09-30 0001004315 ifrs-full:AtFairValueMember 2026-03-31 0001004315 nggtf:JoulentLLCMember 2026-04-01 2026-09-30 0001004315 nggtf:CommodityDerivativesMember nggtf:CommodityPriceRiskTenPercentIncreaseMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember nggtf:CommodityPriceRiskTenPercentIncreaseMember 2025-09-30 0001004315 nggtf:CommodityDerivativesMember nggtf:CommodityPriceRiskTenPercentDecreaseMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember nggtf:CommodityPriceRiskTenPercentDecreaseMember 2025-09-30 0001004315 nggtf:CommodityDerivativesMember nggtf:MarketAreaPriceRiskTenPercentIncreaseMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember nggtf:MarketAreaPriceRiskTenPercentIncreaseMember 2025-09-30 0001004315 nggtf:CommodityDerivativesMember nggtf:MarketAreaPriceRiskTenPercentDecreaseMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember nggtf:MarketAreaPriceRiskTenPercentDecreaseMember 2025-09-30 0001004315 nggtf:FinancingDerivativesMember nggtf:MarketRiskLimitedPriceInflationMarketCurveTwentyBasisPointsIncreaseMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember nggtf:MarketRiskLimitedPriceInflationMarketCurveTwentyBasisPointsIncreaseMember 2025-09-30 0001004315 nggtf:FinancingDerivativesMember nggtf:MarketRiskLimitedPriceInflationMarketCurveTwentyBasisPointsDecreaseMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember nggtf:MarketRiskLimitedPriceInflationMarketCurveTwentyBasisPointsDecreaseMember 2025-09-30 0001004315 nggtf:FinancingDerivativesMember nggtf:MarketRiskRetailPriceIndexAndConsumerPriceIndexTwentyBasisPointsIncreaseMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember nggtf:MarketRiskRetailPriceIndexAndConsumerPriceIndexTwentyBasisPointsIncreaseMember 2025-09-30 0001004315 nggtf:FinancingDerivativesMember nggtf:MarketRiskRetailPriceIndexAndConsumerPriceIndexTwentyBasisPointsDecreaseMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember nggtf:MarketRiskRetailPriceIndexAndConsumerPriceIndexTwentyBasisPointsDecreaseMember 2025-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember nggtf:DiscountRateRisk100BasisPointsIncreaseMember 2026-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember nggtf:DiscountRateRisk100BasisPointsIncreaseMember 2025-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember nggtf:DiscountRateRisk100BasisPointsDecreaseMember 2026-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember nggtf:DiscountRateRisk100BasisPointsDecreaseMember 2025-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember nggtf:VentureCapitalPriceRiskTenPercentIncreaseMember 2026-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember nggtf:VentureCapitalPriceRiskTenPercentIncreaseMember 2025-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember nggtf:VentureCapitalPriceRiskTenPercentDecreaseMember 2026-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember nggtf:VentureCapitalPriceRiskTenPercentDecreaseMember 2025-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2025-03-31 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2025-03-31 0001004315 nggtf:OtherFinancialInstrumentsMember ifrs-full:Level3OfFairValueHierarchyMember 2026-03-31 0001004315 nggtf:OtherFinancialInstrumentsMember ifrs-full:Level3OfFairValueHierarchyMember 2025-03-31 0001004315 ifrs-full:Level3OfFairValueHierarchyMember 2025-03-31 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-04-01 2026-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2025-04-01 2025-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-04-01 2026-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2025-04-01 2025-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember ifrs-full:Level3OfFairValueHierarchyMember 2026-04-01 2026-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember ifrs-full:Level3OfFairValueHierarchyMember 2025-04-01 2025-09-30 0001004315 ifrs-full:Level3OfFairValueHierarchyMember 2026-04-01 2026-09-30 0001004315 ifrs-full:Level3OfFairValueHierarchyMember 2025-04-01 2025-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2025-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2025-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember ifrs-full:Level3OfFairValueHierarchyMember 2026-09-30 0001004315 nggtf:OtherFinancialInstrumentsMember ifrs-full:Level3OfFairValueHierarchyMember 2025-09-30 0001004315 ifrs-full:Level3OfFairValueHierarchyMember 2025-09-30 0001004315 ifrs-full:DerivativesMember nggtf:CapitalExpenditurePrepaymentsMember 2026-09-30 0001004315 ifrs-full:DerivativesMember nggtf:CapitalExpenditurePrepaymentsMember 2026-03-31 0001004315 nggtf:FinancingDerivativesMember 2026-09-30 0001004315 nggtf:FinancingDerivativesMember 2026-03-31 0001004315 nggtf:CommodityDerivativesMember 2026-09-30 0001004315 nggtf:CommodityDerivativesMember 2026-03-31 0001004315 ifrs-full:WhollyOrPartlyFundedDefinedBenefitPlansMember 2026-09-30 0001004315 ifrs-full:WhollyOrPartlyFundedDefinedBenefitPlansMember 2026-03-31 0001004315 ifrs-full:WhollyUnfundedDefinedBenefitPlansMember 2026-09-30 0001004315 ifrs-full:WhollyUnfundedDefinedBenefitPlansMember 2026-03-31 0001004315 ifrs-full:PostemploymentMedicalDefinedBenefitPlansMember country:US 2026-03-31 0001004315 ifrs-full:PostemploymentMedicalDefinedBenefitPlansMember country:US 2025-03-31 0001004315 ifrs-full:PostemploymentMedicalDefinedBenefitPlansMember country:US 2026-04-01 2026-09-30 0001004315 ifrs-full:PostemploymentMedicalDefinedBenefitPlansMember country:US 2025-04-01 2025-09-30 0001004315 ifrs-full:PostemploymentMedicalDefinedBenefitPlansMember country:US 2026-09-30 0001004315 ifrs-full:PostemploymentMedicalDefinedBenefitPlansMember country:US 2025-09-30 0001004315 nggtf:JoulentLLCMember nggtf:InvestmentsHeldAtFVTPLMember 2026-04-01 2026-09-30 0001004315 nggtf:JoulentLLCMember nggtf:InvestmentsHeldAtFVTPLMember ifrs-full:Level3OfFairValueHierarchyMember 2026-04-01 2026-09-30 iso4217:GBP iso4217:GBP shares nggtf:segment iso4217:USD pure shares nggtf:investment nggtf:plan false 0001004315 --03-31 2026-09-30 2027 Q2 NATIONAL GRID PLC 6-K

