RBC European Utils & Infra Morning Lightbulb

Research evidence excerpt

RBC European Utils & Infra Morning Lightbulb

RBC Europe Limited

Research RBCCM European

Utils & Infra (Equity)

+44 20 4557 7210,

RBCEuropeanUtilities@rbccm.com

Fernando Garcia (Analyst)

+44 20 7029 0267,

fernando.garcia@rbccm.com

May 14, 2026 Alexander Wheeler

(Analyst)

+44 20 7653 4481, RBC European Utils & Infra Morning Lightbulb alexander.wheeler@rbccm.com

Joseph Pepper (Analyst)RESEARCH • National Grid: Results in line, guidance reaffirmed +44 20 4557 7410,

• Bluefield Solar Income Fund: March NAV 104.52p/sh; sale process ongoing joseph.pepper@rbccm.com

• UK Energy Independence Bill announced Ziyad Jasimuddin (Senior Associate)

• German Government approves Electricity Supply Security and Capacity Act +44 20 7653 4757,

ziyad.jasimuddin@rbccm.com

National Grid: Results in line, guidance reaffirmed Charlotte Mettyear

National Grid has reported FY26 results this morning, with underlying EBIT of £5,680m which compares (Analyst) +44 75 4786 7085,

to company consensus at £5,749m. Underlying EPS for the period is reported at 78.0p/sh versus charlotte.mettyear@rbccm.comEQUITY consensus at 77.8p/sh. Group ROE was reported at 9.8%. For FY27, NG reaffirms guided EPS increase of

13-15% from FY26, whilst 5 year EPS guidance of an 8-10% CAGR and ~10% RAB CAGR is reaffirmed. Net

debt was reported at £44.2bn, higher than consensus at £43.3bn, which is due to a strengthening in the

dollar towards year end and timing impact from commodity costs in the US. (Company announcement)

So what? Solid results from NG, with the trading statement in March having already headlined key

changes to the 5-year guidance and expected EPS growth into FY27. On segmental guidance for FY27,

RBCe are slightly low in transmission, offset in UK distribution and higher interest costs, however given