Slides
Page 1
Sharpened performance delivering growth Half Year Results 2026/27
Page 2
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 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 presentation 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 presentation 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 ventures investments. Furthermore, in preparing the ESG-related information contained in this document, National Grid has made a number of key judgements, estimations and assumptions, and the processes and issues involved are complex. The ESG data, models and methodologies used are often relatively new, are rapidly evolving and are not of the same standard as those available in the context of other financial information, nor are they subject to the same or equivalent disclosure standards, historical reference points, benchmarks or globally accepted accounting principles. This means the ESG-related forward-looking statements and ESG metrics discussed in this document carry an additional degree of inherent risk and uncertainty. For further details regarding these and other assumptions, risks and uncertainties that may affect National Grid, please read the Strategic Report section (including the ‘Group Principal Risks’ on pages 31 to 37) and the ‘Risk factors’ on pages 227 to 232 of National Grid’s Annual Report and Accounts and Form 20-F for the year ended 31 March 2026, as updated by the principal risks and uncertainties statement on page 46 of the Company’s half year results statement published on 5 November 2026. In addition, new factors emerge from time to time and National Grid cannot assess the potential impact of any 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 presentation. 2
Page 3
Agenda Zoë Yujnovich Chief Executive Andy Agg Chief Financial Officer Executing our strategy to deliver growth Zoë Financial performance and outlook Andy Q&A Zoë & Andy
Page 4
✓ Delivering strong outcomes for all of our stakeholders ✓ Aiming to deliver double-digit investor returns Key H1 messages 4 Group asset growth c.10% CAGR1 Underlying EPS growth c.8-10% CAGR2 FY26 FY31FY26 FY31 c.60% Confident in delivering our 5-year growth targets and wider stakeholder outcomes £72bn 78p 1. Group asset compound annual growth rate (CAGR) from a FY26 baseline. Forward years based on assumed USD FX rate of 1.35, and long-run UK CPIH and US CPI assumptions. 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, US CPI and interest rate assumptions, and scrip uptake of 25%. Sharpening performance across the Brilliant Basics to de-risk delivery of our five-year framework ✓ Strong capital delivery progress in first 6 months with a number of major milestones completed ✓ Upgrading FY27 capital investment and on track to deploy at least £70bn by FY31 ✓ Strong H1 EPS growth; upgrading FY27 EPS growth reflecting investment and NGP fair value gains Driving the Big Shifts including simplifying our organisation to create clear accountability for execution and deploying AI & technology to enhance our business Positioning for continued Disciplined Growth as we progress our upcoming regulatory frameworks and through our recent investment in Joulent 3. 2. 1. c.50-60%
Page 5
FY26 FY27 +UK CPIH 48.49 16.35 16.97 +3.8% Progressive interim dividend declared in line with policy Dividend per share, pence HY27 financial outcomes: strong performance delivering growth 5 FY26 FY27 +22% 29.8 36.5 +15-16% 78.0 Strong H1 EPS growth: FY27 growth upgraded to 15-16% Underlying earnings per share, pence 5.1 6.7 FY26 FY27 c.13.5 +32% 11.6 >15% H1 H2 Capital investment on track for run-rate to achieve >£70bn Capital investment, £bn FY28-FY31 required run-rate >14 H1 H2 H1 H2 Underlying results from continuing operations excluding exceptional items, remeasurements, deferrable major storm costs (when greater than $100m), timing, and the impact ofdeferred tax in theUK regulated businesses (NGETand NGED). Underlying EPS and capitalinvestment prior year calculated at constant currency.
