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National Grid H1 capital investment hits record on UK transmission projects

By Reuters News


Overview

  • UK electricity and gas utility's H1 underlying operating profit rose 13% yr/yr

  • Underlying EPS for H1 increased 22% yr/yr to 36.5p

  • Record capital investment for H1 rose 32% to £6.7 bln


Outlook

  • National Grid expects to invest at least £70 bln from 2026/27 to 2030/31

  • Company targets underlying EPS CAGR of 8–10% from 2025/26 baseline of 78.0p

  • For 2026/27, underlying EPS expected to rise 15–16% from 2025/26 baseline


Result Drivers

  • CAPITAL INVESTMENT - Co said record H1 capital investment was driven by a step-up in UK Electricity Transmission projects and wider network growth in the UK and US

  • PRICE CONTROL IMPACT - Co said higher underlying operating profit reflected the first-year impact of the new RIIO-T3 price control and continued growth in the US rate base

  • TECHNOLOGY & INNOVATION - Co said scaled use of technology and innovation helped optimise assets, enhance customer experience and drive efficiency


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

H1 Adjusted Operating Profit

Miss

GBP 2.59 bln

GBP 2.69 bln (1 Analyst)

H1 Adjusted Pretax Profit

GBP 1.96 bln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the multiline utilities peer group is "buy"

  • Wall Street's median 12-month price target for National Grid PLC is GBp1,300.00, about 2.8% above its November 4 closing price of GBp1,265.00


Reuters Recommended Reads

  • Nov 2 - Entergy Q3 profit beats estimates on retail sales; raises dividend

  • Nov 3 - Canada's Fortis Q3 profit beats estimates on rate base growth; raises dividend

  • Nov 3 - Drax, Brookfield partner on $27 billion AI data centre in UK


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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