In line with our final decision on Endeavour Energy's electricity distribution network, we have updated Endeavour Energy's return on debt for 2025–26. As a result of this update, the return on debt for 2025–26 is 4.61 per cent. This results in an X-factor for 2025–26 of –7.38 per cent. 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 PTRM shows the updated X-factor.