National Grid PLC (LSE:NG.) said it now expects full-year earnings growth to be slightly above its previous guidance following a stronger-than-expected first-half contribution from National Grid Ventures and other activities.
The UK energy infrastructure group had previously guided to underlying earnings per share growth of between 13% and 15% for the 2027 financial year.
National Grid said its regulated businesses continue to perform in line with expectations. National Grid Ventures and other activities, however, are expected to contribute approximately £130 million more than previously anticipated during the first half.
The additional contribution reflects significant one-off fair value gains following two capital market transactions within the NG Partners investment portfolio, as well as higher performance from the group’s interconnectors business.
Regulated Businesses Track Expectations
Operating profit from UK Electricity Transmission and UK Electricity Distribution is expected to be broadly evenly divided between the first and second halves of the financial year, consistent with the previous year.
In the US, regulated operating profit is expected to remain weighted towards the second half due to normal seasonal factors.
National Grid said its New England operations are expected to return to a more typical seasonal profile following the one-off effect of the Federal Energy Regulatory Commission return-on-equity judgement in the second half of 2026.
Half-year net debt is expected to be broadly consistent with the company’s full-year guidance after taking into account the Joulent investment and the seasonal timing of operating cash flows.
National Grid is scheduled to report its half-year results on 5 November.
More about National Grid
National Grid PLC is an energy infrastructure company operating electricity transmission and distribution networks in the UK and regulated electricity and gas networks in the US.
The group also operates National Grid Ventures, which includes businesses and investments outside its core regulated network operations.
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