REG - National Grid PLC - Pre-Close Update Ahead of HY 2025/26 Results

National GridAnnouncement

02/10/2025 07:00

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RNS Number : 7058B  National Grid PLC  02 October 2025

2 October 2025

National Grid plc

Pre-Close Update Ahead of 2025/26 Half Year Results

 

National Grid today issues a pre-close update for the six months ended 30
September 2025 ahead of announcing half year results on 6 November. Overall,
the group's performance is in line with our expectations and, as usual,
underlying EPS is expected to be weighted to the second half of the year.

The profile of half year operating profit is also expected to be broadly
consistent with historical periods:

·    In UK Electricity Transmission and UK Electricity Distribution, we
anticipate operating profit to be broadly evenly split across the year. As a
reminder, H1 of FY25 included the contribution from the Electricity System
Operator before it was sold on 1 October 2024.

·    In our US regulated businesses, operating profits are expected to be
weighted to the second half. Relative to the same period last year there have
been fewer storms in our New York business, as well as new electricity
distribution rates in our New England business. As such, we expect a slightly
higher contribution to operating profit from both businesses in the first half
relative to the profile last year.

·    In National Grid Ventures we expect a roughly even weighting of
profitability across the year.

Our half year results will be announced on Thursday, 6 November 2025.

 

Enquiries and
contacts

 

Investors and Analysts:

 

 Angela Broad  +44 (0) 7825 351 918
 Tom Edwards   +44 (0) 7976 962 791

 Cerys Reece   +44 (0) 7860 382 264

 

Media:

 

 Dan Roberts, Brunswick  +44 (0) 207 404 5959

 

 

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 document also references 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, 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; 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; 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 the proposed sale of
certain of its businesses, its strategic infrastructure projects and joint
ventures. 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 210 to 215 of National Grid's Annual
Report and Accounts for the year ended 31 March 2025 published on 29 May 2025.
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 announcement. This announcement is for
informational purposes only and does not constitute an offer to sell or the
solicitation of an offer to buy any securities. The securities mentioned
herein have not been, and will not be, registered under the Securities Act or
the securities laws of any state or other jurisdiction, and may not be offered
or sold in the United States absent registration or an applicable exemption
from registration requirements. No public offering of securities is being made
in the United States.

 

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