United Utilities Group
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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.
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Trading update summary25 Sep, 2026

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.

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Q2 202712 Nov, 2026
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