Cadent Overview

Strong financial performance is underpinned by regulatory protections 31 March 2021 Full Year Revenue £2,075m Operating Profit £902m Capital Investment £1,024m RAV £10.2bn 31 March 2022 Full Year Revenue £1,984m Operating Profit £685m Capital Investment £725m RAV £11.0bn Year on year change due to: Reduction in connections and diversions income associated with HS2, impacts profit but no impact on cash generation Higher depreciation from investment. Higher shrinkage costs and exit capacity charges, which will be recovered in subsequent years Repex volumes and unit costs reducing in RIIO-2 relative to the exit run rate from RIIO-1 Growth from inflation and investment 10 10

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