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Half Year Results 2025/26 London, 6 November 2025
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2 National Grid plc Half Year Results 2025/26 Cautionary statement This presentation 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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information with respect to National Grid’s (the Company) financial condition, its results of operations and businesses, strategy, plans and objectives. 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 document also references climate-related targets and climate-related risks which differ from conventional financial risks in that they are complex, novel and tend to involve projection over long term scenarios which are subject to significant uncertainty and change. These forward-looking statements and targets are not guarantees of National Grid’s future performance and are subject to assumptions, risks and uncertainties that could cause actual future results to differ materially from those expressed in or implied by such forward-looking statements and targets. Many of these assumptions, risks and uncertainties relate to factors that are beyond National Grid’s ability to control or estimate precisely, such as changes in laws or regulations and decisions by governmental bodies or regulators, including those relating to current and upcoming price controls in the UK and rate 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 or other incidents arising from the potentially harmful nature of its activities; network failure or interruption, the inability to carry out critical non-network operations and damage to infrastructure, due to adverse weather conditions including the impact of 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 of National Grid’s systems and supporting technology; failure to adequately forecast and respond to disruptions in energy supply; performance against regulatory targets and standards and against National Grid’s peers with the aim of delivering stakeholder expectations regarding costs and efficiency savings, as well as against targets and standards designed to support its role in the energy transition; and customers and counterparties (including financial institutions) failing to perform their obligations to the Company. Other factors that could cause actual results to differ materially from those described in this presentation include fluctuations in exchange rates, interest rates and commodity price 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 parts of its business and restrictions on some subsidiaries’ transactions such as paying dividends, lending or levying charges; the delayed timing of recoveries and payments in National Grid’s regulated businesses, and whether aspects of its activities are contestable; the funding requirements and performance of National Grid’s pension schemes and other post-retirement benefit schemes; the failure to attract, develop and retain employees with the necessary competencies, including leadership and business capabilities, and any significant disputes arising with National Grid’s employees or breaches of laws or regulations by its employees; the failure to respond to market developments, including competition for onshore transmission; the threats and opportunities presented by emerging technology; the failure by the Company to respond to, or meet its own commitments as a leader in relation to, climate change development activities relating to energy transition, including the integration of distributed energy resources; and the need to grow the Company’s business to deliver its strategy, as well as incorrect or unforeseen assumptions or conclusions (including unanticipated costs and liabilities) relating to business development activity, including the sale of certain of its businesses, its strategic infrastructure projects and joint ventures. 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 262 to 268 of National Grid’s Annual Report and Accounts for the year ended 31 March 2025 as updated by the principal risks and uncertainties statement on page 44 of the Company’s half year results statement published today. In addition, new factors emerge from time to time and National Grid cannot assess the potential impact of any such factor on its activities or the extent to which any factor, or combination of factors, may cause actual future results to differ materially from those contained in any forward- looking statement. Except as may be required by law or regulation, the Company undertakes no obligation to update any of its forward-looking statements, which speak only as of the date of this presentation. This presentation is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities. The securities mentioned herein have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. No public offering of securities is being made in the United States.
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John Pettigrew Chief Executive
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Zoë Yujnovich Chief Executive Designate
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5 National Grid plc Half Year Results 2025/26 Building on strong foundations Clear investment drivers Ensure continued resilience Enable economic growth Deliver cleaner energy Meet growing power demand FY2025 - 2029 Capital investment c.£60bn – c.£51bn green1 Group asset growth c.10% CAGR 2 Credit metrics Committed to strong investment grade credit rating Credit metrics above current rating thresholds3 Underlying EPS 6-8% CAGR (from FY25 baseline of 73.3p)4 Dividend Aim to grow dividend per share in line with UK CPIH 1. Aligned to EU Taxonomy, directly invested into the decarbonisation of energy networks. 2. Group asset compound annual growth rate from a FY24 baseline. Forward years based on assumed USD FX rate of 1.25; and long run UK CPIH and US CPI. Assumed sale of ESO, Grain LNG, and National Grid Renewables. Remaining 20% stake in UK Gas Transmission was treated as a discontinued operation and therefore did not contribute to group asset growth. 3. Until at least the end of the RIIO-T3 period. 4. EPS compound annual growth rate from a FY25 baseline. Forward years based on assumed USD FX rate of 1.25; long run UK CPIH, US CPI and interest rate assumptions and scrip uptake of 25%. Assumed sale of Grain LNG, and National Grid Renewables. Compelling investor proposition
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6 National Grid plc Half Year Results 2025/26 Supply chain progress Finalising procurement for 17 ASTI1 projects • All six Wave 1 projects under construction • £9bn Great Grid Partnership delivering eight Wave 2 onshore projects • Progressing contracts for three Wave 2 offshore projects – Completed contracting for Sea Link – Announced Eastern Green Links 3 & 4 preferred suppliers Over 75% of our £60bn investment plan underpinned by delivery mechanisms 1. Accelerated Strategic Transmission Investment.
