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"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-588": { "value": "public limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-587": { "value": "United Kingdom.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-592": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-590": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-442": { "value": "Pennon Group\u2019s business is operated through its principal subsidiaries: South West Water Limited provides water and wastewater services in Devon, Cornwall and parts of Dorset and Somerset and water only services in parts of Dorset, Hampshire, Wiltshire and Bristol. Sutton and East Surrey Water plc provides water only services in the South East region. Sutton and East Surrey Water Services Limited provides water and wastewater retail services to non-household customer accounts. Pennon Group plc is the majority shareholder of Pennon Water Services Limited, a company providing water and wastewater retail services to non-household customer accounts across Great Britain. The Company owns a 30% share in Water 2 Business Limited, a joint venture with Wessex Water Limited, operating in the same sector as Pennon Water Services Limited and Sutton and East Surrey Water Services Limited", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-464": { "value": "
(a) Basis of preparation
The financial statements for the Group have been prepared on the historical cost accounting basis (except for
fair value items, principally acquisitions, transfers of assets from customers and certain financial instruments as
described in accounting policy notes (b), (w) and (p) respectively) and in accordance with UK-adopted International
Accounting Standards and with Companies Act 2006.
The parent company financial statements have been prepared in accordance with UK-adopted International
Accounting Standards and with the requirements of the Companies Act 2006. The Company meets the definition
of a qualifying entity as defined in FRS 100 \u2018Application of Financial Reporting Requirements\u2019, accordingly the Company
has elected to apply FRS 101 \u2018Reduced Disclosure Framework\u2019.
Therefore, the recognition and measurement requirements of United Kingdom adopted International Financial
Reporting Standards have been applied, with amendments where necessary in order to comply with Companies
Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI
2008/410) as the parent company financial statements are Companies Act 2006 accounts.
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial
statements, in accordance with FRS 101:
\u2022 Paragraphs 45(b) and 46 to 52 of IFRS 2, \u2018Share-based payment\u2019 (details of the number and weighted average
exercise prices of share options, and how the fair value of goods or services received was determined).
\u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019.
\u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair
value measurement of assets and liabilities).
\u2022 Paragraph 38 of IAS 1, \u2018Presentation of financial statements\u2019 \u2013 comparative information requirements in respect of:
\u2013 Paragraph 79(a)(iv) of IAS 1,
\u2013 Paragraph 73(e) of IAS 16, \u2018Property, plant and equipment\u2019, and
\u2013 Paragraph 118(e) of IAS 38, \u2018Intangible assets\u2019 (reconciliations between the carrying amount at the beginning and
end of the period).
\u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019:
\u2013 10(d) (statement of cash flows),
\u2013 16 (statement of compliance with all IFRS),
\u2013 38A (requirement for minimum of two primary statements, including cash flow statements),
\u2013 38B-D (additional comparative information),
\u2013 111 (statement of cash flows information), and
\u2013 134-136 (capital management disclosures).
\u2013 IAS 7, \u2018Statement of cash flows\u2019.
\u2013 The requirements of paragraphs 88C and 88D of IAS 12 Income Taxes.
\u2013 Paragraphs 30 and 31 of IAS 8, \u2018Accounting policies, changes in accounting estimates and errors\u2019 (requirement
for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet
effective).
\u2013 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation).
\u2013 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between
two or more members of a group.
The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company
profit and loss account. The loss for the year is disclosed in the Company statement of changes in equity and the
Company balance sheet.
The Group and parent company financial statements are presented in pounds sterling and all values rounded to the
nearest one-hundred thousand pounds, except when otherwise indicated.
A summary of the principal accounting policies is set out below, together with an explanation where changes have been
made to previous policies on the adoption of new accounting standards and interpretations in the year.
New standards and interpretations
New standards or interpretations which were mandatory for the first time in the year beginning 1 April 2025 did not
have a material impact on the net assets or results of the Group and the parent company. Existing borrowing covenants
were not impacted by changes in accounting standards .
New standards or interpretations due to be adopted from 1 April 2026 are not expected to have a material impact on
the Group\u2019s and the parent company\u2019s net assets or results.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective from 1 April 2027) will replace IAS 1
\u2018Presentation of Financial Statements\u2019. IFRS 18 will not impact the recognition or measurement of items in the financial
statements but it is expected to have a significant impact on the presentation and disclosure within the financial
statements, in particular on the statement of profit and loss and providing management-defined performance measures
within the financial statements.
Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s financial
statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:
\u2022 The line items presented on the primary financial statements might change as a result of the application of the
concept of \u2018useful structured summary\u2019 and the enhanced principles on aggregation and disaggregation.
\u2022 The Group does not expect there to be a significant change in the information that is currently disclosed in the
notes because the requirement to disclose material information remains unchanged; however, the way in which the
information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be
significant new disclosures required for management-defined performance measures; and for the first annual period
of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated
amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1.
In preparing the financial statements, management has considered the impact of climate change, taking into account
the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of
the Taskforce on Climate-related Financial Disclosure. The expected environmental impact of climate change on the
water business has been modelled noting that the physical risks are increasing. It is likely that the Group will need to
invest to protect certain assets such as sewage works and pumping stations against sea level inundation and these
considerations form part of the planning process for new capital expenditure. Longer term investment, outlined in the
strategic plans, will be needed to manage future risks. To achieve this, combined regulatory and government support
within their policy frameworks will be essential. Whilst it is estimated additional spend will be required to manage
future risks, the current available information and assessment did not identify any risks regarding the sufficiency of
funds available to the Group to support this additional spend or any risk that would require the useful economic lives
of assets to be reduced in the year or identify the need for impairment that would impact the carrying values of such
assets or have any other impact on the financial statements. The impact assessments will be continuously updated to
reflect the latest available information on the impact of climate change.
\u2022 Within the cash flow statement there will be changes to how interest received and interest paid are presented.
Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a
change from current presentation as part of operating cash flows.
\u2022 Whilst a detailed assessment of the impact of IFRS 18 has not yet been concluded, it is not expected that existing
covenants will be impacted by subsequent changes to accounting standards.
The Group will apply the new standard from its mandatory effective date of 1 April 2027. Retrospective application is
required, and so the comparative information for the financial year ending 31 March 2027 will be restated in accordance
with IFRS 18.
IFRS 20 \u2018Regulatory assets and regulatory liabilities\u2019 was published on 29 May 2026 and will be applicable for the year
ended 31 March 2030. The Group has not yet assessed the impact of this standard.
Going concern
The going concern basis has been adopted in preparing these financial statements. At 31 March 2026 the Group has
access to undrawn committed funds of \u00a3610.0 million and cash and cash equivalents and restricted funds of \u00a3388.3
million, totalling \u00a3998.3 million. The Group has an expected headroom of \u00a3186.7 million at 30 September 2027.
In making their assessment, the Directors reviewed the principal risks and considered which risks might threaten
the Group\u2019s going concern status; to do this the Group\u2019s business plan has been stress-tested. Whilst the Group\u2019s
risk management processes seek to mitigate the impact of principal risks as set out on pages 70 to 79, individual
sensitivities against these risks have been identified. These sensitivities, which are ascribed a value with reference
to risk weighting, factoring in the likelihood of occurrence and financial impact, were applied to the baseline financial
forecast which uses the Group\u2019s annual budget for FY 2025/26, and longer-term strategic business plan for the
remainder of the going concern period to 30 September 2027.
The risks and sensitivities include consideration of: legislative impacts such as change in government policy and
non-compliance with laws and regulations, macro-economic impacts such as inflation and interest rate increases and
operational impacts such as ensuring adequate water resources and failure of operational assets. A combined stress
testing scenario has been performed to assess the overall impact of these individual scenarios impacting the Group
collectively. The combined weighted impact of the risks occurring is a cash outflow of c.\u00a3101.5 million; this value is
considered equivalent to an extreme one-off event that could occur over the 15 month period of the assessment
to 30 September 2027, the probability of such an event happening is deemed unlikely. Through this testing, it has
been determined that none of the individual principal risks would in isolation, or in aggregate, compromise the going
concern of the Group over the going concern period, the assessment has been considered by reviewing the impact
on the solvency position as well as debt and interest covenants. In the combined scenario to ensure that the Group
was able to continue as a going concern, additional mitigations could be deployed to reduce gearing and increase
covenant headroom. In the combined stress test scenario, the Group has sufficient liquidity and covenant headroom
which reflects that no mitigations would be needed by the Group. However, if required additional mitigations could
be deployed to reduce gearing and increase covenant headroom. Examples of mitigations could include: reduction
in discretionary operational expenditure, deferral of capital expenditure and/or cancellation of non-essential capital
expenditure, reduction in the amount of dividend payable, and raising additional funding.
We have considered the Group\u2019s funding position and financial projections which take into account a range of possible
impacts, including the refinancing required within and immediately after the going concern assessment period. Having
considered these factors, the Directors have a reasonable expectation that the Group will meet the requirements of its
covenants and has adequate resources to continue in operational existence for the period to at least the end of the
going concern assessment period of 30 September 2027, and that there are no material uncertainties to disclose. For
this reason, they continue to adopt the going concern basis in preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-443": { "value": "(a) Basis of preparation The financial statements for the Group have been prepared on the historical cost accounting basis (except for fair value items, principally acquisitions, transfers of assets from customers and certain financial instruments as described in accounting policy notes (b), (w) and (p) respectively) and in accordance with UK-adopted International Accounting Standards and with Companies Act 2006. The parent company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The Company meets the definition of a qualifying entity as defined in FRS 100 \u2018Application of Financial Reporting Requirements\u2019, accordingly the Company has elected to apply FRS 101 \u2018Reduced Disclosure Framework\u2019. Therefore, the recognition and measurement requirements of United Kingdom adopted International Financial Reporting Standards have been applied, with amendments where necessary in order to comply with Companies Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) as the parent company financial statements are Companies Act 2006 accounts. The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101: \u2022 Paragraphs 45(b) and 46 to 52 of IFRS 2, \u2018Share-based payment\u2019 (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined). \u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019. \u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities). \u2022 Paragraph 38 of IAS 1, \u2018Presentation of financial statements\u2019 \u2013 comparative information requirements in respect of: \u2013 Paragraph 79(a)(iv) of IAS 1, \u2013 Paragraph 73(e) of IAS 16, \u2018Property, plant and equipment\u2019, and \u2013 Paragraph 118(e) of IAS 38, \u2018Intangible assets\u2019 (reconciliations between the carrying amount at the beginning and end of the period). \u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019: \u2013 10(d) (statement of cash flows), \u2013 16 (statement of compliance with all IFRS), \u2013 38A (requirement for minimum of two primary statements, including cash flow statements), \u2013 38B-D (additional comparative information), \u2013 111 (statement of cash flows information), and \u2013 134-136 (capital management disclosures). \u2013 IAS 7, \u2018Statement of cash flows\u2019. \u2013 The requirements of paragraphs 88C and 88D of IAS 12 Income Taxes. \u2013 Paragraphs 30 and 31 of IAS 8, \u2018Accounting policies, changes in accounting estimates and errors\u2019 (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective). \u2013 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation). \u2013 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between two or more members of a group. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The loss for the year is disclosed in the Company statement of changes in equity and the Company balance sheet. The Group and parent company financial statements are presented in pounds sterling and all values rounded to the nearest one-hundred thousand pounds, except when otherwise indicated. A summary of the principal accounting policies is set out below, together with an explanation where changes have been made to previous policies on the adoption of new accounting standards and interpretations in the year. New standards and interpretations New standards or interpretations which were mandatory for the first time in the year beginning 1 April 2025 did not have a material impact on the net assets or results of the Group and the parent company. Existing borrowing covenants were not impacted by changes in accounting standards . New standards or interpretations due to be adopted from 1 April 2026 are not expected to have a material impact on the Group\u2019s and the parent company\u2019s net assets or results. IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective from 1 April 2027) will replace IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 18 will not impact the recognition or measurement of items in the financial statements but it is expected to have a significant impact on the presentation and disclosure within the financial statements, in particular on the statement of profit and loss and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified: \u2022 The line items presented on the primary financial statements might change as a result of the application of the concept of \u2018useful structured summary\u2019 and the enhanced principles on aggregation and disaggregation. \u2022 The Group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for management-defined performance measures; and for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1. In preparing the financial statements, management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. The expected environmental impact of climate change on the water business has been modelled noting that the physical risks are increasing. It is likely that the Group will need to invest to protect certain assets such as sewage works and pumping stations against sea level inundation and these considerations form part of the planning process for new capital expenditure. Longer term investment, outlined in the strategic plans, will be needed to manage future risks. To achieve this, combined regulatory and government support within their policy frameworks will be essential. Whilst it is estimated additional spend will be required to manage future risks, the current available information and assessment did not identify any risks regarding the sufficiency of funds available to the Group to support this additional spend or any risk that would require the useful economic lives of assets to be reduced in the year or identify the need for impairment that would impact the carrying values of such assets or have any other impact on the financial statements. The impact assessments will be continuously updated to reflect the latest available information on the impact of climate change. (b) Basis of consolidation The Group financial statements include the results of Pennon Group plc and its subsidiaries and joint ventures. The results of subsidiaries and joint ventures are included from the date of acquisition or incorporation and excluded from the date of disposal. The results of subsidiaries are consolidated where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of joint ventures are accounted for on an equity basis. Intra-group trading, loan balances and transactions are eliminated on consolidation. The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value transferred to the seller in return for control of the acquired business, together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets, is recorded as goodwill. (c) Revenue recognition Group revenue is recognised following delivery of performance obligations and an assessment of when control over the product or service is transferred to the customer. Revenue is only recognised when collection of consideration is highly probable. Revenue is recognised either when the performance obligation in the contract has been performed (point in time recognition) or \u2018over time\u2019 as the performance obligations to the customer are satisfied. For each obligation satisfied over time, the Group applies a revenue recognition method that accurately reflects performance in transferring control of the services to the customer. Where a contract with a customer includes more than one performance obligation, revenue is allocated to each obligation in proportion to a fair value assessment of the total contract sales value split across the services provided. At the inception of a contract the total transaction price is estimated, being the fair value to which the Group expects to be entitled under the contract. Revenue excludes value added tax, trade discounts and revenue arising from transactions between Group companies. \u2022 Within the cash flow statement there will be changes to how interest received and interest paid are presented. Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a change from current presentation as part of operating cash flows. \u2022 Whilst a detailed assessment of the impact of IFRS 18 has not yet been concluded, it is not expected that existing covenants will be impacted by subsequent changes to accounting standards. The Group will apply the new standard from its mandatory effective date of 1 April 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 March 2027 will be restated in accordance with IFRS 18. IFRS 20 \u2018Regulatory assets and regulatory liabilities\u2019 was published on 29 May 2026 and will be applicable for the year ended 31 March 2030. The Group has not yet assessed the impact of this standard. Going concern The going concern basis has been adopted in preparing these financial statements. At 31 March 2026 the Group has access to undrawn committed funds of \u00a3610.0 million and cash and cash equivalents and restricted funds of \u00a3388.3 million, totalling \u00a3998.3 million. The Group has an expected headroom of \u00a3186.7 million at 30 September 2027. In making their assessment, the Directors reviewed the principal risks and considered which risks might threaten the Group\u2019s going concern status; to do this the Group\u2019s business plan has been stress-tested. Whilst the Group\u2019s risk management processes seek to mitigate the impact of principal risks as set out on pages 70 to 79, individual sensitivities against these risks have been identified. These sensitivities, which are ascribed a value with reference to risk weighting, factoring in the likelihood of occurrence and financial impact, were applied to the baseline financial forecast which uses the Group\u2019s annual budget for FY 2025/26, and longer-term strategic business plan for the remainder of the going concern period to 30 September 2027. The risks and sensitivities include consideration of: legislative impacts such as change in government policy and non-compliance with laws and regulations, macro-economic impacts such as inflation and interest rate increases and operational impacts such as ensuring adequate water resources and failure of operational assets. A combined stress testing scenario has been performed to assess the overall impact of these individual scenarios impacting the Group collectively. The combined weighted impact of the risks occurring is a cash outflow of c.\u00a3101.5 million; this value is considered equivalent to an extreme one-off event that could occur over the 15 month period of the assessment to 30 September 2027, the probability of such an event happening is deemed unlikely. Through this testing, it has been determined that none of the individual principal risks would in isolation, or in aggregate, compromise the going concern of the Group over the going concern period, the assessment has been considered by reviewing the impact on the solvency position as well as debt and interest covenants. In the combined scenario to ensure that the Group was able to continue as a going concern, additional mitigations could be deployed to reduce gearing and increase covenant headroom. In the combined stress test scenario, the Group has sufficient liquidity and covenant headroom which reflects that no mitigations would be needed by the Group. However, if required additional mitigations could be deployed to reduce gearing and increase covenant headroom. Examples of mitigations could include: reduction in discretionary operational expenditure, deferral of capital expenditure and/or cancellation of non-essential capital expenditure, reduction in the amount of dividend payable, and raising additional funding. We have considered the Group\u2019s funding position and financial projections which take into account a range of possible impacts, including the refinancing required within and immediately after the going concern assessment period. Having considered these factors, the Directors have a reasonable expectation that the Group will meet the requirements of its covenants and has adequate resources to continue in operational existence for the period to at least the end of the going concern assessment period of 30 September 2027, and that there are no material uncertainties to disclose. For this reason, they continue to adopt the going concern basis in preparing the financial statements. (d) Segmental reporting Each of the Group\u2019s business segments provides services which are subject to risks and returns which are different from those of the other business segments. The Group\u2019s internal organisation and management structure and its system of internal financial reporting are based primarily on business segments. The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by South West Water Limited and the regulated water services undertaken by Sutton and East Surrey Water plc. The non- household retail business reflects the services provided by Pennon Water Services Limited and Sutton and East Surrey Water Services Limited. Other components, including Pennon Group plc, are not reportable segments as they are not reported to Chief Decision makers. Segmental revenue and results include transactions between businesses. Inter- segmental transactions are eliminated on consolidation. (e) Goodwill Goodwill arising on consolidation from the acquisition of subsidiary undertakings represents the excess of the purchase consideration over the fair value of net assets acquired, less any subsequent impairment charges. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the statement of profit or loss and is not subsequently reversed. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) or group of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal reporting purposes. Goodwill is allocated and monitored at the reportable operating segment level. Further details are contained in accounting policy (j). When a subsidiary undertaking is sold, the profit or loss on disposal is determined after including the attributable amount of goodwill. (f) Other intangible assets Other intangible assets include assets acquired in business combination and are capitalised at fair value at the date of acquisition. Following initial recognition, finite life intangible assets are amortised on a straight-line basis over their estimated useful lives, with the expense charged to the statement of profit or loss through operating costs. The cost of assets includes directly attributable labour and overhead costs which are incremental to the Group. Intangible assets are amortised evenly over their useful economic lives: Software development 5 to 15 years Assets in the course of construction are not depreciated until commissioned. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable software products controlled by the group are recognised as intangible assets when management intends and has the ability to use the software, it can be reliably measured, and it is probable that incremental future economic benefits will flow to the Group. (g) Property, plant and equipment i) Infrastructure assets (being water mains and sewers, impounding and pumped raw water storage reservoirs, dams, pipelines and sea outfalls) Infrastructure assets were included at fair value on transition to IFRS, and subsequent additions are recorded at cost less accumulated depreciation and impairment charges. Expenditure to increase capacity or enhance infrastructure assets is capitalised where it can be reliably measured, and it is probable that incremental future economic benefits will flow to the Group. The cost of day-to-day servicing of infrastructure components is recognised in the statement of profit or loss as it arises. Water (domestic and non-household retail) For most of the services provided to domestic customers, contract terms are implied through statute and regulation in the absence of formal, written contracts. South West Water and SES Water have a duty under legislation to provide domestic customers with services regardless of payment and are not permitted to disconnect domestic customers for non-payment of bills. Charges are set via the periodic review price-setting process, regulated by Ofwat. In respect of ongoing, continuous services to customers, such as the provision of drinking water and wastewater services, revenue is recognised over time. Customers with an unmeasured supply are billed at the start of the year for the full amount of the annual charge but typically take advantage of a choice of payment arrangements to pay by regular instalments. The performance obligation has been assessed as standing ready to provide water and sewerage services when required by our customers, and accordingly revenue is recognised under IFRS 15 as the stand-ready obligation is fulfilled over time. Customers with a metered supply are billed based either on actual meter readings or estimated usage. For these customers, revenue includes an estimation of the amount of unbilled usage at the period end. Payment options for domestic customers include an annual meter payment plan where customers agree to pay a fixed amount per month which is adjusted to reflect actual consumption at the end of the year. Revenue is recognised as water is supplied, based on estimate usage for unbilled elements. A range of regulated services are offered to property developers and owners who require connection to the water and sewerage networks or need the networks to be extended or altered. Typically, these customers pay an estimate of the charges in advance as a deposit, which is treated as a contract liability and are billed or refunded the difference between the estimate and actual costs on completion of the work. The principal components of these contributions are as follows: i) Where the performance obligation relates solely to a connection to the network, revenue is recognised at the point of connection when the customer is deemed to obtain control. ii) Where assets are constructed or provided by the Group or assets transferred to the Group, it is considered that there is an explicit or implied performance obligation to provide an ongoing water and/or wastewater service, with the result that revenue is recognised over a time no longer than the economic life of assets provided by or transferred to the Group. Pennon Water Services and Sutton and East Surrey Water Services provide specialist retail water and wastewater services to business customers. They raise bills and recognise revenue in accordance with its contracts with customers and in line with the limits established for the non-household periodic price-setting process where applicable. Contract assets and liabilities A trade receivable is recognised when the Group has an unconditional right to receive consideration in exchange for performance obligations already fulfilled. A contract asset is recognised when the Group has fulfilled some of its performance obligations but has not yet obtained an unconditional right to receive consideration. The amounts for contract assets, when applicable, are disclosed within note 20 (Other non-current assets) and note 23 (Trade and other receivables) as appropriate. A contract liability is recognised when consideration is received in advance of the Group performing its performance obligations to customers, including, when appropriate, transfers of assets from customers (per paragraph (v) below). The value of contract liabilities is disclosed within note 27 (Trade and other payables) and note 30 (Other non-current liabilities) as appropriate. Infrastructure assets are depreciated evenly over their useful economic lives, and are principally:
Dams and impounding reservoirs
100 to 200 years
Water mains
60 to 180 years
Sewers
75 to 150 years
Assets in the course of construction are not depreciated until commissioned. ii) Other assets (being property, overground plant and equipment) Other assets are included at cost less accumulated depreciation. Freehold land is not depreciated. Other assets are depreciated evenly to their residual value over their estimated economic lives, and are principally:
Land and buildings \u2013 freehold buildings
10 to 80 years
Land and buildings \u2013 leasehold buildings
Over the estimated economic lives or the lease period,
whichever is the shorter
Operational properties
15 to 100 years
Fixed and moveable equipment
4 to 30 years
Assets in the course of construction are not depreciated until commissioned. The cost of assets includes directly attributable labour and overhead costs which are incremental to the Group. Borrowing costs directly attributable to the construction of a qualifying asset (an asset necessarily taking a substantial period of time to be prepared for its intended use) are capitalised as part of the asset. Assets transferred from customers are recognised at fair value as set out in accounting policy (v). The assets\u2019 residual values and useful lives are reviewed annually. Gains and losses on disposal are determined by comparing sale proceeds with carrying amounts. These are included in the statement of profit or loss. (h) Leased assets Where the Group enters into a contract that contains a lease, it recognises a right-of-use asset and a lease liability except for: \u2022 Low value assets; and \u2022 Leases with a duration of 12 months or less. Assets and liabilities arising from a lease are initially measured at the present value of contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless this is not readily determinable, in which case the Group\u2019s incremental borrowing rate on commencement of the lease is used. After initial measurement, lease payments are allocated between the liability and finance cost. The finance cost is charged to profit and loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The interest element of cash payments in respect of these leases is included within interest payments in determining net cash generated from operating activities. The capital element of the cash payment is included within cash flows from financing activities. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or the remaining economic life of the asset if shorter. iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the statement of profit or loss except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly within gains/(loss) on cashflow hedging in the statement of comprehensive income, and the ineffective portion in the statement of profit or loss. The gains or losses deferred in equity in this way are subsequently recognised in the statement of profit or loss in the same period in which the hedged underlying transaction or firm commitment is recognised in the statement of profit or loss. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the statement of profit or loss. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. v) Financial instruments at fair value through profit or loss Financial instruments at fair value through profit or loss reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the statement of profit or loss. vi) Receivables due from subsidiary undertakings Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. (q) Taxation including deferred taxation The tax charge for the year comprises current and deferred taxation. Tax is recognised in the statement of profit or loss, except to the extent that it relates to items recognised in the statement of comprehensive income or directly in equity. In this case the tax is also recognised in the statement of comprehensive income or directly in equity as appropriate. (l) Investment in associated companies Associated companies are entities over which the Group exercises joint control. Investments in associated companies are accounted for using the equity method of accounting. Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the associated company at the date of acquisition is recognised as goodwill and is included in the carrying value of the investment in the associated company. The carrying value of the Group\u2019s investment is adjusted for the Group\u2019s share of post-acquisition profits or losses recognised in the statement of profit or loss and statement of comprehensive income. Losses of an associated company in excess of the Group\u2019s interest are not recognised unless the Group has a legal or constructive obligation to fund those losses. (m) Inventories Inventories are stated at the lower of cost and net realisable value. The cost of finished goods and work in progress includes raw materials and the cost of bringing stocks to their present location and condition. It excludes borrowing costs. Net realisable value is the estimated selling price less cost to sell. The costs of items of inventory are determined using weighted average costs. (n) Cash and cash equivalents Cash and cash equivalents comprise cash in hand and short-term deposits held at banks. Bank overdrafts are offset against cash balances where there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. Otherwise, overdrafts are included within current borrowings. (o) Restricted cash Restricted cash within the financial statements relates to cash held under contractual agreements to offset counterparty exposure or provide cover for future interest payments. The restricted cash could be removed by replacing the cash with an agreed alternative. (p) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the statement of profit or loss when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the statement of profit or loss through amortisation. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value on trade date and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment. iii) Trade payables Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. (s) Share capital and treasury shares Ordinary shares are classified as equity. Where the Company purchases the Company\u2019s equity share capital (treasury shares) the consideration paid, including any directly attributable costs, is deducted from equity until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable transaction costs, is included in equity. The Group and Company balance sheet includes the shares held by the Pennon Group plc Employee Benefit Trust relating to employee share-based payments which have not vested at the balance sheet date. These are shown as a deduction from shareholders\u2019 equity until such time as they vest. Share buy-back scheme and tender offer Shares purchased for cancellation are deducted from retained earnings at the total consideration paid or payable, including any related expenses. Where the Group has an irrevocable commitment to purchase shares for cancellation at the balance sheet date, a liability is recognised in other creditors based on the share price at the balance sheet date and retained earnings reduced by the amount of the liability. Shares purchased and held by the Group (treasury shares) are deducted from the treasury reserve at the total consideration paid or payable. On cancellation of treasury shares, the cost is transferred from the treasury reserve to retained earnings. When treasury shares are issued at below cost, an amount representing the difference between the cost of those shares and issue proceeds is transferred to retained earnings. No gain or loss is recognised in the consolidated statement of profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. (t) Dividend distributions Dividend distributions are recognised as a liability in the financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid, final dividends when approved by shareholders at the Annual General Meeting. (u) Employee benefits i) Retirement benefit obligations The Group operates defined benefit and defined contribution pension schemes. Defined benefit pension schemes The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the year less the fair value of plan assets. If the value of a plan\u2019s assets exceeds the present value of its obligations, the resulting surplus is only recognised if the Group has an unconditional right to that surplus. The defined benefit obligation is calculated by independent actuaries who advise on the selection of Directors\u2019 best estimates of assumptions, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds, and that have terms to maturity approximating to the terms of the related pension obligation. The increase in liabilities of the Group\u2019s defined benefit pension schemes, expected to arise from employee service in the year, is charged against operating profit. Changes in benefits granted by the employer are recognised immediately as a past service cost in the statement of profit or loss. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in the statement of comprehensive income in the period in which they arise. The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current tax The current tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, including any adjustment to tax payable in respect of previous years. The amount is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date. Management periodically evaluates tax items subject to interpretation and establishes provisions on individual tax items, where in the judgement of management, the position is uncertain. The Group includes a number of companies, including the parent company, which are part of a tax group for certain aspects of the tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. Payments for group relief are included within the current tax disclosures. The Group measures its tax uncertainties either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax Deferred tax is provided in full on temporary differences between the carrying amount of assets and liabilities in the financial statements and the tax base, except where they arise from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be realised. Deferred tax is determined using the tax rates enacted or substantively enacted at the balance sheet date and expected to apply when the deferred tax liability is settled or the deferred tax asset is realised. Deferred tax liabilities are recognised for all temporary differences, with the following exceptions: \u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxabl e profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures where the timing of the reversal of temporary differences can be controlled and it is probably that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. (r) Provisions Provisions are made where there is a present legal or constructive obligation as a result of a past event and it is probable that there will be an outflow of economic benefits to settle this obligation and a reliable estimate of this amount can be made. Where the effect of the time value of money is material the current amount of a provision is the present value of the expenditures expected to be required to settle obligations. The unwinding of the discount to present value is included as notional interest within finance costs. (z) Grants and contributions Grants and contributions receivable in respect of property, plant and equipment which provide the customer with ongoing access to the water and sewerage networks are treated as contract liabilities and released to revenue over the economic life of those elements of property, plant and equipment. Grants and contributions receivable in respect of expenses charged against profits in the year have been included in the statement of profit or loss. Government grants are recognised where there is reasonable certainty that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. The income from such grants is presented in the financial statements as a deduction from the expense to which it relates. (aa) Acquisitions of groups of assets that do not constitute a business The identifiable assets and liabilities in acquisitions of groups of assets that do not constitute a business are initially measured at amounts specified in the relevant accounting standards, or determined based on an allocation of the cost. Defined contribution scheme Costs of the defined contribution pension scheme are charged to the statement of profit or loss in the year in which they arise. The Group has no further payment obligations once the contributions have been paid. ii) Share-based payments The Group operates a number of equity-settled, share-based payment plans for employees. The fair value of the employee services required in exchange for the grant is recognised as an expense over the vesting period of the grant. Fair values are calculated using an appropriate pricing model. Non-market-based vesting conditions are considered in the assumptions as to the number of shares which are expected to vest. (v) Fair values The fair value of interest rate, inflation and cross currency swaps is based on the market price to transfer the asset or liability at the balance sheet date in an ordinary transaction between market participants. The fair values of short-term deposits, loans and overdrafts with a maturity of less than one year are assumed to approximate to their book values. In the case of non-current bank loans and other loans, the fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate available to the Group for similar financial instruments. (w) Transfers of assets from customers Where an item of property, plant and equipment that must be used to connect customers to the network is received from a customer, or where cash is received from a customer for the acquisition or construction of such an item, that asset is recorded and measured on initial recognition at its fair value. The credit created by the recognition of the asse t is recognised as a contract liability on the balance sheet. The contract liability reduces, and revenue is recognised in the statement of profit or loss, as performance obligations are satisfied. The period over which the credit is recognised depends upon the nature of the service provided, as determined by the agreement with the customer. Where the service provided is solely a connection to the network, the credit is recognised at the point of connection. If the agreement does not specify a period, revenue is recognised over a period no longer than the economic life of the transferred asset used to provide the ongoing service. The fair value of assets on transfer from customers is determined using a cost valuation approach allowing for depreciation. (x) Foreign exchange Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the closing balance sheet rate. The resulting gain or loss is recognised in the statement of profit or loss. (y) Non-underlying items Non-underlying items are those that in the Directors\u2019 view should be separately disclosed by virtue of their size, nature or incidence to enable a full understanding of the Group\u2019s financial performance. Excluding these items is considered to provide additional useful information on the performance and the position of the Group as well as enhancing the comparability of information between reporting periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-496": { "value": "The financial statements for the Group have been prepared on the historical cost accounting basis (except for fair value items, principally acquisitions, transfers of assets from customers and certain financial instruments as described in accounting policy notes (b), (w) and (p) respectively) and in accordance with UK-adopted International Accounting Standards and with Companies Act 2006. The parent company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The Company meets the definition of a qualifying entity as defined in FRS 100 \u2018Application of Financial Reporting Requirements\u2019, accordingly the Company has elected to apply FRS 101 \u2018Reduced Disclosure Framework\u2019. Therefore, the recognition and measurement requirements of United Kingdom adopted International Financial Reporting Standards have been applied, with amendments where necessary in order to comply with Companies Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) as the parent company financial statements are Companies Act 2006 accounts. The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101: \u2022 Paragraphs 45(b) and 46 to 52 of IFRS 2, \u2018Share-based payment\u2019 (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined). \u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019. \u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities). \u2022 Paragraph 38 of IAS 1, \u2018Presentation of financial statements\u2019 \u2013 comparative information requirements in respect of: \u2013 Paragraph 79(a)(iv) of IAS 1, \u2013 Paragraph 73(e) of IAS 16, \u2018Property, plant and equipment\u2019, and \u2013 Paragraph 118(e) of IAS 38, \u2018Intangible assets\u2019 (reconciliations between the carrying amount at the beginning and end of the period). \u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019: \u2013 10(d) (statement of cash flows), \u2013 16 (statement of compliance with all IFRS), \u2013 38A (requirement for minimum of two primary statements, including cash flow statements), \u2013 38B-D (additional comparative information), \u2013 111 (statement of cash flows information), and \u2013 134-136 (capital management disclosures). \u2013 IAS 7, \u2018Statement of cash flows\u2019. \u2013 The requirements of paragraphs 88C and 88D of IAS 12 Income Taxes. \u2013 Paragraphs 30 and 31 of IAS 8, \u2018Accounting policies, changes in accounting estimates and errors\u2019 (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective). \u2013 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation). \u2013 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between two or more members of a group. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The loss for the year is disclosed in the Company statement of changes in equity and the Company balance sheet. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-541": { "value": "New standards and interpretations New standards or interpretations which were mandatory for the first time in the year beginning 1 April 2025 did not have a material impact on the net assets or results of the Group and the parent company. Existing borrowing covenants were not impacted by changes in accounting standards . New standards or interpretations due to be adopted from 1 April 2026 are not expected to have a material impact on the Group\u2019s and the parent company\u2019s net assets or results. IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective from 1 April 2027) will replace IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 18 will not impact the recognition or measurement of items in the financial statements but it is expected to have a significant impact on the presentation and disclosure within the financial statements, in particular on the statement of profit and loss and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified: \u2022 The line items presented on the primary financial statements might change as a result of the application of the concept of \u2018useful structured summary\u2019 and the enhanced principles on aggregation and disaggregation. \u2022 The Group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for management-defined performance measures; and for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1. \u2022 Within the cash flow statement there will be changes to how interest received and interest paid are presented. Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a change from current presentation as part of operating cash flows. \u2022 Whilst a detailed assessment of the impact of IFRS 18 has not yet been concluded, it is not expected that existing covenants will be impacted by subsequent changes to accounting standards. The Group will apply the new standard from its mandatory effective date of 1 April 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 March 2027 will be restated in accordance with IFRS 18. IFRS 20 \u2018Regulatory assets and regulatory liabilities\u2019 was published on 29 May 2026 and will be applicable for the year ended 31 March 2030. The Group has not yet assessed the impact of this standard. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-497": { "value": "New standards or interpretations which were mandatory for the first time in the year beginning 1 April 2025 did not have a material impact on the net assets or results of the Group and the parent company. Existing borrowing covenants were not impacted by changes in accounting standards ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-498": { "value": "New standards or interpretations due to be adopted from 1 April 2026 are not expected to have a material impact on the Group\u2019s and the parent company\u2019s net assets or results. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-465": { "value": "
(b) Basis of consolidation
The Group financial statements include the results of Pennon Group plc and its subsidiaries and joint ventures.
