Investor Guide
Last updated: June 2026
About us
United Utilities is listed on the London Stock Exchange, and provides water and wastewater services to around eight million people and businesses in the North West of England.
Shares also trade over the counter in the USA in the form of American depositary receipts (ADRs). Each ADR represents two ordinary shares.
Shares in issue: c743 million (100% free float)
Our investment proposition
Our purpose is to provide great water for a stronger, greener and healthier North West
This drives us to deliver our services in an environmentally sustainable, economically beneficial, and socially responsible manner and create sustainable long-term value for all.
We have identified six strategic priorities to enable delivery of our purpose:
- Improve our rivers
- Create a greener future
- Provide a safe and great place to work
- Deliver great service to our customers
- Spend customers’ money wisely
- Contribute to our communities
These strategic priorities permeate everything that we do.
Our purpose and strategy are intrinsically linked to ESG
Environmental, social and governance (ESG) matters are strongly integrated into the way we approach our business and the way we monitor our performance – everything aligns under the stronger, greener and healthier ambition within our purpose.
The infographic demonstrates the alignment between our purpose and our six strategic priorities with ESG.
Why invest in United Utilities?
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Our performance in 2025/26
Our operational highlights
Delivering our purpose is about more than just providing customers with water and removing wastewater. Our operational highlights provide an overview of how we are creating a stronger, greener and healthier North West.
- Upper quartile across a suite of ESG indices, including A for supplier engagement and A- for water security and climate in the latest CDP assessment.
- 47% reduction in spills from storm overflows since 2020.
- Zero category 1 pollutions, the most serious form of pollution.
- Improving customer service, achieving 4.5 out of 5 and Excellent in our Trustpilot score, and above the median on all regulatory customer service measures.
- Supporting over 420,000 customers through our comprehensive affordability programme and helping over 580,000 customers with tailored support through our Priority Services register. Our colleagues are highly committed, with levels of employee engagement at 90% significantly higher than the UK high performance average.
Our financial highlights
| Year ended 31 March | 2026 £m |
2025* £m |
2024 £m |
2023 £m |
2022 £m |
2021 £m |
2020 £m |
2019 £m |
2018 £m |
|---|---|---|---|---|---|---|---|---|---|
| Reported revenue | 2,616.3 | 2,145.2 | 1,949.5 | 1,824.4 | 1,862.7 | 1,808.0 | 1,859.3 | 1,818.5 | 1,735.8 |
| Underlying revenue | 2,576.4 | 2,145.2 | 1,949.5 | 1,804.4 | 1,862.7 | 1,808.0 | 1,859.3 | 1,818.5 | 1,735.8 |
| Reported operating profit | 1,099.4 | 631.5 | 480.2 | 440.8 | 610.0 | 602.1 | 630.3 | 634.9 | 636.4 |
| Underlying operating profit | 1,059.5 | 785.7 | 517.8 | 256.3 | 610.0 | 602.1 | 732.1 | 684.8 | 645.1 |
| Reported profit before tax | 779.0 | 355.0 | 170.0 | 256.3 | 439.9 | 551.0 | 303.2 | 436.2 | 432.1 |
| Underlying profit before tax | 738.0 | 513.6 | 220.5 | (34.3) | 301.9 | 460.0 | 534.8 | 460.3 | 370.2 |
| Reported profit after taxation | 586.8 | 264.7 | 126.9 | 204.9 | (56.8) | 453.4 | 106.8 | 363.4 | 354.6 |
| Underlying profit after tax | 730.0 | 513.3 | 227.3 | (8.7) | 367.0 | 383.0 | 486.3 | 407.9 | 304.9 |
| Reported (basic) earnings per share (pence) | 86.1p | 38.8p | 18.6p | 30.0p | (8.3)p | 66.5p | 15.7p | 53.3p | 52.0p |
| Underlying earnings per share (pence) | 107.1p | 75.3p | 33.3p | (1.3)p | 53.8p | 56.2p | 71.3p | 59.8p | 44.7p |
| Dividend per ordinary share (pence) | 53.66p | 51.85p | 49.78p | 45.51p | 43.50p | 43.24p | 42.60p | 41.28p | 39.73p |
*Prior year comparatives have been re-presented with unaudited pro forma adjustments to reflect the estimated impact of changes in accounting approach in 2025/26 had they been applied in the prior year. In particular, the change in estimation technique for the measurement of inflation-linked debt is estimated to have had a positive impact on net finance expense of £23 million if applied in 2024/25, and that the adoption of a more granular approach to the capitalisation of IRE is estimated to have had a positive impact on operating profit of £152 million if applied in 2024/25.
