UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

________________________ 

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Date: 05 November 2026

Commission File Number: 001-14958

NATIONAL GRID plc

(Translation of registrant’s name into English)

England and Wales

(Jurisdiction of Incorporation) 

1-3 Strand, London, WC2N 5EH, United Kingdom

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

☒  Form 20-F      ☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3- 2(b) under the Securities Exchange Act of 1934.  ☐  Yes    ☒  No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

 

 

EXHIBIT INDEX

 

 

Exhibit No.	Description
99.1	Exhibit 99.1 Announcement sent to the London Stock Exchange on 05 November 2026 — National Grid plc Half-Year Results 2026/27

 

 

 

Exhibit 99.1

 

 

London | 5 November 2026: National Grid plc today announces its Half Year results for the period ended 30 September 2026.

 

We bring energy to power possibilities

Zoë Yujnovich, Chief Executive said: “Our results for the first half show that capital investment is accelerating – increasing by one-third, our major projects are progressing, and the changes we are making within National Grid are sharpening performance in service of better outcomes for customers and stakeholders.

We’re working to get more from our existing networks, including through scaled use of technology and innovation, while investing to build capacity for the future – committing £70 billion over the next five years to modernise and expand energy networks in the UK and US Northeast. Our capital delivery will underpin economic growth, electrification, and energy security, supporting long term affordability and reliability. In the UK, our planned £40 billion capital investment will help reduce system constraint costs for the benefit of consumers, and support more than 60,000 jobs.

This first half progress further strengthens our confidence in delivering the five-year framework we set out in March.”

Financial summary
Six months ended 30 September (unaudited)	Statutory results				Underlying1				Underlying at constant currency1,2
	2026	2025	% change		2026	2025	% change		2025	% change
Operating profit (£m)	2,359	1,526	55%		2,591	2,292	13%		2,299	13%
Profit before tax (£m)	1,730	826	109%		1,958	1,653	18%		1,657	18%
Earnings per share (EPS) (p)	26.9	12.6	113%		36.5	29.8	22%		29.9	22%
Dividend per share (p)	16.97	16.35	4%
	Statutory results								Capital investment at constant currency2
Capital investment (£m)	6,707	5,052	33%						5,076	32%

1. ‘Underlying’ is a non-GAAP alternative performance measure (APM) used by management to monitor performance across the Group. This measure along with other APMs used in this report are explained in more detail on pages 49 to 53. These measures are not substitutes for IFRS measures, however management believes such additional 

         information is useful in assessing the performance of the business on a comparable basis.  

 

Highlights

 

Financial performance

–  Record capital investment of £6.7 billion due to the step-up in onshore and offshore ASTI spend in UK Electricity Transmission as we seek to double our network capacity and reduce system constraint costs for the benefit of consumers, alongside wider network growth and reinforcement across our UK, New York and New England businesses.

–  Higher underlying operating profit of £2.6 billion drove underlying EPS of 36.5p, up 22%, reflecting the first-year impact of the new RIIO-T3 price control, continued growth in our US rate base and one-off fair value gains in our NGP* portfolio.

–  Statutory profit before tax of £1,730 million (HY 26 £826 million) includes favourable timing swings (£240 million year-on-year) and benefits from exceptional items including NGP* portfolio revaluation gains and the non-recurring impact of divestments (£333 million year-on-year). Statutory EPS was 26.9p.

–  Interim dividend of 16.97p equates to 35% of the prior year full dividend, in line with our progressive inflation-linked policy.

Strategic progress

–  Strong capital delivery progress in the first six months including a number of major project milestones completed, and supply chain and delivery mechanisms are now secured for c. 80% of our £70 billion five-year investment programme.

–  Announced a $1.75 billion investment in Joulent to develop contracted power solutions for US large-load customers.

–  Deploying technology and innovation to optimise assets across our networks, enhance customer experience and drive efficiency in central functions; which is supporting world-class UK network reliability and improved customer service in H1.

–  Simplified our organisation to create clear accountability across our strategic framework and drive better quality decisions at pace.

–  Filed a 1-year rate stabilisation proposal for our NY gas businesses (KEDNY/LI) and progressed our ED3* Business Plan.

*See glossary on page 23.

 

 

Financial outlook and guidance: visible growth and resilience

–  Financial outlook over the five-year period from 2026/27 to 2030/31:

–  total cumulative capital investment of at least £70 billion;

–  Group asset growth CAGR1 of around 10%;

–  driving underlying EPS CAGR2 of 8–10% from the 2025/26 EPS baseline of 78.0p;

–  aim to grow dividend per share in line with UK CPIH;

–  a strong balance sheet with credit metrics consistent with current Group rating; and

–  regulatory gearing trending back to the high 60% range by 2030/31 (2025/26: 61%), with balance sheet strength extending beyond 2030/31, complemented by significant hybrid capacity.

–  For 2026/27, we expect to deploy c.£13.5 billion of capital investment and with continued strong operational performance across the Group, underlying EPS is now expected to increase 15 –16% from the 2025/26 baseline, reflecting higher allowed revenue as we step-up delivery from RIIO-T2 to RIIO-T3.

 

1. Group asset compound annual growth rate (CAGR) from a 2025/26 baseline. Forward years based on assumed USD FX rate of 1.35; and long run UK CPIH and US CPI inflation assumptions.

 

 

Contacts
Investor Relations	Andrew Downey	+44 (0) 7926 285 683
	Tom Edwards	+44 (0) 7976 962 791
	Cerys Reece	+44 (0) 7860 382 264
Media	Illtud Harri	+44 (0) 7920 503 600
	Hannah McCarthy	+44 (0) 7709 842 420
Results presentation and webcast
A webcast presentation and Q&A with management will be held at 09:30 (GMT) today. Please use this link to join via a laptop, smartphone or tablet: https://www.nationalgrid.com/investors/events/results-centre   A replay of the webcast will be available soon after the event at the same link.

 

	Use of Alternative Performance Measures Throughout this release we use a number of alternative (or non-IFRS) and regulatory performance measures to provide users with a clearer picture of the regulated performance of the business. This is in line with how management monitor and manage the business day-to-day. Further detail and definitions for all alternative performance measures are provided on pages 49 to 53.

 

 

Financial performance

As at and for the six months ended 30 September (£ million)	2026	2025	change %
Statutory operating profit at actual currency
UK Electricity Transmission	1,147	810	42%
UK Electricity Distribution	477	488	(2%)
New England	65	61	7%
New York	377	78	n/m
National Grid Ventures	217	126	72%
Other	76	(37)	n/m
Total statutory operating profit	2,359	1,526	55%
Underlying operating profit at constant currency1
UK Electricity Transmission	1,227	846	45%
UK Electricity Distribution	550	551	—%
New England	266	295	(10%)
New York	487	447	9%
National Grid Ventures	127	187	(32%)
Other	(66)	(27)	(144%)
Total underlying operating profit	2,591	2,299	13%
Capital investment at constant currency
UK Electricity Transmission	2,888	1,684	71%
UK Electricity Distribution	834	756	10%
New England	1,105	967	14%
New York	1,775	1,599	11%
Capital investment (regulated networks)	6,602	5,006	32%
National Grid Ventures	100	70	43%
Other	5	—	—%
Total capital investment	6,707	5,076	32%

 

The notation ‘n/m’ is used throughout this section where the period-on-period percentage change is deemed to be ‘not meaningful’.

 

Strategic overview

In the first half of 2026/27, we made strong early progress in executing our largest-ever investment programme of at least £70 billion over the five years to 2030/31, while maintaining our focus on delivering safe, reliable and resilient networks. We are strengthening the capabilities required to execute at scale, leveraging innovation to optimise our networks and improving how we serve customers. All whilst maintaining our strong safety performance and positioning National Grid to capture the significant growth opportunities created by a rapidly changing energy system.

Strategic framework

Earlier this year we introduced our strategic framework, which builds on our strengths and underpins delivery of our five-year financial framework. It focuses on delivering the Brilliant Basics, designed to drive better performance across the business through competitive benchmarking and continuous improvement. The Big Shifts focus our attention on the few transformations necessary to respond to the ever-changing external market. Delivering on both of these will position National Grid for the future by building a platform for Disciplined Growth, primarily through our core regulated networks, but also in adjacencies that will support longer-term growth, where there is a strong portfolio fit and the opportunity to earn attractive returns.

During the period, we continued to embed the framework across our businesses and functions, with clear accountabilities now established through our new operating model and a much stronger focus on performance outcomes.

Delivering the Brilliant Basics to lead on performance

The Brilliant Basics are the foundations of our business, where we focus on delivering world-class performance. These are the core activities that underpin safe, reliable and efficient operations. Our focus is on driving a step-up in performance across capital delivery, asset management, customer service and our functions.

Capital: best-in-class delivery of our largest-ever capital programme

We continued to scale delivery of our investment programme across our regulated businesses in the UK and US. Capital investment in the first half was £6.7 billion up 32% at constant currency from HY 26 (£5.1 billion) with increases across all regulated businesses, but with the largest step-up in UK Electricity Transmission.

