Business
FY2025 Full Year Results Statement
FY2025 Full Year Results Statement.
About this update from National Grid Plc
[{"type":"text","content":"\n\n\n\n\n\n\nLondon | 15 May 2025: National Grid plc today announces its Full Year results for the period ended 31 March 2025.\n\n\n\n\n\nBuilding our energy future\nJohn Pettigrew, Chief Executive, said: \"We've made significant progress in the first year of our five-year financial framework, with record capital investment of almost £10 billion, 20% higher than 2024, helping to drive regulated asset growth of around 10% this year. Strong performance across all areas of the business underpins our plans to successfully invest c.£60 billion over five years. At a time of international economic uncertainty, National Grid continues to provide stable and predictable growth through our resilient business model. We remain focused on delivering secure, affordable and clean energy to our customers and communities, and providing long-term value and returns for our shareholders.\"\n \n\n\n\n\nFinancial summary\n\n\n\n\nYear ended 31 March\n(continuing operations)\n\n\nStatutory results\n\n\n \n\n\nUnderlying1\n\n\n \n\n\nUnderlying at constant currency1,2\n\n\n\n\n \n\n\n2025\n\n\n2024\n\n\n% change\n\n\n \n\n\n2025\n\n\n2024\n\n\n% change\n\n\n \n\n\n2024\n\n\n% change\n\n\n\n\nOperating profit (£m)\n\n\n4,934\n\n\n4,475\n\n\n10%\n\n\n \n\n\n5,357\n\n\n4,773\n\n\n12%\n\n\n \n\n\n4,768\n\n\n12%\n\n\n\n\nProfit before tax (£m)\n\n\n3,650\n\n\n3,048\n\n\n20%\n\n\n \n\n\n4,071\n\n\n3,395\n\n\n20%\n\n\n \n\n\n3,392\n\n\n20%\n\n\n\n\nEarnings per share (p)3\n\n\n60.0\n\n\n55.5\n\n\n8%\n\n\n \n\n\n73.3\n\n\n72.1\n\n\n2%\n\n\n \n\n\n72.1\n\n\n2%\n\n\n\n\nDividend per share (p)\n\n\n46.72\n\n\n58.52\n\n\n(20%)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nDividend per share (rebased) (p)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n46.72\n\n\n45.26\n\n\n3%\n\n\n \n\n\n \n\n\n \n\n\n\n\nCapital investment (£m)\n\n\n9,847\n\n\n8,235\n\n\n20%\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n1. 'Underlying' is a non-GAAP alternative performance measure (APM) used by management to monitor performance across the Group. This measure along with other APMs used in this report are explained in more detail on pages 73 to 89. These measures are not substitutes for IFRS measures...