8138000000

73000000

5706000000

2359000000

121000000

839000000

89000000

1730000000

386000000

1344000000

1343000000

1000000

0.269

0.268

7065000000

58000000

5481000000

1526000000

208000000

947000000

39000000

826000000

208000000

618000000

617000000

1000000

0.126

0.125

1344000000

618000000

115000000

147000000

-74000000 42000000

12000000

54000000

29000000

135000000

-37000000 -588000000

11000000

-76000000

127000000

-68000000

9000000 35000000 -5000000 13000000

34000000

-8000000

49000000

-524000000

78000000

-389000000

1422000000

229000000

1421000000

228000000

1000000

647000000

1285000000

41909000000

-4542000000

39299000000

31000000

39330000000

1343000000

1000000

1344000000

84000000

-6000000

78000000

1427000000

-6000000

1421000000

1000000

1422000000

990000000

6000000 -8000000 -2000000 -2000000

22000000

-2000000

4000000 4000000

25000000

6000000 6000000 6000000

653000000

1277000000

42391000000

-4542000000

39779000000

36000000

39815000000

638000000

1292000000

40106000000

-4233000000

37803000000

23000000

37826000000

617000000

1000000

618000000

102000000

-491000000

-389000000

719000000

-491000000

228000000

1000000

229000000

894000000

7000000 -8000000 -1000000 -1000000

38000000

-1000000

4000000 4000000

17000000

645000000

1284000000

39985000000

-4724000000

37190000000

28000000

37218000000

9406000000

9417000000

3973000000

3879000000

86667000000

81520000000

1424000000

1384000000

2617000000

2507000000

1898000000

842000000

681000000

624000000

558000000

623000000

107224000000

100796000000

738000000

559000000

2965000000

3867000000

10000000

16000000

3015000000

2453000000

162000000

215000000

308000000

375000000

7198000000

7485000000

114422000000

108281000000

5474000000

3900000000

339000000

268000000

5108000000

5049000000

96000000

110000000

48000000

45000000

596000000

425000000

11661000000

9797000000

45748000000

42855000000

1046000000

750000000

1147000000

1114000000

2875000000

2699000000

9470000000

9040000000

326000000

360000000

2334000000

2336000000

62946000000

59154000000

74607000000

68951000000

39815000000

39330000000

653000000

647000000

1277000000

1285000000

42391000000

41909000000

-4542000000

39779000000

39299000000

36000000

31000000

39815000000

39330000000

2359000000

1526000000

11000000

-96000000

-199000000

-7000000

1154000000

1102000000

25000000

17000000

-696000000

-913000000

112000000

-35000000

10000000

26000000

4146000000

3638000000

4000000

12000000

4142000000

3626000000

298000000

260000000

5650000000

4444000000

31000000

10000000

15000000

77000000

57000000

49000000

75000000

1481000000

134000000

31000000

979000000

44000000

-551000000

2555000000

59000000

143000000

13000000

20000000

-7124000000

-536000000

22000000

38000000

-2000000 -1000000

5623000000

2235000000

1767000000

1638000000

86000000

76000000

1074000000

-2104000000

74000000 71000000 66000000 40000000

1002000000

996000000

990000000

894000000

2880000000

-3405000000

-102000000

-315000000

0 31000000

5000000

-7000000

375000000

1178000000

278000000

887000000

30000000

<div>1. Basis of preparation and new accounting standards, interpretations and amendments</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">The half year financial information covers the six month period ended 30 September 2026 and 30 September 2025 and has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standards Board (IASB). This condensed set of financial statements comprises the unaudited financial information for the half years ended 30 September 2026 and 2025, together with the audited consolidated statement of financial position as at 31 March 2026. The half year financial information has been prepared applying consistent accounting policies to those applied by the Group for the year ended 31 March 2026 and are expected to be applicable for the year ending 31 March 2027. The notes to the unaudited financial information are prepared on a continuing basis unless otherwise stated. </div><div style="margin-bottom:9pt;text-align:justify">The financial information for the six months ended 30 September 2026 does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. It should be read in conjunction with the Annual Report and Accounts and Form 20-F for the year ended 31 March 2026, which were prepared in accordance with IFRS® Accounting Standards (IFRSs) as issued by the IASB.</div><div style="margin-bottom:9pt;text-align:justify">The key sources of estimation uncertainty, other areas of estimation uncertainty and areas of judgement for the period ended 30 September 2026 are aligned to those disclosed in the Annual Report and Accounts for year ended 31 March 2026, with an additional key source of estimation uncertainty in respect of the valuation of the Group’s £952 million investment in Joulent LLC. This investment, which is accounted for at fair value through profit and loss, is described in note 9 with valuation sensitivity analysis also set out in that note.</div><div>1. Basis of preparation and new accounting standards, interpretations and amendments continued</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:2pt;padding-left:17.01pt;text-indent:-18pt">A.Going concern</div><div style="margin-bottom:9pt;text-align:justify">As part of the Directors’ consideration of the appropriateness of adopting the going concern basis of accounting in preparing the half year financial information, the Directors have considered the Group’s principal risks (discussed on page <a href="#i6ca8daea4fc34a7eb1d948239214569c_115" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">46</a>) alongside potential downside business cash flow scenarios impacting the Group’s operations. The Directors specifically considered both a base case and a reasonable worst-case scenario for business cash flows.</div><div style="margin-bottom:3pt;text-align:justify">The main cash flow impacts identified in the reasonable worst-case scenario are:</div><div style="margin-bottom:3pt;padding-left:9.07pt;text-align:justify;text-indent:-9.07pt">–adverse impacts of higher spend on our investment programme;</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–adverse impact from timing across the Group (i.e. a net under-recovery of allowed revenues or reductions in over-collections) and slower collections of outstanding receivables;</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–higher operating and financing costs than expected; including non-delivery of planned efficiencies across the Group; and </div><div style="margin-bottom:9pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–the potential impact of further significant storm costs in the US.</div><div style="margin-bottom:3pt;text-align:justify">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:</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–the payment of dividends to shareholders;</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–significant changes in the phasing of the Group’s capital programme, with elements of non-essential works and programmes delayed; and</div><div style="margin-bottom:9pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–a number of further reductions in operating expenditure across the Group.</div><div style="margin-bottom:9pt;text-align:justify">Having considered the reasonable worst-case scenario and the further levers at the Board’s discretion, the Group continues to have headroom against the Group’s committed facilities. </div><div style="margin-bottom:9pt;text-align:justify">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 £9.1 billion of new long-term senior debt and facilities had been executed in the period from 1 April 2026 to 30 September 2026 as evidence of the Group’s ability to continue to have access to capital, including via the debt capital markets if needed. </div><div style="margin-bottom:9pt;text-align:justify">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.</div><div style="margin-bottom:2pt;padding-left:17.01pt;text-indent:-18pt">B.New IFRS accounting standards, interpretations and amendments adopted in the period</div><div style="margin-bottom:9pt;text-align:justify">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 2026 and that have had a material impact on the Group’s results. </div><div style="margin-bottom:2pt;padding-left:17.01pt;text-indent:-18pt">C.New IFRS accounting standards, interpretations and amendments not yet adopted </div><div style="margin-bottom:3pt;text-align:justify">The following new accounting standards and amendments to existing standards have been issued during the period but are not yet effective or have not yet been endorsed by the UK:</div><div style="margin-bottom:3pt;padding-left:9.07pt;text-indent:-9.07pt">–IFRS 18 ‘Presentation and Disclosure in Financial Statements’;</div><div style="margin-bottom:3pt;padding-left:9.07pt;text-indent:-9.07pt">–Amendments to IAS 28 ‘Investments in Associates and Joint Ventures’: Fair Value Option for Investments in Associates and Joint Ventures;</div><div style="margin-bottom:9pt;padding-left:9.07pt;text-indent:-9.07pt">–IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’.</div><div style="margin-bottom:9pt;text-align:justify">The potential impact of IFRS 18 ‘Presentation and Disclosure in Financial Statements’, and IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’ are given below. The Group does not expect the amendments to IAS 28 ‘Investments in Associates and Joint Ventures’ to have a material impact on its financial statements.</div><div>1. Basis of preparation and new accounting standards, interpretations and amendments continued</div><div> </div><div style="margin-bottom:2pt;padding-left:17.01pt;text-indent:-18pt">C.New IFRS accounting standards, interpretations and amendments not yet adopted continued</div><div style="margin-bottom:1pt">IFRS 18 ‘Presentation and Disclosure in Financial Statements’</div><div style="margin-bottom:9pt;text-align:justify">IFRS 18 will replace IAS 1 ‘Presentation of Financial Statements’. The standard is effective for accounting periods beginning on or after 1 January 2027 and will be applied by the Group from 1 April 2027, with comparative information restated.</div><div style="margin-bottom:9pt;text-align:justify">The Group is continuing to assess the impact of IFRS 18 on its consolidated financial statements. Based on the assessment performed to date, the adoption of IFRS 18 is not expected to affect the recognition or measurement of the Group’s assets, liabilities, equity, income or expenses, nor its profit after tax. However, the standard is expected to result in changes to the presentation and disclosure of information within the consolidated financial statements.</div><div style="margin-bottom:9pt;text-align:justify">IFRS 18 introduces specified categories within the consolidated income statement, namely operating, investing, financing, income tax and discontinued operations, together with new mandatory subtotals, including ‘Profit before financing and income taxes’. The standard also introduces enhanced requirements relating to the aggregation and disaggregation of information and the presentation of a ‘useful structured summary’ of an entity’s financial performance.</div><div style="margin-bottom:9pt;text-align:justify">Based on the assessment performed to date, the results of associates and joint ventures accounted for using the equity method and investment income will be classified within the investing category. The Group will also provide additional disaggregation of expenses currently included within other operating costs where this is necessary to meet the requirements of IFRS 18. No significant changes to the presentation of the consolidated statement of financial position are expected.</div><div style="margin-bottom:9pt;text-align:justify">IFRS 18 also introduces disclosure requirements for management-defined performance measures (MPM), requiring qualifying measures to be disclosed and reconciled to the most directly comparable IFRS-defined subtotal within a single note. The Group is continuing to evaluate the impact of these requirements on its existing alternative performance measures and related disclosures. Based on the assessment performed to date, certain measures currently presented as part of the Group’s unaudited Alternative Performance Measures disclosures, including adjusted and underlying profit measures and the regulated financial performance measure used as the numerator in the calculation of Group return on equity, may meet the definition of an MPM and consequently be required to be included within the audited financial statements, together with an explanation of their purpose, calculation methodology and a reconciliation to the relevant IFRS-defined subtotal. In addition, the Group is reviewing whether its current Group Income Statement presentation of ‘Exceptional items and remeasurements’ of financial instruments in a separate column, adheres with the IFRS 18 requirement for any additional subtotals presented to be recognised and measured in accordance with IFRS. In the event that the current presentation is not compliant, the Group Income Statement will revert to a single column, with the additional ‘Exceptional items and remeasurements’ column information provided in a separate note.</div><div style="margin-bottom:9pt;text-align:justify">As the Group continues to assess the impact of IFRS 18 and refine its implementation approach, additional changes to the presentation and disclosure of information within the consolidated financial statements may be identified prior to adoption.</div><div>IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’</div><div style="margin-bottom:9pt;text-align:justify">In May 2026, the IASB issued IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’, a new accounting standard governing rate-regulated activities which replaces IFRS 14 ‘Regulatory Deferral Accounts’. IFRS 20 supplements IFRS 15 ‘Revenue from Contracts with Customers’, by requiring entities to reflect the total allowed compensation for regulated goods and services in the period which they are supplied. Where there is a difference between when regulated goods or services are supplied and when the related amounts are recovered from or returned to customers through regulated rates, IFRS 20 requires entities to recognise regulatory assets and regulatory liabilities, together with the related regulatory income and regulatory expense.</div><div style="margin-bottom:9pt;text-align:justify">IFRS 20 is effective for annual reporting periods beginning on or after 1 January 2029, with earlier application permitted (subject to UK endorsement). The Group is currently assessing the impact of IFRS 20 on its financial statements, including the application of IFRS 20 to its regulated activities and the resulting effect on the recognition, measurement, presentation and disclosure of regulatory balances.</div>

952000000

Going concern<div style="margin-bottom:9pt;text-align:justify">As part of the Directors’ consideration of the appropriateness of adopting the going concern basis of accounting in preparing the half year financial information, the Directors have considered the Group’s principal risks (discussed on page <a href="#i6ca8daea4fc34a7eb1d948239214569c_115" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">46</a>) alongside potential downside business cash flow scenarios impacting the Group’s operations. The Directors specifically considered both a base case and a reasonable worst-case scenario for business cash flows.</div><div style="margin-bottom:3pt;text-align:justify">The main cash flow impacts identified in the reasonable worst-case scenario are:</div><div style="margin-bottom:3pt;padding-left:9.07pt;text-align:justify;text-indent:-9.07pt">–adverse impacts of higher spend on our investment programme;</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–adverse impact from timing across the Group (i.e. a net under-recovery of allowed revenues or reductions in over-collections) and slower collections of outstanding receivables;</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–higher operating and financing costs than expected; including non-delivery of planned efficiencies across the Group; and </div><div style="margin-bottom:9pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–the potential impact of further significant storm costs in the US.</div><div style="margin-bottom:3pt;text-align:justify">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:</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–the payment of dividends to shareholders;</div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–significant changes in the phasing of the Group’s capital programme, with elements of non-essential works and programmes delayed; and</div><div style="margin-bottom:9pt;margin-top:3pt;padding-left:9.07pt;text-indent:-9.07pt">–a number of further reductions in operating expenditure across the Group.</div><div style="margin-bottom:9pt;text-align:justify">Having considered the reasonable worst-case scenario and the further levers at the Board’s discretion, the Group continues to have headroom against the Group’s committed facilities. </div><div style="margin-bottom:9pt;text-align:justify">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 £9.1 billion of new long-term senior debt and facilities had been executed in the period from 1 April 2026 to 30 September 2026 as evidence of the Group’s ability to continue to have access to capital, including via the debt capital markets if needed. </div><div style="margin-bottom:9pt;text-align:justify">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.</div>

9100000000

New IFRS accounting standards, interpretations and amendments adopted in the periodThere 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 2026 and that have had a material impact on the Group’s results.

New IFRS accounting standards, interpretations and amendments not yet adopted <div style="margin-bottom:3pt;text-align:justify">The following new accounting standards and amendments to existing standards have been issued during the period but are not yet effective or have not yet been endorsed by the UK:</div><div style="margin-bottom:3pt;padding-left:9.07pt;text-indent:-9.07pt">–IFRS 18 ‘Presentation and Disclosure in Financial Statements’;</div><div style="margin-bottom:3pt;padding-left:9.07pt;text-indent:-9.07pt">–Amendments to IAS 28 ‘Investments in Associates and Joint Ventures’: Fair Value Option for Investments in Associates and Joint Ventures;</div><div style="margin-bottom:9pt;padding-left:9.07pt;text-indent:-9.07pt">–IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’.</div><div style="margin-bottom:9pt;text-align:justify">The potential impact of IFRS 18 ‘Presentation and Disclosure in Financial Statements’, and IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’ are given below. The Group does not expect the amendments to IAS 28 ‘Investments in Associates and Joint Ventures’ to have a material impact on its financial statements.</div><div>1. Basis of preparation and new accounting standards, interpretations and amendments continued</div><div> </div><div style="margin-bottom:2pt;padding-left:17.01pt;text-indent:-18pt">C.New IFRS accounting standards, interpretations and amendments not yet adopted continued</div><div style="margin-bottom:1pt">IFRS 18 ‘Presentation and Disclosure in Financial Statements’</div><div style="margin-bottom:9pt;text-align:justify">IFRS 18 will replace IAS 1 ‘Presentation of Financial Statements’. The standard is effective for accounting periods beginning on or after 1 January 2027 and will be applied by the Group from 1 April 2027, with comparative information restated.</div><div style="margin-bottom:9pt;text-align:justify">The Group is continuing to assess the impact of IFRS 18 on its consolidated financial statements. Based on the assessment performed to date, the adoption of IFRS 18 is not expected to affect the recognition or measurement of the Group’s assets, liabilities, equity, income or expenses, nor its profit after tax. However, the standard is expected to result in changes to the presentation and disclosure of information within the consolidated financial statements.</div><div style="margin-bottom:9pt;text-align:justify">IFRS 18 introduces specified categories within the consolidated income statement, namely operating, investing, financing, income tax and discontinued operations, together with new mandatory subtotals, including ‘Profit before financing and income taxes’. The standard also introduces enhanced requirements relating to the aggregation and disaggregation of information and the presentation of a ‘useful structured summary’ of an entity’s financial performance.</div><div style="margin-bottom:9pt;text-align:justify">Based on the assessment performed to date, the results of associates and joint ventures accounted for using the equity method and investment income will be classified within the investing category. The Group will also provide additional disaggregation of expenses currently included within other operating costs where this is necessary to meet the requirements of IFRS 18. No significant changes to the presentation of the consolidated statement of financial position are expected.</div><div style="margin-bottom:9pt;text-align:justify">IFRS 18 also introduces disclosure requirements for management-defined performance measures (MPM), requiring qualifying measures to be disclosed and reconciled to the most directly comparable IFRS-defined subtotal within a single note. The Group is continuing to evaluate the impact of these requirements on its existing alternative performance measures and related disclosures. Based on the assessment performed to date, certain measures currently presented as part of the Group’s unaudited Alternative Performance Measures disclosures, including adjusted and underlying profit measures and the regulated financial performance measure used as the numerator in the calculation of Group return on equity, may meet the definition of an MPM and consequently be required to be included within the audited financial statements, together with an explanation of their purpose, calculation methodology and a reconciliation to the relevant IFRS-defined subtotal. In addition, the Group is reviewing whether its current Group Income Statement presentation of ‘Exceptional items and remeasurements’ of financial instruments in a separate column, adheres with the IFRS 18 requirement for any additional subtotals presented to be recognised and measured in accordance with IFRS. In the event that the current presentation is not compliant, the Group Income Statement will revert to a single column, with the additional ‘Exceptional items and remeasurements’ column information provided in a separate note.</div><div style="margin-bottom:9pt;text-align:justify">As the Group continues to assess the impact of IFRS 18 and refine its implementation approach, additional changes to the presentation and disclosure of information within the consolidated financial statements may be identified prior to adoption.</div><div>IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’</div><div style="margin-bottom:9pt;text-align:justify">In May 2026, the IASB issued IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’, a new accounting standard governing rate-regulated activities which replaces IFRS 14 ‘Regulatory Deferral Accounts’. IFRS 20 supplements IFRS 15 ‘Revenue from Contracts with Customers’, by requiring entities to reflect the total allowed compensation for regulated goods and services in the period which they are supplied. Where there is a difference between when regulated goods or services are supplied and when the related amounts are recovered from or returned to customers through regulated rates, IFRS 20 requires entities to recognise regulatory assets and regulatory liabilities, together with the related regulatory income and regulatory expense.</div><div style="margin-bottom:9pt;text-align:justify">IFRS 20 is effective for annual reporting periods beginning on or after 1 January 2029, with earlier application permitted (subject to UK endorsement). The Group is currently assessing the impact of IFRS 20 on its financial statements, including the application of IFRS 20 to its regulated activities and the resulting effect on the recognition, measurement, presentation and disclosure of regulatory balances.</div>

