United Utilities Group (UU) Trading update summary

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.