NG FINANCIAL STATEMENTS

National Grid PLC — balance sheet, income statement and cash flow trends

NGNational Grid PLC

🇬🇧 UK · LSE · Utilities · Utilities - Regulated Electric

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue17.7 B £-10.9%

Gross Profit11.2 B £-43.5%

Operating Income5.7 B £+26.7%

EBITDA7.8 B £+7.0%

Net Income3.2 B £+41.5%

Peer Comparison· Utilities - Regulated Electric

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NG	-3.8%	63.4%	44.0%	18.3%
GNE	14.7%	22.9%	4.4%	3.4%
HE	4.2%	7.3%	18.0%	4.2%
ENJSA	-2.0%	26.6%	19.1%	2.1%
ODAS	4.7%	15.1%	33.5%	1.7%
MGEE	8.9%	77.2%	40.9%	18.6%
Industry median	7.9%	40.7%	40.4%	13.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity39.3 B £36%
Current Liabilities9.8 B £9%
Long-term Liabilities59.2 B £55%

Key Figures

YoY change

Total Assets108.3 B £+10.1%

Total Liabilities69 B £+0.8%

Total Equity39.3 B £+31.6%

Cash & ST Investments2.8 B £-33.4%

Total Debt46.8 B £-0.7%

Net Debt46.4 B £-0.3%

Peer Comparison· Utilities - Regulated Electric

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NG	0.76	119.0%	5.64	36.3%
GNE	2.54	0.1%	-8.53	66.9%
HE	1.34	180.0%	4.48	18.4%
ENJSA	0.93	87.9%	1.49	38.0%
ODAS	2.32	4.5%	-0.47	86.6%
MGEE	1.15	69.7%	2.97	42.4%
Industry median	0.78	161.2%	5.63	28.1%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow6.2 B £-1.8%

Capital Expenditures10 B £+39.3%

Free Cash Flow-3.8 B £—

Dividends Paid-1.6 B £-194.5%

Peer Comparison· Utilities - Regulated Electric

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NG	35.2%	-21.2%	56.5%	192.3%
GNE	4.8%	3.4%	1.4%	142.6%
HE	13.0%	1.4%	11.6%	310.6%
ENJSA	18.6%	6.2%	1.4%	902.7%
ODAS	-78.4%	5.1%	83.5%	-4,547.7%
MGEE	34.7%	-17.0%	51.7%	186.3%
Industry median	29.1%	-9.0%	44.9%	208.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.