Slide 1: Full Year Results
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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: Agenda
Agenda Zoë Yujnovich Andy Agg Chief Executive Chief Financial Officer Executing our strategy Zoë Financial performance and outlook Andy Key messages and investment case Zoë Q&A Zoë & Andy 3
Slide 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 KEDNY/LI MECO MA GAS Massachusetts NEP £29bn of US investment FY27-
Slide 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: Financial performance and outlook
Financial performance and outlook Andy Agg Chief Financial Officer 16
Slide 17: 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 18: 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 19: UK Electricity Distribution
UK Electricity Underlying Operating Profit, £m Distribution 1,203 37 29 1,238 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: Key messages and investment case
Key messages and investment case Zoë Yujnovich Chief Executive Officer 26
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: Appendices
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Slide 30: UK Electricity Transmission operating profit
Appendix 1 UK Electricity Transmission operating profit For the year ended 31 March (£m) 2026 2025 Revenue 2,898 2,619 Pass-through costs (391) (455) Net revenue 2,507 2,164 Depreciation & amortisation (550) (540) Regulated controllable costs and pensions (290) (293) Other costs (62) (54) Total UK E
Slide 31: UK Electricity Distribution operating profit
Appendix 2 UK Electricity Distribution operating profit For the year ended 31 March (£m) 2026 2025 Revenue 1,937 2,424 Pass-through costs (184) (185) Net revenue 1,753 2,239 Depreciation & amortisation (271) (249) Regulated controllable costs (311) (302) Other costs (49) (78) Total UK Electricity Di
Slide 32: New England operating profit
Appendix 3 New England operating profit For the year ended 31 March (£m) 2026 2025 Revenue 4,174 4,059 Pass-through costs (1,451) (1,563) Net revenue 2,723 2,496 Depreciation & amortisation (493) (442) Regulated controllable costs (668) (665) Pensions (9) (20) Bad debts (84) (59) Other costs (509) (
Slide 33: New York operating profit
Appendix 4 New York operating profit For the year ended 31 March (£m) 2026 2025 Revenue 7,618 6,307 Pass-through costs (3,113) (2,345) Net revenue 4,505 3,962 Depreciation & amortisation (769) (689) Regulated controllable costs (1,032) (989) Pensions (19) (31) Bad debts (156) (133) Other costs (1,35
Slide 34: NGV and Property operating profit
Appendix 5 NGV and Property operating profit For the year ended 31 March (£m) 2026 2025 For the year ended 31 March (£m) 2026 2025 Revenue 133 166 Revenue 87 96 Depreciation & amortisation (25) (24) Depreciation & amortisation (23) (22) Operating costs (44) (62) Operating costs (29) (31) IFA1 operat
Slide 35: Exchange rates
Appendix 6 Exchange rates For the year ended 31 March (£m) 2026 2025 Closing $/£ rate 1.32 1.27 Average $/£ rate 1.34 1.29 For the year ended 31 March (£m) 2025 Impact on underlying operating profit (136) Impact on timing and major storms — Impact on interest 53 Impact on JVs (2) Impact on tax and N
Slide 36: Pensions & other post-employment benefit obligations (IAS 19 data)
Appendix 7 Pensions & other post-employment benefit obligations (IAS 19 data) UK US As at 31 March 2026 (£m) ESPS NGUK PS NGED DB Pensions OPEBs1 Total Fair value of plan assets 2,026 3,823 4,592 4,608 2,731 17,780 Present value of liabilities (1,728) (3,578) (4,013) (4,009) (1,770) (15,098) Funded
Slide 37: Timing impacts
Appendix 8 Timing impacts UK Electricity UK Electricity System UK Electricity Total continuing £m Transmission Operator Distribution New York2 New England2 operations 2025/2026 opening balance to (recover)/return 9 — 125 301 (368) 67 Opening balance restatement adjustment 1 — — (7) — — (7) Over/(und
Slide 38: UK Electricity Transmission regulated asset values and returns
Appendix 9 UK Electricity Transmission Regulated asset values (‘RAV’) and returns UK Electricity Transmission Regulator Ofgem RAV £23,847m Base allowed real return (Assumed CoD 1.92%) 3.50% (‘Vanilla’ WACC) Allowed RoE (nominal) 7.2% Achieved RoE (nominal) 8.2% Equity/debt (assumed) 45/55 Totex capi
Slide 39: UK Electricity Distribution regulated asset values and returns
Appendix 10 UK Electricity Distribution Regulated asset values (‘RAV’) and returns UK Electricity Distribution Regulator Ofgem RAV £13,139m Base allowed real return (Assumed CoD 3.1%) 4.14% (‘Vanilla’ WACC) Allowed RoE (nominal) 7.6% Achieved RoE (nominal) 8.1% Equity/debt (assumed) 40/60 Totex capi