Page 6
6 Our clear strategic framework is enabling us to navigate the rapidly evolving external environment Energy market drivers of change are accelerating Brilliant Basics. Big Shifts. Disciplined Growth. Clear values underpin how we will deliver Do the Right Thing Safety, Ethics, Inclusion Find a Better WayMake it Happen Deliver Brilliant Basics to lead on performance Capital Asset Customer Functions Drive Big Shifts to define our future External Positioning Technology & Innovation Leadership, People, Performance Building optionality for Disciplined Growth Disciplined Growth Build on our delivery credibility to find new ways of creating value Enabled by We Bring Energy to POWER POSSIBILITIES Pace of energy transition Rapidly evolving technology Energy security Changing customer expectations Customer affordability Complex geopolitics New simplified operating model provides clear accountability and supports better-quality decisions at pace
Page 7
Clear progress in HY27 + ET investment includes increased ASTI and other major projects to deliver reinforcement and connections • Completed a number of major project milestones across our portfolio in H1 • Used generative scheduling in major projects to test sequencing and identify schedule acceleration, including 100 days acceleration opportunity on EGL1 • Connected 2.5GW of generation in H1, including Sofia Wind Farm and the UK’s 4th largest battery project in Newport + ED investment includes asset health, connections and reinforcement • Invested £72 million (+23%) into our secondary network enabling >9,700 connections totaling over 268MW + NGV capital investment of £0.1 billion in H1 includes refurbishment of the IFA interconnector £1.5 bn £0.7 bn £0.3 bn £0.3 bn £0.1 bn HY26 HY27 ASTI Reinforcement Connections Asset health Network, IT and other Capital: strong delivery in the first half Electricity Transmission Capital Investment £2.9 bn £834 m Electricity Distribution Capital Investment £1.7 bn £756 m Energy policy Asset health Industrial growth Consumer demand Clean power, energy security, reducing constraints Network resilience Electrification and Data Centres Electrification of transport and home heating Growth drivers supporting UK investment +71% +10% £388 m £189 m £123 m £134 m HY26 HY27 Asset health Connections Reinforcement Network, IT and other 7
Page 8
Pentir–Trawsfynydd (new circuit) Capital: ASTI delivery is on track1; 100% of primary supply chain secured c.£12.5bn Wave 2 RIIO-T3 capex (FY27-31) 5% of RIIO-T3 capex deployed c.£4.5bn Wave 1 RIIO-T3 capex (FY27-31) 15% of RIIO-T3 capex deployed Planning Construction Consents received Yorkshire GREEN N. London Reinforcement Eastern Green Link 1 Bramford–Twinstead Grain–Tilbury Eastern Green Link 2 Pentir–Trawsfynydd (cable replacement) ASTI WAVE 1 ASTI WAVE 2 RIIO-T2 RIIO-T3 · FY27–FY31 RIIO-T4 2022 2024 2026 2028 2030 2032 2034 Calendar Year Under constructionIn development License obligation date c.£17bn T3 ASTI capital investment (FY27-31) Brinsworth–High Marnham Sea Link Norwich–Tilbury (North) Norwich–Tilbury (South) Chesterfield–Willington North Humber–High Marnham Grimsby–Walpole Eastern Green Link 3 Eastern Green Link 4 8 2036 1. Based on our current construction programme progress and latest view of planning and consenting timelines
Page 9
Capital: major project milestones delivered in H1 Progressing Yorkshire GREEN Accelerating Grain to Tilbury Tunnel boring machine completed 2.2km tunnel under the River Thames, 49 days ahead of schedule, as we replace the original tunnel installed in the 1960s Eight 200-tonne supergrid transformers successfully delivered and installed, with 33 new pylons and over 35km of overhead lines installed to date Connected Sofia Offshore Wind Farm After Stage 1 commissioning in 2025, RWE’s 1.4 GW Sofia Offshore Wind farm was successfully energised with power coming onshore at our Lackenby substation 9
Page 10
