National Grid (NG) AGM 2026 summary

Opening remarks and agenda

• Meeting opened at a new, smaller venue near the Warwick campus to better suit in-person attendance and facilitate board visits to operations.

• Hybrid format enabled both in-person and online participation, with details provided for shareholder engagement.

Board and executive committee updates

• Introduction of new CEO Zoë Yujnovich, who officially took the role in November after a smooth transition.

• Board composition highlighted, including committee chairs for Audit and Risk, Safety and Operations, Responsible Business, and People and Remuneration.

• Noted the departure of director Jonathan Silver after seven years of service.

Financial performance review

• Record investment of £11.6 billion in networks and infrastructure, up 20% from the previous year.

• Asset base grew by 10.9%; underlying operating profit reached £5.7 billion; EPS up 8% at constant currency.

• Dividend increased by 3.8%, aligned with UK CPIH inflation.

• Cash from operations rose 15% to £7.9 billion; net debt increased to £44.2 billion due to capital investment.

• Five-year plan targets at least £70 billion investment, with two-thirds already covered by regulatory agreements.