National Grid (NYSE: NGG) flags 1p EPS impact in FY25/26 update

Rhea-AI Filing Summary

National Grid plc has issued a pre-close update for the year ended 31 March 2026. Overall performance is described as in line with expectations and consistent with guidance given at the half year.

The company now estimates a net impact of around 1p per share to underlying earnings per share, mainly from customer refund charges linked to a 19 March 2026 FERC judgement on New England Transmission and higher-than-expected US storm costs, partly offset by slightly lower finance costs.

Full year results are scheduled for release on 14 May 2026 at 7am BST / 2am EDT, followed by a presentation and Q&A with CEO Zoë Yujnovich and CFO Andy Agg at 3pm BST / 10am EDT.

Key Figures

Underlying EPS impact: around 1p per share Financial year end: 31 March 2026 FERC judgement date: 19 March 2026 +2 more

5 metrics

Underlying EPS impact around 1p per share Estimated net effect for year ended 31 March 2026

Financial year end 31 March 2026 Period covered by upcoming full year results

FERC judgement date 19 March 2026 Judgement on New England Transmission driving customer refund charges

Results release time 14 May 2026, 7am BST / 2am EDT Scheduled publication of full year 2025/26 results

Investor presentation time 14 May 2026, 3pm BST / 10am EDT Presentation and Q&A with CEO and CFO

Key Terms

pre-close update, underlying EPS, FERC judgement, forward-looking statements

4 terms

pre-close update financial

"National Grid today issues a pre-close update ahead of announcing results"

underlying EPS financial

"we now estimate a net impact of around 1p per share to underlying EPS"

FERC judgement regulatory

"customer refund charges related to the 19 March 2026 FERC judgement on New England Transmission"

forward-looking statements regulatory

"These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

___________________

FORM 6-K

___________________

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Date: 13 April 2026

Commission File Number: 001-14958

___________________

NATIONAL GRID plc

(Translation of registrant’s name into English)

England and Wales

(Jurisdiction of Incorporation) 

___________________

1-3 Strand, London, WC2N 5EH, United Kingdom

(Address of principal executive office)

___________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

☒  Form 20-F      ☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3- 2(b) under the Securities Exchange Act of 1934.  ☐  Yes    ☒  No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

EXHIBIT INDEX

Exhibit No.	Description
99.1	Exhibit 99.1 Announcement sent to the London Stock Exchange on 13 April 2026 — Pre-Close Update Ahead of 25/26 Full Year Results

Exhibit 99.1

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 Cerys Reece	+44 (0) 7976 962 791 +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.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NATIONAL GRID plc
	By:	Beth Melges
		Beth Melges Head of Plc Governance

Date: 13 April 2026



FAQ

What is National Grid (NGG) announcing in its latest pre-close update?

National Grid is providing a pre-close update for the year ended 31 March 2026. It states overall performance is in line with expectations and consistent with guidance given at its half year results, while flagging a small estimated impact on underlying earnings per share.

How will the 2025/26 results for National Grid (NGG) be affected according to this update?

National Grid estimates a net impact of around 1p per share to underlying EPS. This mainly reflects customer refund charges from a 19 March 2026 FERC judgement and higher storm costs in US operations, partly offset by slightly lower finance costs in the period.

When will National Grid (NGG) release its full year 2025/26 results?

National Grid plans to release its full year results on 14 May 2026 at 7am BST / 2am EDT. A presentation and Q&A session with CEO Zoë Yujnovich and CFO Andy Agg will follow at 3pm BST / 10am EDT for investors and analysts.

What caused the estimated 1p per share EPS impact at National Grid (NGG)?

The estimated 1p per share impact on underlying EPS mainly comes from customer refund charges tied to a 19 March 2026 FERC judgement on New England Transmission. Additional pressure came from higher-than-expected storm costs in its US businesses, offset partly by lower finance costs.

Does National Grid (NGG) say current performance is on track with guidance?

Yes. National Grid states that group performance is in line with its expectations and consistent with the guidance provided at its half year results. The company only highlights a modest estimated 1p per share impact to underlying EPS from regulatory refunds and storm-related costs.

Who will present National Grid’s (NGG) 2025/26 full year results?

CEO Zoë Yujnovich and CFO Andy Agg will present the full year results. Their presentation and Q&A session are scheduled for 3pm BST / 10am EDT on 14 May 2026, following the early-morning release of the company’s financial figures for the year.