The results of subsidiaries and joint ventures are included from the date of acquisition or incorporation and excluded
from the date of disposal. The results of subsidiaries are consolidated where the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over
the entity. The results of joint ventures are accounted for on an equity basis.
Intra-group trading, loan balances and transactions are eliminated on consolidation.
The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value
transferred to the seller in return for control of the acquired business, together with the fair value of any previously
held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets, is recorded as
goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-542": { "value": "(b) Basis of consolidation The Group financial statements include the results of Pennon Group plc and its subsidiaries and joint ventures. The results of subsidiaries and joint ventures are included from the date of acquisition or incorporation and excluded from the date of disposal. The results of subsidiaries are consolidated where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of joint ventures are accounted for on an equity basis. Intra-group trading, loan balances and transactions are eliminated on consolidation. The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value transferred to the seller in return for control of the acquired business, together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets, is recorded as goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-500": { "value": "(b) Basis of consolidation The Group financial statements include the results of Pennon Group plc and its subsidiaries and joint ventures. The results of subsidiaries and joint ventures are included from the date of acquisition or incorporation and excluded from the date of disposal. The results of subsidiaries are consolidated where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of joint ventures are accounted for on an equity basis. Intra-group trading, loan balances and transactions are eliminated on consolidation. The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value transferred to the seller in return for control of the acquired business, together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets, is recorded as goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-466": { "value": "
(c) Revenue recognition
Group revenue is recognised following delivery of performance obligations and an assessment of when control over the
product or service is transferred to the customer. Revenue is only recognised when collection of consideration is highly
probable.
Revenue is recognised either when the performance obligation in the contract has been performed (point in time
recognition) or \u2018over time\u2019 as the performance obligations to the customer are satisfied. For each obligation satisfied
over time, the Group applies a revenue recognition method that accurately reflects performance in transferring control
of the services to the customer.
Where a contract with a customer includes more than one performance obligation, revenue is allocated to each
obligation in proportion to a fair value assessment of the total contract sales value split across the services provided.
At the inception of a contract the total transaction price is estimated, being the fair value to which the Group expects
to be entitled under the contract. Revenue excludes value added tax, trade discounts and revenue arising from
transactions between Group companies.
Water (domestic and non-household retail)
For most of the services provided to domestic customers, contract terms are implied through statute and regulation
in the absence of formal, written contracts. South West Water and SES Water have a duty under legislation to provide
domestic customers with services regardless of payment and are not permitted to disconnect domestic customers for
non-payment of bills. Charges are set via the periodic review price-setting process, regulated by Ofwat.
In respect of ongoing, continuous services to customers, such as the provision of drinking water and wastewater
services, revenue is recognised over time.
Customers with an unmeasured supply are billed at the start of the year for the full amount of the annual charge
but typically take advantage of a choice of payment arrangements to pay by regular instalments. The performance
obligation has been assessed as standing ready to provide water and sewerage services when required by our
customers, and accordingly revenue is recognised under IFRS 15 as the stand-ready obligation is fulfilled over time.
Customers with a metered supply are billed based either on actual meter readings or estimated usage. For these
customers, revenue includes an estimation of the amount of unbilled usage at the period end. Payment options for
domestic customers include an annual meter payment plan where customers agree to pay a fixed amount per month
which is adjusted to reflect actual consumption at the end of the year. Revenue is recognised as water is supplied,
based on estimate usage for unbilled elements.
A range of regulated services are offered to property developers and owners who require connection to the water and
sewerage networks or need the networks to be extended or altered. Typically, these customers pay an estimate of
the charges in advance as a deposit, which is treated as a contract liability and are billed or refunded the difference
between the estimate and actual costs on completion of the work.
The principal components of these contributions are as follows:
i) Where the performance obligation relates solely to a connection to the network, revenue is recognised at the point
of connection when the customer is deemed to obtain control.
ii) Where assets are constructed or provided by the Group or assets transferred to the Group, it is considered that
there is an explicit or implied performance obligation to provide an ongoing water and/or wastewater service,
with the result that revenue is recognised over a time no longer than the economic life of assets provided by or
transferred to the Group.
Pennon Water Services and Sutton and East Surrey Water Services provide specialist retail water and wastewater
services to business customers. They raise bills and recognise revenue in accordance with its contracts with customers
and in line with the limits established for the non-household periodic price-setting process where applicable.
Contract assets and liabilities
A trade receivable is recognised when the Group has an unconditional right to receive consideration in exchange
for performance obligations already fulfilled. A contract asset is recognised when the Group has fulfilled some of its
performance obligations but has not yet obtained an unconditional right to receive consideration. The amounts for
contract assets, when applicable, are disclosed within note 20 (Other non-current assets) and note 23 (Trade and other
receivables) as appropriate. A contract liability is recognised when consideration is received in advance of the Group
performing its performance obligations to customers, including, when appropriate, transfers of assets from customers
(per paragraph (v) below). The value of contract liabilities is disclosed within note 27 (Trade and other payables) and
note 30 (Other non-current liabilities) as appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-499": { "value": "Going concern The going concern basis has been adopted in preparing these financial statements. At 31 March 2026 the Group has access to undrawn committed funds of \u00a3610.0 million and cash and cash equivalents and restricted funds of \u00a3388.3 million, totalling \u00a3998.3 million. The Group has an expected headroom of \u00a3186.7 million at 30 September 2027. In making their assessment, the Directors reviewed the principal risks and considered which risks might threaten the Group\u2019s going concern status; to do this the Group\u2019s business plan has been stress-tested. Whilst the Group\u2019s risk management processes seek to mitigate the impact of principal risks as set out on pages 70 to 79, individual sensitivities against these risks have been identified. These sensitivities, which are ascribed a value with reference to risk weighting, factoring in the likelihood of occurrence and financial impact, were applied to the baseline financial forecast which uses the Group\u2019s annual budget for FY 2025/26, and longer-term strategic business plan for the remainder of the going concern period to 30 September 2027. The risks and sensitivities include consideration of: legislative impacts such as change in government policy and non-compliance with laws and regulations, macro-economic impacts such as inflation and interest rate increases and operational impacts such as ensuring adequate water resources and failure of operational assets. A combined stress testing scenario has been performed to assess the overall impact of these individual scenarios impacting the Group collectively. The combined weighted impact of the risks occurring is a cash outflow of c.\u00a3101.5 million; this value is considered equivalent to an extreme one-off event that could occur over the 15 month period of the assessment to 30 September 2027, the probability of such an event happening is deemed unlikely. Through this testing, it has been determined that none of the individual principal risks would in isolation, or in aggregate, compromise the going concern of the Group over the going concern period, the assessment has been considered by reviewing the impact on the solvency position as well as debt and interest covenants. In the combined scenario to ensure that the Group was able to continue as a going concern, additional mitigations could be deployed to reduce gearing and increase covenant headroom. In the combined stress test scenario, the Group has sufficient liquidity and covenant headroom which reflects that no mitigations would be needed by the Group. However, if required additional mitigations could be deployed to reduce gearing and increase covenant headroom. Examples of mitigations could include: reduction in discretionary operational expenditure, deferral of capital expenditure and/or cancellation of non-essential capital expenditure, reduction in the amount of dividend payable, and raising additional funding. We have considered the Group\u2019s funding position and financial projections which take into account a range of possible impacts, including the refinancing required within and immediately after the going concern assessment period. Having considered these factors, the Directors have a reasonable expectation that the Group will meet the requirements of its covenants and has adequate resources to continue in operational existence for the period to at least the end of the going concern assessment period of 30 September 2027, and that there are no material uncertainties to disclose. For this reason, they continue to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-467": { "value": "
(d) Segmental reporting
Each of the Group\u2019s business segments provides services which are subject to risks and returns which are different
from those of the other business segments. The Group\u2019s internal organisation and management structure and its
system of internal financial reporting are based primarily on business segments. The Group is organised into two
operating segments. The water segment comprises the regulated water and wastewater services undertaken by South
West Water Limited and the regulated water services undertaken by Sutton and East Surrey Water plc. The non-
household retail business reflects the services provided by Pennon Water Services Limited and Sutton and East Surrey
Water Services Limited. Other components, including Pennon Group plc, are not reportable segments as they are not
reported to Chief Decision makers. Segmental revenue and results include transactions between businesses. Inter-
segmental transactions are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-468": { "value": "
(e) Goodwill
Goodwill arising on consolidation from the acquisition of subsidiary undertakings represents the excess of the purchase
consideration over the fair value of net assets acquired, less any subsequent impairment charges.
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised
immediately in the statement of profit or loss and is not subsequently reversed. For the purpose of impairment testing,
goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) or group of CGUs,
that is expected to benefit from the synergies of the combination. Each unit or group of units to which goodwill is
allocated represents the lowest level within the entity at which the goodwill is monitored for internal reporting purposes.
Goodwill is allocated and monitored at the reportable operating segment level. Further details are contained in accounting
policy (j).
When a subsidiary undertaking is sold, the profit or loss on disposal is determined after including the attributable
amount of goodwill.
(f) Other intangible assets
Other intangible assets include assets acquired in business combination and are capitalised at fair value at the date
of acquisition. Following initial recognition, finite life intangible assets are amortised on a straight-line basis over their
estimated useful lives, with the expense charged to the statement of profit or loss through operating costs. The cost of
assets includes directly attributable labour and overhead costs which are incremental to the Group.
Intangible assets are amortised evenly over their useful economic lives:
Software development 5 to 15 years
Assets in the course of construction are not depreciated until commissioned.
Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs
that are directly attributable to the design and testing of identifiable software products controlled by the group are
recognised as intangible assets when management intends and has the ability to use the software, it can be reliably
measured, and it is probable that incremental future economic benefits will flow to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-501": { "value": "(e) Goodwill Goodwill arising on consolidation from the acquisition of subsidiary undertakings represents the excess of the purchase consideration over the fair value of net assets acquired, less any subsequent impairment charges. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the statement of profit or loss and is not subsequently reversed. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) or group of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal reporting purposes. Goodwill is allocated and monitored at the reportable operating segment level. Further details are contained in accounting policy (j). When a subsidiary undertaking is sold, the profit or loss on disposal is determined after including the attributable amount of goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-543": { "value": "(e) Goodwill Goodwill arising on consolidation from the acquisition of subsidiary undertakings represents the excess of the purchase consideration over the fair value of net assets acquired, less any subsequent impairment charges. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the statement of profit or loss and is not subsequently reversed. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) or group of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal reporting purposes. Goodwill is allocated and monitored at the reportable operating segment level. Further details are contained in accounting policy (j). When a subsidiary undertaking is sold, the profit or loss on disposal is determined after including the attributable amount of goodwill. (f) Other intangible assets Other intangible assets include assets acquired in business combination and are capitalised at fair value at the date of acquisition. Following initial recognition, finite life intangible assets are amortised on a straight-line basis over their estimated useful lives, with the expense charged to the statement of profit or loss through operating costs. The cost of assets includes directly attributable labour and overhead costs which are incremental to the Group. Intangible assets are amortised evenly over their useful economic lives: Software development 5 to 15 years Assets in the course of construction are not depreciated until commissioned. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable software products controlled by the group are recognised as intangible assets when management intends and has the ability to use the software, it can be reliably measured, and it is probable that incremental future economic benefits will flow to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-544": { "value": "
(g) Property, plant and equipment
i) Infrastructure assets (being water mains and sewers, impounding and pumped raw water
storage reservoirs, dams, pipelines and sea outfalls)
Infrastructure assets were included at fair value on transition to IFRS, and subsequent additions are recorded at cost
less accumulated depreciation and impairment charges. Expenditure to increase capacity or enhance infrastructure
assets is capitalised where it can be reliably measured, and it is probable that incremental future economic benefits
will flow to the Group. The cost of day-to-day servicing of infrastructure components is recognised in the statement of
profit or loss as it arises.
Infrastructure assets are depreciated evenly over their useful economic lives, and are principally:
Dams and impounding reservoirs
100 to 200 years
Water mains
60 to 180 years
Sewers
75 to 150 years
Assets in the course of construction are not depreciated until commissioned. ii) Other assets (being property, overground plant and equipment) Other assets are included at cost less accumulated depreciation. Freehold land is not depreciated. Other assets are depreciated evenly to their residual value over their estimated economic lives, and are principally:
Land and buildings \u2013 freehold buildings
10 to 80 years
Land and buildings \u2013 leasehold buildings
Over the estimated economic lives or the lease period,
whichever is the shorter
Operational properties
15 to 100 years
Fixed and moveable equipment
4 to 30 years
Assets in the course of construction are not depreciated until commissioned. The cost of assets includes directly attributable labour and overhead costs which are incremental to the Group. Borrowing costs directly attributable to the construction of a qualifying asset (an asset necessarily taking a substantial period of time to be prepared for its intended use) are capitalised as part of the asset. Assets transferred from customers are recognised at fair value as set out in accounting policy (v). The assets\u2019 residual values and useful lives are reviewed annually. Gains and losses on disposal are determined by comparing sale proceeds with carrying amounts. These are included in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-502": { "value": "(g) Property, plant and equipment i) Infrastructure assets (being water mains and sewers, impounding and pumped raw water storage reservoirs, dams, pipelines and sea outfalls) Infrastructure assets were included at fair value on transition to IFRS, and subsequent additions are recorded at cost less accumulated depreciation and impairment charges. Expenditure to increase capacity or enhance infrastructure assets is capitalised where it can be reliably measured, and it is probable that incremental future economic benefits will flow to the Group. The cost of day-to-day servicing of infrastructure components is recognised in the statement of profit or loss as it arises.
Infrastructure assets are depreciated evenly over their useful economic lives, and are principally:
Dams and impounding reservoirs
100 to 200 years
Water mains
60 to 180 years
Sewers
75 to 150 years
Assets in the course of construction are not depreciated until commissioned.
ii) Other assets (being property, overground plant and equipment)
Other assets are included at cost less accumulated depreciation.
Freehold land is not depreciated. Other assets are depreciated evenly to their residual value over their estimated
economic lives, and are principally:
Land and buildings \u2013 freehold buildings
10 to 80 years
Land and buildings \u2013 leasehold buildings
Over the estimated economic lives or the lease period,
whichever is the shorter
Operational properties
15 to 100 years
Fixed and moveable equipment
4 to 30 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-568": { "value": "(g) Property, plant and equipment i) Infrastructure assets (being water mains and sewers, impounding and pumped raw water storage reservoirs, dams, pipelines and sea outfalls) Infrastructure assets were included at fair value on transition to IFRS, and subsequent additions are recorded at cost less accumulated depreciation and impairment charges. Expenditure to increase capacity or enhance infrastructure assets is capitalised where it can be reliably measured, and it is probable that incremental future economic benefits will flow to the Group. The cost of day-to-day servicing of infrastructure components is recognised in the statement of profit or loss as it arises. Infrastructure assets are depreciated evenly over their useful economic lives, and are principally:
Dams and impounding reservoirs
100 to 200 years
Water mains
60 to 180 years
Sewers
75 to 150 years
Assets in the course of construction are not depreciated until commissioned. ii) Other assets (being property, overground plant and equipment) Other assets are included at cost less accumulated depreciation. Freehold land is not depreciated. Other assets are depreciated evenly to their residual value over their estimated economic lives, and are principally:
Land and buildings \u2013 freehold buildings
10 to 80 years
Land and buildings \u2013 leasehold buildings
Over the estimated economic lives or the lease period,
whichever is the shorter
Operational properties
15 to 100 years
Fixed and moveable equipment
4 to 30 years
Assets in the course of construction are not depreciated until commissioned. The cost of assets includes directly attributable labour and overhead costs which are incremental to the Group. Borrowing costs directly attributable to the construction of a qualifying asset (an asset necessarily taking a substantial period of time to be prepared for its intended use) are capitalised as part of the asset. Assets transferred from customers are recognised at fair value as set out in accounting policy (v). The assets\u2019 residual values and useful lives are reviewed annually. Gains and losses on disposal are determined by comparing sale proceeds with carrying amounts. These are included in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-570": { "value": "(i) Investment property Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by or for the Group\u2019s own activities is classified as investment property. Assets subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Investment property is held at cost less accumulated depreciation. Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. Investment property assets are depreciated evenly to their residual value over their estimated economic lives, and are principally: Residential properties 10 to 80 years Gains and losses on disposal are determined by comparing sale proceeds with carrying amounts. These are included in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-545": { "value": "
(j) Impairment of non-financial assets
Assets with an indefinite useful life are not subject to amortisation and are tested annually for impairment, or whenever
events or changes in circumstance indicate that the carrying amount may not be recoverable.
Assets subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which an asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value, less costs to sell, and value-in-use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows
(CGUs). Value-in-use represents the present value of projected future cash flows expected to be derived from a
CGU, discounted using a pre-tax discount rate which reflects an assessment of the market cost of capital of the CGU.
Impairments are charged to the statement of profit or loss in the year in which they arise.
Non-financial assets other than goodwill that have been impaired are reviewed for possible reversal of the impairment
at each reporting date.
Where a previously impaired asset or CGU\u2019s recoverable amount is in excess of its carrying amount, previous
impairments are reversed to the carrying value that would have expected to be recognised had the original impairment
not occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-571": { "value": "(j) Impairment of non-financial assets Assets with an indefinite useful life are not subject to amortisation and are tested annually for impairment, or whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Assets subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value, less costs to sell, and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Value-in-use represents the present value of projected future cash flows expected to be derived from a CGU, discounted using a pre-tax discount rate which reflects an assessment of the market cost of capital of the CGU. Impairments are charged to the statement of profit or loss in the year in which they arise. Non-financial assets other than goodwill that have been impaired are reviewed for possible reversal of the impairment at each reporting date. Where a previously impaired asset or CGU\u2019s recoverable amount is in excess of its carrying amount, previous impairments are reversed to the carrying value that would have expected to be recognised had the original impairment not occurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-503": { "value": "
(k) Parent company: Investment in subsidiary undertakings
Investments in subsidiary undertakings are initially recorded at cost, being the fair value of the consideration paid.
Subsequently investments are reviewed for impairment on an individual basis annually or if events or changes in
circumstances indicate that the carrying value may not be fully recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-546": { "value": "(k) Parent company: Investment in subsidiary undertakings Investments in subsidiary undertakings are initially recorded at cost, being the fair value of the consideration paid. Subsequently investments are reviewed for impairment on an individual basis annually or if events or changes in circumstances indicate that the carrying value may not be fully recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-569": { "value": "
(h) Leased assets
Where the Group enters into a contract that contains a lease, it recognises a right-of-use asset and a lease liability
except for:
\u2022 Low value assets; and
\u2022 Leases with a duration of 12 months or less.
Assets and liabilities arising from a lease are initially measured at the present value of contractual payments due to
the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless
this is not readily determinable, in which case the Group\u2019s incremental borrowing rate on commencement of the lease
is used. After initial measurement, lease payments are allocated between the liability and finance cost. The finance
cost is charged to profit and loss over the lease period to produce a constant periodic rate of interest on the remaining
balance of the liability for each period. The interest element of cash payments in respect of these leases is included
within interest payments in determining net cash generated from operating activities. The capital element of the cash
payment is included within cash flows from financing activities. Right-of-use assets are amortised on a straight-line
basis over the remaining term of the lease or the remaining economic life of the asset if shorter.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-584": { "value": "iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the statement of profit or loss except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly within gains/(loss) on cashflow hedging in the statement of comprehensive income, and the ineffective portion in the statement of profit or loss. The gains or losses deferred in equity in this way are subsequently recognised in the statement of profit or loss in the same period in which the hedged underlying transaction or firm commitment is recognised in the statement of profit or loss. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the statement of profit or loss. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-573": { "value": "iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the statement of profit or loss except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly within gains/(loss) on cashflow hedging in the statement of comprehensive income, and the ineffective portion in the statement of profit or loss. The gains or losses deferred in equity in this way are subsequently recognised in the statement of profit or loss in the same period in which the hedged underlying transaction or firm commitment is recognised in the statement of profit or loss. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the statement of profit or loss. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-591": { "value": "iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the statement of profit or loss except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly within gains/(loss) on cashflow hedging in the statement of comprehensive income, and the ineffective portion in the statement of profit or loss. The gains or losses deferred in equity in this way are subsequently recognised in the statement of profit or loss in the same period in which the hedged underlying transaction or firm commitment is recognised in the statement of profit or loss. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the statement of profit or loss. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-593": { "value": "v) Financial instruments at fair value through profit or loss Financial instruments at fair value through profit or loss reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-473": { "value": "
(q) Taxation including deferred taxation
The tax charge for the year comprises current and deferred taxation. Tax is recognised in the statement of profit or loss,
except to the extent that it relates to items recognised in the statement of comprehensive income or directly in equity.
