National Grid (NG) H1 2026 earnings summary

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.