Earnings release
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RNS Number : 2473WUnited Utilities Group PLC25 September 2026 25 September 2026 United Utilities Group PLC Trading update and 2026 Cost Change Draft Decision Response Trading update United Utilities today issues the following trading update ahead of its interim results announcement for2026/27 on 12 November 2026. Our financial framework and guidance for 2026/27 remain unchanged, and we continue to targetregulatory returns of 10-11% in AMP8. Operational performance is in line with expectations, and delivery of our AMP8 capital programmecontinues to progress well, with projects advancing through the investment lifecycle as planned. Weremain on track to deliver c.£2bn of capital investment in 2026/27 and c.£11.5bn across AMP8,supporting compound growth in our asset base of c.10%. 2026 Cost Change Draft Decision Response We remain on track to access approximately £2.5 billion of investment through the annualised AMP8 re-opener mechanism. Our proposals represent an efficient, risk-based approachwhile supporting theGovernment's housing, digital infrastructure and climate policy ambitions As part of this process, we have submitted our response to the 2026 Cost Change Draft Decision, seeking support for c.£1 billion1 of investment to enhance network resilience, provide additional waterand wastewater capacity across the region and enable economic growth in the North West. Our response sets out further evidence for a number of projects, demonstrating that they represent thebest value outcomes for customers and are fully deliverable. We have also proposed revised funding arrangements for industrial growth projects, with £191m1 of strategic infrastructure investment progressing through a gated mechanism and the remaining £79m1 asset-specific infrastructure to befunded directly. This risk-based approach aligns investment with the emergence of demand, protectscustomer value and ensures strategic industrial growth can be supported as requirements areconfirmed. We look forward to continued constructive engagement with Ofwat ahead of the Final Decision inDecember 2026. Contacts Investors and AnalystsChris Laybutt, Corp. Dev. & Capital Markets Director +44 7769 556 858Jennifer Platt, Investor Relations Manager +44 7733 064 907 MediaAndrew Ward, Corporate Affairs Director +44 734 168 3924Graeme Wilson, Teneo Communications +44 207 260 2700 2026 Cost Change summary1 CompanySubmission Draft Decision2 Company Response3 Growth4 637 560 615 Asset health 339 305 318
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Windermere large "gated scheme" 93 93 93 2026 Cost Change 1,068 958 1,026 1In 2022/23 prices, total expenditure relates to AMP8 only 2Ofwat's Draft Decision restated for query process outcomescost-change-draft-determination-2026---united-utilities_redacted.pdf 3United Utilities Draft Decision Response is published on our website here: Our cost change submission for 2026/27. If approved, this would represent c. £1.2bn towards our c.£2.5bn re-opener capex guidance 4Company response includes £191m of strategic infrastructure investment progressing through a gated mechanism and £79m asset-specific infrastructureto be funded directly LEI 2138002IEYQAOC88ZJ59Classification - Trading update and 2026 Cost Change Draft Decision Response This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END