In this case the tax is also recognised in the statement of comprehensive income or directly in equity as appropriate.
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the
applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.
Current tax
The current tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on
the applicable income tax rate for each jurisdiction, including any adjustment to tax payable in respect of previous
years. The amount is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date.
Management periodically evaluates tax items subject to interpretation and establishes provisions on individual tax
items, where in the judgement of management, the position is uncertain. The Group includes a number of companies,
including the parent company, which are part of a tax group for certain aspects of the tax legislation. One of these
aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other
companies within the same tax group. Payments for group relief are included within the current tax disclosures.
The Group measures its tax uncertainties either based on the most likely amount or the expected value, depending on
which method provides a better prediction of the resolution of the uncertainty.
Deferred tax
Deferred tax is provided in full on temporary differences between the carrying amount of assets and liabilities in
the financial statements and the tax base, except where they arise from initial recognition of an asset or liability in
a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor
taxable profit or loss. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits
will be available against which the assets can be realised. Deferred tax is determined using the tax rates enacted or
substantively enacted at the balance sheet date and expected to apply when the deferred tax liability is settled or the
deferred tax asset is realised. Deferred tax liabilities are recognised for all temporary differences, with the following
exceptions:
\u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxabl e
profit or loss; and
\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures
where the timing of the reversal of temporary differences can be controlled and it is probably that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and
liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
The Group measures its tax balances either based on the most likely amount or the expected value, depending on
which method provides a better prediction of the resolution of the uncertainty.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-506": { "value": "(q) Taxation including deferred taxation The tax charge for the year comprises current and deferred taxation. Tax is recognised in the statement of profit or loss, except to the extent that it relates to items recognised in the statement of comprehensive income or directly in equity. In this case the tax is also recognised in the statement of comprehensive income or directly in equity as appropriate. The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current tax The current tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, including any adjustment to tax payable in respect of previous years. The amount is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date. Management periodically evaluates tax items subject to interpretation and establishes provisions on individual tax items, where in the judgement of management, the position is uncertain. The Group includes a number of companies, including the parent company, which are part of a tax group for certain aspects of the tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. Payments for group relief are included within the current tax disclosures. The Group measures its tax uncertainties either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax Deferred tax is provided in full on temporary differences between the carrying amount of assets and liabilities in the financial statements and the tax base, except where they arise from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be realised. Deferred tax is determined using the tax rates enacted or substantively enacted at the balance sheet date and expected to apply when the deferred tax liability is settled or the deferred tax asset is realised. Deferred tax liabilities are recognised for all temporary differences, with the following exceptions: \u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxabl profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures where the timing of the reversal of temporary differences can be controlled and it is probably that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-469": { "value": "
(l) Investment in associated companies
Associated companies are entities over which the Group exercises joint control. Investments in associated companies
are accounted for using the equity method of accounting. Any excess of the cost of acquisition over the Group\u2019s share
of the fair values of the identifiable net assets of the associated company at the date of acquisition is recognised as
goodwill and is included in the carrying value of the investment in the associated company.
The carrying value of the Group\u2019s investment is adjusted for the Group\u2019s share of post-acquisition profits or losses
recognised in the statement of profit or loss and statement of comprehensive income. Losses of an associated
company in excess of the Group\u2019s interest are not recognised unless the Group has a legal or constructive obligation to
fund those losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-504": { "value": "(l) Investment in associated companies Associated companies are entities over which the Group exercises joint control. Investments in associated companies are accounted for using the equity method of accounting. Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the associated company at the date of acquisition is recognised as goodwill and is included in the carrying value of the investment in the associated company. The carrying value of the Group\u2019s investment is adjusted for the Group\u2019s share of post-acquisition profits or losses recognised in the statement of profit or loss and statement of comprehensive income. Losses of an associated company in excess of the Group\u2019s interest are not recognised unless the Group has a legal or constructive obligation to fund those losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-470": { "value": "
(m) Inventories
Inventories are stated at the lower of cost and net realisable value. The cost of finished goods and work in progress
includes raw materials and the cost of bringing stocks to their present location and condition. It excludes borrowing
costs. Net realisable value is the estimated selling price less cost to sell. The costs of items of inventory are determined
using weighted average costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-471": { "value": "
(n) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and short-term deposits held at banks. Bank overdrafts are offset
against cash balances where there is a legally enforceable right to offset and there is an intention to settle the balances
on a net basis. Otherwise, overdrafts are included within current borrowings.
(o) Restricted cash
Restricted cash within the financial statements relates to cash held under contractual agreements to offset
counterparty exposure or provide cover for future interest payments. The restricted cash could be removed by
replacing the cash with an agreed alternative.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-472": { "value": "
(p) Financial instruments
Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial
instruments in the following categories:
i) Debt instruments at amortised cost
All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial
recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective
interest method. Gains and losses are recognised in the statement of profit or loss when instruments are derecognised
or impaired. Premia, discounts and other costs and fees are recognised in the statement of profit or loss through
amortisation.
ii) Trade receivables
Trade receivables do not carry any interest receivable and are recognised initially at fair value on trade date and
subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs).
In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the
ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs
at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the receivables and the economic environment.
iii) Trade payables
Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method.
iv) Derivative financial instruments and hedging activities
The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and
inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are
initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair
value for the reported balance sheet.
The Group designates certain hedging derivatives as either:
\u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash
flow hedge); or
\u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge).
The gain or loss on remeasurement is recognised in the statement of profit or loss except for cash flow hedges which
meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is
determined to be an effective hedge is recognised directly within gains/(loss) on cashflow hedging in the statement
of comprehensive income, and the ineffective portion in the statement of profit or loss. The gains or losses deferred
in equity in this way are subsequently recognised in the statement of profit or loss in the same period in which
the hedged underlying transaction or firm commitment is recognised in the statement of profit or loss. In order to
qualify for hedge accounting, the Group is required to document in advance the relationship between the item being
hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the
relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective
on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the
hedge remains highly effective.
The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current
assets and liabilities based on the remaining maturity of the hedging derivative.
Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a
current asset or liability with any change in fair value recognised immediately in the statement of profit or loss.
The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings.
The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling
borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting
fixed rate foreign currency borrowings into floating rate sterling borrowings.
v) Financial instruments at fair value through profit or loss
Financial instruments at fair value through profit or loss reflect the fair value movement of the hedged risk on a hedged
item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on
the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date.
The gain or loss on remeasurement for the period is recognised in the statement of profit or loss.
vi) Receivables due from subsidiary undertakings
Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs.
Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated
probability of default. Individual balances are written off when management deems them not to be collectible.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-505": { "value": "(p) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the statement of profit or loss when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the statement of profit or loss through amortisation. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value on trade date and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment. iii) Trade payables Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the statement of profit or loss except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly within gains/(loss) on cashflow hedging in the statement of comprehensive income, and the ineffective portion in the statement of profit or loss. The gains or losses deferred in equity in this way are subsequently recognised in the statement of profit or loss in the same period in which the hedged underlying transaction or firm commitment is recognised in the statement of profit or loss. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the statement of profit or loss. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. v) Financial instruments at fair value through profit or loss Financial instruments at fair value through profit or loss reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the statement of profit or loss. vi) Receivables due from subsidiary undertakings Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-547": { "value": "(p) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the statement of profit or loss when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the statement of profit or loss through amortisation. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value on trade date and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment. iii) Trade payables Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the statement of profit or loss except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly within gains/(loss) on cashflow hedging in the statement of comprehensive income, and the ineffective portion in the statement of profit or loss. The gains or losses deferred in equity in this way are subsequently recognised in the statement of profit or loss in the same period in which the hedged underlying transaction or firm commitment is recognised in the statement of profit or loss. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the statement of profit or loss. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. v) Financial instruments at fair value through profit or loss Financial instruments at fair value through profit or loss reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the statement of profit or loss. vi) Receivables due from subsidiary undertakings Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-572": { "value": "(p) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the statement of profit or loss when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the statement of profit or loss through amortisation. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value on trade date and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-581": { "value": "i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the statement of profit or loss when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the statement of profit or loss through amortisation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-582": { "value": "ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value on trade date and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment. vi) Receivables due from subsidiary undertakings Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-583": { "value": "iii) Trade payables Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-508": { "value": "
(s) Share capital and treasury shares
Ordinary shares are classified as equity.
Where the Company purchases the Company\u2019s equity share capital (treasury shares) the consideration paid, including
any directly attributable costs, is deducted from equity until the shares are cancelled or reissued. Where such shares
are subsequently reissued, any consideration received, net of any directly attributable transaction costs, is included
in equity.
The Group and Company balance sheet includes the shares held by the Pennon Group plc Employee Benefit Trust
relating to employee share-based payments which have not vested at the balance sheet date. These are shown as a
deduction from shareholders\u2019 equity until such time as they vest.
Share buy-back scheme and tender offer
Shares purchased for cancellation are deducted from retained earnings at the total consideration paid or payable,
including any related expenses. Where the Group has an irrevocable commitment to purchase shares for cancellation
at the balance sheet date, a liability is recognised in other creditors based on the share price at the balance sheet date
and retained earnings reduced by the amount of the liability.
Shares purchased and held by the Group (treasury shares) are deducted from the treasury reserve at the total
consideration paid or payable. On cancellation of treasury shares, the cost is transferred from the treasury reserve to
retained earnings.
When treasury shares are issued at below cost, an amount representing the difference between the cost of those
shares and issue proceeds is transferred to retained earnings. No gain or loss is recognised in the consolidated
statement of profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-509": { "value": "
(t) Dividend distributions
Dividend distributions are recognised as a liability in the financial statements in the period in which the dividends are
approved by the Company\u2019s shareholders. Interim dividends are recognised when paid, final dividends when approved
by shareholders at the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-510": { "value": "
(u) Employee benefits
i) Retirement benefit obligations
The Group operates defined benefit and defined contribution pension schemes.
Defined benefit pension schemes
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the
defined benefit obligation at the end of the year less the fair value of plan assets. If the value of a plan\u2019s assets exceeds
the present value of its obligations, the resulting surplus is only recognised if the Group has an unconditional right to
that surplus.
The defined benefit obligation is calculated by independent actuaries who advise on the selection of Directors\u2019 best
estimates of assumptions, using the projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds, and
that have terms to maturity approximating to the terms of the related pension obligation. The increase in liabilities of
the Group\u2019s defined benefit pension schemes, expected to arise from employee service in the year, is charged against
operating profit.
Changes in benefits granted by the employer are recognised immediately as a past service cost in the statement of
profit or loss.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or
credited to equity in the statement of comprehensive income in the period in which they arise.
Defined contribution scheme
Costs of the defined contribution pension scheme are charged to the statement of profit or loss in the year in which
they arise. The Group has no further payment obligations once the contributions have been paid.
ii) Share-based payments
The Group operates a number of equity-settled, share-based payment plans for employees. The fair value of the
employee services required in exchange for the grant is recognised as an expense over the vesting period of the grant.
Fair values are calculated using an appropriate pricing model. Non-market-based vesting conditions are considered in
the assumptions as to the number of shares which are expected to vest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-507": { "value": "
(r) Provisions
Provisions are made where there is a present legal or constructive obligation as a result of a past event and it is
probable that there will be an outflow of economic benefits to settle this obligation and a reliable estimate of this
amount can be made. Where the effect of the time value of money is material the current amount of a provision is
the present value of the expenditures expected to be required to settle obligations. The unwinding of the discount to
present value is included as notional interest within finance costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-551": { "value": "
(z) Grants and contributions
Grants and contributions receivable in respect of property, plant and equipment which provide the customer with
ongoing access to the water and sewerage networks are treated as contract liabilities and released to revenue over the
economic life of those elements of property, plant and equipment. Grants and contributions receivable in respect of
expenses charged against profits in the year have been included in the statement of profit or loss.
Government grants are recognised where there is reasonable certainty that the grant will be received, and all attached
conditions will be complied with. When the grant relates to an expense item, it is recognised on a systematic basis over
the periods that the related costs, for which it is intended to compensate, are expensed. The income from such grants
is presented in the financial statements as a deduction from the expense to which it relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-552": { "value": "
(aa) Acquisitions of groups of assets that do not constitute a business
The identifiable assets and liabilities in acquisitions of groups of assets that do not constitute a business are initially
measured at amounts specified in the relevant accounting standards, or determined based on an allocation of the cost.
", "dimensions": { "concept": "pnn:DescriptionOfAccountingPolicyForAcquisitionsOfGroupOfAssetsThatDoNotConstituteABusiness", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-444": { "value": "3. Financial risk management (a) Financial risk factors The Group\u2019s activities expose it to a variety of financial risks, liquidity risk, market risk (interest rate and foreign currency risk), credit risk and inflation risk. The Group\u2019s treasury function seeks to ensure that sufficient funding is available to meet foreseeable needs and to maintain reasonable headroom for contingencies, and manages inflation and interest rate risk. The principal financial risks faced by the Group relate to liquidity, interest rate and credit counterparty risk. These risks and treasury operations are managed by the Group Chief Financial Officer in accordance with policies established by the Board. Major transactions are individually approved by the Board. Treasury activities are reported to the Board and are subject to review by internal audit. Financial instruments are used to raise finance, manage risk, optimise the use of surplus funds and manage overall interest rate performance. The Group does not engage in speculative activity. i) Liquidity risk The Group actively maintains a mixture of long-term and short-term committed facilities which are designed to ensure the Group has sufficient available funds for operations and planned expansions equivalent to at least one year\u2019s forecast requirements at all times. Details of undrawn committed facilities and short-term facilities are provided in note 29. Refinancing risk is managed under a Group policy that requires that no more than 20% of Group net borrowings should mature in any financial year. The Group has no significant concentration of liquidity risk. The Group and water business have entered into covenants with lenders. While terms vary, these typically provide for limits on gearing (primarily based on the water business\u2019s Regulatory Capital Value and unregulated EBITDA) and interest cover. Whilst a detailed assessment of the impact of IFRS 18 has not yet been concluded, it is not expected that existing covenants will be impacted by subsequent changes to accounting standards. For 2026 if interest rates on variable net borrowings had been on average 1% higher/lower with all other variables held constant, post-tax profit for the year and equity would have increased/decreased by \u00a34.5 million (2025 post tax profit for the year and equity would have increased/decreased by \u00a34.0 million), for the equity sensitivity fair value, with derivative impacts included. This provides an indication of the changes which could be expected and can be multiplied to support sensitivity analysis, the expected volatility is within the range of 0%-2%. For 2026 if the indices on index-linked borrowings had been on average 1% higher/lower with all other variables held constant, post-tax profit for the year and equity would have decreased/increased by \u00a310.4 million (2025 post tax profit for the year and equity would have increased/decreased by \u00a310.0 million). This provides an indication of the changes which could be expected and can be multiplied to support sensitivity analysis; the expected volatility is within the range of 0%-2%. Foreign currency risk occurs at transactional and translation level from borrowings and transactions in foreign currencies. These risks are managed through forward contracts, which provide certainty over foreign currency risk. iii) Credit risk Credit counterparty risk arises from cash and cash equivalents, derivative financial instruments and exposure to customers, including outstanding receivables. Further information on the credit risk relating to trade and other receivables is given in note 23. Counterparty risk arises from the investment of surplus funds and from the use of derivative financial instruments. The Board has agreed a policy for managing such risk which is controlled through credit limits, counterparty approvals, and rigorous monitoring procedures. The Group has no other significant concentration of credit risk. The Group\u2019s surplus funds are managed by its treasury function and are usually placed in short-term fixed interest deposits or the overnight money markets. Deposit counterparties must meet Board approved minimum criteria based on their short-term credit ratings and therefore be of good credit quality. iv) Inflation risk Market inflation has caused inflationary pressures across the Group. The Group has index linked facilities which are predominantly Retail Price Index (RPI) linked. Inflation risk arises if the indexes increase, meaning the Group will either be paying or accreting the inflation; this could put pressure on the gearing or interest cover ratios. The Group has no significant concentration of inflation risk. Inflation risk is mitigated through the index linked nature of our revenues and RCV calculations. Contractual undiscounted cash flows, including interest payments, at the balance sheet date were:
Due within Due between Due between Due over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2026
Non-derivative financial liabilities
Borrowings excluding lease liabilities
88.8
129.8
873.7
2,635.9
3,728.2
Interest payments on borrowings
171.3
161.8
449.8
1,008.6
1,791.5
Lease liabilities including interest
67.3
80.3
318.9
1,110.4
1,576.9
Trade and other payables
379.1
\u2013
\u2013
\u2013
379.1
Derivative contracts
Derivative contracts \u2013 net receipts
(7.3)
(5.1)
(15.8)
(3.2)
(31.4)
31 March 2025
Non-derivative financial liabilities
Borrowings excluding lease liabilities
164.8
40.5
101.5
3,062.4
3,369.2
Interest payments on borrowings
183.0
160.3
519.1
1,763.7
2,626.1
Lease liabilities including interest
156.1
60.8
297.9
1,095.4
1,610.2
Trade and other payables
284.3
\u2013
\u2013
\u2013
284.3
Derivative contracts
Derivative contracts \u2013 net receipts
(6.9)
(5.0)
(14.0)
(5.3)
(31.2)
ii) Market risk The treasury policy states at least 60% of the Group\u2019s debt should be fixed; this is managed through fixed rate debt and the use of derivatives to ensure these levels are met. Of the Group\u2019s net borrowings a proportion is RPI index- linked. The interest rate for index-linked debt is based mainly upon an RPI measure; due to current Ofwat methodology the Group has considered other index-linked indices which are also used in determining the amount of revenue from customers of South West Water. The Group uses a combination of fixed rate, index-linked borrowings and fixed rate interest swaps as cash flow hedges of future variable interest payments to achieve this policy. The notional principal amounts of the interest rate swaps are used to determine settlement under those swaps and are not therefore an exposure for the Group. These instruments are analysed in note 24. The Group has no significant interest-bearing assets upon which the net return fluctuates from market risk. The Group has no other significant concentration of market risk. Deposit interest receivable is expected to largely fluctuate in line with interest payable on floating rate borrowings. Consequently, the Group\u2019s income and cash generated from operations (note 38) are largely independent of changes in market interest rates.
(c) Determination of fair values
The Group uses the following hierarchy for determining the fair value of financial instruments by valuation technique:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices) (level 2)
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
The Group\u2019s financial instruments are valued principally using level 2 measures as analysed in note 24.
The fair value of financial instruments not traded in an active market (for example over-the-counter derivatives) is
determined by using valuation techniques. A variety of methods and assumptions are used based on market conditions
existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for
long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the
remaining financial instruments. The fair value of interest rate swaps is calculated as the present value of the estimated
future cash flows.
The carrying values, less expected credit losses, of trade receivables and payables are assumed to approximate to their
fair values.
(b) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to minimise the cost of capital. The Group\u2019s policy is to have a minimum of 12 months pre-funding of projected capital expenditure. At 31 March 2026 the Group had cash and facilities, including restricted funds, of \u00a3998.3 million (2025: \u00a31,036.1 million), meeting this objective. In order to maintain or adjust the capital structure, the Group seeks to maintain a balance of returns to shareholders through dividends and an appropriate capital structure of debt and equity for each business segment and the Group. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net borrowings divided by total capital. Net borrowings are analysed in note 39 and calculated as total borrowings less cash and cash equivalents. Tota l capital is calculated as total shareholders\u2019 equity plus net borrowings. The Group currently manages a net borrowings position of \u00a34,508.9 million (2025: \u00a34,078.2 million). The gearing ratios at the balance sheet date were:
2026 2025
\u00a3m \u00a3m
Net borrowings
4,508.9
4,078.2
Total equity
1,411.6
1,450.7
Total capital
5,920.5
5,528.9
Gearing ratio
76.2%
73.7%
The water segment is also monitored on the basis of the ratio of its net borrowings to Regulatory Capital Value. Ofwat\u2019s notional gearing target for AMP8 (2025\u20132030) regulatory period is set at 55%. The water segment is also monitored on the basis of the ratio of its net borrowings to regulatory capital value. The table below reflects water segment gearing that comprises South West Water Limited\u2019s group of companies and SES Water.
Water
2026 2025
\u00a3m \u00a3m
Regulatory Capital Value (RCV)
6,505.0
5,983.1
Net borrowings
4,019.3
3,698.3
Net borrowings/Shadow Regulatory Capital Value
61.8%
61.8%
The Group has entered into covenants with lenders and, while terms vary, these typically provide for limits on gearing and interest cover. The Group has been in compliance with its covenants during the year", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-474": { "value": "
i) Liquidity risk
The Group actively maintains a mixture of long-term and short-term committed facilities which are designed to
ensure the Group has sufficient available funds for operations and planned expansions equivalent to at least one
year\u2019s forecast requirements at all times. Details of undrawn committed facilities and short-term facilities are provided
in note 29.
Refinancing risk is managed under a Group policy that requires that no more than 20% of Group net borrowings should
mature in any financial year. The Group has no significant concentration of liquidity risk.
The Group and water business have entered into covenants with lenders. While terms vary, these typically provide
for limits on gearing (primarily based on the water business\u2019s Regulatory Capital Value and unregulated EBITDA) and
interest cover. Whilst a detailed assessment of the impact of IFRS 18 has not yet been concluded, it is not expected that
existing covenants will be impacted by subsequent changes to accounting standards.
Contractual undiscounted cash flows, including interest payments, at the balance sheet date were:
Due within Due between Due between Due over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2026
Non-derivative financial liabilities
Borrowings excluding lease liabilities
88.8
129.8
873.7
2,635.9
3,728.2
Interest payments on borrowings
171.3
161.8
449.8
1,008.6
1,791.5
Lease liabilities including interest
67.3
80.3
318.9
1,110.4
1,576.9
Trade and other payables
379.1
\u2013
\u2013
\u2013
379.1
Derivative contracts
Derivative contracts \u2013 net receipts
(7.3)
(5.1)
(15.8)
(3.2)
(31.4)
31 March 2025
Non-derivative financial liabilities
Borrowings excluding lease liabilities
164.8
40.5
101.5
3,062.4
3,369.2
Interest payments on borrowings
183.0
160.3
519.1
1,763.7
2,626.1
Lease liabilities including interest
156.1
60.8
297.9
1,095.4
1,610.2
Trade and other payables
284.3
\u2013
\u2013
\u2013
284.3
Derivative contracts
Derivative contracts \u2013 net receipts
(6.9)
(5.0)
(14.0)
(5.3)
(31.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-511": { "value": "
(v) Fair values
The fair value of interest rate, inflation and cross currency swaps is based on the market price to transfer the asset or
liability at the balance sheet date in an ordinary transaction between market participants. The fair values of short-term
deposits, loans and overdrafts with a maturity of less than one year are assumed to approximate to their book values.
In the case of non-current bank loans and other loans, the fair value of financial liabilities for disclosure purposes is
estimated by discounting the future contractual cash flows at the current market interest rate available to the Group for
similar financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-548": { "value": "
(w) Transfers of assets from customers
Where an item of property, plant and equipment that must be used to connect customers to the network is received
from a customer, or where cash is received from a customer for the acquisition or construction of such an item, that
asset is recorded and measured on initial recognition at its fair value. The credit created by the recognition of the asse t
is recognised as a contract liability on the balance sheet. The contract liability reduces, and revenue is recognised in
the statement of profit or loss, as performance obligations are satisfied. The period over which the credit is recognised
depends upon the nature of the service provided, as determined by the agreement with the customer. Where the
service provided is solely a connection to the network, the credit is recognised at the point of connection. If the
agreement does not specify a period, revenue is recognised over a period no longer than the economic life of the
transferred asset used to provide the ongoing service.
The fair value of assets on transfer from customers is determined using a cost valuation approach allowing for
depreciation.
", "dimensions": { "concept": "pnn:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-512": { "value": "(w) Transfers of assets from customers Where an item of property, plant and equipment that must be used to connect customers to the network is received from a customer, or where cash is received from a customer for the acquisition or construction of such an item, that asset is recorded and measured on initial recognition at its fair value. The credit created by the recognition of the asse is recognised as a contract liability on the balance sheet. The contract liability reduces, and revenue is recognised in the statement of profit or loss, as performance obligations are satisfied. The period over which the credit is recognised depends upon the nature of the service provided, as determined by the agreement with the customer. Where the service provided is solely a connection to the network, the credit is recognised at the point of connection. If the agreement does not specify a period, revenue is recognised over a period no longer than the economic life of the transferred asset used to provide the ongoing service. The fair value of assets on transfer from customers is determined using a cost valuation approach allowing for depreciation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-549": { "value": "
(x) Foreign exchange
Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency are translated at the closing balance sheet rate.
The resulting gain or loss is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-550": { "value": "
(y) Non-underlying items
Non-underlying items are those that in the Directors\u2019 view should be separately disclosed by virtue of their size, nature
or incidence to enable a full understanding of the Group\u2019s financial performance. Excluding these items is considered
to provide additional useful information on the performance and the position of the Group as well as enhancing the
comparability of information between reporting periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-476": { "value": "
iii) Credit risk
Credit counterparty risk arises from cash and cash equivalents, derivative financial instruments and exposure to
customers, including outstanding receivables. Further information on the credit risk relating to trade and other
receivables is given in note 23.
Counterparty risk arises from the investment of surplus funds and from the use of derivative financial instruments.
The Board has agreed a policy for managing such risk which is controlled through credit limits, counterparty approvals,
and rigorous monitoring procedures.
The Group has no other significant concentration of credit risk. The Group\u2019s surplus funds are managed by its
treasury function and are usually placed in short-term fixed interest deposits or the overnight money markets. Deposit
counterparties must meet Board approved minimum criteria based on their short-term credit ratings and therefore be
of good credit quality.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-513": { "value": "Contractual undiscounted cash flows, including interest payments, at the balance sheet date were:
Due within Due between Due between Due over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2026
Non-derivative financial liabilities
Borrowings excluding lease liabilities
88.8
129.8
873.7
2,635.9
3,728.2
Interest payments on borrowings
171.3
161.8
449.8
1,008.6
1,791.5
Lease liabilities including interest
67.3
80.3
318.9
1,110.4
1,576.9
Trade and other payables
379.1
\u2013
\u2013
\u2013
379.1
Derivative contracts
Derivative contracts \u2013 net receipts
(7.3)
(5.1)
(15.8)
(3.2)
(31.4)
31 March 2025
Non-derivative financial liabilities
Borrowings excluding lease liabilities
164.8
40.5
101.5
3,062.4
3,369.2
Interest payments on borrowings
183.0
160.3
519.1
1,763.7
2,626.1
Lease liabilities including interest
156.1
60.8
297.9
1,095.4
1,610.2
Trade and other payables
284.3
\u2013
\u2013
\u2013
284.3
Derivative contracts
Derivative contracts \u2013 net receipts
(6.9)
(5.0)
(14.0)
(5.3)
(31.2)
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-475": { "value": "
ii) Market risk
The treasury policy states at least 60% of the Group\u2019s debt should be fixed; this is managed through fixed rate debt
and the use of derivatives to ensure these levels are met. Of the Group\u2019s net borrowings a proportion is RPI index-
linked. The interest rate for index-linked debt is based mainly upon an RPI measure; due to current Ofwat methodology
the Group has considered other index-linked indices which are also used in determining the amount of revenue from
customers of South West Water. The Group uses a combination of fixed rate, index-linked borrowings and fixed rate
interest swaps as cash flow hedges of future variable interest payments to achieve this policy. The notional principal
amounts of the interest rate swaps are used to determine settlement under those swaps and are not therefore an
exposure for the Group. These instruments are analysed in note 24.
The Group has no significant interest-bearing assets upon which the net return fluctuates from market risk. The Group
has no other significant concentration of market risk. Deposit interest receivable is expected to largely fluctuate in
line with interest payable on floating rate borrowings. Consequently, the Group\u2019s income and cash generated from
operations (note 38) are largely independent of changes in market interest rates.
