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Exhibit No.	Description
99.1	Exhibit 99.1 Announcement sent to the London Stock Exchange on 14 May 2026 — FY2026 Full Year Results Statement

 

 

Exhibit 99.1

 

 

 

London | 14 May 2026: National Grid plc today announces its Full Year results for the period ended 31 March 2026.

 

 

Zoë Yujnovich, Chief Executive, said: "National Grid is embarking on the largest investment programme in our history, committing at least £70 billion over the next five years to modernise and expand energy networks across the UK and the US Northeast - networks that underpin economic growth, strengthen energy security and enable the transition to a cleaner, more flexible energy system. At the same time, we are building the skilled workforce needed to deliver this investment at pace, creating thousands of jobs across our markets.

 

This year, we have delivered strong financial performance, including underlying EPS growth of 8% at constant currency, and record investment of £11.6 billion. This sets the foundation to deliver compound annual growth rates across our five-year financial framework of around 10% asset growth and 8-10% underlying EPS growth.

 

Through executing today's programme with pace and precision, and transforming our capabilities we will be able to meet the rapidly growing demand and enable a more efficient energy system - one that supports long-term affordability and reliability for customers. Our operational focus and commitment to innovation will deliver for customers and communities, and create long-term value for shareholders. I am energised by the determination of our colleagues to step up and meet this moment."

 

Financial summary
Year ended 31 March (continuing operations)	Statutory results				Underlying1				Underlying at constant currency1,2
	2026	2025	% change		2026	2025	% change		2025	% change
Operating profit (£m)	5,431	4,934	10%		5,680	5,357	6%		5,221	9%
Earnings (£m)	3,241	2,826	15%		3,859	3,452	12%		3,388	14%
Earnings per share (EPS) (p)3	65.5	60.0	9%		78.0	73.3	6%		72.0	8%
Dividend per share (p)	48.49	46.72	3.8%
Capital investment (£m)	11,576	9,847	18%

 

 

 

 

 

 

 

 

 

*See glossary on page 33.

 

 

 

- Financial outlook over the five-year period from 2026/27 to 2030/31:

- total cumulative capital investment of at least £70 billion;

 

- asset growth CAGR1 of around 10%;

 

- driving underlying EPS CAGR2 of 8-10% from a 2025/26 EPS baseline of 78.0p;

 

- aim to grow dividend per share in line with UK CPIH

 

- a strong balance sheet with credit metrics consistent with current Group rating; and

 

- regulatory gearing trending back to the high 60% range by 2030/31 (2025/26: 61%), with balance sheet strength extending beyond 2030/31, complemented by significant hybrid capacity.

 

- For 2026/27, we expect strong operational performance across the Group with underlying EPS expected to increase 13-15% from the 2025/26 baseline reflecting higher allowed revenue as we step up delivery from RIIO-T2 to RIIO-T3.

 

- For further detail, please refer to the five-year financial framework and 2026/27 forward guidance on pages 10 to 13.

 

1.  Group asset compound annual growth rate (CAGR) from a 2025/26 baseline. Forward years based on assumed USD FX rate of 1.35; and long run UK CPIH and US CPI inflation assumptions.

 

2.  Underlying EPS compound annual growth rate from a 2025/26 baseline. Forward years based on assumed USD FX rate of 1.35; long run UK CPIH and US CPI inflation and interest rate assumptions and scrip uptake of 25%.

 

Contacts
Investor Relations	Angela Broad	+44 (0) 7825 351 918
	Andrew Downey	+44 (0) 7926 285 683
	Tom Edwards	+44 (0) 7976 962 791
	Cerys Reece	+44 (0) 7860 382 264
Media	Peter Hesse	+44 (0) 7834 502 412
Brunswick	Dan Roberts	+44 (0) 7980 959 590
Results presentation and webcast
Zoë Yujnovich (CEO) and Andy Agg (CFO) will host the results presentation at Think Tank, 8 Bishopsgate, London, EC2N 4BQ, at 15:00 (BST)/10:00 (EDT) today. A live webcast and Q&A will also be available. Please use this link to join via a laptop, smartphone or tablet: https://www.nationalgrid.com/investors/events/results-centre. A replay of the webcast will be available soon after the event at the same link.
UK (and International)		+44 (0) 330 551 0200
UK (Toll Free)		0808 109 0700
US (Local)		+1 786 697 3501
Password		Quote "National Grid" when prompted by the operator
The Annual Report and Accounts 2025/26 (ARA) is expected to be publicly available on 3 June 2026. When published, the ARA will be available on National Grid's website at nationalgrid.com/investors

	Use of Alternative Performance Measures Throughout this release we use a number of alternative (or non-IFRS) and regulatory performance measures to provide users with a clearer picture of the regulated performance of the business. This is in line with how management monitor and manage the business day-to-day. Further detail and definitions for all alternative performance measures are provided on pages 62 to 79.

 

Financial performance

Year ended 31 March (£ million)	2026	2025	change %
Underlying operating profit at constant currency1
UK Electricity Transmission	1,682	1,428	18%
UK Electricity Distribution	1,238	1,203	3%
UK Electricity System Operator	-	115	(100)%
New England	866	871	(1)%
New York	1,709	1,367	25%
National Grid Ventures	327	380	(14)%
Other	(142)	(143)	1%
Group	5,680	5,221	9%
Capital investment at constant currency1
UK Electricity Transmission	4,372	2,999	46%
UK Electricity Distribution	1,617	1,426	13%
New England	2,043	1,650	24%
New York	3,428	3,101	11%
National Grid Ventures	109	362	(70)%
Other	7	4	75%
Group	11,576	9,542	21%
FFO/Net debt	13.0	13.7	-70bps
RCF/Net debt	9.3	9.8	-50bps
As at 31 March
Net debt	(44,160)	(41,371)	7%
UK Regulated Asset Value (RAV)	36,986	32,779	13%
US rate base (£m at constant currency)2	29,452	26,694	10%
Total Group RAV and rate base (£m)	66,438	59,473	12%
NGV and Other businesses (£m)	5,545	7,266	(24)%
Total (£m)	71,983	66,739	8%
Asset growth3	10.9%	9.0%	190bps
Regulated asset growth3	11.7%	10.5%	120bps
Group return on equity	9.8%	9.0%	80bps

 

 

	Externally assured1	2026	2025	change
Scope 1 and 2 greenhouse gas emissions (ktCO2e)		7,511	7,422	1%
Scope 3 greenhouse gas emissions (ktCO2e)		29,503	28,435	4%
Renewable energy connected to the UK Transmission and Distribution Grids (MW)		576	2,244	(74)%
Renewable energy connected to the US Transmission and Distribution Grids (MW)		548	772	(29)%
Group Lost Time Injury Frequency Rate (LTIFR)		0.11	0.10	0.01

 

Strategic overview

 

 

Our Lost Time Injury Frequency Rate (LTIFR)1 stood at 0.11 compared to 0.10 in 2024/25 and against our Group target of 0.10. The primary causes of Lost Time Injuries are associated with slips, trips and falls, musculoskeletal injuries, and 'struck-by' events. In response, we have implemented targeted initiatives to further strengthen risk awareness, leadership engagement and control effectiveness. The safety of our people and those working on our behalf remains our highest priority. By sharpening our focus on high-energy risks and critical controls, we continue to build safer, more resilient operations that support reliable performance over the long term.

 

Reliability underpins everything we do, with our regulated electricity networks having reliability of over 99.9%, and our UK Electricity Transmission (UK ET) network having a world-class reliability of 99.99999%, with just one loss of supply event in 2025/26 - the lowest number in a decade. Our European interconnectors delivered over 90% availability across the fleet, up from 86% in 2024/25.

 

With our focus on delivering a reliable service for our customers, we continue to navigate storm impacts across our UK and US businesses successfully. Following Storm Goretti in our South West England territory, the largest in the region for two decades, 73% of customers affected by outages were restored within 24 hours. During severe winter storms in our US service territories, crews worked around the clock to restore power to impacted customers. Our gas networks in Massachusetts, New York and Long Island delivered some of the highest throughput days on record during Storm Fern, consistently serving customers amidst record-breaking demand and significant strains on the region's energy grids. Our generation fleet on Long Island provided reliable energy during peak demand for Long Island Power Authority (LIPA), meeting around half of the power needed during the June 2025 heatwave and almost two-thirds during winter storms.

 

We continue to utilise technology to improve the safety, reliability and cost effectiveness of our operations, including in our New England business, where tree-related outages were reduced by nearly 30% using satellite imagery and AI to improve vegetation management, and drones were used to inspect lines in hard to reach locations during winter storms. In our UK ET business, autonomous drones were used for overhead line inspections increasing the speed, efficiency and consistency of data processing and reducing the risk and environmental impact of alternative inspection methods.

 

1.  Employee and contractor lost time injury frequency rate per 100,000 hours worked.

 

 

For detailed financial performance commentary, please refer to the Financial Review section on page 14. Our statutory operating profit is presented on page 14 which includes the impact of exceptional items, remeasurements, major storms, timing and the impact of deferred tax in our UK regulated businesses (NGET and NGED). A reconciliation between Statutory performance and our Alternative Performance Measures (APMs) is presented on page 65. Our updated five-year financial framework is on page 10.

