London · Delayed Price · Currency is GBP · Price in GBX Severn Trent Earnings Call Transcripts
Fiscal Year 2026
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Strong annual results with £73m ODI outperformance, upgraded FY 2028 EPS guidance, and robust cost efficiencies. £600m reopener investment targets asset health and growth, with no further equity raise planned before 2030.
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Strong annual results with double-digit returns, record investment, and upgraded 2028 EPS guidance. Operational outperformance, efficiency gains, and robust financing underpin long-term growth amid sector-wide structural trends.
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Strong first-half performance with 90% of ODIs on track, £300 million outperformance guidance, and 60%-65% gearing targeted. Infrastructure Services EBITDA set to double, and capital efficiencies of £500 million identified, supporting further investment and stable credit ratings.
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Delivered strong first-half results with adjusted EPS up 74% year-on-year and record capital investment underway. Upgraded ODI outperformance guidance, sector-leading environmental performance, and reaffirmed targets for EPS growth and RCV expansion.
Fiscal Year 2025
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Record ODI and financial outperformance, with capital investment up 40% year-on-year and strong operational, environmental, and regulatory achievements. RCV set to grow 59% in AMP8, with guidance for doubled EPS and continued sector-leading environmental status.
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Operational and financial performance remains strong, with best-ever results in key metrics and confidence in doubling earnings over three years, supported by robust RCV growth and sector-leading customer support. Regulatory changes and affordability remain key focus areas.
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RoRE outperformance and strong ODI delivery drove financial results, with gearing stable and significant investment in spill reduction and energy self-sufficiency. Dividend policy and capital allocation will be reviewed post-final determination, with continued focus on operational excellence and regulatory engagement.
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Strong half-year results with 17% PBIT growth, nearly doubled adjusted EPS, and robust RCV expansion. Over 900 spill interventions delivered, with major investments in infrastructure, customer service, and environmental initiatives.
Fiscal Year 2024
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Record RCV growth of 45% and a £6.4 billion investment program are set for AMP8, with enhanced regulatory protections, strong customer support, and robust financial positioning. The organization is fully equity-funded, ready for immediate delivery, and expects continued outperformance on ODIs and financing.
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Ongoing engagement with Ofwat is expected to result in updates to cost, debt, and performance assumptions before the final determination. The company is confident in meeting regulatory commitments, supported by a strong track record, risk protections, and robust financial planning.
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Management is actively engaging with Ofwat on regulatory, financial, and operational matters, including enhancement spend, ODI metrics, and sector enforcement. Financial resilience is underpinned by a £1 billion equity injection and strong RCV growth, while ESG initiatives and customer support remain priorities.
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Ofwat awarded outstanding status, confirming record 28% RCV growth and the largest investment program to date. Customers will see improved service and affordability, while environmental and financial protections are strengthened. Final determination is due in December.