United Utilities Group (UU) H1 25/26 earnings summary

Executive summary

• Achieved strong operational and financial performance in H1 2025/26, with a 21% revenue increase and results in line with expectations.

• Over 100 suppliers mobilized for AMP8, supporting more than 30,000 jobs and significant regional economic growth.

• Recognized as the top listed company for customer service, with all three regulatory service measures in reward and doubled affordability support reaching over 400,000 customers.

• Demonstrated resilience against storm events and drought, with a 40% reduction in storm overflows and 10,000 fewer spills year-to-date.

• Record levels of investment underway, positioning the company for a transformative period in the sector.

Financial highlights

• Revenue increased 21% year-over-year to £1,309m for H1 2025/26; underlying operating profit up 67% to £562m.

• Underlying EPS surged 97% to 52.8p; interim dividend up 3.5% to 17.88p per share, in line with CPIH.

• Capex increased 22% to £569m, with capital investment on track and net regulatory capex up 21.8%.

• Net debt at £9,610m, with over 24 months of liquidity secured and RCV gearing stable at 60%.

• Underlying profit after tax increased 97% to £359.9m.

Outlook and guidance

• FY26 revenue expected between £2.5bn and £2.6bn; EPS forecast around 100p.

• Capex for FY26 projected at £1.5bn; underlying operating costs expected to decrease.

• Net finance expense and depreciation both expected to rise by ~£50m year-on-year.

• On track to deliver 7% RCV growth this year, in line with AMP8 guidance.

• FY26 dividend anticipated at 53.66p, in line with CPIH growth policy.