 

The Group's financial performance in 2025/26 demonstrates continued resilience to the impacts of inflation and cost pressures, changes in interest rates and exchange rate fluctuations.

 

Underlying operating profit increased by £459 million at constant currency to £5,680 million, 9% higher than the previous year. This improvement was driven by strong performance across our regulated businesses including new rates for our Niagara Mohawk (NIMO) business in upstate New York, recovery of prior year storms and environmental costs, higher revenues supported by increased allowances in the UK and delivery of strong cost efficiencies. This was partly offset by the impact of the divestments of the Electricity System Operator, National Grid Renewables and Grain LNG, and the impact of customer refunds related to the March 2026 FERC order on New England transmission returns.

 

Underlying EPS of 78.0p increased by 6.0p or 8% at constant currency compared to the previous year, with the underlying operating profit increase more than offsetting the impact of the increased number of shares. At actual exchange rates, this increase was 4.7p per share, or 6% reflecting a weaker dollar.

 

Capital investment for continuing operations increased by £2,034 million at constant currency to a record £11,576 million, an increase of 21% on the prior year at constant currency, up 18% at actual exchange rates. This increase was principally driven by the ramp up in spend on Accelerated Strategic Transmission Investment (ASTI) projects including construction activity and capacity reservation payments, substation developments in our UK ET business, higher asset replacement in UK Electricity Distribution (UK ED), increased spend on electricity distribution and transmission networks in New England, and electricity transmission projects in New York. This was partially offset by lower investment in National Grid Ventures (NGV) with the divestment of National Grid Renewables and Grain LNG, and lower spend on the Viking interconnector.

 

Capital investment and RAV indexation helped drive Group asset growth of 10.9%, with regulated asset growth of 11.7%.

 

Net debt was £44.2 billion at 31 March 2026, £2.8 billion higher than the prior year. This increase reflected the increased capital investment in the year, partly offset by £2.8 billion of net cash proceeds from the divestments of National Grid Renewables and Grain LNG.

 

 

We achieved a Group RoE of 9.8% in 2025/26, an increase of 80 basis points (bps) on the prior year. This increase was principally due to increased regulated revenue in our UK ET and New York businesses.

 

In 2025/26, UK ET achieved operational returns of 8.2%, delivering 100bps of outperformance under RIIO-T2, mainly from totex performance related to savings on capital delivery (2025: 8.3% achieved return, or 100bps outperformance). UK ED achieved an operational return of 8.1% in 2025/26, including 50bps outperformance, mostly consisting of Distribution System Operator performance incentives. (2025: 7.9% achieved return, or 20bps outperformance).

 

New England's achieved return of 9.2% was 96% of the allowed return in 2025/26 compared with an achieved return of 9.1% in 2024/25. This excludes the impact of the historical adjustments to returns following the FERC order in March 2026, but includes the 2025/26 impact. New York's achieved return of 9.0% was 96% of the allowed return in 2025/26 compared with an achieved return of 8.7% in 2024/25. The quoted returns for New England and New York represent the weighted average return across operating companies within each jurisdiction.

 

For further information on RoEs for each of our business entities, please refer to pages 77 and 78 of the APM section.

 

 

 

In our continuing businesses, capital investment reached a record £11.6 billion in 2025/26 reflecting progress on major transmission projects in both the UK and the US, continued connections and enhancements to our electricity distribution networks and ongoing asset replacement in our gas networks.

 

 

 

 

 

 

 

 

Our networks have always been central to providing resilient and secure energy but are now also critical to enabling economic growth by connecting new large load demand including industrial load and data centres. We work closely with our policy-makers and regulators across our jurisdictions, as they recognise the need to balance supporting this economic growth together with affordability, reliability and decarbonisation.

 

 

 

 

 

 

 

Network companies have a unique role to play in delivering a reliable, secure, affordable energy system that supports economic growth and enables decarbonisation. While we remain focused on reducing our own carbon emissions, by building out the network of the future, we are enabling the deployment of renewable energy generation and low carbon technologies including for heat and transport, to meet society's growing electricity needs while bringing down its emissions.

 

In 2025/26 our Scope 1 and Scope 2 emissions totalled 7.5 mtCO2e, an increase of 1.2% versus 2024/25, and outside the range set out in our Climate Transition Plan, but 3.3% lower than the 2018/19 baseline. The main driver for this increase was the increased utilisation of our Long Island Generation assets which we operate on behalf of the Long Island Power Authority, where these assets played a critical role in meeting demand amid third-party outages, and extreme weather events, partially offset by lower Scope 2 emissions due to reduced grid carbon intensity. We will remain vigilant, closely monitoring developments in the external environment and adapting our climate strategy as needed, ahead of our next Climate Transition Plan expected in 2027.

 

 

 

 

Affordability has always been a critical issue for customers and the company alike, and has become a whole system challenge including the impact of commodity and policy costs. Our role is to ensure that the network - the part we control - is delivered efficiently and reliably, that investment is targeted to where it delivers the greatest system benefit, and that customers see value from that investment over time. This is reflected in how we plan, invest and support our customers:

 

 

 

Meeting our ambitions and responding to the rapidly changing energy system requires a relentless focus on efficiency and continuous improvement in the way we deliver. Our new strategic framework builds on our strengths and underpins delivery of our five-year financial framework. It introduces a set of fundamental priorities to sharpen and simplify our approach to create value for shareholders, and deliver for our customers and stakeholders.

 

 

 

 

To enable this and position us for the future, we are focused on transforming our capabilities across three key areas - deliberate, high-impact shifts in response to structural market change:

 

 

 

Delivering our brilliant basics and transforming our business by embracing the big shifts will enable us to build a platform for future growth optionality.

 

Five-year financial framework*

 

In March 2026, we set out our updated five-year financial framework for the period to 2030/31.

 

 

 

We expect to invest at least £70 billion across our regulated energy networks and adjacent businesses, in the UK and US, over the five-year period to 2030/31, with Group assets trending towards £115 billion by March 2031. Of this investment, around 85% is considered to be aligned with the principles of the EU Taxonomy legislation as at the date of reporting, directly invested into the decarbonisation of energy networks.

 

In the UK, we expect around £31 billion of investment in Electricity Transmission increasing network capacity to support increased renewable generation, and reduce constraint costs, connecting new customers, and maintaining the resilience of the network. This includes investment across our 17 ASTI projects, as we invest in the critical infrastructure required to enable the energy transition and a decarbonised electricity network in the 2030s. We expect our Electricity Distribution network to invest around £9 billion in asset replacement, reinforcement and new connections, facilitating the infrastructure for electric vehicles, heat pumps and directly connected generation.

 

In our US regulated businesses, we expect to invest around £17 billion in New York, and £12 billion in New England. Of this investment, we expect over 60% into our electricity networks, as we see a step up in investment for renewable connections, transmission network upgrades, and digital capabilities to enable the energy transition, and the remainder in our gas business on pipeline replacement, safety and resilience programmes.

 

National Grid Ventures (NGV) has committed capex of around £1 billion including maintenance investment across the six operational interconnectors.

 

With the large step up in investment, we expect to see asset growth of around 10% CAGR through to 2030/31.

 

 

 

We expect our underlying earnings per share CAGR to be 8-10% from a 2025/26 baseline of 78.0p, more aligned with our asset growth. For 2026/27, we expect underlying EPS growth of 13-15%, reflecting higher allowed revenue as we step up delivery from RIIO-T2 to RIIO-T3. This includes our long-run average scrip uptake assumption of 25% per annum, which will support our sustainable, progressive dividend policy into the future.

 

We will maintain a progressive level of total dividend aiming to grow the Dividend Per Share (DPS) in line with UK CPIH (for details of our dividend policy please refer to page 28).

 

 

 

We remain committed to a strong, overall investment grade credit rating. We expect to maintain credit metrics above our thresholds for our current group credit ratings through to at least 2030/31, with current thresholds of 10% for S&P and Moody's Funds from Operations (FFO)/adjusted net debt, and 7% for Moody's Retained Cash Flow (RCF)/adjusted net debt. Regulatory gearing is 61% at March 2026, and is expected to trend back towards the high-60% range by the end of 2030/31. This balance sheet strength extends beyond 2030/31, complemented by significant hybrid capacity.

 

 

*Our five-year financial framework is set from a 2025/26 baseline. Forward years are based on an assumed USD exchange rate of £1:$1.35, long run UK CPIH and US CPI inflation, long run interest rate assumptions, and scrip dividend uptake of 25%.

 

 

Our investment case is underpinned by the visibility and resilience of our business model, our robust operational delivery, and supported by our regulatory frameworks. We are resilient to the impacts of the broader macro environment.

 

 

 

 

The outlook and forward guidance contained in this statement should be reviewed, together with the forward-looking statements set out in this release, in the context of the cautionary statement. The forward guidance in this section is presented on an underlying basis and excludes remeasurements and exceptional items, deferrable major storm costs, net of in-year allowances in the US (when greater than $100 million), timing and the impact on underlying results of deferred tax in our UK regulated businesses (NGET and NGED). The 2026/27 forward guidance assumes an exchange rate of £1:$1.35, reflecting nearer term exchange rates.

 

 

Underlying net revenue is expected to increase by just under £850 million compared to 2025/26 primarily driven by the first year of RIIO-T3, reflecting semi-nominal returns and higher levels of totex from increased ASTI investment. Depreciation is expected to be around £80 million higher, while costs are expected to increase by around £50 million, both linked to the step-up in investment programmes.