In the UK, our Electricity Transmission business continued to progress its capital investment programme, with a number of major project milestones achieved in the first half. Examples in the period include the main tunnelling works on both the Grain to Tilbury and Snowdonia VIP Projects. These included a 2.2 kilometre tunnel under the River Thames and a 3.4 kilometre tunnel under the Dwyryd Estuary, which were completed in September and October 2026 respectively. Elsewhere we achieved Stage 1 commissioning of the super grid transformers at our Yorkshire Green project.

All six of our Wave 1 ASTI projects and the first two of our Wave 2 projects are now in construction. The remaining nine Wave 2 ASTI projects are progressing through the planning and consenting processes. For instance, we secured the Development Consent Order (DCO) for Sea Link at the end of October, enabling us to move the project into its next phase, and the outcome on Norwich to Tilbury is due in early 2027. We also made our DCO submissions for EGL 3 and EGL 4 in early November, and expect to submit all remaining ASTI project planning submissions by the end of March 2027.

During the period we enabled 2.5 GW of connections to be energised, bringing new generation and storage capacity onto the network including a 350 MW battery energy storage system at Uskmouth, Wales and the 1.4 GW Sofia offshore wind farm.

In August, Ofgem also issued their draft determination on the first of our reopener filings which we will file every six months under the RIIO-T3 framework. The draft determination supports approval of eligibility for 23 of 25 reopeners submitted, unlocking £373 million of Pre-Construction Funding and optioneering certainty for 12 projects, equating to c.£1.15 billion of investment. Ofgem’s ‘minded to’ position on Sea Link would approve £2.9 billion of project funding, more than 90% of the costs submitted for assessment.

UK Electricity Distribution saw a 36% increase in investment on connections, with works completed for over 380 MW of generation to connect to our primary network, and over 9,700 connections totalling 250 MW of new or upgraded connections to our secondary or low voltage network.

In the US, as part of our Upstate Upgrade in New York, we completed the Smart Path Connect transmission project, commissioning two 345 kV lines and moved our CLCPA Phase 1 and 2 projects from planning and development into construction. This included six new substations and four transmission projects, with capital investment for the Upstate Upgrade of around $300 million in the period. We also began construction of the electricity connection for Micron’s first semi-conductor fabrication plant in Upstate New York supporting 480 MW of demand. A second fabrication plant is already planned for an additional > 550 MW, bringing the two facilities to more than 1 GW of planned demand and supporting economic development in the region. At full build it is expected to account for around 2 GW of demand, equivalent to one-third of NIMO Electric’s current peak demand, and Micron will become our largest single electric customer in New York.

In New England, after completing the Vermont and New Hampshire portions of the century-old A1/B2 transmission line refurbishment project, New England Power received approval for, and started construction on the Massachusetts phase of the $470 million project. Across Massachusetts and New York gas distribution, 170 miles of leak prone pipe were replaced in the first half of 2026/27.

Asset: getting the most from our transmission and distribution assets

The safety of our people and contractors remains our highest priority. Our Lost Time Injury Frequency Rate was 0.10 on a rolling 12-month basis at half year, compared with 0.11 at full year. Our strong safety performance has therefore remained broadly stable. We continue to strengthen our safety culture through frontline engagement, critical risk management, control effectiveness, and the proactive sharing of safety learnings.

In the UK, reliability remained high across our UK Electricity Transmission network, operating without any ‘energy not supplied’ events during the period and with our strongest availability and reliability recorded over the last five years across our interconnector portfolio, including Viking Link reaching its full capacity of 1.4 GW. In UK Electricity Transmission, we also energised shunt reactors at Taunton, Wylfa and Willington substations. These shunt reactors support network stability through providing additional voltage management capability, supporting the integration of additional renewables, and reducing network management costs to benefit consumers.

In UK Electricity Distribution, network stability was maintained, but additional localised outages were experienced because of the significant increase in extreme heat during the UK summer period. We have continued to invest in asset health, and are on track to achieve our ED2 asset health commitments. Our Distribution System Operator (DSO) flexibility services have avoided 295 GWh curtailment to date, having completed 25% more outage studies compared to the equivalent point last year, demonstrating our increasing role in keeping customers connected to our network.

In the US, our asset optimisation programmes, including the roll-out of Fault Location Isolation and Service Restoration (FLISR) and Advanced Meter Infrastructure (AMI), continue to demonstrate their effectiveness and enhance efficiency. Across New York and Massachusetts, FLISR has restored power to more than 90,000 customers, and avoided almost 11 million customer outage minutes year to date, with a notable impact during the September Nor’easter storm in Massachusetts. FLISR restored power to 12,300 customers in less than 60 seconds, and AMI meters were able to confirm power remotely leading to a reduction of 185 required site checks.

In our New York Gas operations, we continue to expand our use of ‘Lighthouse’, our programme to drive productivity and efficiency by removing field obstacles, improving planning and scheduling, and enhancing performance management. In some of our early locations, this is helping us to get crews to their first jobs 15% faster, reduce travel time between jobs by 25%, complete up to a third more valve inspections each day, and it has cut unplanned overtime on Long Island by 75%. Also in New York, we advanced our $230 million Holtsville LNG Plant Modernization Project, completing the first of two phases of the project to extend the asset life by another 50 years. This supports ongoing reliability for Long Island, as the plant can supply 10% of gas during peak demand.

 

Customer: enhancing our customer experience

In UK Electricity Transmission, following the connections reforms introduced by NESO, we have issued the majority of our Phase 1 offers covering transmission connections, and are now working through queries with our customers. We have established new governance procedures for customer connections to strengthen delivery discipline, improve transparency and tackle delivery barriers. We recognise it has been a challenging process for some of our customers, and so we are doing all we can to support our customers through the process, including leveraging innovation to move faster where we can, in what is a complex wider ecosystem.

In UK Electricity Distribution, we are scaling up consistent, customer-led ways of working to improve our customer journeys, which has improved our Broad Measure Customer Satisfaction, currently 9/10. We are further enhancing proactive customer communications and winter resilience, issuing proactive communications to over 1.4 million affected customers and providing advice to those most vulnerable ahead of the periods of extreme heat in the summer. Our DSO achieved further improvements in their annual stakeholder satisfaction survey, and achieved a second year of the maximum DSO incentive reward.

The continued strong performance of our interconnectors in NGV has enabled payments of an additional £45 million to consumers in the period. This is part of almost £400 million in payments to consumers over the past three and a half years, with a further >£300 million forecast to be paid over the next two and a half years, subject to Ofgem approval.

In the US, AMI-enabled remote services are reducing truck rolls and operating costs, while digital self-service now supports over 50% of customer journeys, reducing call demand and making it easier for customers to interact with us. We have also deployed AI in our contact centres to strengthen performance management and provide agents with more targeted coaching, supporting customer service agent satisfaction of over 87%. Strong US “meter-to-cash right first time” billing success metric performance, measuring above 96% in New England, is helping deliver better customer outcomes. In addition, a focus on supporting vulnerable customers has led to the enrolment of an additional 28,000 customers onto low-income discount rates in Massachusetts, and over 38,000 in New York since September 2025.

At the same time, we are partnering with major commercial and industrial customers to support innovation, electrification and large-load growth across Massachusetts and New York. In New York we have partnered with 56 distributed generation developers on over 300 projects to deliver milestones on time or ahead of schedule during the half year, across 1.4 GW of future clean energy capacity. This is more than three times the project volume completed in 2025 and was enabled by operational improvements that are strengthening governance, increasing developer visibility and accelerating project delivery.

Functions: enhancing control and oversight while reducing friction in how we operate

Our functions play a critical role in supporting safe and efficient delivery. During the period, we continued to simplify governance, strengthen planning and controls, and identify opportunities for AI to support efficient processes while maintaining appropriate oversight.

For instance, in our Finance function we have been consolidating our data onto a single platform, to create a stronger and more consistent data foundation. We are also developing AI agents to support some of our processes, and transferring further global process activities to our Enterprise Business Services (our central shared services function) to leverage our scale as we grow. In August 2026, we successfully launched the first phase of our NextGen ERP programme in the US as we modernise our core financial systems. This release standardised the financial data model across our US businesses and automated complex regulatory and financial reporting, with approximately 400 end users across Finance transitioned to the new platform. In our legal function, we have enabled our businesses to get easier access to legal support through a digital front-end, and are using AI-enabled tools such as Harvey and Brief AI.

 

Driving the Big Shifts to define our future

The changing energy system requires us to transform how we lead, how we innovate, and how we shape our external environment. To achieve that transformation we are focussed on three Big Shifts:

Leadership, People & Performance: accountability, performance management and investment in leadership

We are focused on delivering clearer accountability, stronger performance management and we are investing in leadership across the Group. We launched a new simplified operating model in August, and reduced the Group Executive Committee (GEC), from 13 to 8 members. This strengthens accountability for performance and strategic delivery, and supports better-quality decisions at pace, more consistent execution and a stronger focus on stakeholder outcomes.

