National Grid (NG) H2 2026 earnings summary

Executive summary

• Delivered strong full-year results with underlying operating profit of £5.7bn, up 9% YoY, and underlying EPS of 78.0p, up 8%, supported by over 20% CapEx growth to £11.6bn and 10.9% asset growth.

• Dividend per share increased by 3.8% to 48.49p, aligned with UK CPIH inflation and policy.

• Launched a refreshed strategic framework focused on execution, technology, and policy to address rapid market changes and rising demand, especially from AI and data centers.

• Five-year investment plan of at least £70bn, targeting 10% annual asset growth and 8-10% EPS CAGR.

Financial highlights

• Underlying operating profit rose to £5.7bn (+9% YoY); underlying EPS: 78.0p (+8% YoY).

• Capital investment reached £11.6bn (+21% YoY); asset growth: 10.9%.

• Dividend per share: 48.49p (+3.8% YoY).

• Cash from operations: £7.9bn, up 15%; net debt increased to £44.2bn.

• Interest cover at 4.0x; RCF/adjusted net debt at 9.3%.

Outlook and guidance

• Five-year plan: at least £70bn investment, 10% annual asset growth, 8-10% EPS CAGR, progressive dividend growth in line with inflation.

• FY2027: CapEx expected to grow 10% to nearly £13bn; underlying EPS growth of 13-15% from FY2026 baseline.

• Strong visibility with two-thirds of investment covered by regulatory agreements.