Ahead of our Half-year Results announcement on 18 November 2026, we are providing the following update on performance and outlook, including:
Continued strong delivery across regulated networks, with investment around 70% higher year-on-year, and renewables output up around 20% year-on-year from more favourable weather conditions.
Expecting half-year adjusted Earnings Per Share of between 64 and 68 pence, reflecting lower levels of seasonality given the increasing proportion of regulated networks earnings.
Reiterating adjusted Earnings Per Share guidance of between 168 – 193p for 2026/27 and between 225 – 250p for 2029/30.
Half-year Trading Update
Strong delivery across networks continues with an increase of around 70% in adjusted investment, compared to the same period last year. The majority of this increase has been delivered in Transmission, where progress continues to accelerate across the 11 major projects.
Renewable generation output is expected to be around 20% higher, relative to the same period last year, which reflects more favourable weather conditions and capacity growth. Delivery at Dogger Bank offshore wind farm continues to progress well, and in line with expectations, with turbine installation on Dogger Bank B beyond the half-way point.
Interim adjusted Earnings Per Share is therefore expected to be between 64 and 68 pence, reflecting a lower level of seasonality compared to prior years given an increasing proportion of earnings being generated from regulated networks.
For the full year, financial expectations for each Business Unit are unchanged and, as usual, remain subject to weather, market conditions and plant availability, with the key winter months still to come. The Group remains on track to deliver adjusted Earnings Per Share of between 168 – 193p for 2026/27 and between 225 – 250p for 2029/30.
Capital investment for the group is expected to be around £2.5bn for the half-year, with adjusted net debt and hybrid capital expected to be around £11.5bn.