National Grid lifted outlook after c.£130 million extra first-half performance
National Grid said it expected to finish slightly above its FY27 earnings growth guidance of 13-15%, after c.£130 million of additional first-half performance in National Grid Ventures & Other.
What happened
National Grid issued a pre-close update for the six months ended 30 September 2026, ahead of half year results on 5 November. According to the company, the update described performance across the Group for that period. The announcement had been sent to the London Stock Exchange on 05 October 2026.
National Grid now expected to be slightly above its FY27 EPS growth guidance of 13-15%, driven by strong first half performance in National Grid Ventures & Other. EPS, the term for earnings per share, covered profit attributed to each share. That part of the business delivered c.£130 million of additional performance in the first half relative to expectations.
The additional performance reflected significant one-off fair value gains following two successful capital market transactions within the NG Partners investment portfolio. Fair value gains were increases in the estimated worth of investments recorded for that period. According to the company, stronger performance in its interconnectors business, which carried power between countries through cables, also contributed.
Strong Ventures half lifted full-year earnings path
Underlying EPS was expected to be weighted to the second half of the year. Underlying EPS focused on recurring operating performance rather than short-term movements. That weighting shaped how the first-half uplift fitted into the full-year picture.
For the company, the uplift mattered because it came from investment and interconnector activities rather than the regulated networks. For investors, that separation clarified which part of the business had moved the expected outcome. It also showed how portfolio transactions and cable flows could affect the Group result alongside network operations.
Regulated networks stayed steady with familiar seasonal pattern
Overall, the Group's regulated businesses continued to perform in line with expectations. In UK Electricity Transmission and UK Electricity Distribution, operating profit was anticipated to be broadly evenly split across the year, consistent with FY26. That even split described income spread in similar portions across both halves of the year.