We are also investing in our capabilities and leadership, which includes the strengthening of our leadership and talent pipeline to build succession, depth and critical capabilities through a streamlined leadership framework for the Group’s top 140 leaders. Delivering our investment programme requires the expansion of our workforce including across specialist skills and delivery capacity. This includes skilled trade, engineering and network and capital delivery project management roles. We are on track to deliver our workforce plans, having recruited over 3,600 new employees during the first half of the year, including more than 400 graduates and apprentices.

We also recognise the need to support the next generation of talent. During the period, we committed £5 million to launch the Power within Employability fund to help 5,000 young people enter the workforce over the next five years, through practical training for the energy, construction, and infrastructure sector.

We also made progress in the period in our relations with trade unions, including pay and conditions agreements secured through our constructive, long-standing partnerships with UK trade unions supporting workforce stability and enabling delivery of our Great Grid Upgrade and wider transformation agenda. In the US, a number of multi-year union agreements were secured across our New York and New England jurisdictions, providing greater labour certainty while supporting productivity, operational flexibility and transformation.

Technology & Innovation: using technology more systematically to enable productivity and delivery

Technology and innovation are central to improving the performance of our networks and delivering more capacity at lower whole-system cost. During the period, we advanced digital, data and AI capabilities to strengthen our cyber defences, accelerate our capital delivery, unlock capacity on our existing networks, optimise our reliability and asset management, and enhance the customer experience. We recognise that cyber and AI-enabled threats are evolving rapidly, and we continue to build our understanding and adapt our approach in response.

Across capital delivery we are leveraging technology to help us deliver our capital investment programmes to schedule and budget. Our Capital Control Tower is helping us identify efficiencies from initiatives including direct sourcing, alternative haulage routes, and substation standardisation. Generative scheduling also allowed us to identify 100 days of schedule acceleration across our Eastern Green Link 1 joint venture project timeline. Using the Exodigo mapping tool to visualise infrastructure underground derisked our Walpole substation and Propel NY joint venture projects by providing accurate information on underground assets thereby reducing future change orders and supporting project scheduling. Elsewhere we are using Sensat to create digital twins of our project sites to allow multiple organisations involved in a project to view the same visual information. This allows testing of different options against real world constraints ahead of construction. We have also used Sensat successfully on our North London Reinforcement project to reduce site visits, enable earlier decisions, and reduce overhead costs.

New construction technology is also helping us simplify and speed up our delivery. For example we have moved innovative 3D-printed, low-carbon concrete foundations from trial stage into business-as-usual deployment, with the first supplier order now placed following successful testing. This technology can significantly reduce the volume of concrete required for substation foundations, supporting faster and lower-carbon network construction.

Across our assets we are using technology to unlock capacity on our existing networks, supporting network planning and resilience. For instance, in New England we are using Envelio’s mapping analytics to help identify where capacity exists on our network to assist developers with site selection and speed up customer connections. Having successfully deployed GridCare in our NY business to identify 600 MW of additional capacity earlier this year, we are now working with them in UK Electricity Transmission to unlock spare capacity and faster connections for large loads like data centres that can flex their load. Emerald AI provides one way for large data centres to flex their load without impacting their performance. After a successful pilot in the UK we are now exploring how we can leverage it more widely in our distribution network.

Technology also enables us to optimise reliability and enhance our asset management. In New England, we were awarded $49 million from the Department of Energy to support the Dynamic Rating Enhancement Advancements and Modernization (DREAM) project. This will establish dynamic line rating as a system-wide operational capability across New England Power’s approximately 2,600-mile overhead transmission network, maximising the utilisation of our transmission system. Sees.AI drone technology has also been successfully piloted to complete inspections, and its use is being extended across our business.

We are investing in our customer service platforms to support improved customer experience, enabled by better use of data. Our US businesses are introducing the Kraken platform to support end-to-end ownership of the customer experience, including issue resolution, accurate billing, and more proactive, timely communication. Kraken moved into the customer trial stage in the first half, and phased migration will start in the second half of the year, as we target deployment to our c.6.5 million US customers. In the UK, we modernised our Electricity Distribution contact centre with Amazon Connect strengthening resilience and service for our c.8 million customers and reducing call abandonment by around 10%. Further insights from AWS have improved customer experience and resolution, with a first contact resolution rate of 90%.

External Positioning: shaping outcomes that support affordability, resilience and growth

We have continued to engage constructively with governments, regulators and other stakeholders on the policy and regulatory choices required to support economic growth, energy security, affordability and decarbonisation. Our focus is on shaping practical reforms that enable timely investment and connections while protecting customers and maintaining system reliability.

We have continued to progress our price controls and rate cases in the period across a number of our jurisdictions. In the UK, priorities have included RIIO-T3 implementation and submitting our reopener filings, driving planning reform, delivering connections reform and supporting strategic spatial planning.

In the US, we filed a one-year rate stabilisation proposal for KEDNY and KEDLI, our downstate gas distribution businesses in New York. This proposal would extend the current rate plan by one year to 31 March 2028, and supports rate stability and affordability, while enabling continued investment with the ability to defer for future recovery the costs associated with necessary capital expenditures to maintain a safe and reliable service. In Massachusetts, our Massachusetts Gas rate case continued to progress with the completion of evidentiary hearings and briefings, ahead of an order expected in late November 2026.

Our external positioning work also includes helping to shape industry-wide policy direction, through working in coalitions on the future evolution of energy systems. In the UK we have played a leading role in developing the Electricity Networks Sector Growth Plan, bringing together industry, Government, the regulator and the supply chain to support a shared plan to translate the unprecedented expansion of Britain’s electricity networks into wider UK economic growth. The Plan sets out the scale of the opportunity through to 2035, including £181 billion of regulated network investment, £58 billion of direct value added to the UK economy and more than 210,000 jobs supported, alongside practical commitments on supply-chain investment, skills, demand visibility and UK manufacturing. National Grid is committed to supporting this and has recently announced a new long-term ambition for 70 per cent of the value of its future UK supply chain spend to be delivered in the UK, supporting domestic jobs in manufacturing and services.

In the US, we engaged with regulators and policy makers on large-load policy, affordability, resilience and transmission development. This included working with a bipartisan group to support the introduction of a reform bill in the US Senate to speed up federal permitting for infrastructure projects.

We recognise the role we play in delivering reliable, secure, affordable energy systems that support economic growth and enable decarbonisation. We continue to monitor developments in the external environment and will ensure that we adapt our Responsible Business Charter and Climate Transition Plan to reflect both our own progress and the policy and regulatory landscape we are now operating in, with publication planned ahead of the 2027 AGM.

 

Building optionality for Disciplined Growth

Delivering our Brilliant Basics and driving the Big Shifts will build a stronger platform for future long-term growth. Our priority remains execution of the high-quality, visible investment opportunities across our regulated networks, while selectively exploring new growth opportunities emerging from the transforming energy landscape. This approach allows us to sustain strong growth across our businesses, while creating additional growth options in parallel.

Regulated networks growth

Our regulated networks remain the principal driver of growth within our investment programme and we are focused on executing the significant organic growth opportunity it presents. We are also working with policy makers, regulators, customers and our supply chain to shape the policy and regulatory environments of the future, across both the UK and the US, not just for the next price control, but for the longer term.

For instance, having received the ED3 SSMD in May 2026, we are in the final stages of drafting our ED3 Business Plan, ahead of its submission to Ofgem in November 2026. This is expected to drive further growth in capital investment across the next five-year distribution price control. While in the US, across our upstate and downstate New York businesses, we are progressing the planning of our next multi-year rate cases.

Exploring new growth opportunities through National Grid Ventures

Alongside our regulated networks growth, National Grid Ventures continues to manage our portfolio of interconnectors and US generation assets and to assess selective opportunities. We are disciplined in our approach and will only consider opportunities where National Grid can leverage its capabilities whilst delivering long-duration cash flows and attractive returns with an appropriate risk profile.

During the half year, the Propel NY Energy transmission project, a project owned by our joint venture New York Transco, made significant progress in receiving approval of its Article VII permit from the New York Public Service Commission, a critical milestone to authorise advancing activities to complete all construction permits for an expected start by the end of FY2027.

In July 2026, we agreed to invest $1.75 billion to secure a 35% interest in Joulent LLC (“Joulent”), as part of a broader strategic partnership. Joulent will focus on developing contracted power generation and high voltage infrastructure for US large load customers, providing integrated solutions to help meet rapidly rising demand for reliable, scaled power at speed. The investment in Joulent is expected to deliver risk-adjusted returns in excess of our regulatory returns.

The majority of NGV’s investment will be used to enable the progression of Joulent’s foundational project, Project Kilby (“Kilby”), a 50/50 partnership with Chevron Corporation. Kilby is a 2.7 GW co-located power facility in West Texas that will provide dedicated electricity to a Microsoft-operated data centre campus under a 20-year power purchase agreement. Development of the project is at an advanced stage with all turbines and critical equipment secured, EPC capacity being arranged with leading contractors, and first power delivery targeted for 2028.

