The following is a summary of the National Grid Plc (NGG) Q2 2025 Earnings Call Transcript:

Financial Performance:

• National Grid reported a 15% increase in underlying operating profit to £2 billion for the first half of the year, driven primarily by higher revenues across UK and US regulated businesses.

• Underlying earnings per share increased by 8% to 28.1p, reflecting improved performance across regulated sectors.

• Dividend declared at 15.84p per share, in alignment with policy efforts despite substantial capital investments and financial maneuvering.

• Record investment delivery reached £4.6 billion, marking a 19% increase year-on-year, focusing on infrastructure and modernization projects pivotal to future growth strategies.

Business Progress:

• National Grid embarked on significant capital projects, investing £4.6 billion in the first half of the year with a focus on electricity distribution, and modernization of gas and electric systems in the US and UK.

• Advances include the strategic sale of remaining stakes in certain operations and robust advancement in infrastructure projects like the London Power Tunnels and connections aiding distribution capabilities.

• Innovations like ClearView Connect have been launched to enhance customer service by providing better visibility and streamlining connection processes.

Opportunities:

• The establishment of NESO and subsequent reforms promise enhanced operational efficiencies and project acceleration.

• Strategic sales of operations and focus on core network infrastructure are poised to solidify financial and market positioning.

• Regulatory approvals and incentives in key US regions align with long-term investment plans, promising sustained growth and operational expansion.

Risks:

• The initial slow pace in growth from AI services despite strong market position and investment in technologies.

• Challenges in supply chain management and procurement processes, although being addressed, remain a critical focus to meet the extensive capital project timelines and energy demands especially concerning the integration of renewables and large-scale projects.

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