REG - National Grid PLC - Pre-Close Update Ahead of 25/26 Full Year Results

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RNS Number : 1474A  National Grid PLC  13 April 2026

13 April 2026

National Grid plc

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

 

National Grid today issues a pre-close update ahead of announcing results for
the year ended 31 March 2026.

The Group's performance is in line with our expectations and consistent with
the guidance provided at our half year results. However, we now estimate a net
impact of around 1p per share to underlying EPS reflecting the recognition of
customer refund charges related to the 19 March 2026 FERC judgement on New
England Transmission and slightly higher than expected storm costs in our US
businesses, partly offset by slightly lower finance costs.

Full year results will be released 14 May 2026 at 7am BST / 2am EDT, followed
by a presentation and Q&A session with Zoë Yujnovich, CEO, and Andy Agg,
CFO, starting at 3pm BST / 10am EDT.

 

 

 

Enquiries and
contacts

 

Investors and Analysts:

 

 Angela Broad   +44 (0) 7825 351 918
 Andrew Downey  +44 (0) 7926 285 683
 Tom Edwards    +44 (0) 7976 962 791

 Cerys Reece    +44 (0) 7860 382 264

 

Media:

 

 Peter Hesse, Brunswick  +44 (0) 7834 502 412

 

 

 

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 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 262 to 268 of National Grid's Annual Report and
Accounts for the year ended 31 March 2025 as updated by the principal risks
and uncertainties statement on page 44 of the Company's half year results
statement, published on 6 November 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.

 

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