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7 National Grid plc Half Year Results 2025/26 Regulatory and policy developments Regulatory progress • c.75% of five-year investment plan approved within rate cases Policy development • New York “all of the above” energy policy • NY PSC order supporting our Long-Term Gas Plan – Including capacity from Williams’ NESE1 pipeline US Policy • Progressing planning reform legislation • Consultations on – Allowing simple Electric Distribution reinforcement work without full planning – A fast-track consenting process for Electricity Transmission 1. Williams’ Northeast Supply Enhancement pipeline. UK
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8 National Grid plc Half Year Results 2025/26 Supporting load growth in the UK Enabling AI infrastructure • Working with UK Government and industry, including US Big Tech • Supporting creation of UK’s first AI growth zone Demand growth in our RIIO-T3 plan • Readiness to connect up to 19GW of additional demand – Around half of which is data centres
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9 National Grid plc Half Year Results 2025/26 Underlying results from continuing operations excluding exceptional items, remeasurements, deferrable major storm costs (when greater than $100m, after deductibles and allowances), timing, and the impact of deferred tax in UK regulated businesses (UK Electricity Transmission and UK Electricity Distribution). Underlying operating profit, underlying EPS and capital investment calculated at constant currency. Strong financial performance £2,292m HY25: £2,026m Underlying operating profit 13% 29.8p HY25: 28.0p Underlying EPS 6% £5,052m HY25: £4,494m Capital investment 12% 16.35p HY25: 15.84p Dividend in line with policy 3.2%
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10 National Grid plc Half Year Results 2025/26 Reliability and safety Resilience • Winter readiness plans in place • NESO report on North Hyde substation fire Safety • Lost Time Injury Frequency rate of 0.09 Reliability • Strong reliability across our UK and US networks
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11 National Grid plc Half Year Results 2025/26 1. Distribution System Operator. Electricity Distribution Capital investment of £756m, up 17% • Increased asset replacement and load related reinforcement activity • Exceeded our £100m 3-year synergies target UK Regulatory • Ofgem’s Sector Specific Methodology Consultation for RIIO-ED3 Policy • Connections reform • Expanding DSO1 capabilities Operational progress
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12 National Grid plc Half Year Results 2025/26 Electricity Transmission Capital investment of £1.7bn, up 31% • New substations to support load growth • Energised 2.5km circuit of London Power Tunnels Innovation • Uxbridge Moor substation – 70% smaller footprint and SF6 free – 1.8GW of new capacity Supply chain • £8bn Electricity Transmission Partnership for substations with 7 regional partners UK Operational progress Policy • Supporting connections reform Regulatory – RIIO-T3 • Draft Determination in July • Final Determination in December • Decision expected in late February or early March
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13 National Grid plc Half Year Results 2025/26 EGL2 Wave 1 • EGL1 & EGL2 cable manufacturing and site works underway • Yorkshire Green transformers delivered • North London Reinforcement - 3 circuits reconductored • Engaging Ofgem on EGL1 delay event Wave 2 • Completed 4 public consultations, including – DCO1 applications for Sea Link and Norwich to Tilbury Strategic InfrastructureUK Operational progress EGL3 Key Wave 1 projects EGL1 Eastern Green Link 1 EGL2 Eastern Green Link 2 YG Yorkshire Green B-T Bramford to Twinstead NLR North London Reinforcement G-T Grain to Tilbury Sea Link Norwich – Tilbury (South) Norwich – Tilbury (North) Pentir – Trawsfynydd (Cable) Pentir – Trawsfynydd (New Circuit) Chesterfield – Willington Brinsworth – High Marnham North Humber – High Marnham Grimsby – Walpole Wave 1 projects Wave 2 projects B-T YG NLR G-T EGL4 EGL1 1. Development Consent Order.
