# United Utilities reports 67% profit rise and strong operational delivery in H1 2025 - Link: https://www.directorstalkinterviews.com/united-utilities-reports-67-profit-rise-and-strong-operational-delivery-in-h1-2025/4121225787 - Published: 2025-11-13T07:27:26+00:00 - Author: Amilia Stone **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** | **Underlying^(1)** | | **£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% | | RCV^(2) (£m) | ** 15,980** | 14,946 | +6.9% | | Net debt (£m) | ** 9,610** | 9,051 | +6.2% | | RCV gearing^(3) (%) | **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). 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