$NGG · NATIONAL GRID PLC
National Grid reported H1 FY2027 (six months ended 30 September 2026) results. Statutory operating profit rose 55% to £2,359m and profit before tax rose 109% to £1,730m, while underlying operating profit rose 13% at constant currency to £2,591m. Record capital investment of £6.7bn was up 33% (32% at constant currency), driven by UK Electricity Transmission ASTI spend. The interim dividend of 16.97p is up 4%.
- Statutory EPS rose 113% to 26.9p; underlying EPS rose 22% to 36.5p.
- Capital investment hit a record £6.7bn, up 33% year-on-year.
- Underlying operating profit rose 13% at constant currency to £2,591m.
- Interim dividend of 16.97p, up 4%, in line with inflation-linked policy.
- Five-year plan commits at least £70bn of cumulative capital investment to 2030/31.
Extended-hours last trade $87.22, up 2.35% vs the $85.22 regular close, indicating a positive after-hours reaction to the earnings beat and raised guidance.
A 113% statutory EPS jump, record capital deployment, and a raised FY EPS outlook confirm National Grid's regulated growth story is accelerating.
The results reflect the first-year impact of the new RIIO-T3 UK price control and continued US rate-base growth, positioning National Grid for regulated asset growth of around 10% CAGR.
Execution risk on the largest-ever £70bn investment programme; guidance assumes a 1.35 USD FX rate and 25% scrip uptake, so currency or scrip deviations could shift EPS.