NATIONAL GRID PLC (NGG) Form 6-K — Nov 5, 2026
National Grid reported record first-half results, with underlying operating profit of £2.6 billion and underlying EPS of 36.5p up 22%, driven by the first-year benefit of the new RIIO-T3 price control and US rate base growth. Capital investment hit a record £6.7 billion, up 33%, as the company accelerates its £70 billion five-year programme, and it announced a $1.75 billion investment in Joulent to serve US large-load customers such as data centres. Guidance was upgraded: for 2026/27 underlying EPS is now expected to grow 15-16% from the 78.0p baseline, well above the prior 8-10% CAGR, and an interim dividend of 16.97p was declared.
Key figures
- Eps
- 26.9
- Revenue
- 8138000000
- Guidance
- 2026/27 underlying EPS expected to increase 15-16% from the 2025/26 baseline of 78.0p; five-year plan of at least £70 billion capital investment, ~10% asset growth CAGR, 8-10% underlying EPS CAGR, dividend per share growth in line with UK CPIH.
- Net Income
- 1343000000
- Revenue Yoy
- +£1,073 million statutory revenue increase
- Net debt
- £48.6 billion (up £4.4 billion / 10%)
- Underlying eps
- 36.5p (up 22%)
- New debt raised
- £5.6 billion since 1 April
- Capital investment
- £6.7 billion (up 33%)
- Joulent investment
- $1.75 billion total; £941 million deployed in H1
- Fitch rating action
- one-notch upgrade for NG plc, NGET and NEP
- Interim dividend per share
- 16.97p
- Statutory profit before tax
- £1,730 million (HY 26: £826 million)
- Underlying operating profit
- £2,591 million (up 13%)
- Undrawn committed facilities
- £10.9 billion
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