National Grid plc (NG) Earnings Call Transcripts

National Grid plc's Latest Earnings Call - May 14, 2026

In the fiscal year ending March 2026, National Grid plc reported strong full-year results with underlying operating profit increasing to GBP 5.7 billion, reflecting robust operational performance. The company achieved an 8% growth in underlying earnings per share at constant currency, aligning with prior guidance. Management announced a significant capital investment program of at least GBP 70 billion over the next five years, aimed at supporting annual asset growth of 10% and an underlying EPS growth target of 8% to 10%. The dividend per share was increased by 3.8%, in line with U.K. CPIH inflation, indicating a commitment to shareholder returns.

Reported metrics

Guidance from management

Management maintained guidance for underlying EPS growth of 8% to 10% over the next five years and indicated that capital investment would grow by 10% to nearly GBP 13 billion in FY '27.

What management said

All right. Just before we move to Q&A, I wanted to take a moment to introduce Andrew Downey, who is going to be covering for me as Interim IR Director, while I'm out on maternity leave. Andrew, it is great to have you on the team, and you were all left in very good hands. I'm also pleased to say that a number of our U.K.-based group exec are with us today, and so let me briefly introduce them. Justine Campbell, Emma...

So let's get to your questions. If you could raise your hand in the room, and we'll bring a mic over to you. And for the benefit of those on the webcast, please, could you state your name and institution. For those of us joining us online, please 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 questions that you've go...

What analysts pressed on

Analysts expressed concerns about the potential impact of rising costs on capital projects and the ability to meet ambitious growth targets. There were also questions regarding the regulatory environment and its implications for future earnings.

Main topics on the call

• Capital Investment Program — National Grid is set to invest at least GBP 70 billion over the next five years, marking its largest capital investment program to date. Management stated, "This investment will drive asset growth of around 10% per annum...
• Earnings Growth and Dividend Increase — The company reported an 8% growth in underlying EPS at constant currency, consistent with guidance. Additionally, the dividend per share was raised by 3.8%, reflecting a commitment to shareholder returns amid inflationar...
• Regulatory Framework and Visibility — Management emphasized the strong regulatory frameworks that provide visibility for growth, stating, "We have significant visibility of our growth with around 2/3 of this already covered by regulatory agreements." This st...
• Market Demand and Growth Drivers — National Grid anticipates a substantial increase in demand, particularly from data centers and AI, with plans to connect 19 gigawatts of new demand in the U.K. over the next five years. Management noted, "Demand is also ...

Read the full National Grid plc transcript (May 14, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 59 National Grid plc earnings call transcripts on record, spanning January 23, 2020 to July 14, 2026. Based on this history, National Grid plc reports quarterly. The most recent call on file is dated July 14, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

NG

Exchange

LSE

Country

GB

Sector

Utilities

Industry

Multi-Utilities

Calls on record

59

First call

January 23, 2020

Most recent

July 14, 2026

Reporting cadence

quarterly