 

We expect to deliver around 9% Return on Equity in 2026/27. Across the RIIO-T3 price control we aim to achieve an overall return on equity above 9% including operating and financing performance.

 

 

Underlying net revenue growth is expected to be broadly offset by higher depreciation, reflecting the increasing asset base.

 

We expect to deliver around 70 basis points of Return on Equity operational outperformance in the fourth year of RIIO-ED2, increasing from 2025/26, primarily delivered through both improved incentive and totex performance. We continue to expect outperformance to improve towards 100bps over the remainder of RIIO-ED2.

 

 

Underlying net revenue is expected to be around $450 million higher, driven by updated rates, higher tracker revenues and the non-repeat of the 2025/26 FERC order impact. This is expected to be partly offset by higher depreciation of around $70 million and around $140 million of costs including those linked to increased investment.

 

Return on Equity for New England is expected to be in line with 2025/26.

 

Underlying net revenue is expected to be around $450 million higher, reflecting updated rates and recovery of previously unremunerated costs. Depreciation is expected to be around $150 million higher, and other costs are expected to be around $20 million higher, linked to increased investment.

 

Return on Equity for New York is expected to slightly improve compared to 2025/26.

 

In NGV, we expect operating profit to be around £120 million lower than 2025/26 primarily reflecting the sale of the Grain LNG business.

 

We also expect underlying operating losses from other activities to be around £100 million higher than 2025/26, including lower property disposals.

 

Joint Ventures and Associates 

Our share of the profit after tax of joint ventures and associates is expected to be broadly in line with 2025/26.

 

 

Net finance costs in 2026/27 are expected to be around £200 million higher than 2025/26 reflecting our debt issuance programme net of higher capitalised interest, both driven by our investment programme.

For the full year 2026/27, the underlying effective tax rate, excluding the share of post-tax profits from joint ventures and associates, is expected to be around 13%. This is calculated following our definition of underlying earnings which excludes the impact on underlying results of deferred tax in our UK regulated businesses (NGET and NGED).

 

 

Overall Group capital investment in 2026/27 is expected to grow around 10% to nearly £13 billion.

Asset Growth is expected to be around 10%.

 

Operating cash flow generated from operations is expected to increase by around 20% compared to 2025/26 driven by increased underlying performance and the recovery of timing balances.

 

Net debt is expected to increase by just over £6 billion (from £44.2 billion as at 31 March 2026), with operating cash inflows more than offset by our continued levels of significant investment in critical energy infrastructure. Reflecting this, regulatory gearing is expected to be around 64%.

 

Weighted average number of shares (WAV) is expected to be approximately 5,000 million in 2026/27.

 

 

 

In managing the business, we focus on various non-IFRS alternative performance measures (APMs) and regulatory performance measures (RPMs) which provide meaningful comparisons of performance between years, monitor the strength of the Group's balance sheet and ensure profitability reflects the Group's regulatory economic arrangements. Such APMs and RPMs are supplementary to, and should not be regarded as a substitute for IFRS measures, which we refer to as statutory results. We explain the basis of these measures and, where practicable, reconcile to statutory results on pages 62 to 79. Adjusted results exclude exceptional items and remeasurements whereas underlying results exclude (i) revenue timing differences arising from our regulatory contracts; (ii) major storm costs recoverable in future periods, where above $100 million (in aggregate, net of in-year allowances and deductibles) in the year; and (iii) impact on underlying results of deferred tax in our UK regulated businesses (NGET and NGED); none of which give rise to economic gains/losses.

 

 

 

(£ million)	2025/26	2024/25	change %
Accounting profit
Gross revenue	17,687	18,378	(4)%
Operating costs	(12,745)	(13,444)	5%
Statutory operating profit	5,431	4,934	10%
Net finance costs	(1,325)	(1,357)	2%
Share of joint ventures and associates	76	73	4%
Tax	(939)	(821)	(14)%
Non-controlling interest	(2)	(3)	33%
Statutory IFRS earnings (note 7)	3,241	2,826	15%
Exceptional items and remeasurements1	(333)	(171)	n/m
Tax on exceptional items and remeasurements1	(16)	(40)	60%
Adjusted earnings1	2,892	2,615	11%
Timing and major storm costs1	636	592	n/m
Tax on timing and major storm costs1	(168)	(156)	n/m
Deferred tax on underlying profits in NGET and NGED1	499	401	24%
Underlying earnings1	3,859	3,452	12%
Statutory EPS - (pence) (note 7)	65.5p	60.0p	9%
Adjusted EPS - (pence) (note 7)1	58.5p	55.6p	5%
Underlying EPS1	78.0p	73.3p	6%
Dividend per share	48.49p	46.72p	4%
Dividend cover - underlying1	1.6x	1.6x	3%
Capital investment and asset growth
Capital investment	11,576	9,847	18%
Regulated asset growth1	11.7%	10.5%	120bps
Asset growth1	10.9%	9.0%	190bps
Balance sheet strength
FFO/adjusted net debt1	13.0%	13.7%	-70bps
RCF/adjusted net debt1	9.3%	9.8%	-50bps
Net debt (note 11)	44,160	41,371	7%
Add: held for sale net debt	-	(55)	n/m
Net debt (including held for sale)1	44,160	41,316	7%
Group regulatory gearing1	61%	61%	0bps

 

1.  Non-GAAP alternative performance measures (APMs) and/or regulatory performance measures (RPMs). For further details see pages 62 to 79.

 

Statutory IFRS earnings were £3,241 million in 2025/26, £415 million (15%) higher than the prior year. Statutory earnings benefited from pre-tax net exceptional gains of £376 million related to the sale of our two non-core businesses (Grain LNG and National Grid Renewables) in 2025/26; and pre-tax remeasurement losses of £43 million (2025: pre-tax net exceptional credits of £42 million and pre-tax remeasurement gains of £129 million). For details on exceptional items refer to note 4. Timing swings were £131 million adverse year on year, with a £636 million net under-recovery in 2025/26 (2025: £505 million net under-recovery). These factors, the net impact of tax on these items and an improvement in underlying business performance meant that statutory EPS for continuing operations of 65.5p was 5.5p higher than the prior year.

 

Our 'adjusted' results exclude the impacts from exceptional items and remeasurements as explained on page 64. In 2025/26, adjusted earnings from continuing operations were £2,892 million, up £277 million (11%) from the prior year. Adjusted earnings in 2025/26 included a timing net under-recovery after tax of £468 million (2025: £372 million net under-recovery). As a result, adjusted operating profit of £5,044 million was up £279 million (2025: £4,765 million). Adjusted net finance costs of £1,271 million were £90 million lower, as a result of higher average net debt and higher interest rates being more than offset by higher capitalised interest and other interest income. Share of profits from joint ventures and associates of £76 million were £1 million. Adjusted tax of £955 million was £94 million higher, driven by the increase in profits, but resulted in a stable effective tax rate of 25.3% (2025: 25.3%).

 

As explained above, our 'underlying' results exclude the total impact of exceptional items, remeasurements, timing, major storm costs and deferred tax in UK regulated businesses (NGET and NGED). A reconciliation between these alternative performance measures and our statutory performance is detailed on page 65.

 

Our policy is to exclude deferrable storm costs (net of allowances and deductibles) from underlying results if these exceed a $100 million aggregate pre-tax threshold. In 2024/25, we included $110 million (£87 million) of storm costs in our adjusted results, but excluded these from underlying results. In 2025/26 our allowances were higher and deferrable storm costs were below this threshold, so $52 million (£39 million) of deferrable storm costs that are recoverable in future periods are included in our underlying results.

 

Underlying operating profit was up 6% driven by improved performance in New York (from updated rates and the collection of unremunerated costs in prior periods) along with higher allowed revenues in UK Electricity Transmission (RAV growth and increased ASTI-related 'fast money'). New England was lower with updated rates and capital trackers being more than offset by a FERC order on Transmission Owner RoEs across New England (mostly related to historical years). National Grid Ventures was lower mainly as a result of the sale of two businesses in the year (Grain LNG and National Grid Renewables). Other activities and the contribution from joint ventures and associates were broadly flat year on year. Regulated controllable costs were 2% higher (at constant currency), with inflation and workload increases being partly offset by efficiency savings. Depreciation and amortisation were higher than the prior year due to our growing asset base. Net debt-related financing costs were higher, driven by our ongoing investment programme. Other interest was favourable year on year driven by higher levels of capitalised interest. After accounting for non-controlling interests, underlying earnings increased by 12% and resulted in a 6% increase in underlying EPS to 78.0p.

 

Capital investment of £11,576 million was £1,729 million (18%) higher than 2024/25, driven by a step up in investment across our regulated businesses, partly offset by lower investment in National Grid Ventures. Higher capital investment and the impact of RAV indexation have helped deliver asset growth of 10.9% (2025: 9.0%).

 

 

 

In calculating adjusted profit measures, where we consider it is in the interests of users of the financial statements to do so we exclude certain discrete items of income or expense that we consider to be exceptional in nature. The table below reconciles our statutory profit measures for continuing operations, at actual exchange rates, to adjusted and underlying versions. Further information on exceptional items and remeasurements is provided in notes 2, 4 and 5. Further information on non-GAAP alternative performance measures (APMs) and regulatory performance measures (RPMs) is provided on pages 62 to 79.

