Also trades as: NGG (NYSE) · $vol 71M · NNGF.DE (XETRA) · $vol 4M · NGGTF (OTC) · $vol 0M

£1,146.50 ($15.18)

+12.50 (+1.10%)

Weekly Expected Move ±2.6%

£1087 £1117 £1146 £1176 £1206

LSE · Utilities · Regulated Electric · Tech Score Neutral · Power 43 · £57.6B mcap · 4.93B float · 0.234% daily turnover

Revenue

$17.7B -3.8% ▼

5Y CAGR: +5.3%

Gross Profit

$5.8B -68.6% ▼

5Y CAGR: -15.8%

Operating Income

$5.8B +17.1% ▲

5Y CAGR: +19.2%

Net Income

$3.2B +11.7% ▲

5Y CAGR: +14.6%

EPS (Diluted)

$0.65 +8.3% ▲

5Y CAGR: +7.2%

EBITDA

$7.7B +13.7% ▲

5Y CAGR: +16.6%

View Full Income Statement

Line Item	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	$18.4B	$21.7B	$19.9B	$18.4B	$17.7B
YoY Growth	+35.0%	+17.4%	-8.4%	-7.4%	-3.8%
Cost of Revenue	$0	$0	$0	$0	$11.9B
Gross Profit	$18.4B	$21.7B	$19.9B	$18.4B	$5.8B
Gross Margin	100.0%	100.0%	100.0%	100.0%	32.7%
R&D Expenses	$11M	$23M	$32M	$43M	$0
SG&A Expenses	$167M	$135M	$79M	$102M	$0
Operating Expenses	$14.1B	$16.8B	$15.4B	$13.4B	$0
Operating Income	$4.4B	$4.9B	$4.5B	$4.9B	$5.8B
Operating Margin	23.7%	22.5%	22.5%	26.8%	32.7%
Interest Expense	$1.0B	$1.4B	$1.3B	$1.4B	$1.3B
Income Before Tax	$3.4B	$3.6B	$3.0B	$3.6B	$4.2B
Tax Expense	$1.3B	$876M	$831M	$821M	$939M
Net Income	$2.4B	$7.8B	$2.3B	$2.9B	$3.2B
Net Margin	12.8%	36.0%	11.5%	15.8%	18.3%
EPS (Diluted)	$0.65	$2.12	$0.57	$0.60	$0.65
EBITDA	$6.0B	$5.8B	$7.3B	$6.8B	$7.7B
Shares Outstanding	3.62B	3.68B	4.04B	4.73B	4.97B

Line Item	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2	FY2026 Q4
Revenue	$9.4B	$12.2B	$8.5B	$11.4B	$8.0B	$10.4B	$7.1B	$10.6B
Cost of Revenue	$0	$0	$0	$0	$0	$0	$0	$6.5B
Gross Profit	$9.4B	$12.2B	$8.5B	$11.4B	$8.0B	$10.4B	$7.1B	$4.1B
Gross Margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	39.0%
R&D Expenses	$0	$23M	$0	$32M	$0	$43M	$0	$0
SG&A Expenses	$11M	$124M	$40M	$39M	$31M	$71M	$8M	$0
Operating Expenses	$7.2B	$9.6B	$6.5B	$8.9B	$6.7B	$6.8B	$5.5B	$0
Operating Income	$2.2B	$2.6B	$2.0B	$2.5B	$1.3B	$3.6B	$1.5B	$4.1B
Operating Margin	23.7%	21.6%	23.4%	21.9%	16.4%	34.8%	21.6%	39.0%
Interest Expense	$759M	$663M	$784M	$560M	$837M	$558M	$821M	$476M
Income Before Tax	$1.7B	$1.9B	$1.4B	$1.7B	$684M	$3.0B	$826M	$3.4B
Tax Expense	$447M	$429M	$307M	$524M	$112M	$709M	$208M	$731M
Net Income	$1.3B	$6.5B	$1.1B	$1.2B	$647M	$2.3B	$617M	$2.6B
Net Margin	13.3%	53.5%	13.3%	10.2%	8.1%	21.6%	8.7%	24.7%
EPS (Diluted)	$0.31	$1.63	$0.28	$0.31	$0.14	$0.46	$0.12	$0.53
EBITDA	$2.8B	$3.0B	$3.0B	$4.3B	$2.4B	$4.4B	$2.8B	$5.0B
Shares Outstanding	3.99B	4.00B	4.03B	3.72B	4.55B	4.91B	4.95B	4.98B

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