United Utilities Group (UU) Trading update summary

Earnings and guidance

• Underlying EPS for 2025/26 is expected to be around 100 pence, in line with previous guidance.

• A change in the estimation technique for inflation-linked debt will reduce income statement volatility.

• The reporting change is expected to reduce underlying net finance expense by approximately £35m and increase underlying EPS by about 5 pence.

Operating costs and risk management

• Underlying operating cost guidance remains unchanged.

• Energy hedging levels for electricity remain above policy minimums, with full hedging for Summer 2026 and over 90% for Winter 2026/27.

• The regulatory true-up mechanism for AMP8 offers additional protection against future commodity price movements.

Investor relations and events

• An investor site tour in Manchester is scheduled for 1 July.