Clear progress in HY27 Energy policy Asset health Industrial growth Consumer demand Increased supply, greater capacity Maintenance, resilience, gas mains replacement Onshore manufacturing & data centres Transport and home cooling/heating Growth drivers supporting US investment + NY investment includes progress on Upstate Upgrade, customer projects and maintenance: • Completed and energised Smart Path Connect • CLCPA phase 1 + 2 projects moved into construction and delivery phase • Commenced 1st phase of Micron electric connection supporting 480MW demand + NE investment includes progress across electricity distribution and transmission, and gas maintenance: • Received approval and started refurbishment of the Massachusetts phase of the A1/B2 transmission line in New England • Increased electricity distribution spend on system capacity, resiliency and reliability + 170 miles of gas leak prone pipe replacement across both states £0.8 bn £0.4 bn £0.4 bn £0.2 bn HY26 HY27 Gas Distribution Electric Distributon Electric Transmission IT, Leases + Other £1.8 bn New York Capital Investment £1.6 bn £0.4 bn £0.4 bn £0.3 bn £0.1 bn HY26 HY27 New England Capital Investment £1.1 bn £1.0 bn 10 +11% +14% Capital: strong delivery in the first half Capital investment calculated at constant currency
Page 11
Capital: major project milestones delivered in H1 Completion of Smart Path Connect Micron semiconductor connection Construction began on the connection to Micron’s advanced semiconductor chip manufacturing site in Upstate NY , which at full build is expected to be 2GW of demand and support $100bn of investment by Micron Completed and commissioned Smart Path Connect, a project encompassing 55 miles of two 345kV lines with a new substation, that will unlock 1GW of renewable supply Refurbishing a major century-old line NEP received approval and commenced refurbishment of the Massachusetts phase of the 54 mile long A1/B2 transmission line, originally constructed in 1909, to increase local reliability and capacity 11
Page 12
Delivering the Brilliant Basics: Asset, Customer and Functions 12 Functions Progress in H1 2027 Customer ` Customer process re-engineering to achieve best-in-class customer journeys is driving an increase in customer satisfaction scores Deployment of automated customer service solutions is reducing calls through self-service, improving engagement and increased our New England “meter-to-cash right first time” billing accuracy metric to >96% Implementation of enterprise data and productivity tools is driving improved functional productivity and effectiveness, and will support efficiencies over time Asset Investment into asset health supports world-class transmission reliability, strong DNO asset health and fault response performance, and improved interconnector availability Rolled out frontline productivity pilot (Lighthouse) across Downstate NY Gas business delivering measurable productivity gains in target yards including a 25% reduction in travel time; now scaling to Upstate NY Gas Reliability and safety 99.99999% ET reliability1 0.827 0.632 NY NE SAIFI SAIFI 0.103 LTIFR - safety metric3 Customer satisfaction 9/10 UK ED BMCS score 72.5% NY customer satisfaction score 74.8% NE customer satisfaction score 1: Calculated annually, data presented from full year 2025/26 2: 9-month YTD metric 3: 12-month rolling metric LTIFR: Lost Time Injury Frequency Rate; SAIFI: System Average Interruption Frequency Index BMCS: Broad Measure Customer Satisfaction KPI trajectory since last like-for-like reported figure 2 2 Delivering the Brilliant Basics supports improved efficiency Targeting regulated controllable costs to grow at a CAGR less than CPIH through FY31
Page 13
Customer: delivering better outcomes 13 Supporting affordability ✓ Getting more from our existing assets ✓ Sharing value with our customers ✓ Going beyond the regulatory framework ✓ Supporting vulnerable customers Enabling connections ✓ Connections Reform offers made ✓ Leveraging innovation to connect customers faster in a complex ecosystem ✓ Working with customers and system stakeholders to accelerate where we can Improving the experience ✓ Deploying technology to improve the customer experience ✓ Redesigning customer journeys ✓ Enhancing our storm and winter response
