National Grid (NG) H2 2025 earnings summary

Executive summary

• Delivered strong full-year results with underlying operating profit up 12% to £5,357m at constant currency, driven by robust regulated revenues and cost control.

• Record capital investment of £9.8bn, up 20% year-over-year, supporting 10.5% regulated asset growth and major UK/US infrastructure progress.

• Strategic focus on pure-play networks and a five-year £60bn capital investment plan to drive 10% annual asset growth and 6–8% EPS growth.

• Comprehensive financing strategy, including a £7bn equity raise, ensures funding through at least 2031.

• CEO John Pettigrew announced retirement, with Zoe Yonovich named as successor.

Financial highlights

• Underlying operating profit increased 12% to £5,357m; underlying EPS up 2% to 73.3p, slightly above guidance.

• Capital investment reached £9,847m (+20% YoY); regulated asset growth at 10.5%.

• Dividend per share grew 3.2% to 46.72p, in line with CPIH inflation.

• Net debt reduced to £41.4bn, reflecting rights issue proceeds and asset disposals.

• Return on equity was 9%, supported by regulated earnings growth.

Outlook and guidance

• FY2026 EPS growth expected at lower end of 6–8% range due to weaker dollar; capital investment to exceed £11bn, driving ~11% asset growth.

• Five-year framework reconfirmed: £60bn investment, 10% asset growth, 6–8% EPS growth, and dividend growth in line with CPIH.

• Committed to maintaining strong investment-grade credit rating and credit metrics above current thresholds.