For 2026 if interest rates on variable net borrowings had been on average 1% higher/lower with all other variables
held constant, post-tax profit for the year and equity would have increased/decreased by \u00a34.5 million (2025 post tax
profit for the year and equity would have increased/decreased by \u00a34.0 million), for the equity sensitivity fair value, with
derivative impacts included. This provides an indication of the changes which could be expected and can be multiplied
to support sensitivity analysis, the expected volatility is within the range of 0%-2%.
For 2026 if the indices on index-linked borrowings had been on average 1% higher/lower with all other variables held
constant, post-tax profit for the year and equity would have decreased/increased by \u00a310.4 million (2025 post tax profit
for the year and equity would have increased/decreased by \u00a310.0 million). This provides an indication of the changes
which could be expected and can be multiplied to support sensitivity analysis; the expected volatility is within the range
of 0%-2%.
Foreign currency risk occurs at transactional and translation level from borrowings and transactions in foreign
currencies. These risks are managed through forward contracts, which provide certainty over foreign currency risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-515": { "value": "(c) Determination of fair values The Group uses the following hierarchy for determining the fair value of financial instruments by valuation technique: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The Group\u2019s financial instruments are valued principally using level 2 measures as analysed in note 24. The fair value of financial instruments not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. A variety of methods and assumptions are used based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. The carrying values, less expected credit losses, of trade receivables and payables are assumed to approximate to their fair values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-516": { "value": "4. Critical accounting judgements and estimates The Group\u2019s principal accounting policies are set out in note 2. Management is required to exercise significant judgement and make use of estimates and assumptions in the application of these policies. Estimates are based on factors including historical experience and expectations of future events that management believe to be reasonable. However, given the judgemental nature of such estimates, actual results could be different from the assumptions used. Estimates Provision for doubtful debts The Group has a material level of exposure to collection of trade receivables. Provisions in respect of these balances are calculated with reference to historical credit loss experience, adjusted for forward-looking factors which by their nature are subject to uncertainty. Analysis of actual recovery compared with provisioning levels have not, to date, resulted in material variances. Under its regular review procedures at the balance sheet date, the Group performs an impairment analysis at each reporting date. Therefore, the Group does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is informed by its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment. The Group\u2019s policy is to write-off trade receivables where the expectation of recovery is considered highly unlikely. The actual level of debt collected may differ from the estimated levels of recovery. As at 31 March 2026 the Group\u2019s trade and other receivables were \u00a3465.0 million (2025: \u00a3387.3 million), against which \u00a3128.7 million (2025: \u00a3117.3 million) had been provided for ECLs (note 23). Whilst the provisions are considered to be appropriate, changes in estimation basis or in economic conditions could lead to a change in the level of provisions recorded and consequently the charge or credit to the statement of profit or loss. In determining the allowance for ECLs a provisioning matrix is applied to the debt of customers in Devon, Cornwall and Bournemouth, as set out in note 23. An increase/decrease in the provision rates for current occupiers of 1% would lead to an increase/decrease in the level of provision by \u00a31.7 million (2025: \u00a31.4 million). Retirement benefit obligations The Group operates defined benefit pension schemes for which actuarial valuations are carried out as determined by the trustees at intervals of not more than three years. The most recent triennial valuation of the main scheme was as at 31 March 2025, the outcome of which is summarised in note 31. The pension cost and liabilities under IAS 19 are assessed in accordance with Directors\u2019 best estimates using the advice of an independent qualified actuary and assumptions in the latest actuarial valuation. The assumptions are based on member data supplied to the actuary and market observations for interest rates and inflation, supplemented by discussions between the actuary and management. The mortality assumption uses a scheme-specific calculation based on CMI 2024 actuarial tables with an allowance for future longevity improvement. The principal assumptions used to measure schemes\u2019 liabilities, sensitivities to changes in those assumptions and future funding obligations are set out in note 31. Useful economic lives of property, plant and equipment Calculating the depreciation charge and hence the carrying value for property, plant and equipment requires estimates to be made on the useful lives of the assets. The estimates are based on engineering data and the Group\u2019s experience of similar assets. Asset lives are reviewed annually and amended where changes are made to assumptions relating to the expected life of the asset from judgement around usage and performance experience, technological advancement and other relevant factors. Overall assessments on the impact of climate change on long life assets have been completed and will be continuously updated for the latest available information. The most recent assessment of the impact on climate change, which includes the potential to mitigate adverse impacts, has not identified any specific impact on the useful economic lives of long-life assets. Environmental factors and climate change form part of the planning process for new capital expenditure, where the Group continues to apply a consistent policy on capitalisation. The depreciation charge is sensitive to amendments of the useful economic lives of these assets; a significant change in the estimated life of these assets could have a material impact on depreciation and this is therefore noted as a material other estimate. Judgements Non-underlying items In establishing which items are disclosed separately as non-underlying, to enable a full understanding of the Group\u2019s financial performance, the Directors exercise their judgement in assessing the size, nature or incidence of specific items. Excluding these items is considered to provide additional useful information on the performance and the position of the Group as well as enhancing the comparability of information between reporting periods. See note 6 for further details. Goodwill allocation Goodwill arising on the acquisition of Surrey and East Sutton Water is allocated to the group of cash-generating units that are expected to benefit from the synergies of the combination, the \u2018Water CGU\u2019. The Water CGU comprises the regions of South West Water, Bournemouth Water, Bristol Water and Surrey and East Sutton Water. The Water CGU operates under one management structure with functional integration across the operating segment generating the synergies of the combination. The recoverable amount is the higher of fair value, less costs to sell, and value-in- use. Value-in-use represents the present value of projected future cash flows expected to be derived from a CGU, discounted using a pre-tax discount rate which reflects an assessment of the market cost of capital of the CGU. Impairments are charged to the statement of profit or loss in the year in which they arise Capitalisation of property, plant and equipment The property, plant and equipment of the Group relates primarily to infrastructure assets (being water mains and sewers, impounding and pumped raw water storage reservoirs, dams, pipelines and sea outfalls) as well as other assets which include fixed plant and operational properties. Given the nature of these assets, the Group incurs expenditure including both asset enhancement as well as repairs and maintenance, which involves judgement in allocation of costs between operating and capital expenditure, including the proportion of employee costs to allocate. The Group continues to apply a consistent policy and approach on capitalisation of property, plant and equipment. Other estimates Revenue recognition Management assessed and resolved that the level of estimation for revenue recognition of accrued revenue relating to water and wastewater should not be considered critical as the estimates are largely calculated on a systematic basis and there\u2019s not a significant risk of material change in the next 12 months. However, management consider the total level of accrued revenue relating to water and wastewater to be material and highlight this as a material other estimate.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-514": { "value": "(b) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to minimise the cost of capital. The Group\u2019s policy is to have a minimum of 12 months pre-funding of projected capital expenditure. At 31 March 2026 the Group had cash and facilities, including restricted funds, of \u00a3998.3 million (2025: \u00a31,036.1 million), meeting this objective. In order to maintain or adjust the capital structure, the Group seeks to maintain a balance of returns to shareholders through dividends and an appropriate capital structure of debt and equity for each business segment and the Group. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net borrowings divided by total capital. Net borrowings are analysed in note 39 and calculated as total borrowings less cash and cash equivalents. Tota capital is calculated as total shareholders\u2019 equity plus net borrowings. The Group currently manages a net borrowings position of \u00a34,508.9 million (2025: \u00a34,078.2 million). The gearing ratios at the balance sheet date were:
2026 2025
\u00a3m \u00a3m
Net borrowings
4,508.9
4,078.2
Total equity
1,411.6
1,450.7
Total capital
5,920.5
5,528.9
Gearing ratio
76.2%
73.7%
The water segment is also monitored on the basis of the ratio of its net borrowings to Regulatory Capital Value. Ofwat\u2019s notional gearing target for AMP8 (2025\u20132030) regulatory period is set at 55%. The water segment is also monitored on the basis of the ratio of its net borrowings to regulatory capital value. The table below reflects water segment gearing that comprises South West Water Limited\u2019s group of companies and SES Water.
Water
2026 2025
\u00a3m \u00a3m
Regulatory Capital Value (RCV)
6,505.0
5,983.1
Net borrowings
4,019.3
3,698.3
Net borrowings/Shadow Regulatory Capital Value
61.8%
61.8%
The Group has entered into covenants with lenders and, while terms vary, these typically provide for limits on gearing and interest cover. The Group has been in compliance with its covenants during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-445": { "value": "
5. Segmental information
Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker (CODM), which has been identified as the Pennon Group plc Board. The earnings measures below are used by the
Board in making decisions.
The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by SWW and the regulated water services undertaken by SESW. The non-household retail segment
(business retail) reflects the services provided by PWS and SESWS. The other segment comprises smaller ancillary business as well as intermediate holding companies not further separated in reports to the Board.
Segment assets include goodwill and other intangible assets, property, plant and equipment, inventories, trade and other receivables and cash and cash equivalents. Segment liabilities comprise operating liabilities and borrowings and exclude
taxation. The other segment liabilities include the Company\u2019s financing arrangements and Group taxation liabilities. Capital expenditure comprises additions to property, plant and equipment.
Non-household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Revenue
1,022.0
381.7
25.6
(137.9)
1,291.4
Employment costs
(109.8)
(8.2)
(13.3)
\u2013
(131.3)
Raw materials and consumables used
(38.7)
\u2013
(1.3)
\u2013
(40.0)
Operating costs
(362.8)
(363.6)
(12.4)
137.9
(600.9)
Operating profit/(loss) before depreciation, amortisation and non-underlying items (Underlying EBITDA)
510.7
9.9
(1.4)
\u2013
519.2
Depreciation, amortisation and impairment
(189.0)
(0.8)
(3.9)
\u2013
(193.7)
Operating profit/(loss) before non-underlying items
321.7
9.1
(5.3)
\u2013
325.5
Finance income
23.2
0.6
19.3
(21.2)
21.9
Finance costs
(212.9)
(4.0)
(17.6)
21.2
(213.3)
Share of post-tax profit from associated companies
\u2013
\u2013
1.0
\u2013
1.0
Profit/(loss) before tax and non-underlying items
132.0
5.7
(2.6)
\u2013
135.1
Non-underlying items
(15.4)
(1.6)
(3.7)
\u2013
(20.7)
Profit/(loss) before tax
116.6
4.1
(6.3)
\u2013
114.4
2025
Revenue
820.5
320.3
12.8
(105.8)
1,047.8
Employment costs
(126.3)
(7.8)
(17.0)
\u2013
(151.1)
Raw materials and consumables used
(48.3)
(0.9)
(2.5)
\u2013
(51.7)
Operating costs
(307.7)
(304.1)
(3.4)
105.8
(509.4)
Operating profit/(loss) before depreciation, amortisation and non-underlying items (Underlying EBITDA)
338.2
7.5
(10.1)
\u2013
335.6
Depreciation and amortisation
(184.4)
(0.3)
(2.4)
\u2013
(187.1)
Operating profit/(loss) before non-underlying items
153.8
7.2
(12.5)
\u2013
148.5
Finance income
13.1
0.4
18.8
(17.3)
15.0
Finance costs
(202.5)
(3.3)
(10.9)
17.3
(199.4)
Share of post-tax profit from associated companies
\u2013
\u2013
0.8
\u2013
0.8
(Loss)/profit before tax and non-underlying items
(35.6)
4.3
(3.8)
\u2013
(35.1)
Non-underlying items
(36.1)
\u2013
(1.5)
\u2013
(37.6)
(Loss)/profit before tax
(71.7)
4.3
(5.3)
\u2013
(72.7)
1. Intra-segment transactions between and to different segments are under normal market-based commercial terms and conditions. Intra-segment revenue of the other segment is at cost.
Non-household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheet
31 March 2026
Assets (excluding carrying value in associated companies)
7,186.2
109.9
611.1
(437.1)
7,470.1
Carrying value in associated companies
\u2013
\u2013
9.9
\u2013
9.9
Total assets
7,186.2
109.9
621.0
(437.1)
7,480.0
Liabilities
(5,823.7)
(122.4)
(559.4)
437.1
(6,068.4)
Net assets
1,362.5
(12.5)
61.6
\u2013
1,411.6
31 March 2025
Assets (excluding carrying value in associated companies)
6,657.6
105.3
479.0
(204.8)
7,037.1
Carrying value in associated companies
\u2013
\u2013
10.5
\u2013
10.5
Total assets
6,657.6
105.3
489.5
(204.8)
7,047.6
Liabilities
(5,327.6)
(115.2)
(358.9)
204.8
(5,596.9)
Net assets
1,330.0
(9.9)
130.6
\u2013
1,450.7
Segment liabilities of the water segment comprise operating liabilities and borrowings. The other segment includes Company only assets and liabilities as well as Group taxation liabilities and should be considered in conjunction with the
eliminations column.
Non-household Other and
Water retail eliminations Group
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Other information
31 March 2026
Intangible asset additions
16
7.6
0.8
\u2013
8.4
Amortisation of other intangible assets
7
3.6
0.2
(1.4)
2.4
Capital expenditure (Property, plant and equipment)
17
580.8
\u2013
54.7
635.5
31 March 2025
Intangible asset additions
16
4.1
2.1
(0.7)
5.5
Amortisation of other intangible assets
7
4.0
0.3
(2.0)
2.3
Capital expenditure (Property, plant and equipment)
17
606.1
\u2013
40.9
647.0
The grouping of revenue streams by how they are affected by economic factors, as required by IFRS 15, is as follows: Non-household Water retail Other Total Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m Segment revenue 1,022.0 381.7 25.6 1,429.3 Inter-segment revenue (120.0) (0.2) (17.7) (137.9 Revenue from external customers 902.0 381.5 7.9 1,291.4 Significant service lines Water 902.0 \u2013 \u2013 902.0 Non-household retail \u2013 381.5 \u2013 381.5 Other \u2013 \u2013 7.9 7.9 902.0 381.5 7.9 1,291.4 Non-household Water retail Other Total Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m Segment revenue 820.5 320.3 12.8 1,153.6 Inter-segment revenue (100.6) (0.2) (5.0) (105.8 Revenue from external customers 719.9 320.1 7.8 1,047.8 Significant service lines Water 719.9 \u2013 \u2013 719.9 Non-household retail \u2013 320.1 \u2013 320.1 Other \u2013 \u2013 7.8 7.8 719.9 320.1 7.8 1,047.8 The Group\u2019s country of domicile is the United Kingdom and this is the country in which it generates the majority of its revenue. The Group\u2019s non-current assets are all located in the United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-517": { "value": "5. Segmental information Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker (CODM), which has been identified as the Pennon Group plc Board. The earnings measures below are used by the Board in making decisions. The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by SWW and the regulated water services undertaken by SESW. The non-household retail segment (business retail) reflects the services provided by PWS and SESWS. The other segment comprises smaller ancillary business as well as intermediate holding companies not further separated in reports to the Board. Segment assets include goodwill and other intangible assets, property, plant and equipment, inventories, trade and other receivables and cash and cash equivalents. Segment liabilities comprise operating liabilities and borrowings and exclude taxation. The other segment liabilities include the Company\u2019s financing arrangements and Group taxation liabilities. Capital expenditure comprises additions to property, plant and equipment.
Non-household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Revenue
1,022.0
381.7
25.6
(137.9)
1,291.4
Employment costs
(109.8)
(8.2)
(13.3)
\u2013
(131.3)
Raw materials and consumables used
(38.7)
\u2013
(1.3)
\u2013
(40.0)
Operating costs
(362.8)
(363.6)
(12.4)
137.9
(600.9)
Operating profit/(loss) before depreciation, amortisation and non-underlying items (Underlying EBITDA)
510.7
9.9
(1.4)
\u2013
519.2
Depreciation, amortisation and impairment
(189.0)
(0.8)
(3.9)
\u2013
(193.7)
Operating profit/(loss) before non-underlying items
321.7
9.1
(5.3)
\u2013
325.5
Finance income
23.2
0.6
19.3
(21.2)
21.9
Finance costs
(212.9)
(4.0)
(17.6)
21.2
(213.3)
Share of post-tax profit from associated companies
\u2013
\u2013
1.0
\u2013
1.0
Profit/(loss) before tax and non-underlying items
132.0
5.7
(2.6)
\u2013
135.1
Non-underlying items
(15.4)
(1.6)
(3.7)
\u2013
(20.7)
Profit/(loss) before tax
116.6
4.1
(6.3)
\u2013
114.4
2025
Revenue
820.5
320.3
12.8
(105.8)
1,047.8
Employment costs
(126.3)
(7.8)
(17.0)
\u2013
(151.1)
Raw materials and consumables used
(48.3)
(0.9)
(2.5)
\u2013
(51.7)
Operating costs
(307.7)
(304.1)
(3.4)
105.8
(509.4)
Operating profit/(loss) before depreciation, amortisation and non-underlying items (Underlying EBITDA)
338.2
7.5
(10.1)
\u2013
335.6
Depreciation and amortisation
(184.4)
(0.3)
(2.4)
\u2013
(187.1)
Operating profit/(loss) before non-underlying items
153.8
7.2
(12.5)
\u2013
148.5
Finance income
13.1
0.4
18.8
(17.3)
15.0
Finance costs
(202.5)
(3.3)
(10.9)
17.3
(199.4)
Share of post-tax profit from associated companies
\u2013
\u2013
0.8
\u2013
0.8
(Loss)/profit before tax and non-underlying items
(35.6)
4.3
(3.8)
\u2013
(35.1)
Non-underlying items
(36.1)
\u2013
(1.5)
\u2013
(37.6)
(Loss)/profit before tax
(71.7)
4.3
(5.3)
\u2013
(72.7)
1. Intra-segment transactions between and to different segments are under normal market-based commercial terms and conditions. Intra-segment revenue of the other segment is at cost.
Non-household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheet
31 March 2026
Assets (excluding carrying value in associated companies)
7,186.2
109.9
611.1
(437.1)
7,470.1
Carrying value in associated companies
\u2013
\u2013
9.9
\u2013
9.9
Total assets
7,186.2
109.9
621.0
(437.1)
7,480.0
Liabilities
(5,823.7)
(122.4)
(559.4)
437.1
(6,068.4)
Net assets
1,362.5
(12.5)
61.6
\u2013
1,411.6
31 March 2025
Assets (excluding carrying value in associated companies)
6,657.6
105.3
479.0
(204.8)
7,037.1
Carrying value in associated companies
\u2013
\u2013
10.5
\u2013
10.5
Total assets
6,657.6
105.3
489.5
(204.8)
7,047.6
Liabilities
(5,327.6)
(115.2)
(358.9)
204.8
(5,596.9)
Net assets
1,330.0
(9.9)
130.6
\u2013
1,450.7
Segment liabilities of the water segment comprise operating liabilities and borrowings. The other segment includes Company only assets and liabilities as well as Group taxation liabilities and should be considered in conjunction with the eliminations column.
Non-household Other and
Water retail eliminations Group
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Other information
31 March 2026
Intangible asset additions
16
7.6
0.8
\u2013
8.4
Amortisation of other intangible assets
7
3.6
0.2
(1.4)
2.4
Capital expenditure (Property, plant and equipment)
17
580.8
\u2013
54.7
635.5
31 March 2025
Intangible asset additions
16
4.1
2.1
(0.7)
5.5
Amortisation of other intangible assets
7
4.0
0.3
(2.0)
2.3
Capital expenditure (Property, plant and equipment)
17
606.1
\u2013
40.9
647.0
The grouping of revenue streams by how they are affected by economic factors, as required by IFRS 15, is as follows:
Non-household
Water retail Other Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
1,022.0
381.7
25.6
1,429.3
Inter-segment revenue
(120.0)
(0.2)
(17.7)
(137.9 )
Revenue from external customers
902.0
381.5
7.9
1,291.4
Significant service lines
Water
902.0
\u2013
\u2013
902.0
Non-household retail
\u2013
381.5
\u2013
381.5
Other
\u2013
\u2013
7.9
7.9
902.0
381.5
7.9
1,291.4
Non-household
Water retail Other Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
820.5
320.3
12.8
1,153.6
Inter-segment revenue
(100.6)
(0.2)
(5.0)
(105.8 )
Revenue from external customers
719.9
320.1
7.8
1,047.8
Significant service lines
Water
719.9
\u2013
\u2013
719.9
Non-household retail
\u2013
320.1
\u2013
320.1
Other
\u2013
\u2013
7.8
7.8
719.9
320.1
7.8
1,047.8
The Group\u2019s country of domicile is the United Kingdom and this is the country in which it generates the majority of its revenue. The Group\u2019s non-current assets are all located in the United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-477": { "value": "5. Segmental information Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker (CODM), which has been identified as the Pennon Group plc Board. The earnings measures below are used by the Board in making decisions. The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by SWW and the regulated water services undertaken by SESW. The non-household retail segment (business retail) reflects the services provided by PWS and SESWS. The other segment comprises smaller ancillary business as well as intermediate holding companies not further separated in reports to the Board. Segment assets include goodwill and other intangible assets, property, plant and equipment, inventories, trade and other receivables and cash and cash equivalents. Segment liabilities comprise operating liabilities and borrowings and exclude taxation. The other segment liabilities include the Company\u2019s financing arrangements and Group taxation liabilities. Capital expenditure comprises additions to property, plant and equipment.
Non-household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Revenue
1,022.0
381.7
25.6
(137.9)
1,291.4
Employment costs
(109.8)
(8.2)
(13.3)
\u2013
(131.3)
Raw materials and consumables used
(38.7)
\u2013
(1.3)
\u2013
(40.0)
Operating costs
(362.8)
(363.6)
(12.4)
137.9
(600.9)
Operating profit/(loss) before depreciation, amortisation and non-underlying items (Underlying EBITDA)
510.7
9.9
(1.4)
\u2013
519.2
Depreciation, amortisation and impairment
(189.0)
(0.8)
(3.9)
\u2013
(193.7)
Operating profit/(loss) before non-underlying items
321.7
9.1
(5.3)
\u2013
325.5
Finance income
23.2
0.6
19.3
(21.2)
21.9
Finance costs
(212.9)
(4.0)
(17.6)
21.2
(213.3)
Share of post-tax profit from associated companies
\u2013
\u2013
1.0
\u2013
1.0
Profit/(loss) before tax and non-underlying items
132.0
5.7
(2.6)
\u2013
135.1
Non-underlying items
(15.4)
(1.6)
(3.7)
\u2013
(20.7)
Profit/(loss) before tax
116.6
4.1
(6.3)
\u2013
114.4
2025
Revenue
820.5
320.3
12.8
(105.8)
1,047.8
Employment costs
(126.3)
(7.8)
(17.0)
\u2013
(151.1)
Raw materials and consumables used
(48.3)
(0.9)
(2.5)
\u2013
(51.7)
Operating costs
(307.7)
(304.1)
(3.4)
105.8
(509.4)
Operating profit/(loss) before depreciation, amortisation and non-underlying items (Underlying EBITDA)
338.2
7.5
(10.1)
\u2013
335.6
Depreciation and amortisation
(184.4)
(0.3)
(2.4)
\u2013
(187.1)
Operating profit/(loss) before non-underlying items
153.8
7.2
(12.5)
\u2013
148.5
Finance income
13.1
0.4
18.8
(17.3)
15.0
Finance costs
(202.5)
(3.3)
(10.9)
17.3
(199.4)
Share of post-tax profit from associated companies
\u2013
\u2013
0.8
\u2013
0.8
(Loss)/profit before tax and non-underlying items
(35.6)
4.3
(3.8)
\u2013
(35.1)
Non-underlying items
(36.1)
\u2013
(1.5)
\u2013
(37.6)
(Loss)/profit before tax
(71.7)
4.3
(5.3)
\u2013
(72.7)
1. Intra-segment transactions between and to different segments are under normal market-based commercial terms and conditions. Intra-segment revenue of the other segment is at cost.
Non-household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheet
31 March 2026
Assets (excluding carrying value in associated companies)
7,186.2
109.9
611.1
(437.1)
7,470.1
Carrying value in associated companies
\u2013
\u2013
9.9
\u2013
9.9
Total assets
7,186.2
109.9
621.0
(437.1)
7,480.0
Liabilities
(5,823.7)
(122.4)
(559.4)
437.1
(6,068.4)
Net assets
1,362.5
(12.5)
61.6
\u2013
1,411.6
31 March 2025
Assets (excluding carrying value in associated companies)
6,657.6
105.3
479.0
(204.8)
7,037.1
Carrying value in associated companies
\u2013
\u2013
10.5
\u2013
10.5
Total assets
6,657.6
105.3
489.5
(204.8)
7,047.6
Liabilities
(5,327.6)
(115.2)
(358.9)
204.8
(5,596.9)
Net assets
1,330.0
(9.9)
130.6
\u2013
1,450.7
Segment liabilities of the water segment comprise operating liabilities and borrowings. The other segment includes Company only assets and liabilities as well as Group taxation liabilities and should be considered in conjunction with the eliminations column.
Non-household Other and
Water retail eliminations Group
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Other information
31 March 2026
Intangible asset additions
16
7.6
0.8
\u2013
8.4
Amortisation of other intangible assets
7
3.6
0.2
(1.4)
2.4
Capital expenditure (Property, plant and equipment)
17
580.8
\u2013
54.7
635.5
31 March 2025
Intangible asset additions
16
4.1
2.1
(0.7)
5.5
Amortisation of other intangible assets
7
4.0
0.3
(2.0)
2.3
Capital expenditure (Property, plant and equipment)
17
606.1
\u2013
40.9
647.0
The grouping of revenue streams by how they are affected by economic factors, as required by IFRS 15, is as follows:
Non-household
Water retail Other Total
Year ended 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
1,022.0
381.7
25.6
1,429.3
Inter-segment revenue
(120.0)
(0.2)
(17.7)
(137.9 )
Revenue from external customers
902.0
381.5
7.9
1,291.4
Significant service lines
Water
902.0
\u2013
\u2013
902.0
Non-household retail
\u2013
381.5
\u2013
381.5
Other
\u2013
\u2013
7.9
7.9
902.0
381.5
7.9
1,291.4
Non-household
Water retail Other Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
820.5
320.3
12.8
1,153.6
Inter-segment revenue
(100.6)
(0.2)
(5.0)
(105.8 )
Revenue from external customers
719.9
320.1
7.8
1,047.8
Significant service lines
Water
719.9
\u2013
\u2013
719.9
Non-household retail
\u2013
320.1
\u2013
320.1
Other
\u2013
\u2013
7.8
7.8
719.9
320.1
7.8
1,047.8
The Group\u2019s country of domicile is the United Kingdom and this is the country in which it generates the majority of its
revenue. The Group\u2019s non-current assets are all located in the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-553": { "value": "5. Segmental information Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker (CODM), which has been identified as the Pennon Group plc Board. The earnings measures below are used by the Board in making decisions. The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by SWW and the regulated water services undertaken by SESW. The non-household retail segment (business retail) reflects the services provided by PWS and SESWS. The other segment comprises smaller ancillary business as well as intermediate holding companies not further separated in reports to the Board. Segment assets include goodwill and other intangible assets, property, plant and equipment, inventories, trade and other receivables and cash and cash equivalents. Segment liabilities comprise operating liabilities and borrowings and exclude taxation. The other segment liabilities include the Company\u2019s financing arrangements and Group taxation liabilities. Capital expenditure comprises additions to property, plant and equipment.
