National Grid plc (LSE:NG.) reported a 6% increase in underlying earnings per share to 29.8p for the six months ended 30 September 2025, beating analyst forecasts as the company continues to execute its record energy infrastructure investment program across the UK and the US. Underlying operating profit rose 13% at constant currency to £2.29 billion, supported by robust performance in its regulated businesses.
The power network operator invested a record £5.1 billion during the half-year, up 12% at constant currency, as part of its ongoing efforts to expand and modernize its electricity grids. “Our financial performance reflects another period of strong operational delivery in line with our five-year financial frame,” said Chief Executive John Pettigrew. “We continue to deliver for our customers, investing a record £5 billion this half, and we are on track to invest over £11 billion this year.”
In the UK, Electricity Transmission profits rose 17% to £846 million, while the company’s U.S. businesses delivered significant growth—New York up 61% to £443 million and New England up 29% to £292 million. These gains were partly offset by a 4% decline in UK Electricity Distribution profit to £551 million.
Management indicated that full-year underlying EPS remains on track to grow within its 6–8% target range from the 2024/25 baseline of 73.3p, suggesting upside potential to the current consensus estimate of 77.1p, even amid currency headwinds. The board declared an interim dividend of 16.35p per share, representing a 3% year-on-year increase.
National Grid has continued to streamline its operations, completing the sale of National Grid Renewables and agreeing to divest Grain LNG. The company also secured supply chain partnerships covering more than three-quarters of its £60 billion five-year investment plan, including an £8 billion Electricity Transmission Partnership for substation construction and a £12 billion HVDC framework for UK civil works.
“This investment in our networks is critical to ensuring resilience, enabling economic growth, supporting cleaner energy, and meeting rising power demand,” Pettigrew added.
More about National Grid plc
National Grid plc is one of the world’s largest publicly listed utility companies, operating electricity and gas transmission and distribution networks in the UK and the northeastern United States. The company plays a key role in advancing the energy transition through large-scale investments in renewable integration, grid modernization, and decarbonization infrastructure. Its strategy focuses on delivering sustainable, long-term value while supporting reliable, affordable energy for millions of customers.
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