Supportive trip to Manchester

Research evidence excerpt

Supportive trip to Manchester

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy United Utilities 1 July 2026

Breaking News

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (GBP) 1,309.00

UU.L UU/ LN LSE UU

Price Target (GBP) 1,450.00

Utilities

Water ADR ISIN 52-week range (GBP) 1,457.001,091.50-

UUGRY US91311E1029

Valuation & Risks

James Brand, CFA

Strong executive team and ambitious work programme Research Analyst

We travelled up to Manchester to spend time with United Utilities, joining a dinner +44-20-754-74705

with key executives and visits to four of its sites. We were impressed by both the

Olly Jeffery

senior management team and staff we met at the company's sites. We heard how Research Analyst

an obsessive focus on asset maintenance is driving a significant increase in +44-20-754-70055

reliability, how efficiency improvements are being continuously discovered, and

how digital is driving down the cost and speed of helping customers deal with Price/price relative

issues. 1500

Among the site visits we saw Davyhulme, one of the largest waste treatment works 1000

in Europe. A 10 year investment plan will reduce phosphorus and modernise the

huge bio resources operation. We also visited the Integrated Control Centre, which 500

2024 2025 2026

was impressive.

United Utilities – (Rebased)

Aligned with Manchesterism? Performance (%) 1m 3m 12m

The company highlighted its strong working relationship with the Greater Absolute -2.6 -0.5 14.7

Manchester Combined Authority, with one example of collaboration on integrated FTSE ALL SHARE INDEX 0.6 3.8 18.1

water management and sustainable urban drainage solutions. It emphasises that Source: Deutsche Bank

its local approach and focus on 'place' aligns with some of the priorities of Andy