Business Context and Reporting Period
Company: National Grid plc
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: October 2, 2025
Reporting Period: Six months ended September 30, 2025 (Half Year 2025/26)
Context: This filing serves as a pre-close update ahead of the official half-year results announcement scheduled for November 6, 2025. The company states that overall group performance is in line with expectations.
Key Financial Metrics
The filing is a qualitative update and does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity for the period ended September 30, 2025. The document explicitly states that these are forward-looking statements and not reported financial results.
Material Changes and Operational Profile
- UK Electricity Transmission and Distribution: Operating profit is anticipated to be broadly evenly split across the year. The filing notes that the first half of the prior fiscal year (FY25) included the contribution from the Electricity System Operator, which was sold on October 1, 2024.
- US Regulated Businesses: Operating profits are expected to be weighted to the second half of the year. However, the first half contribution is expected to be slightly higher relative to the same period last year due to fewer storms in the New York business and new electricity distribution rates in the New England business.
- National Grid Ventures: Profitability is expected to be roughly evenly weighted across the year.
- Earnings Per Share (EPS): Underlying EPS is expected to be weighted to the second half of the year, consistent with historical patterns.
Guidance, Outlook, and Risks
Outlook: Management expects performance to remain in line with expectations. The official results will be announced on November 6, 2025.
Risks and Contingencies: The filing includes a comprehensive cautionary statement regarding forward-looking statements. Key risks identified include:
- Regulatory changes in the UK and US (price controls and rate cases).
- Adverse weather conditions, major storms, and climate change impacts on infrastructure.
- Network failures, IT system breaches, and cybersecurity threats.
- Fluctuations in exchange rates, interest rates, and commodity prices.
- Delays in third-party generation projects and energy supply disruptions.
- Pension scheme funding requirements and performance.
- Execution risks related to the energy transition and integration of distributed energy resources.
Investor Verification Checklist
- Verify the official half-year results announcement on November 6, 2025, for actual financial figures.
- Confirm the impact of the Electricity System Operator sale on year-over-year UK comparisons.
- Monitor weather patterns in the US Northeast to validate the "fewer storms" assumption impacting H1 profits.
- Review upcoming regulatory decisions in the UK and US that could alter the expected profit weighting.
- Assess the company's exposure to interest rate and currency fluctuations as noted in the risk factors.