Traders should anticipate downward pressure on shares ahead of the 14 May earnings release, particularly given the EPS headwind from regulatory and weather-related costs. Monitor management commentary on storm cost recovery and regulatory risk in the upcoming call.
Price Chart
Executive Summary
National Grid issued a pre-close update ahead of its 2025/26 full-year results, confirming performance in line with expectations but flagging a 1p per share reduction in underlying EPS due to customer refund charges from a FERC ruling and higher storm costs in the US, partially offset by lower finance costs. Full results are due 14 May 2026.
Key Facts
- Performance in line with expectations and prior guidance.
- Estimates 1p per share negative impact to underlying EPS.
- Primary drivers: customer refund charges from FERC ruling on New England Transmission and higher-than-expected storm costs in US businesses.
- Offsetting factor: slightly lower finance costs.
- Full-year results for year ended 31 March 2026 to be released on 14 May 2026.
Financial Impact
Approximately 1p per share reduction to underlying EPS.
Risk Factors
- Regulatory risk from FERC decisions impacting earnings.
- Earnings volatility from increasing storm-related costs in US operations.
- Potential for further downward revisions if cost pressures persist.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-003430 |
| Document: 0001654954-26-003430-index-headers.html | 0001654954-26-003430 |
| Document: 0001654954-26-003430-index.html | 0001654954-26-003430 |
| Document: 0001654954-26-003430.txt | 0001654954-26-003430 |
US Market Status
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