National Grid FY 2026 Results

National Grid reported FY 2026 results in line with consensus, with 78.0p EPS, and reiterated its 5-year growth targets through 2031. Goldman Sachs maintains a Neutral rating with a 1,386p price target.

Key Takeaways

• 1.FY 2026 financial results were in line with consensus, with underlying EPS at 78.0p and DPS at 48.49p.
• 2.Management reiterated technical guidance for FY 2027, expecting 13-15% yoy EPS growth and capital investment of approx. £13bn.
• 3.Long-term five-year guidance (2026-2031) remains unchanged, targeting 10% CAGR asset growth and 8-10% CAGR EPS growth.

Table of Contents

• National Grid Plc (NG.L): FY 2026 results: In line with guidance reiterated
• Exhibit 1: National Grid FY 2026 results
• Valuation & Risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s) National Grid Plc (NG.L)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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