National Grid plc (NGG,NG.L,NNGF.DE), a British electricity and gas distributor, on Thursday reported higher profit in fiscal 2026, despite weak revenues. Further, the firm lifted dividend, issued fiscal 2027 outlook, expecting growth in underlying earnings per share, and maintained Five-year financial framework.
In fiscal 2026, profit before tax grew 15 percent to 4.18 billion pounds from last year's 3.65 billion pounds. Earnings per share from continuing operations were 65.5 pence, up 9 percent from 60.0 pence last year.
Underlying profit before tax was 4.49 billion pounds, compared to 4.07 billion pounds a year ago. Underlying earnings per share were 78.0 pence, up 6 percent from 73.3 pence in the prior year.
Adjusted earnings per share from continuing operations were 58.5 pence, compared to 55.6 pence last year.
Underlying operating profit grew 6 percent year-over-year to 5.68 billion pounds.
Revenue for the year, meanwhile, dropped to 17.687 billion pounds from 18.378 billion pounds a year earlier.
Further, the Board of Directors are proposing a final dividend for the year 2026 of 32.14 pence, to be paid on July 23 to shareholders who are on the register of members at May 29. The total dividend for the year would be 48.49 pence, up 3.8 percent from the prior year.
Looking ahead for fiscal 2027, the company said it expects strong operational performance across the Group with underlying earnings per share expected to increase 13-15 percent from the 2025/26 baseline, reflecting higher allowed revenue as the firm steps up delivery from RIIO-T2 to RIIO-T3.
Over the five-year period from 2026/27 to 2030/31, the company continues to expect underlying earnings per share CAGR to be 8-10 percent from a 2025/26 baseline of 78.0p, more aligned with asset growth.
Total cumulative capital investment, as announced in March, is still projected to be at least 70 billion pounds across regulated energy networks and adjacent businesses, in the UK and US.
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