Non-household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Revenue
1,022.0
381.7
25.6
(137.9)
1,291.4
Employment costs
(109.8)
(8.2)
(13.3)
\u2013
(131.3)
Raw materials and consumables used
(38.7)
\u2013
(1.3)
\u2013
(40.0)
Operating costs
(362.8)
(363.6)
(12.4)
137.9
(600.9)
Operating profit/(loss) before depreciation, amortisation and non-underlying items (Underlying EBITDA)
510.7
9.9
(1.4)
\u2013
519.2
Depreciation, amortisation and impairment
(189.0)
(0.8)
(3.9)
\u2013
(193.7)
Operating profit/(loss) before non-underlying items
321.7
9.1
(5.3)
\u2013
325.5
Finance income
23.2
0.6
19.3
(21.2)
21.9
Finance costs
(212.9)
(4.0)
(17.6)
21.2
(213.3)
Share of post-tax profit from associated companies
\u2013
\u2013
1.0
\u2013
1.0
Profit/(loss) before tax and non-underlying items
132.0
5.7
(2.6)
\u2013
135.1
Non-underlying items
(15.4)
(1.6)
(3.7)
\u2013
(20.7)
Profit/(loss) before tax
116.6
4.1
(6.3)
\u2013
114.4
2025
Revenue
820.5
320.3
12.8
(105.8)
1,047.8
Employment costs
(126.3)
(7.8)
(17.0)
\u2013
(151.1)
Raw materials and consumables used
(48.3)
(0.9)
(2.5)
\u2013
(51.7)
Operating costs
(307.7)
(304.1)
(3.4)
105.8
(509.4)
Operating profit/(loss) before depreciation, amortisation and non-underlying items (Underlying EBITDA)
338.2
7.5
(10.1)
\u2013
335.6
Depreciation and amortisation
(184.4)
(0.3)
(2.4)
\u2013
(187.1)
Operating profit/(loss) before non-underlying items
153.8
7.2
(12.5)
\u2013
148.5
Finance income
13.1
0.4
18.8
(17.3)
15.0
Finance costs
(202.5)
(3.3)
(10.9)
17.3
(199.4)
Share of post-tax profit from associated companies
\u2013
\u2013
0.8
\u2013
0.8
(Loss)/profit before tax and non-underlying items
(35.6)
4.3
(3.8)
\u2013
(35.1)
Non-underlying items
(36.1)
\u2013
(1.5)
\u2013
(37.6)
(Loss)/profit before tax
(71.7)
4.3
(5.3)
\u2013
(72.7)
1. Intra-segment transactions between and to different segments are under normal market-based commercial terms and conditions. Intra-segment revenue of the other segment is at cost.
Non-household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheet
31 March 2026
Assets (excluding carrying value in associated companies)
7,186.2
109.9
611.1
(437.1)
7,470.1
Carrying value in associated companies
\u2013
\u2013
9.9
\u2013
9.9
Total assets
7,186.2
109.9
621.0
(437.1)
7,480.0
Liabilities
(5,823.7)
(122.4)
(559.4)
437.1
(6,068.4)
Net assets
1,362.5
(12.5)
61.6
\u2013
1,411.6
31 March 2025
Assets (excluding carrying value in associated companies)
6,657.6
105.3
479.0
(204.8)
7,037.1
Carrying value in associated companies
\u2013
\u2013
10.5
\u2013
10.5
Total assets
6,657.6
105.3
489.5
(204.8)
7,047.6
Liabilities
(5,327.6)
(115.2)
(358.9)
204.8
(5,596.9)
Net assets
1,330.0
(9.9)
130.6
\u2013
1,450.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-518": { "value": "6. Non-underlying items Non-underlying items are those that in the Directors\u2019 view should be separately disclosed by virtue of their size, nature or incidence to enable a full understanding of the Group\u2019s financial performance in the year and business trends over time. Excluding these items is considered to provide additional useful information on the performance and the position of the Group as well as enhancing the comparability of information between reporting periods. The presentation of results is consistent with internal performance monitoring.
2026 2025
Notes \u00a3m \u00a3m
Operating costs
Restructuring/Transformational costs
1
(14.0)
(15.8)
Costs of Brixham water quality incident and other regulatory
investigations
2
(6.7)
(21.0)
SES Water Group acquisition costs
3
\u2013
(0.7)
Renewables projects acquisition related costs
4
\u2013
(0.1)
Earnings before interest, tax, depreciation and
amortisation
(20.7)
(37.6)
Net tax credit arising on non-underlying items above
5
9
4.1
8.9
Net non-underlying charge
(16.6)
(28.7)
1. \u00a34.1 million (2025: \u00a315.8 million) of costs were incurred in connection with the ongoing restructuring of the Group and \u00a39.9 million of technological enhancement costs were incurred in connection with the business transformation of the Group. \u00a34.8 million (2025: \u00a310.9 million) of the total costs were employment costs. Due to the one-off nature and incidence of the costs they were classified as non-underlying. 2. \u00a36.7 million includes costs of settlement of both the DWI\u2019s prosecution in respect of the May 2024 Brixham water quality incident, and the enforcement undertakings agreed with Ofwat in August 2025 in respect of the wastewater investigations, together with associated legal fees. \u00a315.8 million prior year costs relate to the operating costs for remediation of the Brixham water quality incidents and include \u00a30.8 million of directly attributable employment costs. Due to the one-off nature and incidence of the costs they were classified as non-underlying. 3. In the prior year the Group incurred expenses of \u00a30.7 million in connection with the acquisition of SES Water Group. Due to the one-off nature and incidence of the costs they were classified as non-underlying. 4. In the prior year expenses in connection with the strategic review of renewal energy generating investments, not directly attributable to the intangible assets acquired, totalled \u00a30.1 million. Due to the one-off nature and incidence of the costs they have been classified as non-underlying. 5. The net tax credit arising on non-underlying items relates to a deferred tax credit in respect of tax losses carried forwards. The prior year credit reflected a \u00a38.9 million deferred tax credit also in respect of tax losses carried forwards.", "dimensions": { "concept": "pnn:DisclosureOfNonUnderlyingItems", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-446": { "value": "
7. Operating costs
2026 2025
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
131.3
151.1
Raw materials and consumables
40.0
51.7
Other operating expenses before non-underlying items
include:
Profit on disposal of property, plant and equipment
(3.6)
(1.2)
Short-term/low value asset lease expense
9.1
6.2
Financial asset impairment
23
19.5
9.7
Depreciation of property, plant and equipment:
\u2022 Owned assets
17
152.5
146.7
\u2022 Under leases
17
37.3
37.0
Depreciation of investment properties
18
0.8
1.0
Amortisation of other intangible assets
16
2.4
2.3
Impairment of intangible assets
16
0.3
\u2013
Impairment of property, plant and equipment
17
\u2013
0.1
Impairment of investment properties
18
0.4
\u2013
Operating costs include a charge of \u00a320.7 million (2025: \u00a337.6 million) relating to non-underlying items, as detailed in
note 6.
Fees payable to the Company\u2019s auditor in the year were:
2026 2025
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent
company and consolidated financial statements
867
922
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,683
1,511
Audit-related assurance services
454
360
Other non-audit services
234
1,866
Total fees
3,238
4,659
A description of the work of the Audit Committee is set out in its report on pages 120 to 125 which includes an
explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided
by the auditor\u2019s firm.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-519": { "value": "7. Operating costs
2026 2025
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
131.3
151.1
Raw materials and consumables
40.0
51.7
Other operating expenses before non-underlying items
include:
Profit on disposal of property, plant and equipment
(3.6)
(1.2)
Short-term/low value asset lease expense
9.1
6.2
Financial asset impairment
23
19.5
9.7
Depreciation of property, plant and equipment:
\u2022 Owned assets
17
152.5
146.7
\u2022 Under leases
17
37.3
37.0
Depreciation of investment properties
18
0.8
1.0
Amortisation of other intangible assets
16
2.4
2.3
Impairment of intangible assets
16
0.3
\u2013
Impairment of property, plant and equipment
17
\u2013
0.1
Impairment of investment properties
18
0.4
\u2013
Operating costs include a charge of \u00a320.7 million (2025: \u00a337.6 million) relating to non-underlying items, as detailed in note 6. Fees payable to the Company\u2019s auditor in the year were:
2026 2025
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent
company and consolidated financial statements
867
922
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,683
1,511
Audit-related assurance services
454
360
Other non-audit services
234
1,866
Total fees
3,238
4,659
A description of the work of the Audit Committee is set out in its report on pages 120 to 125 which includes an explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided by the auditor\u2019s firm.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-554": { "value": "7. Operating costs
2026 2025
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
131.3
151.1
Raw materials and consumables
40.0
51.7
Other operating expenses before non-underlying items
include:
Profit on disposal of property, plant and equipment
(3.6)
(1.2)
Short-term/low value asset lease expense
9.1
6.2
Financial asset impairment
23
19.5
9.7
Depreciation of property, plant and equipment:
\u2022 Owned assets
17
152.5
146.7
\u2022 Under leases
17
37.3
37.0
Depreciation of investment properties
18
0.8
1.0
Amortisation of other intangible assets
16
2.4
2.3
Impairment of intangible assets
16
0.3
\u2013
Impairment of property, plant and equipment
17
\u2013
0.1
Impairment of investment properties
18
0.4
\u2013
Operating costs include a charge of \u00a320.7 million (2025: \u00a337.6 million) relating to non-underlying items, as detailed in note 6. Fees payable to the Company\u2019s auditor in the year were:
2026 2025
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent
company and consolidated financial statements
867
922
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,683
1,511
Audit-related assurance services
454
360
Other non-audit services
234
1,866
Total fees
3,238
4,659
A description of the work of the Audit Committee is set out in its report on pages 120 to 125 which includes an explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided by the auditor\u2019s firm.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-478": { "value": "7. Operating costs
2026 2025
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
131.3
151.1
Raw materials and consumables
40.0
51.7
Other operating expenses before non-underlying items
include:
Profit on disposal of property, plant and equipment
(3.6)
(1.2)
Short-term/low value asset lease expense
9.1
6.2
Financial asset impairment
23
19.5
9.7
Depreciation of property, plant and equipment:
\u2022 Owned assets
17
152.5
146.7
\u2022 Under leases
17
37.3
37.0
Depreciation of investment properties
18
0.8
1.0
Amortisation of other intangible assets
16
2.4
2.3
Impairment of intangible assets
16
0.3
\u2013
Impairment of property, plant and equipment
17
\u2013
0.1
Impairment of investment properties
18
0.4
\u2013
Operating costs include a charge of \u00a320.7 million (2025: \u00a337.6 million) relating to non-underlying items, as detailed in note 6. Fees payable to the Company\u2019s auditor in the year were:
2026 2025
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent
company and consolidated financial statements
867
922
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,683
1,511
Audit-related assurance services
454
360
Other non-audit services
234
1,866
Total fees
3,238
4,659
A description of the work of the Audit Committee is set out in its report on pages 120 to 125 which includes an explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided by the auditor\u2019s firm.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-574": { "value": "7. Operating costs
2026 2025
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
131.3
151.1
Raw materials and consumables
40.0
51.7
Other operating expenses before non-underlying items
include:
Profit on disposal of property, plant and equipment
(3.6)
(1.2)
Short-term/low value asset lease expense
9.1
6.2
Financial asset impairment
23
19.5
9.7
Depreciation of property, plant and equipment:
\u2022 Owned assets
17
152.5
146.7
\u2022 Under leases
17
37.3
37.0
Depreciation of investment properties
18
0.8
1.0
Amortisation of other intangible assets
16
2.4
2.3
Impairment of intangible assets
16
0.3
\u2013
Impairment of property, plant and equipment
17
\u2013
0.1
Impairment of investment properties
18
0.4
\u2013
Operating costs include a charge of \u00a320.7 million (2025: \u00a337.6 million) relating to non-underlying items, as detailed in note 6. Fees payable to the Company\u2019s auditor in the year were:
2026 2025
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent
company and consolidated financial statements
867
922
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,683
1,511
Audit-related assurance services
454
360
Other non-audit services
234
1,866
Total fees
3,238
4,659
A description of the work of the Audit Committee is set out in its report on pages 120 to 125 which includes an explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided by the auditor\u2019s firm.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-447": { "value": "Notes to the Financial Statements continued 8. Net finance costs 2026 2025
Finance cost Finance income Total Finance cost Finance income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(156.8)
\u2013
(156.8)
(138.6)
\u2013
(138.6)
Interest element of lease payments
(48.7)
\u2013
(48.7)
(49.9)
\u2013
(49.9)
Other finance costs
(7.8)
\u2013
( 7.8)
(10.9)
\u2013
(10.9)
Interest received
\u2013
17.4
17.4
\u2013
11.1
11.1
Amortisation of unamortised hedging adjustment
\u2013
2.3
2.3
\u2013
2.3
2.3
(213.3)
19.7
(193.6)
(199.4)
13.4
(186.0)
Notional interest
Retirement benefit obligations
31
\u2013
2.2
2.2
\u2013
1.6
1.6
Net finance costs
(213.3)
21.9
(191.4)
(199.4)
15.0
(184.4)
In addition to the above, finance costs of \u00a340.5 million (2025: \u00a327.7 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.4% (2025: 5.7%). Other finance costs include \u00a31.1 million (2025: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 29) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-479": { "value": "
8. Net finance costs
2026 2025
Finance cost Finance income Total Finance cost Finance income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(156.8)
\u2013
(156.8)
(138.6)
\u2013
(138.6)
Interest element of lease payments
(48.7)
\u2013
(48.7)
(49.9)
\u2013
(49.9)
Other finance costs
(7.8)
\u2013
( 7.8)
(10.9)
\u2013
(10.9)
Interest received
\u2013
17.4
17.4
\u2013
11.1
11.1
Amortisation of unamortised hedging adjustment
\u2013
2.3
2.3
\u2013
2.3
2.3
(213.3)
19.7
(193.6)
(199.4)
13.4
(186.0)
Notional interest
Retirement benefit obligations
31
\u2013
2.2
2.2
\u2013
1.6
1.6
Net finance costs
(213.3)
21.9
(191.4)
(199.4)
15.0
(184.4)
In addition to the above, finance costs of \u00a340.5 million (2025: \u00a327.7 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.4% (2025: 5.7%).
Other finance costs include \u00a31.1 million (2025: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 29) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-575": { "value": "8. Net finance costs 2026 2025
Finance cost Finance income Total Finance cost Finance income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(156.8)
\u2013
(156.8)
(138.6)
\u2013
(138.6)
Interest element of lease payments
(48.7)
\u2013
(48.7)
(49.9)
\u2013
(49.9)
Other finance costs
(7.8)
\u2013
( 7.8)
(10.9)
\u2013
(10.9)
Interest received
\u2013
17.4
17.4
\u2013
11.1
11.1
Amortisation of unamortised hedging adjustment
\u2013
2.3
2.3
\u2013
2.3
2.3
(213.3)
19.7
(193.6)
(199.4)
13.4
(186.0)
Notional interest
Retirement benefit obligations
31
\u2013
2.2
2.2
\u2013
1.6
1.6
Net finance costs
(213.3)
21.9
(191.4)
(199.4)
15.0
(184.4)
In addition to the above, finance costs of \u00a340.5 million (2025: \u00a327.7 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.4% (2025: 5.7%). Other finance costs include \u00a31.1 million (2025: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 29) .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-555": { "value": "8. Net finance costs 2026 2025
Finance cost Finance income Total Finance cost Finance income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(156.8)
\u2013
(156.8)
(138.6)
\u2013
(138.6)
Interest element of lease payments
(48.7)
\u2013
(48.7)
(49.9)
\u2013
(49.9)
Other finance costs
(7.8)
\u2013
( 7.8)
(10.9)
\u2013
(10.9)
Interest received
\u2013
17.4
17.4
\u2013
11.1
11.1
Amortisation of unamortised hedging adjustment
\u2013
2.3
2.3
\u2013
2.3
2.3
(213.3)
19.7
(193.6)
(199.4)
13.4
(186.0)
Notional interest
Retirement benefit obligations
31
\u2013
2.2
2.2
\u2013
1.6
1.6
Net finance costs
(213.3)
21.9
(191.4)
(199.4)
15.0
(184.4)
In addition to the above, finance costs of \u00a340.5 million (2025: \u00a327.7 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.4% (2025: 5.7%). Other finance costs include \u00a31.1 million (2025: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 29) .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-520": { "value": "8. Net finance costs 2026 2025
Finance cost Finance income Total Finance cost Finance income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(156.8)
\u2013
(156.8)
(138.6)
\u2013
(138.6)
Interest element of lease payments
(48.7)
\u2013
(48.7)
(49.9)
\u2013
(49.9)
Other finance costs
(7.8)
\u2013
( 7.8)
(10.9)
\u2013
(10.9)
Interest received
\u2013
17.4
17.4
\u2013
11.1
11.1
Amortisation of unamortised hedging adjustment
\u2013
2.3
2.3
\u2013
2.3
2.3
(213.3)
19.7
(193.6)
(199.4)
13.4
(186.0)
Notional interest
Retirement benefit obligations
31
\u2013
2.2
2.2
\u2013
1.6
1.6
Net finance costs
(213.3)
21.9
(191.4)
(199.4)
15.0
(184.4)
In addition to the above, finance costs of \u00a340.5 million (2025: \u00a327.7 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.4% (2025: 5.7%). Other finance costs include \u00a31.1 million (2025: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 29) .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-585": { "value": "8. Net finance costs 2026 2025
Finance cost Finance income Total Finance cost Finance income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(156.8)
\u2013
(156.8)
(138.6)
\u2013
(138.6)
Interest element of lease payments
(48.7)
\u2013
(48.7)
(49.9)
\u2013
(49.9)
Other finance costs
(7.8)
\u2013
( 7.8)
(10.9)
\u2013
(10.9)
Interest received
\u2013
17.4
17.4
\u2013
11.1
11.1
Amortisation of unamortised hedging adjustment
\u2013
2.3
2.3
\u2013
2.3
2.3
(213.3)
19.7
(193.6)
(199.4)
13.4
(186.0)
Notional interest
Retirement benefit obligations
31
\u2013
2.2
2.2
\u2013
1.6
1.6
Net finance costs
(213.3)
21.9
(191.4)
(199.4)
15.0
(184.4)
In addition to the above, finance costs of \u00a340.5 million (2025: \u00a327.7 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.4% (2025: 5.7%). Other finance costs include \u00a31.1 million (2025: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 29) .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-448": { "value": "9. Taxation
Before non- Non-underlying Before non- Non-underlying
underlying items items (note 6) Total underlying items items (note 6) Total
2026 2026 2026 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Analysis of charge/(credit) in year
Current tax charge/(credit)
0.6
(0.8)
(0.2)
0.8
(0.5)
0.3
Deferred tax charge/(credit)
25.3
(3.3)
22.0
(7.8)
(8.4)
(16.2)
Tax charge/(credit) for year
25.9
(4.1)
21.8
(7.0)
(8.9)
(15.9)
UK corporation tax is calculated at 25% (2025: 25%) of the estimated assessable profit for the year. UK corporation tax for the Group is stated after a credit relating to prior year current tax of \u00a30.2 million (2025: \u00a30.3 million charge) and a prior year deferred tax credit of \u00a38.3 million (2025: \u00a30.7 million charge). Of the prior year deferred tax credit, \u00a38.0 million relates to capital losses that require recognition on consolidation. This is due to the existence of deferred tax liabilities arising on the fair value of land acquired through business combinations. The remaining elements are in respect of capital allowances claimed in accordance with UK tax legislation. Certain types of expenditure are not deductible for tax purposes. These types of expenditure are set out in tax legislation. The main category of expenditure not deductible during the current year relates to ongoing legal and environmental cases and the prior year\u2019s relate to the purchase of the SES Group and various renewables businesses, where these are classified as capital in nature for tax purposes. Profits from associates and joint ventures are included in the consolidated accounts on an after-tax basis, and therefore do not arise as profits in any of the tax returns of the entities within the Group. The Group incurs depreciation in relation to certain property, plant and equipment which does not qualify for tax relief. As such, this creates a permanent difference which increases the tax charge. Immediate tax relief is available in respect of capitalised interest and foreign exchange gains/losses. Tax losses generated in the year and carried forward generate a deferred tax credit rather than current tax credit, hence the adjustment to current tax. When utilised, the deferred tax asset will reverse creating a current tax deduction in the period of utilisation. Other temporary differences relate to the timing of relief for items including pensions, general provisions and financial derivatives. The tax deduction in respect of these temporary differences was higher in FY25 due to additional pension contributions made to fund deficits in the scheme. In addition to the amounts recognised in the statement of profit or loss, the following tax (credits)/charges were recognised:
2026 2025
\u00a3m \u00a3m
Amounts recognised directly in other comprehensive income
Deferred tax (credit)/charge on defined benefit pension schemes
(0.9)
0.9
Deferred tax charge/(credit) on cash flow hedges
0.2
(2.4)
Amounts recognised directly in equity
Deferred tax charge on share-based payments
\u2013
\u2013
OECD Pillar Two Pillar Two legislation is applicable to the group. Under the legislation, the group will be required to pay a top-up tax on profits of its subsidiaries in order to ensure that these profits are taxed at a global minimum tax rate of 15%. The UK is the only jurisdiction in which the Group operates therefore an assessment of any potential Pillar Two tax exposure for FY26 has been performed focusing on the application of the UK domestic top-up tax rules. The assessment performed by the Group, in line with UK legislation, is based on country-by-country reporting principles and financial statements information for FY26. Based on that information, the UK is expected to meet the conditions of the transitional safe harbours such that no top-up tax arises. The Group is continuing to assess the impact of the Pillar Two income taxes legislation and related updates on its future financial performance. The tax for the year differs from the theoretical amount which would arise using the standard rate of corporation tax in the UK of 25% (2025: 25%) as follows:
2026 2025
\u00a3m \u00a3m
Reconciliation of total tax charge/(credit)
Profit/(loss) before tax
114.4
(72.7)
Profit/(loss) multiplied by the standard rate of UK corporation tax of 25%
(2025: 25%)
28.6
(18.2)
Effects of:
Expenses not deductible for tax purposes
1.3
0.8
Associate profits not taxable
(0.3)
(0.2)
Adjustments to tax charge in respect of prior years
(8.5)
1.5
Depreciation charged on non-qualifying assets
1.1
1.0
Adjustment in respect of deferred revenue expenditure
0.4
(0.7)
Other
(0.8)
(0.1)
Tax charge/(credit) for year
21.8
(15.9)
2026 2025
\u00a3m \u00a3m
Reconciliation of current tax (credit)/charge
Profit/(loss) before tax
114.4
(72.7)
Profit/(loss) multiplied by the standard rate of UK corporation tax of 25%
(2025: 25%)
28.6
(18.2)
Effects of:
Relief for capital allowances in place of depreciation
(60.1)
(11.2)
Disallowance of depreciation charged in the accounts
24.3
24.3
Other temporary differences
(3.8)
(6.6)
Expenses not deductible for tax purposes
0.4
0.8
Associate profits not taxable
(0.2)
(0.2)
Adjustments to tax charge in respect of prior years
(0.2)
0.3
Depreciation charged on non-qualifying assets
1.1
1.0
Tax losses carried forward
19.7
15.9
Relief for capitalised interest and foreign exchange gains/losses
(10.0)
(5.8)
Current tax (credit)/charge for year
(0.2)
0.3
The current tax credit arising on the FY26 accounting profit is \u00a30.2 million (2025: current tax charge of \u00a30.3 million) versus the expected current tax at the UK headline rate of 25% x PBT. This is driven by a range of adjustments which are explained further below: The Group benefits from the 100% full expensing and 50% enhanced allowances in respect of qualifying spend relating to certain qualifying assets (largely plant and machinery). The Group incurs significant capital expenditure each year as it maintains and enhances its assets for the benefit of its customers, communities and the environment. These enhanced allowances have increased capital allowance claims for the year and contributed significantly to the reduction in expected cash tax. Consequently there is a deferred tax charge arising in relation to the tax relief claimed in excess of current year depreciation driven by additional capital allowance deductions leading to a higher deferred tax liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-481": { "value": "12. Dividends
2026 2025
\u00a3m \u00a3m
Amounts recognised as distributions to ordinary equity holders in the year
Interim dividend paid for the year ended 31 March 2025 12.14p
(2024: 11.60p) per share
42.0
40.1
Final dividend paid for the year ended 31 March 2025 19 .43p
(2024: 25. 0 7p) per share
91.7
86.8
133.7
126.9
Proposed dividends
Proposed interim dividend for the year ended 31 March 2026 9.26p
(2025: 12.14p) per share
43.7
42.0
Proposed final dividend for the year ended 31 March 2026 20 .03p
(2025: 19. 43p) per share
94.5
91.7
138.2
133.7
The proposed interim and final dividends have not been included as liabilities in these financial statements. The proposed interim dividend for 2026 was paid on 2 April 2026 and the proposed final dividend is subject to approval by shareholders at the AGM.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-521": { "value": "19.43", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-523": { "value": "25.07", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-440": { "value": "91700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-441": { "value": "86800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-524": { "value": "20.03", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-522": { "value": "19.43", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-449": { "value": "10. Profit/(loss) of the parent company
2026 2025
\u00a3m \u00a3m
Profit/(loss) attributable to ordinary shareholders\u2019 equity dealt within the
accounts of the parent company
191.5
(13.5)
As permitted by Section 408 of the Companies Act 2006, no statement of profit or loss or statement of comprehensive income is presented for the Company.", "dimensions": { "concept": "pnn:DisclosureOfProfitOfTheParentCompany", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-480": { "value": "
11. Earnings per share
Basic earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the year, excluding those held in the employee share trust (note
37), which are treated as cancelled.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all
dilutive potential ordinary shares. The Group has two types of dilutive potential ordinary shares \u2013 those share options
granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares
during the year; and the contingently issuable shares under the Group\u2019s Performance and Co-investment Plan, the
Long-term Incentive Plan and the deferred shares element of the Annual Incentive Bonus Plan, based on performance
criteria for the vesting of the awards.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-450": { "value": "11. Earnings per share Basic earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year, excluding those held in the employee share trust (note 37), which are treated as cancelled. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all dilutive potential ordinary shares. The Group has two types of dilutive potential ordinary shares \u2013 those share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year; and the contingently issuable shares under the Group\u2019s Performance and Co-investment Plan, the Long-term Incentive Plan and the deferred shares element of the Annual Incentive Bonus Plan, based on performance criteria for the vesting of the awards. Potential ordinary shares, as discussed above, that could dilute basic earnings per share in the future, were not included in the calculation for statutory earnings per share because they were anti-dilutive for the current year. The weighted average number of shares and earnings used in the calculations are detailed in the table below.
2026
2025
Number of shares (millions)
For basic earnings per share
471.8
360.5
Effect of dilutive potential ordinary shares from share options
1.5
\u2013
For diluted earnings per share
473.3
360.5
Basic and diluted earnings per ordinary share Earnings per ordinary share before non-underlying items and deferred tax are presented as the Directors believe that this measure provides a more useful year-on-year comparison of business trends and performance. Deferred tax is excluded as the Directors believe it reflects a distortive effect of the level of long-term capital investment. Earnings per share have been calculated as follows:
2026
2025
Profit Earnings per share (Loss)/profit Earnings per share
after tax after tax
\u00a3m
Basic p
Diluted p
\u00a3m
Basic p
Diluted p
Statutory earnings attributable
to ordinary shareholders of the
parent
91.5
19.4
19.3
(57.9)
(16.1)
(16.1)
Deferred tax (credit)/charge
before non-underlying items
25.3
5.4
5.4
(7.8)
(2.1)
(2.1)
Non-underlying items
(net of tax)
16.6
3.5
3.5
28.6
7.9
7.9
Adjusted earnings
133.4
28.3
28.2
(37.1)
(10.3)
(10.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-526": { "value": "14. Directors\u2019 emoluments
2026 2025
\u00a3000 \u00a3000
Executive Directors:
\u2022 Salary
873
968
\u2022 Share-based payments
1,055
680
\u2022 Other emoluments, including payments in lieu of pension provision
122
121
\u2022 Compensation for loss of office
735
489
Non-Executive Directors
764
648
3,549
2,906
More detailed information concerning Directors\u2019 emoluments (including pensions and the highest paid Director) and share interests is shown in the Directors\u2019 Remuneration report on pages 133 to 155.
Remuneration of key management personnel
2026 2025
\u00a3000 \u00a3000
Salaries and short-term employee benefits
4,572
3,724
Share-based payments
1,939
854
Compensation for loss of office
1,646
489
8,157
5,067
KMP remuneration comprises all Directors and certain senior managers who are members of the executive team.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-525": { "value": "13. Employment costs
Group
Company
2026 2025 2026 2025
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Wages and salaries
169.0
175.5
9.8
8.4
Social security costs
22.2
17.5
1.7
1.2
Other pension costs
31
15.7
16.2
0.8
1.2
Share-based payments
34
2.6
2.0
1.7
1.6
Total employment costs
209.5
211.2
14.0
12.4
Charged:
\u2022 Employment costs (excluding
non-underlying items)
131.3
151.1
11.4
11.5
\u2022 Employment costs (non-
underlying items)
4.8
11.7
2.6
0.9
\u2022 Capital schemes \u2013 property,
plant and equipment
73.1
48.1 -
\u2013
\u2022 Research and development
0.3
0.3
\u2013
\u2013
Total employment costs
209.5
211.2
14.0
12.4
Details of Directors\u2019 emoluments are set out in note 14. There are no personnel, other than Directors, who as key management exercise authority and have responsibility for planning, directing and controlling the activities of the Group. Members of other executive committees assist the Directors in their duties but do not hold authority to control the activities of the Group.
