National Grid plc reported its first‑half 2026 earnings, covering the period ended September 30, 2025, the second quarter of its fiscal year that ends in March. The company posted a 6 % year‑over‑year rise in underlying earnings per share to 29.8 p, driven by a 13 % increase in underlying operating profit to £2.3 billion and a 10 % lift in revenue to £5.1 billion. The results beat consensus estimates by 0.24 p, largely because the regulated businesses delivered higher-than‑expected revenue and the company maintained disciplined cost growth despite inflationary pressures.
The company announced a record £5 billion of capital investment in the first half, bringing total spending for the year to more than £11 billion. This investment supports the £60 billion five‑year plan to upgrade the UK transmission network and expand the US regulated portfolio, positioning National Grid to meet growing demand for clean energy and to support the UK’s AI Growth Zones.
Full‑year EPS guidance was modestly raised, reflecting confidence in continued demand and improved operating performance. CEO John Pettigrew noted that the company remains on track to deliver the £60 billion plan and that the upgraded guidance offsets currency headwinds and share dilution from the rights issue. Pettigrew also announced that he will step down as CEO on November 17, 2025, with Zoe Yujnovich taking the helm.
Segment analysis shows that the UK Electricity Transmission unit delivered a 12 % revenue increase, driven by higher transmission charges and network expansion. The US Regulated Businesses unit posted a 9 % rise in revenue, supported by stronger wholesale market participation. National Grid Ventures continued to grow, but its contribution to earnings remained modest as the company focuses on core network operations.
Investors responded positively to the results, citing the company’s strong operational performance, record capital investment, and upgraded guidance as key drivers of confidence in National Grid’s long‑term growth prospects.
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