National Grid stock raises outlook after record first-half investment

National Grid said on Thursday, November 5, 2026, that accelerating network investment strengthened its confidence in the group's financial framework. In its half-year results for the six months ended September 30, the company raised its underlying earnings-per-share growth outlook for fiscal 2026/27 to 15 to 16 percent from the previous 13 to 15 percent range. The results and outlook were published by James Sharp & Co.

Underlying operating profit rose 13 percent year on year to 2.591 billion pounds, while underlying earnings per share increased 22 percent to 36.5 pence. Statutory profit before tax more than doubled to 1.730 billion pounds from 826 million pounds a year earlier, but National Grid said the statutory comparison benefited from favorable timing effects and exceptional items, including gains from portfolio revaluations and the non-recurring impact of divestments.

Spending accelerates across networks

Capital investment reached a first-half record of 6.707 billion pounds, up 33 percent from 5.052 billion pounds. National Grid attributed the increase mainly to higher onshore and offshore transmission spending in the United Kingdom, alongside network growth and reinforcement in the United States. The company is seeking to double network capacity and reduce system constraint costs.

National Grid now expects capital investment of about 13.5 billion pounds in 2026/27. Management also kept its longer-term framework intact: at least 70 billion pounds of cumulative investment from 2026/27 through 2030/31, group asset growth of around 10 percent a year and underlying earnings-per-share growth of 8 to 10 percent annually from the 2025/26 baseline.

Chief Executive Zoë Yujnovich said the first-half performance showed that capital investment was accelerating and that major projects were progressing. The company also said supply-chain and delivery arrangements had been secured for about 80 percent of the five-year investment program. The plan is intended to expand and modernize energy networks in the United Kingdom and the northeastern United States.

Higher returns with higher funding needs

The stronger outlook is tied to higher allowed revenues under the new RIIO-T3 price control in UK Electricity Transmission and continued growth in the US regulated asset base. At the same time, the investment cycle increases funding requirements. National Grid reported net debt of 48.6 billion pounds at September 30, compared with 44.1 billion pounds at the end of March, and expects further borrowing as capital deployment rises.

The interim dividend was set at 16.97 pence per share, up from 16.35 pence a year earlier. National Grid said its policy remains to grow dividends in line with UK CPIH over the longer term, subject to the group's financial framework.

National Grid stock traded at 14.95 euros on Lang & Schwarz at 11:38 CET on Friday, November 6, 2026. Investors are likely to focus next on execution of the enlarged investment program, regulated revenue growth and the effect of rising financing costs on cash flow and leverage.

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National Grid plc at a glance

• Company: National Grid plc
• ISIN: GB00BDR05C01
• Live quote: 14.95 euros on Lang & Schwarz, November 6, 2026, 11:38 CET
• First-half underlying operating profit: 2.591 billion pounds, up 13 percent year on year
• First-half underlying earnings per share: 36.5 pence, up 22 percent year on year
• First-half capital investment: 6.707 billion pounds, up 33 percent year on year
• 2026/27 underlying earnings-per-share outlook: Growth of 15 to 16 percent