In line with our final decision on Ausgrid's electricity distribution and transmission networks, we have updated Ausgrid's return on debt for 2025–26. As a result of this update, the return on debt for 2025–26 is 4.69 per cent. This results in an X-factor for 2025–26 of –5.92 per cent and –24.83 per cent for its distribution and transmission networks respectively. Holding other things constant, a positive X-factor implies a real revenue decrease and a negative X-factor implies a real revenue increase. The revised PTRMs shows the updated X-factors.