Our power-system expertise in energy management and high voltage substation development will be critical in delivering complex multi-gigawatt islanded mini-grid projects like Kilby. We also bring deep supply chain relationships for the necessary electrical equipment and we have longstanding experience of operating gas turbine power equipment at our US GenCo facilities on Long Island.

Beyond Project Kilby, Joulent has a multi-gigawatt pipeline, with three further projects being advanced in discussions with hyperscalers. We will progress that pipeline selectively and with discipline, through strict hurdle rate and risk criteria.

Elsewhere, we also continue to progress the next generation of hybrid interconnectors, with the LionLink offshore hybrid interconnector, being developed with TenneT in the Netherlands, achieving its multi-terminal direct current FEED award during the period. Our project pipeline includes two recent memoranda of understanding signed with joint venture partners.

 

 

2026/27 Half Year Financial Performance

Strong first half of delivery of our five-year financial framework

For detailed financial performance commentary, please refer to the Financial Review section on page 15. Our statutory operating profit is presented on page 3 which includes the impact of exceptional items, remeasurements, major storms, and timing. Underlying earnings further excludes the impact of deferred tax in our UK regulated businesses (NGET and NGED). A reconciliation between statutory performance and our Alternative Performance Measures (APMs) is presented on page 51.

Underlying operating profit for continuing operations increased by £292 million at constant currency to £2,591 million, a year-on-year increase of 13%. This improvement was driven by strong performance across our regulated businesses, predominantly in our UK Electricity Transmission business with the start of the RIIO-T3 price control, reflecting higher allowed revenue supporting the financing of the step-up in pace and scale of investment and delivery in RIIO-T3. New York benefitted from higher revenues reflecting higher rate base and recovery of historical storm and environmental costs, and National Grid Partners saw the benefit of two capital markets transactions within our investment portfolio. National Grid Ventures saw higher performance from the Interconnector portfolio, partly offsetting the divestment of Grain LNG.

Underlying EPS of 36.5p increased by 6.7p per share at constant currency, a 22% year-on-year increase, reflecting the underlying operating profit increase, a lower tax charge and income from the National Grid Partners fair value gain within our share of Joint Ventures and Associates, partly offset by the increased weighted average number of shares reflecting the issuance of shares under the scrip dividend programme.

Capital investment for continuing operations increased by £1,631 million at constant currency to £6,707 million, an increase of 32% relative to the prior year period. This increase was principally driven by the step-up in spend on ASTI projects in our UK Electricity Transmission business, increased connections and reinforcement spend in UK Electricity Distribution, and increased electricity transmission investments in both New England and New York.

Net debt was £48.6 billion at 30 September 2026, £4.4 billion higher than at 31 March 2026. This increase primarily reflects capital investment in the first half, and the funding of the investment in Joulent, along with interest costs, partially offset by operating cash inflows of £4.1 billion and the impact of foreign exchange movements.

 

Five-year financial framework*

In March 2026, we set out our updated five-year financial framework for the period to 2030/31.

Capital investment and asset growth

We expect to invest at least £70 billion across our energy networks and adjacent businesses, in the UK and US, over the five-year period to March 2031, with Group assets trending towards £115 billion by March 2031. Of this investment, around 85% is considered to be aligned with the principles of the EU Taxonomy legislation as at the date of reporting, directly invested into the decarbonisation of energy networks.

In the UK, we expect around £31 billion of investment in UK Electricity Transmission increasing network capacity to support increased renewable generation, and reduce constraint costs, connecting new customers, and maintaining the resilience of the network. This includes investment across our 17 ASTI projects, as we invest in the critical infrastructure required to enable the energy transition and a decarbonised electricity network in the 2030s. We expect our UK Electricity Distribution network to invest around £9 billion in asset replacement, reinforcement and new connections, facilitating the infrastructure for electric vehicles, heat pumps and directly connected generation.

In our US regulated businesses, we expect to invest around £17 billion in New York, and £12 billion in New England. Of this investment, we expect over 60% to be into our electricity networks, as we see a step-up in investment for renewable connections, transmission network upgrades, and digital capabilities to enable the energy transition, and the remainder in our gas business on pipeline replacement, safety and resilience programmes.

National Grid Ventures (NGV) has committed capital investment of around £1 billion, including maintenance investment across the six operational interconnectors.

With the large step-up in investment, we expect to see asset growth of around 10% CAGR through to 2030/31.

Group earnings growth and dividend growth

We expect our CAGR in underlying EPS to be in the 8–10% range from our 2025/26 baseline of 78.0p. This includes our long-run average scrip uptake assumption of 25% per annum, which will support our sustainable, progressive dividend policy into the future.

We will maintain a progressive level of total dividend aiming to grow the dividend per share in line with UK CPIH in keeping with the current dividend policy (for details of our dividend policy please refer to page 19).

Balance sheet visibility

We remain committed to a strong, overall investment grade credit rating. We expect to maintain credit metrics above our thresholds for our current group credit ratings through to at least 2030/31, with current thresholds of 10% for S&P and Moody’s Funds from Operations (FFO)/adjusted net debt, and 7% for Moody’s Retained Cash Flow (RCF)/adjusted net debt. Regulatory gearing was 61% at March 2026, and is expected to increase to the high-60% range by March 2030/31. This balance sheet strength extends beyond 2030/31, complemented by significant hybrid capacity.

*Our five-year financial framework is set from a 2025/26 baseline. Forward years are based on an assumed USD exchange rate of £1:$1.35, long run UK CPIH and US CPI inflation, long run interest rate assumptions, and scrip dividend uptake of 25%.

Macro resilience

Our investment case is underpinned by the visibility and resilience of our business model, our robust operational delivery, and supported by our regulatory frameworks. We are resilient to the impacts of the broader macro environment.

–  Inflation: In our UK businesses, inflation protections across our regulated asset base, together with regulatory mechanisms that provide protection against the impact of inflation on our cost base, provide a strong natural hedge and underpin real equity returns. Around 10% of our debt book is inflation linked, aligned with UK regulatory mechanisms. In the US, our regulatory frameworks have mechanisms to manage the impacts of changes in inflation, including revenue indexation, the ability to pace activity to remain within agreed allowances, and mechanisms to recover efficiently incurred unremunerated spend over time.

–  Commodity costs: Our businesses have limited exposure to volatility in wholesale energy prices. In the US, customer commodity costs are treated as pass through costs, and we use hedging programmes agreed with our regulators to manage the cost of energy procured for our customers.

–  Interest rates: Our financing strategy is designed to ensure stability. Over the five-year framework around 75% of our debt is subject to operating company level recovery mechanisms enabling the efficient recovery of debt costs; with 25% of our debt having a relatively small interest rate exposure that we actively manage. Approximately 10% of our net debt is sensitive to interest rates, limiting the exposure to changes in rates on our embedded debt. Our five-year financial framework reflects a forward view of interest rates and our refinancing profile. From an earnings sensitivity perspective, a sustained increase in interest rates of 100 basis points across the five-year financial framework versus our forward rate assumptions would impact 2030/31 EPS by around 1 pence after accounting for capitalised interest.

–  Foreign exchange: We are deliberate in managing our currency exposure. We hedge around 70% of our US gross assets with dollar-denominated debt. From an earnings perspective, that means a five cent move in the dollar–sterling exchange rate across a year translates to around a 1p impact on EPS, limiting volatility for shareholders.

Investment Case

National Grid offers a differentiated investment case, combining high-visibility growth with a resilient business model.

Our investment programme is supported by multiple structural drivers: network resilience and modernisation, connecting low-carbon generation, and the expansion of our networks to support electrification and rapidly growing demand, including from AI and data centres, and industrial reshoring. Importantly, that investment is going into critical infrastructure assets, generating long-duration cash flows with attractive, low-risk returns.

Alongside that growth, our business model is highly resilient. Our regulatory capabilities, delivery track record, disciplined balance sheet and resilience to macroeconomic volatility provide a unique stability, even as the energy system becomes more complex.

That combination supports our five-year framework, including 8–10% annual underlying EPS growth and a progressive inflation-protected dividend, designed to deliver attractive and consistent double-digit investor returns.

 

2026/27 forward guidance

The outlook and forward guidance contained in this statement should be reviewed, together with the forward looking statements set out in this release, in the context of the cautionary statement. The forward guidance in this section is presented on an underlying basis and excludes remeasurements and exceptional items, deferrable major storm costs, net of in-year allowances in the US (when greater than $100 million), timing and the impact on underlying results of deferred tax in our UK regulated businesses (NGET and NGED). The 2026/27 forward guidance assumes an exchange rate of £1:$1.35, reflecting nearer term exchange rates.

UK Electricity Transmission

Underlying net revenue is expected to increase by just under £850 million compared to 2025/26 primarily driven by the first year of RIIO-T3, reflecting semi-nominal returns and higher levels of totex from increased ASTI investment. Depreciation is expected to be around £80 million higher, while costs are expected to increase by around £50 million, both linked to the step-up in investment programmes.

We expect to deliver around 9% Return on Equity in 2026/27. Across the RIIO-T3 price control we aim to achieve an overall return on equity above 9% including operating and financing performance.

