National Grid stock lifts outlook as investment reaches record levels
Published on 11/12/2026 at 17:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSInvestment accelerates, balance sheet expands
- National Grid lifted its 2026/27 underlying EPS growth outlook to 15% to 16% after first-half underlying EPS rose 22%.
- Record investment is advancing major UK and US network projects, while higher debt increases the financing burden.
- The interim dividend rose to 16.97 pence per share, with payment scheduled for January 12, 2027.
National Grid reported stronger first-half earnings on November 5, 2026, and raised its full-year outlook as investment accelerated across its regulated networks. The half-year results for the period ended September 30 were released through the London Stock Exchange and republished by Lloyds Bank.
Underlying earnings per share increased 22% year on year to 36.5 pence. Management now expects underlying EPS to rise 15% to 16% in financial 2026/27 from the 2025/26 baseline of 78.0 pence, compared with previous guidance of 13% to 15%. The company linked the upgrade to higher allowed revenue as delivery moves from the RIIO-T2 to the RIIO-T3 price control.
Record spending supports growth
Capital investment reached GBP 6.707 billion in the first half, up 33% from the prior-year period. UK Electricity Transmission was the main driver, with investment of GBP 2.888 billion, an increase of 71%. National Grid said supply-chain and delivery mechanisms are secured for about 80% of its GBP 70 billion five-year programme through March 2031.
The spending is intended to expand network capacity, connect new generation and reduce system constraint costs. The company also agreed to invest USD 1.75 billion for a 35% interest in Joulent, which develops contracted power infrastructure for large US customers.
Debt and dividend remain in focus
Net debt stood at GBP 48.6 billion on September 30, up GBP 4.4 billion from March. National Grid expects net finance costs to increase by about GBP 300 million in 2026/27 and net debt to rise by about GBP 4 billion as investment continues.
National Grid stock traded at 15.17 euros on Lang & Schwarz at 17:09 CET on Thursday, November 12, 2026.
The interim dividend increased 4% to 16.97 pence per share and is expected to be paid on January 12, 2027, to shareholders on the November 20 record date. The company continues to target annual underlying EPS growth of 8% to 10% through 2030/31 and dividend growth in line with UK CPIH.
National Grid plc at a glance
- Company: National Grid plc
- ISIN: GB00BDR05C01
- WKN: A2DQWX
- Trading symbol: NNGF
- Business: Regulated electric and gas networks
- Lang & Schwarz price: 15.17 euros, November 12, 2026, 17:09 Berlin time
- Half-year period: Six months ended September 30, 2026
UK utilities remain tied to the investment cycle and regulatory returns, while broader market direction can influence valuation and financing conditions. See the FTSE 100 market environment for the wider UK equity backdrop.
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