National Grid Raises FY27 EPS Outlook Above 13-15% Guidance on Strong Ventures Performance
NGG is trading near its 52-week low of $71.94 (5.6% above the low).
Summary
National Grid now expects FY27 EPS slightly above its 13-15% growth guidance after a strong first half in Ventures & Other, with half-year results due 5 November 2026. Full-year EPS growth is expected slightly above 13%-15%, with H1 operating profit broadly consistent with the prior year and H2 weighting.
Updated with a Seeking Alpha report · What changed
Updates
· Seeking Alpha — National Grid expects UK Electricity Transmission and Distribution operating profit evenly split across the year, while U.S. regulated profit is weighted to H2.
- Regulated Performance — Regulated businesses continue to perform in line with expectations.
- UK Operating Profit Split — UK Electricity Transmission and UK Electricity Distribution operating profit expected to be broadly evenly split across the year, consistent with FY 2026.
- U.S. Operating Profit Seasonality — U.S. regulated businesses operating profit expected to be weighted to H2 in line with usual seasonality. New England anticipates a return to typical seasonality after FERC RoE judgment impact in H2 2026.
All 4 details
- Regulated businesses continue to perform in line with expectations.
- UK Electricity Transmission and UK Electricity Distribution operating profit expected to be broadly evenly split across the year, consistent with FY 2026.
- U.S. regulated businesses operating profit expected to be weighted to H2 in line with usual seasonality.
- New England anticipates a return to typical seasonality after FERC RoE judgment impact in H2 2026.
Key Events · Earnings and Guidance · NGG
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New · · Seeking Alpha
Regulated Businesses Performance
Regulated businesses continue to perform in line with expectations. UK Electricity Transmission and UK Electricity Distribution operating profit is expected to be broadly evenly split across the year, consistent with FY 2026. U.S. regulated businesses operating profit is expected to be weighted to H2 in line with usual seasonality. New England anticipates a return to typical seasonality after the FERC RoE judgment impact in H2 2026.
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Updated · · Seeking Alpha
FY27 EPS Guidance Raised
The company now expects to be slightly above its FY27 EPS growth guidance of 13-15%, up from in-line expectations. Full-year EPS growth is expected slightly above 13%-15%, with H1 operating profit broadly consistent with the prior year and H2 weighting.
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Ventures & Other Outperformance
National Grid Ventures & Other is expected to deliver c.£130 million of additional first-half performance, driven by one-off fair value gains from two capital market transactions in the NG Partners portfolio and stronger interconnector results.
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Half-Year Results Date Set
Half year results will be announced on Thursday, 5 November 2026.
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Net Debt In Line With Guidance
Closing half year net debt is expected broadly in line with full-year guidance after updating for the Joulent investment impact.
Analysis · NGG · Energy & Transportation
A pre-close update from National Grid lifts the earnings outlook above its existing 13-15% EPS growth guidance, driven by a c.£130 million first-half outperformance in National Grid Ventures & Other. The beat stems from one-off fair value gains on two capital market transactions in the NG Partners portfolio and stronger interconnector results. For a regulated utility of this size, a guidance upgrade is a meaningful positive signal, though the one-off nature of the gains tempers the read-through to underlying earnings quality. Regulated businesses continue to perform in line with expectations, with UK Electricity Transmission and UK Electricity Distribution operating profit expected to be broadly evenly split across the year, consistent with FY 2026, U.S. regulated businesses operating profit expected to be weighted to H2 in line with usual seasonality, and New England anticipating a return to typical seasonality after the FERC RoE judgment impact in H2 2026.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 29.2% of the 1496 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, NGG was trading at $75.96 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $76.3B. The 52-week trading range was $71.94 to $94.64. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.