United Utilities Group Plc · LSE:UU.

United Utilities — Investor Presentation (2025)

14 slides from United Utilities's investor presentation, Jul 10, 2025

  1. Slide 1: Delivering value

    Delivering value

  2. Slide 2: Delivering for tomorrow

    Delivering for tomorrow a, ©) Delivering value

  3. Slide 3: Delivering for tomorrow

    Delivering for tomorrow

  4. Slide 4: Step-up in investment

    Step-up in investment Enhancement expenditure (£bn, real) HiHistoric data PR24 Final Determination AMP1 AMP2 AMP3 AMP4 AMPS AMP6 AMP7 AMP8

  5. Slide 5: Improved visibility over investment

    Improved visibility over investment . AMP8 CAGR' iy) c. £9 billion capital investment c. 7% g Asset base growing at 7% i) Supporting our inflation-linked dividend FY15 FY20 1. Nominal, based on OBR long-run CPIH forecasts

  6. Slide 6: Delivering for tomorrow

    Delivering for tomorrow wo

  7. Slide 7: Strong balance sheet

    Strong balance sheet RCV gearing v) Visibility of investment In AMP8 iv) Gearing of 55-65% For 4 consecutive AMPs ‘v] Targeting Baal and BBB+ With headroom to thresholds FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

  8. Slide 8: Financing flexibility

    Financing flexibility KS Already increased our funding run-rate = £2.8bn of liquidity extending out into 2027 BK Agility of issuance

  9. Slide 9: Diversified funding sources

    Diversified funding sources Successful return to the © sstanartics Euro bond market ai @ iste . FTSE4Good ) Strongly aligned to EU taxonomy MSCI ESG RATINGS g Strong ESG credentials Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA Corporate ESG Performance RATED BY ISS ESG>

  10. Slide 10: Risk management

    Risk management Around 1/3 of net debt Index-linked FY25 FY26 FY27 FY28 FY29 FY30 Milndex-linked Fixed Floating

  11. Slide 11: Delivering value

    Delivering for tomorrow © Delivering value

  12. Slide 12: Building on strong track record of performance

    Delivering value Building on strong track record of performance Targeted outperformance of and delivery in AMP8 @ Higher real Base RoE Financing ODIs i] Strong overall returns

  13. Slide 13: Financing outperformance

    Financing outperformance — iBoxx yield plus 30bps adjustment UU Issuance @ Listed WASC Debt Issuance A Other WASC Debt Issuance 8.0 A 4.5 + + + + + + + + + + + + + + Jan24 Feb24 Mar24 Apr24 May24 Jun24 Jul24 Aug24 Sep24 Oct24 Nov24 Dec24 Jan25 Feb25 Mar 25

  14. Slide 14: Financial Framework

    Financial Framework Capital Investment Asset Base Growth Strong Balance Sheet Aim to outperform by at least 100 bps c.£9 billion across FY26-30 7% CAGR Growing in line with CPIH Target 55 — 65% gearing Target ratings Moody's Baa1 Standard & Poor's BBB+

United Utilities Group — Investor Presentation (2025) on 6ix