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Pennon Group (PNN) investor relations material
Pennon Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary27 Nov, 2025
Executive summary
Achieved a strong return to profitability in H1 2025/26, with statutory profit before tax of £65.9m versus a £38.8m loss in H1 2024/25, and significant operational improvements including a step change in wastewater performance and environmental gains.
Record investment momentum maintained, with over 60% of the K8 price control delivery program in progress and more than 1,000 capital investment schemes underway.
Customer priorities remain central, with significant progress in storm overflow reduction, water quality, and customer support initiatives.
Well positioned for sector reform and regulatory changes, with a focus on customer outcomes and environmental gains.
Pollution incidents halved and storm overflow spills reduced by 45%, demonstrating environmental progress.
Financial highlights
Revenue increased by 25% year-on-year to £658.1m, driven by higher tariffs and increased customer consumption.
EBITDA rose by 55% to £254.4m, and operating profit more than doubled to £158.6m.
Profit before tax moved from a loss in the prior year to a profit of £65.9m.
Adjusted earnings per share increased to 14.0p, more than covering the interim dividend of 9.26p per share.
CapEx in H1 was £305m, with £279m in Water Group and £25m in renewables.
Outlook and guidance
On track to deliver a 7% return on regulated equity (RORE) for the water group on a real notional Watershare basis.
EBITDA anticipated to increase by around 60% year-on-year, with continued focus on cost management to offset inflationary pressures.
Revenue expected to normalize over the winter period, with strong financing outperformance supporting targets.
Capital investment guidance of £710–£740m for the year, with front-loaded Water Group investment.
Dividend policy to 2030: base dividend to grow in line with CPIH.
How will new housing growth impact CapEx plans?
Confidence in 4-star EPA rating for QAA?
Pennon Power strategy post-2027 completion
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Next Pennon Group earnings date
H2 20262 Jun, 2026
Next Pennon Group earnings date
H2 20262 Jun, 2026
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Frequently asked questions
Pennon Group plc is an environmental infrastructure company primarily focused on water and wastewater services. Through its principal subsidiary, South West Water, the company provides clean water supply, wastewater treatment, and related environmental services to residential, commercial, and industrial customers. Pennon is also involved in water management and sustainable resource initiatives. The company is headquartered in Exeter, England, and its shares are listed on the London Stock Exchange.
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