The 20-F confirms already-released results, so no immediate trading catalyst. Monitor execution against the £70bn five-year capital plan, upcoming regulatory decisions (UK RIIO-ED3, US rate cases), and the pace of asset growth. The FERC order headwind in New England bears watching for further developments.
Price Chart
Executive Summary
National Grid's annual 20-F filing for FY2026 reports strong underlying performance: underlying EPS up 6% to 78.0p, statutory operating profit up 10% to £5,431m, and capital investment up 18% to £11.58bn. The company reaffirmed its five-year framework targeting at least £70bn in capital investment and 8-10% underlying EPS CAGR. The results are consistent with the preliminary earnings released on 14 May 2026, so the filing confirms previously disclosed information without material new developments.
Key Facts
- Underlying EPS for FY2026 was 78.0p, up 6% YoY from 73.3p.
- Statutory operating profit increased 10% to £5,431 million.
- Capital investment rose 18% to £11,576 million, driving asset growth of 10.9%.
- Full-year dividend per share increased 3.8% to 48.49p, in line with CPIH inflation.
- Five-year financial framework targets at least £70bn capital investment and 8-10% underlying EPS CAGR through 2030/31.
- Divestment of National Grid Renewables and Grain LNG completed during the year for combined net cash proceeds of ~£2.8bn.
- New England segment faced a headwind from a FERC order on transmission owner ROEs, impacting underlying operating profit by 6% (-1% at constant currency).
Financial Impact
Underlying EPS grew 6% to 78.0p, driven by higher regulated revenues and cost discipline. Net debt increased to £44.2bn from £41.4bn, with regulatory gearing maintained at 61%.
Risk Factors
- Regulatory risk: adverse outcomes in UK ED3 or US rate cases could pressure allowed returns.
- Execution risk: delivering the record capital programme on time and on budget is critical to achieving asset growth and EPS targets.
- Interest rate and inflation risk: higher financing costs or lower indexation could impact earnings and gearing metrics.
- FERC order: ongoing uncertainty regarding transmission ROE methodology in New England may pressure future earnings.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001004315-26-000006 |
| Exhibit: ex2b4ngngetemtnupdate2025t.htm | 0001004315-26-000006 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 19w ago | 6-K | $124.77 $159.25 | ▲ +27.63% | ▲ +20.78% | $100.29 (−19.62%) |
Jun 4, 2026 20w ago | 6-K | $112.00 $159.25 | ▲ +42.19% | ▲ +40.31% | $100.29 (−10.46%) |
Jun 4, 2026 20w ago | 424B5 | $112.00 $159.25 | ▲ +42.19% | ▲ +40.31% | $100.29 (−10.46%) |
Jun 3, 2026 20w ago | 6-K | $112.00 $159.25 | ▲ +42.19% | ▲ +39.69% | $100.29 (−10.46%) |
Jun 3, 2026 20w ago | 6-K | $112.00 $159.25 | ▲ +42.19% | ▲ +39.69% | $100.29 (−10.46%) |
Jun 3, 2026 20w ago | 20-F | $112.00 $159.25 | ▲ +42.19% | ▲ +39.69% | $100.29 (−10.46%) |
May 14, 2026 23w ago | 6-K | $109.62 $107.00 | ▼ −2.39% | ▼ −5.98% | $100.29 (−8.51%) |
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