2026
2025
Employees (average full-time equivalent number)
The average monthly number of employees (including Executive Directors) was:
Water
3,384
3,528
Non-household retail
207
259
Other
101
123
Total
3,692
3,910
The average monthly number of employees (including Executive Directors) of the parent company was 90 (2025: 97)", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-452": { "value": "
16. Other intangible assets
Renewable
energy Software
generation development Total
\u00a3m \u00a3m \u00a3m
Cost:
At 1 April 2024
40.3
29.9
70.2
Additions
\u2013
5.5
5.5
Transfers/reclassifications
\u2013
3.6
3.6
At 31 March 2025
40.3
39.0
79.3
Additions
\u2013
8.4
8.4
Disposals
\u2013
(0.1)
(0.1)
Other
(0.3)
\u2013
(0.3)
At 31 March 2026
40.0
47.3
87.3
Accumulated amortisation:
At 1 April 2024
\u2013
9.9
9.9
Charge for the year
\u2013
2.3
2.3
Transfers/reclassifications
\u2013
3.6
3.6
Impairment charge
\u2013
1.3
1.3
At 31 March 2025
\u2013
17.1
17.1
Charge for year
\u2013
2.4
2.4
Impairment charge
\u2013
0.3
0.3
At 31 March 2026
\u2013
19.8
19.8
Carrying amount:
At 1 April 2024
40.3
20.0
60.3
At 31 March 2025
40.3
21.9
62.2
At 31 March 2026
40.0
27.5
67.5
Renewable energy generation intangible assets are as a result of acquiring renewable energy sites with rights to
generate energy in the future. The intangible assets acquired relate to energy generation rights on all four sites
purchased and a battery energy storage system on a single site; these assets will be amortised over periods expected
to be between 35 and 45 years in line with the rights acquired. These assets will be tested for impairment annually until
they are available for use.
Software consists of capitalised development costs being an internally generated intangible asset.
The carrying values of other intangible assets are reviewed annually or when events or changes in circumstance
indicate that the carrying amounts may not be fully recoverable.
In the year ended 31 March 2025 an adjustment was made to reclassify cost and accumulated depreciation in relation
to assets acquired on the acquisition of Bristol Water plc totalling \u00a33.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-527": { "value": "15. Goodwill
\u00a3m
Cost:
At 1 April 2024
179.9
At 31 March 2025
179.9
At 31 March 2026
179.9
Carrying amount:
At 1 April 2024
179.9
At 31 March 2025
179.9
At 31 March 2026
179.9
Goodwill acquired in a business combination is allocated at acquisition to the CGU expected to benefit from that business combination. All goodwill represents the water business, therefore this is the lowest level at which goodwill is monitored and tested. Impairment testing of goodwill The Group tests goodwill for impairment annually, or more frequently if there are any indications that impairment may have arisen. Impairment testing is carried out based on the fair value less costs of disposal method. The recoverable amount of the water business segment is assessed using level 2 fair value hierarchy techniques, with reference to the market value of the water business, using a market-based observable premium, based on historical water industry merger and acquisition activity, to Regulated Capital Value (RCV) as defined by Ofwat. The recoverable amount is adjusted for estimated costs to sell. Historical water industry transactions provide a range of premia that could be used in the calculation, for the current financial year applying a premium to RCV was not required to maintain impairment headroom. The results of tests performed during the year demonstrate significant headroom in the water CGU, and it is judged that no reasonable change in the key assumptions would cause the carrying amount of the CGUs to exceed the recoverable amount. 16. Other intangible assets
Renewable
energy Software
generation development Total
\u00a3m \u00a3m \u00a3m
Cost:
At 1 April 2024
40.3
29.9
70.2
Additions
\u2013
5.5
5.5
Transfers/reclassifications
\u2013
3.6
3.6
At 31 March 2025
40.3
39.0
79.3
Additions
\u2013
8.4
8.4
Disposals
\u2013
(0.1)
(0.1)
Other
(0.3)
\u2013
(0.3)
At 31 March 2026
40.0
47.3
87.3
Accumulated amortisation:
At 1 April 2024
\u2013
9.9
9.9
Charge for the year
\u2013
2.3
2.3
Transfers/reclassifications
\u2013
3.6
3.6
Impairment charge
\u2013
1.3
1.3
At 31 March 2025
\u2013
17.1
17.1
Charge for year
\u2013
2.4
2.4
Impairment charge
\u2013
0.3
0.3
At 31 March 2026
\u2013
19.8
19.8
Carrying amount:
At 1 April 2024
40.3
20.0
60.3
At 31 March 2025
40.3
21.9
62.2
At 31 March 2026
40.0
27.5
67.5
Renewable energy generation intangible assets are as a result of acquiring renewable energy sites with rights to generate energy in the future. The intangible assets acquired relate to energy generation rights on all four sites purchased and a battery energy storage system on a single site; these assets will be amortised over periods expected to be between 35 and 45 years in line with the rights acquired. These assets will be tested for impairment annually until they are available for use. Software consists of capitalised development costs being an internally generated intangible asset. The carrying values of other intangible assets are reviewed annually or when events or changes in circumstance indicate that the carrying amounts may not be fully recoverable. In the year ended 31 March 2025 an adjustment was made to reclassify cost and accumulated depreciation in relation to assets acquired on the acquisition of Bristol Water plc totalling \u00a33.6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-482": { "value": "15. Goodwill
\u00a3m
Cost:
At 1 April 2024
179.9
At 31 March 2025
179.9
At 31 March 2026
179.9
Carrying amount:
At 1 April 2024
179.9
At 31 March 2025
179.9
At 31 March 2026
179.9
Goodwill acquired in a business combination is allocated at acquisition to the CGU expected to benefit from that business combination. All goodwill represents the water business, therefore this is the lowest level at which goodwill is monitored and tested. Impairment testing of goodwill The Group tests goodwill for impairment annually, or more frequently if there are any indications that impairment may have arisen. Impairment testing is carried out based on the fair value less costs of disposal method. The recoverable amount of the water business segment is assessed using level 2 fair value hierarchy techniques, with reference to the market value of the water business, using a market-based observable premium, based on historical water industry merger and acquisition activity, to Regulated Capital Value (RCV) as defined by Ofwat. The recoverable amount is adjusted for estimated costs to sell. Historical water industry transactions provide a range of premia that could be used in the calculation, for the current financial year applying a premium to RCV was not required to maintain impairment headroom. The results of tests performed during the year demonstrate significant headroom in the water CGU, and it is judged that no reasonable change in the key assumptions would cause the carrying amount of the CGUs to exceed the recoverable amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-451": { "value": "
Impairment testing of goodwill
The Group tests goodwill for impairment annually, or more frequently if there are any indications that impairment may
have arisen.
Impairment testing is carried out based on the fair value less costs of disposal method. The recoverable amount of
the water business segment is assessed using level 2 fair value hierarchy techniques, with reference to the market
value of the water business, using a market-based observable premium, based on historical water industry merger
and acquisition activity, to Regulated Capital Value (RCV) as defined by Ofwat. The recoverable amount is adjusted
for estimated costs to sell. Historical water industry transactions provide a range of premia that could be used in
the calculation, for the current financial year applying a premium to RCV was not required to maintain impairment
headroom.
The results of tests performed during the year demonstrate significant headroom in the water CGU, and it is judged
that no reasonable change in the key assumptions would cause the carrying amount of the CGUs to exceed the
recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-453": { "value": "17. Property, plant and equipment
Fixed and
Land and buildings Infrastructure Operational moveable plant Construction
assets properties and equipment in progress Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Cost:
At 1 April 2024
196.3
3,242.8
1,090.6
2,648.9
567.8
7,746.4
Additions
1.5
68.3
8.9
99.1
469.2
647.0
Assets adopted at fair value
\u2013
17.4
\u2013
\u2013
\u2013
17.4
Disposals
(0.5)
(1.3)
(1.0)
(13.8)
\u2013
(16.6)
Transfers/reclassifications
3.0
40.1
14.6
74.4
(134.1)
(2.0)
At 31 March 2025
200.3
3,367.3
1,113.1
2,808.6
902.9
8,392.2
Additions
1.3
112.6
40.9
12.3
468.4
635.5
Assets adopted at fair value
\u2013
13.2
\u2013
\u2013
\u2013
13.2
Disposals
(0.1)
\u2013
(0.3)
(1.9)
\u2013
(2.3)
Transfers/reclassifications
13.1
119.8
10.6
(19.3)
(124.2)
\u2013
At 31 March 2026
214.6
3,612.9
1,164.3
2,799.7
1,247.1
9,038.6
Accumulated depreciation:
At 1 April 2024
31.4
442.5
353.5
1,553.8
\u2013
2,381.2
Charge for year
1.7
49.0
23.9
113.1
\u2013
187.7
Disposals
(0.1)
(1.5)
(0.9)
(13.6)
\u2013
(16.1)
Impairment loss
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Transfers/reclassifications
\u2013
(8.6)
2.2
4.4
\u2013
(2.0)
At 31 March 2025
33.0
481.4
378.7
1,657.6
\u2013
2,550.7
Charge for year
3.6
52.5
24.1
111.9
\u2013
192.1
Disposals
\u2013
\u2013
(0.3)
(1.4)
\u2013
(1.7)
At 31 March 2026
36.6
533.9
402.5
1,768.1
\u2013
2,741.1
Net book value:
At 31 March 2024
164.9
2,800.3
737.1
1,095.1
567.8
5,365.2
At 31 March 2025
167.3
2,885.9
734.4
1,151.0
902.9
5,841.5
At 31 March 2026
178.0
3,079.0
761.8
1,031.6
1, 247.1
6,297.5
Of the total depreciation charge of \u00a3192.1 million (2025: \u00a3187.7 million), \u00a3189.8 million (2025: \u00a3183.7 million) has been charged against profits \u00a32.3 million (2025: \u00a32.4 million) has been offset by deferred income and \u00a3nil million (2025: \u00a31.6 million) has been charged to capital projects. Asset lives and residual values are reviewed annually. During the year borrowing costs of \u00a340.5 million (2025: \u00a327.7 million) have been capitalised on qualifying assets, at an average borrowing rate of 5.4% (2025: 5.7%). Groups of assets forming cash generating units are reviewed for indicators of impairment. No indicators of impairment were identified during the year. Asset lives are reviewed annually. No significant changes were required in 2025/26. In the year ended 31 March 2025 an adjustment has been made to reclassify cost and accumulated depreciation in relation to assets acquired on the acquisition of Bristol Water plc totalling \u00a32.0 million. Assets subject to secured financing arrangements When the Group enters into sale and leaseback arrangements, the accounting for the arrangement depends on whether the transaction meets the criteria within IFRS 15 for a sale to have occurred. If the sale criteria are met, the associated property, plant and equipment asset is derecognised, and a right-of-use asset is recognised at the proportion of the carrying value relating to the right retained. If the criteria for a sale under IFRS 15 have not been met the asset is not derecognised and a liability to make ongoing payments is recognised as part of the lease liability included within borrowings. The table below shows amounts held within property, plant and equipment for assets subject to these arrangements:
Fixed and mobile
Land and Infrastructure Operational plant, vehicles Construction
buildings assets properties and computers in progress Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Cost:
At 1 April 2024
5.3
404.0
336.9
425.7
\u2013
1,171.9
Additions
\u2013
22.1
0.8
2.1
\u2013
25.0
At 31 March 2025
5.3
426.1
337.7
427.8
\u2013
1,196.9
Additions
0.8
0.2
4.1
32.0
52.9
90.0
Disposals
(0.2)
(6.3)
(10.5)
(37.0)
\u2013
(54.0)
At 31 March 2026
5.9
420.0
331.3
422.8
52.9
1,232.9
Accumulated depreciation:
At 1 April 2024
0.6
75.1
96.4
209.9
\u2013
382.0
Charge for year
0.1
6.2
5.8
21.5
\u2013
33.6
At 31 March 2025
0.7
81.3
102.2
231.4
\u2013
415.6
Charge for year
0.3
6.8
5.9
20.8
\u2013
33.8
Disposals
(0.2)
(1.7)
(2.7)
(26.0)
\u2013
(30.6)
At 31 March 2026
0.8
86.4
105.4
226.2
\u2013
418.8
Net book amount:
At 1 April 2024
4.7
328.9
240.5
215.8
\u2013
789.9
At 31 March 2025
4.6
344.8
235.5
196.4
\u2013
781.3
At 31 March 2026
5.1
333.6
225.9
196.6
52.9
814.1
IFRS 16 \u2013 Right of Use Assets
Right-of-use assets classifying as leases under IFRS included in property, plant and equipment above were:
Fixed and
mobile plant,
Land and Infrastructure Operational vehicles and Construction
buildings assets properties computers in progress Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Cost:
At 1 April 2024
31.9
\u2013
\u2013
8.1
5.5
45.5
Additions
1.0
\u2013
\u2013
2.6
(0.3)
3.3
Disposals
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Transfers/reclassifications
2.1
\u2013
\u2013
\u2013
(2.1)
\u2013
At 31 March 2025
35.0
\u2013
\u2013
10.6
3.1
48.7
Additions
0.9
\u2013
\u2013
1.3
0.7
2.9
Transfers/reclassifications
1.1
\u2013
\u2013
\u2013
(1.1)
\u2013
At 31 March 2026
37.0
\u2013
\u2013
11.9
2.7
51.6
Accumulated depreciation:
At 31 March 2024
5.7
\u2013
\u2013
3.4
\u2013
9.1
Charge for year
1.4
\u2013
\u2013
1.9
\u2013
3.3
Disposals
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 March 2025
7.1
\u2013
\u2013
5.2
\u2013
12.3
Charge for year
1.5
\u2013
\u2013
2.3
\u2013
3.8
At 31 March 2026
8.6
\u2013
\u2013
7.5
\u2013
16.1
Net book amount:
At 1 April 2024
26.2
\u2013
\u2013
4.7
5.5
36.4
At 31 March 2025
27.9
\u2013
\u2013
5.4
3.1
36.4
At 31 March 2026
28.4
\u2013
\u2013
4.4
2.7
35.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-454": { "value": "
18. Investment properties
Residential
properties Total
\u00a3m \u00a3m
Group
Cost:
At 1 April 2024
9.3
9.3
Disposals
(0.2)
(0.2)
At 31 March 2025
9.1
9.1
Disposals
(0.5)
(0.5)
At 31 March 2026
8.6
8.6
Accumulated depreciation:
At 1 April 2024
0.2
0.2
Charge for year
1.0
1.0
At 31 March 2025
1.2
1.2
Charge for year
0.8
0.8
Disposals
(0.1)
(0.1)
Impairment
0.4
0.4
At 31 March 2026
2.3
2.3
Net book amount:
At 1 April 2024
9.1
9.1
At 31 March 2025
7.9
7.9
At 31 March 2026
6.3
6.3
The fair value of the investment properties held by the Group at 31 March 2026 was \u00a36.3 million. The fair value was determined by a RICS Qualified independent valuation expert. Rental income from operating leases was \u00a30.2 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-455": { "value": "
19. Financial instruments by category
The accounting policies for financial instruments that have been applied to line items are:
Fair value
Amortised cost
Derivatives used Derivatives used Trade receivables
for fair value for cash flow Debt instruments and trade
hedging hedging at amortised cost payables Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2026
Financial assets
Amounts owed by associated companies
20
\u2013
\u2013
7.1
\u2013
7.1
Trade receivables
23
\u2013
\u2013
\u2013
336.3
336.3
Derivative financial instruments
24
1.9
28.5
\u2013
\u2013
30.4
Cash and cash equivalents and restricted funds
26
\u2013
\u2013
388.3
\u2013
388.3
Total
1.9
28.5
395.4
336.3
762.1
Financial liabilities
Borrowings
29
\u2013
\u2013
(4,897.2)
\u2013
(4,897. 2)
Derivative financial instruments
24
\u2013
(2.5)
\u2013
\u2013
(2.5)
Trade and other payables
27
\u2013
\u2013
\u2013
(373.9)
(373.9)
Total
\u2013
(2.5)
(4,897.2)
(373.9)
(5,273.6)
31 March 2025
Financial assets
Amounts owed by associated companies
20
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
23
\u2013
\u2013
\u2013
270.0
270.0
Derivative financial instruments
24
0.4
31.8
\u2013
\u2013
32.2
Cash and cash equivalents and restricted funds
26
\u2013
\u2013
476.1
\u2013
476.1
Total
0.4
31.8
484.8
270.0
787.0
Financial liabilities
Borrowings
29
\u2013
\u2013
(4,554.3)
\u2013
(4,554.3)
Derivative financial instruments
24
\u2013
(2.1)
\u2013
\u2013
(2.1)
Trade and other payables
27
\u2013
\u2013
\u2013
(281.7)
(281.7)
Total
\u2013
(2.1)
(4,554.3)
(281.7)
(4,838.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-483": { "value": "19. Financial instruments by category The accounting policies for financial instruments that have been applied to line items are:
Fair value
Amortised cost
Derivatives used Derivatives used Trade receivables
for fair value for cash flow Debt instruments and trade
hedging hedging at amortised cost payables Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2026
Financial assets
Amounts owed by associated companies
20
\u2013
\u2013
7.1
\u2013
7.1
Trade receivables
23
\u2013
\u2013
\u2013
336.3
336.3
Derivative financial instruments
24
1.9
28.5
\u2013
\u2013
30.4
Cash and cash equivalents and restricted funds
26
\u2013
\u2013
388.3
\u2013
388.3
Total
1.9
28.5
395.4
336.3
762.1
Financial liabilities
Borrowings
29
\u2013
\u2013
(4,897.2)
\u2013
(4,897. 2)
Derivative financial instruments
24
\u2013
(2.5)
\u2013
\u2013
(2.5)
Trade and other payables
27
\u2013
\u2013
\u2013
(373.9)
(373.9)
Total
\u2013
(2.5)
(4,897.2)
(373.9)
(5,273.6)
31 March 2025
Financial assets
Amounts owed by associated companies
20
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
23
\u2013
\u2013
\u2013
270.0
270.0
Derivative financial instruments
24
0.4
31.8
\u2013
\u2013
32.2
Cash and cash equivalents and restricted funds
26
\u2013
\u2013
476.1
\u2013
476.1
Total
0.4
31.8
484.8
270.0
787.0
Financial liabilities
Borrowings
29
\u2013
\u2013
(4,554.3)
\u2013
(4,554.3)
Derivative financial instruments
24
\u2013
(2.1)
\u2013
\u2013
(2.1)
Trade and other payables
27
\u2013
\u2013
\u2013
(281.7)
(281.7)
Total
\u2013
(2.1)
(4,554.3)
(281.7)
(4,838.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-528": { "value": "19. Financial instruments by category The accounting policies for financial instruments that have been applied to line items are:
Fair value
Amortised cost
Derivatives used Derivatives used Trade receivables
for fair value for cash flow Debt instruments and trade
hedging hedging at amortised cost payables Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2026
Financial assets
Amounts owed by associated companies
20
\u2013
\u2013
7.1
\u2013
7.1
Trade receivables
23
\u2013
\u2013
\u2013
336.3
336.3
Derivative financial instruments
24
1.9
28.5
\u2013
\u2013
30.4
Cash and cash equivalents and restricted funds
26
\u2013
\u2013
388.3
\u2013
388.3
Total
1.9
28.5
395.4
336.3
762.1
Financial liabilities
Borrowings
29
\u2013
\u2013
(4,897.2)
\u2013
(4,897. 2)
Derivative financial instruments
24
\u2013
(2.5)
\u2013
\u2013
(2.5)
Trade and other payables
27
\u2013
\u2013
\u2013
(373.9)
(373.9)
Total
\u2013
(2.5)
(4,897.2)
(373.9)
(5,273.6)
31 March 2025
Financial assets
Amounts owed by associated companies
20
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
23
\u2013
\u2013
\u2013
270.0
270.0
Derivative financial instruments
24
0.4
31.8
\u2013
\u2013
32.2
Cash and cash equivalents and restricted funds
26
\u2013
\u2013
476.1
\u2013
476.1
Total
0.4
31.8
484.8
270.0
787.0
Financial liabilities
Borrowings
29
\u2013
\u2013
(4,554.3)
\u2013
(4,554.3)
Derivative financial instruments
24
\u2013
(2.1)
\u2013
\u2013
(2.1)
Trade and other payables
27
\u2013
\u2013
\u2013
(281.7)
(281.7)
Total
\u2013
(2.1)
(4,554.3)
(281.7)
(4,838.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-530": { "value": "21. Investments Subsidiary undertakings
\u00a3m
Company
At 1 April 2024
1,153.2
Investment in subsidiary undertakings:
Sutton and East Surrey Water Group Holding Limited share issue
80.0
Peninsula Insurance Limited share issue
1.0
South West Water Limited share issue
330.0
Impairment of investment in subsidiary undertakings
(1.5)
At 31 March 2025
1,562.7
At 31 March 2026
1,562.7
There are no indicators of impairment in the current year. In December 2024 the Company subscribed for 1,000,000 new shares in Peninsula Insurance Limited, for consideration of \u00a31,000,000. On 31 March 2025 the Company subscribed for 330,000,000 new shares in South West Water Limited, for consideration of \u00a3330,000,000. On 12 December 2024 the Company subscribed for 60,000,000 new shares and on 31 March 2025 for 100,000,000 new shares in Sutton and East Surrey Group Holdings Limited, for consideration of \u00a330,000,000 and \u00a350,000,000 respectively. On 31 January 2025 the investment in Water 2 Business Limited, an indirect associate, was transferred from Bristol Water Holdings Limited to the Company. Accordingly, the investment in Bristol Water Holding\u2019s parent company Bristol Water Holdings UK Limited was reduced by \u00a31,500,000. See note 40 for details of the Company\u2019s subsidiary and joint venture undertakings and shareholdings. Investment in associates and joint ventures
Place of business/
country of Measurement
Name of entity
Principal activity
incorporation
% of ownership
method
Water 2 Business Limited (W2B)
National retailer in the non-household market and provides retail water services to
England
30%
Equity
non-household customers
Bristol Wessex Billing Services Limited (BWBSL)
Meter reading, billing, debt recovery and customer contact management services
England
50%
Equity
Searchlight Collections Limited
Debt collection services
England
50%
Equity
The carrying value of the Group\u2019s share of these investments in associates and joint ventures at 31 March 2026 is \u00a32.8 million (2025: \u00a31.8 million). The Group\u2019s share of the profits and other comprehensive income of these investments in associates and joint ventures for the year ended 31 March 2026 is \u00a31.0 million (2025: \u00a30.8 million). The Group\u2019s joint ventures and associates are all private companies and there are no quoted market prices available for the shares. Summarised financial information for the joint ventures and investments in associates is set out below: Summarised balance sheets
2026 2025
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Current
Cash and cash equivalents
2.9
1.3
0.2
2.2
1.7
\u2013
Other current assets
80.8
2.6
(0.2)
71.3
1.2
0.1
Total current assets
83.7
3.9
\u2013
73.5
2.9
0.1
Non-current assets
3.2
\u2013
\u2013
4.2
\u2013
\u2013
Financial liabilities (excluding trade payables)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Current liabilities (including trade payables)
(53.8)
(3.9)
\u2013
(42.5)
(2.9)
\u2013
Total current liabilities
(53.8)
(3.9)
\u2013
(42.5)
(2.9)
\u2013
Non-current liabilities
(23.8)
\u2013
\u2013
(29.4)
\u2013
\u2013
Net assets
9.3
\u2013
\u2013
5.8
\u2013
0.1
Summarised statement of comprehensive income 2026 2025
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Revenue
412.0
20.9
0.2
327.3
19.7
0.2
Cost of sales and other operating expenses
(405.5)
(20.9)
(0.2)
(321.5)
(19.7)
(0.2)
Interest
(1.7)
\u2013
\u2013
(2.1)
\u2013
\u2013
Pre-tax profit
4.8
\u2013
\u2013
3.7
\u2013
\u2013
Taxation charge
(1.3)
\u2013
\u2013
(1.1)
\u2013
\u2013
Total comprehensive income
3.5
\u2013
\u2013
2.6
\u2013
\u2013
The information above reflects the amounts presented in the financial statements of the associates (and not the Group\u2019s share of these amounts) adjusted for differences in accounting policies between the Group and associates. Water 2 Business Limited\u2019s year-end date is 30 June. BWBSL\u2019s and Searchlight\u2019s year ends are 31 March. The Group\u2019s carrying amount of the investments held is \u00a32.8 million (2025: \u00a31.8 million) which comprises 30% of the Group\u2019s share of equity of Water 2 Business Limited. For Bristol Wessex Billing Services Limited and Searchlight Collections Limited, the net equity is \u00a3nil (2025: \u00a3nil). The Group\u2019s share of profit from associated companies is \u00a31.0 million (2025: \u00a30.8 million) which comprises 30% of the Group\u2019s share of Water 2 Business Limited, restricted by brought forward losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-484": { "value": "21. Investments Subsidiary undertakings
\u00a3m
Company
At 1 April 2024
1,153.2
Investment in subsidiary undertakings:
Sutton and East Surrey Water Group Holding Limited share issue
80.0
Peninsula Insurance Limited share issue
1.0
South West Water Limited share issue
330.0
Impairment of investment in subsidiary undertakings
(1.5)
At 31 March 2025
1,562.7
At 31 March 2026
1,562.7
There are no indicators of impairment in the current year. In December 2024 the Company subscribed for 1,000,000 new shares in Peninsula Insurance Limited, for consideration of \u00a31,000,000. On 31 March 2025 the Company subscribed for 330,000,000 new shares in South West Water Limited, for consideration of \u00a3330,000,000. On 12 December 2024 the Company subscribed for 60,000,000 new shares and on 31 March 2025 for 100,000,000 new shares in Sutton and East Surrey Group Holdings Limited, for consideration of \u00a330,000,000 and \u00a350,000,000 respectively. On 31 January 2025 the investment in Water 2 Business Limited, an indirect associate, was transferred from Bristol Water Holdings Limited to the Company. Accordingly, the investment in Bristol Water Holding\u2019s parent company Bristol Water Holdings UK Limited was reduced by \u00a31,500,000. See note 40 for details of the Company\u2019s subsidiary and joint venture undertakings and shareholdings. Investment in associates and joint ventures
Place of business/
country of Measurement
Name of entity
Principal activity
incorporation
% of ownership
method
Water 2 Business Limited (W2B)
National retailer in the non-household market and provides retail water services to
England
30%
Equity
non-household customers
Bristol Wessex Billing Services Limited (BWBSL)
Meter reading, billing, debt recovery and customer contact management services
England
50%
Equity
Searchlight Collections Limited
Debt collection services
England
50%
Equity
The carrying value of the Group\u2019s share of these investments in associates and joint ventures at 31 March 2026 is \u00a32.8 million (2025: \u00a31.8 million). The Group\u2019s share of the profits and other comprehensive income of these investments in associates and joint ventures for the year ended 31 March 2026 is \u00a31.0 million (2025: \u00a30.8 million). The Group\u2019s joint ventures and associates are all private companies and there are no quoted market prices available for the shares. Summarised financial information for the joint ventures and investments in associates is set out below: Summarised balance sheets
2026 2025
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Current
Cash and cash equivalents
2.9
1.3
0.2
2.2
1.7
\u2013
Other current assets
80.8
2.6
(0.2)
71.3
1.2
0.1
Total current assets
83.7
3.9
\u2013
73.5
2.9
0.1
Non-current assets
3.2
\u2013
\u2013
4.2
\u2013
\u2013
Financial liabilities (excluding trade payables)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Current liabilities (including trade payables)
(53.8)
(3.9)
\u2013
(42.5)
(2.9)
\u2013
Total current liabilities
(53.8)
(3.9)
\u2013
(42.5)
(2.9)
\u2013
Non-current liabilities
(23.8)
\u2013
\u2013
(29.4)
\u2013
\u2013
Net assets
9.3
\u2013
\u2013
5.8
\u2013
0.1
Summarised statement of comprehensive income 2026 2025
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Revenue
412.0
20.9
0.2
327.3
19.7
0.2
Cost of sales and other operating expenses
(405.5)
(20.9)
(0.2)
(321.5)
(19.7)
(0.2)
Interest
(1.7)
\u2013
\u2013
(2.1)
\u2013
\u2013
Pre-tax profit
4.8
\u2013
\u2013
3.7
\u2013
\u2013
Taxation charge
(1.3)
\u2013
\u2013
(1.1)
\u2013
\u2013
Total comprehensive income
3.5
\u2013
\u2013
2.6
\u2013
\u2013
The information above reflects the amounts presented in the financial statements of the associates (and not the Group\u2019s share of these amounts) adjusted for differences in accounting policies between the Group and associates. Water 2 Business Limited\u2019s year-end date is 30 June. BWBSL\u2019s and Searchlight\u2019s year ends are 31 March. The Group\u2019s carrying amount of the investments held is \u00a32.8 million (2025: \u00a31.8 million) which comprises 30% of the Group\u2019s share of equity of Water 2 Business Limited. For Bristol Wessex Billing Services Limited and Searchlight Collections Limited, the net equity is \u00a3nil (2025: \u00a3nil). The Group\u2019s share of profit from associated companies is \u00a31.0 million (2025: \u00a30.8 million) which comprises 30% of the Group\u2019s share of Water 2 Business Limited, restricted by brought forward losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-456": { "value": "
Subsidiary undertakings
\u00a3m
Company
At 1 April 2024
1,153.2
Investment in subsidiary undertakings:
Sutton and East Surrey Water Group Holding Limited share issue
80.0
Peninsula Insurance Limited share issue
1.0
South West Water Limited share issue
330.0
Impairment of investment in subsidiary undertakings
(1.5)
At 31 March 2025
1,562.7
At 31 March 2026
1,562.7
There are no indicators of impairment in the current year.