<div>2. Segmental analysis</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">Revenue and the results of the business are analysed by operating segment, based on the information the Board of Directors uses internally for the purposes of evaluating the performance of each operating segment and determining resource allocation between them. The Board is National Grid’s chief operating decision maker (as defined by IFRS 8 ‘Operating Segments’) and as a matter of course, the Board considers multiple profitability measures by segment, being ‘adjusted profit’ and ‘underlying profit’. Adjusted profit excludes exceptional items and remeasurements (as defined in note 4) and is used by management and the Board to monitor financial performance as it is considered that it aids the comparability of our reported financial performance from year to year. Underlying profit, as presented in the Annual Report and Accounts, represents adjusted profit and also excludes the effects of timing, major storm costs and deferred tax expenses in our UK Electricity Transmission and UK Electricity Distribution businesses. The measure of profit disclosed in this note and the primary profitability benchmark considered by the chief operating decision maker is adjusted profit, as this is the measure that is most consistent with the IFRS results reported within these financial statements.</div><div style="margin-bottom:9pt;text-align:justify">The results of our five principal businesses are reported to the Board and are accordingly treated as reportable operating segments. All other operating segments are reported to the Board on an aggregated basis. The following table describes the main activities for each reportable operating segment:</div><div style="margin-bottom:7pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.472%"><tr><td style="width:1.0%"></td><td style="width:19.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:78.779%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">UK Electricity Transmission</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">The high-voltage electricity transmission networks in England and Wales. This includes our Accelerated Strategic Transmission Investment projects to connect more clean, low-carbon power to the transmission network in England and Wales.</td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">UK Electricity Distribution</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">The electricity distribution networks of NGED in the East Midlands, West Midlands and South West of England and South Wales.</td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">New England</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Electricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in New England.</td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">New York</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Electricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in New York.</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">National Grid Ventures</td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Comprises our electricity interconnectors in the UK, our electricity generation business in the US and all commercial operations in LNG at Providence, Rhode Island in the US. While NGV operates outside our regulated core business, the electricity interconnectors in the UK are subject to indirect regulation by Ofgem regarding the level of returns they can earn. During the prior year, the Group sold its interest in NG Renewables and Grain LNG. </td></tr></table></div><div style="margin-bottom:9pt;text-align:justify">The New England and New York segments typically experience seasonal fluctuations in revenue and operating profit due to higher delivery volumes during the second half of the financial year, for example as a result of colder weather over the winter months driving increased heating demand. These seasonal fluctuations have a consequential impact on the working capital balances (primarily trade debtors and accrued income) in the consolidated statement of financial position at 30 September 2026 when compared to 31 March 2026. The majority of UK revenues are derived from the supply of network capacity rather than the supply of commodities and therefore are not subject to the same seasonal fluctuations as in New York and New England.</div><div style="margin-bottom:9pt;text-align:justify">Other activities that do not form part of any of the segments in the above table primarily relate to our UK property business together with insurance and corporate activities in the UK and US and the Group’s investments in technology and innovation companies through National Grid Partners.</div><div>2. Segmental analysis continued</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:2pt;padding-left:18pt;text-indent:-18pt">(a)Revenue </div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.691%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.511%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.511%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.511%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.516%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="9" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr style="height:24pt"><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total sales</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">Sales between segments1</div></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Sales to third parties</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total sales</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">Sales between segments1</div></td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Sales to third parties</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating segments:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,823 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(57)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,766 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,443 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(37)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,406 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">922 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">901 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">896 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New England</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,493 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,493 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New York</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,667 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,667 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">National Grid Ventures</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">516 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(23)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">493 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">601 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">581 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:7.09pt">Other2</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">226 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">223 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue </td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,224 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(86)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,138 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,130 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(65)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,065 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Geographical areas:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,167 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,702 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">US</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,971 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,363 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,138 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,065 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;padding-left:9.92pt;text-indent:-9.92pt">1.Sales between operating segments are priced having regard to the regulatory and legal requirements to which the businesses are subject. The analysis of revenue by geographical area is on the basis of destination. There are no material sales between the UK and US geographical areas. </div><div style="padding-left:9.92pt;text-indent:-9.92pt">2.In the current period, Other segmental revenue includes £142 million of exceptional revenue. Further details are provided in notes 3 and 4.</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">The principal revenues of the UK Electricity Transmission segment arise from the provision of electricity transmission services and are invoiced to, and collected from, National Energy System Operator (NESO). Amounts are invoiced and settled in equal monthly instalments throughout the financial year. No other single customer contributed 10% or more of the Group’s revenue in either of the periods presented.</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:2pt;padding-left:18pt;text-indent:-18pt">(b)Operating profit/(loss) </div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.902%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total operating profit/(loss) before exceptional items and remeasurements</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Exceptional items and remeasurements (see note 4)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total operating profit/(loss) after exceptional items and remeasurements</td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating segments:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,147 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">813</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,147 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">810 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">477 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">488 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">477 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">488 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New England</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">92 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">81 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">65 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">61 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New York</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">373 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">73 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">377 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">National Grid Ventures</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">127 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">187 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">90 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">217 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">126 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(66)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">76 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(37)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total Group</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,150 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,615 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,359 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,526 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Geographical areas:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,713 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,476 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">146 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,859 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,498 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">437 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">139 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">63 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(111)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">28 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total Group</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,150 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,615 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,359 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,526 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.902%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total operating profit/(loss) before exceptional items and remeasurements</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Exceptional items and remeasurements (see note 4)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total operating profit/(loss) after exceptional items and remeasurements</td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Reconciliation to profit before tax:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Operating profit</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,150 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,615 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,359 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,526 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Share of post-tax results of joint ventures and associates</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">89 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">89 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Finance income</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">206 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Finance costs</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(843)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(884)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(839)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(947)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total Group</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,517 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">976 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">213 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(150)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,730 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">826 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>2. Segmental analysis continued</div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify">The following items are included in the total operating profit by segment:</div><div style="margin-top:2pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.797%"></td><td style="width:0.1%"></td></tr><tr style="height:18pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Depreciation, amortisation and impairment</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2025</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating segments:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(308)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(278)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(145)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(133)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New England</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(276)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(236)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New York</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(423)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(376)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">National Grid Ventures</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(75)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(76)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,229)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,102)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Asset type:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Property, plant and equipment</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,022)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(950)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Non-current intangible assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(207)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(152)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,229)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,102)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:2pt;padding-left:17.86pt;text-indent:-18pt">(c)Capital investment </div><div style="margin-bottom:3pt;text-align:justify">Capital investment represents additions to property, plant and equipment, prepayments to suppliers to secure production capacity in relation to our capital projects, non-current intangibles and additional equity investments in joint ventures and associates. Capital investments exclude additions for assets or businesses from the point they are classified as held for sale.</div><div style="margin-top:2pt;padding-left:7.09pt;text-indent:-7.09pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.797%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating segments:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,888 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,684 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">834 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">756 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New England</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,105 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">958 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New York</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,775 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,585 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">National Grid Ventures</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">69 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,707 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,052 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Asset type:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Property, plant and equipment</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,047 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,551 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Non-current intangible assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">310 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">323 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Equity investments in joint ventures and associates</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Capital expenditure prepayments</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">335 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">163 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,707 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,052 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:2pt;padding-left:17.86pt;text-indent:-18pt">(d)Geographical analysis of non-current assets</div><div style="margin-bottom:3pt;text-align:justify">Non-current assets by geography comprise goodwill, other intangible assets, property, plant and equipment, investments in joint ventures and associates and other non-current assets.</div><div style="margin-bottom:9pt;margin-top:2pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Split by geographical area:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50,781 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,551 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">51,370 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">49,273 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">102,151 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">96,824 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Reconciliation to total non-current assets:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Pension assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,617 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,507 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Financial and other investments</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,898 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">842 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Derivative financial assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">558 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">623 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Non-current assets</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,224 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100,796 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-bottom:9pt;text-align:justify">Revenue and the results of the business are analysed by operating segment, based on the information the Board of Directors uses internally for the purposes of evaluating the performance of each operating segment and determining resource allocation between them. The Board is National Grid’s chief operating decision maker (as defined by IFRS 8 ‘Operating Segments’) and as a matter of course, the Board considers multiple profitability measures by segment, being ‘adjusted profit’ and ‘underlying profit’. Adjusted profit excludes exceptional items and remeasurements (as defined in note 4) and is used by management and the Board to monitor financial performance as it is considered that it aids the comparability of our reported financial performance from year to year. Underlying profit, as presented in the Annual Report and Accounts, represents adjusted profit and also excludes the effects of timing, major storm costs and deferred tax expenses in our UK Electricity Transmission and UK Electricity Distribution businesses. The measure of profit disclosed in this note and the primary profitability benchmark considered by the chief operating decision maker is adjusted profit, as this is the measure that is most consistent with the IFRS results reported within these financial statements.</div>

