National Grid gives H1 results

* National Grid press release [https://www.nationalgrid.com/investors/news/company-announcements-rns-feed] (NGG [https://seekingalpha.com/symbol/NGG]): 1H Non-GAAP EPS of £15.30.
* Revenue of £7.07B (-11.2% Y/Y).
* Financial outlook and guidance: It excludes the minority stake in National Gas Transmission, which was classified as a discontinued operation until disposal.
* Financial outlook over the five-year period from 2024/25 to 2028/29:
* total cumulative capital investment of around £60 billion;
* Group asset growth CAGR1 of around 10% backed by strong balance sheet;
* driving underlying EPS CAGR2 of 6-8% from the 2024/25 EPS baseline of 73.3p;
* credit metrics consistent with current Group rating; and ■ regulatory gearing expected to increase towards the mid-60% range by March 2029 and then trend towards the high 60% range by the end of RIIO-T3.
* For 2025/26, the company expect strong operational performance across the Group with underlying EPS expected to be in line with the 6-8% CAGR range from the 2024/25 baseline.

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