National Grid Plc · LSE:NG.
National Grid — Debt Investor Presentation
29 slides from National Grid's debt investor presentation
Slide 1: Full Year Results Debt Investor Update 2025/26
Full Year Results Debt Investor Update 2025/26 Alexandra Lewis Group Treasurer
Slide 2: Cautionary Statement
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 Securit
Slide 3: We have clear momentum in our business
We have clear momentum in our business Underpins our Building on strong foundations commitment to deliver our five-year High visibility Engineering Strong Clear sense Strong framework on investment excellence regulatory of purpose balance & growth capabilities sheet Our largest-ever investment progr
Slide 4: We have unprecedented growth opportunities in a rapidly changing energy system
Significant structural growth drivers by 2035 We have Pace of net zero transition unprecedented Installed Increased growth generation capacity1 +90% c.290 GW renewable generation opportunities Energy security in a rapidly Electricity demand2 >30% c.370 TWh Data centres & electrification of changing
Slide 5: Our refreshed strategic framework focuses our organisation
Our refreshed strategic framework focuses our organisation We Bring Energy to POWER POSSIBILITIES Brilliant Basics. Big Shifts. Disciplined Growth. Building optionality for Growth Build on our delivery credibility to find new ways of creating value disciplined Growth Leadership, Drive Big Shifts to
Slide 6: Delivering at scale in the UK: transforming the energy system
Delivering at scale in the UK: ET service areas ED and ET service areas Substations Existing / Upgrading Network transforming the energy system New Build Interconnectors Regulatory Frameworks Agreed In progress Business Plan filing 24/25 25/26 26/27 27/28 28/29 29/30 30/31 NO UKET RIIO-T2 RIIO-T3 UK
Slide 7: Deploying at scale in the US: enhancing resilience and meeting demand
ED and GD service areas Electricity Transmission network Deploying at scale in the US: New York enhancing resilience and meeting demand Rate Cases Agreed In progress Planned Filing date 24/25 25/26 26/27 27/28 28/29 29/30 30/31 NIMO NIMO KEDNY/LI MECO MA GAS - Massachusetts NEP £29bn of US investmen
Slide 8: Building on our foundational strengths
Building on our foundational strengths Capital Asset Customer Functions Be best-in-class in the Get the most from Provide customers Enhance control and delivery of our largest- our transmission and with consistently strong oversight while reducing ever capital programme distribution assets experienc
Slide 9: Sharpening performance: Capital
Sharpening Project assurance performance Capital • AI-enabled capital control tower to enhance project planning and performance • Optimise cost and • Centralise large project schedule across our delivery across UK project portfolio Electricity Transmission to capture synergies • Standardise, simplif
Slide 10: Sharpening performance: Asset
Sharpening Enhance frontline performance productivity Asset • Reduce supervisor admin to allow more field time • Re-design work planning and scheduling processes • Digital asset analytics improve resilience and • Strengthen performance drive performance management • AI-modelling to identify cost-eff
Slide 11: Sharpening performance: Customer
Sharpening Modernise customer performance service Customer • Roll-out market-leading digital customer service platform and smart meters • Deepen relationships with large load data • Modernise customer centre and industrial contact centres to become customers ‘digital first’ and self-serve • Support
Slide 12: Sharpening performance: Technology & Innovation
Sharpening Deploying innovative performance technologies on our networks Technology & • GridCARE AI: finding Innovation additional capacity to deliver faster connections for flexible • LineVision: Dynamic Line Rating load sensors to get more capacity out of our existing networks • Emerald AI: making
Slide 13: Growth: delivering today, building future optionality
Growth: delivering today, building future optionality Regulated networks growth networks growth • Shape the future of policy and regulation beyond the next regulatory cycle • Work with industry and partners to meet opportunities growing expectations of our customers Explore new Regulated Explore new
Slide 14: Financial performance and outlook
Financial performance and outlook
Slide 15: Consistent track record of delivering compelling financial outcomes
Consistent track record of delivering compelling financial outcomes Capital investment1 Underlying earnings Total dividend £bn £bn £bn 11.6 3.9 2.4 1.9 6.7 2.4 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 c.70% Growth in capex FY22-26 c.60% Earnings growth FY22-26 DPS g