The following table describes the main activities for each reportable operating segment:<div style="margin-bottom:7pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.472%"><tr><td style="width:1.0%"></td><td style="width:19.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:78.779%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">UK Electricity Transmission</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">The high-voltage electricity transmission networks in England and Wales. This includes our Accelerated Strategic Transmission Investment projects to connect more clean, low-carbon power to the transmission network in England and Wales.</td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">UK Electricity Distribution</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">The electricity distribution networks of NGED in the East Midlands, West Midlands and South West of England and South Wales.</td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">New England</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Electricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in New England.</td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">New York</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Electricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in New York.</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">National Grid Ventures</td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Comprises our electricity interconnectors in the UK, our electricity generation business in the US and all commercial operations in LNG at Providence, Rhode Island in the US. While NGV operates outside our regulated core business, the electricity interconnectors in the UK are subject to indirect regulation by Ofgem regarding the level of returns they can earn. During the prior year, the Group sold its interest in NG Renewables and Grain LNG. </td></tr></table></div>Revenue <div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.691%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.511%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.511%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.511%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.516%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="9" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr style="height:24pt"><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total sales</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">Sales between segments1</div></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Sales to third parties</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total sales</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">Sales between segments1</div></td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Sales to third parties</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating segments:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,823 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(57)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,766 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,443 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(37)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,406 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">922 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">901 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">896 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New England</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,493 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,493 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New York</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,667 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,667 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">National Grid Ventures</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">516 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(23)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">493 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">601 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">581 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:7.09pt">Other2</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">226 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">223 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue </td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,224 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(86)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,138 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,130 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(65)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,065 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Geographical areas:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,167 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,702 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">US</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,971 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,363 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,138 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,065 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;padding-left:9.92pt;text-indent:-9.92pt">1.Sales between operating segments are priced having regard to the regulatory and legal requirements to which the businesses are subject. The analysis of revenue by geographical area is on the basis of destination. There are no material sales between the UK and US geographical areas. </div><div style="padding-left:9.92pt;text-indent:-9.92pt">2.In the current period, Other segmental revenue includes £142 million of exceptional revenue. Further details are provided in notes 3 and 4.</div>Operating profit/(loss) <div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.902%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total operating profit/(loss) before exceptional items and remeasurements</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Exceptional items and remeasurements (see note 4)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total operating profit/(loss) after exceptional items and remeasurements</td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating segments:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,147 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">813</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,147 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">810 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">477 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">488 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">477 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">488 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New England</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">92 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">81 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">65 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">61 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New York</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">373 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">73 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">377 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">National Grid Ventures</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">127 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">187 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">90 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">217 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">126 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(66)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">76 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(37)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total Group</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,150 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,615 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,359 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,526 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Geographical areas:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,713 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,476 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">146 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,859 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,498 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">437 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">139 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">63 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(111)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">500 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">28 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total Group</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,150 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,615 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,359 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,526 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.902%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total operating profit/(loss) before exceptional items and remeasurements</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Exceptional items and remeasurements (see note 4)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total operating profit/(loss) after exceptional items and remeasurements</td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Reconciliation to profit before tax:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Operating profit</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,150 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,615 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,359 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,526 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Share of post-tax results of joint ventures and associates</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">89 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">89 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Finance income</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">206 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Finance costs</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(843)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(884)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(839)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(947)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total Group</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,517 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">976 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">213 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(150)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,730 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">826 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>2. Segmental analysis continued</div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify">The following items are included in the total operating profit by segment:</div><div style="margin-top:2pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.797%"></td><td style="width:0.1%"></td></tr><tr style="height:18pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Depreciation, amortisation and impairment</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2025</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating segments:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(308)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(278)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(145)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(133)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New England</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(276)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(236)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New York</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(423)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(376)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">National Grid Ventures</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(75)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(76)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,229)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,102)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Asset type:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Property, plant and equipment</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,022)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(950)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Non-current intangible assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(207)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(152)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,229)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,102)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>Capital investment <div style="margin-bottom:3pt;text-align:justify">Capital investment represents additions to property, plant and equipment, prepayments to suppliers to secure production capacity in relation to our capital projects, non-current intangibles and additional equity investments in joint ventures and associates. Capital investments exclude additions for assets or businesses from the point they are classified as held for sale.</div><div style="margin-top:2pt;padding-left:7.09pt;text-indent:-7.09pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.797%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Operating segments:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,888 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,684 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK Electricity Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">834 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">756 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New England</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,105 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">958 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">New York</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,775 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,585 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">National Grid Ventures</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">69 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Other</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,707 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,052 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Asset type:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Property, plant and equipment</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,047 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,551 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Non-current intangible assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">310 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">323 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Equity investments in joint ventures and associates</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Capital expenditure prepayments</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">335 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">163 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,707 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,052 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

1823000000

-57000000

1766000000

1443000000

-37000000

1406000000

922000000

-3000000

919000000

901000000

-5000000

896000000

1630000000

1493000000

3107000000

2667000000

516000000

-23000000

493000000

601000000

-20000000

581000000

226000000

-3000000

223000000

25000000

-3000000

22000000

8224000000

-86000000

8138000000

7130000000

-65000000

7065000000

3167000000

2702000000

4971000000

4363000000

8138000000

7065000000

142000000

1147000000

813000000

-3000000

1147000000

810000000

477000000

488000000

477000000

488000000

92000000

81000000

-27000000

-20000000

65000000

61000000

373000000

73000000

4000000

5000000

377000000

78000000

127000000

187000000

90000000

-61000000

217000000

126000000

-66000000

-27000000

142000000

-10000000

76000000

-37000000

2150000000

1615000000

209000000

-89000000

2359000000

1526000000

1713000000

1476000000

146000000

22000000

1859000000

1498000000

437000000

139000000

63000000

-111000000

500000000

28000000

2150000000

1615000000

209000000

-89000000

2359000000

1526000000

2150000000

1615000000

209000000

-89000000

2359000000

1526000000

89000000

39000000

89000000

39000000

121000000

206000000

2000000

121000000

208000000

843000000

884000000

-4000000

63000000

839000000

947000000

1517000000

976000000

213000000

-150000000

1730000000

826000000

308000000

278000000

145000000

133000000

276000000

236000000

423000000

376000000

75000000

76000000

2000000

3000000

1229000000

1102000000

1022000000

950000000

207000000

152000000

1229000000

1102000000

2888000000 1684000000 834000000 756000000 1105000000 958000000 1775000000 1585000000 100000000 69000000 5000000 0 6707000000 5052000000 6047000000 4551000000 310000000 323000000 15000000 15000000 335000000 163000000 6707000000 5052000000

<div style="margin-bottom:9pt;margin-top:2pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Split by geographical area:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">UK</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50,781 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,551 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">51,370 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">49,273 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">102,151 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">96,824 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Reconciliation to total non-current assets:</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Pension assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,617 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,507 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Financial and other investments</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,898 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">842 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Derivative financial assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">558 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">623 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Non-current assets</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,224 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100,796 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

50781000000

47551000000

51370000000

49273000000

102151000000

96824000000

2617000000

2507000000

1898000000

842000000

558000000

623000000

107224000000

100796000000

<div>3. Revenue</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">Under IFRS 15 ‘Revenue from Contracts with Customers’, revenue is recorded as or when the Group satisfies a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service. </div><div style="margin-bottom:9pt;text-align:justify">The transfer of control of our distribution or transmission services coincides with the use of our network, as electricity and gas pass through our network and reach our customers. The Group principally satisfies its performance obligations over time and the amount of revenue recorded corresponds to the amounts billed and accrued for volumes of gas and electricity delivered/transferred to/from our customers.</div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.923%"><tr><td style="width:1.0%"></td><td style="width:26.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Revenue for the six months </div><div>ended 30 September 2026</div></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Transmission £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Distribution £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New England £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New York £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">National Grid Ventures £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Other £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenue under IFRS 15</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,706 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">221 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">333 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,310 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">882 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,553 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,861 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,296 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Other1</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">74 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total IFRS 15 revenue</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,722 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">917 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,091 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">339 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,680 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other revenue</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Generation</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">211 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">211 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Other2</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(57)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">105 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total other revenue</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">154 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">316 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total revenue before exceptional items </td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,766 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">493 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">81 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,996 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Exceptional items3</div></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,766 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">493 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">223 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,138 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.923%"><tr><td style="width:1.0%"></td><td style="width:26.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Geographic split of revenue for the six months ended 30 September 2026</div></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Transmission £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Distribution £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New England £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New York £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">National Grid Ventures £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Other £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenue under IFRS 15</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">UK</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,722 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">917 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">333 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,972 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,091 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,708 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total IFRS 15 revenue</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,722 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">917 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,091 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">339 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,680 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other revenue</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">UK</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">210 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">195 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">215 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">263 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total other revenue</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">154 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">220 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">458 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,766 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">493 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">223 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,138 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;padding-left:9.92pt;text-indent:-9.92pt">1.The UK Electricity Transmission and UK Electricity Distribution other IFRS 15 revenue principally relates to engineering recharges, which are the recovery of costs incurred for construction work requested by customers, such as the re-routing of existing network assets.</div><div style="padding-left:9.92pt;text-indent:-9.92pt">2.Other revenue, recognised in accordance with accounting standards other than IFRS 15, includes net fair value gains and losses in respect of investments in our National Grid Partners business, rental income, income arising in connection with the Transition Services Agreements in place following the sale of the ESO, and an adjustment to NGV revenue in respect of the interconnector cap and floor and Use of Revenue regimes constructed by Ofgem.</div><div style="padding-left:9.92pt;text-indent:-9.92pt">3.Exceptional items included in revenue relate to a fair value gain recognised on an investment held by NG Partners. Further details are provided in note 4.</div><div>3. Revenue continued</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.923%"><tr><td style="width:1.0%"></td><td style="width:26.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Revenue for the six months ended 30 September 2025</div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Transmission £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Distribution £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New England £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New York £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">National Grid Ventures £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Other £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenue under IFRS 15</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Transmission</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,293 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">49 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">163 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">423 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,928 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Distribution</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">860 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,421 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,477 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,758 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Other1</div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">34 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">75 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total IFRS 15 revenue</td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,306 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">894 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,474 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,648 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">437 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,761 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other revenue</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Generation</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">178 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">177 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Other2</div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(34)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">127 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total other revenue</td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">144 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">304 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,406 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">896 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,493 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,667 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">581 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,065 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.923%"><tr><td style="width:1.0%"></td><td style="width:26.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Geographic split of revenue for the six months ended 30 September 2025</div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Transmission £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Distribution £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New England £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New York £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">National Grid Ventures £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Other £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenue under IFRS 15</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">UK</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,306 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">894 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">423 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,623 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">US</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,474 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,648 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,138 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total IFRS 15 revenue</td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,306 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">894 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,474 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,648 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">437 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,761 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other revenue</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">UK</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(38)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">US</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">182 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">225 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total other revenue</td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">144 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">304 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue </td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,406 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">896 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,493 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,667 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">581 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,065 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;padding-left:9.92pt;text-indent:-9.92pt">1.The UK Electricity Transmission and UK Electricity Distribution other IFRS 15 revenue principally relates to engineering recharges, which are the recovery of costs incurred for construction work requested by customers, such as the re-routing of existing network assets. </div>2.Other revenue, recognised in accordance with accounting standards other than IFRS 15, includes property sales by our UK commercial property business, net fair value gains and losses in respect of investments in our National Grid Partners business, rental income, income arising in connection with the Transition Services Agreements in place following the sales of the UK Gas Transmission business and the ESO, and an adjustment to NGV revenue in respect of the interconnector cap and floor and Use of Revenue regimes constructed by Ofgem.

<div style="margin-bottom:9pt;text-align:justify">Under IFRS 15 ‘Revenue from Contracts with Customers’, revenue is recorded as or when the Group satisfies a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service. </div><div style="margin-bottom:9pt;text-align:justify">The transfer of control of our distribution or transmission services coincides with the use of our network, as electricity and gas pass through our network and reach our customers. The Group principally satisfies its performance obligations over time and the amount of revenue recorded corresponds to the amounts billed and accrued for volumes of gas and electricity delivered/transferred to/from our customers.</div>

