Zoë Yujnovich, Chief Executive said: “Our results for the first half show that capital investment is accelerating – increasing by one-third, our major projects are progressing, and the changes we are making within National Grid are sharpening performance in service of better outcomes for customers and stakeholders.
We’re working to get more from our existing networks, including through scaled use of technology and innovation, while investing to build capacity for the future – committing £70 billion over the next five years to modernise and expand energy networks in the UK and US Northeast. Our capital delivery will underpin economic growth, electrification, and energy security, supporting long term affordability and reliability. In the UK, our planned £40 billion capital investment will help reduce system constraint costs for the benefit of consumers, and support more than 60,000 jobs.
This first half progress further strengthens our confidence in delivering the five-year framework we set out in March.”
Financial Summary
| Six months ended 30 September (unaudited) | Statutory results | Underlying1 | Underlying at constant currency1,2 | |||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | 2025 | % change | |
| Operating profit (£m) | 2,359 | 1,526 | 55% | 2,591 | 2,292 | 13% | 2,299 | 13% |
| Profit before tax (£m) | 1,730 | 826 | 109% | 1,958 | 1,653 | 18% | 1,657 | 18% |
| Earnings per share (EPS) (p) | 26.9 | 12.6 | 113% | 36.5 | 29.8 | 22% | 29.9 | 22% |
| Dividend per share (p) | 16.97 | 16.35 | 4% | |||||
| Statutory results | Capital investment at constant currency2 | |||||||
| Capital investment (£m) | 6,707 | 5,052 | 33% | 5,076 | 32% | |||
- ‘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 49 to 53. 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.
- Constant currency calculated using current year average exchange rate of $1.342 (2025: actual average exchange rate was $1.353).
Highlights
Financial performance
– Record capital investment of £6.7 billion due to the step-up in onshore and offshore ASTI spend in UK Electricity Transmission as we seek to double our network capacity and reduce system constraint costs for the benefit of consumers, alongside wider network growth and reinforcement across our UK, New York and New England businesses.
– Higher underlying operating profit of £2.6 billion drove underlying EPS of 36.5p, up 22%, reflecting the first-year impact of the new RIIO-T3 price control, continued growth in our US rate base and one-off fair value gains in our NGP* portfolio.
– Statutory profit before tax of £1,730 million (HY 26 £826 million) includes favourable timing swings (£240 million year-on-year) and benefits from exceptional items including NGP* portfolio revaluation gains and the non-recurring impact of divestments (£333 million year-on-year). Statutory EPS was 26.9p.
– Interim dividend of 16.97p equates to 35% of the prior year full dividend, in line with our progressive inflation-linked policy.
Strategic progress
– Strong capital delivery progress in the first six months including a number of major project milestones completed, and supply chain and delivery mechanisms are now secured for c. 80% of our £70 billion five-year investment programme.
– Announced a $1.75 billion investment in Joulent to develop contracted power solutions for US large-load customers.
– Deploying technology and innovation to optimise assets across our networks, enhance customer experience and drive efficiency in central functions; which is supporting world-class UK network reliability and improved customer service in H1.
– Simplified our organisation to create clear accountability across our strategic framework and drive better quality decisions at pace.
– Filed a 1-year rate stabilisation proposal for our NY gas businesses (KEDNY/LI) and progressed our ED3* Business Plan.
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;
– Group asset growth CAGR1 of around 10%;
– driving underlying EPS CAGR2 of 8–10% from the 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 to deploy c.£13.5 billion of capital investment and with continued strong operational performance across the Group, underlying EPS is now expected to increase 15 –16% from the 2025/26 baseline, reflecting higher allowed revenue as we step-up delivery from RIIO-T2 to RIIO-T3.
- 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.
- 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 forward interest rate assumptions and scrip uptake of 25%. 2025/26 included the contribution of National Grid Renewables and Grain LNG up until disposal.