National Grid (NG.) shares are trading approximately 0.7% lower following the release of a pre-close update ahead of its full-year results for the year ended March 31, 2026.
The update, issued Monday, indicated that while overall performance aligns with expectations and previous guidance, a specific charge will impact underlying earnings per share (EPS).
The company anticipates a net impact of around 1p per share reduction to underlying EPS. This stems primarily from customer refund charges related to the March 19, 2026 FERC (Federal Energy Regulatory Commission) judgement on New England Transmission. This is compounded by higher than anticipated storm costs incurred within National Grid’s US-based operations. These negative factors are partially offset by slightly lower finance costs than originally projected.
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National Grid is set to release its full-year results on May 14, 2026, at 7am BST / 2am EDT. Following the release, a presentation and Q&A session featuring CEO Zoë Yujnovich and CFO Andy Agg will commence at 3pm BST / 10am EDT. This event will provide further clarity on the financial performance and strategic outlook of the company.
The 1p per share reduction in EPS is unlikely to trigger a significant sell-off, but it may limit upside potential in the short term. Investors will be closely monitoring the full-year results presentation for details on how National Grid plans to mitigate future regulatory and weather-related risks. A conservative approach to guidance for the next fiscal year could further dampen market sentiment.
The upcoming presentation by CEO Zoë Yujnovich and CFO Andy Agg on May 14th will be crucial. Analysts will be keen to understand the long-term implications of the FERC judgement and the company’s strategies for managing increasing weather volatility within its US operations.
Analyst Summary: Bull and Bear Cases
Bull Case:
- The slight reduction in finance costs offers a minor buffer against headwinds, indicating effective financial management.
Bear Case:
- Mandated customer refunds from the FERC judgement are directly impacting profitability, highlighting regulatory risks.
- Unforeseen weather-related expenses in the US are adding pressure to earnings, underscoring climate-related vulnerabilities.
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