Long term public debt issues

The main driver behind the group's debt requirement is the capital investment programmes of United Utilities Water Limited. The group has begun funding its AMP8 (2025-30) investment programme and at 31 March 2026 had liquidity through to the second half of FY28.

Below is a chart detailing our gross debt position as at 31 March 2026.

Gross Debt = £11.5bn

Below is a chart detailing our term debt maturity profile as at 31 March 2026.

Average term to maturity of approximately 14 years²

^{1 This segment includes fixed rate & RPI linked bonds that have been swapped to CPI/CPIH linked}

^{2 Future repayments of index-linked debt include RPI/CPI/CPIH market derived forecasts out to 2029, subsequently transitioning to an average annual RPI rate of 2.4% and an average annual CPI rate of 2%}