Building our energy future
John 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.”
Financial summary
| Year ended 31 March (continuing operations) | Statutory results | Underlying1 | Underlying at constant currency1,2 | |||||
| 2025 | 2024 | % change | 2025 | 2024 | % change | 2024 | % change | |
| Operating profit (£m) | 4,934 | 4,475 | 10% | 5,357 | 4,773 | 12% | 4,768 | 12% |
| Profit before tax (£m) | 3,650 | 3,048 | 20% | 4,071 | 3,395 | 20% | 3,392 | 20% |
| Earnings per share (p)3 | 60.0 | 55.5 | 8% | 73.3 | 72.1 | 2% | 72.1 | 2% |
| Dividend per share (p) | 46.72 | 58.52 | (20%) | |||||
| Dividend per share (rebased) (p) | 46.72 | 45.26 | 3% | |||||
| Capital investment(£m) | 9,847 | 8,235 | 20% | |||||
1. ‘Underlying’ is a non-GAAP alternative performance measure (APM) used by management to monitor performance across the Group. These measures are not substitutes for IFRS measures, however management believes such additional information is useful in assessing the performance of the business on a comparable basis.
2. Constant currency calculated using current year average exchange rate of $1.266 (2024: actual average exchange rate was $1.262).
3. 4,707 million weighted average shares for 2024/25 (2023/24: 3,991 million). Comparative amounts for weighted average shares and earnings per share restated for bonus element of the Rights Issue (in accordance with IAS 33).
An exciting year of delivery and growth
Financial performance
- Underlying EPS of 73.3p up 2% and slightly ahead of guidance. Increase in shares following the Rights Issue more than offset by improved performance in our regulated businesses, particularly in New York. Statutory EPS of 60.0p up 8%.
- Recommended final dividend of 30.88p, resulting in a total dividend of 46.72p up 3.2% compared to rebased dividend per share, in line with policy aim to increase with UK CPIH inflation.
Key projects
- All six Wave 1 Accelerated Strategic Transmission Investment (ASTI) projects under construction.
- Connected 2.2 GW of renewable generation in the UK, including 1.2 GW of offshore wind from the Dogger Bank wind farm.
- Smart Path Connect major transmission project to increase network capacity in upstate New York on track to energise by December 2025.
- Replaced a further 352 miles of leak-prone pipe across our gas networks in the US in 2024.
Strategic initiatives
- Secured the supply chain for all 12 onshore and Eastern Green Links 1 & 2 offshore ASTI projects.
- Established a group-wide High Voltage Direct Current (HVDC) framework to cover remaining offshore ASTI projects and beyond, and the Great Grid Partnership for onshore ASTI project delivery.
- Supply chain and delivery mechanisms secured for more than two thirds of £60 billion investment plan.
- National Gas Transmission and ESO divestments completed; agreed sale of National Grid Renewables.
Regulatory updates
- Agreed new rate cases for KeySpan Energy Delivery New York (KEDNY) and KeySpan Energy Delivery Long Island (KEDLI), Massachusetts Electric Company (MECO) and joint proposal for Niagara Mohawk (National Grid’s electric and gas distribution business in upstate New York) (NIMO).
- Around 70% of the US investment in our five-year frame agreed with our regulators.
- Electric Sector Modernization Plan (ESMP) approved in Massachusetts as a strategic roadmap to support a stronger, smarter and cleaner network.
- Submitted £35 billion RIIO-T3 business plan; to reinforce and expand the grid, enabling a near doubling of the power that can be transferred around the country, and connection of 35 GW of generation and 19 GVA of demand customers.
Financial outlook and guidance
- Guidance is based on our continuing businesses, as defined by IFRS.
- Financial outlook over the five-year period from 2024/25 to 2028/29:
- total cumulative capital investment of around £60 billion;
- asset growth CAGR1 of around 10% backed by strong balance sheet;
- driving underlying EPS CAGR2 of 6-8% from a 2024/25 EPS baseline of 73.3p;
- credit metrics consistent with current Group rating; and
- regulatory gearing is currently 61%, trending back to the high 60% range by the end of RIIO-T3.
- For 2025/26, we expect strong operational performance across the Group with underlying EPS expected to be in line with the 6-8% CAGR range from the 2024/25 baseline.
1. Group asset compound annual growth rate from a FY24 baseline. Forward years based on assumed USD FX rate of 1.25; and long run UK CPIH and US CPI. Assumes sale of ESO, Grain LNG, and National Grid Renewables. 20% stake in National Gas Transmission classified as a discontinued operation and therefore did not contribute to asset growth.
2. Underlying EPS compound annual growth rate from FY25 baseline. Forward years based on assumed USD FX rate of 1.25; long run UK CPIH, US CPI and interest rate assumptions and scrip uptake of 25%. Assumes sale of Grain LNG and National Grid Renewables. 20% stake in National Gas Transmission classified as a discontinued operation and therefore did not contribute to underlying EPS.
Chief Executive Officer succession
On 1 May 2025, we announced that Zoë Yujnovich would become our next Chief Executive Officer with effect from 17 November 2025, succeeding John Pettigrew, who after almost ten years in role, will retire from National Grid on 16 November 2025.