United Utilities Group plc (LON:UU) has announced half-year results for the six-month period to 30 September 2025.
Louise Beardmore, Chief Executive Officer, said:
“We have achieved strong operational and financial performance in the first half of 2026, delivering for customers, communities, and the environment. Our transformative plan to invest over £13 billion in the North West over the next five years is on track with our supply chain fully mobilised, boosting economic growth and supporting 30,000 jobs across United Utilities and the supply chain.
“Our investment is delivering better environmental performance and improved infrastructure right across the region. Work is underway to deliver a new aqueduct safeguarding water supplies for over two million customers in Manchester, and we’re making good progress tackling spills from storm overflows. Despite a drier spring and early summer, the resilience of our team and our assets, together with the support of customers using water wisely, has helped us keep taps flowing and the environment protected. Our integrated network has allowed us to move water to where it is needed most, avoiding restrictions on water usage. On top of this, we remain focused on driving down leakage, with levels of find and fix 30% higher than this time last year.
“On storm overflows, we have a clear strategy of targeted interventions at hundreds of sites. Overall, spills are down c.40% year-to-date, around 10,000 of which are directly due to our actions. We’re making significant progress towards our long-term target of cutting them by 60% in the decade to 2030.
“We have been driving improvements for customers too: we are one of the few companies to have hit all targets on customer service; and have earned rewards across our regulator’s three key ‘customer experience’ measures. Recognising many households in the North West are facing financial challenges, we’ve doubled affordability support for customers, helping more than 400,000 customers with their bills this year.”
Key financials – six months ended 30 September
| Reported | Underlying1 | ||||||
| £m | 2025 | 2024 | % change | 2025 | 2024 | % change | |
| Revenue | 1,309.2 | 1,082.0 | +21.0% | 1,309.2 | 1,082.0 | +21.0% | |
| EBITDA | 803.7 | 573.9 | +40.0% | 803.7 | 576.2 | +39.5% | |
| Operating profit | 561.5 | 333.4 | +68.4% | 561.5 | 335.7 | +67.3% | |
| Profit before tax | 325.3 | 140.6 | +131.4% | 361.0 | 182.9 | +97.4% | |
| Profit after tax | 240.0 | 103.1 | +132.8% | 359.9 | 182.9 | +96.8% | |
| EPS (pence) | 35.2 | 15.1 | +133.1% | 52.8 | 26.8 | +97.0% | |
| 2025 | 2024 | % change | |
| Interim DPS (pence) | 17.88 | 17.28 | +3.5% |
| Net regulatory capex (£m) | 568.5 | 466.9 | +21.8% |
| RCV2 (£m) | 15,980 | 14,946 | +6.9% |
| Net debt (£m) | 9,610 | 9,051 | +6.2% |
| RCV gearing3 (%) | 60% | 60% | 0% |
Operational highlights
| ● | Supply chain fully mobilised, over 100 suppliers onboarded and 85% of AMP8 Enterprise projects in design or delivery |
| ● | Making great progress on spill reductions, with a c.40% reduction so far this year we are on track to meet our performance commitment for 2025 |
| ● | Managing water resources, 30% increase in leakage repairs and a strong start to our smart metering programme, network fully optimised to manage water resources during dry spring |
| ● | Building in resilience, signing the contract with Cascade Infrastructure for the delivery of the £3bn Haweswater Aqueduct Resilience Programme |
| ● | Strong customer service performance, with a net reward for all Measures of Experience (MeX’s) and affordability support doubling across the AMP |
Financial highlights
| ● | Trading in line with expectations and prior guidance |
| ● | Underlying operating profit of £562m, +67% on the prior half year, driven by higher allowed revenues and higher allocation of Infrastructure Renewals Expenditure (IRE) to capex offset by inflationary pressure on operating costs |
| ● | Underlying EPS of 52.8p, up from 26.8p, reflecting a £226m increase to underlying operating profit partially offset by higher net finance expense driven by higher inflation, reported EPS of 35.2p |
| ● | Low level of gearing at 60% and solid credit ratings, with Moody’s, Fitch and S&P |
| ● | Over 24 months of liquidity, with funding in place through to the second half of FY28 |
| ● | Interim dividend of 17.88p, in line with policy |
AMP8 financial framework
| ● | Targeting to outperform the regulatory contract by at least 100bps |
| ● | Capital investment of around £9 billion |
| ● | RCV growth guidance of c.7% nominal compound annual growth rate |
| ● | Targeting dividend growth in line with CPIH |
| ● | Maintain gearing within target range of 55-65% |
Half year results presentation webcast – Thursday 13 November 2025
There will be a presentation available on our website from 7am at the following link:
www.unitedutilities.com/corporate/investors/results-and-presentations/full-and-half-year-results/
This will be followed by a Q&A with management at 9am, which can be accessed as follows:
https://us06web.zoom.us/j/84262046467?pwd=Iaxbtf2lIwtHJgPIQHOlRkEIAWupsT.1
Meeting ID: 842 6204 6467, Passcode: 828045
Notes
1 Underlying measures are defined in the underlying profit section below
2 United Utilities Water Limited’s adjusted RCV (adjusted for actual spend, timing differences and including expected value of AMP8 ex-post adjustment mechanisms).
3 RCV gearing calculated as group net debt including loan receivable from joint venture/United Utilities Water Limited’s adjusted RCV (adjusted for actual spend, timing differences and including expected value of AMP8 ex-post adjustment mechanisms).
