National Grid said first-half underlying earnings per share rose 22% to 36.5 pence as investment reached a record £6.7 billion, supporting a broader plan to expand electricity networks in the United Kingdom and United States.
The results cover the six months ended Sept. 30. Revenue was £8.138 billion, compared with £7.065 billion a year earlier, an increase of 15%, according to the company. Underlying EPS was 29.8 pence in the prior-year period; statutory EPS for the latest half was 26.9 pence. National Grid classifies underlying EPS as a non-GAAP alternative performance measure, separate from its statutory result.
The utility said spending advanced 32% after currency movements were stripped out. Higher outlays for the U.K. transmission network, work to add and reinforce distribution connections, and transmission projects in New England and New York contributed to the increase. The record came as the company outlined a longer-term build-out of its networks.
National Grid said its U.K. transmission expansion is designed to double capacity and curb costs associated with constraints on the electricity system, with lower costs for consumers as an intended benefit.
The company linked the EPS gain to the first-year impact of its RIIO-T3 price control, growth in its U.S. rate base and one-time fair-value gains in the National Grid Partners portfolio. Chief Executive Zoë Yujnovich said the company was putting more capital to work and advancing major projects.
National Grid's plan for 2026/27 through 2030/31 calls for at least £70 billion across energy networks and related businesses in the U.K. and U.S. It also targets annual group asset growth of about 10%, setting out the scale of its planned expansion over five years.
For fiscal 2026/27, National Grid expects capital investment of about £13.5 billion and underlying EPS growth of 15% to 16%. The growth forecast is measured against a 2025/26 baseline of 78.0 pence.
