National Grid Plc (LON:NG) has issued a pre-close update for the six months ended 30 September 2025 ahead of announcing half year results on 6 November. Overall, the group’s performance is in line with our expectations and, as usual, underlying EPS is expected to be weighted to the second half of the year.
The profile of half year operating profit is also expected to be broadly consistent with historical periods:
· In UK Electricity Transmission and UK Electricity Distribution, we anticipate operating profit to be broadly evenly split across the year. As a reminder, H1 of FY25 included the contribution from the Electricity System Operator before it was sold on 1 October 2024.
· In our US regulated businesses, operating profits are expected to be weighted to the second half. Relative to the same period last year there have been fewer storms in our New York business, as well as new electricity distribution rates in our New England business. As such, we expect a slightly higher contribution to operating profit from both businesses in the first half relative to the profile last year.
· In National Grid Ventures we expect a roughly even weighting of profitability across the year.
Our half year results will be announced on Thursday, 6 November 2025.
