National Grid, the FTSE 100 utility, expects underlying earnings per share (EPS) for the year to be weighted to the second half, as is usual for the group.
Even so, it now expects EPS growth for the 2026/27 financial year to come in slightly above its guidance of 13% to 15%.
The upgrade stems from a strong first half in National Grid Ventures & Other, the division that houses its investments and interconnectors.
That unit is expected to deliver about £130 million more in the first half than the group had planned.
The extra comes from one-off fair value gains on two capital market transactions in the NG Partners investment portfolio, and stronger interconnector performance.
National Grid's regulated businesses continue to perform in line with expectations in the six months to 30 September 2026.
Seasonality
Half year group operating profit is expected to follow a profile broadly consistent with the prior year.
UK Electricity Transmission and UK Electricity Distribution should see profit split broadly evenly across the year, as in the last financial year.
US regulated businesses are expected to weight profits to the second half, in line with usual seasonality.
New England should return to a more typical pattern after the one-off hit from the US regulator's ruling on return on equity in the second half of the last financial year.
Half year net debt is expected to be broadly in line with full-year guidance, after allowing for the Joulent investment and the second-half weighting of operating cash flows.
Half year results are due on Thursday, 5 November.
