Business Context and Reporting Period
This Form 6-K filing by National Grid plc is dated February 27, 2026. The report serves as a notification of regulatory updates regarding voting rights and transactions by Persons Discharging Managerial Responsibilities (PDMRs) in accordance with the Market Abuse Regulation (MAR) and FCA Disclosure Guidance.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document focuses exclusively on corporate governance and shareholding data.
- Registered Capital (as of Jan 31, 2026): 5,198,968,690 ordinary shares.
- Treasury Shares: 227,677,364.
- Shares with Voting Rights: 4,971,291,326.
Material Changes and Transactions
The filing details specific share transactions by senior executives during late January and early February 2026:
- Zoë Yujnovich (Chief Executive): On January 30, 2026, received a grant of options for 3,292 ordinary shares under the 2025/26 Sharesave Plan. The exercise price is £9.28, with the first exercisable date set for April 1, 2031.
- Andy Agg (Chief Financial Officer): On February 9, 2026, purchased 12 partnership shares under the Share Incentive Plan at a price of £12.841519 per share on the London Stock Exchange.
- Will Serle (Chief People Officer): On February 9, 2026, purchased 12 partnership shares under the Share Incentive Plan at a price of £12.841519 per share on the London Stock Exchange.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for financial guidance, management outlook, specific risks, contingencies, or unusual items. The document is strictly a compliance notification regarding share ownership and voting rights calculations.
Investor Verification Checklist
- Verify the denominator of 4,971,291,326 shares for calculating disclosure thresholds under FCA rules.
- Confirm the exercise terms and vesting schedule for the CEO's option grant (exercisable April 2031).
- Monitor the impact of treasury shares (227,677,364) on total outstanding share count.
- Review the Share Incentive Plan activity for CFO and Chief People Officer to assess alignment with market prices.