Slide 16: FY26 financial performance highlights
FY26 financial performance highlights Capital Asset Return investment growth on Equity £11.6bn 10.9% 9.8% FY25: £9.5bn +21% FY25: 9.0% +190bps FY25: 9.0% +80bps Underlying Underlying EPS Dividend growth in operating profit line with policy Underlying results from continuing operations excluding exce
Slide 17: UK Electricity Transmission
UK Electricity Underlying Operating Profit, £m Transmission 269 3 1,682 Higher net revenue (10) (8) 1,428 Strong cost efficiency – flat controllable costs Return on equity 100bps FY25 Net Revenue Controllable costs Depreciation Other FY26 Operational outperformance Achieved return on equity Capital
Slide 18: UK Electricity Distribution
UK Electricity Underlying Operating Profit, £m Distribution 37 29 1,238 1,203 Higher net revenue (9) (22) Lower storm costs Increased depreciation Return on equity 50bps FY25 Net Revenue Controllable costs Depreciation Other FY26 Operational outperformance Achieved return on equity Capital Regulated
Slide 19: New York Regulated
New York Underlying Operating Profit, £m Regulated 757 Net revenue reflects investment & (43) recovery of unremunerated costs (80) (69) (105) 1,709 (31) Higher storm costs and (87) property taxes 1,367 Increased depreciation Return on equity 96% of allowed return FY25 Net revenue Controllable costs
Slide 20: New England Regulated
New England Underlying Operating Profit, £m Regulated Updated rates in our electric 190 business (3) (51) (18) 871 (17) 866 Impact of charges from (106) FERC ruling Higher depreciation, property tax increases and capital-related opex Return on equity 96% of allowed return FY25 Net revenue Controllab
Slide 21: NGV & Other activities
NGV & Other NGV & Other activities NG Ventures Year ended activities Operating Profit (£m) March 2026 March 2025 Grain LNG 115 150 Interconnectors1 227 233 US Ventures1 (15) (3) 327 380 Operating profit & post tax share of JVs Post tax share of JVs (£m) Lower profit following Grain LNG sale Intercon
Slide 22: Cash flow and net debt
Cash flow and net debt Cash generated from Net Debt, £bn operations 40.7 10.6 1.6 1.7 0.5 44.2 £7.9bn (3.0) FY25: £7.0bn (7.9) Net cash outflow1 £6.0bn FY25: £5.9bn outflow Opening net Operating Capital Dividend Disposals Net interest Other Closing debt at constant cash flow investment paid net debt
Slide 23: Financing National Grid's operations
Financing National Grid’s operations Funding & committed facilities Currency profile of outstanding debt3 • External debt is issued by our UK (five) and US (six) operating companies, our US (as at 31 March 2026) holding company National Grid North America and by the group parent company, National Gr
Slide 24: Debt funding in FY26 and FY27 guidance
Debt funding in FY26 and FY27 guidance Long-term funding activity in FY26 FY27 long-term debt funding guidance • £4.2bn new long-term senior debt: • Expect c. £7-8bn of new long-term senior debt • Two EUR bond issues for NGNA (€1.2bn) and NGET • More than half from bond market, with (€650m), includi
Slide 25: Delivering our new 5-year financial framework to FY31
Delivering our new 5-year financial framework to FY31 NGV UK Electricity Transmission c.10% c.8-10% c.£1bn c.£31bn New England c.£12bn Group asset growth upgraded underlying CAGR1 EPS CAGR2 Capital Investment New York at least Dividend Strong c.£17bn Policy Balance Sheet £70bn aim to grow DPS in cre
Slide 26: National Grid is resilient to macro volatility
National Grid is resilient to macro volatility Tariffs • US tier 1 supply chain is Interest Rates c.90% domestically sourced • OpCo leverage matched to regulatory frameworks • c.80% of debt portfolio is fixed Commodities • HoldCo debt maturities extend • Limited exposure to wholesale into 2030s ener
Slide 27: Key messages
Key messages 1. Building on strong foundations to execute Enhanced platform our £70bn investment for growth 2. Sharpening our performance to de-risk execution and drive Strong outcomes efficiency for all stakeholders 3. Transforming our capabilities to strengthen for the Aiming to deliver future dou
Slide 28: National Grid offers growth and resilience
National Grid offers growth and resilience High visibility c.8-10% underlying Resilient business growth EPS CAGR model • Unmatched visibility of • Strong regulatory investment and earnings Progressive capabilities • Multiple growth drivers dividend • Clear delivery track record • Critical infrastruc
Slide 29: C Ss ho ke?) (qv) ~ x CGC
C Ss ho ke?) (qv) 5 3 ~ x CGC