In line with our final decision on Directlink's electricity transmission network, we have updated Directlink's return on debt for 2026–27. As a result of this update, the return on debt for 2026–27 is 4.69 per cent. This results in an X-factor for 2026–27 of –4.58 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.