Sustainability Flash Note: Sustainability Connect 2026: Take-aways from our Call with United Utilities

Research evidence excerpt

Sustainability Flash Note: Sustainability Connect 2026: Take-aways from our Call with United Utilities

J P M O R G A N Europe Equity Research

31 July 2026

Sustainability Flash Note

Sustainability Connect 2026: Take-aways from our Call

with United Utilities

As part of our Sustainability Connect call series, we hosted Jo Harrison, Asset

Management Director at United Utilities, for an overview of the company’s

sustainability strategy, the key regulatory developments ahead, and how these

are influencing investment, funding and delivery priorities through 2030. Our

main takeaways are as follows:

EMEA Sustainable Investing

• Balancing company strategy to balance environmental ambitions with Research

cost efficiency: Management stated it is pursuing a holistic, integrated delivery AC Jean-Xavier Hecker

approach in which nature-based solutions are the default and conventional (33-1) 4015 4472

engineering is used only where no viable alternative exists, arguing that many jean-xavier.hecker@jpmorgan.com

sustainable interventions are also the lowest whole-life cost and therefore align J.P. Morgan Securities plc

with Ofwat’s “best value” challenge and customer bill considerations. Hugo Dubourg

• The ramp-up in expenditure from AMP7 to AMP8 was attributed to key (33-1)hugo.dubourg@jpmchase.com4015 4471

drivers (i) the UK Environment Act 2021: with a major focus on reducing storm J.P. Morgan Securities plc

overflow spills (management stated c. half of the regulatory investment Noemie de la Gorce, CFA

programme is directed to sewer investment to reduce overflows), and (ii) the (44-20) 7134-4229

Water Framework Directive shaping long-standing investment themes such as noemie.delagorce@jpmorgan.com

wastewater nutrient removal. On delivery pace, management stated that UU’s J.P.