A TR-1 major shareholding notification triggered this report following a threshold crossing by JPMorgan Chase & Co. in National Grid plc's voting rights. JPMorgan Chase & Co. disclosed a holding of 5.06% of voting rights, crossing the 5% disclosure threshold upward [TR-1 - JPMorgan Chase & Co. - 2026-05]. Concurrently, The Capital Group Companies, Inc. filed a TR-1 notification indicating its holding had fallen to 4.99%, crossing the 5% threshold downward from a previously disclosed 5.35% [TR-1 - The Capital Group Companies, Inc. - 2026-05]. BlackRock, Inc. remains a disclosed major shareholder with 8.42% of voting rights [TR-1 - BlackRock, Inc. - 2026-05]. UK disclosure rules require notification only upon crossing defined thresholds; these figures do not constitute a complete picture of the shareholder register.
National Grid plc's most recently reported annual financials, for the year ended 31 March 2024, recorded revenue of £19.85 billion, representing a year-on-year decline of approximately 8.4% [Annual Report - NG.L - 2024-03-31]. Net income for the period was £2.29 billion, with an operating margin of 22.5% and a net margin of 11.5% [Annual Report - NG.L - 2024-03-31]. The revenue decline reflects changes in the composition of the group's regulated asset base and disposals activity during the period. No gross margin figure was disclosed in the provided data.
Four PDMR dealings in National Grid plc were recorded in the 30-day window to May 2026, with the net direction of transactions characterised as buying [PDMR - NG.L - 2026-05]. The net monetary value across these transactions was nil after netting, consistent with non-discretionary share-plan vestings and awards rather than open-market purchases, which is a common feature of UK PDMR activity under share incentive arrangements. No material discretionary disposals were noted in the same period.
The prevailing macroeconomic environment is characterised by a normal-shaped US Treasury yield curve, with the 10-year yield at 4.56% and the 2-year yield at 4.13% [FRED DGS10; FRED DGS2]. As a UK-regulated utility with a substantial regulated asset base and long-duration capital commitments, National Grid operates in a sector where prevailing interest rate levels are a relevant input to regulatory cost-of-capital determinations and refinancing conditions. The spread between short- and long-dated yields stood at 43 basis points as of the generation date.