National Grid Plc · LSE:NG.
National Grid — Debt Investor Presentation (November 2025)
21 slides from National Grid's debt investor presentation, Nov 6, 2025
Slide 1: Half Year Results Debt Investor Update 2025/26
Half Year Results Debt Investor Update 2025/26 Alexandra Lewis Group Treasurer 06 November 2025
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: Building on strong foundations
Building on strong foundations Clear investment drivers Compelling investor proposition FY2025 - 2029 Ensure continued Capital resilience c.£60bn – c.£51bn green1 investment Enable Group asset c.10% CAGR 2 economic growth growth Committed to strong investment grade credit rating Credit metrics Credi
Slide 4: Supply chain progress
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 G
Slide 5: Regulatory and policy developments
Regulatory and policy developments US UK Regulatory progress Policy • c.75% of five-year investment • Progressing planning reform plan approved within rate cases legislation Policy development • Consultations on • New York “all of the above” – Allowing simple Electric energy policy Distribution rein
Slide 6: Supporting load growth in the UK
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 cent
Slide 7: Strong financial performance
Strong financial performance Underlying operating profit Underlying EPS £2,292m 13% 29.8p 6% HY25: £2,026m HY25: 28.0p Capital investment Dividend in line with policy £5,052m 12% 16.35p 3.2% HY25: £4,494m HY25: 15.84p Underlying results from continuing operations excluding exceptional items, remeasu
Slide 8: Reliability and safety
Reliability and safety Reliability Resilience • Strong reliability across our • Winter readiness plans in place UK and US networks • NESO report on North Hyde substation fire Safety • Lost Time Injury Frequency rate of 0.09 8 National Grid plc Half Year Results 2025/26 – Debt Investor Update
Slide 9: Operational progress: UK Electricity Distribution
UK Electricity Distribution Operational progress Underlying operating profit £551m (HY25: £573m) Capital investment of £756m, up 17% Regulatory • Increased asset replacement and load • Ofgem’s Sector Specific Methodology related reinforcement activity Consultation for RIIO-ED3 Policy • Exceeded our
Slide 10: Operational progress: UK Electricity Transmission
UK Electricity Transmission Operational progress Underlying operating profit £846m (HY25: £724m) Capital investment of £1.7bn, up 31% Policy • New substations to support load growth • Supporting connections reform • Energised 2.5km circuit of London Power Tunnels Regulatory – RIIO-T3 • Draft Determi
Slide 11: Operational progress: UK Strategic Infrastructure
UK Strategic Infrastructure Operational progress Wave 1 • EGL1 & EGL2 cable manufacturing and site works underway • Yorkshire Green transformers delivered EGL2 • North London Reinforcement - 3 circuits Wave 1 projects reconductored EGL1 EGL3 Wave 2 projects EGL4 • Engaging Ofgem on EGL1 delay event
Slide 12: Operational progress: US New York
US New York Operational progress Underlying operating profit £443m (HY25: £276m1) £1.6bn capital investment, up 5%1 Regulatory • Increase in mains replacement • Order from PSC on NESE 3 pipeline expenditure • Niagara Mohawk rate case approved $4bn Upstate Upgrade • Smart Path Connect on track Policy
Slide 13: Operational progress: US New England
US New England Operational progress Underlying operating profit £292m (HY25: £227m1) £1.0bn capital investment, up 23%1 Regulatory • Asset condition and system capacity • Agreed c.$600m of ESMP 2 allowances investment • 220,000 smart meter installations Policy • Fault Location, Isolation, and Servic
Slide 14: Operational progress: NG Ventures and Joint Ventures
NGV NG Ventures and Joint Ventures Operational progress Underlying contribution £227m (HY25: £208m1) Underlying operational delivery • £69m capital investment – Interconnector and US Generation asset health Performance • Interconnectors: 90% availability • Generation fleet: 96% reliability • Progres
Slide 15: Interest, tax and earnings
Interest, tax and earnings Finance Underlying Underlying costs effective tax rate1 earnings 2 £678m 11.3% £1,470m HY25: £652m Underlying tax charge: £182m HY25: £1,269m • Higher average net debt • 60bps lower than • Underlying earnings prior year up 16% • Higher inflation on index linked debt • High
Slide 16: Cash flow and net debt
Cash flow and net debt Cash generated from operations £3.6bn HY25: £2.7bn Net cash outflow 1 £2.8bn HY25: £3.5bn inflow Net debt £41.8bn FY25: £41.4bn (actual currency) 1. Net cashflow from continuing operations, excluding other investing and financing transactions with nil impact on net debt. . 16
Slide 17: Financing National Grid's operations
Financing National Grid’s operations Funding & committed facilities • External debt is issued by our UK (five) and US (six) operating companies, our US holding company National Grid North America and by the group parent company, National Grid plc Currency profile of outstanding issuance3 • We have a
Slide 18: Funding activity
Funding activity Long-term funding activity so far in FY26 • £2.2bn of new bond issuance to fund our US entities • €1.2bn issued from NGNA in May, including a €500m 5-year and a €700m 10-year green bond under our Green Financing Framework updated in May 2025 • $1.6bn across two144A/RegS bond issues
Slide 19: Guidance and outlook
Guidance and outlook FY2025 - 2029 FY26 EPS upgrade Capital Relative to our guidance in May, expect modestly c.£60bn – c.£51bn green1 higher EPS reflecting investment • Improved operating performance in the regulated Group asset businesses c.10% CAGR 2 growth • Lower financing costs Committed to str
Slide 20: Priorities
Priorities US UK NGV New York Electricity Transmission National Grid Ventures • Work with New York • Engage with Ofgem on RIIO-T3 • Develop new competitive on State Energy Plan transmission opportunities in • Work with AI Energy Council the US • Support Williams • Continue ASTI Wave 1 on NESE pipeli
Slide 21: Q&A
Q&A
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