NATIONAL GRID PLC (NGG) Form 6-K — Nov 5, 2026
National Grid reported strong half-year results for the six months ended 30 September 2026, with statutory profit before tax up 109% to £1.73 billion and underlying EPS of 36.5p, up 22% year-on-year, driven by the new RIIO-T3 price control in UK Electricity Transmission and US rate base growth. Capital investment hit a record £6.7 billion, up 33%, and management reaffirmed its five-year framework of at least £70 billion of investment, ~10% asset growth CAGR, and 8-10% underlying EPS CAGR from the 78.0p 2025/26 baseline. FY2026/27 underlying EPS guidance was upgraded to 15-16% growth. The interim dividend rose 4% to 16.97p per share, with scrip alternative offered.
Key figures
- Eps
- 36.5p underlying / 26.9p statutory
- Revenue
- 8138000000
- Guidance
- FY2026/27: capital investment of c.£13.5bn, underlying EPS growth of 15-16% from the 2025/26 baseline of 78.0p; five-year framework of at least £70bn capex, ~10% asset growth CAGR, underlying EPS CAGR of 8-10%
- Net Income
- 1343000000
- Total Debt
- £48.6 billion net debt at 30 September 2026
- Revenue Yoy
- 15%
- Total Assets
- 114422000000
- Cash Position
- 308000000
- Interim dividend
- 16.97p per share, up 4%
- Net debt increase
- £4.4bn vs 31 March 2026
- Profit before tax
- £1,730m, up 109%
- Capital investment
- £6,707m, up 33%
- Joulent investment
- $1.75 billion for a 35% interest
- Regulatory gearing
- 61% at March 2026, trending to high-60% by 2030/31
- Underlying earnings
- £1,821m, up 24%
- Statutory operating profit
- £2,359m, up 55%
- Underlying operating profit
- £2,591m, up 13% at constant currency
- Undrawn committed facilities
- £10.9bn
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