Page 14
Examples in H1 + Clear accountability and better-quality decisions Introduced simplified operating model + Investing in capabilities and leadership Hired >3.6k colleagues incl. >400 graduates and apprentices + Supporting next generation of talent £5m fund to support practical training, skills and qualifications for 5k young people in UK Driving the Big Shifts across our business 14 Leadership, People & Performance Technology & Innovation External Positioning Examples in H1 + Accelerating capital delivery productivity Exodigo & Sensat + Unlocking capacity on our existing networks Envelio, Emerald AI & GridCare + Optimising reliability and asset management LineVision & Sees.AI + Enhancing the customer experience Amazon Connect & Kraken Examples in H1 + Progressing price controls and rate cases KEDNY/LI 1-yr rate filing; Massachusetts Gas + Shaping UK industry policy direction Led Electricity Networks Sector Growth Plan + Shaping US industry policy direction Supported introduction of bi-partisan US Senate bill to speed up federal permitting Delivering clearer accountability, stronger performance management and investing in our leadership Using technology to secure and optimise our networks, improve productivity, accelerate delivery and improve customer experience Shaping policy and regulatory outcomes that support affordability, resilience and growth
Page 15
15 Disciplined Growth: growing our core, while building future optionality 1. 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 Regulated growth proof points ✓ Finalising our ED3 Business Plan for submission in late-November ✓ Preparing multi-year rate case submissions in New York across KEDNY/KEDLI and NIMO 2. Explore new growth opportunities through NGV • Disciplined approach to assessing new opportunities emerging from the transforming energy landscape • We target long-duration cash flows, attractive low-risk returns, and areas where we can leverage our capabilities • Opportunities could include interconnectors and OHAs, US competitive transmission and US large-load solutions Joulent demonstrates the portfolio fit $1.75bn investment in structurally growing data centre power demand outside US Northeast Experienced team | Project Kilby | Multi-GW pipeline Priority is sustainable long-term growth in regulated networks, with adjacent growth only pursued if aligned with our portfolio H1 progress H1 progress
Page 16
Disciplined Growth: our $1.75 billion investment enables development of the foundational Project Kilby 16 Energy management control system Dispatch, optimisation, balancing, reliability Our capabilities support the delivery and management of a complex islanded mini-grid system High voltage substations Switching, protection & voltage transformation Flow Key Generation and storage infrastructure Future grid connection Electricity network & control systems AI data centre Dedicated behind the meter supply Energy generation and storage Firm, dispatchable power and storage, with potential to optimise with solar Project Kilby development at advanced stage + 50/50 JV with Chevron established + EPC contracts are being finalised and early site works have commenced + All turbines and equipment secured with suppliers including GE Vernova and Caterpillar; delivery scheduled in 26/27 + 20-year PPA signed with Microsoft provides predictable cashflows with AAA rated customer + Clear project timeline: ➢ 2028: targeting first power ➢ 2031: full 2.7GW capacity + Leveraging our deep power-system expertise in energy management and high voltage substation development Future grid link Potential import / export
Page 17
