$NGG · NATIONAL GRID PLC
National Grid reported half-year results for the six months ended 30 September 2026. Statutory operating profit rose 55% to £2,359m and statutory EPS more than doubled to 26.9p, while underlying operating profit grew 13% to £2,591m and underlying EPS rose 22% to 36.5p. Capital investment hit a record £6.7bn, up 32% at constant currency, driven by UK Electricity Transmission's ASTI step-up. The interim dividend was raised 4% to 16.97p per share.
- Record capital investment of £6.7bn, up 32% at constant currency from £5.1bn.
- Underlying EPS of 36.5p, up 22% year-on-year.
- Statutory profit before tax of £1,730m versus £826m a year earlier.
- Interim dividend raised 4% to 16.97p per share.
- Committed to at least £70bn five-year investment programme to 2030/31.
Extended-hours last trade $87.24, up 2.37% vs the $85.22 regular close, indicating a positive after-hours reaction to the earnings beat and raised guidance.
A 22% underlying EPS jump, record capex, and raised full-year guidance confirm National Grid's £70bn growth framework is delivering ahead of plan.
The results underscore the sector-wide acceleration in regulated network capex across UK and US utilities, with National Grid's £70bn programme among the largest in the peer group.
Execution risk on the largest-ever £70bn capital programme, with supply chain secured for only c.80% of the plan. UK Electricity Distribution saw additional localised outages from extreme summer heat.