 

 

	Operating profit			Profit after tax			Earnings per share (pence)
(£ million)	2026	2025		2026	2025		2026	2025
Statutory results	5,431	4,934		3,243	2,829		65.5	60.0
Exceptional items	(376)	(42)		(384)	(118)		(7.7)	(2.4)
Remeasurements	(11)	(127)		35	(93)		0.7	(2.0)
Adjusted results	5,044	4,765		2,894	2,618		58.5	55.6
Timing	636	505		468	372		9.5	7.9
Major storm costs	-	87		-	64		-	1.3
Deferred tax on underlying results in NGET and NGED	-	-		499	401		10.0	8.5
Underlying results	5,680	5,357		3,861	3,455		78.0	73.3

 

Statutory operating profit increased in the year, primarily as a result of exceptional net gains of £376 million in 2025/26 compared with net gains of £42 million in the prior year. For details on exceptional items refer to note 4. This was largely offset by £131 million adverse year-on-year movements in timing, £116 million adverse year-on-year movements in commodity derivative remeasurements and the impact of a weaker exchange rate. Statutory operating profit was also supported by an improved underlying performance in our UK Electricity Transmission, UK Electricity Distribution and New York businesses, partially offset by the prior year including a contribution from the UK Electricity System Operator prior to its disposal, along with lower underlying profits in New England, adversely impacted by the FERC order (mainly related to historical periods) and lower underlying profits in National Grid Ventures, with the latter being driven by the sales of National Grid Renewables and Grain LNG in 2025/26.

 

 

 

In calculating underlying profit, we exclude regulatory revenue timing over- and under-recoveries, major storm costs (defined below) and deferred tax on underlying results of our UK regulated business (NGET and NGED), also defined below. Under the Group's regulatory frameworks, most of the revenues we are allowed to collect each year are governed by regulatory price controls in the UK and rate plans in the US. If more than this allowed level of revenue is collected, an adjustment will be made to future prices to reflect this over-recovery; likewise, if less than this level of revenue is collected, an adjustment will be made to future prices in respect of the under-recovery. These variances between allowed and collected revenues and timing of revenue collections for pass-through costs give rise to 'timing' over- and under-recoveries.

 

The following table summarises management's estimates of such amounts for the two years ended 31 March 2026 and 31 March 2025 for continuing operations. All amounts are shown on a pre-tax basis and, where appropriate, opening balances are restated for exchange adjustments and to correspond with subsequent regulatory filings and calculations, and are translated at the 2025/26 average exchange rate of $1.343:£1.

 

Timing over/(under)-recoveries
(£ million)	2026	20251
Balance at start of year (restated)	60	1,018
UK Electricity Transmission	(77)	(151)
UK Electricity Distribution	(116)	407
UK Electricity System Operator (sold in 2024/25)	-	(479)
New England	94	57
New York	(537)	(323)
In-year (under)/over-recovery - continuing operations	(636)	(489)
Disposal of UK Electricity System Operator	-	(462)
Balance at end of year	(576)	67

 

1.  March 2025 balances restated to correspond with 2024/25 regulatory filings and calculations.

 

In relation to timing under-recoveries, the estimated closing net under-recovered balance at 31 March 2026 (at an average exchange rate of $1.34) was £576 million, comprising: a net £68 million asset to be recovered in UK Electricity Transmission; a net £2 million liability to be returned in UK Electricity Distribution; a net £274 million asset to be recovered in New England; and a net £236 million asset to be recovered in New York (for further details see page 67). In calculating the post-tax effect of these in-year timing recoveries, we impute a tax rate based on the regional marginal tax rates, consistent with the relative mix of UK and US balances.

 

 

We exclude the impact of major storm costs in the US where the aggregate amount is sufficiently material in any given year. Such costs (net of in-year allowances and deductibles) are recoverable under our rate plans but are expensed as incurred under IFRS. Accordingly, where the aggregate total US major storm costs incurred (net of in-year allowances and deductibles) exceeds $100 million in any given year, we exclude the net costs from underlying earnings. In 2025/26, we incurred deferrable storm costs (net of allowances) which are eligible for future recovery of $52 million, but this did not exceed our pre-set $100 million threshold to be excluded from underlying results. In the prior year, we incurred $110 million (£87 million) of deferrable storm costs (net of allowances) before tax, or £64 million post-tax and consequently these were all excluded from our reported underlying results.

 

 

We exclude deferred tax in our UK regulated businesses (NGET and NGED) in our underlying earnings measure. Tax is generally considered to be a pass-through cost by our UK regulator, with revenue tax allowances linked to the level of cash tax expected to be paid in the year. In 2025/26, we excluded £499 million (2025: £401 million) of deferred tax charges from our underlying results.

 

 

 

 

	Statutory results				Underlying results
(£ million)	2026	2025	change %		2026	2025	change %
UK Electricity Transmission	1,605	1,277	26		1,682	1,428	18
UK Electricity Distribution	1,122	1,598	(30)		1,238	1,203	3
UK Electricity System Operator	-	(213)	(100)		-	115	(100)
New England	947	1,008	(6)		866	924	(6)
New York	1,184	1,269	(7)		1,709	1,450	18
National Grid Ventures	715	5	n/m		327	380	(14)
Other activities	(142)	(10)	n/m		(142)	(143)	(1)
Total operating profit - continuing	5,431	4,934	10		5,680	5,357	6

 

 

The following segmental commentaries describe the reasons for the movements in statutory, adjusted and underlying operating profit compared with the prior year. Unless otherwise stated, the discussion of performance in the remainder of this Financial review focuses on underlying results.

 

UK Electricity Transmission
(£ million)	2026	2025	% change
Revenue	2,898	2,619	11
Operating costs	(1,293)	(1,342)	(4)
Statutory operating profit	1,605	1,277	26
Exceptional items	-	-	-
Adjusted operating profit	1,605	1,277	26
Timing	77	151	n/m
Underlying operating profit	1,682	1,428	18
Underlying net revenue	2,584	2,315	12
Regulated controllable costs (including pensions)	(290)	(293)	(1)
Other operating costs	(62)	(54)	15
Depreciation and amortisation	(550)	(540)	2
Underlying operating profit	1,682	1,428	18
Timing	(77)	(151)	n/m
Adjusted operating profit	1,605	1,277	26

 

UK Electricity Transmission statutory operating profit was £328 million higher in the year. Timing under-recoveries were £77 million in 2025/26 compared with an under-recovery of £151 million in 2024/25. This year-on-year less adverse under-recovery is mainly the impact of the return in 2024/25 of prior period balances (primarily tax allowances), a lower inflation true-up and a lower in-year recovery on volumes and pass-through costs than 2024/25.

 

UK Electricity Transmission underlying operating profit increased by 18%. Underlying net revenues were £269 million (12%) higher principally from higher totex allowances (including fast money on ASTI spend) but also the impact of inflationary increases linked to RAV growth.

 

Regulated controllable costs including pensions were £3 million lower with the impact of inflationary and workload increases, due to a larger workforce to support the growing asset base, being more than offset by efficiency savings, non-recurring benefits related to IT and support service recharges and the reclassifications of insurance recharges. Other costs were slightly higher than the prior year at £62 million, including cost reclassifications, but this was partly offset by lower customer-funded diversions and favourable gains on disposals of assets compared with 2024/25.

 

The higher depreciation and amortisation principally reflects a higher asset base as a result of continued investment.

 

 

 

UK Electricity Distribution
(£ million)	2026	2025	% change
Revenue	1,937	2,424	(20)
Operating costs	(815)	(826)	(1)
Statutory operating profit	1,122	1,598	(30)
Exceptional items	-	12	(100)
Adjusted operating profit	1,122	1,610	(30)
Timing	116	(407)	n/m
Underlying operating profit	1,238	1,203	3
Underlying net revenue	1,869	1,832	2
Regulated controllable costs (including pensions)	(311)	(302)	3
Other operating costs	(49)	(78)	(37)
Depreciation and amortisation	(271)	(249)	9
Underlying operating profit	1,238	1,203	3
Timing	(116)	407	n/m
Adjusted operating profit	1,122	1,610	(30)

 

UK Electricity Distribution statutory operating profit was £476 million lower in the year, reflecting the impact of £523 million adverse year-on-year timing movements. Timing under-recoveries of £116 million in 2025/26 were mainly due to the return of prior period balances, principally driven by an over-collection in K-factor (i.e. volumes/prices) in 2024/25 which was effectively returned in 2025/26, partly offset by true-ups for pass-through costs and inflation. This compares with a timing over-recovery of £407 million in the prior year, which was favourably driven by an over-collection of K-factor.

 

In 2025/26 there were no exceptional costs compared with £12 million of exceptional costs in 2024/25 related to our major transformation programme.

 

UK Electricity Distribution underlying operating profit increased by £35 million (3%). Underlying net revenues were £37 million higher than the prior year due to the impact of higher inflation, higher totex allowances and improved DSO incentives performance partly offset by lower engineering recharge income.

 

Regulated controllable costs including pensions were £9 million (3%) higher than the prior year from the impact of increased inspection and maintenance work, combined with investment in capability build and inflation impacts, partly offset by efficiencies achieved. Other costs were £29 million lower, reflecting costs incurred in the prior year associated with Storm Darragh and lower engineering recharges.

