National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to National Grid's full year results presentation. I'm Angela Broad, Head of Investor Relations, and it's great to have so many of you on the call today. I'd like to draw your attention to the cautionary statement at the front of the pack. As usual, a Q&A with John and Andy will follow the presentation. Please join via the conference call to ask a question or use the tab at the bottom of the webcast to submit a written question. All of today's materials are available on our website. And of course, for any further queries after the call, please do feel free to reach out to me or one of the IR team. So with that, I'd now like to hand you over to our CEO, John Pettigrew. John. Many thanks, Angela. Good morning, everyone. Thank you for joining us to discuss our full year results. I hope to see many of you later today at our Building Our Energy Future event for a deep dive on major capital projects we're delivering across the UK and the Northeast US. As ever, I'm here with Andy Ag, and once we've been through our respective presentations, we'll be happy to answer your questions. Last May, we announced a refined strategy focused on pure play networks. We also set out a new five-year financial framework on our plans for £60 billion of capital investment. This will drive asset growth around 10% per annum and underlying earnings per share growth of 6% to 8%, whilst maintaining a strong balance sheet and delivering an inflation-protected dividend. Alongside this, we set out our comprehensive financing strategy, including our £7 billion equity raise, providing clarity over our funding to at least 2031. In the first year of the five-year framework, we've accomplished a huge amount, despite a turbulent economic and geopolitical environment. We've delivere...