✓ Delivering strong outcomes for all of our stakeholders ✓ Aiming to deliver double-digit investor returns Key H1 messages 17 Group asset growth c.10% CAGR1 Underlying EPS growth c.8-10% CAGR2 FY26 FY31FY26 FY31 c.60% Confident in delivering our 5-year growth targets and wider stakeholder outcomes £72bn 78p 1. Group asset compound annual growth rate (CAGR) from a FY26 baseline. Forward years based on assumed USD FX rate of 1.35, and long-run UK CPIH and US CPI assumptions. 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, US CPI and interest rate assumptions, and scrip uptake of 25%. Sharpening performance across the Brilliant Basics to de-risk delivery of our five-year framework ✓ Strong capital delivery progress in first 6 months with a number of major milestones completed ✓ Upgrading FY27 capital investment and on track to deploy at least £70bn by FY31 ✓ Strong H1 EPS growth; upgrading FY27 EPS growth reflecting investment and NGP fair value gains Driving the Big Shifts including simplifying our organisation to create clear accountability for execution and deploying AI & technology to enhance our business Positioning for continued Disciplined Growth as we progress our upcoming regulatory frameworks and through our recent investment in Joulent 3. 2. 1. c.50-60%
Page 18
Financial performance and outlook Andy Agg Chief Financial Officer
Page 19
HY27 financial performance highlights 19 Underlying results from continuing operations excluding exceptional items, remeasurements, deferrable major storm costs (when greater than $100m), timing, and the impact ofdeferred tax in theUK regulated businesses (NGETand NGED). Underlying operating profit, underlying EPS and capitalinvestment prior year calculated at constant currency. Underlying EPS 36.5p HY26: 29.8p +22% +3.8% Dividend growth in line with policy 16.97p HY26: 16.35p Underlying operating profit £2.6bn HY26: £2.3bn +13% Capital investment £6.7bn HY26: £5.1bn +32%
Page 20
UK Electricity Transmission Higher net revenue, reflecting first year of RIIO -T3 Higher depreciation, reflecting increased capital investment UK Electricity Distribution Underlying Operating Profit, £m Underlying Operating Profit, £m c 20 Modestly higher net revenue driven by indexation Additional costs driven by extreme summer heat Increased depreciation reflects growth in investment programme £834m +10% HY26: £756m Capital Investment £2.9bn +71% HY26: £1.7bn Capital Investment +45% 846 441 (23) (30) (7) 1,227 HY26 Net Revenue Controllable costs Depreciation Other HY27 13 (7) (12) 5551 550 HY26 Net Revenue Controllable costs Depreciation Other HY27 –
Page 21
New York Regulated Higher net revenue reflective of increased rate base Increased depreciation reflects growing investment programme New England Regulated Underlying Operating Profit, £m 21 Higher net revenue reflective of increased electric rate base Higher depreciation Profitability weighted to H2 £1.1bn +14% HY26: £1.0bn Capital Investment £1.8bn +11% HY26: £1.6bn Capital Investment +9% HY26 Net Revenue Controllable costs Depreciation Other HY27 (10%) Other costs includes higher property taxes Profitability weighted to H2 71 (30) (38) (32) 295 266 HY26 Net Revenue Controllable costs Depreciation Other HY27 170 (28) (44) (58)447 487 Underlying Operating Profit, £m Underlying operating profit and capital investment calculated at constant currency.
Page 22
22 NGV & Other activities Other activities + Includes National Grid Partners gains of £84m primarily from IPO of ERock and disposal of Dragos to Accenture Operating profit & post tax share of JVs + Lower profit following Grain LNG sale + Higher overall interconnector contribution due to greater utilisation over the first half NGV & Other activities 1. Includes Property, NG Partners and Other costs 1. Includes business development costs and other activities 2. Includes BritNed and Nemo share of Joint Venture profits after tax Operating Profit (£m) Sept 2026 Sept 2025 Grain LNG - 91 Interconnectors1 149 111 US Ventures1 (22) (15) Total NGV Operating Profit 127 187 Post tax share of JVs (£m) Sept 2026 Sept 2025 Interconnectors2 38 35 US Ventures 9 5 Total NGV share of JVs 47 40 Total NGV Contribution 174 227 Capital investment (£m) 100 70 Joulent investment (£m) 941 - 6 months endedNG Ventures Other activities Sept 2026 Sept 2025 Total Other1 (24) (28) 22
