2 September 2025
National Grid plc ('National Grid' or 'Company')
Notification of Transactions of Persons Discharging Managerial Responsibilities ('PDMRs')
This announcement is made in accordance with Article 19 of the Market Abuse Regulation ('MAR'). Following the appointment of Zoë Yujnovich as Chief Executive Designate on 1 September 2025. Mrs Yujnovich was granted share awards under the Company's Long Term Performance Plan ('LTPP').
These share awards comprise (i) a 2025 LTPP award, and (ii) a Buyout award to replace remuneration foregone when leaving her previous employer, made under the LTPP.
All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in July 2025 which can be found in the 2024/25 Annual Report.
The 2025 LTPP Award will vest on or after 30 June 2028 and is conditional on continued employment and on the satisfaction of the performance conditions approved by the Remuneration Committee. The award is subject to a two-year holding period and clawback and malus provisions. For further details of the LTPP, please see the Company's 2024/25 Annual Report and Accounts.
The Buyout award will vest in three equal tranches on or after 1 September 2026, 1 September 2027 and 1 September 2028 respectively. The award is conditional on continued employment and satisfactory conduct and performance. This award is subject to clawback and malus provisions.
In addition, as disclosed in the Company's 2024/25 Annual Report and Accounts, Executive Directors are required to retain the after-tax value of any shares under the LTPP until the shareholding requirement is met.
Enquiries and contacts
Investors:
| Angela Broad | +44 (0) 7825 351 918 |
| Cerys Reece | +44 (0) 7860 382 264 |
| Tom Edwards | +44 (0) 7976 962 791 |
Media:
Dan Roberts, Brunswick Group +44 (0) 7980 959 590
In accordance with MAR, the relevant Financial Conduct Authority notifications are set out below.
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Zoë Yujnovich | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| Chief Executive Designate | ||||
| b)
| Initial notification /Amendment | Initial notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| National Grid plc | ||||
| b)
| LEI
| 8R95QZMKZLJX5Q2XR704 | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 12 204/473p each
GB00BDR05C01 | ||||
| b)
| Nature of the transaction
| Acquisition of a conditional award over securities, for nil consideration, under the 2025 Long Term Performance Plan.
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price
|
| ||||
| e) | Date of the transaction | 2025.09.01 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Zoë Yujnovich | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| Chief Executive Designate | ||||
| b)
| Initial notification /Amendment | Initial notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| National Grid plc | ||||
| b)
| LEI
| 8R95QZMKZLJX5Q2XR704 | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 12 204/473p each
GB00BDR05C01 | ||||
| b)
| Nature of the transaction
| Acquisition of a conditional award over securities, for nil consideration, under the Long Term Performance Plan.
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price
|
| ||||
| e) | Date of the transaction | 2025.09.01 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
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