Zoë Yujnovich, Chief Executive, said: “National Grid is embarking on the largest investment programme in our history, committing at least £70 billion over the next five years to modernise and expand energy networks across the UK and the US Northeast – networks that underpin economic growth, strengthen energy security and enable the transition to a cleaner, more flexible energy system. At the same time, we are building the skilled workforce needed to deliver this investment at pace, creating thousands of jobs across our markets.
This year, we have delivered strong financial performance, including underlying EPS growth of 8% at constant currency, and record investment of £11.6 billion. This sets the foundation to deliver compound annual growth rates across our five-year financial framework of around 10% asset growth and 8-10% underlying EPS growth.
Through executing today’s programme with pace and precision, and transforming our capabilities we will be able to meet the rapidly growing demand and enable a more efficient energy system – one that supports long-term affordability and reliability for customers. Our operational focus and commitment to innovation will deliver for customers and communities, and create long-term value for shareholders. I am energised by the determination of our colleagues to step up and meet this moment.”
| Financial summary | ||||||||||
| Year ended 31 March(continuing operations) | Statutory results | Underlying1 | Underlying at constant currency1,2 | |||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | 2025 | % change | |||
| Operating profit (£m) | 5,431 | 4,934 | 10% | 5,680 | 5,357 | 6% | 5,221 | 9% | ||
| Earnings (£m) | 3,241 | 2,826 | 15% | 3,859 | 3,452 | 12% | 3,388 | 14% | ||
| Earnings per share (EPS) (p)3 | 65.5 | 60.0 | 9% | 78.0 | 73.3 | 6% | 72.0 | 8% | ||
| Dividend per share (p) | 48.49 | 46.72 | 3.8% | |||||||
| Capital investment (£m) | 11,576 | 9,847 | 18% | |||||||
1. ‘Underlying’ is a non-GAAP alternative performance measure (APM) used by management to monitor performance across the Group. This measure along with other APMs used in this report are explained in more detail on pages 62 to 79. These measures are not substitutes for IFRS measures, however management believes such additional information is useful in assessing the performance of the business on a comparable basis.
2. Constant currency calculated using current year average exchange rate of $1.343 (2024/25: actual average exchange rate was $1.266).
3. 4,946 million weighted average shares for 2025/26 (2024/25: 4,707 million).
Highlights
Financial performance
– Record capital investment of £11.6 billion (2024/25: £9.8 billion), driving asset growth of 10.9% (2024/25: 9.0%).
– Underlying EPS of 78.0p up 8% at constant currency, with strong operating performance partially offset by divestments, storm costs, a higher share count, and the impact of a recent FERC* order. Statutory EPS of 65.5p up 9%.
– Recommended final dividend of 32.14p, resulting in a total dividend of 48.49p up 3.8% compared to prior year, in line with policy aim to increase with UK CPIH inflation.
Strategic progress
– Extended and upgraded our Five-Year Financial Framework to 2030/31, with at least £70 billion capital investment over the period, reflecting increased clarity across our businesses and the outcomes of the RIIO-T3* price control.
– Supply chain and delivery mechanisms secured for around three-quarters of £70 billion capital investment plan.
– Completed the divestments of National Grid Renewables and Grain LNG.
Regulatory progress
– Around two-thirds of the at least £70 billion capital investment covered by regulatory agreements. The agreements balance the need for investment with customer affordability, demand growth and system reliability.
– Increased regulatory visibility with approval of our Niagara Mohawk rate case in New York, ESMP* investments in Massachusetts, and acceptance of the RIIO-T3 price control in UK Electricity Transmission.
– Filed our rate case proposal for Massachusetts Gas, focused on balancing bill impacts with asset health and network reliability.
*See glossary on page 33.
Financial outlook and guidance: visible growth and resilience
– Financial outlook over the five-year period from 2026/27 to 2030/31:
– total cumulative capital investment of at least £70 billion;
– asset growth CAGR1 of around 10%;
– driving underlying EPS CAGR2 of 8-10% from a 2025/26 EPS baseline of 78.0p;
– aim to grow dividend per share in line with UK CPIH
– a strong balance sheet with credit metrics consistent with current Group rating; and
– regulatory gearing trending back to the high 60% range by 2030/31 (2025/26: 61%), with balance sheet strength extending beyond 2030/31, complemented by significant hybrid capacity.
– For 2026/27, we expect strong operational performance across the Group with underlying EPS expected to increase 13-15% from the 2025/26 baseline reflecting higher allowed revenue as we step up delivery from RIIO-T2 to RIIO-T3.
– For further detail, please refer to the five-year financial framework and 2026/27 forward guidance on pages 10 to 13.
1. Group asset compound annual growth rate (CAGR) from a 2025/26 baseline. Forward years based on assumed USD FX rate of 1.35; and long run UK CPIH and US CPI inflation assumptions.
2. Underlying EPS compound annual growth rate from a 2025/26 baseline. Forward years based on assumed USD FX rate of 1.35; long run UK CPIH and US CPI inflation and interest rate assumptions and scrip uptake of 25%.