Page 23
Cash flow and net debt 23 £4.1bn Cash generated from operations HY26: £3.6bn £4.4bn Net cash outflow1 HY26: £2.8bn £48.6bn Net debt FY26: £44.2bn2 1. Net cash flow from operations, excluding other investing and financing transactions with nil impact on net debt and disposal proceeds 2. FY26 closing net debt presented at actual currency. 3. Finance costs presented at constant currency. Finance costs £722m £41m higher than HY263 Opening net debt at constant currency Operating cash flow Capital investment Joulent Investment Dividend Net interest paid Closing net debt (4.1) 5.9 0.9 1.0 (0.1)44.1 0.9 48.6 Net Debt, £bn Other
Page 24
National Grid is resilient to macro volatility 24 Macro Volatility Currency + c.70% of US assets hedged with USD debt + 5¢ move in $:£ has c.1p EPS impact Interest Rates + 75% of our debt has operating company level recovery mechanisms + Modest interest rate exposure Our resilience underpins our differentiated investment case Tariffs + US tier 1 supply chain is c.90% domestically sourced Commodities + Limited exposure to wholesale energy costs + Full recovery of energy procured for US customers Inflation + UK inflation protection across regulated asset base and costs + US revenue indexation, can pace investment, recovery of efficiently incurred costs
Page 25
+ Average tenor: 7-10 years + Access to a range of global currencies National Grid has limited exposure to interest rates 25 in FY31 of +100bps change in interest rates1 Operating company debt UK + RAV-weighted tracker better matches actual issuance + Track record of outperformance US + Recover actual debt costs and future expected costs in NY + Rate case cycle allows reset of the allowed cost of debt £48.6bn HY27 Net Debt Holding company debtc.75% of net debt has operating company level recovery mechanisms c.25% of net debt has modest interest rate exposure which is actively managed c.10% of net debt is rate sensitive c.75% Op Co recovery mechanisms Modest rate exposurec.25% c.1p EPS impact 1. Estimated EPS impact in FY31 per +100bps in interest rates over the 5 -year framework vs. our forward rate assumptions and includ ing the benefit of capitalised interest
Page 26
On track to deliver our 5-year financial framework to FY31 26 FY27 guidance upgraded + Capital investment upgraded to c.£13.5bn + EPS growth upgraded; now targeting 15-16% + Net debt expected to increase by c.£4bn by end of March 2027, inclusive of remaining Joulent funding + Progressive dividend that aims to grow DPS in line with UK CPIH inflation aim to grow DPS in line with UK CPIH Progressive Dividend Policy credit metrics expected to be above current thresholds Strong Balance Sheet Capital investment programme of at least £70bn underpins our five-year framework Group asset growth c.10% CAGR1 Underlying EPS growth c.8-10% CAGR2 FY26 FY31FY26 FY31 c.60% £72bn 78p c.50-60% 1. Group asset compound annual growth rate (CAGR) from a FY26 baseline. Forward years based on assumed USD FX rate of 1.35, and long-run UK CPIH and US CPI assumptions. 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, US CPI and interest rate assumptions, and scrip uptake of 25%.
Page 27
Aiming to deliver double-digit investor returns Progressive inflation-protected dividend c.8-10% underlying EPS CAGR1 National Grid offers growth and resilience 27 High visibility growth + Unmatched visibility of investment and earnings + Multiple growth drivers + Critical infrastructure assets + Long-duration cash flows and low-risk returns Resilient business model + Strong regulatory capabilities + Clear delivery track record + Strong balance sheet + Resilient to macro volatility including interest rates 1. EPS compound annual growth rate (CAGR) from a FY26 baseline of 78.0p. Forward years based on assumed USD FX rate of 1.35, lon g-run UK CPIH, US CPI and interest rate assumptions, and scrip uptake of 25%.
