Pennon Group Plc (PNN) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.677 And thank you so much for coming here this morning. 00:00:02.677 -- 00:00:07.648 I'm Susan, CEO of Pen and Group, and I'm joined by Laura, our CFO today. 00:00:07.648 -- 00:00:12.720 And I am delighted to be in person and great to see so 00:00:12.720 -- 00:00:17.639 many of you who've come along to. hear the presentation. 00:00:17.639 -- 00:00:23.712 Now, I'm often asked why do I work in the water sector? 00:00:23.712 -- 00:00:27.536 And I think the answer is the same that 00:00:28.122 -- 00:00:33.213 I gave 28 years ago when I first started. Quite simply, I'm in water because 00:00:33.213 -- 00:00:38.405 it's too important not to be. What we do really matters, really 00:00:38.405 -- 00:00:41.291 matters to people and to communities every single day. 00:00:41.291 -- 00:00:46.704 And this morning, the review undertaken by Sir John Cunliffe has reported 00:00:46.704 -- 00:00:51.051 on its interim findings, and I'm sure... some of you might ask some questions about that 00:00:51.051 -- 00:00:52.552 later. 00:00:52.552 -- 00:00:57.758 Let's be clear, I'm excited about what comes next for the sector, what 00:00:57.758 -- 00:01:04.125 comes next for Pennon, and what comes next for our customers and our shareholders. 00:01:04.125 -- 00:01:09.351 So we're going to have a look at what's ahead for Pennon, but I wanted to take a 00:01:09.351 -- 00:01:14.851 few moments to reflect on the end of the K7 regulatory 00:01:14.851 -- 00:01:18.256 delivery period. So we've just ended with 24-25 00:01:18.256 -- 00:01:24.485 year and that also marks the end of the five-year period that we've had to 25. 00:01:24.485 -- 00:01:29.892 And for some of you in the room today, because I recognise many of you, we 00:01:29.892 -- 00:01:34.920 last met in the Wes...