 

Depreciation and amortisation increased by £22 million compared with the prior year due to the increasing asset base.

 

 

 

UK Electricity System Operator
(£ million)	2026	2025	% change
Revenue	-	1,029	(100)
Operating costs	-	(1,242)	(100)
Statutory operating profit	-	(213)	(100)
Exceptional items	-	(151)	(100)
Adjusted operating profit	-	(364)	(100)
Timing	-	479	(100)
Underlying operating profit	-	115	(100)
Underlying net revenue	-	291	(100)
Controllable costs	-	(159)	(100)
Post-retirement benefits	-	(10)	(100)
Other operating costs	-	(7)	(100)
Underlying operating profit	-	115	(100)
Timing	-	(479)	(100)
Adjusted operating profit	-	(364)	(100)

 

UK Electricity System Operator was purchased by the UK Government on 1 October 2024 and had been classified as 'held for sale' since October 2023. Based on the scale and pass-through nature of the UK Electricity System Operator, it was not considered to be a separate major line of business and hence, did not meet the definition of a discontinued operation under IFRS 5.

 

UK Electricity System Operator had a statutory operating loss of £213 million in 2024/25 as a result of adverse timing (net of provisions for regulatory liabilities recognised under IFRS). In 2023/24 a £498 million exceptional provision was made for the return of the estimated remaining balance of over-collected revenues at the expected date of disposal (at that time, expected to be June 2024). This provision was partially reversed in 2024/25 generating an exceptional credit of £151 million. Under IFRS a regulatory liability is not usually recognised on balance sheet for the return of such over-recoveries, however due to the intended disposal of this business during 2024/25, a liability was recognised given these amounts were expected to be settled through the planned sale process as opposed to reduced future revenues. The remaining £347 million exceptional provision at the disposal date was reflected in the reported gain on disposal of this business.

 

During 2024/25, UK Electricity System Operator had a timing under-recovery of £479 million arising from the return of prior period over-recovered balances. The over-recovery was the result of higher revenues collected through the BSUoS fixed price charges compared with total system balancing costs incurred. At the disposal date, the impact of the residual net over-recovered position was assessed when calculating the overall net disposal proceeds.

 

UK Electricity System Operator underlying operating profit in 2024/25 was £115 million. No depreciation and amortisation was charged while the business was classified as 'held for sale'.

 

 

 

New England
(£ million)	2026	2025	2025 at constant currency	% change at actual currency
Revenue	4,174	4,306	4,293	(3)
Operating costs	(3,227)	(3,298)	(3,343)	(2)
Statutory operating profit	947	1,008	950	(6)
Exceptional items	-	3	3	(100)
Remeasurements	13	(29)	(28)	n/m
Adjusted operating profit	960	982	925	(2)
Timing	(94)	(61)	(57)	n/m
Major storm costs	-	3	3	(100)
Underlying operating profit	866	924	871	(6)
Underlying net revenue	2,629	2,587	2,439	2
Regulated controllable costs	(668)	(706)	(665)	(5)
Post-retirement benefits	(9)	(21)	(20)	(57)
Bad debt expense	(84)	(62)	(59)	35
Other operating costs	(509)	(405)	(382)	26
Depreciation and amortisation	(493)	(469)	(442)	5
Underlying operating profit	866	924	871	(6)
Timing	94	61	57	n/m
Major storm costs	-	(3)	(3)	(100)
Adjusted operating profit	960	982	925	(2)

 

New England's statutory operating profit was £61 million lower (or £3 million lower on a constant currency basis). This included commodity derivative remeasurement losses of £13 million (£42 million adverse year on year), partially offset by £33 million favourable year-on-year timing movements. Timing over-recoveries of £94 million in 2025/26 are mainly due to the recognition of a receivable for FERC RoE refunds in Mass Electric from New England Transmission Owners (which will be returned to customers in future periods). In 2024/25, timing was over-recovered by £61 million mainly due to phasing of energy efficiency programme spend and commodity costs. In 2024/25, there were £3 million of exceptional items related to £7 million of charges for our major transformation progress and a £4 million gain related to environmental provision movements.

 

New England's underlying operating profit decreased by £58 million (6%) or £5 million (1%) on a constant currency basis. Underlying net revenue was £42 million higher (£190 million higher at constant currency) driven by updated rates, higher revenues from capital trackers and storm recoveries, partly offset by the adverse impact of the FERC order. New England controllable costs were lower by £38 million (£3 million higher at constant currency) as a result of additional workload and inflation, which were offset by efficiency savings. Bad debt expense increased by £22 million (£25 million at constant currency) as a result of higher accounts receivables and higher reserve rates. Depreciation and amortisation increased by £24 million (£51 million at constant currency) as a result of higher investment. Other costs (on an underlying basis) were £101 million higher (£124 million higher at constant currency) due to higher investment-related expenses and higher property taxes, both driven by the growth in asset base along with higher funded programme costs.

 

 

 

 

New York
(£ million)	2026	2025	2025 at constant currency	% change at actual currency
Revenue	7,618	6,689	6,307	14
Operating costs	(6,434)	(5,420)	(5,111)	19
Statutory operating profit	1,184	1,269	1,196	(7)
Exceptional items	-	(133)	(125)	(100)
Remeasurements	(12)	(113)	(106)	n/m
Adjusted operating profit	1,172	1,023	965	15
Timing	537	343	323	n/m
Major storm costs	-	84	79	(100)
Underlying operating profit	1,709	1,450	1,367	18
Underlying net revenue	5,042	4,545	4,285	11
Regulated controllable costs	(1,032)	(1,049)	(989)	(2)
Post-retirement benefits	(19)	(33)	(31)	(42)
Bad debt expense	(156)	(141)	(133)	11
Other operating costs	(1,357)	(1,141)	(1,076)	19
Depreciation and amortisation	(769)	(731)	(689)	5
Underlying operating profit	1,709	1,450	1,367	18
Timing	(537)	(343)	(323)	n/m
Major storm costs	-	(84)	(79)	(100)
Adjusted operating profit	1,172	1,023	965	15

 

New York statutory operating profit was lower by £85 million (or £12 million lower at constant currency). In the prior year New York incurred £133 million of net exceptional credits (a £142 million credit on environmental provision movements, partly offset by a £9 million charge on our major transformation programme). Timing under-recoveries in 2025/26 were £537 million (principally related to revenue decoupling in KEDNY/KEDLI and the impact of levelisation of new rate increases in NIMO, along with lower auction sale prices on transmission wheeling). In 2024/25, timing under-recoveries were £343 million (driven by transmission wheeling and commodity under-recoveries due to colder weather and KEDNY/KEDLI rate levelisation under-recoveries). This resulted in a £194 million adverse year-on-year timing swing (£214 million adverse at constant currency).

 

New York underlying operating profit increased by £259 million (18%), or £342 million (25% at constant currency). This was driven by higher net underlying revenues which increased by £497 million (11%), or £757 million at constant currency) principally driven by updated rates including higher storm cost allowances and the recovery of previously unremunerated costs (e.g. environmental and property taxes). Regulated controllable costs were £17 million lower (£43 million higher at constant currency) year on year, primarily as a result of increased workload (gas safety and reliability initiatives, CLCPA and increased IT spend on new digital platforms) plus the impact of inflation, partly offset by efficiency savings. Bad debt expense increased by £15 million (£23 million at constant currency) driven by increased customer billings. Depreciation and amortisation increased due to the growth in assets. Other costs (on an underlying basis) increased due to higher storm costs (partly offset by increased storm cost allowances in revenues), higher property taxes, inflation related environmental costs and investment-related costs.

 

 

National Grid Ventures
(£ million)	2026	2025	2025 at constant currency	% change at actual currency
Revenue	1,098	1,397	1,362	(21)
Operating costs	(383)	(1,392)	(1,336)	(72)
Statutory operating profit	715	5	26	n/m
Exceptional items	(403)	375	356	n/m
Remeasurements	15	-	-	n/m
Underlying/adjusted operating profit	327	380	380	(14)
Statutory post-tax share of JVs and associates	76	73	71	4
Remeasurements	-	2	2	(100)
Adjusted post-tax share of JVs and associates	76	75	73	1
Analysed by business:
Interconnectors1	227	233	233	(3)
Grain LNG	115	150	150	(23)
US Ventures	(15)	(3)	(3)	n/m
Underlying/adjusted operating profit	327	380	380	(14)
Interconnectors2	70	49	49	43
NG Renewables	-	17	15	(100)
Other	4	9	9	(56)
Adjusted post-tax share of JVs and associates	74	75	73	(1)
Total NGV contribution (underlying/adjusted)	401	455	453	(12)
Interconnectors	7	74	74	(91)
NG Renewables	-	174	163	(100)
Grain LNG	-	47	47	(100)
NG Generation	48	36	33	33
Other	54	47	45	15
Capital investment	109	378	362	(71)

 

 

National Grid Ventures' statutory operating profit improved by £710 million, principally as a result of a £489 million exceptional gain on sale on the disposal of Grain LNG in November 2025, partly offset by a £96 million exceptional loss on disposal of National Grid Renewables sold in May 2025 (mainly driven by the recycling of cumulative exchange rate adjustments since 2019/20 when this business was originally acquired). This compared with exceptional charges in 2024/25 of £303 million (impairment of our Community Offshore Wind investment), along with £57 million of transaction and separation costs for the planned disposal of National Grid Renewables. Commodity remeasurements were gains of £12 million in 2025/26 compared with losses of £15 million in 2024/25. Our underlying and adjusted results exclude the impact of these exceptional items and remeasurements.

