National Grid plc (NGG) reported half-year results for the six months ended September 30, 2026, with statutory operating profit of £2,359 million, up 55% from £1,526 million. Underlying EPS was 36.5p, up 22% from 29.8p; statutory EPS was 26.9p versus 12.6p. Capital investment was £6,707 million, up 33% at actual exchange rates. The Board approved an interim dividend of 16.97p per ordinary share, expected to be paid January 12, 2027, to shareholders on the register as of November 20, 2026.
Underlying operating profit at National Grid Ventures was £127 million, down 32% from £187 million, primarily reflecting the loss of Grain LNG’s £91 million contribution. Net debt was £48.6 billion at September 30, 2026, £4.4 billion above March 31, 2026. National Grid agreed to invest $1.75 billion for a 35% interest in Joulent; it invested £941 million during the half year.
For 2026/27 to 2030/31, the company expects at least £70 billion of cumulative capital investment and 8–10% underlying EPS CAGR from the 2025/26 baseline of 78.0p. For 2026/27, it expects capital investment of around £13.5 billion and underlying EPS growth of 15–16% from that baseline.
National Grid plc (NGG) reported results for the six months ended September 30, 2026, with revenue of £8.138 billion, up 15%, and underlying operating profit of £2.591 billion, up 13% at constant currency. Underlying EPS was 36.5p, up 22%; statutory EPS was 26.9p, up 113%. Statutory profit before tax was £1.730 billion and included a £240 million year-on-year favorable timing swing and a £333 million year-on-year benefit from exceptional items and divestments.
Capital investment was £6.707 billion, up 32% at constant currency, and net debt was £48.6 billion at September 30, 2026, £4.4 billion higher than at March 31, 2026. The board approved an interim dividend of 16.97p per share, payable January 12, 2027. For 2026/27, National Grid expects around £13.5 billion of capital investment and underlying EPS growth of 15–16% from the 2025/26 baseline. Its five-year plan calls for at least £70 billion of investment through 2030/31; in July 2026, it agreed to invest $1.75 billion for a 35% interest in Joulent.
National Grid plc (NGG) reported that Chief Financial Officer Andy Agg purchased 13 ordinary shares at GBP 11.3681 per share on October 7, 2026, as monthly “partnership shares” under the Share Incentive Plan. The reported aggregate price was GBP 147.78, and the transaction took place on the London Stock Exchange.
As of September 30, 2026, National Grid had 5,026,908,988 shares with voting rights. Its registered capital comprised 5,249,831,589 ordinary shares, of which 222,922,601 were held as treasury shares. The company said shareholders may use the voting-rights count as the denominator for determining notification requirements under the FCA’s Disclosure Guidance and Transparency Rules.
National Grid plc (NGG) issued a pre-close update for the six months ended September 30, 2026, ahead of its half-year results on November 5, 2026. It now expects FY27 EPS growth to be slightly above its 13-15% guidance, while underlying EPS is expected to be weighted to the second half. Its regulated businesses continue to perform in line with expectations.
UK Electricity Transmission and UK Electricity Distribution operating profit is expected to be broadly evenly split across the year; US regulated operating profit is expected to be weighted to the second half. New England is expected to return to a more typical seasonality profile following the one-off impact of the FERC RoE judgement in the second half of FY26. National Grid Ventures & Other is expected to deliver c.£130 million of additional first-half performance relative to expectations, reflecting one-off fair value gains following two successful capital market transactions within the NG Partners investment portfolio and stronger performance in the interconnectors business. Closing half-year net debt is expected to be broadly in line with full-year guidance, updated for the Joulent investment and the second-half weighting of operating cash flows.
National Grid plc (NGG) reported 5,026,834,181 shares with voting rights as of August 31, 2026. Its registered capital comprised 5,249,831,589 ordinary shares, including 222,997,408 treasury shares. Shareholders may use the voting-rights count as the denominator for determining whether to notify an interest or a change in interest under the FCA’s Disclosure Guidance and Transparency Rules.
