NATIONAL GRID : Performance prerogative

Research evidence excerpt

NATIONAL GRID : Performance prerogative

EQUITIES

UTILITIES & CLEAN ENERGY

UNDERPERFORM TARGET PRICE EPS 03/27e EPS 03/28eNATIONAL GRID PRICE* 1,291p  TARGET PRICE 1,060p (DOWNSIDE 18%) non material  -1% non material

UNDERPERFORM TARGET PRICE EPS 03/27e EPS 03/28eNATIONAL GRID ADR PRICE* USD87.4  TARGET PRICE USD71 (DOWNSIDE 19%)  1%  -1% non material

Performance prerogative

A novel and high-level strategy-focused presentation from the new CEO at her first full year results.15 MAY 2026

Securities Research Report We’re not sure whether this heralds any immediate change from an investor perspective though –

Production time: 05:59* (London time)

there clearly will be more focus on operational excellence, but nothing to suggest this will translate

Research Analysts & Publishing Entities

into financial KPIs in the near future; and there might be more willingness to invest outside of the

Harry Wyburd core RAB businesses, but CEO is happy with the current regional / activity mix. And on financials,BNP Paribas London Branch

(+44) 203 430 8665 everything in-line/reiterated. Nothing overall to change our view, and we maintain U/P.

harry.wyburd@uk.bnpparibas.com

An opportunity for new CEO Zoë Yujnovich to set out her stall

We thought the main take from the results presentation was the new CEO’s repeated focus on

performance and operational improvement. That raises the possibility of these becoming a more

important investment case factor for NG in the coming years. For now though, no colour was given

on whether this could translate into anything tangible financially. Separately, there was an

important endorsement of the current business mix, regionally and w.r.t. electricity and gas

exposure, although Yujnovich expressed interest in potential investments in eg. hybrid