UK Electricity Distribution

Underlying net revenue growth is expected to be broadly offset by higher depreciation, reflecting the increasing asset base.

 

We expect to deliver up to 70 basis points of Return on Equity operational outperformance in the fourth year of RIIO-ED2, increasing from 2025/26, primarily delivered through improved totex performance. We continue to expect outperformance to improve towards 100bps over the remainder of RIIO-ED2.

New England

Underlying net revenue is expected to be around $450 million higher, driven by updated rates, higher tracker revenues and the non-repeat of the 2025/26 FERC order impact. This is expected to be partly offset by higher depreciation of around $70 million and around $140 million of costs including those linked to increased investment.

Return on Equity for New England is expected to be in line with 2025/26.

New York

Underlying net revenue is expected to be around $450 million higher, reflecting updated rates and recovery of previously unremunerated costs. Depreciation is expected to be around $150 million higher and other costs are expected to be around $20 million higher, linked to increased investment.

Return on Equity for New York is expected to slightly improve compared to 2025/26.

National Grid Ventures and Other activities

In NGV, we expect operating profit to be around £100 million lower than 2025/26 primarily reflecting the sale of the Grain LNG business and one-off costs. This is expected to be partly offset by the higher interconnector performance over the first half.

We also expect underlying operating losses from other activities to be around £70 million higher compared to 2025/26, reflecting lower property disposals and higher other costs, partly offset by investment gains within the NG Partners portfolio.

Joint Ventures and Associates

Our share of the profit after tax of joint ventures and associates is expected to be around £40 million higher than 2025/26, reflecting fair value gains from NG Partners investments in the first half.

Interest and Tax

Net finance costs in 2026/27 are expected to be around £300 million higher than 2025/26 reflecting increased debt issuance to fund capital investment and our investment in Joulent, net of higher capitalised interest.

For the full year 2026/27, the underlying effective tax rate, excluding the share of post-tax profits from joint ventures and associates, is expected to be around 12%. This is calculated following our definition of underlying earnings which excludes the impact on underlying results of deferred tax in our UK regulated businesses (NGET and NGED).

Investment, Growth and Net Debt

Overall Group capital investment in 2026/27 is expected to grow by over 15% to around £13.5 billion.

Asset Growth is expected to be around 11%.

Operating cash flow generated from operations is expected to increase by around 15% compared to 2025/26 driven by increased underlying performance and the recovery of timing balances.

Net debt is expected to increase by around £4 billion (from £48.6 billion as at 30 September 2026). Reflecting this, regulatory gearing is expected to be around 65%.

Weighted average number of shares (WAV) is expected to be approximately 5,020 million in 2026/27.

Financial review – HY 2026/27

Performance for the six months ended 30 September

Financial summary

(£ million)	2026	2025	change %
Accounting profit
Gross revenue	8,138	7,065	15%
Operating costs	(5,779)	(5,539)	(4%)
Statutory operating profit	2,359	1,526	55%
Net finance costs	(718)	(739)	3%
Share of joint ventures and associates (after tax)	89	39	128%
Tax	(386)	(208)	(86%)
Non-controlling interest	(1)	(1)	—%
Statutory earnings	1,343	617	118%
Exceptional items and remeasurements	(213)	150	(242%)
Tax on exceptional and remeasurements	37	(15)	347%
Timing	441	677	(35%)
Tax on timing	(116)	(182)	36%
Deferred tax on underlying profits in NGET and NGED	329	223	48%
Underlying earnings1	1,821	1,470	24%
Statutory EPS	26.9	12.6	113%
Underlying EPS1	36.5	29.8	22%
Interim dividend per share (pence)	16.97	16.35	4%
Capital investment
Capital investment	6,707	5,052	33%

 

Reconciliation of different measures of profitability and earnings

The table below reconciles our statutory profit measures at actual exchange rates, to underlying profit. Details of exceptional items and remeasurements are provided in notes 4 and 5 to the financial statements.

Reconciliation of profit and earnings
		Operating profit			Profit after tax			Earnings per share (pence)
(£ million)		2026	2025		2026	2025		2026	2025
Statutory results		2,359	1,526		1,344	618		26.9	12.6
Exceptional items		(228)	105		(186)	103		(3.7)	2.1
Remeasurements		19	(16)		10	32		0.2	0.6
Timing		441	677		325	495		6.5	10.0
Deferred tax in NGET and NGED		—	—		329	223		6.6	4.5
Underlying results		2,591	2,292		1,822	1,471		36.5	29.8

 

Statutory IFRS earnings were £1,343 million in the first six months of the year, £726 million, or 118% higher than the six months to September 2025. Statutory revenues were £1,073 million higher, primarily driven by increased returns on our growing asset base, driven by our ongoing investment programme, along with an impact from £380 million higher revenues in UK Electricity Transmission (from increased fast money as a result of higher investment and the impact of the change to semi-nominal returns under RIIO-T3), £440 million higher revenues in New York (higher rate base and a smaller timing under-recovery). In addition, favourable fair value gains in NG Partners generated a £197 million increase in statutory revenues compared with the prior period. These increases were partly offset by a £127 million higher charge for depreciation and amortisation and £113 million higher operating costs (including the impact of exceptional items and commodity remeasurements). Financing costs increased £21 million compared with the first six months of 2025/26 and the total tax charge increased by £178 million linked to the higher level of taxable profits. This resulted in statutory EPS of 26.9p in the first six months of the year, up 14.3p or 113% on the comparative period.

Statutory earnings include a £170 million favourable period-on-period swing in post-tax timing (see page 53) a £22 million post-tax favourable period-on-period movement in derivative remeasurements (see note 4 to the financial statements). Exceptional post-tax gains of £186 million in the current period comprise a £142 million NG Partners’ fair value gain on our investment in Uniphore and £86 million (impairment reversal and currency translation recycling) for our interest in Community Offshore Wind, LLC, which was sold in August 2026. In the comparative period exceptional post-tax losses were £103 million (see note 4 for further details). Statutory earnings include the full impact of deferred tax on our UK regulated businesses (NGET and NGED), but this is excluded from our underlying results. For measuring and monitoring performance of the businesses across the Group, management routinely refers to alternative performance measures (APMs) including ‘underlying profit’. See pages 49–53 for further details and reconciliations between statutory IFRS performance measures and our APMs.

Underlying operating profit of £2,591 million was up 13% and underlying EPS of 36.5p was up 22% against the prior period. This was primarily driven by higher revenues in UK Electricity Transmission under the new RIIO-T3 price control.

Underlying net revenues of £6,476 million were £676 million higher compared to the prior period driven by higher UK Electricity Transmission regulated revenues under RIIO-T3 (up £441 million) along with increases in New York (up £188 million) and New England (up £81 million), both driven by the increased asset base from ongoing investment in US assets, partly offset by lower revenues in NGV following the sale of Grain LNG during the second half of 2025/26.

Regulated controllable costs were up by 8% on a constant currency basis, with increases from higher workload, inflation and other non-recurring items, being partly offset by efficiencies. After excluding the impact of non-recurring items, regulated controllable costs have only increased by an estimated 2%, well below the inflation levels in the UK and the US. Depreciation was £127 million higher as a result of the higher level of assets in service related to our ongoing capital investment programme. Other costs were higher related to increased US property taxes, capital investment related costs and also higher costs to deliver outputs as agreed with our regulators (which are offset by higher revenues). These factors resulted in underlying earnings of £1,821 million for the first six months of 2026/27, up £351 million or 24%.

 

Segmental income statement

Segmental analysis for continuing operations
	Statutory results				Underlying results
£ million	2026	2025	change %		2026	2025	change %
UK Electricity Transmission	1,147	810	42%		1,227	846	45%
UK Electricity Distribution	477	488	(2%)		550	551	—%
New England	65	61	7%		266	292	(9%)
New York	377	78	383%		487	443	10%
National Grid Ventures	217	126	72%		127	187	(32%)
Other	76	(37)	305%		(66)	(27)	(144%)
Total operating profit	2,359	1,526	55%		2,591	2,292	13%
Net finance costs	(718)	(739)	(3%)		(722)	(678)	6%
Share of JVs and associates (post-tax)	89	39	128%		89	39	128%
Profit before tax	1,730	826	109%		1,958	1,653	18%
Tax	(386)	(208)	86%		(136)	(182)	(25%)
Profit after tax	1,344	618	117%		1,822	1,471	24%
EPS (pence)	26.9	12.6	113%		36.5	29.8	22%

UK Electricity Transmission statutory operating profit of £1,147 million was up from £810 million in the prior period. Capital investment in the first half of the year increased by more than £1 billion compared to the equivalent period last year. The new RIIO-T3 price control has increased revenues to help finance this step-up in investment. Higher levels of investment in the electricity transmission network have resulted in increased ‘fast money’. Revenues are also higher from the change to semi-nominal returns on RAV, along with higher returns from the growth in the asset base. The prior period included £3 million of exceptional charges related to a major transformation programme. Timing movements were £47 million adverse to the comparative period (primarily an under-collection of TNUoS revenues).