Non-executive Director Anne Robinson purchased 2,507 American Depositary Shares on August 28, 2026, with listed prices of USD 79.84160 for 1 share and USD 79.83744 for 2,506 shares; the reported total was USD 200,152.47. Chief Executive Zoë Yujnovich acquired 141,904 ordinary shares when the first tranche of her Long Term Performance Plan buyout award vested on September 1, 2026, then sold 66,930 shares at GBP 11.5554 to cover tax liabilities. Chief Financial Officer Andy Agg purchased 13 partnership shares under the Share Incentive Plan on September 7, 2026, at GBP 11.5896.
National Grid plc is overhauling its operating model to increase accountability and sharpen execution across its core businesses. Effective 1 September 2026, the Group Executive Committee will be reduced from 13 to 8 members, with responsibility concentrated in two geographic Presidents, a Global Capital delivery team, a Global Technology and Innovation team, and three Group Functions including Finance, which will take sole accountability for strategy, M&A and growth.
Cordi O’Hara is appointed President, UK, overseeing Electricity Distribution and Transmission. Sally Librera becomes interim President, US, leading the electricity and natural gas businesses in New York and New England, while National Grid Ventures activities will sit under the relevant geographic President. Carl Trowell becomes President of Global Capital and Alice Delahunty is named Chief Technology and Innovation Officer, with National Grid Partners integrated into this function. The company states it is delivering an investment programme of at least £70 billion to modernise and expand energy networks in the UK and US Northeast, and links the new structure to clearer accountability and improved operational and financial performance. Financial reporting segments remain unchanged.
National Grid plc reports that as of 30 June 2026 its registered capital consisted of 5,198,968,690 ordinary shares, including 223,090,607 held as treasury shares, leaving 4,975,878,083 shares with voting rights. Shareholders may use this voting-rights figure when assessing disclosure thresholds under UK rules.
The company details several July 2026 share dealings by senior management. Chief Financial Officer Andy Agg received 220,905 shares under the 2023 Long Term Performance Plan at no cost, then sold 104,191 shares at GBP £12.210223 to cover tax, and later acquired 140 dividend shares at GBP 12.3966 via the Share Incentive Plan. Chair Paula Rosput Reynolds acquired 82 American Depositary Shares at USD 80.5453 and 82 ordinary shares at GBP 11.977 through the Scrip Dividend Scheme, reflecting dividend reinvestment elections.
National Grid plc reports updated share capital and voting rights after issuing 50,862,899 ordinary shares under its Scrip Dividend Scheme for the 2025/26 final dividend.
Following this issuance, registered capital consists of 5,249,831,589 ordinary shares, including 223,039,126 treasury shares and 5,026,792,463 shares with voting rights. Shareholders may use 5,026,792,463 as the denominator when calculating whether they must notify interests in National Grid under the Financial Conduct Authority's Disclosure and Transparency Rules.
National Grid plc plans to issue 50,862,899 ordinary shares under its Scrip Dividend Scheme for the 2025/26 final dividend, payable on 23 July 2026.
Of these, 49,766,614 ordinary shares will be issued at 1,197.70 pence per share, with dealings expected to commence on 23 July 2026 and the shares ranking pari passu with existing ordinary shares. For US holders of American Depositary Receipts, 219,257 ADRs, each representing five ordinary shares, will be issued at US$80.5453, corresponding to 1,096,285 ordinary shares including fractional entitlements.
National Grid plc reports that its subsidiary National Grid Ventures will invest $1.75 billion for a 35% interest in Joulent LLC, a platform developing integrated power solutions for large US electricity users, including data centres and AI infrastructure. Joulent’s first major project, the 2.67 GW Project Kilby in West Texas, will supply power to a Microsoft-operated data centre campus under a 20-year power purchase agreement in partnership with Chevron. The investment is incremental to National Grid’s at least £70 billion capital programme through FY31 and will be funded from existing balance sheet headroom, with the transaction not expected to affect the current five-year financial framework. Joulent is expected to become free cash flow positive from the early 2030s, potentially supporting further projects or distributions to joint venture partners.