National Grid backs full-year expectations after interim profit rise
National Grid PLC on Thursday said its half-year performance demonstrated the ‘resilience’ of its business model as it reported profit and capital investment growth.
The London-based electricity and gas utility, which operates the UK’s electricity transmission network, said pretax profit increased 21% to £826 million in the six months to September 30, from £684 million a year before.
National Grid said gross revenue fell 11% to £7.07 billion from £7.96 billion.
Other operating costs shrunk 17% on-year to £5.48 billion from £6.57 billion.
The company said its profit growth reflected increased investment across its regulated businesses.
National Grid said capital investment rose 10% to £5.05 billion from £4.60 billion, driven by progress on its accelerated strategic transmission investment projects in the UK and its transmission projects to upgrade infrastructure across jurisdictions in the US.
The company declared an interim dividend of 16.35 pence per share, up 3% year-on-year from 15.84p.
National Grid said its half-year financial performance ‘continued to demonstrate the resilience of our business model which enables us to effectively manage the impacts of inflation and cost pressures, changes in interest rates and exchange rate fluctuations.’
Describing its financial 2026 outlook, National Grid said it expects ‘strong operational performance’, with underlying earnings per share in line with the 6-8% compound annual growth rate range from the financial 2025 baseline of 73.3p.
The company said it is on track to deliver over £11 billion in capital investment for the full year, in line with guidance.
Chief Executive John Pettigrew said: ‘Our financial performance reflects another period of strong operational delivery in line with our five-year financial frame.
‘We continue to innovate, secure our supply chain and expand our talent pipeline to efficiently deliver our plans on both sides of the Atlantic. This investment in our networks is critical to ensure continued resilience, enable economic growth, deliver cleaner energy, and meet growing power demand.’
Shares in National Grid fell 0.4% to 1,146.50p a share on Thursday morning in London.
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