Drax Group plc (DRX) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thank you for joining us. Frank sends his apologies. He's not with us today due to personal medical reasons related to a cycling accident, and we expect him back shortly. To Mark Strapper, whom we all know well, and I will be hosting the call. Our plan is that I will provide an overview of 2025 and an update on business before handing over to Mark to take you through the numbers. I'll then come back to talk about progress we're making on our growth strategy. And we'll finish by opening up to questions, which you can either ask verbally or submit online. On to page three, please. There we go. Thank you. We're all familiar with our purpose, which is to enable a zero-carbon, lower-cost energy future. I'll start, as I always do, by reaffirming. So that is our purpose, and it guides everything that we do. In terms of our strategy, which is to create value by investing in the UK energy transition, we're focused on a couple things. First, we are preparing the group for the new running regime that the new low-carbon dispatchable CFP will require. That process is well underway, and that will underpin the earnings and cash flow, which I'll talk about later, that we expect to earn between now and 2031. Second, by the way, our strategy is investing that cash to grow our UK power business as the energy transition continues and AI drives electrification and growth in demand. And I'll talk more specifically about the investments we're making in BEZ and the progress we're making on a data center. Finally, and most critically, our people are at the heart of DRACS, and their safety and well-being is an absolute priority for us. And while we've had to take some difficult but necessary steps to position our business effectively for its exciting future, it's m...