UK Electricity Transmission underlying operating profit was £1,227 million compared with £846 million in the prior period. This increase was driven by £441 million higher underlying net revenues, driven by the ongoing delivery of our capital investment programme, partially offset by a £23 million increase in controllable costs, and higher depreciation as a result of the higher level of assets placed in service.

UK Electricity Distribution statutory operating profit of £477 million was down from £488 million in the prior period with revenue increases being broadly offset by higher pass-through costs and higher depreciation. Timing movements were £10 million adverse to the prior period mainly related to volumes and inflation true-ups.

UK Electricity Distribution underlying operating profit was broadly flat on the comparative period at £550 million (2025: £551 million). Underlying net revenues increased by £13 million from a combination of higher returns from a higher asset base, but offset by lower fast money from a decrease in overall totex. This increase was offset by higher controllable costs driven by increased workload and higher depreciation due to the higher investment.

New England statutory operating profit of £65 million was up from £61 million in the prior period. However, this included a £38 million less adverse period-on-period timing swing (mainly due to commodity movements and the pass back of energy efficiency balances in the prior year). Statutory operating profit includes commodity derivative remeasurement losses of £27 million (2025: £19 million losses) and a £1 million exceptional charge in the prior period related to a major transformation programme.

New England underlying operating profit of £266 million was £29 million lower than the prior period (on a constant currency basis), with higher underlying net revenues from higher capital tracker revenues and formula rate revenues being more than offset by higher controllable costs (including an estimated £40 million from non-recurring items), higher depreciation (up £40 million from the higher asset base due to ongoing investment) and increased investment-related costs, property taxes, storm costs and programme-related costs incurred.

New York statutory operating profit of £377 million was significantly higher than £78 million in the prior period. Total revenues were up £440 million (16%), but this included a £259 million favourable period-on-period timing swing (including deferred recoveries along with volume and commodity movements). Statutory operating profit included commodity derivative remeasurement gains of £4 million (2025: £18 million losses) and the prior period also included a £2 million major transformation programme exceptional charge and a £25 million exceptional credit on environmental provisions.

New York’s underlying operating profit was £487 million, £40 million higher than the prior period (on a constant currency basis). Underlying net revenues were £188 million higher driven by increased revenues from increased rate bases in both our upstate and downstate New York businesses of £126 million along with other regulatory asset recoveries. Controllable costs were £28 million higher compared with the prior period, principally related to inflation, workload and some other non-recurring items, partly offset by efficiency savings. Depreciation increased by £44 million (at constant currency) from the higher asset base due to ongoing investment. Other costs were higher compared to the prior period, primarily driven by increased property taxes, investment-related costs, storms expenses and environmental costs along with higher provision for bad debts, partly offset by lower energy efficiency programme costs.

National Grid Ventures’ statutory operating profit of £217 million was up from £126 million in the prior period. On 4 August 2026 we sold our 27.27% interest in Community Offshore Wind (COSW) to RWE, resulting in a net exceptional impairment reversal of £86 million (including £11 million from the impact of FX recycling). This joint venture investment was fully written down in 2024/25. The prior period included a £96 million loss on the disposal of National Grid Renewables (sold in May 2025) and £18 million of exceptional transaction costs related to the disposal of Grain LNG (sold in November 2025). Derivative remeasurement gains on capacity contracts in North Sea Link were £4 million (2025: £53 million gains).

National Grid Ventures’ underlying operating profit of £127 million was £60 million lower than the prior period, driven by the loss of contribution from Grain LNG (£91 million). Higher UK interconnectors revenues improved profit by £35 million compared with the prior period, and operating losses in US Ventures were £7 million higher than the prior period, primarily related to transaction costs for the investment in Joulent.

‘Other’ activities’ statutory operating profit of £76 million (2025: £37 million operating loss) was £113 million higher than the prior period. Statutory profit was significantly impacted by gains on the NG Partners investment portfolio (primarily Uniphore, but gains were made across the portfolio in aggregate). The gain of £142 million on the Uniphore investment has been classified as exceptional and hence is excluded from our underlying results. The prior period also included major transformation programme exceptional charges of £9 million.

‘Other’ activities underlying operating loss of £66 million (2025: £27 million loss) was adverse to the prior period, with the favourable impact from the result of NG Partners’ investment fair value gains (excluding Uniphore), being more than offset by higher central costs and lower profits in our captive insurance business.

The NG Partners portfolio valuation (including JVs) at 30 September 2026 was £567 million (31 March 2026: £433 million). Movements in the portfolio’s valuation are attributable to additional investment of £25 million, dividend distributions of £31 million, disposals of investments for £110 million and total revaluation gains of £253 million (including exchange movements).

Financing costs and tax

Net finance costs

Statutory net finance costs of £718 million were down from £739 million in the prior period and included derivative remeasurement gains of £4 million (2025: £61 million losses). Underlying net finance costs of £722 million (2025: £678 million) were £44 million, or 6% higher than the prior period (£41 million, or 6% higher at constant currency). This was driven by the increase in borrowings to finance our investment programme along with lower interest income.

Joint ventures and associates

The Group’s share of net statutory profits from JVs and associates was £89 million (2025: £39 million). On an underlying basis, the share of net profits from joint ventures and associates increased to £89 million (2025: £39 million) due to the valuation of the Energy Impact Fund’s investment in E-Rock which completed an IPO in July, and increased profits in BritNed and Transco.

Tax

The statutory tax charge for continuing operations was £386 million (2025: £208 million) including the impact of tax on exceptional items and remeasurements of £37 million charge (2025: £15 million credit). The adjusted tax charge for continuing operations was £349 million (2025: £223 million), resulting in an effective tax rate for continuing operations (excluding profits from joint ventures and associates) of 24.4% (2025: 23.8%). The underlying effective tax rate for continuing operations (excluding profits from joint ventures and associates) was 7.3% (2025: 11.3%). Underlying tax (a non-GAAP measure) excludes the tax impacts on exceptional items, remeasurements, timing and major storm costs (in line with our exclusion of these items in calculating underlying profit before tax). We also exclude deferred tax in our UK regulated businesses (NGET and NGED), as regulated revenues provide an allowance for current tax but not deferred tax. This ensures greater alignment between our underlying results and regulatory performance measures. The underlying effective tax rate of 7.3% is lower than the prior period (11.3%), primarily due to increased capital investment in our UK regulated businesses resulting in higher deferred tax exclusion as well as a change in profit mix.

Net debt

Net debt is a measure derived from IFRS (comprising cash and cash equivalents, current financial investments, borrowings and bank overdrafts and financing derivatives) and is defined and reconciled to these balances in note 10 to the financial statements.

During the first six months of the year, net debt increased £4.4 billion (10%) to £48.6 billion. Cash inflows were made up of cash generated from operations of £4,146 million along with dividends received of £57 million, £75 million of proceeds on disposal of COSW and £96 million of other net inflows from financial investments outside net debt (including NG Partners). These inflows were offset by £5,932 million of investment cash outflows and a £941 million investment in Joulent in the first six months of the year. In addition, there were outflows of £4 million for tax payments, £943 million of interest outflows, £990 million paid in dividends, £94 million of accretions on index-linked debt and other non-cash movements. Exchange rate movements reduced reported opening net debt by £64 million.

Since 1 April we have raised around £5.6 billion of new long-term senior debt to fund a portion of our significant capital programme and to refinance maturing debt. The debt was raised across a diverse range of funding sources, with £1.1 billion drawn through loans and the remaining £4.5 billion through bond markets. Bond issuance was across six different currencies, including bonds denominated in Canadian dollars and Swiss francs. In addition, we signed a new loan guaranteed by a European Export Credit Agency, which is aligned with our green financing framework and which was undrawn as at 30 September 2026. During the period we raised around £3.2 billion of additional committed loan facilities from our relationship banking group, which will provide incremental liquidity headroom to support our increased capital investment programme. As at 30 September 2026, we have £10.9 billion of undrawn committed facilities available for liquidity purposes. In June, Fitch upgraded the long-term ratings of NG plc, NGET and NEP by one notch, referencing strong earnings visibility. There are no other significant updates relating to credit rating agency actions. National Grid’s balance sheet remains robust and we remain committed to a strong, overall investment grade credit rating.

Interim dividend

The Board has approved an interim dividend of 16.97p per ordinary share ($1.1433) per American Depositary Share). The interim dividend is expected to be paid on 12 January 2027 to shareholders on the register as at 20 November 2026.

The Board aims to grow the annual dividend per share in line with UK CPIH, thus maintaining the dividend per share in real terms. The Board reviews this policy regularly, taking into account a range of factors including expected business performance and regulatory developments.

The scrip dividend alternative will again be offered in respect of the 2026/27 interim dividend.

 

Growth

A balanced portfolio to deliver asset and dividend growth

National Grid seeks to create value for shareholders through developing a balanced portfolio of businesses that offer an attractive combination of asset growth and cash returns.

