National Grid Plc · LSE:NG.
National Grid — Q2 2026 Earnings Presentation
34 slides from National Grid's earnings presentation, Nov 6, 2025
Slide 1: Half Year Results 2025/26
Half Year Results 2025/26 London, 6 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: John Pettigrew, Chief Executive
John Pettigrew Chief Executive
Slide 4: Zoë Yujnovich, Chief Executive Designate
Zoë Yujnovich Chief Executive Designate
Slide 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 10 National Grid plc Half Year Results 2025/26
Slide 11: UK Electricity Distribution
UK Electricity Distribution Operational progress 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 £100m 3-year synergies target • Connections refo
Slide 12: UK Electricity Transmission
UK Electricity Transmission Operational progress 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 Determination in July Innovation • Final Determination
Slide 13: UK Strategic Infrastructure
UK Strategic Infrastructure Operational progress Wave 1 • EGL1 & EGL2 cable manufacturing and site works underway • Yorkshire Green transformers delivered • North London Reinforcement - 3 circuits EGL2 reconductored Wave 1 projects EGL1 EGL3 Wave 2 projects EGL4 • Engaging Ofgem on EGL1 delay event
Slide 14: US New York
US New York Operational progress £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 Policy • Smart Path Connect on track • New York State • CLCPA2 Phase 1 & 2 expecting
Slide 15: US New England
US New England Operational progress £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 Service • Energy Affordability Bill Restoration roll ou
Slide 16: NG Ventures and Joint Ventures
NGV NG Ventures and Joint Ventures 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 •
Slide 17: Financial Performance
Financial Performance Andy Agg Chief Financial Officer
Slide 18: 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 19: UK Electricity Distribution
UK Electricity Distribution UK Electricity Distribution Underlying Capital operating profit investment £551m £756m HY25: £573m HY25: £647m • Lower revenues • Asset replacement – headwinds from • Load related Ofgem’s RPE2 reinforcement work mechanism • Higher depreciation Exceeded our £100m 3-year sy
Slide 20: UK Electricity Transmission
UK Electricity Transmission UK Electricity Transmission 84 724 Underlying Capital 656 operating profit investment £846m £1,684m HY25: £724m HY25: £1,290m • Higher allowed • Ongoing spend on revenues substation build out Partially offset by • ASTI projects and • Higher depreciation enabling work Unde
Slide 21: US Regulated – New York
US New York US Regulated – New York Underlying Capital 3 288 operating profit investment 169 81 137 £443m £1,585m 195 HY25: £276m HY25: £1,503m 115 • Higher net revenues • Increased gas mains reflecting the growth of replacement the business • Smart meter • Recovery of previously installations unrem
Slide 22: US Regulated – New England
US New England US Regulated – New England Underlying Capital 60 operating profit investment 237 £292m £958m 211 HY25: £227m HY25: £780m • Higher revenues • Increased asset reflecting growing condition and system asset base capacity investments • Improved incentive • Smart meter performance installat
Slide 23: NG Ventures and Other activities
NGV NG Ventures and Other activities NG Ventures and Other activities NG Ventures 6 months ended Operating Profit (£m) Sept 2025 Sept 2024 Operating profit & post tax share of JVs Interconnectors 121 128 • Benefit of depreciation having ceased in Grain LNG following Grain LNG 91 68 classification as
Slide 24: 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 indexed linked debt • Hi
Slide 25: 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. 25 Na
Slide 26: 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 27: Priorities & Outlook
Priorities & Outlook John Pettigrew Chief Executive
Slide 28: 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 • Work with AI Energy Council transmission opportunities in • Support Williams the US • Continue ASTI Wave 1 on NESE pipeli
Slide 29: A Transformative Decade
A Transformative Decade • Pivot to electricity • Delivering for our customers • Capital investment c. 3x higher than 2016 • Delivering long-term value for shareholders 29 National Grid plc Half Year Results 2025/26
Slide 30: Q&A
Q&A 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 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
Slide 31: Appendices
Appendices 31 National Grid plc Half Year Results 2025/26
Slide 32: Pensions & other post-employment benefit obligations
Appendix 1 Pensions & other post-employment benefit obligations (IAS 19 data) 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 Fund
Slide 33: Timing impacts
Appendix 2 Timing impacts UK Electricity Total UK Electricity System UK Electricity continuing £m Transmission Operator Distribution New York New England operations 2025/2026 opening balance to (recover)/ return 9 — 125 299 (366) 67 Opening balance restatement adjustment — — (1) — — (1) Over/ (under
Slide 34: Weighted average number of shares
Appendix 3 Weighted average number of shares 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 issu