 

National Grid Ventures' underlying operating profit was £53 million lower than 2024/25. On 29 May 2025 the sale of National Grid Renewables was completed, and on 28 November 2025 the sale of Grain LNG was completed. The sale of Grain LNG in 2025/26 reduced underlying operating profit by £35 million year on year. In the UK, interconnector profits decreased versus the prior year primarily as a result of lower interconnector revenues as market spreads remained low. In the US, profit was lower, due to a £24 million Revolution Wind gain on sale recognised in 2024/25, partly offset by lower development expenditure.

 

 

 

Other
(£ million)	2026	2025	2025 at constant currency	% change at actual currency
Revenue	97	122	118	(20)
Operating costs	(239)	(132)	(128)	81
Statutory operating loss	(142)	(10)	(10)	n/m
Exceptional items	-	133	133	n/m
Underlying/adjusted operating loss	(142)	(143)	(143)	(1)
Analysed by business:
Property	46	54	54	(15)
NG Partners	11	(82)	(81)	(113)
Corporate and other activities	(199)	(115)	(116)	73
Adjusted operating loss	(142)	(143)	(143)	(1)

 

Other activities incurred a statutory operating loss of £142 million (2025: £10 million loss, which included a £187 million exceptional gain on disposal of UK Electricity System Operator, £46 million of exceptional charges related to our major transformation programme and £8 million of exceptional transaction and separation costs incurred by our corporate function related to the planned disposal of our Grain LNG business). Following a review of strategic priorities in 2025/26, the major transformation programme launched in 2024 has been reshaped and the associated programme costs in the current year no longer meet the quantitative threshold to be treated as exceptional.

 

Other activities' underlying operating loss was £142 million (including corporate costs) in 2025/26 compared with £143 million loss in 2024/25. This improvement was driven by favourable year on year fair value movements in our NG Partners investment portfolio and higher insurance captive profits, mostly offset by increases in central costs to help deliver our overall group efficiency programme and other corporate centre cost increases along with lower UK property sales in 2025/26 compared with the prior year.

 

 

	Statutory results - continuing				Underlying results
(£ million)	2026	2025	change %		2026	2025	change %
Total operating profit	5,431	4,934	10		5,680	5,357	6
Net finance costs	(1,325)	(1,357)	2		(1,271)	(1,361)	7
Share of post-tax results of joint ventures and associates	76	73	4		76	75	1
Profit before tax	4,182	3,650	15		4,485	4,071	10
Tax	(939)	(821)	(14)		(624)	(616)	(1)
Profit after tax	3,243	2,829	15		3,861	3,455	12
Non-controlling interest	(2)	(3)	33		(2)	(3)	33
Earnings	3,241	2,826	15		3,859	3,452	12
EPS (pence)	65.5	60.0	9		78.0	73.3	6

 

Statutory net finance costs of £1,325 million were down from £1,357 million in 2024/25 and included derivative remeasurement net losses of £54 million (2025: £4 million net gains). Underlying net finance costs of £1,271 million for 2025/26 were £90 million or 7% lower (£37 million or 3% lower at constant currency) than 2024/25. Net debt related finance costs were £89 million higher (£146 million higher at constant currency), driven by higher levels of average net debt (to fund our capex programme) and slightly higher interest rates, partly offset by gains on favourable debt buy-backs. The effective interest rate for continuing operations of 4.3% is 20bps higher than the prior year rate. Other interest was favourable year on year reflecting £122 million higher capitalised interest, principally attributable to the step up in ASTI investment in UK Electricity Transmission, along with favourable pension and OPEB interest income, lower discount unwind on provisions and higher other interest income.

 

The Group's share of net profits from joint ventures and associates on a statutory basis increased to £76 million (2025: £73 million). Due to the sale of our Emerald joint venture on 29 May 2025, there are no derivative remeasurements in the current year (2025: £2 million of losses). On an adjusted basis, the share of net profits from joint ventures and associates increased by £1 million compared with 2024/25, mostly reflecting higher BritNed revenues driven by higher auction prices, offset by a shorter ownership period of our Emerald joint venture, which was sold as part of the National Grid Renewables disposal.

 

The statutory tax charge for continuing operations was £939 million (2025: £821 million) including the impact of tax on exceptional items and remeasurements of £16 million credit (2025: £40 million credit). The adjusted tax charge for continuing operations was £955 million (2025: £861 million), resulting in an adjusted effective tax rate for continuing operations (excluding profits from joint ventures and associates) of 25.3% (2025: 25.3%).

 

The underlying tax charge for the year (a non-GAAP measure) was £624 million (2025: £616 million). The underlying effective tax rate (excluding joint ventures and associates) of 14.2% was 120bps lower than last year (2025: 15.4%). This is mainly due to profit mix within the Group being more weighted towards NGET and higher levels of capital investment in NGED leading to a lower underlying tax charge. Our definition of underlying tax excludes deferred tax for NGET and NGED (as these entities do not receive a regulatory revenue allowance for tax that has not yet been paid i.e. current tax is effectively a pass-through from a regulatory perspective).

 

 

Net debt is the aggregate of cash and cash equivalents, borrowings, current financial and other investments and derivatives (excluding commodity contract derivatives) as disclosed in note 11 to the financial statements. 'Adjusted net debt' used for the RCF/adjusted net debt calculation is principally adjusted for pension deficits and hybrid debt instruments. For a full reconciliation see page 69. The following table summarises the Group's cash flow for the year, reconciling this to the change in net debt.

 

Summary cash flow statement
(£ million)	2026	2025	change %
Cash generated from continuing operations	7,861	6,991	12
Purchase of intangibles, PP&E, investments in JVs and acquisition of financial investments (net of disposals)	(10,601)	(9,713)	(9)
Dividends from JVs and associates	105	126	(17)
Business net cash outflow from continuing operations	(2,635)	(2,596)	(2)
Net interest paid	(1,701)	(1,588)	(7)
Net tax paid	(32)	(183)	83
Cash dividends paid	(1,623)	(1,529)	(6)
Other cash movements	39	11	255
Net cash outflow (continuing)	(5,952)	(5,885)	(1)
Disposals of subsidiaries and associates1	2,809	1,263	122
Discontinued operations	-	22	(100)
Rights Issue (net of costs)	-	6,839	(100)
Other, including net financing raised/(repaid) in year	2,195	(1,474)	n/m
(Decrease)/increase in cash and cash equivalents	(948)	765	n/m
Reconciliation to movement in net debt
(Decrease)/increase in cash and cash equivalents	(948)	765	n/m
Less: other net cash flows from investing and financing transactions	(2,195)	1,474	n/m
Net debt reclassified to held for sale	-	(55)	100
Impact of foreign exchange movements on opening net debt	624	528	18
Other non-cash movements	(270)	(476)	43
(Increase)/decrease in net debt	(2,789)	2,236	n/m
Net debt at start of year	(41,371)	(43,607)	5
Net debt at end of year	(44,160)	(41,371)	(7)

 

 

Cash flow generated from continuing operations was £7.9 billion, £0.9 billion higher than last year, mainly due to higher net revenues (i.e. after deducting pass-through costs) increasing operating profit and favourable working capital inflows. Cash expended on investment activities increased as a result of continued growth in our regulated businesses including a significant step-up of cash capital investment in UK Electricity Transmission which was £1.1 billion higher than the prior year, along with higher investment in New York, New England and UK Electricity Distribution. This includes ongoing cash investment in Grain LNG and National Grid Renewables, subsequent to these businesses being reclassified as held for sale.

 

Net interest paid increased mainly as a result of lower interest income following Rights Issue proceeds being utilised to fund the capital investment programme across the Group, along with the impact of the timing of cash interest payments (accrued interest movements), partly offset by a higher average level of net debt. The Group made net tax payments of £32 million (2025: £183 million) during 2025/26. This decrease mainly related to lower cash tax payable in our US business as a result of offsetting losses and lower cash tax payable in the UK as a result of our expanding capital programme.

 

The higher cash dividend reflected a lower weighted average scrip uptake of 28% in the current year (2025: 31%) along with the annual inflationary increase and a higher share count.

 

In 2025/26, we completed the sale of our National Grid Renewables business for net cash proceeds of £1,473 million and also sold our UK Grain LNG business for net cash proceeds of £1,336 million. These net cash proceeds exclude cash balances sold with these businesses and exclude a provision for estimated post closing capital expenditure obligations (see note 9). In 2024/25 we had cash inflows of £628 million from the sale of our UK Electricity System Operator business to the UK. We also sold our final 20% interest in National Gas Transmission for proceeds of £686 million.

 

The Board has considered the Group's ability to finance normal operations as well as funding a significant capital programme. This includes stress testing of the Group's finances under a 'reasonable worst-case' scenario, assessing the timing of the sale of businesses held for sale and the further levers at the Board's discretion to ensure our businesses are adequately financed. As a result, the Board has concluded that the Group will have adequate resources to do so.

