Zoe Yujnovich
CEO & Director

Good afternoon, everyone, and welcome. Thank you to those of you joining us in the room and online. I've been really looking forward to presenting to you today. As Chief Executive, my ambition is clear: To build on National Grid's strong foundations, sharpen execution and advance us as a world-class business. Strong execution is the foundation of confidence for customers, regulators, governments and investors. And we must continue to transform our business as the external environment changes at pace.

Let me start with our full year results. These strong results demonstrate the momentum we're building. We delivered a step-up in capital investment of more than 20% to GBP 11.6 billion, driving asset growth of 10.9%. Underlying operating profit increased to GBP 5.7 billion, reflecting strong operational delivery. This supported 8% growth in underlying earnings per share at constant currency, in line with our guidance.

We also grew our dividend per share by 3.8%, in line with U.K. CPIH inflation. These results show we are delivering on our commitments. They also provide the reference point for the observations I've made since arriving and the strategic