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14 National Grid plc Half Year Results 2025/26 Operational progress Regulatory • Order from PSC on NESE 3 pipeline • Niagara Mohawk rate case approved Policy • New York State Energy Plan New YorkUS £1.6bn capital investment, up 5%1 • Increase in mains replacement expenditure $4bn Upstate Upgrade • Smart Path Connect on track • CLCPA2 Phase 1 & 2 expecting first permit approvals 1. At constant currency. 2. Climate Leadership & Community Protection Act. 3. Williams’ Northeast Supply Enhancement pipeline.
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15 National Grid plc Half Year Results 2025/26 Operational progress Regulatory • Agreed c.$600m of ESMP 2 allowances Policy • Energy Affordability Bill 1. At constant currency. 2. Electric Sector Modernization Plan. New EnglandUS £1.0bn capital investment, up 23% 1 • Asset condition and system capacity investment • 220,000 smart meter installations • Fault Location, Isolation, and Service Restoration roll out • Strategic procurement framework – >$3bn of contracts over 5 years
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16 National Grid plc Half Year Results 2025/26 Operational progress Underlying operational delivery • £69m capital investment – Interconnector and US Generation asset health Performance • Interconnectors: 90% availability • Generation fleet: 96% reliability • Progress on Propel NY Energy Streamlined portfolio • Completed National Grid Renewables sale • Grain LNG completion expected in the coming weeks NG Ventures and Joint VenturesNGV
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Financial Performance Andy Agg Chief Financial Officer
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18 National Grid plc Half Year Results 2025/26 Underlying results from continuing operations excluding exceptional items, remeasurements, deferrable major storm costs (when greater than $100m, after deductibles and allowances), timing, and the impact of deferred tax in UK regulated businesses (UK Electricity Transmission and UK Electricity Distribution). Underlying operating profit, underlying EPS and capital investment calculated at constant currency. Strong financial performance £2,292m HY25: £2,026m Underlying operating profit 13% 29.8p HY25: 28.0p Underlying EPS 6% £5,052m HY25: £4,494m Capital investment 12% 16.35p HY25: 15.84p Dividend in line with policy 3.2%
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19 National Grid plc Half Year Results 2025/26 Electricity DistributionUK • Lower revenues – headwinds from Ofgem’s RPE2 mechanism • Higher depreciation £551m HY25: £573m Underlying operating profit Underlying operating profit, excluding timing and exceptional items. 1. Net of lower customer funded costs. 2. Real Price Effects. £756m HY25: £647m Capital investment Exceeded our £100m 3-year synergies target • Asset replacement • Load related reinforcement work UK Electricity Distribution
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20 National Grid plc Half Year Results 2025/26 £846m HY25: £724m Underlying operating profit £1,684m HY25: £1,290m Capital investment 656 724 84 • Higher allowed revenues Partially offset by • Higher depreciation • Ongoing spend on substation build out • ASTI projects and enabling work Electricity TransmissionUK Underlying operating profit, excluding timing and exceptional items. UK Electricity Transmission
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21 National Grid plc Half Year Results 2025/26 Underlying operating profit, excluding timing and exceptional items. Operating profit and capital investment presented at constant currency. 1. ‘Other’ includes higher year-on-year property taxes of £42m and environmental costs of £35m partially offset by other items, including £47m lower storm activity. 195 £443m HY25: £276m Underlying operating profit £1,585m HY25: £1,503m Capital investment 3169 New YorkUS 115 288 137 81 • Higher net revenues reflecting the growth of the business • Recovery of previously unremunerated costs Partially offset by • Higher depreciation • Higher property taxes and environmental costs • Increased gas mains replacement • Smart meter installations Partially offset by • Lower spend on Smart Path Connect US Regulated – New York
