London · Delayed Price · Currency is GBP · Price in GBX National Grid Earnings Call Transcripts
Fiscal Year 2026
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A £70bn investment plan over five years will nearly double UK transmission capacity and boost US investments, targeting 10% annual asset growth and 8%-10% EPS CAGR. Regulatory clarity, strong balance sheet, and enhanced delivery capabilities underpin confidence in achieving double-digit shareholder returns.
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Strong first-half results with 13% operating profit growth and record capital investment, supported by robust regulatory backing and progress on major U.K. and U.S. projects. Outlook upgraded modestly, with a GBP 60 billion five-year investment plan on track.
Fiscal Year 2025
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The AGM highlighted strong financial results, a major leadership transition, and progress on a £60 billion investment plan. Shareholders approved all resolutions, and management addressed key risks, including the North Hyde incident, while reaffirming commitments to decarbonization, community engagement, and long-term value.
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Full-year results showed 12% operating profit growth and record £9.8bn capital investment, supporting 10.5% asset growth. Strategic focus on regulated networks, robust financing, and regulatory reforms underpin a £60bn five-year plan for 10% annual asset growth and 6–8% EPS growth.
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Delivered strong first-half results with 15% growth in underlying operating profit and record £4.6 billion capital investment. Strategic asset sales and a £7 billion rights issue strengthened the balance sheet, supporting a £60 billion five-year investment plan and robust dividend outlook.
Fiscal Year 2024
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The AGM detailed a £60 billion five-year investment plan, a successful £7 billion rights issue, and a focus on green infrastructure. Shareholders discussed decarbonization, community impacts, and engagement, with all resolutions passed and the dividend policy maintained.
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Global renewables investment is strong, with rapid growth in the U.S. and China, but scaling and supply chain challenges persist. Policy support remains robust in Europe and the U.S., while new technologies and hybrid solutions are key to future growth.
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A £60 billion CapEx plan will upgrade UK and US grids, driven by renewables and demand growth, with 70%+ already committed. Funding is secured through a major rights issue, and regulatory frameworks are evolving to support investment, despite supply chain and labor challenges.
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Long-term investors are increasing allocations to infrastructure, attracted by stable, inflation-linked cash flows and growing ESG impact. Listed infrastructure faces challenges from lower historical returns and regulatory volatility, but new sector opportunities and improved benchmarks are driving renewed interest.