| As at 31 March | 2026 £m |
2025 £m |
2024 £m |
2023 £m |
2022 £m |
2021 £m |
2020 £m |
2019 £m |
2018 £m |
|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | 15,903.4 | 14,685.6 | 13,884.4 | 13,835.8 | 13,823.2 | 13,166.2 | 13,215.7 | 12,466.4 | 11,853.6 |
| Current assets | 2,223.6 | 2,083.9 | 1,769.0 | 691.4 | 613.8 | 1,012.9 | 828.4 | 721.4 | 1,149.9 |
| Total assets | 18,127.0 | 16,769.5 | 15,653.4 | 14,527.2 | 14,437.0 | 14,179.1 | 14,044.1 | 13,187.8 | 13,003.5 |
| Non-current liabilities | (15,013.5) | (13,693.7) | (12,489.5) | (11,442.6) | (10,791.0) | (10,152.6) | (9,877.3) | (9,025.0) | (8,911.1) |
| Current liabilities | (872.1) | (1,075.9) | (1,107.8) | (575.9) | (688.6) | (995.5) | (1,204.7) | (1,052.0) | (1,141.5) |
| Total liabilities | (15,885.6) | (14,769.6) | (13,597.3) | (12,018.5) | (11,479.6) | (11,148.1) | (11,082.0) | (10,077.0) | (10,052.6) |
| Total net assets and shareholders' equity | 2,241.4 | 1,999.9 | 2,056.1 | 2,508.7 | 2,957.4 | 3,031.0 | 2,962.1 | 3,110.8 | 2,950.9 |
| Net debt | 9,943 | 9,345 | 8,762.7 | 8,200.8 | 7,570.0 | 7,305.8 | 7,361.4 | 7,067.3 | 6,867.8 |
| RCV gearing (%) | 60% | 60% | 59% | 58% | 61% | 62% | 61% | 61% | 61% |
| Year ended 31 March | 2026 £m |
2025 £m |
2024 £m |
2023 £m | 2022 £m |
2021 £m |
2020 £m |
2019 £m |
2018 £m |
|---|---|---|---|---|---|---|---|---|---|
| Net cash generated from operating activities | 1,381.9 | 918.1 | 745.1 | 787.5 | 934.4 | 859.4 | 810.3 | 832.3 | 815.6 |
| Net cash used in investing activities | (1,478.0) | (987.2) | (731.4) | (593.4) | (639.7) | (549.3) | (593.9) | (627.7) | (723.2) |
| Net cash (used in)/generated from financing activities | 221.4 | 358.8 | 1,037.7 | (85.0) | (809.7) | (89.7) | (27.8) | (377.4) | 184.7 |
| Effects of exchange rates | - | - | - | (1.3) | 1.5 | - | - | - | - |
| Net increase/(decrease) in cash and cash equivalents | 125.3 | 289.7 | 1,051.4 | 107.8 | (513.5) | 220.4 | 188.6 | (172.8) | 277.1 |
Capital investment
Capital investment is forecast to be approximately £11.5 billion across the 5 years to March 2030, including around £2.5 billion of incremental investment expected to be delivered through Ofwat’s re-opener process. This represents a c. 10% compound asset base growth rate through to March 2030. This investment is largely driven by:
- Tightening environmental standards, including protecting and enhancing over 500km of rivers, reducing spills from storm overflows in line with the Environment Act 2021 and responding to climate change.
- Asset replacement - renewing our infrastructure to enhance service reliability.
- Industrial development, including data centres and hydrogen production.
- Population growth - creating additional capacity for over 100k population increase.
Growth in RCV
Attractive growth since privatisation.
Regulatory capital value (RCV) (as adjusted for actual spend and timing difference) of United Utilities Water Limited now includes the value of ex-post adjustment mechanisms. Prior year figures have been re-presented for comparative purposes.
Dividends
Stable, progressive dividend, growing in line with CPIH inflation.
| Year ended 31 March | 2026 £m |
2025 £m |
2024 £m |
2023 £m | 2022 £m |
2021 £m |
2020 £m |
2019 £m |
2018 £m |
|---|---|---|---|---|---|---|---|---|---|
| Interim dividend | 121.9 | 117.8 | 113.1 | 103.4 | 98.9 | 98.3 | 96.8 | 93.8 | 90.3 |
| Final dividend | 265.81 | 235.7 | 226.3 | 206.9 | 197.8 | 196.6 | 193.7 | 187.7 | 180.6 |
| Total dividend | 387.7 | 353.5 | 339.4 | 310.3 | 296.7 | 294.9 | 290.5 | 281.5 | 270.9 |
More information on dividends can be found here.
1 Proposed final dividend subject to approval by equity holders of United Utilities Group PLC, 35.78 pence per share based on the company share count as at 26th June 2026.
For more information please contact:
Chris Laybutt, Corporate Development & Capital Markets Director, chris.laybutt@uuplc.co.uk, T: 07769 556 858
Jennifer Platt, Investor Relations Manager, Jennifer.platt@uuplc.co.uk, T: 07733 064 907
United Utilities Group plc
Haweswater House
Lingley Mere Business Park
Lingley Green Avenue
Great Sankey
Warrington WA5 3LP
corporate.unitedutilities.com
This document contains certain forward-looking statements with respect to the operations, performance and financial condition of the group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and the company undertakes no obligation to update these forward looking statements. Nothing in this document should be construed as a profit forecast. Certain regulatory performance data contained in this document is subject to regulatory audit.