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22 National Grid plc Half Year Results 2025/26 211 237 60 New EnglandUS £292m HY25: £227m Underlying operating profit £958m HY25: £780m Capital investment • Higher revenues reflecting growing asset base • Improved incentive performance Partially offset by • Higher depreciation • Investment related costs • Increased asset condition and system capacity investments • Smart meter installations Partially offset by • Reduced gas mains replacement work Underlying operating profit, excluding timing and exceptional items. Operating profit and capital investment presented at constant currency. US Regulated – New England
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23 National Grid plc Half Year Results 2025/26 NG Ventures 6 months ended Operating Profit (£m) Sept 2025 Sept 2024 Interconnectors 121 128 Grain LNG 91 68 US Ventures (3) (21) Business Development & Other (22) (26) 187 149 Post tax share of JVs (£m) Sept 2025 Sept 2024 Interconnectors1 35 36 NG Renewables - 16 Transco 5 5 Other - 2 40 59 Total NGV 227 208 Capital investment (£m) 69 270 Operating profit & post tax share of JVs • Benefit of depreciation having ceased in Grain LNG following classification as held-for-sale 1. Includes BritNed and Nemo. Operating profit, share of joint venture profit after tax and capital investment presented at constant currency. Underlying results, excluding exceptional items and remeasurements. NG Ventures and Other activitiesNGV Lower capital investment • National Grid Renewables and Grain LNG held for sale from September 2024 Other activities underlying operating loss of £27m NG Ventures and Other activities
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24 National Grid plc Half Year Results 2025/26 • Higher average net debt • Higher inflation on indexed linked debt • 60bps lower than prior year • Higher capital allowances and a change in the profit mix • Underlying earnings up 16% • EPS 29.8p per share £678m HY25: £652m Finance costs 11.3% Underlying tax charge: £182m Underlying effective tax rate 1 £1,470m HY25: £1,269m Underlying earnings 2 1. Excluding joint ventures and associates. 2. Underlying earnings attributable to equity shareholders. Finance costs, underlying earnings, and underlying EPS presented at constant currency. Underlying results from continuing operations excluding exceptional items, remeasurements, deferrable major storm costs (when greater than $100m, after deductibles and allowances), timing and the impact of deferred tax in the UK regulated businesses (UK Electricity Transmission and UK Electricity Distribution). Interest, tax and earnings
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25 National Grid plc Half Year Results 2025/26 1. Net cashflow from continuing operations, excluding other investing and financing transactions with nil impact on net debt. £3.6bn HY25: £2.7bn Cash generated from operations £2.8bn HY25: £3.5bn inflow Net cash outflow 1 £41.8bn FY25: £41.4bn (actual currency) Net debt Cash flow and net debt
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26 National Grid plc Half Year Results 2025/26 FY26 EPS upgrade Relative to our guidance in May, expect modestly higher EPS reflecting • Improved operating performance in the regulated businesses • Lower financing costs More than offsetting • Weaker US dollar • Higher share count from scrip uptake FY2025 - 2029 Capital investment c.£60bn – c.£51bn green1 Group asset growth c.10% CAGR 2 Credit metrics Committed to strong investment grade credit rating Credit metrics above current rating thresholds3 Underlying EPS 6-8% CAGR (from FY25 baseline of 73.3p)4 Dividend Aim to grow dividend per share in line with UK CPIH 1. Aligned to EU Taxonomy, directly invested into the decarbonisation of energy networks. 2. Group asset compound annual growth rate from a FY24 baseline. Forward years based on assumed USD FX rate of 1.25; and long run UK CPIH and US CPI. Assumed sale of ESO, Grain LNG, and National Grid Renewables. Remaining 20% stake in UK Gas Transmission was treated as a discontinued operation and therefore did not contribute to group asset growth. 3. Until at least the end of the RIIO-T3 period. 4. EPS compound annual growth rate from a FY25 baseline. Forward years based on assumed USD FX rate of 1.25; long run UK CPIH, US CPI and interest rate assumptions and scrip uptake of 25%. Assumed sale of Grain LNG, and National Grid Renewables. Guidance and outlook
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Priorities & Outlook John Pettigrew Chief Executive
