National Grid raises annual profit outlook on strong first-half performance

National Grid has raised its profit outlook for the year, telling investors on Monday that it expects fiscal 2027 earnings per share to grow slightly faster than the 13–15% it previously guided.

The FTSE 100 utility said the upgrade was driven by the strength of its investment portfolio and its power grid business. It expects about £130 million of one-off gains in the first half through National Grid Ventures, reflecting two successful capital market transactions within the NG Partners investment portfolio and stronger performance in its interconnectors business.

The previous 13–15% underlying earnings-per-share growth guidance for 2026/27 was set in the company’s full-year results earlier this year, reflecting higher allowed revenues as the UK electricity transmission business moved from the RIIO-T2 to RIIO-T3 price-control period.

Half-year operating profit is expected to be in line with last year, the company said. Net debt for the half year is expected to be broadly in line with annual guidance, after accounting for its $1.75 billion investment in the US energy platform Joulent.

National Grid runs Britain’s electricity transmission network and supplies power to customers in New York, Rhode Island and Massachusetts. The company said its upgraded outlook was underpinned by its investment portfolio and the strength of its grid business.

Sources

• Reuters, “UK’s National Grids lifts annual profit view on strong first-half”, 5 October 2026 — https://www.reuters.com/business/energy/uks-national-grids-lifts-annual-profit-view-strong-first-half-2026-10-05/
• National Grid FY2026 full-year results statement (prior 13–15% outlook baseline), via investegate — http://www.investegate.co.uk/announcement/rns/national-grid—ng./fy2026-full-year-results-statement/9567572