NEWEN NATIONAL GRID PLC
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Executive Summary
National Grid's annual 20-F filing for FY2026 reports strong underlying performance: underlying EPS up 6% to 78.0p, statutory operating profit up 10% to £5,431m, and capital investment up 18% to £11.58bn. The company reaffirmed its five-year framework targeting at least £70bn in capital investment and 8-10% underlying EPS CAGR. The results are consistent with the preliminary earnings released on 14 May 2026, so the filing confirms previously disclosed information without material new developments.
Actionable Insight
The 20-F confirms already-released results, so no immediate trading catalyst. Monitor execution against the £70bn five-year capital plan, upcoming regulatory decisions (UK RIIO-ED3, US rate cases), and the pace of asset growth. The FERC order headwind in New England bears watching for further developments.
Key Facts
- Underlying EPS for FY2026 was 78.0p, up 6% YoY from 73.3p.
- Statutory operating profit increased 10% to £5,431 million.
- Capital investment rose 18% to £11,576 million, driving asset growth of 10.9%.
- Full-year dividend per share increased 3.8% to 48.49p, in line with CPIH inflation.
- Five-year financial framework targets at least £70bn capital investment and 8-10% underlying EPS CAGR through 2030/31.
- Divestment of National Grid Renewables and Grain LNG completed during the year for combined net cash proceeds of ~£2.8bn.
- New England segment faced a headwind from a FERC order on transmission owner ROEs, impacting underlying operating profit by 6% (-1% at constant currency).
Financial Impact
Underlying EPS grew 6% to 78.0p, driven by higher regulated revenues and cost discipline. Net debt increased to £44.2bn from £41.4bn, with regulatory gearing maintained at 61%.
Risk Factors
- Regulatory risk: adverse outcomes in UK ED3 or US rate cases could pressure allowed returns.
- Execution risk: delivering the record capital programme on time and on budget is critical to achieving asset growth and EPS targets.
- Interest rate and inflation risk: higher financing costs or lower indexation could impact earnings and gearing metrics.
- FERC order: ongoing uncertainty regarding transmission ROE methodology in New England may pressure future earnings.
Market Snapshot
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001004315-26-000006 |
| Exhibit: ex2b4ngngetemtnupdate2025t.htm | 0001004315-26-000006 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 9, 2026
5d ago
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6-K
| $160.49 awaiting T+1 | awaiting T+1 | — | $115.00 (−28.34%) |
|
Jun 4, 2026
10d ago
|
6-K
| $112.00 $112.00 | · 0.00% | ▲ +2.60% | $115.00 (+2.68%) |
|
Jun 4, 2026
10d ago
|
424B5
| $112.00 $112.00 | · 0.00% | ▲ +2.60% | $115.00 (+2.68%) |
|
Jun 3, 2026
11d ago
|
6-K
| $112.00 $112.00 | · 0.00% | ▼ −0.40% | $115.00 (+2.68%) |
|
Jun 3, 2026
11d ago
|
6-K
| $112.00 $112.00 | · 0.00% | ▼ −0.40% | $115.00 (+2.68%) |
|
Jun 3, 2026
11d ago
|
20-F
| $112.00 $112.00 | · 0.00% | ▼ −0.40% | $115.00 (+2.68%) |
|
May 14, 2026
4w ago
|
6-K
| $109.62 $109.62 | · 0.00% | ▲ +1.23% | $115.00 (+4.91%) |
US Market Status
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