United Utilities Group PLC (UUGRY) Discusses Ofwat Draft Decision on Totex Reopener Process and Regulatory Support Transcript

SA Transcripts 161.82K Followers Follow United Utilities Group PLC ( UUGRY ) Discusses Ofwat Draft Decision on Totex Reopener Process and Regulatory Support August 13, 2026 6:00 AM EDT Company Participants Christopher Laybutt - Investor Relations & Clean Energy Strategy Director Louise Beardmore - CEO & Director Philip Aspin - CFO & Director Conference Call Participants Pavan Mahbubani - JPMorgan Chase & Co, Research Division Jenny Ping - Citigroup Inc., Research Division Ahmed Farman - Jefferies LLC, Research Division James Brand - Deutsche Bank AG, Research Division Dominic Nash - Barclays Bank PLC, Research Division Presentation Christopher Laybutt Investor Relations & Clean Energy Strategy Director Well, I think we've still got a few people coming in, but I think it looks like we've got the majority on the call already. So good morning, everyone. Thank you very much for joining us today. This morning, as you all will be aware, Ofwat published its draft decision on its inaugural totex reopen process, which is, of course, the topic of today's call. The format for the session will be a brief presentation by our CEO, Louise Beardmore; and CFO, Phil Aspin. And then I think we'll have plenty of time to take questions at the end of the presentation. So with that, I'm going to hand straight to you, Lou, to kick us off. Louise Beardmore CEO & Director Brilliant. Great. Thanks, Chris, and thanks so much for everybody joining this morning. I'm conscious there's a lot going on. You'll be pleased to know we'll keep this brief. We've just got a couple of slides that provide some of the overview. But more than anything, as Chris said, this is your opportunity to ask any questions that you may have others. So look, Ofwat this morning have published their draft decision. That's completely in line with our expectations. That gives us an allowance of GBP 975 million. And