National Grid FY26 Conference Call Feedback

Research evidence excerpt

National Grid FY26 Conference Call Feedback

C A Z E N O V E Europe Equity Research

14 May 2026

National Grid Overweight

NG.L, NG/ LN

FY26 Conference Call Feedback Price (14 May 26):1,291p

Price Target (Mar-28):1,440p

National Grid’s conference call today focused on delivery and execution, with key European Utilities & Clean Energy

ACtopics including UK regulation, data centre/demand growth, and balance sheet Pavan Mahbubani, CFA

headroom. Management expressed confidence in their 5-year framework and (44-20) 7134-3056

reiterated affordability as one of the key drivers shaping both regulatory and pavan.mahbubani@jpmorgan.com

investment decisions. J.P. Morgan Securities plc

Javier Garrido

(34-91) 516-1557• UK ED: Management expects the ED3 Sector Specific Methodology Decision

on 21st May and is looking for more clarity on the financial building blocks, javier.x.garrido@jpmorgan.com

including the roll-forward of the semi-nominal cost of debt mechanism and J.P. Morgan Securities plc

what levers Ofgem uses on speed of cash. They remain confident on the ED2 Samanvitha Theegela

outperformance targets (70bps next year and 100bps by end of ED2), and noted (91-22) 6157-5846

samanvitha.theegela@jpmchase.com

the RPE mechanism remains a sector-wide drag, which they hope to address J.P. Morgan India Private Limited

in ED3. Mukund Verma

• RIIO-T3 delivery: Management highlighted ASTI Wave 1 is now in (44-20) 7742-4181

execution and noted that they are focused on starting construction on four Wave mukund.verma@jpmorgan.com

J.P. Morgan Securities plc

2 projects and submitting all remaining planning applications.They also

reiterated operational outperformance in T3 should be more evenly split Specialist Sales contact details: