The upgrade to EPS guidance is a modest positive, but the c.£130m gain is one-off and non-recurring. Focus on the 5 November half-year results for underlying operational trends in regulated businesses and any update on the Joulent investment's impact on net debt.
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Executive Summary
National Grid issued a pre-close update ahead of HY2026/27 results, reporting that regulated businesses are performing in line with expectations while a strong first half from National Grid Ventures & Other (including c.£130m of additional performance from one-off fair value gains) means the company now expects to be slightly above its FY27 EPS growth guidance of 13-15%. Half-year results will be announced on 5 November 2026.
Key Facts
- FY27 EPS growth guidance raised to slightly above 13-15% from prior 13-15% range.
- National Grid Ventures & Other expected to deliver c.£130m of additional first-half performance vs expectations, driven by one-off fair value gains from two capital market transactions and stronger interconnector results.
- Half-year Group operating profit profile expected to be broadly consistent with prior year.
- UK Electricity Transmission and Distribution operating profit expected to be evenly split across the year.
- US regulated businesses' operating profit weighted to second half per usual seasonality; New England returning to typical profile after FERC RoE judgement one-off in FY26 H2.
- Closing half-year net debt expected broadly in line with full-year guidance, after Joulent investment impact and weighting of operating cash flows to H2.
- Half-year results to be announced on 5 November 2026.
Financial Impact
c.£130m additional first-half performance from NG Ventures & Other; EPS guidance raised to slightly above 13-15% growth.
Risk Factors
- The c.£130m additional performance is one-off and non-recurring, driven by fair value gains and capital market transactions.
- Regulated business performance is in line with expectations, not accelerating, limiting upside from the guidance upgrade.
- Net debt trajectory depends on H2 cash flow weighting and Joulent investment; any deviation could pressure credit metrics.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-008780 |
| Document: 0001654954-26-008780-index-headers.html | 0001654954-26-008780 |
| Document: 0001654954-26-008780-index.html | 0001654954-26-008780 |
| Document: 0001654954-26-008780.txt | 0001654954-26-008780 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Institutional Cluster | $81.12 | awaiting T+5 | — | $81.76 (+0.79%) |
Oct 5, 2026 22d ago | 6-K | $76.02 $77.12 | ▲ +1.45% | ▲ +1.02% | $81.76 (+7.55%) |
Sep 30, 2026 27d ago | 6-K | $75.82 $76.11 | ▲ +0.38% | ▼ −1.53% | $81.76 (+7.83%) |
Aug 28, 2026 8w ago | 6-K | $79.35 $78.12 | ▼ −1.55% | ▼ −1.66% | $81.76 (+3.04%) |
Aug 3, 2026 12w ago | 6-K | $79.86 $79.48 | ▼ −0.48% | ▼ −2.50% | $81.76 (+2.38%) |
Jul 31, 2026 12w ago | 6-K | $79.97 $80.88 | ▲ +1.14% | ▼ −2.37% | $81.76 (+2.24%) |
Jul 23, 2026 13w ago | 6-K | $82.37 $80.39 | ▼ −2.40% | ▼ −2.88% | $81.76 (−0.74%) |
Jul 22, 2026 13w ago | 6-K | $83.87 $78.88 | ▼ −5.95% | ▼ −3.55% | $81.76 (−2.52%) |
Jul 1, 2026 16w ago | 6-K | $80.18 $83.11 | ▲ +3.65% | ▲ +3.39% | $81.76 (+1.97%) |
Jun 30, 2026 17w ago | 6-K | $82.87 $82.59 | ▼ −0.34% | ▼ −0.94% | $81.76 (−1.34%) |
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