National Grid plc Q2 2027 Earnings Recap

National Grid’s shares fell 1.2% after the results, a roughly flat reaction. The company raised investment and EPS growth guidance, but the transcript also highlights pressure on consumer energy bills and acknowledges that some large projects may not go to plan.

Key Takeaways

• First-half capital investment rose 32% to £6.7bn; full-year investment guidance increased to £13.5bn.
• Underlying EPS rose 22% to 36.5p, supported in part by gains from two National Grid Partners capital-market transactions; full-year EPS growth guidance was slightly raised to 15%–16%.
• The interim dividend increased 3.8% year on year to 16.97p per share.
• UK electricity transmission investment increased 71% to £2.9bn, while electricity distribution investment rose 10% to £834m.
• Management says all six Wave 1 ASTI projects are in construction and the timetable remains on schedule, while noting that not every project across the portfolio will go to plan.