National Grid stock: profit rises as investment reaches £6.7 billion

National Grid reported stronger first-half earnings on November 5, while accelerating investment across its electricity and gas networks. The company also raised its full-year underlying earnings outlook for 2026/27. The London Stock Exchange release identified the announcement as RNS 8670B, released at 07:00:02 on November 5.

National Grid stock traded at 15.12 euros on Lang & Schwarz at 11:45 CET on Monday, November 9, 2026. Investors can follow the real-time quote of National Grid stock.

Investment drives earnings growth

For the six months ended September 30, statutory operating profit rose 55% year on year to 2.359 billion pounds, while profit before tax increased 109% to 1.730 billion pounds. Statutory earnings per share more than doubled to 26.9 pence from 12.6 pence.

Underlying operating profit increased 13% at constant currency to 2.591 billion pounds. Underlying earnings per share climbed 22% to 36.5 pence from 29.8 pence. The company said the performance reflected higher regulated revenues, the first year of the RIIO-T3 price control in UK Electricity Transmission and growth across its US asset base.

Capital investment reached 6.707 billion pounds in the first half, up 33% from 5.052 billion pounds a year earlier. National Grid highlighted increased spending on UK transmission projects, including the expansion of network capacity, as well as investment in New York and New England.

Guidance and dividend outlook

National Grid now expects underlying earnings per share growth of 15% to 16% in 2026/27, compared with its previous guidance of 13% to 15%. Full-year capital investment is expected to reach about 13.5 billion pounds. The company continues to target at least 70 billion pounds of investment through March 2031.

The interim dividend increased 4% to 16.97 pence per share from 16.35 pence. Payment is expected on January 12, 2027, to shareholders on the register on November 20, 2026. The higher payout supports National Grid's policy of growing the dividend in line with inflation over time, although the investment programme also leaves the group carrying substantial financing needs.

Net debt stood at 48.6 billion pounds at September 30, up from 44.1 billion pounds at the end of March. For investors, the results therefore combine improving regulated earnings visibility with a large capital programme and rising leverage. The next scheduled full-year results are due on May 13, 2027.

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