£6.7 billion of capital investment across the Group

We continued to make significant investment in energy infrastructure in the first six months of the year. Capital investment across the Group was £6,707 million, an increase of £1,655 million or 33% at actual exchange rates (32% at constant currency) compared to the first half of 2025/26.

Group capital investment
Six months ended 30 September (£ million)		At actual exchange rates				At constant currency
		2026	2025	% change		2025	% change
UK Electricity Transmission		2,888	1,684	71%		1,684	71%
UK Electricity Distribution		834	756	10%		756	10%
New England		1,105	958	15%		967	14%
New York		1,775	1,585	12%		1,599	11%
Capital investment (regulated networks)		6,602	4,983	32%		5,006	32%
National Grid Ventures		100	69	45%		70	43%
Other		5	—	n/m		—	n/m
Total capital investment		6,707	5,052	33%		5,076	32%

UK Electricity Transmission invested £2,888 million, up £1,204 million on the prior period, including £433 million more on ASTI offshore, £306 million more on ASTI onshore, increased investment in infrastructure and delivery (e.g. Margam, Willesden and Uxbridge Moor) along with more investment in customer connections, completion of the transmission control centre, increased spend on IT and cyber and also capitalised interest (up £51 million).

UK Electricity Distribution invested £834 million, £78 million higher, including £33 million of increased connections spend and £21 million higher network reinforcement activities, along with smaller increases in non-load capital investment such as higher faults work due to the summer heat.

In New England, £1,105 million of investment was an increase of £147 million (or £138 million higher at constant currency). This was mainly driven by £80 million more investment in electric transmission driven by major and complex asset condition works, £34 million more investment on electric distribution (reflecting higher spend on system capacity, facilities and telecoms) and £22 million of increased investment in gas distribution.

Investment in New York was £1,775 million, £190 million higher (or £176 million higher at constant currency), driven by £194 million higher electric capital investment (primarily CLCPA Phases 1 & 2, but also direct transmission and distribution investment along with network reinforcement and upgrades).

National Grid Ventures capital investment was £31 million higher, driven by spend on LionLink and IFA.

In the year to date, National Grid Ventures has also invested £941 million in Joulent, a business which aims to develop integrated power solutions for US large-load customers (including data centres), including co-located gas generation, battery storage, renewables integration and ‘Across-the-Meter’ grid connections. This investment has been accounted for as a non-current financial investment, so is not included within our ‘capital investment’ measure.

Alternative Performance Measures

Unless otherwise stated, all financial commentaries in this results statement are given on an underlying basis at actual exchange rates. Underlying represents statutory results excluding exceptional items, remeasurements, timing and major storm costs. The following are terms or metrics that are reconciled to IFRS measures and are defined on pages 49 to 53, including but not limited to: net revenue, underlying net revenue, adjusted profit measures, underlying results, constant currency, timing impacts, capital investment (regulated networks), net debt (defined in note 10 on page 43).

 

 

Provisional 2026/27 financial timetable

 

Date	Event
5 November 2026	2026/27 Half Year Results
19 November 2026	Ex-dividend date for 2026/27 interim dividend – ordinary shares
20 November 2026	Ex-dividend date for 2026/27 interim dividend – ADRs
20 November 2026	Record date for 2026/27 interim dividend
26 November 2026	Scrip reference price announced for 2026/27 interim dividend
7 December 2026 (5pm EST)	Scrip election date for 2026/27 interim dividend – ADRs
10 December 2026 (5pm GMT)	Scrip election date for 2026/27 interim dividend – ordinary shares
12 January 2027	2026/27 interim dividend paid to qualifying shareholders
13 May 2027	2026/27 Full Year Results
27 May 2027	Ex-dividend date for 2026/27 final dividend – ordinary shares
28 May 2027	Ex-dividend date for 2026/27 final dividend – ADRs
28 May 2027	Record date for 2026/27 final dividend
3 June 2027	Scrip reference price announced for 2026/27 final dividend
14 June 2027 (5pm EDT)	Scrip election date for 2026/27 final dividend – ADRs
17 June 2027 (5pm BST)	Scrip election date for 2026/27 final dividend – ordinary shares
22 July 2027	2026/27 final dividend paid to qualifying shareholders
10 November 2027	2027/28 Half Year Results

 

 

 

Cautionary statement

 

This announcement contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information with respect to National Grid’s (the Company) financial condition, its results of operations and businesses, strategy, plans and objectives. Words such as ‘aims’, ‘anticipates’, ‘expects’, ‘should’, ‘intends’, ‘plans’, ‘believes’, ‘outlook’, ‘seeks’, ‘estimates’, ‘targets’, ‘may’, ‘will’, ‘continue’, ‘project’ and similar expressions, as well as statements in the future tense, identify forward-looking statements. This announcement also references sustainability-related targets and sustainability-related risks (including climate-related targets and climate-related risks) which differ from conventional financial risks in that they are complex, novel and tend to involve projection over long-term scenarios which are subject to significant uncertainty and change. These forward-looking statements and targets are not guarantees of National Grid’s future performance and are subject to assumptions, risks and uncertainties that could cause actual future results to differ materially from those expressed in or implied by such forward-looking statements and targets. Many of these assumptions, risks and uncertainties relate to factors that are beyond National Grid’s ability to control or estimate precisely, such as changes in laws or regulations and decisions by governmental bodies or regulators, including those relating to current and upcoming price controls in the UK and rate cases in the US; the timing of construction and delivery by third parties of new generation projects requiring connection; breaches of, or changes in, environmental, climate change and health and safety laws or regulations, including breaches or other incidents arising from the potentially harmful nature of its activities; network failure or interruption, the inability to carry out critical non-network operations and damage to infrastructure, due to adverse weather conditions including the impact of major storms as well as the results of climate change, due to counterparties being unable to deliver physical commodities; reliability of and access to IT systems, including due to the failure of or unauthorised access to or deliberate breaches of National Grid’s systems and supporting technology; failure to adequately forecast and respond to disruptions in energy supply; performance against regulatory targets and standards and against National Grid’s peers with the aim of delivering stakeholder expectations regarding costs and efficiency savings, including affordability considerations, as well as against targets and standards designed to support its role in the energy transition; and customers and counterparties (including financial institutions) failing to perform their obligations to the Company. Other factors that could cause actual results to differ materially from those described in this announcement include fluctuations in exchange rates, interest rates and commodity price indices; restrictions and conditions (including filing requirements) in National Grid’s borrowing and debt arrangements, funding costs and access to financing; regulatory requirements for the Company to maintain financial resources in certain parts of its business and restrictions on some subsidiaries’ transactions such as paying dividends, lending or levying charges; the delayed timing of recoveries and payments in National Grid’s regulated businesses, and whether aspects of its activities are contestable; the funding requirements and performance of National Grid’s pension schemes and other post-retirement benefit schemes; the failure to attract, develop and retain employees with the necessary competencies, including leadership and business capabilities, and any significant disputes arising with National Grid’s employees or breaches of laws or regulations by its employees; the failure to respond to market developments, including competition for onshore transmission; the threats and opportunities presented by emerging technology, including AI; the risk that global actions may not be effective in transitioning to net zero and in managing relevant ESG risks, including in particular climate, nature-related and human rights risks; the failure by the Company to respond to, or meet its own commitments as a leader in relation to, climate change development activities relating to energy transition, including the integration of distributed energy resources, which may result in the Company’s failure to achieve the expected benefits of its strategic priorities; and the need to grow the Company’s business to deliver its strategy, as well as incorrect or unforeseen assumptions or conclusions (including unanticipated costs and liabilities) relating to business development activity, including its strategic infrastructure projects and joint venture investments. Furthermore, in preparing the ESG-related information contained in this document, National Grid has made a number of key judgements, estimations and assumptions, and the processes and issues involved are complex. The ESG data, models and methodologies used are often relatively new, are rapidly evolving and are not of the same standard as those available in the context of other financial information, nor are they subject to the same or equivalent disclosure standards, historical reference points, benchmarks or globally accepted accounting principles. This means the ESG-related forward-looking statements and ESG metrics discussed in this document carry an additional degree of inherent risk and uncertainty. For further details regarding these and other assumptions, risks and uncertainties that may affect National Grid, please read the Strategic Report section (including the ‘Group Principal Risks’ on pages 31 to 37) and the ‘Risk factors’ on pages 227 to 232 of National Grid’s Annual Report and Accounts and Form 20-F for the year ended 31 March 2026 as updated by the principal risks and uncertainties statement on page 46 of this announcement. In addition, new factors emerge from time to time and National Grid cannot assess the potential impact of any such factor on its activities or the extent to which any factor, or combination of factors, may cause actual future results to differ materially from those contained in any forward-looking statement. Except as may be required by law or regulation, the Company undertakes no obligation to update any of its forward-looking statements, which speak only as of the date of this announcement.