<div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.923%"><tr><td style="width:1.0%"></td><td style="width:26.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Revenue for the six months </div><div>ended 30 September 2026</div></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Transmission £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Distribution £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New England £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New York £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">National Grid Ventures £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Other £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenue under IFRS 15</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Transmission</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,706 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">221 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">333 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,310 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Distribution</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">882 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,553 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,861 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,296 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Other1</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">74 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total IFRS 15 revenue</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,722 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">917 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,091 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">339 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,680 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other revenue</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Generation</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">211 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">211 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Other2</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(57)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">105 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total other revenue</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">154 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">316 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total revenue before exceptional items </td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,766 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">493 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">81 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,996 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Exceptional items3</div></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,766 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">493 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">223 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,138 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.923%"><tr><td style="width:1.0%"></td><td style="width:26.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Geographic split of revenue for the six months ended 30 September 2026</div></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Transmission £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Distribution £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New England £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New York £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">National Grid Ventures £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Other £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenue under IFRS 15</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">UK</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,722 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">917 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">333 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,972 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,091 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,708 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total IFRS 15 revenue</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,722 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">917 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,091 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">339 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,680 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other revenue</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">UK</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">210 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">195 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">215 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">263 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total other revenue</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">154 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">220 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">458 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,766 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,630 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,107 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">493 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">223 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,138 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;padding-left:9.92pt;text-indent:-9.92pt">1.The UK Electricity Transmission and UK Electricity Distribution other IFRS 15 revenue principally relates to engineering recharges, which are the recovery of costs incurred for construction work requested by customers, such as the re-routing of existing network assets.</div><div style="padding-left:9.92pt;text-indent:-9.92pt">2.Other revenue, recognised in accordance with accounting standards other than IFRS 15, includes net fair value gains and losses in respect of investments in our National Grid Partners business, rental income, income arising in connection with the Transition Services Agreements in place following the sale of the ESO, and an adjustment to NGV revenue in respect of the interconnector cap and floor and Use of Revenue regimes constructed by Ofgem.</div><div style="padding-left:9.92pt;text-indent:-9.92pt">3.Exceptional items included in revenue relate to a fair value gain recognised on an investment held by NG Partners. Further details are provided in note 4.</div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.923%"><tr><td style="width:1.0%"></td><td style="width:26.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Revenue for the six months ended 30 September 2025</div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Transmission £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Distribution £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New England £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New York £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">National Grid Ventures £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Other £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenue under IFRS 15</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Transmission</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,293 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">49 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">163 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">423 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,928 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Distribution</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">860 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,421 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,477 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,758 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Other1</div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">34 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">75 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total IFRS 15 revenue</td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,306 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">894 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,474 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,648 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">437 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,761 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other revenue</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Generation</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">178 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">177 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Other2</div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(34)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">127 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total other revenue</td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">144 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">304 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue</td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,406 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">896 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,493 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,667 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">581 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,065 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.923%"><tr><td style="width:1.0%"></td><td style="width:26.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Geographic split of revenue for the six months ended 30 September 2025</div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Transmission £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">UK Electricity Distribution £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New England £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">New York £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">National Grid Ventures £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Other £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Revenue under IFRS 15</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">UK</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,306 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">894 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">423 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,623 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">US</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,474 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,648 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,138 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total IFRS 15 revenue</td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,306 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">894 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,474 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,648 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">437 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,761 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Other revenue</td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">UK</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(38)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">79 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">US</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">182 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">225 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total other revenue</td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">144 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">304 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total revenue </td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,406 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">896 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,493 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,667 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">581 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,065 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;padding-left:9.92pt;text-indent:-9.92pt">1.The UK Electricity Transmission and UK Electricity Distribution other IFRS 15 revenue principally relates to engineering recharges, which are the recovery of costs incurred for construction work requested by customers, such as the re-routing of existing network assets. </div>2.Other revenue, recognised in accordance with accounting standards other than IFRS 15, includes property sales by our UK commercial property business, net fair value gains and losses in respect of investments in our National Grid Partners business, rental income, income arising in connection with the Transition Services Agreements in place following the sales of the UK Gas Transmission business and the ESO, and an adjustment to NGV revenue in respect of the interconnector cap and floor and Use of Revenue regimes constructed by Ofgem.

1706000000

50000000

221000000

333000000

2310000000

882000000

1553000000

2861000000

5296000000

16000000

35000000

5000000

9000000

6000000

3000000

74000000

1722000000

917000000

1608000000

3091000000

339000000

3000000

7680000000

0 0 0 0 211000000 0 211000000 44000000 2000000 22000000 16000000 -57000000 78000000 105000000 44000000 2000000 22000000 16000000 154000000 78000000 316000000

1766000000

919000000

1630000000

3107000000

493000000

81000000

7996000000

142000000

1766000000

919000000

1630000000

3107000000

493000000

223000000

8138000000

1722000000

917000000

333000000

2972000000

1608000000

3091000000

6000000

3000000

4708000000

1722000000

917000000

1608000000

3091000000

339000000

3000000

7680000000

44000000 2000000 0 0 -61000000 210000000 195000000 0 0 22000000 16000000 215000000 10000000 263000000 44000000 2000000 22000000 16000000 154000000 220000000 458000000

1766000000

919000000

1630000000

3107000000

493000000

223000000

8138000000

1293000000

49000000

163000000

423000000

1928000000

860000000

1421000000

2477000000

4758000000

13000000

34000000

4000000

8000000

14000000

2000000

75000000

1306000000

894000000

1474000000

2648000000

437000000

2000000

6761000000

0 0 -1000000 0 178000000 0 177000000 100000000 2000000 20000000 19000000 -34000000 20000000 127000000 100000000 2000000 19000000 19000000 144000000 20000000 304000000

1406000000

896000000

1493000000

2667000000

581000000

22000000

7065000000

1306000000

894000000

423000000

2623000000

1474000000

2648000000

14000000

2000000

4138000000

1306000000

894000000

1474000000

2648000000

437000000

2000000

6761000000

100000000 2000000 0 0 -38000000 15000000 79000000 0 0 19000000 19000000 182000000 5000000 225000000 100000000 2000000 19000000 19000000 144000000 20000000 304000000

1406000000

896000000

1493000000

2667000000

581000000

22000000

7065000000

<div>4. Exceptional items and remeasurements</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:6pt;text-align:justify">To monitor our segmental financial performance, we use an adjusted profit measure that excludes exceptional items and remeasurements. We exclude certain income and expenses from adjusted profit because, if included, these items could distort understanding of our performance for the period and the comparability between periods.</div><div style="margin-bottom:6pt;text-align:justify">In determining the facts and circumstances of exceptional items and remeasurements, management considers factors such as ensuring consistent treatment between favourable and unfavourable transactions, the precedent for similar items, the number of periods over which costs will be spread or gains earned, and the commercial context for the particular transaction. Management uses an exceptional items framework that has been discussed and approved by the Audit & Risk Committee, as detailed in note 5 of the Annual Report and Accounts for the year ended 31 March 2026.</div><div style="margin-bottom:9pt;text-align:justify">Remeasurements comprise unrealised gains or losses recorded in the consolidated income statement arising from changes in the fair value of certain of our financial assets and liabilities accounted for at fair value through profit and loss (FVTPL). Once the fair value movements are realised (for example, when the derivative matures), the previously recognised fair value movements are then reversed through remeasurements and recognised within earnings before exceptional items and remeasurements. These assets and liabilities include commodity contract derivatives and financing derivatives to the extent that hedge accounting is not available or is not fully effective. The unrealised gains or losses reported in profit and loss on certain additional assets and liabilities treated at FVTPL are also classified within remeasurements. These relate to financial assets (which fail the ‘solely payments of principal and interest test’ under IFRS 9), the money market fund investments used by Group Treasury for cash management purposes and the net foreign exchange gains and losses on borrowing activities. These are offset by foreign exchange gains and losses on financing derivatives measured at fair value. In all cases, these fair values increase or decrease because of changes in foreign exchange, commodity or other financial indices over which we have no control.</div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September 2026</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Exceptional items £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Remeasurements £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within revenue</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gain on investment held by NG Partners</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within operating costs</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Impairment reversal of joint venture</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Reclassification of foreign currency translation reserve</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gains on commodity contract derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total included within operating profit</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">228 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Exceptional items £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Remeasurements £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within operating profit</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net loss on disposal of NG Renewables</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(96)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(96)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Major transformation programme</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Transaction, separation and integration costs</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Changes in environmental provisions</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gains on commodity contract derivatives</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total included within operating profit</td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(105)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div>4. Exceptional items and remeasurements continued</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:1pt">Net gain on investment held by NG Partners</div><div style="margin-bottom:9pt;text-align:justify">One of the investments held by National Grid Partners commenced a capital raise during the period. The resulting increase in the valuation of the investee gave rise to a fair value gain of £142 million on the Group’s investment. The Group assessed the gain in accordance with its exceptional items framework and concluded that it met the criteria for classification as an exceptional item.</div><div style="margin-bottom:1pt">Impairment reversal of joint venture and reclassification of foreign currency translation reserve</div><div style="margin-bottom:9pt;text-align:justify">In the year ended 31 March 2025, we agreed with our joint venture partner, RWE Renewables, that our investment in Community Offshore Wind, LLC would pause project development for the time being. As a result of this decision, the Group assessed the recoverable amount of its investment and recognised an impairment charge of £303 million, reducing the carrying value of the investment to £nil.</div><div style="margin-bottom:9pt;text-align:justify">During the current period, the Group entered into an agreement with RWE Renewables to sell its 27.27% interest in Community Offshore Wind, LLC for £75 million ($100 million). As a result, the Group reassessed the recoverable amount of the investment and recognised a partial reversal of the impairment previously recognised, increasing the carrying value of the investment to £75 million ($100 million), equivalent to the agreed sale consideration.</div><div style="margin-bottom:9pt;text-align:justify">The sale completed on 4 August 2026, at which point the Group disposed of its 27.27% interest in Community Offshore Wind, LLC for cash consideration of £75 million ($100 million). As the carrying value of the investment immediately prior to disposal equalled the sale proceeds, no gain or loss was recognised on disposal before the recycling of foreign currency translation reserves. On disposal, a net gain of £11 million was recognised in profit for the period on reclassification of cumulative foreign currency translation reserves, comprising a £14 million gain relating to the investment and a £3 million loss relating to net investment hedge instruments.</div><div style="margin-bottom:1pt">Net loss on disposal of NG Renewables</div><div style="margin-bottom:9pt;text-align:justify">During the prior period, the Group recognised a net loss of £96 million (before tax) on the disposal of its interest in National Grid Renewables Development LLC (NG Renewables) to Brookfield Asset Management for cash consideration of £1.5 billion ($2.1 billion). The receipt of cash was recognised within net cash used in investing activities within the consolidated cash flow statement. </div><div style="margin-bottom:1pt">Major transformation programme</div><div style="margin-bottom:9pt;text-align:justify">Following the appointment of a new Chief Executive Officer in November 2025, strategic priorities were updated and as a result the transformation programme launched in 2024 was reshaped. As disclosed in the Annual Report and Accounts for the year ended 31 March 2026, the costs expected to be incurred in aggregate going forward no longer meet the quantitative threshold to be presented as exceptional. Accordingly, in line with our exceptional items policy, these costs, including the £15 million recognised in the six months ended 30 September 2025, were reclassified from exceptional items to other operating costs before exceptional items and remeasurements. </div><div style="margin-bottom:1pt">Transaction, separation and integration costs</div><div style="margin-bottom:9pt;text-align:justify">During the prior period, the Group incurred £19 million of transaction and separation costs in relation to the disposals of NG Renewables and Grain LNG, which completed during the year ended 31 March 2026. The costs incurred primarily related to professional fees and employee costs. The total cash outflow for the prior period was £11 million. </div><div style="margin-bottom:1pt">Changes in environmental provisions</div><div style="margin-bottom:9pt;text-align:justify">In the US, we recognise environmental provisions related to the remediation of the Gowanus Canal, Newtown Creek and the former manufacturing gas plant facilities previously owned or operated by the Group or its predecessor companies. The sites are subject to both state and federal environmental remediation laws in the US. Potential liability for the historical contamination may be imposed on responsible parties jointly and severally, without regard to fault, even if the activities were lawful when they occurred. The provisions and the Group’s share of estimated costs are re-evaluated at each reporting period. In the prior period, following discussions with the Environmental Protection Agency on the scope and design of remediation activities related to the Gowanus site, we re-evaluated our estimates of total costs and recognised a reduction of £25 million. Under the terms of our rate plans, we are entitled to recovery of environmental clean-up costs from rate payers in future reporting periods. Such recoveries through overall allowed revenues are not classified as exceptional in the future periods that they occur due to the extended duration over which such costs are recovered and the immateriality of the recoveries in any given year.</div><div>4. Exceptional items and remeasurements continued</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:1pt">Details of remeasurements, tax exceptional items and the tax effect of exceptional items and remeasurements are also provided in this note.</div><div style="margin-bottom:9pt;padding-left:7.09pt;text-indent:-7.09pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September 2026</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Exceptional items £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Remeasurements £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within operating profit</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">228 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Included within net finance costs (note 5)</div></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gains on derivative financial instruments</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total included within profit before tax</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">228 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">213 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Tax on exceptional items and remeasurements</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(42)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(37)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total exceptional items and remeasurements after tax</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">186 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">176 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Exceptional items £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Remeasurements £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within operating profit</td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(105)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Included within net finance costs (note 5)</div></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net losses on derivative financial instruments</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gains on financial assets at fair value through profit and loss</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total included within profit before tax </td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(105)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(45)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(150)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Tax on exceptional items and remeasurements</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total exceptional items and remeasurements after tax</td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(103)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(32)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(135)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-bottom:6pt;text-align:justify">To monitor our segmental financial performance, we use an adjusted profit measure that excludes exceptional items and remeasurements. We exclude certain income and expenses from adjusted profit because, if included, these items could distort understanding of our performance for the period and the comparability between periods.</div><div style="margin-bottom:6pt;text-align:justify">In determining the facts and circumstances of exceptional items and remeasurements, management considers factors such as ensuring consistent treatment between favourable and unfavourable transactions, the precedent for similar items, the number of periods over which costs will be spread or gains earned, and the commercial context for the particular transaction. Management uses an exceptional items framework that has been discussed and approved by the Audit & Risk Committee, as detailed in note 5 of the Annual Report and Accounts for the year ended 31 March 2026.</div><div style="margin-bottom:9pt;text-align:justify">Remeasurements comprise unrealised gains or losses recorded in the consolidated income statement arising from changes in the fair value of certain of our financial assets and liabilities accounted for at fair value through profit and loss (FVTPL). Once the fair value movements are realised (for example, when the derivative matures), the previously recognised fair value movements are then reversed through remeasurements and recognised within earnings before exceptional items and remeasurements. These assets and liabilities include commodity contract derivatives and financing derivatives to the extent that hedge accounting is not available or is not fully effective. The unrealised gains or losses reported in profit and loss on certain additional assets and liabilities treated at FVTPL are also classified within remeasurements. These relate to financial assets (which fail the ‘solely payments of principal and interest test’ under IFRS 9), the money market fund investments used by Group Treasury for cash management purposes and the net foreign exchange gains and losses on borrowing activities. These are offset by foreign exchange gains and losses on financing derivatives measured at fair value. In all cases, these fair values increase or decrease because of changes in foreign exchange, commodity or other financial indices over which we have no control.</div>

