Earnings release
Page 1
5 October 2026 National Grid plc Pre-Close Update Ahead of 2026/27 Half Year Results National Grid today issues a pre-close update for the six months ended 30 September 2026, ahead ofannouncing half year results on 5 November. Overall, the Group's regulated businesses continue toperform in line with our expectations, but a strong first half performance in National Grid Ventures &Other means we now expect to be slightly above our FY27 EPS growth guidance of 13-15%. As usual,underlying EPS is expected to be weighted to the second half of the year. The profile of half year Group operating profit is also expected to be broadly consistent with the prioryear: In UK Electricity Transmission and UK Electricity Distribution, we anticipate operating profitto be broadly evenly split across the year, consistent with FY26. In our US regulated businesses, operating profits are expected to be weighted to the second halfin line with the usual seasonality. In New England, we expect a return to a more typicalseasonality profile following the one-off impact of the FERC RoE judgement in the second halfof FY26.National Grid Ventures & Other activities is expected to deliver c.£130 million of additionalperformance in the first half relative to our expectations, reflecting significant one-off fair valuegains following two successful capital market transactions within the NG Partners investmentportfolio and stronger performance in our interconnectors business. Closing half year net debt is expected to be broadly in line with our guidance for the full year afterupdating for the impact of the Joulent investment and reflecting the weighting of operating cash flowsto the second half. Our half year results will be announced on Thursday, 5 November 2026. Enquiries and contacts Investors and Analysts: Andrew Downey +44 (0) 7926 285 683 Tom Edwards Cerys Reece +44 (0) 7976 962 791 +44 (0) 7860 382 264 Media: Illtud Harri +44 (0) 7920 503 600 CAUTIONARY STATEMENT This announcement contains certain statements that are neither reported financial results nor other historical information.These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information withrespect to National Grid’s (the Company) financial condition, its results of operations and businesses, strategy, plans andobjectives. Words such as ‘aims’, ‘anticipates’, ‘expects’, ‘should’, ‘intends’, ‘plans’, ‘believes’, ‘outlook’, ‘seeks’,‘estimates’, ‘targets’, ‘may’, ‘will’, ‘continue’, ‘project’ and similar expressions, as well as statements in the future tense,identify forward-looking statements. This announcement also references sustainability-related targets and sustainability-related risks (including climate-related targets and climate-related risks) which differ from conventional financial risks in thatthey are complex, novel and tend to involve projection over long term scenarios which are subject to significant uncertaintyand change. These forward-looking statements and targets are not guarantees of National Grid’s future performance and aresubject to assumptions, risks and uncertainties that could cause actual future results to differ materially from those expressedin or implied by such forward-looking statements and targets. Many of these assumptions, risks and uncertainties relate tofactors that are beyond National Grid’s ability to control or estimate precisely, such as changes in laws or regulations anddecisions by governmental bodies or regulators, including those relating to current and upcoming price controls in the UK andrate cases in the US; the timing of construction and delivery by third parties of new generation projects requiring connection;breaches of, or changes in, environmental, climate change and health and safety laws or regulations, including breaches orother incidents arising from the potentially harmful nature of its activities; network failure or interruption, the inability tocarry out critical non-network operations and damage to infrastructure, due to adverse weather conditions including the impactof major storms as well as the results of climate change, due to counterparties being unable to deliver physical commodities;reliability of and access to IT systems, including due to the failure of or unauthorised access to or deliberate breaches ofNational Grid’s systems and supporting technology; failure to adequately forecast and respond to disruptions in energy supply;
Page 2
performance against regulatory targets and standards and against National Grid’s peers with the aim of delivering stakeholderexpectations regarding costs and efficiency savings, including affordability considerations, as well as against targets andstandards designed to support its role in the energy transition; and customers and counterparties (including financialinstitutions) failing to perform their obligations to the Company. Other factors that could cause actual results to differmaterially from those described in this announcement include fluctuations in exchange rates, interest rates and commodityprice indices; restrictions and conditions (including filing requirements) in National Grid’s borrowing and debt arrangements,funding costs and access to financing; regulatory requirements for the Company to maintain financial resources in certain partsof its business and restrictions on some subsidiaries’ transactions such as paying dividends, lending or levying charges; thedelayed timing of recoveries and payments in National Grid’s regulated businesses, and whether aspects of its activities arecontestable; the funding requirements and performance of National Grid’s pension schemes and other post-retirement benefitschemes; the failure to attract, develop and retain employees with the necessary competencies, including leadership andbusiness capabilities, and any significant disputes arising with National Grid’s employees or breaches of laws or regulationsby its employees; the failure to respond to market developments, including competition for onshore transmission; the threatsand opportunities presented by emerging technology, including AI; the risk that global actions may not be effective intransitioning to net zero and in managing relevant ESG risks, including in particular climate, nature-related and human rightsrisks; the failure by the Company to respond to, or meet its own commitments as a leader in relation to, climate changedevelopment activities relating to energy transition, including the integration of distributed energy resources, which may resultin the Company’s failure to achieve the expected benefits of its strategic priorities; and the need to grow the Company’sbusiness to deliver its strategy, as well as incorrect or unforeseen assumptions or conclusions (including unanticipated costsand liabilities) relating to business development activity, including its strategic infrastructure projects and joint ventureinvestments. For further details regarding these and other assumptions, risks and uncertainties that may affect National Grid,please read the Strategic Report section and the ‘Risk factors’ on pages 227 to 231 of National Grid’s Annual Report andAccounts for the year ended 31 March 2026. In addition, new factors emerge from time to time and National Grid cannotassess the potential impact of any such factor on its activities or the extent to which any factor, or combination of factors, maycause actual future results to differ materially from those contained in any forward-looking statement. Except as may berequired by law or regulation, the Company undertakes no obligation to update any of its forward-looking statements, whichspeak only as of the date of this announcement.
Page 3
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial ConductAuthority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution ofthis information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services.For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our PrivacyPolicy. END