National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everyone, and welcome. Thank you to those of you joining us in the room and online. I've been really looking forward to presenting to you today. As Chief Executive, my ambition is clear, to build on National Grid's strong foundations, sharpen execution, and advance us as a world-class business. Strong execution is the foundation of confidence for customers, regulators, governments, and investors. And we must continue to transform our business as the external environment changes at pace. Let me start with our full year results. These strong results demonstrate the momentum we're building. We delivered a step up in capital investment of more than 20% to £11.6 billion, driving asset growth of 10.9%. Underlying operating profit increased to £5.7 billion, reflecting strong operational delivery. This supported 8% growth in underlying earnings per share at constant currency in line with our guidance. We also grew our dividend per share by 3.8% in line with UK CPIH inflation. These results show we are delivering on our commitments. They also provide the reference point for the observations I've made since arriving and the strategic priorities we're now driving forward. Since becoming Chief Executive last autumn, I've spent significant time across our UK and US operations and with colleagues at every level of the organisation. I've engaged to listen and learn and to reinforce that safety remains one of our foundational values. These conversations will ensure that whatever changes we make are grounded in today's realities and informed by broad input. I've also spent time with our external stakeholders, consumers, customers, suppliers, strategic partners, and with many of you. I've invested significant time with regulators and governments on both sides of the At...