Page 28
Appendices
Page 29
29 Adjusted results, excluding exceptional items and remeasurements For the six-months ended 30 September (£m) 2026 2025 Revenue 1,823 1,443 Pass-through costs (180) (194) Net revenue 1,643 1,249 Depreciation & amortisation (308) (278) Regulated controllable costs (including pensions) (157) (134) Other costs (31) (24) Total UK Electricity Transmission adjusted operating profit 1,147 813 Timing impacts 80 33 Total UK Electricity Transmission underlying operating profit 1,227 846 Appendix 1 UK Electricity Transmission operating profit 29
Page 30
30 For the six-months ended 30 September (£m) 2026 2025 Revenue 922 901 Pass-through costs (116) (98) Net revenue 806 803 Depreciation & amortisation (145) (133) Regulated controllable costs (including pensions) (158) (151) Other costs (26) (31) Total UK Electricity Distribution adjusted operating profit 477 488 Timing impacts 73 63 Total UK Electricity Distribution underlying operating profit 550 551 Appendix 2 UK Electricity Distribution operating profit 30 Adjusted results, excluding exceptional items and remeasurements
Page 31
31 For the six-months ended 30 September (£m) 2026 2025 Revenue 3,107 2,691 Pass-through costs (1,042) (1,055) Net revenue 2,065 1,636 Depreciation & amortisation (423) (379) Regulated controllable costs (534) (506) Pensions (17) (17) Bad debts (67) (38) Other costs (651) (622) Total New York adjusted operating profit 373 74 Timing impacts 114 373 Total New York underlying operating profit 487 447 Appendix 3 New York operating profit At constant currency Adjusted results, excluding exceptional items and remeasurements 31
Page 32
32 For the six-months ended 30 September (£m) 2026 2025 Revenue 1,630 1,507 Pass-through costs (623) (609) Net revenue 1,007 898 Depreciation & amortisation (276) (238) Regulated controllable costs (362) (332) Pensions (10) (10) Bad debts (4) (20) Other costs (263) (215) Total New England adjusted operating profit 92 83 Timing impacts 174 212 Total New England underlying operating profit 266 295 Appendix 4 New England operating profit 32 At constant currency Adjusted results, excluding exceptional items and remeasurements
Page 33
33 For the six-months ended 30 September (£m) 2026 2025 For the six-months ended 30 September (£m) 2026 2025 Revenue 90 72 Revenue 60 44 Depreciation & amortisation (11) (12) Depreciation & amortisation (11) (12) Operating costs (30) (29) Operating costs (14) (16) IFA1 operating profit 49 31 Viking operating profit 35 16 For the six-months ended 30 September (£m) 2026 2025 For the six-months ended 30 September (£m) 2026 2025 Revenue 51 46 Revenue — 150 Depreciation & amortisation (6) (7) Depreciation & amortisation — — Operating costs (16) (15) Operating costs — (59) IFA2 operating profit 29 24 Grain LNG operating profit — 91 For the six-months ended 30 September (£m) 2026 2025 For the six-months ended 30 September (£m) 2026 2025 Revenue 70 77 Revenue 8 15 Depreciation & amortisation (10) (10) Depreciation & amortisation 3 — Operating costs (17) (17) Operating income / (costs) 3 (2) NSL operating profit 43 50 Property operating profit 14 13 Appendix 5 NGV and property operating profit Adjusted results, excluding exceptional items and remeasurements 33
Page 34
34 All USD balances stated using the average 2025/26 rate of $1.342 to £1. 2026/27 closing timing balance (continuing) as at 30 September 2026 at spot rate ($1.326): £(1,029)m 2025/26 closing timing balance (continuing) as at 30 September 2025 at spot rate ($1.345): £(615)m £m UK Electricity Transmission UK Electricity Distribution New York New England Total continuing operations 2026/2027 opening balance to (recover) / return (68) 2 (236) (274) (576) Opening balance restatement adjustment (3) — — — (3) Under recovery (80) (73) (114) (174) (441) 30 September 2026 closing balance to (recover) / return (151) (71) (350) (448) (1,020) 2025/2026 opening balance to (recover) / return 9 125 304 (371) 67 Opening balance restatement adjustment — (1) 1 (3) (3) Under recovery (33) (63) (373) (212) (681) 30 September 2025 closing balance to (recover) / return (24) 61 (68) (586) (617) Year on year timing variance (47) (10) 259 38 240 Appendix 6 Timing impacts 34
Page 35
35 Underlying results exclude timing, major storms, deferred tax in NGET and NGED, exceptional items and remeasurements For the year ended 30 September 2026 2025 Number of shares (millions): Current period opening shares 4,973 4,897 Scrip dividend shares (weighted issue) 19 24 Other share movements (weighted from issuance / repurchase) 3 5 Weighted average number of shares 4,995 4,926 Underlying earnings (£m) 1,821 1,470 Underlying EPS 36.5p 29.8p Appendix 7 Weighted average number of shares and EPS 35