National Grid Posts Slightly Stronger-Than-Expected Half-Year Profit as Regulatory Investments Drive Growth
Britain’s energy network operator reports £2.29 billion underlying operating profit for H1 and reaffirms 6-8 % EPS growth target
Britain’s utility giant has reported an underlying operating profit of £2.29 billion for the six months ended 30 September 2025, modestly ahead of the analyst consensus of £2.24 billion.
The result was driven by increased electricity transmission revenue in the United Kingdom and elevated investment across its regulated business lines.
The company, now intensively refocusing its portfolio under long-time chief executive John Pettigrew, noted that this half-year will be its final earnings announcement under his leadership ahead of a handover to former Shell executive Zoë Yujnovich later this month.
As part of its portfolio reshaping, the firm has moved away from non-regulated U.S. onshore renewables and reached agreement to divest the Grain liquefied natural gas terminal, emphasising its commitment to regulated electricity and gas networks.
It reaffirmed its medium-term guidance, targeting a compound annual growth rate of 6 %–8 % in underlying earnings per share from the 2024-25 baseline.
The strength in the results reflects the company’s ability to monetise the regulatory frameworks in the U.K. and U.S., as well as the impact of higher allowed returns and ongoing investment in transmission and distribution infrastructure.
While global demand and energy-transition pressures continue, the firm’s steady outlook and portfolio clarity were well received by investors.
Looking ahead, the newly-appointed chief executive Zoe Yujnovich steps in at a pivotal moment as the business executes a £60 billion investment plan and aligns its operations with the next phase of the energy transition.
The company’s reaffirmation of growth targets provides stakeholders with visibility amid a complex energy-market environment.
The result was driven by increased electricity transmission revenue in the United Kingdom and elevated investment across its regulated business lines.
The company, now intensively refocusing its portfolio under long-time chief executive John Pettigrew, noted that this half-year will be its final earnings announcement under his leadership ahead of a handover to former Shell executive Zoë Yujnovich later this month.
As part of its portfolio reshaping, the firm has moved away from non-regulated U.S. onshore renewables and reached agreement to divest the Grain liquefied natural gas terminal, emphasising its commitment to regulated electricity and gas networks.
It reaffirmed its medium-term guidance, targeting a compound annual growth rate of 6 %–8 % in underlying earnings per share from the 2024-25 baseline.
The strength in the results reflects the company’s ability to monetise the regulatory frameworks in the U.K. and U.S., as well as the impact of higher allowed returns and ongoing investment in transmission and distribution infrastructure.
While global demand and energy-transition pressures continue, the firm’s steady outlook and portfolio clarity were well received by investors.
Looking ahead, the newly-appointed chief executive Zoe Yujnovich steps in at a pivotal moment as the business executes a £60 billion investment plan and aligns its operations with the next phase of the energy transition.
The company’s reaffirmation of growth targets provides stakeholders with visibility amid a complex energy-market environment.
