NEWEN · New England Power Company PFD 6%

National Grid plc reported strong FY2026 results, with record capital investment of £11.6 billion (up 18% YoY) driving asset growth of 10.9%. Underlying EPS grew 8% at constant currency to 78.0p, supported by robust operational performance across regulated businesses, partially offset by divestments, storm costs, a higher share count, and a FERC order impact. Statutory EPS rose 9% to 65.5p. The company declared a final dividend of 32.14p, bringing the total to 48.49p, up 3.8% in line with UK CPIH inflation. Management highlighted the largest investment programme in the company's history, with a five-year framework targeting at least £70 billion in capital investment and 8-10% underlying EPS CAGR from a 2025/26 baseline. For FY2027, underlying EPS is expected to increase 13-15%, reflecting higher allowed revenues from the transition to RIIO-T3. Key strategic progress includes completion of divestments of National Grid Renewables and Grain LNG, and regulatory approvals for the Niagara Mohawk rate case and RIIO-T3 price control. The company's balance sheet remains strong with net debt of £44.2 billion and FFO/net debt of 13.0%.