National Grid: FY26 Results Factsheet

Investor Relations May 2026

Introduction

National Grid is embarking on the largest investment programme in our history, committing at least £70 billion over the next five years to modernise and expand energy networks across the UK and the US Northeast - networks that underpin economic growth, strengthen energy security and enable the transition to a cleaner, more flexible energy system. At the same time, we are building the skilled workforce needed to deliver this investment at pace, creating thousands of jobs across our markets.

This year, we have delivered strong financial performance, including underlying EPS growth of 8% at constant currency, and record investment of

£11.6 billion. This sets the foundation to deliver compound annual growth rates across our five-year financial framework of around 10% asset growth and 8-10% underlying EPS growth.

CEO, Zoë Yujnovich

Capital Investment at least

UK Electricity Transmission

c.£31bn

NGV

c.£1bn

New England

c.£12bn

upgraded underlying EPS

CAGR2

asset growth

CAGR1

c. 2/3 covered by regulatory agreements

1

UK Electricity Distribution

c.£9bn

New York

c.£17bn

Strong Balance Sheet

credit metrics above current thresholds

Dividend Policy

aim to grow DPS in line with

UK CPIH

1. Group asset compound annual growth rate (CAGR) from a FY26 base line. Forward years based on assumed USD FX rate of 1.35; and long run UK CPIH and US CPI assumptions.

   FY26 financial performance highlights

   Return on Equity

   9.8%

   FY25: 9.0% +80bps

   Asset growth

   10.9%

   FY25: 9.0% +190bps

   Capital investment

   £11.6bn

   FY25: £9.5bn +21%

2. EPS compound annual growth rate from a FY26 baseline. Forward years based on assumed USD FX rate of 1.35; long run UK CPIH and US CPI and interest rate assumptions and scrip uptake of 25%.

Underlying operating profit

FY25: £5.2bn +9%

Underlying EPS

FY25: 72.0p +8%

Dividend growth in line with policy

FY25: 46.72p +3.8%

Underlying results from continuing operations excluding exceptional items, remeasurements, deferrable major storm costs (when greater than $100m), timing, and the impact of deferred tax in the UK regulated businesses (NGET and NGED).

Underlying operating profit, underlying EPS and capital investment prior year calculated at constant currency.

UK Electricity Transmission

Operating profit

FY25: £1.4bn

• Higher net revenue

• Strong cost efficiency

- flat controllable costs

New York

Operating profit

£1.7bn 25%

FY25: £1.4bn

• Net revenue reflects investment &

  recovery of unremunerated costs

• Higher storm costs & property taxes

• Increase depreciation

NGV

Operating profit post tax share of JVs

£401m 11%

FY25: £453m

• Lower profit following Grain LNG sale

• Higher overall interconnector contribution

UK Electricity Distribution

Operating profit

FY25: £1.2bn

• Higher net revenue

• Lower storm costs

• Increased depreciation

New England

Operating profit

£866m 1%

FY25: £871m

• Updated rates in our electric business

• Impact of charges from FERC ruling

• Higher depreciation, property tax increases & capital-related opex

Delivering at scale in the UK: transforming the energy system

UKED

UKET

UKED RIIO-ED2 ED3

RIIO-T3

UKET RIIO-T2

30/31

29/30

24/25

In progress Business Plan filing

Agreed

28/29

27/28

26/27

25/26

FY26 FY31

37

>60

c.60%

UK RAV, £bn

National Grid Ventures Maintaining our

£1bn interconnector fleet

Build smarter, multi-

directional and flexible networks

50%

vs prev. 5-yrs

Connecting up to 35GW

supply and 19GW demand

150%

vs prev. 5-yrs

Electricity

Transmission

£31bn

Electricity Distribution

£9bn

£41bn of UK investment FY27-31

ET service areas

ED and ET service areas

Regulatory Frameworks

Substations

Existing / Upgrading Network New Build

Interconnectors

NO

DK

NL

BE

FR

FR

Deploying at scale in the US: enhancing resilience and meeting demand

Agreed In progress Planned

24/25

25/26

26/27

27/28

28/29

Filing date

29/30 30/31

NIMO

KEDNY/LI MECO MA GAS

NEP

£29bn of US investment FY27-31

New York Regulated

£17bn

30% vs prev. 5-yrs

Investing in resilience and new demand connections

New England Regulated

£12bn

50% vs prev. 5-yrs

Strengthening and modernising our networks

Massachusetts

New York

Rate Cases

ED and GD service areas

Electricity Transmission network

US Rate Base, £bn

c.50% >45

31

NE

NY

FY26 FY31

We Bring Energy to

POWER POSSIBILITIES

Brilliant Basics. Big Shifts. Disciplined Growth.

Building on our foundational strengths

Capital

Be best-in-class in the delivery of our largest-ever capital programme

• Project delivery

• Supply chain

• Planning & consents

Asset

Get the most from our transmission and distribution assets

• Network reliability

• Efficient operations

• Regulatory engagement

  Customer

  Provide customers with consistently strong experiences

  • Storm response

  • Network modernisation

  • Vulnerable customer support

Functions

Enhance control and oversight while reducing friction

• Global expertise with local accountability

• Relentless focus on efficiency

  Growth: delivering today, building future optionality

  Regulated networks growth

  • Shape the future of policy and regulation beyond the next regulatory cycle

  • Work with industry and partners to meet growing expectations of our

  customers

‌National Grid is resilient to macro volatility

Interest Rates

Important notice

This document 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 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

4

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. Furthermore, this

document, which is provided for information only, does not constitute summary financial statements and does not contain sufficient information to allow for as full an understanding of the results and state of affairs of National Grid, including the principal risks and uncertainties facing National Grid, as would be provided by the full Annual Report and Accounts, including in particular the Strategic Report section and the 'Risk factors' section on pages 262 to 268 of National Grid's most recent Annual Report and Accounts for the year ended 31 March 2025, as updated by National Grid's unaudited half-year financial information for the following six month period. Copies of the most recent Annual Report and Accounts are available online at https://www.nationalgrid.com or from Equiniti Limited. Except as may be required by law or regulation, National Grid undertakes no obligation to update any of its forward-looking statements, which speak only as of the date of this document. The content of any website references herein do not form part of this document.

Further information

Angela Broad Andrew Downey

Director of Investor Relations Interim Director of Investor Relations M +44 (0) 7825 351 918 T +44 (0) 7926 285 683

[email protected] [email protected]

Tom Edwards Cerys Reece

Senior Investor Relations Officer Investor Relations Manager M +44 (0) 7976 962 791 M +44 (0) 7860 382264

[email protected] [email protected]

nationalgrid.com/investors

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