In December 2024 the Company subscribed for 1,000,000 new shares in Peninsula Insurance Limited, for consideration
of \u00a31,000,000.
On 31 March 2025 the Company subscribed for 330,000,000 new shares in South West Water Limited, for
consideration of \u00a3330,000,000.
On 12 December 2024 the Company subscribed for 60,000,000 new shares and on 31 March 2025 for 100,000,000
new shares in Sutton and East Surrey Group Holdings Limited, for consideration of \u00a330,000,000 and \u00a350,000,000
respectively.
On 31 January 2025 the investment in Water 2 Business Limited, an indirect associate, was transferred from Bristol
Water Holdings Limited to the Company. Accordingly, the investment in Bristol Water Holding\u2019s parent company Bristol
Water Holdings UK Limited was reduced by \u00a31,500,000.
See note 40 for details of the Company\u2019s subsidiary and joint venture undertakings and shareholdings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-529": { "value": "
20. Other non-current assets
Non-current receivables
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts owed by subsidiary undertakings
\u2013
\u2013
184.2
95.9
Amounts owed by related parties (note 43)
7.1
8.7
7.1
8.7
7.1
8.7
191.3
104.6
Non-current receivables were due:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Between 1 and 2 years
7.1
\u2013
28.1
12.2
Over 2 years and less than 5 years
\u2013
8.7
63.1
45.3
Over 5 years
\u2013
\u2013
100.1
47.1
7.1
8.7
191.3
104.6
The fair values of non-current receivables were:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts owed by subsidiary undertakings
\u2013
\u2013
184.2
95.9
Amounts owed by associates
7.1
8.7
7.1
8.7
7.1
8.7
191.3
104.6
The fair values of the above non-current receivables are valued using level 2 measures.
On 31 January 2025 the \u00a38.7 million loan receivable with Water 2 Business Limited (W2B), an indirect associate, was
transferred from Bristol Water Holdings Limited (BWH) to the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-556": { "value": "20. Other non-current assets Non-current receivables
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts owed by subsidiary undertakings
\u2013
\u2013
184.2
95.9
Amounts owed by related parties (note 43)
7.1
8.7
7.1
8.7
7.1
8.7
191.3
104.6
Non-current receivables were due:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Between 1 and 2 years
7.1
\u2013
28.1
12.2
Over 2 years and less than 5 years
\u2013
8.7
63.1
45.3
Over 5 years
\u2013
\u2013
100.1
47.1
7.1
8.7
191.3
104.6
The fair values of non-current receivables were:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts owed by subsidiary undertakings
\u2013
\u2013
184.2
95.9
Amounts owed by associates
7.1
8.7
7.1
8.7
7.1
8.7
191.3
104.6
The fair values of the above non-current receivables are valued using level 2 measures. On 31 January 2025 the \u00a38.7 million loan receivable with Water 2 Business Limited (W2B), an indirect associate, was transferred from Bristol Water Holdings Limited (BWH) to the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-457": { "value": "
Investment in associates and joint ventures
Place of business/
country of Measurement
Name of entity
Principal activity
incorporation
% of ownership
method
Water 2 Business Limited (W2B)
National retailer in the non-household market and provides retail water services to
England
30%
Equity
non-household customers
Bristol Wessex Billing Services Limited (BWBSL)
Meter reading, billing, debt recovery and customer contact management services
England
50%
Equity
Searchlight Collections Limited
Debt collection services
England
50%
Equity
The carrying value of the Group\u2019s share of these investments in associates and joint ventures at 31 March 2026 is \u00a32.8 million (2025: \u00a31.8 million). The Group\u2019s share of the profits and other comprehensive income of these investments in
associates and joint ventures for the year ended 31 March 2026 is \u00a31.0 million (2025: \u00a30.8 million).
The Group\u2019s joint ventures and associates are all private companies and there are no quoted market prices available for the shares. Summarised financial information for the joint ventures and investments in associates is set out below:
Summarised balance sheets
2026 2025
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Current
Cash and cash equivalents
2.9
1.3
0.2
2.2
1.7
\u2013
Other current assets
80.8
2.6
(0.2)
71.3
1.2
0.1
Total current assets
83.7
3.9
\u2013
73.5
2.9
0.1
Non-current assets
3.2
\u2013
\u2013
4.2
\u2013
\u2013
Financial liabilities (excluding trade payables)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Current liabilities (including trade payables)
(53.8)
(3.9)
\u2013
(42.5)
(2.9)
\u2013
Total current liabilities
(53.8)
(3.9)
\u2013
(42.5)
(2.9)
\u2013
Non-current liabilities
(23.8)
\u2013
\u2013
(29.4)
\u2013
\u2013
Net assets
9.3
\u2013
\u2013
5.8
\u2013
0.1
Summarised statement of comprehensive income 2026 2025
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Revenue
412.0
20.9
0.2
327.3
19.7
0.2
Cost of sales and other operating expenses
(405.5)
(20.9)
(0.2)
(321.5)
(19.7)
(0.2)
Interest
(1.7)
\u2013
\u2013
(2.1)
\u2013
\u2013
Pre-tax profit
4.8
\u2013
\u2013
3.7
\u2013
\u2013
Taxation charge
(1.3)
\u2013
\u2013
(1.1)
\u2013
\u2013
Total comprehensive income
3.5
\u2013
\u2013
2.6
\u2013
\u2013
The information above reflects the amounts presented in the financial statements of the associates (and not the
Group\u2019s share of these amounts) adjusted for differences in accounting policies between the Group and associates.
Water 2 Business Limited\u2019s year-end date is 30 June. BWBSL\u2019s and Searchlight\u2019s year ends are 31 March. The Group\u2019s
carrying amount of the investments held is \u00a32.8 million (2025: \u00a31.8 million) which comprises 30% of the Group\u2019s share of
equity of Water 2 Business Limited. For Bristol Wessex Billing Services Limited and Searchlight Collections Limited, the
net equity is \u00a3nil (2025: \u00a3nil). The Group\u2019s share of profit from associated companies is \u00a31.0 million (2025: \u00a30.8 million)
which comprises 30% of the Group\u2019s share of Water 2 Business Limited, restricted by brought forward losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-557": { "value": "Investment in associates and joint ventures
Place of business/
country of Measurement
Name of entity
Principal activity
incorporation
% of ownership
method
Water 2 Business Limited (W2B)
National retailer in the non-household market and provides retail water services to
England
30%
Equity
non-household customers
Bristol Wessex Billing Services Limited (BWBSL)
Meter reading, billing, debt recovery and customer contact management services
England
50%
Equity
Searchlight Collections Limited
Debt collection services
England
50%
Equity
The carrying value of the Group\u2019s share of these investments in associates and joint ventures at 31 March 2026 is \u00a32.8 million (2025: \u00a31.8 million). The Group\u2019s share of the profits and other comprehensive income of these investments in associates and joint ventures for the year ended 31 March 2026 is \u00a31.0 million (2025: \u00a30.8 million). The Group\u2019s joint ventures and associates are all private companies and there are no quoted market prices available for the shares. Summarised financial information for the joint ventures and investments in associates is set out below: Summarised balance sheets
2026 2025
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Current
Cash and cash equivalents
2.9
1.3
0.2
2.2
1.7
\u2013
Other current assets
80.8
2.6
(0.2)
71.3
1.2
0.1
Total current assets
83.7
3.9
\u2013
73.5
2.9
0.1
Non-current assets
3.2
\u2013
\u2013
4.2
\u2013
\u2013
Financial liabilities (excluding trade payables)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Current liabilities (including trade payables)
(53.8)
(3.9)
\u2013
(42.5)
(2.9)
\u2013
Total current liabilities
(53.8)
(3.9)
\u2013
(42.5)
(2.9)
\u2013
Non-current liabilities
(23.8)
\u2013
\u2013
(29.4)
\u2013
\u2013
Net assets
9.3
\u2013
\u2013
5.8
\u2013
0.1
Summarised statement of comprehensive income 2026 2025
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Revenue
412.0
20.9
0.2
327.3
19.7
0.2
Cost of sales and other operating expenses
(405.5)
(20.9)
(0.2)
(321.5)
(19.7)
(0.2)
Interest
(1.7)
\u2013
\u2013
(2.1)
\u2013
\u2013
Pre-tax profit
4.8
\u2013
\u2013
3.7
\u2013
\u2013
Taxation charge
(1.3)
\u2013
\u2013
(1.1)
\u2013
\u2013
Total comprehensive income
3.5
\u2013
\u2013
2.6
\u2013
\u2013
The information above reflects the amounts presented in the financial statements of the associates (and not the Group\u2019s share of these amounts) adjusted for differences in accounting policies between the Group and associates. Water 2 Business Limited\u2019s year-end date is 30 June. BWBSL\u2019s and Searchlight\u2019s year ends are 31 March. The Group\u2019s carrying amount of the investments held is \u00a32.8 million (2025: \u00a31.8 million) which comprises 30% of the Group\u2019s share of equity of Water 2 Business Limited. For Bristol Wessex Billing Services Limited and Searchlight Collections Limited, the net equity is \u00a3nil (2025: \u00a3nil). The Group\u2019s share of profit from associated companies is \u00a31.0 million (2025: \u00a30.8 million) which comprises 30% of the Group\u2019s share of Water 2 Business Limited, restricted by brought forward losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-558": { "value": "
22. Inventories
Group
2026 2025
\u00a3m \u00a3m
Raw materials and consumables
15.2
12.1
Work in progress
0.1
0.3
Finished goods
\u2013
0.4
15.3
12.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-458": { "value": "
23. Trade and other receivables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
465.0
387.3
\u2013
\u2013
Less: allowance for expected credit losses
in respect of trade receivables
(128.7)
(117.3)
\u2013
\u2013
Net trade receivables
336.3
270.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
176.0
51.2
Amounts owed by associated companies
0.4
0.2
0.4
0.2
Other receivables
48.0
45.6
0.4
1.5
Contract Assets
49.4
57.4
0.4
\u2013
Prepayments
18.3
18.6
2.8
0.9
452.4
391.8
180.0
53.8
Contract assets includes \u00a341.9 million (2025: \u00a334.8 million) in respect of metered accrual revenue in the retail water
business. Metered accrual revenue relates to performance obligations that have been fully extinguished in providing
services to customers prior to the reporting date. Payment in respect of these services is a matter of time following
issuance of invoices.
The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value.
There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are
dispersed and there is no significant loss on trade receivables expected that has not been provided for.
The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a
provision matrix to be used which is based on the expected life of trade receivables, default rates for different customer
categories within the collection process and forward-looking information.
As at 31 March, an analysis of the ageing of trade receivables is as follows:
2026 2025
\u00a3m \u00a3m
Group
Not due
118.5
64.6
Past due 1 \u2013 30 days
34.9
31.1
Past due 31 \u2013 120 days
35.6
29.3
More than 120 days
276.0
262.3
465.0
387.3
The aged trade receivables above are taken directly from aged sales ledger records.
The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance
for expected credit losses as outlined in note 2 (p) i). South West Water Limited and Sutton and East Surrey Water plc
have a duty under legislation to continue to provide domestic customers with services regardless of payment. Given
the different nature of customer demographics within South West Water Limited\u2019s operating area, Sutton and East
Surrey Water plc\u2019s operating area and the non-household retail business of Pennon Water Services and Sutton and East
Surrey Water Services Limited, different provision matrices are adopted by each business. The provision matrix adopted
for household customers in the most significant operating region of Devon, Cornwall & Bournemouth is outlined in the
table below, showing the range of provision rates dependent on phase of collection. The table also includes the gross
debt and provision rates for other customer areas:
Allowance Allowance
Trade for expected Trade for expected
receivables credit losses receivables credit losses
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth
(household customers)
\u2022 Current occupier < 12 months: 1% \u2013 30%
97.7
1.0
68.7
0.4
\u2022 Current occupier 12 \u2013 24 months: 10% \u2013 60%
16.0
3.6
12.4
2.9
\u2022 Current occupier 24 \u2013 36 months: 15% \u2013 80%
12.2
3.9
10.9
3.0
\u2022 Current occupier > 36 months: 20% \u2013 100%
99.1
39.8
91.6
39.9
\u2022 Previous occupier: 55% \u2013 100%
58.4
36.8
51.3
32.1
Bristol
44.7
21.0
37.4
17.6
Sutton and East Surrey Water
50.5
10.6
33.0
7.2
Sutton and East Surrey Water Services*
21.5
7.7
21.6
9.5
Pennon Water Services*
48.2
4.3
50.1
4.7
Other
16.7
\u2013
10.3
\u2013
465.0
128.7
387.3
117.3
*Non-household retail
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary
undertakings. The movement in the allowance for expected credit losses in respect of trade receivables was:
2026 2025
\u00a3m \u00a3m
At 1 April
117.3
125.3
Provision for expected credit losses
19.5
9.7
Receivables written off during the year as uncollectable
(8.1)
(17.7)
At 31 March
128.7
117.3
Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators
that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in
a repayment plan with the Group, and where a failure to make payments on overdue invoices indicate the debt is
unrecoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-559": { "value": "23. Trade and other receivables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
465.0
387.3
\u2013
\u2013
Less: allowance for expected credit losses
in respect of trade receivables
(128.7)
(117.3)
\u2013
\u2013
Net trade receivables
336.3
270.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
176.0
51.2
Amounts owed by associated companies
0.4
0.2
0.4
0.2
Other receivables
48.0
45.6
0.4
1.5
Contract Assets
49.4
57.4
0.4
\u2013
Prepayments
18.3
18.6
2.8
0.9
452.4
391.8
180.0
53.8
Contract assets includes \u00a341.9 million (2025: \u00a334.8 million) in respect of metered accrual revenue in the retail water business. Metered accrual revenue relates to performance obligations that have been fully extinguished in providing services to customers prior to the reporting date. Payment in respect of these services is a matter of time following issuance of invoices. The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value. There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are dispersed and there is no significant loss on trade receivables expected that has not been provided for. The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a provision matrix to be used which is based on the expected life of trade receivables, default rates for different customer categories within the collection process and forward-looking information. As at 31 March, an analysis of the ageing of trade receivables is as follows:
2026 2025
\u00a3m \u00a3m
Group
Not due
118.5
64.6
Past due 1 \u2013 30 days
34.9
31.1
Past due 31 \u2013 120 days
35.6
29.3
More than 120 days
276.0
262.3
465.0
387.3
The aged trade receivables above are taken directly from aged sales ledger records. The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance for expected credit losses as outlined in note 2 (p) i). South West Water Limited and Sutton and East Surrey Water plc have a duty under legislation to continue to provide domestic customers with services regardless of payment. Given the different nature of customer demographics within South West Water Limited\u2019s operating area, Sutton and East Surrey Water plc\u2019s operating area and the non-household retail business of Pennon Water Services and Sutton and East Surrey Water Services Limited, different provision matrices are adopted by each business. The provision matrix adopted for household customers in the most significant operating region of Devon, Cornwall & Bournemouth is outlined in the table below, showing the range of provision rates dependent on phase of collection. The table also includes the gross debt and provision rates for other customer areas:
Allowance Allowance
Trade for expected Trade for expected
receivables credit losses receivables credit losses
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth
(household customers)
\u2022 Current occupier < 12 months: 1% \u2013 30%
97.7
1.0
68.7
0.4
\u2022 Current occupier 12 \u2013 24 months: 10% \u2013 60%
16.0
3.6
12.4
2.9
\u2022 Current occupier 24 \u2013 36 months: 15% \u2013 80%
12.2
3.9
10.9
3.0
\u2022 Current occupier > 36 months: 20% \u2013 100%
99.1
39.8
91.6
39.9
\u2022 Previous occupier: 55% \u2013 100%
58.4
36.8
51.3
32.1
Bristol
44.7
21.0
37.4
17.6
Sutton and East Surrey Water
50.5
10.6
33.0
7.2
Sutton and East Surrey Water Services*
21.5
7.7
21.6
9.5
Pennon Water Services*
48.2
4.3
50.1
4.7
Other
16.7
\u2013
10.3
\u2013
465.0
128.7
387.3
117.3
*Non-household retail
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary
undertakings. The movement in the allowance for expected credit losses in respect of trade receivables was:
2026 2025
\u00a3m \u00a3m
At 1 April
117.3
125.3
Provision for expected credit losses
19.5
9.7
Receivables written off during the year as uncollectable
(8.1)
(17.7)
At 31 March
128.7
117.3
Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and where a failure to make payments on overdue invoices indicate the debt is unrecoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-485": { "value": "23. Trade and other receivables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
465.0
387.3
\u2013
\u2013
Less: allowance for expected credit losses
in respect of trade receivables
(128.7)
(117.3)
\u2013
\u2013
Net trade receivables
336.3
270.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
176.0
51.2
Amounts owed by associated companies
0.4
0.2
0.4
0.2
Other receivables
48.0
45.6
0.4
1.5
Contract Assets
49.4
57.4
0.4
\u2013
Prepayments
18.3
18.6
2.8
0.9
452.4
391.8
180.0
53.8
Contract assets includes \u00a341.9 million (2025: \u00a334.8 million) in respect of metered accrual revenue in the retail water business. Metered accrual revenue relates to performance obligations that have been fully extinguished in providing services to customers prior to the reporting date. Payment in respect of these services is a matter of time following issuance of invoices. The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value. There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are dispersed and there is no significant loss on trade receivables expected that has not been provided for. The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a provision matrix to be used which is based on the expected life of trade receivables, default rates for different customer categories within the collection process and forward-looking information. As at 31 March, an analysis of the ageing of trade receivables is as follows:
2026 2025
\u00a3m \u00a3m
Group
Not due
118.5
64.6
Past due 1 \u2013 30 days
34.9
31.1
Past due 31 \u2013 120 days
35.6
29.3
More than 120 days
276.0
262.3
465.0
387.3
The aged trade receivables above are taken directly from aged sales ledger records. The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance for expected credit losses as outlined in note 2 (p) i). South West Water Limited and Sutton and East Surrey Water plc have a duty under legislation to continue to provide domestic customers with services regardless of payment. Given the different nature of customer demographics within South West Water Limited\u2019s operating area, Sutton and East Surrey Water plc\u2019s operating area and the non-household retail business of Pennon Water Services and Sutton and East Surrey Water Services Limited, different provision matrices are adopted by each business. The provision matrix adopted for household customers in the most significant operating region of Devon, Cornwall & Bournemouth is outlined in the table below, showing the range of provision rates dependent on phase of collection. The table also includes the gross debt and provision rates for other customer areas:
Allowance Allowance
Trade for expected Trade for expected
receivables credit losses receivables credit losses
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth
(household customers)
\u2022 Current occupier < 12 months: 1% \u2013 30%
97.7
1.0
68.7
0.4
\u2022 Current occupier 12 \u2013 24 months: 10% \u2013 60%
16.0
3.6
12.4
2.9
\u2022 Current occupier 24 \u2013 36 months: 15% \u2013 80%
12.2
3.9
10.9
3.0
\u2022 Current occupier > 36 months: 20% \u2013 100%
99.1
39.8
91.6
39.9
\u2022 Previous occupier: 55% \u2013 100%
58.4
36.8
51.3
32.1
Bristol
44.7
21.0
37.4
17.6
Sutton and East Surrey Water
50.5
10.6
33.0
7.2
Sutton and East Surrey Water Services*
21.5
7.7
21.6
9.5
Pennon Water Services*
48.2
4.3
50.1
4.7
Other
16.7
\u2013
10.3
\u2013
465.0
128.7
387.3
117.3
*Non-household retail
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary
undertakings. The movement in the allowance for expected credit losses in respect of trade receivables was:
2026 2025
\u00a3m \u00a3m
At 1 April
117.3
125.3
Provision for expected credit losses
19.5
9.7
Receivables written off during the year as uncollectable
(8.1)
(17.7)
At 31 March
128.7
117.3
Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and where a failure to make payments on overdue invoices indicate the debt is unrecoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-576": { "value": "23. Trade and other receivables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
465.0
387.3
\u2013
\u2013
Less: allowance for expected credit losses
in respect of trade receivables
(128.7)
(117.3)
\u2013
\u2013
Net trade receivables
336.3
270.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
176.0
51.2
Amounts owed by associated companies
0.4
0.2
0.4
0.2
Other receivables
48.0
45.6
0.4
1.5
Contract Assets
49.4
57.4
0.4
\u2013
Prepayments
18.3
18.6
2.8
0.9
452.4
391.8
180.0
53.8
Contract assets includes \u00a341.9 million (2025: \u00a334.8 million) in respect of metered accrual revenue in the retail water business. Metered accrual revenue relates to performance obligations that have been fully extinguished in providing services to customers prior to the reporting date. Payment in respect of these services is a matter of time following issuance of invoices. The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value. There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are dispersed and there is no significant loss on trade receivables expected that has not been provided for. The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a provision matrix to be used which is based on the expected life of trade receivables, default rates for different customer categories within the collection process and forward-looking information. As at 31 March, an analysis of the ageing of trade receivables is as follows:
2026 2025
\u00a3m \u00a3m
Group
Not due
118.5
64.6
Past due 1 \u2013 30 days
34.9
31.1
Past due 31 \u2013 120 days
35.6
29.3
More than 120 days
276.0
262.3
465.0
387.3
The aged trade receivables above are taken directly from aged sales ledger records. The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance for expected credit losses as outlined in note 2 (p) i). South West Water Limited and Sutton and East Surrey Water plc have a duty under legislation to continue to provide domestic customers with services regardless of payment. Given the different nature of customer demographics within South West Water Limited\u2019s operating area, Sutton and East Surrey Water plc\u2019s operating area and the non-household retail business of Pennon Water Services and Sutton and East Surrey Water Services Limited, different provision matrices are adopted by each business. The provision matrix adopted for household customers in the most significant operating region of Devon, Cornwall & Bournemouth is outlined in the table below, showing the range of provision rates dependent on phase of collection. The table also includes the gross debt and provision rates for other customer areas:
Allowance Allowance
Trade for expected Trade for expected
receivables credit losses receivables credit losses
2026 2026 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth
(household customers)
\u2022 Current occupier < 12 months: 1% \u2013 30%
97.7
1.0
68.7
0.4
\u2022 Current occupier 12 \u2013 24 months: 10% \u2013 60%
16.0
3.6
12.4
2.9
\u2022 Current occupier 24 \u2013 36 months: 15% \u2013 80%
12.2
3.9
10.9
3.0
\u2022 Current occupier > 36 months: 20% \u2013 100%
99.1
39.8
91.6
39.9
\u2022 Previous occupier: 55% \u2013 100%
58.4
36.8
51.3
32.1
Bristol
44.7
21.0
37.4
17.6
Sutton and East Surrey Water
50.5
10.6
33.0
7.2
Sutton and East Surrey Water Services*
21.5
7.7
21.6
9.5
Pennon Water Services*
48.2
4.3
50.1
4.7
Other
16.7
\u2013
10.3
\u2013
465.0
128.7
387.3
117.3
*Non-household retail
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary
undertakings. The movement in the allowance for expected credit losses in respect of trade receivables was:
2026 2025
\u00a3m \u00a3m
At 1 April
117.3
125.3
Provision for expected credit losses
19.5
9.7
Receivables written off during the year as uncollectable
(8.1)
(17.7)
At 31 March
128.7
117.3
Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and where a failure to make payments on overdue invoices indicate the debt is unrecoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-531": { "value": "
24. Derivative financial instruments
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives used for cash flow hedging
Non-current assets
19.5
22.3
\u2013
\u2013
Current assets
9.0
9.5
1.2
0.4
Current liabilities
(0.6)
(0.5)
\u2013
(0.1)
Non-current liabilities
(1.9)
(1.6)
\u2013
\u2013
Derivatives used for fair value hedging
Non-current assets
1.9
0.1
\u2013
0.1
Current assets
\u2013
0.3
\u2013
0.3
The Group\u2019s financial risks and risk management policies are set out in note 3. The fair value of derivatives is split
between current and non-current assets or liabilities based on the maturity of the cash flows. The ineffective portion
recognised in the statement of profit or loss arising from hedging relationships was \u00a3nil (2025: \u00a3nil).
A net \u00a30.8 million credit (2025: \u00a34.3 million debit) was recognised in other comprehensive income for cash flow hedges,
including a \u00a37.5 million credit (2025: \u00a315.4 million credit) recognised in profit and loss relating to cash flow hedges
previously recognised through other comprehensive income and recorded in the hedging reserve.
Interest rate swaps, primarily cash flow hedges, and fixed rate borrowings are used to manage the mix of fixed and
floating rates to ensure at least 60% of Group net borrowings are at fixed rate.
At 31 March 2026 the Group had interest rate swaps, to swap from floating to fixed rate, and hedged financial liabilities
with a notional value of \u00a3603.0 million and a weighted average maturity of 4.5 years (2025: \u00a3636.0 million, with 5.3
years). The weighted average interest rate of the swaps for their nominal amount was 3.03% (2025: 2.92%).
