National Grid (NGG) Q2 FY26 earnings call

National Grid delivered strong half-year results, driven by increased regulatory revenues and record capital investments across its UK and US networks, underpinning its GBP 60 billion investment plan. The company is navigating a CEO transition while focusing on operational excellence, capital discipline, and securing supply chains for major projects like ASTI. Regulatory and policy support for infrastructure development, particularly for data centers and AI, is a key tailwind, though rising net debt and US gas availability remain areas of focus.