<div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September 2026</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Exceptional items £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Remeasurements £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within revenue</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gain on investment held by NG Partners</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">142 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within operating costs</td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Impairment reversal of joint venture</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">75 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Reclassification of foreign currency translation reserve</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gains on commodity contract derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total included within operating profit</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">228 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Exceptional items £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Remeasurements £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within operating profit</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net loss on disposal of NG Renewables</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(96)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(96)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Major transformation programme</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Transaction, separation and integration costs</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Changes in environmental provisions</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gains on commodity contract derivatives</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total included within operating profit</td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(105)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;padding-left:7.09pt;text-indent:-7.09pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September 2026</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Exceptional items £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Remeasurements £m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within operating profit</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">228 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(19)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Included within net finance costs (note 5)</div></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gains on derivative financial instruments</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total included within profit before tax</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">228 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">213 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Tax on exceptional items and remeasurements</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(42)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(37)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total exceptional items and remeasurements after tax</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">186 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">176 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September 2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Exceptional items £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Remeasurements £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Included within operating profit</td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(105)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(89)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Included within net finance costs (note 5)</div></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net losses on derivative financial instruments</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 8.09pt;text-align:left;vertical-align:bottom">Net gains on financial assets at fair value through profit and loss</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total included within profit before tax </td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(105)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(45)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(150)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Tax on exceptional items and remeasurements</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total exceptional items and remeasurements after tax</td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(103)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(32)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(135)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 142000000 0 142000000 -75000000 0 -75000000

-11000000

0 -19000000 -19000000

228000000

-19000000

209000000

96000000 0 96000000

15000000

19000000 0 19000000 25000000 0 25000000 0 16000000 16000000

-105000000

16000000

-89000000

142000000 303000000

0.2727

75000000

100000000

-75000000 -100000000 0.2727

75000000

100000000

-11000000

-14000000 3000000 -96000000

-1500000000

-2100000000

15000000

19000000 11000000 25000000

228000000

-19000000

209000000

0 4000000 4000000

4000000

228000000

-15000000

213000000

42000000

-5000000

37000000

186000000

-10000000

176000000

-105000000

16000000

-89000000

0 -63000000 -63000000

2000000

-61000000

-105000000

-45000000

-150000000

-2000000

-13000000

-15000000

-103000000

-32000000

-135000000

<div>5. Finance income and costs</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.646%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.006%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle">Six months ended 30 September</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">Notes</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Finance income</div></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest income from financing activities</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">126 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net interest on pensions and other post-retirement benefit obligations</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">58 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net gains on financial assets at fair value through profit and loss</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other interest income</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">23 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">30 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Finance costs</div></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Interest expense on financial instruments1</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,030)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(999)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unwinding of discount on provisions and other liabilities</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(62)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net gains/(losses) on derivative financial instruments2</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other interest</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Less: interest capitalised3</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">267 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">189 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(839)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(947)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net finance costs</div></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(718)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(739)</td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:9.92pt;text-indent:-9.92pt">1.Finance costs include principal accretion on inflation-linked debt of £86 million (2025: £115 million) and principal accretion on inflation-linked swaps of £8 million (2025: £nil).</div><div style="padding-left:9.92pt;text-indent:-9.92pt">2.Includes a net foreign exchange gain on borrowing activities, offset by foreign exchange gains and losses on financing derivatives measured at fair value.</div><div style="padding-left:9.92pt;text-indent:-9.92pt">3.Interest on funding attributable to assets in the course of construction in the current period was capitalised at a rate of 4.4% (2025: 4.5%). In the UK, capitalised interest qualifies for a current year tax deduction with tax relief claimed of £41 million (2025: £27 million). In the US, capitalised interest is added to the cost of property, plant and equipment and qualifies for tax depreciation allowances.</div>

<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.646%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.006%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle">Six months ended 30 September</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">Notes</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Finance income</div></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest income from financing activities</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">126 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net interest on pensions and other post-retirement benefit obligations</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">58 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">50 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net gains on financial assets at fair value through profit and loss</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other interest income</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">23 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">30 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Finance costs</div></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Interest expense on financial instruments1</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,030)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(999)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unwinding of discount on provisions and other liabilities</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(62)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net gains/(losses) on derivative financial instruments2</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other interest</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(18)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Less: interest capitalised3</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">267 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">189 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(839)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(947)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net finance costs</div></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(718)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(739)</td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:9.92pt;text-indent:-9.92pt">1.Finance costs include principal accretion on inflation-linked debt of £86 million (2025: £115 million) and principal accretion on inflation-linked swaps of £8 million (2025: £nil).</div><div style="padding-left:9.92pt;text-indent:-9.92pt">2.Includes a net foreign exchange gain on borrowing activities, offset by foreign exchange gains and losses on financing derivatives measured at fair value.</div><div style="padding-left:9.92pt;text-indent:-9.92pt">3.Interest on funding attributable to assets in the course of construction in the current period was capitalised at a rate of 4.4% (2025: 4.5%). In the UK, capitalised interest qualifies for a current year tax deduction with tax relief claimed of £41 million (2025: £27 million). In the US, capitalised interest is added to the cost of property, plant and equipment and qualifies for tax depreciation allowances.</div>

40000000

126000000

-58000000

-50000000

2000000

23000000

30000000

121000000

208000000

1030000000

999000000

62000000

63000000

-4000000 63000000

18000000

11000000

267000000

189000000

839000000

947000000

-718000000

-739000000

86000000 115000000 8000000 0

0.044

0.045

41000000 27000000

<div>6. Tax</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">The tax charge for the six month period ended 30 September 2026 is £386 million (2025: £208 million). It is based on management’s estimate of the weighted average effective tax rate by jurisdiction expected for the full year. The effective tax rate is 22.3% (2025: 25.2%), which includes the impact of our share of post-tax results of joint ventures and associates. </div><div style="margin-bottom:9pt;text-align:justify">The effective tax rate for the year ended 31 March 2026 was 22.5% including the impact of our share of post-tax results of joint ventures and associates.</div>

386000000

208000000

-0.223

-0.252

0.225

<div>7. Earnings per share (EPS)</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">EPS calculations are based on profit after tax attributable to equity shareholders of the parent company which excludes non-controlling interests. </div><div style="margin-bottom:2pt;padding-left:17.86pt;text-indent:-18pt">(a)Basic EPS</div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.452%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.051%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Earnings</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">EPS</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Earnings</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">EPS</td></tr><tr style="height:9pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">pence</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">pence</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total profit after tax attributable to the parent</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,343 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.9 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">617 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12.6 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">millions</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">millions</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Weighted average number of shares – basic</td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,995 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,926 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:2pt;padding-left:17.86pt;text-indent:-18pt">(b)Diluted EPS</div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:57.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.183%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Earnings</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">EPS</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Earnings</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">EPS</td></tr><tr style="height:9pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">pence</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">pence</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total profit after tax attributable to the parent</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,343 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.8 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">617 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12.5 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">millions</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">millions</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Weighted average number of shares – diluted</td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,020 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,950 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

EPS calculations are based on profit after tax attributable to equity shareholders of the parent company which excludes non-controlling interests.

Basic EPS<div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.452%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.051%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Earnings</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">EPS</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Earnings</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">EPS</td></tr><tr style="height:9pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">pence</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">pence</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total profit after tax attributable to the parent</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,343 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.9 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">617 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12.6 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">millions</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">millions</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Weighted average number of shares – basic</td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,995 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,926 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:2pt;padding-left:17.86pt;text-indent:-18pt">(b)Diluted EPS</div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:57.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.183%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Earnings</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">EPS</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Earnings</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">EPS</td></tr><tr style="height:9pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">pence</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">pence</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total profit after tax attributable to the parent</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,343 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.8 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">617 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12.5 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">millions</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">millions</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Weighted average number of shares – diluted</td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,020 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,950 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

1343000000

0.269

617000000

0.126

4995000000

4926000000

1343000000

0.268

617000000

0.125

5020000000

4950000000

<div>8. Dividends</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Pence per share</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Cash dividend paid £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Scrip dividend £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Ordinary dividends</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Final dividend in respect of the year ended 31 March 2026</div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">32.14 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top">990 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top">609 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Interim dividend in respect of the year ended 31 March 2026</div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16.35 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top">729 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top">80 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Final dividend in respect of the year ended 31 March 2025</div></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">30.88 </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">894 </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">617 </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify">The Directors are proposing an interim dividend of 16.97 pence per share to be paid in respect of the year ending 31 March 2027. This would distribute approximately £853 million of shareholders’ equity. </div>A final dividend for the year ended 31 March 2026 of 32.14 pence per share was paid in July 2026. The cash dividend paid was £990 million with an additional £609 million settled via a scrip issue.

