National Grid plc: Business Resilience on Show with In-line FY26

Research evidence excerpt

National Grid plc: Business Resilience on Show with In-line FY26

Update

May 14, 2026 06:40 AM GMT

Morgan Stanley & Co. International plc+MNational Grid plc | Europe Sarah E Lester, CFA

Equity Analyst

Business Resilience on Show Sarah.Lester@morganstanley.comRobert Pulleyn +44 20 7425-0551

Equity Analyst and Commodity Strategist

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

with In-line FY26 Morgan Stanley Europe S.E., Paris Branch+

Arthur Sitbon, CFA

Reaction to earnings Arthur.Sitbon@morganstanley.com +33 1 42 90 71-03

Unchanged In-line Largely unchanged

Morgan Stanley & Co. International plc+

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Marina Fuentes Juan

Research Associate

Source: Company data, Morgan Stanley Research

Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Key Takeaways National Grid plc (NG.L, NG/ LN)

Top Pick

We expect a neutral relative reaction in Nat Grid shares post in-line FY26 result

ADRNGG.N

Guide for next year unchanged vs that provided in March; consensus in line Utilities | United Kingdom

Stock Rating Overweight

FY result in line, as expected given recent mid-April trading update that flagged Industry View Attractive

storm costs, FERC refund and offsetting lower interest cost components Price target 1,480p

Shr price, close (May 13, 2026) 1,276p

UK ED returns improving in line post challenging FY25, with achieved RoE 8.1% in 52-Week Range 1,429-1,000p

Mkt cap, curr (mn) £62,347

FY26 vs 7.9% in FY25 and continued improvement in FY27 expected Net debt (03/26e) (mn)* £47,896

EV, curr (mn)* £108,708

Call (and in person) at 15.00 BST / 10.00 EDT

* = GAAP or approximated based on GAAP

FY27 guide unchanged, consensus in line: No change to FY27 guide provided on