National Grid acquisitions, on the record

Word for word“Disposal of interest in the UK Gas Transmission business 2 10 681 4,027 — Disposal of interest in The Narragansett Electric Company 2 — 2,968 — Disposal of interest in Millennium Pipeline Company LLC — 497 — Disposal of interest in St William Homes LLP — — 413 Disposal of financial and other investments 102 116 215 Acquisition of financial investments ( 81 ) ( 95 ) ( 197 ) Contributions to National Grid Renewables and Emerald Energy Venture LLC ( 19 ) ( 19 ) ( 16 ) Net movements in short-term financial investments ( 1,141 ) 586 ( 781 ) Interest received 29 (b) 148 65 40 Cash inflows on derivatives 29 (b) 123 — 17 Cash outflows on derivatives 29 (b) — ( 362 ) ( 122 ) Insurance claim from loss of property, plant and equipment 143 79 — Net cash flow (used in)/from investing activities – continuing operations ( 7,601 ) 804 ( 13,885 ) Net cash flow from/(used in) investing activities – discontinued operations 102 ( 564 ) ( 125 ) Cash flows from financing activities Proceeds from issue of treasury shares 20 16 33 Transactions in own shares ( 4 ) 1 ( 3 ) Proceeds received from loans 29 (b) 5,563 11,908 12,347 Repayment of loans 29 (b) ( 1,701 ) ( 15,260 ) ( 1,261 ) Payments of lease liabilities 29 (b) ( 118 ) ( 155 ) ( 117 ) Net movements in short-term borrowings 29 (b) 544 ( 511 ) ( 11 ) Cash inflows on derivatives 29 (b) 86 190 20 Cash outflows on derivatives 29 (b) ( 58 ) ( 118 ) ( 114 ) Interest paid 29 (b) ( 1,627 ) ( 1,430 ) ( 1,053 ) Dividends paid to shareholders 9 ( 1,718 ) ( 1,607 ) ( 922 ) Net cash flow from/(used in) financing activities – continuing operations 987 ( 6,966 ) 8,919 Net cash flow used in financing activities – discontinued operations — ( 207 ) ( 1,150 ) Net increase/(decrease) in cash and cash equivalents 29 (b) 427 ( 35 ) 31 Reclassification to held for sale 10 , 29 (b) ( 30 ) 9 ( 11 ) Exchange movements 29 (b) ( 1 ) 7 5 Cash and cash equivalents at start of year 163 182 157 Cash and cash equivalents at end of year 20 559 163 182 1.” 20-F for 2024

Word for word“The Group recognised a gain of £ 335 million on the disposal of its entire 26.25 % equity interest in the Millennium Pipeline Company LLC associate to DT Midstream for cash consideration of £ 497 million .” 20-F for 2024

Word for word“On 11 March 2024, the FAA option was partially exercised by the Consortium and the Group disposed of 20 % of the 40 % interest in GasT TopCo Limited that was acquired on 31 January 2023.” 20-F for 2024

Word for word“Reclassification to held for sale represented the disposal of NECO, which was not classified as a discontinued operation.” 20-F for 2024

Word for word“In connection with the disposal, the Group also released deferred income of £ 189 million which related to deferred profits from previous property sales to St William Homes LLP.” 20-F for 2024

Word for word“On 1 October 2024, the Group completed the disposal of the ESO to the UK Government for consideration of £ 673 million (see note 10 ).” 20-F for 2025

Word for word“On 26 September 2024, we completed the sale of our residual 20% interest in National Gas Transmission for proceeds of £686 million, resulting in a gain on disposal after transaction costs of £25 million.” 20-F for 2025

Word for word“Acquired Western Power Distribution, the UK’s largest electricity distribution network operator for £7.8 billion;” 20-F for 2025

Word for word“Sold our Rhode Island gas and electricity business in the US and our UK Gas transmission and metering business;” 20-F for 2025

Word for word“National Grid Ventures’ statutory operating profit improved by £710 million, principally as a result of a £489 million exceptional gain on sale on the disposal of Grain LNG in November 2025, partly offset by a £96 million exceptional loss on disposal of National Grid Renewables sold in May 2025 (mainly driven by the recycling of cumulative exchange rate adjustments since 2019/20 when this business was originally acquired).” 20-F for 2026

Word for word“Due to the sale of our Emerald joint venture on 29 May 2025, there are no derivative remeasurements in the current year (2025: £2 million of losses).” 20-F for 2026