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United Utilities Group (UU) investor relations material
United Utilities Group Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Financial performance and guidance
Financial framework and guidance for 2026/27 remain unchanged, targeting regulatory returns of 10-11% in AMP8.
Operational performance aligns with expectations, with capital programme delivery progressing as planned.
On track to deliver approximately £2bn of capital investment in 2026/27 and £11.5bn across AMP8, supporting around 10% compound asset base growth.
Investment and regulatory engagement
On track to access about £2.5bn of investment via the annualised AMP8 re-opener mechanism.
Submitted response to the 2026 Cost Change Draft Decision, seeking support for around £1bn of investment to enhance network resilience and capacity.
Response includes revised funding for industrial growth projects: £191m strategic infrastructure via a gated mechanism and £79m asset-specific infrastructure funded directly.
Approach aligns investment with demand emergence, protects customer value, and supports strategic industrial growth.
Continued engagement with Ofwat ahead of the Final Decision in December 2026.
Project and cost details
Company response to the draft decision includes detailed cost breakdowns for growth, asset health, and large gated schemes.
If approved, the submission would represent about £1.2bn towards the £2.5bn re-opener capex guidance.
- EPS up 42%, asset base up 7.5%, £800m equity raised, AMP8 CapEx up £2.5bn, returns 10%-11%.UU
H2 25/26 & Strategy update - EPS guidance reaffirmed; new debt estimation boosts EPS and cuts finance expense.UU
Trading update - Revenue up 21%, operating profit up 67%, and EPS up 97% with robust investment and sector change.UU
H1 25/26 - Revenue up 21%, EPS nearly doubled, and storm overflows cut by 40%.UU
H1 25/26 (Q&A) - Revenue up 10.9% and underlying EPS more than doubled, with stable gearing and strong liquidity.UU
H1 24/25 - Strong performance, robust capital delivery, and top-tier environmental ratings expected.UU
Trading Update - EPS up 49%, revenue up 10%, gearing at 60%, and AMP8 set for £9bn investment and >100bps outperformance.UU
H2 24/25 - £13bn investment targets 7% asset growth, water quality upgrades, and 30,000 jobs by 2030.UU
Trading Update - At least 100bps outperformance targeted, with 49% EPS growth and top-tier ESG results.UU
H2 24/25 (Q&A)
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