Slide 40: New York jurisdiction
Appendix 11 New York jurisdiction Regulated asset base (‘Rate base’) and returns Rate bases are reported by regulatory entity as at 31 March 2026 Long Island Downstate New York Upstate New York Upstate New York Returns are those for the fiscal year ended 31 March 2026 (KEDLI) (KEDNY) (NIMO Gas) (NIM
Slide 41: New England jurisdiction
Appendix 12 New England jurisdiction Regulated asset base (‘Rate base’) and returns Rate bases are reported by regulatory entity as at 31 March 2026 Massachusetts Massachusetts Returns are those for the fiscal year ended 31 March 2026 Electric1 Gas2 Regulator Massachusetts DPU Massachusetts DPU Rate
Slide 42: FERC jurisdiction
Appendix 13 FERC jurisdiction Regulated asset base (‘Rate base’) and returns Rate bases are reported by regulatory entity as at 31 March 2026 Canadian Interconnector Returns are those for the fiscal year ended 31 March 2026 New England Power & other Regulator FERC FERC Rate base $3,271m $75m Base al
Slide 43: Group Return on Equity
Appendix 14 Group Return on Equity For the year ended 31 March (£m) 2026 2025 Regulated financial performance 5,153 4,673 IFRS operating profit for non-regulated companies 231 275 Share of post tax results of joint ventures1 76 100 Non-controlling interest (2) (3) Adjusted Group interest charge (1,6
Slide 44: Weighted average number of shares
Appendix 15 Weighted average number of shares For the year ended 31 March 2026 2025 Number of shares (millions): Current period opening shares 4,897 3,720 Rights Issue — 928 Scrip dividend shares (weighted issue) 43 53 Other share movements (weighted from issuance / repurchase) 6 6 Weighted average
Slide 45: Interest cover
Appendix 16 Interest cover For the year ended 31 March (£m) 2026 2025 Interest expense (income statement) 1,649 1,810 Exclude P&L pension charge — — Hybrid interest reclassified as dividend (13) (37) Capitalised interest 424 294 Pensions interest adjustment 12 13 Unwinding of discounts on provisions
Slide 46: RCF:Debt
Appendix 17 RCF:Debt For the year ended 31 March (£m) 2026 2025 Funds from operations (FFO) 5,826 5,557 Hybrid interest reclassified as dividend (13) (37) Ordinary dividends paid to shareholders (1,623) (1,529) Retained cash flow (RCF) 4,190 3,991 Borrowings 46,755 47,539 50% hybrid debt (328) (814)
Slide 47: Electricity Transmission net revenue
Appendix 18 Electricity Transmission net revenue For the year ended 31 March (£m) 2026 Revenue 2,898 Net timing adjustment 77 Incentives (excluding totex), Annual & Interim Pricing Pass-through costs (391) and pass-through costs £m Net revenue adjusted for timing 2,584 Deferred for future recovery/r
Slide 48: UK Electricity Transmission operating profit
Appendix 19 UK Electricity Transmission operating profit For the year ended 31 March (£m) 2026 Net revenue adjusted for timing 2,584 £m Ofgem annual iteration revenue 1,928 Depreciation and amortisation (550) + Inflate to forecast pcfm inflation 611 Regulated controllable costs, pensions and other c
Slide 49: UK Electricity Distribution net revenue
Appendix 20 UK Electricity Distribution net revenue For the year ended 31 March (£m) 2026 Revenue 1,937 Net timing adjustment 116 Incentives (excluding totex), Annual & Interim Pricing Pass-through costs (184) and pass-through costs £m Net revenue adjusted for timing 1,869 Deferred for future recove
Slide 50: Reconciliation of underlying EPS to statutory EPS
Appendix 21 Reconciliation of underlying EPS to statutory EPS For the year ended 31 March (pence) 2026 Underlying EPS from continuing operations 78.0 Deferred tax on NGET and NGED (10.1) Timing and major storms costs (9.4) Adjusted EPS from continuing operations 58.5 Exceptional items & remeasuremen
Slide 51: Adjusted New England US GAAP earnings
Appendix 22 Adjusted New England US GAAP FY26 For the year ended 31 March ($m) 2026 2025 earnings $12.7bn EBIT 1,025 946 Average Pension adjustment 95 70 rate base Interest (241) (219) Earnings are higher year on RoE year due to at 9.2% Tax (240) (218) • Rate base growth of +12% Equity • New England
Slide 52: Adjusted New York US GAAP earnings
Appendix 23 Adjusted New York US GAAP FY26 For the year ended 31 March ($m) 2026 2025 earnings $24.2bn EBIT 1,736 1,551 Average Pension adjustment 308 169 rate base Interest (588) (459) Growth in earnings driven by RoE at 9.0% • Rate base growth of +10% Tax (404) (351) • New York achieved a RoE of E