 

 

 

During the year we raised £4.2 billion of new long-term senior debt to refinance maturing debt and to fund a portion of our significant capital programme. In addition, we signed £2.4 billion of new loan facilities, undrawn as at 31 March 2026, which we expect to draw in the future, including £1.7 billion across two loan facilities that are guaranteed by European Export Credit Agencies and which are aligned with our Green Financing Framework. Finally, on 13 April 2026, National Grid North America Inc. signed a new £0.7 billion equivalent term loan.

 

As at 13 May 2026, we have £8.0 billion of undrawn committed facilities available for general corporate purposes, all of which have expiry dates no earlier than May 2027. National Grid's balance sheet remains robust, with strong overall investment grade ratings from Moody's, Standard & Poor's (S&P) and Fitch.

 

Regulatory gearing was maintained at 61% as at 31 March 2026 (2025: 61%). Regulatory gearing is a non-GAAP measure and is calculated as net debt as a proportion of total regulatory asset value and other business invested capital. Beneficial inflows from the proceeds for the sales of businesses (National Grid Renewables and Grain LNG) were offset by financing outflows for net interest and dividend payments. Taking into account the benefit of our hybrid debt, adjusted gearing as at 31 March 2026 was 61% (2025: 60%).

 

Retained cash flow as a proportion of adjusted net debt was 9.3%. We remain committed to maintaining the current strong overall investment grade credit rating for the Group. National Grid currently has strong investment grade credit ratings across almost all of its major operating companies, as well as senior unsecured debt ratings at the holding company, National Grid plc, at Baa2/BBB/BBB from Moody's, S&P and Fitch respectively. We consider these ratings critical to optimising our cost of capital and deliver appropriate access to capital markets. We expect to maintain credit metrics above our thresholds for our current group credit ratings through to at least the end of the RIIO-T3 price control period, with thresholds of 10% for S&P's and Moody's FFO/adjusted net debt, and 7% for Moody's RCF/adjusted net debt.

 

 

The Board has recommended a final dividend of 32.14p per ordinary share ($2.1738 per American Depository Share), which will be paid on 23 July 2026 to shareholders on the register of members as at 29 May 2026. If approved, this will bring the full-year dividend to 48.49p per ordinary share, representing an increase of 3.8% to the dividend per share for 2024/25. This is in line with the increase in average UK CPIH inflation for the year ended 31 March 2026 as set out in our dividend policy.

 

The Board aims to grow annual dividend per share (DPS) in line with UK CPIH, thus maintaining the DPS in real terms. The Board will review this policy regularly, taking into account a range of factors including expected business performance and regulatory developments.

 

At 31 March 2026, National Grid plc had £17.0 billion of distributable reserves, which is sufficient to cover more than five years of forecast Group dividends. If approved, the final dividend will absorb approximately £1,598 million of shareholders' funds. The 2025/26 full dividend is covered approximately 1.6x by underlying earnings.

 

The Directors consider the Group's capital structure at least twice a year when proposing an interim and final dividend and aim to maintain distributable reserves that provide adequate cover for dividend payments.

 

A scrip dividend alternative will again be offered in respect of the 2025/26 final dividend.

 

 

 

National Grid seeks to create value for shareholders through developing a balanced portfolio of businesses that offer an attractive combination of asset growth and cash returns.

 

In 2025/26, we achieved asset growth of 10.9% driven by our capital investment programme alongside RAV indexation. This investment continued our focus on building and maintaining world-class networks that are safe, reliable, resilient and ready for the future. It is specifically focused on our regulated businesses, with the objective of upgrading and modernising ageing infrastructure, in both the UK and US, to meet the changing needs of customers and to drive the decarbonisation of energy supply.

 

In 2026/27, we expect Group capital investment to be around £13 billion.

 

We are confident that this high-quality growth will continue to generate attractive returns for shareholders and add to our long-term investment proposition of sustainable asset and income growth.

 

 

We continued to make significant investments in critical energy infrastructure during 2025/26. Total capital investment for continuing operations across the Group was £11,576 million, an increase of £1,729 million, 18% compared to the prior year.

 

Capital investment
Year ended 31 March (£ million)		At actual exchange rates				At constant currency
		2026	2025	% change		2026	2025	% change
UK Electricity Transmission		4,372	2,999	46%		4,372	2,999	46%
UK Electricity Distribution		1,617	1,426	13%		1,617	1,426	13%
New England		2,043	1,751	17%		2,043	1,650	24%
New York		3,428	3,289	4%		3,428	3,101	11%
National Grid Ventures		109	378	(71%)		109	362	(70%)
Other		7	4	75%		7	4	75%
Total capital investment		11,576	9,847	18%		11,576	9,542	21%

 

 

UK Electricity Transmission investment was £1,373 million higher than 2024/25 with this 46% increase primarily driven by expenditure on strategic investment (both Wave 1 and Wave 2 projects) including offshore spend on EGL4 and Sea Link capacity reserve advance payments, and increased onshore spend including North London Reinforcement, Yorkshire Green, Tilbury-Grain and Norwich-Tilbury along with other smaller projects. In addition, investment was higher from progress on projects such as Uxbridge Moor, Wallend and Margam and also increased for IT and cyber including a new state-of-the-art control room and Supervisory Control and Data Acquisition (SCADA) system. Capitalised interest and interest on prepayments of £229 million was £86 million higher than the prior year due to higher levels of assets under construction.

 

UK Electricity Distribution increased by £191 million primarily due to increased asset replacement and refurbishment, higher reinforcement works (in line with the scale up under RIIO-ED2), along with higher non-load capex driven by higher volumes across overhead lines and diversions and increased investment in IT and telecoms.

 

In New England capital investment increased by £292 million (up £393 million at constant currency) compared with the prior year. This was driven by spend on electric distribution including increases in asset condition and system capacity, as well as grid modernisation through Advanced Metering Infrastructure and Fault Location Isolation and Service Restoration (FLISR), higher electric transmission investment primarily from asset condition and system capacity work, along with an increase in IT investment. Investment in gas distribution remained relatively stable, with lower Gas System Enhancement Plan activity being partly offset by increased enhanced safety regulation compliance investment.

 

Capital investment in New York was £139 million higher (up £327 million at constant currency) compared with the prior year. The principal driver of this was higher electric investment, driven by system reinforcement and increasing capacity to fulfil clean energy investment commitments (Upstate Upgrade and Climate Leadership and Community Protection Act programmes) but also higher from an increase in the level of IT system development. Investment in our gas networks was lower than in the prior year, with reduced investment on our mains replacement programme, partly offset by higher spend on city state construction and other mandated programme spend.

 

Capital investment in National Grid Ventures was £269 million lower (£253 million lower at constant currency) with £210 million of this decrease attributable to the disposals of NG Renewables and Grain LNG, and £53 million reflects the completion of construction of Viking Link interconnector during 2024/25.

 

 

During 2025/26, UK RAV increased by 12.8% (2025: 9.8%) including the impact of CPIH inflation on RAV indexation, partly offset by RAV depreciation. The US rate base grew strongly by 10.3% during the year (2025: 11.5%). This resulted in an overall 'regulated asset growth' (i.e. UK RAV and US rate base) of 11.7% (2025: 10.5%). Asset growth in NGV and Other was 4.3% primarily as a result of investment in IT systems in our US Servco, which will be used to support our US operating companies.

 

 

For detailed calculations of asset growth and regulated asset growth see page 79.

 

Assets			Sale of Grain LNG and NG Renewables
Year ended 31 March (£ million at constant currency)		2026		2025	increase	% change
UK RAV		36,986	-	32,779	4,207	12.8%
US rate base		29,452	-	26,694	2,758	10.3%
Total RAV and rate base ('regulated asset growth')		66,438	-	59,473	6,965	11.7%
NGV and Other businesses		5,545	(2,032)	7,266	311	4.3%
Total assets ('asset growth')		71,983	(2,032)	66,739	7,276	10.9%

 

 

Date	Event
14 May 2026	2025/26 Full Year Results
28 May 2026	Ex-dividend date for 2025/26 final dividend - ordinary shares
29 May 2026	Ex-dividend date for 2025/26 final dividend - ADRs
29 May 2026	Record date for 2025/26 final dividend
4 June 2026	Scrip reference price announced for 2025/26 final dividend
15 June 2026 (5pm EDT)	Scrip election date for 2025/26 final dividend - ADRs
18 June 2026 (5pm BST)	Scrip election date for 2025/26 final dividend - ordinary shares
14 July 2026	2026 Annual General Meeting
23 July 2026	2025/26 final dividend paid to qualifying shareholders
5 November 2026	2026/27 Half Year Results
19 November 2026	Ex-dividend date for 2026/27 interim dividend - ordinary shares
20 November 2026	Ex-dividend date for 2026/27 interim dividend - ADRs
20 November 2026	Record date for 2026/27 interim dividend
26 November 2026	Scrip reference price announced for 2026/27 interim dividend
7 December 2026 (5pm EST)	Scrip election date for 2026/27 interim dividend - ADRs
10 December 2026 (5pm GMT)	Scrip election date for 2026/27 interim dividend - ordinary shares
12 January 2027	2026/27 interim dividend paid to qualifying shareholders

 

 

The Company's Deposit agreement under which the ADRs are issued allows a fee of up to $0.05 per ADR to be charged for any cash distribution made to ADR holders, including cash dividends. ADR holders who receive cash in relation to the 2025/26 final dividend will be charged a fee of $0.02 per ADR by the Depositary prior to distribution of the cash dividend.

