National Grid stock lifts outlook after record half-year investment

National Grid raised its full-year earnings outlook on Thursday, November 5, after reporting stronger first-half underlying earnings and a sharp increase in network investment. The six-month results, published in National Grid's half-year statement via Investegate, cover the period ended September 30, 2026.

Underlying operating profit rose 13% year on year to GBP 2.591 billion, while underlying earnings per share increased 22% to 36.5 pence. Statutory operating profit advanced 55% to GBP 2.359 billion, and statutory profit before tax more than doubled to GBP 1.730 billion from GBP 826 million in the prior-year period.

Investment Drives The Outlook

Capital investment reached GBP 6.707 billion in the first half, up 33% from GBP 5.052 billion a year earlier. National Grid said the increase reflected accelerated spending on UK electricity transmission projects, connections and reinforcement in UK electricity distribution, and higher investment in its New York and New England networks.

UK Electricity Transmission was the main earnings contributor. Its underlying operating profit increased 45% to GBP 1.227 billion as the RIIO-T3 price control lifted allowed revenue and supported a faster investment programme. New York underlying operating profit rose 9% on a constant-currency basis to GBP 487 million, while New England declined 10% to GBP 266 million. National Grid Ventures fell 32% to GBP 127 million, mainly after the disposal of Grain LNG.

Chief Executive Zoë Yujnovich said capital investment was accelerating and that major projects were progressing. She said the group remained focused on expanding and modernising networks in the UK and the US Northeast, with the investment programme intended to support electrification, economic growth and energy security.

Guidance And Dividend Rise

For the 2026/27 financial year, National Grid now expects underlying earnings per share to increase by 15% to 16% from the 2025/26 baseline of 78.0 pence. The company expects capital investment of about GBP 13.5 billion for the year and continues to target at least GBP 70 billion of cumulative investment through March 2031.

The group maintained its longer-term framework of 8% to 10% annual underlying earnings-per-share growth through 2030/31 and asset growth of about 10% a year. It also expects net debt to rise by about GBP 4 billion from GBP 48.6 billion at September 30, with regulatory gearing moving toward about 65% during 2026/27. The higher spending profile therefore offers growth visibility but also keeps financing and delivery discipline central to the investment case.

National Grid increased its interim dividend by 4% to 16.97 pence per share from 16.35 pence. The payment is scheduled for January 12, 2027, for shareholders on the register on November 20, 2026, while the company continues to target dividend growth in line with UK CPIH.

Investor Focus Turns To Delivery

National Grid stock traded at 15.59 euros on Lang & Schwarz at 12:20 CET on Thursday, November 5, 2026. Investors are likely to focus on whether higher allowed revenues translate into reliable project execution, stronger regulated earnings and returns that support the group's long-term framework.

For investors following the live quote, the real-time quote of National Grid stock provides the current trading context.

The broader FTSE 100 market environment remains relevant for the London-listed utility, particularly as investors weigh regulated growth against higher borrowing needs and execution risk.

National Grid's next scheduled full-year results are due on May 13, 2027. Further company developments are available in more news and analyses on National Grid stock.

National Grid plc

• ISIN: GB00BDR05C01
• WKN: A2DQWX
• London ticker: NG.
• Sector: Energy infrastructure
• Lang & Schwarz quote: 15.59 euros at 12:20 CET on November 5, 2026
• Half-year period: Six months ended September 30, 2026
• Underlying earnings-per-share outlook: 15% to 16% growth for 2026/27