National Grid FY EPS rises amid record capex

(Sharecast News) - Utility giant National Grid reported another year of solid progress on Thursday, underpinned by record capital investment and increased regulatory visibility across its UK and US networks.

Underlying earnings per share came in at 78p, up 8% year-on-year at constant currency, with its strong operational performance tempered by recent divestments, higher storm‑related costs, a larger share count and the impact of a FERC order, while statutory EPS rose 9% to 65.5p. Gross revenues from continuing operations, on the other hand, slipped 4% to £17.68bn.

Capital expenditure rose to £11.6bn from £9.8bn, supporting asset growth of 10.9% and reflecting the early stages of a significantly expanded investment cycle.

As a result, National Grid recommended a final dividend of 32.14p, taking its full‑year payout to 48.49p, up 3.8% and aligned with its CPIH‑linked policy.

The FTSE 100-listed group extended and upgraded its five‑year financial framework out to 2030/31, with National Grid now targeting at least £70bn of cumulative investment over the period. Around three‑quarters of that spend was already supported by secured supply chain arrangements. National Grid also stated that regulatory progress had continued throughout the year, with agreements now covering roughly two‑thirds of the £70bn plan.

Looking ahead, National Grid expects underlying EPS growth of 8% to 10% a year through 2030/31, supported by around 10% asset growth and a strong balance sheet. For 2026/27, underlying EPS was expected to rise 13% to 15% as the group steps up from RIIO‑T2 to RIIO‑T3.

As of 0810 BST, National Grid shares were up 1.18% at. 1,291p.

Reporting by Iain Gilbert at Sharecast.com

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