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National Grid (NG) investor relations material
National Grid H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary6 Nov, 2025
Executive summary
Achieved strong operational and financial performance, with underlying operating profit up 13% and underlying EPS up 6% year-over-year for the six months ended 30 September 2025.
Record capital investment of £5.1 billion in H1, on track for over £11 billion for the full year, supporting major UK and US infrastructure projects.
CEO succession announced: Zoë Yujnovich to succeed John Pettigrew in November 2025.
Streamlined portfolio with the divestment of National Grid Renewables and agreed sale of Grain LNG.
Maintained focus on safety, reliability, and stakeholder engagement across UK and US operations.
Financial highlights
Underlying operating profit rose to £2,292m (up 13% at constant currency); statutory operating profit was £1,526m (up 17%).
Underlying EPS increased to 29.8p (up 6%); statutory EPS remained at 12.6p.
Record capital investment of £5.1bn in H1, up 12% year-on-year.
Interim dividend of 16.35p per share, up 3% year-over-year.
Net debt increased to £41.8bn, reflecting high capital investment, partly offset by proceeds from asset sales.
Outlook and guidance
Five-year plan targets £60bn cumulative capital investment and 10% group asset CAGR through 2028/29.
Underlying EPS CAGR expected at 6–8% from 2024/25 baseline; regulatory gearing to rise toward high 60% range.
2025/26 guidance: strong operational performance, underlying EPS growth in line with 6–8% CAGR, over £11bn capital investment, and asset growth around 11%.
Dividend growth aimed to match UK CPIH.
Over 75% of £60bn investment plan underpinned by delivery mechanisms.
RIIO-T3: What framework changes are needed?
Why might Scope 1 GHG emissions increase?
What drives the projected rise in regulatory gearing?
T3: Ofgem's view on competitive returns?
US: Enduring role of gas network in NY?
UK: Data center demand impact on 19GW target?
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Next National Grid earnings date
H2 202614 May, 2026
Next National Grid earnings date
H2 202614 May, 2026
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Frequently asked questions
National Grid plc transmits and distributes electricity and natural gas. It operates through Networks and UK Gas Distribution segments. The Networks segment operates regulated electricity transmission and gas distribution networks, which comprise regional electricity transmission network; international electricity transmission; regional gas distribution network; and 1 national gas transmission system that interconnects all mainland regions, as well as imports liquefied natural gas. This segment also offers grid connections services, metering services, and development of renewable projects. The UK Gas distribution segment supplies natural gas to residential, commercial, and industrial businesses to customers in Wales and south west England through 3 regional distribution networks.
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