 

 

Glossary

 

Term	Meaning
ADR	American Depositary Receipt
APM	Alternative Performance Measure
ASTI	Accelerated Strategic Transmission Investment
CAGR	Compound Annual Growth Rate
CLCPA	Climate Leadership and Community Protection Act
CPIH	UK Consumer Prices Index including Owner Occupiers’ Housing Costs
DPS	Dividend Per Share
DSO	Distribution System Operator
ED3	Electricity Distribution price control which will run from 1 April 2028 to 31 March 2033
EGL1	Eastern Green Link 1: Torness to Hawthorn Pit (ASTI project); JV with SP Energy Networks
EGL2	Eastern Green Link 2: Peterhead to Drax (ASTI Project); JV with SSEN
EGL3	Eastern Green Link 3: Aberdeenshire to Anderby Creek (ASTI Project); JV with SSEN
EGL4	Eastern Green Link 4: Fife to Anderby Creek (ASTI Project); JV with SP Energy Networks
ESO	Electricity System Operator
FERC	Federal Energy Regulatory Commission
FFO	Funds from Operations
FLISR	Fault Location Isolation and Service Restoration
IFA	Interconnexion France-Angleterre – subsea electric interconnector between Great Britain and France
IPO	Initial Public Offering
KEDNY and KEDLI (KEDNY/LI)	KeySpan Energy Delivery New York (KEDNY) and KeySpan Energy Delivery Long Island (KEDLI)
LNG	Liquefied Natural Gas
LTIFR	Lost Time Injury Frequency Rate (LTIs per 100,000 hours worked)
NESO	National Energy System Operator
NGED/UK ED	National Grid Electricity Distribution
NGET/UK ET	National Grid Electricity Transmission
NGP	National Grid Partners
NGV	National Grid Ventures
NIMO	Niagara Mohawk (National Grid’s electric and gas distribution business in Upstate New York)
NYPSC	New York Public Service Commission (state energy regulator)
RAV	Regulated Asset Value
RCF	Retained Cash Flow
RIIO	“Revenue = Incentives + Innovation + Outputs” a Price control Framework used by the UK regulator OFGEM
RoE	Return on Equity
RPI	Retail Price Index
RPM	Regulatory Performance Measure
SSMD	Sector Specific Methodology Decision
UK CPIH	UK Consumer Prices Index including Owner Occupiers’ Housing Costs
US CPI	US Consumer Prices Index

 

 

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

Consolidated income statement
for the six months ended 30 September
2026	Notes		Before exceptional items and remeasurements £m	Exceptional items and remeasurements £m	Total £m
Revenue	2(a),3,4		7,996	142	8,138
Impairment losses on financial assets			(73)	—	(73)
Other operating costs	4		(5,773)	67	(5,706)
Operating profit	2(b),4		2,150	209	2,359
Finance income	5		121	—	121
Finance costs	4,5		(843)	4	(839)
Share of post-tax results of joint ventures and associates	2(b)		89	—	89
Profit before tax	2(b),4		1,517	213	1,730
Tax	4,6		(349)	(37)	(386)
Total profit for the period			1,168	176	1,344
Attributable to:
Equity shareholders of the parent			1,167	176	1,343
Non-controlling interests			1	—	1
Earnings per share (pence)
Basic earnings per share	7				26.9
Diluted earnings per share	7				26.8
2025	Notes		Before exceptional items and remeasurements £m	Exceptional items and remeasurements £m	Total £m
Revenue	2(a),3		7,065	—	7,065
Impairment losses on financial assets			(58)	—	(58)
Other operating costs	4		(5,392)	(89)	(5,481)
Operating profit	2(b),4		1,615	(89)	1,526
Finance income	4,5		206	2	208
Finance costs	4,5		(884)	(63)	(947)
Share of post-tax results of joint ventures and associates	2(b),4		39	—	39
Profit before tax	2(b),4		976	(150)	826
Tax	4,6		(223)	15	(208)
Total profit for the period			753	(135)	618
Attributable to:
Equity shareholders of the parent			752	(135)	617
Non-controlling interests			1	—	1
Earnings per share (pence)
Basic earnings per share	7				12.6
Diluted earnings per share	7				12.5

 

 

 

 

Consolidated statement of comprehensive income
for the six months ended 30 September
			2026	2025
	Notes		£m	£m
Profit after tax			1,344	618
Other comprehensive income
Items that will never be reclassified to profit or loss:
Remeasurement gains on pension assets and post-retirement benefit obligations			115	147
Net (losses)/gains in respect of cash flow hedging of capital expenditure			(74)	42
Tax on items that will never be reclassified to profit or loss			(12)	(54)
Total items that will never be reclassified to profit or loss			29	135
Items that may be reclassified subsequently to profit or loss:
Retranslation of net assets offset by net investment hedge			(37)	(588)
Exchange differences reclassified to the consolidated income statement on disposal			(11)	76
Net gains/(losses) in respect of cash flow hedges			127	(68)
Net gains in respect of cost of hedging			9	35
Net (losses)/gains on investments in debt instruments measured at fair value through other comprehensive income			(5)	13
Tax on items that may be reclassified subsequently to profit or loss			(34)	8
Total items that may be reclassified subsequently to profit or loss			49	(524)
Other comprehensive income/(loss) for the period, net of tax			78	(389)
Total comprehensive income for the period			1,422	229
Attributable to:
Equity shareholders of the parent			1,421	228
Non-controlling interests			1	1

 

 

 

Consolidated statement of changes in equity
for the six months ended 30 September
		Share  capital	Share premium account	Retained earnings	Other equity reserves	Total share-holders’ equity	Non-controlling interests	Total equity
	Notes	£m	£m	£m	£m	£m	£m	£m
At 1 April 2026		647	1,285	41,909	(4,542)	39,299	31	39,330
Profit for the period		—	—	1,343	—	1,343	1	1,344
Other comprehensive income/(loss) for the period		—	—	84	(6)	78	—	78
Total comprehensive income/(loss) for the period		—	—	1,427	(6)	1,421	1	1,422
Equity dividends	8	—	—	(990)	—	(990)	—	(990)
Scrip dividend-related share issue		6	(8)	—	—	(2)	—	(2)
Issue of treasury shares		—	—	22	—	22	—	22
Transactions in own shares		—	—	(2)	—	(2)	—	(2)
Other movements in non-controlling interests		—	—	—	—	—	4	4
Share-based payments		—	—	25	—	25	—	25
Cash flow hedges transferred to the statement of financial position, net of tax		—	—	—	6	6	—	6
At 30 September 2026		653	1,277	42,391	(4,542)	39,779	36	39,815
At 1 April 2025		638	1,292	40,106	(4,233)	37,803	23	37,826
Profit for the period		—	—	617	—	617	1	618
Other comprehensive income/(loss) for the period		—	—	102	(491)	(389)	—	(389)
Total comprehensive income/(loss) for the period		—	—	719	(491)	228	1	229
Equity dividends	8	—	—	(894)	—	(894)	—	(894)
Scrip dividend-related share issue		7	(8)	—	—	(1)	—	(1)
Issue of treasury shares		—	—	38	—	38	—	38
Transactions in own shares		—	—	(1)	—	(1)	—	(1)
Other movements in non-controlling interests		—	—	—	—	—	4	4
Share-based payments		—	—	17	—	17	—	17
At 30 September 2025		645	1,284	39,985	(4,724)	37,190	28	37,218

 

 

 

Consolidated statement of financial position
			30 September 2026	31 March 2026
	Notes		£m	£m
Non-current assets
Goodwill			9,406	9,417
Other intangible assets	2(c)		3,973	3,879
Property, plant and equipment	2(c)		86,667	81,520
Other non-current assets			1,424	1,384
Pensions and other post-retirement benefit assets	11		2,617	2,507
Financial and other investments	9		1,898	842
Investments in joint ventures and associates			681	624
Derivative financial assets	9		558	623
Total non-current assets			107,224	100,796
Current assets
Inventories			738	559
Trade and other receivables			2,965	3,867
Current tax assets			10	16
Financial and other investments	9,10		3,015	2,453
Derivative financial assets	9		162	215
Cash and cash equivalents	10		308	375
Total current assets			7,198	7,485
Total assets			114,422	108,281
Current liabilities
Borrowings	10		(5,474)	(3,900)
Derivative financial liabilities	9		(339)	(268)
Trade and other payables			(5,108)	(5,049)
Contract liabilities			(96)	(110)
Current tax liabilities			(48)	(45)
Provisions			(596)	(425)
Total current liabilities			(11,661)	(9,797)
Non-current liabilities
Borrowings	10		(45,748)	(42,855)
Derivative financial liabilities	9		(1,046)	(750)
Other non-current liabilities			(1,147)	(1,114)
Contract liabilities			(2,875)	(2,699)
Deferred tax liabilities			(9,470)	(9,040)
Pensions and other post-retirement benefit obligations	11		(326)	(360)
Provisions			(2,334)	(2,336)
Total non-current liabilities			(62,946)	(59,154)
Total liabilities			(74,607)	(68,951)
Net assets			39,815	39,330
Equity
Share capital			653	647
Share premium account			1,277	1,285
Retained earnings			42,391	41,909
Other equity reserves			(4,542)	(4,542)
Total shareholders’ equity			39,779	39,299
Non-controlling interests			36	31
Total equity			39,815	39,330