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28 National Grid plc Half Year Results 2025/26 Priorities Electricity Transmission • Engage with Ofgem on RIIO-T3 • Work with AI Energy Council • Continue ASTI Wave 1 construction • Engage with stakeholders and communities on DCOs Electricity Distribution • Respond to the RIIO-ED3 Sector Specific Methodology Consultation National Grid Ventures • Develop new competitive transmission opportunities in the US • Complete the sale of Grain LNG US NGV New York • Work with New York on State Energy Plan • Support Williams on NESE pipeline approvals • Prepare downstate New York Gas filing New England • File Massachusetts Gas rate case • Work with Massachusetts on Affordability Bill • Produce our Climate Compliance Plan UK
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29 National Grid plc Half Year Results 2025/26 • Pivot to electricity • Delivering for our customers • Capital investment c. 3x higher than 2016 • Delivering long-term value for shareholders A Transformative Decade 29
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Q & A By text use the ‘Ask a question’ tab below In the event we do not have time for all questions, we will respond by email as soon as possible By phone Call the conference lines: UK-Wide: +44 (0) 33 0551 0200 UK Toll Free: 0808 109 0700 Quote “National Grid” when prompted by the operator
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31 National Grid plc Half Year Results 2025/26 Appendices
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32 National Grid plc Half Year Results 2025/26 32 Pensions & other post-employment benefit obligations (IAS 19 data) 1. OPEBs = Other post-employment benefits Appendix 1 UK US As at 30 September 2025 (£m) ESPS NGUK PS NGED DB Pensions OPEBs1 Total Fair value of plan assets 2,003 3,834 4,563 5,079 2,739 18,218 Present value of liabilities (1,757) (3,619) (4,031) (4,705) (1,810) (15,922 Funded Status 246 215 532 374 929 2,296 Effect of asset ceiling — — — — (221) (221) Net Assets 246 215 532 374 708 2,075 Taxation (62) (54) (133) (101) (191) (541) Net asset net of taxation 184 161 399 273 517 1,534 Discount rates 5.76 % 5.76 % 5.02 % 5.30 % 5.30 % UK US As at 31 March 2025 (£m) ESPS NGUK PS NGED DB Pensions OPEBs1 Total Fair value of plan assets 2,017 3,964 4,622 5,180 2,658 18,441 Present value of liabilities (1,765) (3,650) (4,060) (4,704) (2,269) (16,448) Funded Status 252 314 562 476 389 1,993 Effect of asset ceiling — — — — (77) (77) Net Assets 252 314 562 476 312 1,916 Taxation (63) (79) (140) (129) (84) (495) Net asset net of taxation 189 235 422 347 228 1,421 Discount rates 5.73 % 5.73 % 5.73 % 5.50 % 5.50 %
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33 National Grid plc Half Year Results 2025/26 33 Timing impacts 2024/25 opening balance restatement adjustment reflects finalisation of timing balances. All USD balances stated using the average 2025/26 rate of $1.353 to £1. 2025/26 closing timing balance (continuing) as at 30 September 2025 at spot rate ($1.345): £(615)m. 2024/25 closing timing balance (continuing) as at 30 September 2024 at spot rate ($1.337): £199m. Appendix 2 £m UK Electricity Transmission UK Electricity System Operator UK Electricity Distribution New York New England Total continuing operations 2025/2026 opening balance to (recover)/return 9 — 125 299 (366) 67 Opening balance restatement adjustment — — (1) — — (1) Over/(under) recovery (33) — (63) (370) (211) (677) 30 September 2025 closing balance to (recover)/return (24) — 61 (71) (577) (611) 2024/2025 opening balance to (recover)/return 150 877 (283) 619 (422) 941 Opening balance restatement adjustment 10 64 1 — — 75 Over / (under) recovery (82) (479) 191 (304) (142) (816) 30 September 2024 closing balance to (recover) /return 78 462 (91) 315 (564) 200 Year on year timing variance 49 479 (254) (66) (69) 139
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34 National Grid plc Half Year Results 2025/26 34 Weighted average number of shares Appendix 3 For the year ended 31 March 2025 2024 Number of shares (millions): Current period opening shares 4,897 3,720 IFRS ‘bonus shares’ (Rights Issue) — 302 Rights Issue — 471 Scrip dividend shares (weighted issue) 24 30 Other share movements (weighted from issuance/repurchase) 5 3 Weighted average number of shares 4,926 4,526 Underlying earnings (£m) 1,470 1,271 Underlying EPS 29.8p 28.1p Underlying results from continuing operations excluding exceptional items, remeasurements, deferrable major storm costs (when greater than $100m, after deductibles and allowances), timing, and the impact of deferred tax in UK regulated businesses (UK Electricity Transmission and UK Electricity Distribution).