National Grid (NG) Trading update summary

Outlook

• Regulated businesses performing in line with expectations; strong H1 Ventures & Other performance lifts FY27 EPS growth outlook to slightly above 13–15% guidance, with underlying EPS weighted to H2.

Operating profit profile

• UK Electricity Transmission and Distribution operating profit expected to be broadly evenly split across FY27, consistent with FY26.

• US regulated operating profit expected to be H2-weighted, in line with usual seasonality; New England expected to return to typical seasonality after FY26 H2’s one-off FERC RoE judgement impact.

Ventures, debt and results date

• Ventures & Other expected to deliver ~£130m of H1 outperformance vs expectations, from one-off fair value gains after two successful NG Partners capital market transactions and stronger interconnector performance.

• Closing H1 net debt expected to be broadly in line with full-year guidance, reflecting the Joulent investment and H2 weighting of operating cash flows.

• H1 results scheduled for 5 November 2026.