National Grid Shares Rise as Record Investment Drives Strong Full-Year Results

National Grid (LON: NG.) shares have climbed 2.2% on Thursday after the energy infrastructure giant reported record capital investment and robust earnings growth for the year ended 31 March 2026, underpinned by an ambitious five-year spending programme.

The FTSE 100 company posted underlying earnings per share of 78.0p, up 8% at constant currency, while statutory EPS rose 9% to 65.5p. Statutory operating profit climbed 10% to £5.43 billion, with underlying operating profit advancing 9% on a constant currency basis to £5.68 billion.

Capital investment hit a record £11.6 billion, up 18% year-on-year, driving asset growth of 10.9%. The company also recommended a full-year dividend of 48.49p per share, a 3.8% increase in line with its policy to track UK CPIH inflation.

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Chief Executive Zoë Yujnovich hailed the results as the foundation for the company’s most ambitious growth phase yet. “National Grid is embarking on the largest investment programme in our history, committing at least £70 billion over the next five years to modernise and expand energy networks across the UK and the US Northeast,” she said.

Supply chain and delivery mechanisms have already been secured for approximately three-quarters of the £70 billion plan, with around two-thirds covered by regulatory agreements.

Looking ahead, National Grid guided for underlying EPS growth of 13-15% in 2026/27, reflecting higher allowed revenues as operations transition from the RIIO-T2 to RIIO-T3 regulatory period. Over its full five-year framework, the group targets asset growth of around 10% per annum and underlying EPS growth of 8-10%.