National Grid reported underlying half-year results that exceeded analyst expectations for both revenue and earnings. Underlying operating profit grew 13% to £2.6 billion, primarily driven by strong performance in the UK Electricity Transmission segment following the start of the RIIO-T3 price control. The company also announced a significant step-up in capital investment as it executes its £70 billion five-year strategic plan.

Key Highlights

  • Record capital investment reached £6.7 billion, a 32% increase at constant currency, primarily due to increased spending on ASTI projects in the UK.
  • Management raised the full-year fiscal 2027 underlying EPS growth guidance to 15-16%, up from the previous range of 13-15%.
  • Underlying EPS rose 22% to 36.5p, supported by higher allowed revenues in the UK and continued growth in the US rate base.
  • The Board approved an interim dividend of 16.97p per share, a 4% increase in line with its progressive inflation-linked policy.