<div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Pence per share</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Cash dividend paid £m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Scrip dividend £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Ordinary dividends</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Final dividend in respect of the year ended 31 March 2026</div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">32.14 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top">990 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top">609 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Interim dividend in respect of the year ended 31 March 2026</div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16.35 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top">729 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top">80 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Final dividend in respect of the year ended 31 March 2025</div></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">30.88 </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">894 </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">617 </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

0.3214

990000000

609000000

0.1635

729000000

80000000

0.3088

894000000

617000000

0.1697

853000000

0.3214

990000000

609000000

<div>9. Fair value measurement</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:2pt">Assets and liabilities measured at fair value</div><div style="margin-bottom:9pt;text-align:justify">Included in the statement of financial position are certain financial assets and liabilities which are measured at fair value. The following table categorises these assets and liabilities by the valuation methodology applied in determining their fair value using the fair value hierarchy described on page 203 of the Annual Report and Accounts for the year ended 31 March 2026. </div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.213%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.858%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:center;vertical-align:top">30 September 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:center;vertical-align:top">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 1 £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 2 £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 3 £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Total £m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 1 £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 2 £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 3 £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Total £m</td></tr><tr><td colspan="3" style="border-top:0.75pt solid #001689;padding:1.5pt 1pt;text-align:left;vertical-align:top">Assets</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Investments held at fair value through profit and loss</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,341 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,637 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,978 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,914 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">450 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,364 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Investments held at fair value through other comprehensive income1</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">374 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">374 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">385 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">385 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Financing derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">551 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">572 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">691 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">717 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Commodity contract derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">134 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">148 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">111 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,341 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,059 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,672 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,072 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,914 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,187 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">486 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,587 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Liabilities</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Financing derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,231)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(41)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,272)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(864)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(86)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(950)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Commodity contract derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(90)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(23)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(113)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(55)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(68)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,321)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(64)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,385)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(919)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(99)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,018)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,341 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(262)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,687 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,914 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">268 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">387 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,569 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:9.92pt;text-indent:-9.92pt">1.Investments held include instruments which meet the criteria of IFRS 9 or IAS 19.</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">The estimated fair value of total borrowings, excluding lease liabilities, using market values at 30 September 2026 is £45,769 million (31 March 2026: £42,505 million).</div><div style="margin-bottom:9pt;text-align:justify">Our Level 1 financial investments and liabilities held at fair value are valued using quoted prices from liquid markets and primarily comprise investments in short-term money market funds.</div><div style="margin-bottom:9pt;text-align:justify">Our Level 2 financial investments held at fair value primarily include bonds with a tenor greater than one year and are valued using quoted prices for similar instruments in active markets, or quoted prices for identical or similar instruments in inactive markets. Alternatively, they are valued using models where all significant inputs are based directly or indirectly on observable market data. </div><div style="margin-bottom:9pt;text-align:justify">Our Level 2 financing derivatives include cross-currency, interest rate and foreign exchange derivatives. We value these derivatives by discounting all future cash flows by externally sourced market yield curves at the reporting date, taking into account the credit quality of both parties. These derivatives can be priced using liquidly traded interest rate curves and foreign exchange rates, and therefore we classify our vanilla trades as Level 2 under the IFRS 13 framework. </div><div style="margin-bottom:9pt;text-align:justify">Our Level 2 US commodity contract derivatives include over-the-counter gas and power swaps as well as forward physical gas deals. We value our contracts based on market data obtained from the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE), where monthly prices are available. We discount based on externally sourced market yield curves at the reporting date, taking into account the credit quality of both parties and liquidity in the market. Our commodity contracts can be priced using liquidly traded swaps. Therefore, we classify our vanilla trades as Level 2 under the IFRS 13 framework.</div><div style="margin-bottom:9pt;text-align:justify">Our Level 3 financing derivatives include inflation-linked swaps, where the market is illiquid. In valuing these instruments we use in-house valuation models and obtain external valuations to support each reported fair value. </div><div style="margin-bottom:9pt;text-align:justify">Our Level 3 UK commodity contract derivatives consist of UK electricity capacity swaps.</div><div style="margin-bottom:9pt;text-align:justify">Our Level 3 US commodity contract derivatives primarily consist of our forward purchases of electricity and gas that we value using proprietary models. Derivatives are classified as Level 3 where significant inputs into the valuation technique are neither directly nor indirectly observable (including our own data, which are adjusted, if necessary, to reflect the assumptions market participants would use in the circumstances).</div><div>9. Fair value measurement continued</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:7pt;text-align:justify">Our Level 3 investments include equity instruments accounted for at fair value through profit and loss. These equity holdings are part of our corporate venture capital portfolio held by National Grid Partners and comprise a series of relatively small, early-stage non-controlling minority interest unquoted investments where prices or valuation inputs are unobservable. Out of 42 equity investments, 27 are fair valued based on the latest transaction price (a price within the last 12 months), either being the price we paid for the investments, marked to a latest round of funding and adjusted for our preferential rights or based on an internal model. In addition, we have 15 investments with no transaction in the last 12 months which are fair valued using an internal valuation process. Between 12 and 18 months a blend between Black-Scholes Murton Option Pricing Model Backsolve and other techniques are utilised such as proxy group revenue multiples, discounted cash flow, comparable company analysis and probability weighted expected return approach in order to triangulate a valuation. After 18 months the valuation is based on these alternative methods as the last fundraising price or other observable market price is no longer a reliable basis for valuation.</div><div style="margin-bottom:7pt;text-align:justify">Our Level 3 investments also include our investment in Sunrun Neptune 2016 LLC, which is accounted for at fair value through profit and loss. The investment is fair valued by discounting expected cash flows using a weighted average cost of capital specific to Sunrun Neptune 2016 LLC.</div><div style="margin-bottom:7pt;text-align:justify">On 30 June 2026, the Group acquired an investment in Joulent LLC, a US-based technology-driven energy company that develops power solutions for large-load customers. The investment is measured at fair value through profit and loss in accordance with IFRS 9 and is classified within Level 3 of the fair value hierarchy due to the absence of observable market inputs. At 30 September 2026, the investment was recognised at £952 million ($1,263 million), comprising the initial consideration paid on acquisition together with capital contributions funded to date. Given the limited period between acquisition and the reporting date, and the absence of observable transactions or other market evidence subsequent to acquisition, management has concluded that the transaction price together with capital contributions funded represents the best evidence of fair value at 30 September 2026. Accordingly, no fair value gain or loss has been recognised since acquisition. The Group has also committed to provide further capital contributions of up to £366 million ($486 million) to support Joulent LLC’s capital investment programme and development activities as costs are incurred.</div><div style="margin-bottom:7pt;text-align:justify">In addition, the Group entered into a 364-day funding facility with Joulent LLC during the period. The facility includes both interest and equity participation features and is therefore measured at fair value through profit and loss in accordance with IFRS 9. The facility loan receivable is classified within Level 3 of the fair value hierarchy as valuation requires the use of unobservable inputs. At 30 September 2026, £120 million ($159 million) had been drawn under the facility. Given the proximity of the loan receivable’s inception to the reporting date, we have concluded that its fair value is not materially different from its carrying value.</div><div style="margin-bottom:9pt;text-align:justify">The impacts on a post-tax basis of reasonably possible changes in significant assumptions used in valuing assets and liabilities classified within Level 3 of the fair value hierarchy are as follows:</div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.392%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.310%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Financing derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Commodity contract derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Other</td></tr><tr style="height:11pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2025</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">10% increase in commodity prices</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">10% decrease in commodity prices</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+10% market area price change</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-10% market area price change</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+20 basis point increase in Limited Price Index (LPI) market curve</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(32)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-20 basis point decrease in LPI market curve</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">30 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+20 basis point increase between Retail Price Index (RPI) and Consumer Price Index (CPI)</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-20 basis point decrease between RPI and CPI</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(23)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+100 basis points change in discount rate</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-100 basis points change in discount rate</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+10% change in venture capital price</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-10% change in venture capital price¹</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(107)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26)</td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:9.92pt;text-indent:-9.92pt">1.A decrease in venture capital price may also result in losses recognised on the committed further capital contributions to Joulent LLC.</div><div style="margin-bottom:9pt;margin-top:7pt;text-align:justify">The impacts disclosed above were considered on a contract by contract basis with the most significant unobservable inputs identified. A reasonably possible change in assumptions for other Level 3 assets and liabilities would not result in a material change in fair values.</div><div>9. Fair value measurement continued</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:3pt;text-align:justify">The changes in fair value of our level 3 financial assets and liabilities in the six months to 30 September are presented below:</div><div style="padding-right:2.25pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.482%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.816%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Financing derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Commodity contract derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Other1</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">At 1 April</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(64)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">450 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">407 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">387 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">323 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net (losses)/gains through the consolidated income statement for the period2,3</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">72 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">197 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">188 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">66 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Purchases</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,097 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,097 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Settlements</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(107)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(64)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>At 30 September</div></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,637 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">406 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">385 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:9.92pt;text-indent:-9.92pt">1.Other comprises our investments in Joulent LLC, Sunrun Neptune 2016 LLC and the investments made by National Grid Partners, which are accounted for at fair value through profit and loss.</div><div style="padding-left:9.92pt;text-indent:-9.92pt">2.Losses of £7 million (2025: gains of £3 million) are attributable to derivative financial instruments held at the end of the reporting period and have been recognised in finance costs in the consolidated income statement. </div><div style="padding-left:9.92pt;text-indent:-9.92pt">3.Losses of £6 million (2025: gains of £72 million) are attributable to the commodity contract derivative financial instruments held at the end of the reporting period and have been recognised in other operating costs in the consolidated income statement.</div><div style="padding-left:14.17pt;text-indent:-14.17pt"> </div><div style="margin-bottom:9pt;text-align:justify">The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. The carrying value of current financial assets at amortised cost approximates their fair values, primarily due to short-dated maturities.</div>

The following table categorises these assets and liabilities by the valuation methodology applied in determining their fair value using the fair value hierarchy described on page 203 of the Annual Report and Accounts for the year ended 31 March 2026. <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.213%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.858%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:center;vertical-align:top">30 September 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:center;vertical-align:top">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 1 £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 2 £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 3 £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Total £m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 1 £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 2 £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Level 3 £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:middle">Total £m</td></tr><tr><td colspan="3" style="border-top:0.75pt solid #001689;padding:1.5pt 1pt;text-align:left;vertical-align:top">Assets</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #001689;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Investments held at fair value through profit and loss</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,341 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,637 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,978 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,914 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">450 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,364 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div>Investments held at fair value through other comprehensive income1</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">374 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">374 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">385 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">385 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Financing derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">551 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">572 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">691 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">717 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Commodity contract derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">134 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">148 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">111 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,341 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,059 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,672 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,072 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,914 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,187 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">486 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,587 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Liabilities</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Financing derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,231)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(41)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,272)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(864)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(86)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(950)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top">Commodity contract derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(90)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(23)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(113)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(55)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(68)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,321)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(64)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,385)</td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(919)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(99)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,018)</td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:top">Total</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,341 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(262)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,687 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,914 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">268 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">387 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,569 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:9.92pt;text-indent:-9.92pt">1.Investments held include instruments which meet the criteria of IFRS 9 or IAS 19.</div><div style="margin-bottom:3pt;text-align:justify">The changes in fair value of our level 3 financial assets and liabilities in the six months to 30 September are presented below:</div><div style="padding-right:2.25pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.482%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.810%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.816%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Financing derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Commodity contract derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Other1</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">At 1 April</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(64)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">450 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">407 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">387 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">323 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Net (losses)/gains through the consolidated income statement for the period2,3</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">72 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">197 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">188 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">66 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Purchases</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,097 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,097 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Settlements</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(107)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(64)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(13)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>At 30 September</div></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(61)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,637 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">406 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,608 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">385 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:9.92pt;text-indent:-9.92pt">1.Other comprises our investments in Joulent LLC, Sunrun Neptune 2016 LLC and the investments made by National Grid Partners, which are accounted for at fair value through profit and loss.</div><div style="padding-left:9.92pt;text-indent:-9.92pt">2.Losses of £7 million (2025: gains of £3 million) are attributable to derivative financial instruments held at the end of the reporting period and have been recognised in finance costs in the consolidated income statement. </div><div style="padding-left:9.92pt;text-indent:-9.92pt">3.Losses of £6 million (2025: gains of £72 million) are attributable to the commodity contract derivative financial instruments held at the end of the reporting period and have been recognised in other operating costs in the consolidated income statement.</div>

2341000000

1637000000

3978000000

1914000000

450000000

2364000000

374000000

385000000

551000000

21000000

572000000

691000000

26000000

717000000

134000000

14000000

148000000

111000000

10000000

121000000

2341000000

1059000000

1672000000

5072000000

1914000000

1187000000

486000000

3587000000

1231000000

41000000

1272000000

864000000

86000000

950000000

90000000

23000000

113000000

55000000

13000000

68000000

1321000000

64000000

1385000000

919000000

99000000

1018000000

2341000000 -262000000 1608000000 3687000000 1914000000 268000000 387000000 2569000000