 

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 announcement also references sustainability-related targets and sustainability-related risks (including 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, including affordability considerations, 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, including AI; the risk that global actions may not be effective in transitioning to net zero and in managing relevant ESG risks, including in particular climate, nature-related and human rights risks; 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, which may result in the Company's failure to achieve the expected benefits of its strategic priorities; 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 its strategic infrastructure projects and joint ventures. Furthermore, in preparing the ESG-related information contained in this document, National Grid has made a number of key judgements, estimations and assumptions, and the processes and issues involved are complex. The ESG data, models and methodologies used are often relatively new, are rapidly evolving and are not of the same standard as those available in the context of other financial information, nor are they subject to the same or equivalent disclosure standards, historical reference points, benchmarks or globally accepted accounting principles. This means the ESG-related forward-looking statements and ESG metrics discussed in this document carry an additional degree of inherent risk and uncertainty. 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 263 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.

 

 

Term	Meaning
ADR	American Depositary Receipt
APM	Alternative Performance Measure
ASTI	Accelerated Strategic Transmission Investment
CAGR	Compound Annual Growth Rate
CLCPA	Climate Leadership and Community Protection Act
CPIH	UK Consumer Prices Index including Owner Occupiers' Housing Costs
DPS	Dividend Per Share
DSO	Distribution System Operator
EGL1	Eastern Green Link 1: Torness to Hawthorn Pit (ASTI project); JV with SP Energy Networks
EGL2	Eastern Green Link 2: Peterhead to Drax (ASTI Project); JV with SSEN
EGL3	Eastern Green Link 3: Aberdeenshire to Anderby Creek (ASTI Project); JV with SSEN
EGL4	Eastern Green Link 4: Fife to Anderby Creek (ASTI Project); JV with SP Energy Networks
ESMP	Electric Sector Modernization Plan
ESO	Electricity System Operator
FERC	Federal Energy Regulatory Commission
FFO	Funds from Operations
FLISR	Fault Location Isolation and Service Restoration
HVDC	High Voltage Direct Current
KEDNY and KEDLI	KeySpan Energy Delivery New York (KEDNY) and KeySpan Energy Delivery Long Island (KEDLI)
LIPA	Long Island Power Authority
LNG	Liquefied Natural Gas
LTIFR	Lost Time Injury Frequency Rate
MADPU	Massachusetts Department of Public Utilities (state energy regulator)
MECO	Massachusetts Electric Company
NESE	Williams' Northeast Supply Enhancement pipeline project
NESO	National Energy System Operator
NGED/UK ED	National Grid Electricity Distribution
NGET/UK ET	National Grid Electricity Transmission
NGV	National Grid Ventures
NIMO	Niagara Mohawk (National Grid's electric and gas distribution business in upstate New York)
NYPSC	New York Public Service Commission (state energy regulator)
OpCo	Operating Company
RAV	Regulated Asset Value
RCF	Retained Cash Flow
RIIO	"Revenue = Incentives + Innovation + Outputs" a Price control Framework used by the UK regulator OFGEM
RoE	Return on Equity
RPI	Retail Price Index
RPM	Regulatory Performance Measure
SCADA	Supervisory Control and Data Acquisition
UK CPIH	UK Consumer Prices Index including Owner Occupiers' Housing Costs
US CPI	US Consumer Prices Index

 

 

2026	Notes		Before exceptional items and remeasurements £m	Exceptional items and remeasurements (see note 4) £m	Total £m
Continuing operations
Revenue	2(a),3		17,687	-	17,687
Impairment losses on financial assets			(243)	-	(243)
Other operating costs	4		(12,400)	(102)	(12,502)
Operating profit	2(b)		5,044	387	5,431
Finance income	4,5		378	2	380
Finance costs	4,5		(1,649)	(56)	(1,705)
Share of post-tax results of joint ventures and associates			76	-	76
Profit before tax	2(b)		3,849	333	4,182
Tax	4,6		(955)	16	(939)
Total profit for the year			2,894	349	3,243
Attributable to:
Equity shareholders of the parent			2,892	349	3,241
Non-controlling interests			2	-	2
Earnings per share (pence)
Basic earnings per share - continuing	7				65.5
Diluted earnings per share - continuing	7				65.2

 

 

2025	Notes		Before exceptional items and remeasurements £m	Exceptional items and remeasurements (see note 4) £m	Total £m
Continuing operations
Revenue	2(a),3		18,378	-	18,378
Impairment losses on financial assets			(200)	-	(200)
Other operating costs	4		(13,413)	169	(13,244)
Operating profit	2(b)		4,765	169	4,934
Finance income	4,5		449	1	450
Finance costs	4,5		(1,810)	3	(1,807)
Share of post-tax results of joint ventures and associates			75	(2)	73
Profit before tax	2(b)		3,479	171	3,650
Tax	4,6		(861)	40	(821)
Profit after tax from continuing operations			2,618	211	2,829
Profit after tax from discontinued operations	9		4	72	76
Total profit for the year			2,622	283	2,905
Attributable to:
Equity shareholders of the parent			2,619	283	2,902
Non-controlling interests			3	-	3
Earnings per share (pence)
Basic earnings per share (continuing)	7				60.0
Diluted earnings per share (continuing)	7				59.8
Basic earnings per share (continuing and discontinued)	7				61.6
Diluted earnings per share (continuing and discontinued)	7				61.4

 

 

 

				2026	2025
		Notes		£m	£m
Profit after tax from continuing operations				3,243	2,829
Profit after tax from discontinued operations				-	76
Other comprehensive income from continuing operations
Items from continuing operations that will never be reclassified to profit or loss:
Remeasurement gains/(losses) on pension assets and post-retirement benefit obligations				132	(106)
Net gains/(losses) in respect of cash flow hedging of capital expenditure				22	(16)
Tax on items that will never be reclassified to profit or loss				(44)	27
Total items from continuing operations that will never be reclassified to profit or loss				110	(95)
Items from continuing operations that may be reclassified subsequently to profit or loss:
Retranslation of net assets offset by net investment hedge				(348)	(352)
Exchange differences reclassified to the consolidated income statement on disposal				76	-
Net (losses)/gains in respect of cash flow hedges				(120)	218
Net gains/(losses) in respect of cost of hedging				36	(52)
Net gains on investment in debt instruments measured at fair value through other comprehensive income				8	1
Tax on items that may be reclassified subsequently to profit or loss		6		21	(40)
Total items from continuing operations that may be reclassified subsequently to profit or loss				(327)	(225)
Other comprehensive loss				(217)	(320)
Other comprehensive (loss)/income for the year from discontinued operations, net of tax		9		-	(10)
Other comprehensive loss				(217)	(330)
Total comprehensive income for the year from continuing operations				3,026	2,509
Total comprehensive income for the year from discontinued operations		9		-	66
Total comprehensive income for the year				3,026	2,575
Attributable to:
Equity shareholders of the parent
From continuing operations				3,022	2,508
From discontinued operations				-	66
				3,022	2,574
Non-controlling interests
From continuing operations				4	1

 

 

 

	Share capital £m	Share premium account £m	Retained earnings £m	Other equity reserves £m		Total share-holders' equity £m	Non- controlling interests £m		Total equity £m
At 1 April 2024	493	1,298	32,066	(3,990)		29,867	25		29,892
Profit for the year	-	-	2,902	-		2,902	3		2,905
Other comprehensive loss for the year	-	-	(80)	(248)		(328)	(2)		(330)
Total comprehensive income/(loss) for the year	-	-	2,822	(248)		2,574	1		2,575
Rights Issue	135	-	-	6,704		6,839	-		6,839
Transfer between reserves	-	-	6,704	(6,704)		-	-		-
Equity dividends	-	-	(1,529)	-		(1,529)	-		(1,529)
Scrip dividend-related share issue1	10	(10)	-	-		-	-		-
Issue of treasury shares	-	-	18	-		18	-		18
Transactions in own shares	-	4	(11)	-		(7)	-		(7)
Other movements in non-controlling interests	-	-	-	-		-	(3)		(3)
Share-based payments	-	-	37	-		37	-		37
Tax on share-based payments	-	-	(1)	-		(1)	-		(1)
Cash flow hedges transferred to the statement of financial position, net of tax	-	-	-	5		5	-		5
1 April 2025	638	1,292	40,106	(4,233)		37,803	23		37,826
Profit for the year	-	-	3,241	-		3,241	2		3,243
Other comprehensive income/(loss) for the year	-	-	93	(312)		(219)	2		(217)
Total comprehensive income/(loss) for the year	-	-	3,334	(312)		3,022	4		3,026
Equity dividends	-	-	(1,623)	-		(1,623)	-		(1,623)
Scrip dividend-related share issue1	9	(9)	-	-		-	-		-
Issue of treasury shares	-	-	40	-		40	-		40
Transactions in own shares	-	2	(3)	-		(1)	-		(1)
Other movements in non-controlling interests	-	-	-	-		-	4		4
Share-based payments	-	-	45	-		45	-		45
Tax on share-based payments	-	-	10	-		10	-		10
Cash flow hedges transferred to the statement of financial position, net of tax	-	-	-	3		3	-		3
At 31 March 2026	647	1,285	41,909	(4,542)		39,299	31		39,330