Pre-Close Update Ahead of HY2026/27 Results

National Grid PLC

05 October 2026

5 October 2026

National Grid plc

Pre-Close Update Ahead of 2026/27 Half Year Results

National Grid today issues a pre-close update for the six months ended 30 September 2026, ahead of announcing half year results on 5 November. Overall, the Group's regulated businesses continue to perform in line with our expectations, but a strong first half performance in National Grid Ventures & Other means we now expect to be slightly above our FY27 EPS growth guidance of 13-15%. As usual, underlying EPS is expected to be weighted to the second half of the year.

The profile of half year Group operating profitis also expectedto be broadly consistent with the prior year:

• In UK Electricity Transmission and UK Electricity Distribution, we anticipate operating profit to be broadly evenly split across the year, consistent with FY26.
• In our US regulated businesses, operating profits are expected to be weighted to the second half in line with the usual seasonality. In New England, we expect a return to a more typical seasonality profile following the one-off impact of the FERC RoE judgement in the second half of FY26.
• National Grid Ventures & Other activities is expected to deliver c.£130 million of additional performance in the first half relative to our expectations, reflecting significant one-off fair value gains following two successful capital market transactions within the NG Partners investment portfolio and stronger performance in our interconnectors business.

Closing half year net debt is expected to be broadly in line with our guidance for the full year after updating for the impact of the Joulent investment and reflecting the weighting of operating cash flows to the second half.

Our half year results will be announced on Thursday, 5 November 2026.

Enquiries andcontacts

Investors and Analysts:

Andrew Downey	+44 (0) 7926 285 683
Tom Edwards Cerys Reece	+44 (0) 7976 962 791 +44 (0) 7860 382 264

Media:

Illtud Harri	+44 (0) 7920 503 600

CAUTIONARY STATEMENT

This announcement 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 (the Company) 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 announcement also references sustainability-related targets and sustainability-related risks (including climate-related targets and climate-related risks) 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. These forward-looking statements and targets are not guarantees of National Grid’s future performance and are subject to assumptions, risks and uncertainties that could cause actual future results to differ materially from those expressed in or implied by such forward-looking statements and targets. Many of these assumptions, risks and uncertainties relate to factors that are beyond National Grid’s ability to control or estimate precisely, such as changes in laws or regulations and decisions by governmental bodies or regulators, including those relating to current and upcoming price controls in the UK and rate cases in the US; the timing of construction and delivery by third parties of new generation projects requiring connection; breaches of, or changes in, environmental, climate change and health and safety laws or regulations, including breaches or other incidents arising from the potentially harmful nature of its activities; network failure or interruption, the inability to carry out critical non-network operations and damage to infrastructure, due to adverse weather conditions including the impact of major storms as well as the results of climate change, due to counterparties being unable to deliver physical commodities; reliability of and access to IT systems, including due to the failure of or unauthorised access to or deliberate breaches of National Grid’s systems and supporting technology; failure to adequately forecast and respond to disruptions in energy supply; performance against regulatory targets and standards and against National Grid’s peers with the aim of delivering stakeholder expectations regarding costs and efficiency savings, including affordability considerations, as well as against targets and standards designed to support its role in the energy transition; and customers and counterparties (including financial institutions) failing to perform their obligations to the Company. Other factors that could cause actual results to differ materially from those described in this announcement include fluctuations in exchange rates, interest rates and commodity price indices; restrictions and conditions (including filing requirements) in National Grid’s borrowing and debt arrangements, funding costs and access to financing; regulatory requirements for the Company to maintain financial resources in certain parts of its business and restrictions on some subsidiaries’ transactions such as paying dividends, lending or levying charges; the delayed timing of recoveries and payments in National Grid’s regulated businesses, and whether aspects of its activities are contestable; the funding requirements and performance of National Grid’s pension schemes and other post-retirement benefit schemes; the failure to attract, develop and retain employees with the necessary competencies, including leadership and business capabilities, and any significant disputes arising with National Grid’s employees or breaches of laws or regulations by its employees; the failure to respond to market developments, including competition for onshore transmission; the threats and opportunities presented by emerging technology, including AI; the risk that global actions may not be effective in transitioning to net zero and in managing relevant ESG risks, including in particular climate, nature-related and human rights risks; the failure by the Company to respond to, or meet its own commitments as a leader in relation to, climate change development activities relating to energy transition, including the integration of distributed energy resources, which may result in the Company’s failure to achieve the expected benefits of its strategic priorities; and the need to grow the Company’s business to deliver its strategy, as well as incorrect or unforeseen assumptions or conclusions (including unanticipated costs and liabilities) relating to business development activity, including its strategic infrastructure projects and joint venture investments. For further details regarding these and other assumptions, risks and uncertainties that may affect National Grid, please read the Strategic Report section and the ‘Risk factors’ on pages 227 to 231 of National Grid’s Annual Report and Accounts for the year ended 31 March 2026. In addition, new factors emerge from time to time and National Grid cannot assess the potential impact ofany such factor on its activities or the extent to which any factor, or combination of factors, may cause actual future results to differ materially from those contained in any forward-looking statement. Except as may be required by law or regulation, the Company undertakes no obligation to update any of its forward-looking statements, which speak only as of the date of this announcement.

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