45769000000

42505000000

42 27 15

952000000

1263000000

366000000 486000000

120000000

159000000

<div style="margin-bottom:9pt;text-align:justify">The impacts on a post-tax basis of reasonably possible changes in significant assumptions used in valuing assets and liabilities classified within Level 3 of the fair value hierarchy are as follows:</div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.392%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.310%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Financing derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Commodity contract derivatives</td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Other</td></tr><tr style="height:11pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six months ended 30 September</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2026</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">2025</td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">10% increase in commodity prices</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">10% decrease in commodity prices</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(20)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+10% market area price change</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-10% market area price change</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+20 basis point increase in Limited Price Index (LPI) market curve</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(32)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-20 basis point decrease in LPI market curve</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">30 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+20 basis point increase between Retail Price Index (RPI) and Consumer Price Index (CPI)</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-20 basis point decrease between RPI and CPI</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(23)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+100 basis points change in discount rate</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-100 basis points change in discount rate</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">+10% change in venture capital price</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">-10% change in venture capital price¹</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(107)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26)</td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:9.92pt;text-indent:-9.92pt">1.A decrease in venture capital price may also result in losses recognised on the committed further capital contributions to Joulent LLC.</div>

20000000 3000000 -20000000 -2000000 13000000 1000000 -15000000 -2000000 -12000000 -32000000 12000000 30000000 24000000 29000000 -23000000 -27000000 -6000000 -6000000 7000000 7000000 107000000 26000000 -107000000 -26000000 -60000000 -64000000 -3000000 -20000000 450000000 407000000 387000000 323000000 -3000000 3000000 -6000000 72000000 197000000 -9000000 188000000 66000000 0 0 0 0 1097000000 9000000 1097000000 9000000 -43000000 0 0 12000000 107000000 1000000 64000000 13000000 -20000000 -61000000 -9000000 40000000 1637000000 406000000 1608000000 385000000 -7000000 3000000 -6000000 72000000 <div>10. Net debt</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:3pt;text-align:justify">Net debt is comprised as follows:</div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash and cash equivalents</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">308 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">375 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Current financial investments</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,015 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,453 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Borrowings and bank overdrafts</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(51,222)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(46,755)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Financing derivatives1</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(700)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(233)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net debt (net of related derivative financial instruments)</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(48,599)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(44,160)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:9.92pt;text-indent:-9.92pt">1.Includes £82 million liability (31 March 2026: £19 million liability) in relation to the hedging of capital expenditure. The cash flows related to these derivatives are included within investing activities in the consolidated cash flow statement which gives alignment with the presentation of the hedged item. The financing derivatives balance included in net debt exclude the commodity derivatives.</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">The following table splits out the total derivative balances on the face of the consolidated statement of financial position by category:</div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Assets £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Liabilities £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Assets £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Liabilities £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Financing derivatives</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">572 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,272)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(700)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">717 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(950)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(233)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Commodity contract derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">148 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(113)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(68)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total derivative financial instruments</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">720 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,385)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(665)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">838 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,018)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(180)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-bottom:3pt;text-align:justify">Net debt is comprised as follows:</div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash and cash equivalents</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">308 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">375 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Current financial investments</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,015 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,453 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Borrowings and bank overdrafts</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(51,222)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(46,755)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Financing derivatives1</div></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(700)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(233)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net debt (net of related derivative financial instruments)</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(48,599)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(44,160)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:9.92pt;text-indent:-9.92pt">1.Includes £82 million liability (31 March 2026: £19 million liability) in relation to the hedging of capital expenditure. The cash flows related to these derivatives are included within investing activities in the consolidated cash flow statement which gives alignment with the presentation of the hedged item. The financing derivatives balance included in net debt exclude the commodity derivatives.</div>

308000000

375000000

3015000000

2453000000

51222000000

46755000000

-700000000 -233000000

48599000000

44160000000

-82000000 -19000000 <div style="margin-bottom:9pt;text-align:justify">The following table splits out the total derivative balances on the face of the consolidated statement of financial position by category:</div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.855%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Assets £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Liabilities £m</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Assets £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Liabilities £m</td><td colspan="3" style="border-top:0.25pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">Total £m</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Financing derivatives</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">572 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,272)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(700)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">717 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(950)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(233)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Commodity contract derivatives</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">148 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(113)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">121 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(68)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total derivative financial instruments</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">720 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,385)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(665)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">838 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,018)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(180)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

572000000

1272000000

-700000000

717000000

950000000

-233000000

148000000

113000000

35000000

121000000

68000000

53000000

720000000

1385000000

-665000000

838000000

1018000000

-180000000

<div>11. Pensions and other post-retirement benefit obligations</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Present value of funded obligations</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(14,127)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(15,098)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Fair value of plan assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">17,184 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">17,780 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,057 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,682 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Present value of unfunded obligations</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(229)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(247)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other post-employment liabilities</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(45)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(44)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,783 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,391 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(492)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(244)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net defined benefit asset</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,291 </td><td style="background-color:#f0f0f0;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,147 </td><td style="border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Presented in consolidated statement of financial position:</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,617 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,507 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(326)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(360)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,291 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,147 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Key actuarial assumptions</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Discount rate – UK</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.45</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.00</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Discount rate – US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.40</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.60</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Rate of increase in RPI – UK</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3.05</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3.17</td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr></table></div><div style="margin-bottom:3pt;text-align:justify">The movement in the net pensions and other post-retirement benefit (OPEB) obligations position in the period can be analysed as follows:</div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net defined benefit asset at 1 April</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,147 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,916 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cost recognised in the income statement</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(16)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(25)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Employer contributions</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">62 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Remeasurements and foreign exchange</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">353 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">260 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other movements</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Movements on restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(238)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(140)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net defined benefit asset at 30 September</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,291 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,075 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr style="height:18pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Changes in restrictions on asset recognised</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2025</td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Opening restrictions on asset recognised at 1 April</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(244)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(77)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest on restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other change in restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(238)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(140)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Exchange adjustment on restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Closing restrictions on asset recognised at 30 September</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(492)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(221)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">The pension and OPEB surpluses in both the UK and the US of £1,201 million and £1,416 million respectively (31 March 2026: £1,122 million and £1,385 million) continue to be recognised as assets under IFRIC 14 as explained on page 182 of the Annual Report and Accounts for the year ended 31 March 2026. The pension and OPEB surpluses are presented net of an irrecoverable surplus of £492 million (31 March 2026: £244 million) related to three OPEB plans (31 March 2026: one OPEB plan). The economic benefit from reductions in projected future contributions to the plans is not sufficient to cover the surplus and the plans do not have an unconditional right to a refund of surplus assets in the event of a winding up without incurring significant tax charges.</div>

14127000000

15098000000

17184000000

17780000000

3057000000

2682000000

229000000

247000000

45000000 44000000 -2783000000 -2391000000 492000000 244000000

-2291000000

-2147000000

2617000000

2507000000

326000000

360000000

-2291000000

-2147000000

<div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Key actuarial assumptions</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">31 March 2026</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Discount rate – UK</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.45</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.00</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Discount rate – US</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.40</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.60</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Rate of increase in RPI – UK</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3.05</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="2" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3.17</td><td style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr></table></div>

0.0645

0.0600

0.0640

0.0560

0.0305

0.0317

<div style="margin-bottom:3pt;text-align:justify">The movement in the net pensions and other post-retirement benefit (OPEB) obligations position in the period can be analysed as follows:</div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net defined benefit asset at 1 April</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,147 </td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,916 </td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cost recognised in the income statement</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(16)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(25)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Employer contributions</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">62 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Remeasurements and foreign exchange</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">353 </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">260 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other movements</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Movements on restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(238)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(140)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Net defined benefit asset at 30 September</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,291 </td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,075 </td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.004%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.901%"></td><td style="width:0.1%"></td></tr><tr style="height:18pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Changes in restrictions on asset recognised</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">30 September 2025</td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">£m </td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Opening restrictions on asset recognised at 1 April</td><td colspan="2" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(244)</td><td style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #00148c;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(77)</td><td style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Interest on restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other change in restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(238)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(140)</td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Exchange adjustment on restrictions on asset recognised</td><td colspan="2" style="background-color:#f0f0f0;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1)</td><td style="background-color:#f0f0f0;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1 </td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Closing restrictions on asset recognised at 30 September</td><td colspan="2" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(492)</td><td style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(221)</td><td style="border-bottom:0.5pt solid #00148c;border-top:0.25pt solid #55555a;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

-2147000000

-1916000000

16000000

25000000

45000000

62000000

353000000

260000000

-2000000

238000000 140000000

-2291000000

-2075000000

244000000 77000000 9000000 5000000 238000000 140000000 1000000 -1000000 492000000 221000000

1201000000

1416000000

1122000000

1385000000

492000000 244000000 3 1

<div>12. Commitments and contingencies</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">At 30 September 2026, there were commitments for future energy purchase agreements of £16,785 million (31 March 2026: £16,757 million) and future capital expenditure contracted but not provided for in relation to the acquisition of property, plant and equipment of £7,271 million (31 March 2026: £6,909 million).</div><div style="margin-bottom:9pt;text-align:justify">The Group also had capital commitments of £475 million (31 March 2026: £526 million) in relation to its joint ventures and associates, primarily relating to the funding of capital investment projects. In addition, in relation to the Group’s investment in Joulent LLC (see note 9), the Group has committed to provide further capital contributions of up to £366 million to support Joulent LLC’s capital investment programme and development activities as costs are incurred.</div><div style="margin-bottom:2pt">Legal and regulatory proceedings</div><div style="margin-bottom:9pt;text-align:justify">Through the ordinary course of our operations, we are party to various litigation, claims and investigations, including Ofgem’s investigation into the North Hyde substation incident. These investigations are ongoing. We continue to monitor this position and engage with ongoing investigations. We do not expect the ultimate resolution of any proceedings, including the Ofgem investigation, to have a material adverse effect on our results of operations, cash flows or financial position.</div>

16785000000 16757000000

7271000000

6909000000

475000000

526000000

366000000

<div>13. Exchange rates</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">The consolidated results are affected by the exchange rates used to translate the results of our US operations and US dollar transactions. The US dollar to pound sterling exchange rates used were:</div><div style="margin-bottom:9pt;padding-left:7.09pt;text-indent:-7.09pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:62.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.691%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.691%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.184%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">30 September</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">Year ended 31 March 2026</div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Closing rate applied at period end</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">1.33</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.34</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.32</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Average rate applied for the period</td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">1.34</td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.35</td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.34</td></tr></table></div>

The US dollar to pound sterling exchange rates used were:<div style="margin-bottom:9pt;padding-left:7.09pt;text-indent:-7.09pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:62.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.691%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.691%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.184%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">30 September</td><td colspan="3" style="background-color:#f0f0f0;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2026</td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom">2025</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">Year ended 31 March 2026</div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Closing rate applied at period end</td><td colspan="3" style="background-color:#f0f0f0;border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">1.33</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.34</td><td colspan="3" style="border-top:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.32</td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Average rate applied for the period</td><td colspan="3" style="background-color:#f0f0f0;border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:top">1.34</td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.35</td><td colspan="3" style="border-bottom:0.5pt solid #00148c;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.34</td></tr></table></div>

1.33

1.34

1.32

1.34

1.35

1.34

<div>14. Related party transactions</div><div style="padding-left:7.09pt;text-indent:-7.09pt"> </div><div style="margin-bottom:9pt;text-align:justify">Related party transactions in the six months ended 30 September 2026 were substantially the same in nature to those disclosed in note 31 of the Annual Report and Accounts for the year ended 31 March 2026. During the period, the Group acquired a 35% interest in Joulent LLC. While the investment is measured at fair value through profit and loss in accordance with IFRS 9 (see note 9), the Group has assessed that it has significant influence over Joulent LLC and therefore considers it to be a related party. During the period, the Group made capital contributions of £268 million ($355 million) to Joulent LLC and entered into a 364-day funding facility with Joulent LLC. At 30 September 2026, £120 million ($159 million) had been drawn under the facility (see note 9). Other than these transactions, there were no related party transactions in the period that materially affected the financial position or performance of the Group.</div>

0.35

268000000 355000000

120000000

159000000

<div>15. Post balance sheet events</div>In the period between 1 October 2026 and 4 November 2026, there have been no significant post balance sheet events.

Balance consists of cash proceeds received, net of cash disposed. Net cash and cash equivalents at the end of period are shown net of the Group’s bank overdraft as at 30 September 2026 of £30 million (2025: £nil)