Higher Earnings Guidance Expected
National Grid expects full-year earnings growth to exceed guidance after strong first-half performance.
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Key Points
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National Grid expects UK Electricity Transmission and UK Electricity Distribution operating profit to be broadly evenly split between the two halves of the year, while US regulated operations are expected to remain weighted toward the second half.
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In New England, National Grid expects a return to a more typical seasonal earnings pattern after a one-off impact from a Federal Energy Regulatory Commission return-on-equity ruling; the ruling led to a £157 million adjustment in financial 2026.
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National Grid said first-half group operating profit should follow a profile broadly consistent with the prior year.
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National Grid planned to publish its first-half results on November 5.
National Grid expects full-year earnings per share growth to exceed its 13–15% guidance, AskTraders reported. A stronger-than-expected first half at its Ventures & Other division is driving the upgrade. The unit will contribute about £130 million more than originally forecast, boosted by one-off gains from two NG Partners deals and better interconnector performance.
The UK and US regulated businesses remain broadly on track, with earnings weighted toward the second half as usual. National Grid plans to release half-year results on November 5. Half-year net debt is expected to align with full-year guidance after accounting for the Joulent investment and seasonal cash-flow patterns.
Ventures Division Delivers Outsized First-Half Gains
National Grid's Ventures & Other segment exceeded expectations in the first half, driving the earnings upgrade. Two NG Partners transactions generated fair-value gains that boosted the division. Interconnector operations also performed stronger than anticipated. These wins amount to roughly £130 million above forecast, significantly lifting the group's outlook.
UK Regulated Business Split Evenly Across Year
National Grid expects UK Electricity Transmission and UK Electricity Distribution to split operating profit evenly between the first and second halves. This pattern differs from the US regulated operations, which remain weighted toward the second half. First-half group operating profit should follow a profile consistent with the prior year.
New England Returns to Typical Seasonal Pattern
New England operations will return to a more normal seasonal earnings pattern after a one-off impact from a Federal Energy Regulatory Commission ruling on return-on-equity. That ruling triggered a £157 million adjustment in financial 2026. The company now expects more standard second-half weighting in this segment going forward.
Net Debt on Track for Full-Year Targets
Half-year net debt is expected to remain broadly in line with full-year guidance. National Grid has accounted for its Joulent investment and typical cash-flow seasonality in this forecast. The company's balance-sheet position supports ongoing investment in UK and US grid infrastructure. Results arrive November 5.
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