In line with our final decision on TasNetworks' electricity distribution and transmission networks, we have updated TasNetworks' return on debt for 2025–26. As a result of this update, the return on debt for 2025–26 is 4.59 per cent and 4.63 per cent for its distribution and transmission networks respectively. This results in an X-factor for 2025–26 of –8.51 per cent and –1.40 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 PTRM shows the updated X-factor.