At 31 March 2026 the Group had cross currency swaps and hedged financial liabilities with a notional value of
\u00a356.1 million (2025: \u00a356.1 million) and a weighted average maturity of 4.1 years (2025: 4.1 years). The weighted average
interest rate of the swaps for their nominal amount was 5.6% (2025: 5.6%). The swaps are denominated in USD and EUR
The Group\u2019s financial derivatives are valued using level 2 measures:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivatives used for cash flow hedging
28.5
31.8
1.2
0.4
Derivatives used for fair value hedging
1.9
0.4
\u2013
0.4
Total assets
30.4
32.2
1.2
0.8
Liabilities
Derivatives used for cash flow hedging
(2.5)
(2.1)
\u2013
(0.1)
Total liabilities
(2.5)
(2.1)
\u2013
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-577": { "value": "24. Derivative financial instruments
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives used for cash flow hedging
Non-current assets
19.5
22.3
\u2013
\u2013
Current assets
9.0
9.5
1.2
0.4
Current liabilities
(0.6)
(0.5)
\u2013
(0.1)
Non-current liabilities
(1.9)
(1.6)
\u2013
\u2013
Derivatives used for fair value hedging
Non-current assets
1.9
0.1
\u2013
0.1
Current assets
\u2013
0.3
\u2013
0.3
The Group\u2019s financial risks and risk management policies are set out in note 3. The fair value of derivatives is split between current and non-current assets or liabilities based on the maturity of the cash flows. The ineffective portion recognised in the statement of profit or loss arising from hedging relationships was \u00a3nil (2025: \u00a3nil). A net \u00a30.8 million credit (2025: \u00a34.3 million debit) was recognised in other comprehensive income for cash flow hedges, including a \u00a37.5 million credit (2025: \u00a315.4 million credit) recognised in profit and loss relating to cash flow hedges previously recognised through other comprehensive income and recorded in the hedging reserve. Interest rate swaps, primarily cash flow hedges, and fixed rate borrowings are used to manage the mix of fixed and floating rates to ensure at least 60% of Group net borrowings are at fixed rate. At 31 March 2026 the Group had interest rate swaps, to swap from floating to fixed rate, and hedged financial liabilities with a notional value of \u00a3603.0 million and a weighted average maturity of 4.5 years (2025: \u00a3636.0 million, with 5.3 years). The weighted average interest rate of the swaps for their nominal amount was 3.03% (2025: 2.92%). At 31 March 2026 the Group had cross currency swaps and hedged financial liabilities with a notional value of \u00a356.1 million (2025: \u00a356.1 million) and a weighted average maturity of 4.1 years (2025: 4.1 years). The weighted average interest rate of the swaps for their nominal amount was 5.6% (2025: 5.6%). The swaps are denominated in USD and EUR The Group\u2019s financial derivatives are valued using level 2 measures:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivatives used for cash flow hedging
28.5
31.8
1.2
0.4
Derivatives used for fair value hedging
1.9
0.4
\u2013
0.4
Total assets
30.4
32.2
1.2
0.8
Liabilities
Derivatives used for cash flow hedging
(2.5)
(2.1)
\u2013
(0.1)
Total liabilities
(2.5)
(2.1)
\u2013
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-486": { "value": "
26. Cash and cash equivalents and restricted funds
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
103.8
166.2
0.4
44.8
Short-term bank deposits
75.0
0.2
\u2013
0.2
Other deposits
153.9
251.5
\u2013
\u2013
Cash and cash equivalents
332.7
417.9
0.4
45.0
Restricted funds
55.6
58.2
\u2013
\u2013
Total
388.3
476.1
0.4
45.0
Group short-term deposits have an average maturity of one working day (2025: one working day).
Group other deposits (including restricted funds) have an average maturity of 53 days (2025: 14 days).
Restricted funds include \u00a346.2 million (2025: \u00a346.1 million) to settle long-term lease liabilities (note 29) and \u00a39.4 million
(2025: \u00a312.1 million) held in an instant access account. Restricted funds are available for access, subject to being
replaced by an equivalent valued security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-533": { "value": "26. Cash and cash equivalents and restricted funds
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
103.8
166.2
0.4
44.8
Short-term bank deposits
75.0
0.2
\u2013
0.2
Other deposits
153.9
251.5
\u2013
\u2013
Cash and cash equivalents
332.7
417.9
0.4
45.0
Restricted funds
55.6
58.2
\u2013
\u2013
Total
388.3
476.1
0.4
45.0
Group short-term deposits have an average maturity of one working day (2025: one working day). Group other deposits (including restricted funds) have an average maturity of 53 days (2025: 14 days). Restricted funds include \u00a346.2 million (2025: \u00a346.1 million) to settle long-term lease liabilities (note 29) and \u00a39.4 million (2025: \u00a312.1 million) held in an instant access account. Restricted funds are available for access, subject to being replaced by an equivalent valued security.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-459": { "value": "
27. Trade and other payables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
218.9
138.8
2.2
0.9
Contract liabilities
45.1
46.7
\u2013
\u2013
Other tax and social security
5.2
2.6
0.4
0.3
Accruals
59.5
54.4
1.5
6.1
Other payables
93.6
88.5
3.7
3.5
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
8.8
422.3
331.0
16.6
19.6
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
The movement in the contract liabilities was:
Group
2026 2025
Contract liabilities \u00a3m \u00a3m
At 1 April
218.0
165.5
Revenue recognised in the year
(22.1)
(9.9)
Additions in relation to property developer services (note 2c)
23.8
21.9
Net movement in customer overpayments
11.5
40.5
At 31 March
231.2
218.0
The analysis of contract liabilities between current and non-current is:
Group
2026 2025
\u00a3m \u00a3m
Current
45.1
46.7
Non-current (note 29)
186.1
171.3
231.2
218.0
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and
revenue will be recognised, within the financial year ended 31 March 2027.
Included within contract liabilities are amounts received from customers in advance of the satisfying its performance
obligations. The current balance includes these customer overpayments and other advance receipts which are
expected to be utilised through the delivery of services or offset against customer bills within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-487": { "value": "27. Trade and other payables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
218.9
138.8
2.2
0.9
Contract liabilities
45.1
46.7
\u2013
\u2013
Other tax and social security
5.2
2.6
0.4
0.3
Accruals
59.5
54.4
1.5
6.1
Other payables
93.6
88.5
3.7
3.5
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
8.8
422.3
331.0
16.6
19.6
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2026 2025
Contract liabilities \u00a3m \u00a3m
At 1 April
218.0
165.5
Revenue recognised in the year
(22.1)
(9.9)
Additions in relation to property developer services (note 2c)
23.8
21.9
Net movement in customer overpayments
11.5
40.5
At 31 March
231.2
218.0
The analysis of contract liabilities between current and non-current is:
Group
2026 2025
\u00a3m \u00a3m
Current
45.1
46.7
Non-current (note 29)
186.1
171.3
231.2
218.0
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2027. Included within contract liabilities are amounts received from customers in advance of the satisfying its performance obligations. The current balance includes these customer overpayments and other advance receipts which are expected to be utilised through the delivery of services or offset against customer bills within the next 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-560": { "value": "27. Trade and other payables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
218.9
138.8
2.2
0.9
Contract liabilities
45.1
46.7
\u2013
\u2013
Other tax and social security
5.2
2.6
0.4
0.3
Accruals
59.5
54.4
1.5
6.1
Other payables
93.6
88.5
3.7
3.5
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
8.8
422.3
331.0
16.6
19.6
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2026 2025
Contract liabilities \u00a3m \u00a3m
At 1 April
218.0
165.5
Revenue recognised in the year
(22.1)
(9.9)
Additions in relation to property developer services (note 2c)
23.8
21.9
Net movement in customer overpayments
11.5
40.5
At 31 March
231.2
218.0
The analysis of contract liabilities between current and non-current is:
Group
2026 2025
\u00a3m \u00a3m
Current
45.1
46.7
Non-current (note 29)
186.1
171.3
231.2
218.0
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2027. Included within contract liabilities are amounts received from customers in advance of the satisfying its performance obligations. The current balance includes these customer overpayments and other advance receipts which are expected to be utilised through the delivery of services or offset against customer bills within the next 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-586": { "value": "27. Trade and other payables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
218.9
138.8
2.2
0.9
Contract liabilities
45.1
46.7
\u2013
\u2013
Other tax and social security
5.2
2.6
0.4
0.3
Accruals
59.5
54.4
1.5
6.1
Other payables
93.6
88.5
3.7
3.5
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
8.8
422.3
331.0
16.6
19.6
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2026 2025
Contract liabilities \u00a3m \u00a3m
At 1 April
218.0
165.5
Revenue recognised in the year
(22.1)
(9.9)
Additions in relation to property developer services (note 2c)
23.8
21.9
Net movement in customer overpayments
11.5
40.5
At 31 March
231.2
218.0
The analysis of contract liabilities between current and non-current is:
Group
2026 2025
\u00a3m \u00a3m
Current
45.1
46.7
Non-current (note 29)
186.1
171.3
231.2
218.0
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2027. Included within contract liabilities are amounts received from customers in advance of the satisfying its performance obligations. The current balance includes these customer overpayments and other advance receipts which are expected to be utilised through the delivery of services or offset against customer bills within the next 12 months. 28. Current tax assets/(liabilities)
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current year (creditor)/debtor
\u2013
(0.1)
0.4
0.4
Prior year tax items
\u2013
1.0
\u2013
(2.3)
\u2013
0.9
0.4
(1.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-578": { "value": "27. Trade and other payables \u2013 current
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
218.9
138.8
2.2
0.9
Contract liabilities
45.1
46.7
\u2013
\u2013
Other tax and social security
5.2
2.6
0.4
0.3
Accruals
59.5
54.4
1.5
6.1
Other payables
93.6
88.5
3.7
3.5
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
8.8
422.3
331.0
16.6
19.6
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2026 2025
Contract liabilities \u00a3m \u00a3m
At 1 April
218.0
165.5
Revenue recognised in the year
(22.1)
(9.9)
Additions in relation to property developer services (note 2c)
23.8
21.9
Net movement in customer overpayments
11.5
40.5
At 31 March
231.2
218.0
The analysis of contract liabilities between current and non-current is:
Group
2026 2025
\u00a3m \u00a3m
Current
45.1
46.7
Non-current (note 29)
186.1
171.3
231.2
218.0
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2027. Included within contract liabilities are amounts received from customers in advance of the satisfying its performance obligations. The current balance includes these customer overpayments and other advance receipts which are expected to be utilised through the delivery of services or offset against customer bills within the next 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-532": { "value": "25. Financial instruments at fair value through profit or loss
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
\u2013
(0.3)
\u2013
(0.3)
Current assets
0.6
\u2013
0.6
\u2013
Non-current assets
\u2013
0.6
\u2013
0.6
Financial instruments at fair value through profit or loss reflect the fair value movement of the hedged risk on the hedged item which had been designated in a fair value hedging relationship.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-460": { "value": "
29. Borrowings
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Bank and other loans
99.2
222.0
20.0
49.5
Fixed rate bonds
2.2
2.5
\u2013
\u2013
Private placements
16.7
\u2013
16.9
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
\u2013
2.0
118.1
224.5
36.9
51.5
Leases
33.1
32.9
\u2013
\u2013
Total current borrowings
151.2
257.4
36.9
51.5
Non-current
Bank and other loans
466.0
506.3
99.9
99.9
Private placements
964.8
841.9
228.5
95.7
Fixed rate bonds
1,177.5
886.4
\u2013
\u2013
RPI index-linked bonds
1,057.9
1,030.5
\u2013
\u2013
Listed preference shares
12.5
12.5
\u2013
\u2013
3,678.7
3,277.6
328.4
195.6
Leases
1,067.3
1,019.3
\u2013
\u2013
Total non-current borrowings
4,746.0
4,296.9
328.4
195.6
Total borrowings
4,897.2
4,554.3
365.3
247.1
South West Water Finance Plc issued a \u00a3300 million fixed rate bond in September 2025 with a cash coupon of 5.25%.
South West Water Finance Plc issued a \u00a3250 million fixed rate bond in December 2024 maturing in 2032 with a cash
coupon of 5.75%. South West Water Finance Plc issued a \u00a3400 million fixed rate bond in July 2024 maturing in 2041
with a cash coupon of 6.375%.
Under IFRS 7 the disclosure of the fair value of leases is not required.
Where market values are not available, fair values of borrowings have been calculated by discounting expected future
cash flows at prevailing interest rates.
During the year ended 31 March 2026, as part of an ongoing programme to renew and raise new financing, the Group
entered into \u00a3300 million (2025: \u00a3650 million) of new public bonds issuances and \u00a3150 million (2025: \u00a3150 million)
private placements with an average maturity of 5.5 years.
The maturity of non-current borrowings, excluding leases, was:
Group
2026 2025
\u00a3m \u00a3m
Between 1 and 2 years
102.4
71.8
Over 2 years and less than 5 years
697.9
268.2
Over 5 years
2,878.4
2,937.6
3,678.7
3,277.6
The weighted average maturity of non-current borrowings, excluding leases, was 12.6 years (2025: 12.3 years).
Undrawn committed borrowing facilities at the balance sheet date were:
Group
2026 2025
\u00a3m \u00a3m
Floating rate:
Expiring within 1 year
\u2013
65.0
Expiring after 1 year
610.0
495.0
610.0
560.0
Fair value adjustments of \u00a396.5 million (2025: \u00a3106.8 million) in relation to the acquisition of Bournemouth Water Limited, Bristol Water Plc and SES Water have been allocated to the instruments to which they relate. The listed preference shares were issued by Bristol Water Plc at \u00a31 in 1992. They are held by external shareholders and are listed on the London Stock Exchange. Shareholders are entitled to receive dividends at 8.75% per annum on the par value of the shares on a cumulative basis; these dividends are payable half yearly on 1 April and 1 October. On winding up, the preference shareholders rank ahead of Bristol Water ordinary shareholders and are entitled to receive \u00a31 per share and any dividends accrued but unpaid in respect of their shares. In the event that dividends on the preference shares are in arrears for six months or more, holders of the preference shares become entitled to vote at general meetings of members. The preference share capital consists of 12,500,000 8.75% irredeemable cumulative preference shares of \u00a31 each. The preference shares are classified as liabilities in the consolidated balance sheet of the Group and the related dividends are classified as finance costs. All bank and other loans and private placement debt (carrying value \u00a31,546.7 million, 2025: \u00a31,570.2 million) require compliance with financial covenants which relate to gearing and interest cover ratios. The Group has complied with these covenants throughout the reporting period. There are no indications that the Group would have difficulties complying with the covenants when they will next be tested. The fair values of borrowings valued using level 2 measures, unless otherwise stated below, (as set out in note 24) were
2026
2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank and other loans
99.2
99.2
222.0
222.0
Fixed rate bonds
2.2
2.2
2.5
\u2013
Private placement
16.7
16.7
\u2013
\u2013
118.1
118.1
224.5
222.0
Leases
33.1
33.1
32.9
32.9
Total current borrowings
151.2
151.2
257.4
254.9
Group
Bank and other loans
466.0
455.2
506.3
556.1
Private placements
964.8
981.6
841.9
842.2
Fixed rate bonds (level 1)
1,079.0
1,067.1
781.4
784.0
Fixed rate bonds
98.5
60.8
105.0
61.6
RPI index-linked bonds (level 1)
236.5
240.9
224.6
233.0
RPI index-linked bond
821.4
625.8
805.9
602.2
Listed preference shares
12.5
17.4
12.5
18.5
3,678.7
3,448.8
3,277.6
3,097.6
Leases
1,067.3
928.6
1,019.3
1,007.4
Total non-current borrowings
4,746.0
4,377.4
4,296.9
4,105.0
Total borrowings
4,897.2
4,528.6
4,554.3
4,359.9
Information on leases
The Group has leases for various assets as shown in note 17.
The maturity of lease liabilities was:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
33.1
32.9
\u2013
\u2013
Over 1 year and less than 5 years
206.5
169.8
\u2013
\u2013
Over 5 years
860.8
849.5
\u2013
\u2013
1,100.4
1,052.2
\u2013
\u2013
Analysed as:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
33.1
32.9
\u2013
\u2013
Non-current
1,067.3
1,019.3
\u2013
\u2013
1,100.4
1,052.2
\u2013
\u2013
Lease liabilities includes liabilities of \u00a31,057.0 million (2025: \u00a31,007.2 million) that are subject to secured financing
arrangements (see note 17) and lease liabilities under IFRS 16 of \u00a343.4 million (2025: \u00a345.0 million).
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored
within the Group\u2019s treasury function.
The discount rate used to calculate the lease liabilities above involves estimation. Where the Group cannot readily
determine the rate implicit in the lease the Group uses an estimated incremental borrowing rate (IBR). At 31 March
2026 the range of IBRs used was between 5.7% and 7.9% (2025: between 5.1% and 6.9%) and the weighted average IBR
across all leases was 6.3% (2025: 6.2%). If the weighted average rate used increased or decreased by 10bps, this would
result in a c.0.9% increase or reduction in the present value of lease liabilities recognised at 31 March 2026
(2025: c.0.9%).
The period for repayment of certain leases includes an agreement to deposit with the lessor group amounts equal to
the difference between the original and revised payments due. The accumulated deposits, \u00a346.2 million at 31 March
2026 (2025: \u00a346.1 million), are currently being held to settle the lease liability subject to rights to release by negotiation
with the lessor. The deposits are subject to a registered charge given as security to the lessor for the balance
outstanding.
Cash outflows in respect of leasing relate to principal repayments of \u00a342.4 million (2025: \u00a394.3 million) and interest
repayments of \u00a349.9 million (2025: \u00a363.0 million), in addition to inflows from lease financing arrangements of \u00a390.0
million (2025: \u00a325.0 million).
Other information required to be disclosed under IFRS 16 is included in note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-580": { "value": "29. Borrowings
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Bank and other loans
99.2
222.0
20.0
49.5
Fixed rate bonds
2.2
2.5
\u2013
\u2013
Private placements
16.7
\u2013
16.9
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
\u2013
2.0
118.1
224.5
36.9
51.5
Leases
33.1
32.9
\u2013
\u2013
Total current borrowings
151.2
257.4
36.9
51.5
Non-current
Bank and other loans
466.0
506.3
99.9
99.9
Private placements
964.8
841.9
228.5
95.7
Fixed rate bonds
1,177.5
886.4
\u2013
\u2013
RPI index-linked bonds
1,057.9
1,030.5
\u2013
\u2013
Listed preference shares
12.5
12.5
\u2013
\u2013
3,678.7
3,277.6
328.4
195.6
Leases
1,067.3
1,019.3
\u2013
\u2013
Total non-current borrowings
4,746.0
4,296.9
328.4
195.6
Total borrowings
4,897.2
4,554.3
365.3
247.1
South West Water Finance Plc issued a \u00a3300 million fixed rate bond in September 2025 with a cash coupon of 5.25%. South West Water Finance Plc issued a \u00a3250 million fixed rate bond in December 2024 maturing in 2032 with a cash coupon of 5.75%. South West Water Finance Plc issued a \u00a3400 million fixed rate bond in July 2024 maturing in 2041 with a cash coupon of 6.375%. Under IFRS 7 the disclosure of the fair value of leases is not required. Where market values are not available, fair values of borrowings have been calculated by discounting expected future cash flows at prevailing interest rates. During the year ended 31 March 2026, as part of an ongoing programme to renew and raise new financing, the Group entered into \u00a3300 million (2025: \u00a3650 million) of new public bonds issuances and \u00a3150 million (2025: \u00a3150 million) private placements with an average maturity of 5.5 years. The maturity of non-current borrowings, excluding leases, was:
Group
2026 2025
\u00a3m \u00a3m
Between 1 and 2 years
102.4
71.8
Over 2 years and less than 5 years
697.9
268.2
Over 5 years
2,878.4
2,937.6
3,678.7
3,277.6
The weighted average maturity of non-current borrowings, excluding leases, was 12.6 years (2025: 12.3 years). Undrawn committed borrowing facilities at the balance sheet date were:
Group
2026 2025
\u00a3m \u00a3m
Floating rate:
Expiring within 1 year
\u2013
65.0
Expiring after 1 year
610.0
495.0
610.0
560.0
Fair value adjustments of \u00a396.5 million (2025: \u00a3106.8 million) in relation to the acquisition of Bournemouth Water Limited, Bristol Water Plc and SES Water have been allocated to the instruments to which they relate. The listed preference shares were issued by Bristol Water Plc at \u00a31 in 1992. They are held by external shareholders and are listed on the London Stock Exchange. Shareholders are entitled to receive dividends at 8.75% per annum on the par value of the shares on a cumulative basis; these dividends are payable half yearly on 1 April and 1 October. On winding up, the preference shareholders rank ahead of Bristol Water ordinary shareholders and are entitled to receive \u00a31 per share and any dividends accrued but unpaid in respect of their shares. In the event that dividends on the preference shares are in arrears for six months or more, holders of the preference shares become entitled to vote at general meetings of members. The preference share capital consists of 12,500,000 8.75% irredeemable cumulative preference shares of \u00a31 each. The preference shares are classified as liabilities in the consolidated balance sheet of the Group and the related dividends are classified as finance costs. All bank and other loans and private placement debt (carrying value \u00a31,546.7 million, 2025: \u00a31,570.2 million) require compliance with financial covenants which relate to gearing and interest cover ratios. The Group has complied with these covenants throughout the reporting period. There are no indications that the Group would have difficulties complying with the covenants when they will next be tested. The fair values of borrowings valued using level 2 measures, unless otherwise stated below, (as set out in note 24) were :
2026
2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank and other loans
99.2
99.2
222.0
222.0
Fixed rate bonds
2.2
2.2
2.5
\u2013
Private placement
16.7
16.7
\u2013
\u2013
118.1
118.1
224.5
222.0
Leases
33.1
33.1
32.9
32.9
Total current borrowings
151.2
151.2
257.4
254.9
Group
Bank and other loans
466.0
455.2
506.3
556.1
Private placements
964.8
981.6
841.9
842.2
Fixed rate bonds (level 1)
1,079.0
1,067.1
781.4
784.0
Fixed rate bonds
98.5
60.8
105.0
61.6
RPI index-linked bonds (level 1)
236.5
240.9
224.6
233.0
RPI index-linked bond
821.4
625.8
805.9
602.2
Listed preference shares
12.5
17.4
12.5
18.5
3,678.7
3,448.8
3,277.6
3,097.6
Leases
1,067.3
928.6
1,019.3
1,007.4
Total non-current borrowings
4,746.0
4,377.4
4,296.9
4,105.0
Total borrowings
4,897.2
4,528.6
4,554.3
4,359.9
Information on leases The Group has leases for various assets as shown in note 17. The maturity of lease liabilities was:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
33.1
32.9
\u2013
\u2013
Over 1 year and less than 5 years
206.5
169.8
\u2013
\u2013
Over 5 years
860.8
849.5
\u2013
\u2013
1,100.4
1,052.2
\u2013
\u2013
Analysed as:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
33.1
32.9
\u2013
\u2013
Non-current
1,067.3
1,019.3
\u2013
\u2013
1,100.4
1,052.2
\u2013
\u2013
Lease liabilities includes liabilities of \u00a31,057.0 million (2025: \u00a31,007.2 million) that are subject to secured financing arrangements (see note 17) and lease liabilities under IFRS 16 of \u00a343.4 million (2025: \u00a345.0 million). The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function. The discount rate used to calculate the lease liabilities above involves estimation. Where the Group cannot readily determine the rate implicit in the lease the Group uses an estimated incremental borrowing rate (IBR). At 31 March 2026 the range of IBRs used was between 5.7% and 7.9% (2025: between 5.1% and 6.9%) and the weighted average IBR across all leases was 6.3% (2025: 6.2%). If the weighted average rate used increased or decreased by 10bps, this would result in a c.0.9% increase or reduction in the present value of lease liabilities recognised at 31 March 2026 (2025: c.0.9%). The period for repayment of certain leases includes an agreement to deposit with the lessor group amounts equal to the difference between the original and revised payments due. The accumulated deposits, \u00a346.2 million at 31 March 2026 (2025: \u00a346.1 million), are currently being held to settle the lease liability subject to rights to release by negotiation with the lessor. The deposits are subject to a registered charge given as security to the lessor for the balance outstanding. Cash outflows in respect of leasing relate to principal repayments of \u00a342.4 million (2025: \u00a394.3 million) and interest repayments of \u00a349.9 million (2025: \u00a363.0 million), in addition to inflows from lease financing arrangements of \u00a390.0 million (2025: \u00a325.0 million). Other information required to be disclosed under IFRS 16 is included in note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-534": { "value": "29. Borrowings
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Bank and other loans
99.2
222.0
20.0
49.5
Fixed rate bonds
2.2
2.5
\u2013
\u2013
Private placements
16.7
\u2013
16.9
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
\u2013
2.0
118.1
224.5
36.9
51.5
Leases
33.1
32.9
\u2013
\u2013
Total current borrowings
151.2
257.4
36.9
51.5
Non-current
Bank and other loans
466.0
506.3
99.9
99.9
Private placements
964.8
841.9
228.5
95.7
Fixed rate bonds
1,177.5
886.4
\u2013
\u2013
RPI index-linked bonds
1,057.9
1,030.5
\u2013
\u2013
Listed preference shares
12.5
12.5
\u2013
\u2013
3,678.7
3,277.6
328.4
195.6
Leases
1,067.3
1,019.3
\u2013
\u2013
Total non-current borrowings
4,746.0
4,296.9
328.4
195.6
Total borrowings
4,897.2
4,554.3
365.3
247.1
South West Water Finance Plc issued a \u00a3300 million fixed rate bond in September 2025 with a cash coupon of 5.25%. South West Water Finance Plc issued a \u00a3250 million fixed rate bond in December 2024 maturing in 2032 with a cash coupon of 5.75%. South West Water Finance Plc issued a \u00a3400 million fixed rate bond in July 2024 maturing in 2041 with a cash coupon of 6.375%. Under IFRS 7 the disclosure of the fair value of leases is not required. Where market values are not available, fair values of borrowings have been calculated by discounting expected future cash flows at prevailing interest rates. During the year ended 31 March 2026, as part of an ongoing programme to renew and raise new financing, the Group entered into \u00a3300 million (2025: \u00a3650 million) of new public bonds issuances and \u00a3150 million (2025: \u00a3150 million) private placements with an average maturity of 5.5 years. The maturity of non-current borrowings, excluding leases, was:
Group
2026 2025
\u00a3m \u00a3m
Between 1 and 2 years
102.4
71.8
Over 2 years and less than 5 years
697.9
268.2
Over 5 years
2,878.4
2,937.6
3,678.7
3,277.6
The weighted average maturity of non-current borrowings, excluding leases, was 12.6 years (2025: 12.3 years). Undrawn committed borrowing facilities at the balance sheet date were:
Group
2026 2025
\u00a3m \u00a3m
Floating rate:
Expiring within 1 year
\u2013
65.0
Expiring after 1 year
610.0
495.0
610.0
560.0
Fair value adjustments of \u00a396.5 million (2025: \u00a3106.8 million) in relation to the acquisition of Bournemouth Water
Limited, Bristol Water Plc and SES Water have been allocated to the instruments to which they relate.
The listed preference shares were issued by Bristol Water Plc at \u00a31 in 1992. They are held by external shareholders and
are listed on the London Stock Exchange. Shareholders are entitled to receive dividends at 8.75% per annum on the par
value of the shares on a cumulative basis; these dividends are payable half yearly on 1 April and 1 October. On winding
up, the preference shareholders rank ahead of Bristol Water ordinary shareholders and are entitled to receive \u00a31 per
share and any dividends accrued but unpaid in respect of their shares. In the event that dividends on the preference
shares are in arrears for six months or more, holders of the preference shares become entitled to vote at general
meetings of members. The preference share capital consists of 12,500,000 8.75% irredeemable cumulative preference
shares of \u00a31 each. The preference shares are classified as liabilities in the consolidated balance sheet of the Group and
the related dividends are classified as finance costs.
All bank and other loans and private placement debt (carrying value \u00a31,546.7 million, 2025: \u00a31,570.2 million) require
compliance with financial covenants which relate to gearing and interest cover ratios. The Group has complied with
these covenants throughout the reporting period. There are no indications that the Group would have difficulties
complying with the covenants when they will next be tested.
The fair values of borrowings valued using level 2 measures, unless otherwise stated below, (as set out in note 24) were :
2026
2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank and other loans
99.2
99.2
222.0
222.0
Fixed rate bonds
2.2
2.2
2.5
\u2013
Private placement
16.7
16.7
\u2013
\u2013
118.1
118.1
224.5
222.0
Leases
33.1
33.1
32.9
32.9
Total current borrowings
151.2
151.2
257.4
254.9
Group
Bank and other loans
466.0
455.2
506.3
556.1
Private placements
964.8
981.6
841.9
842.2
Fixed rate bonds (level 1)
1,079.0
1,067.1
781.4
784.0
Fixed rate bonds
98.5
60.8
105.0
61.6
RPI index-linked bonds (level 1)
236.5
240.9
224.6
233.0
RPI index-linked bond
821.4
625.8
805.9
602.2
Listed preference shares
12.5
17.4
12.5
18.5
3,678.7
3,448.8
3,277.6
3,097.6
Leases
1,067.3
928.6
1,019.3
1,007.4
Total non-current borrowings
4,746.0
4,377.4
4,296.9
4,105.0
Total borrowings
4,897.2
4,528.6
4,554.3
4,359.9
Information on leases The Group has leases for various assets as shown in note 17. The maturity of lease liabilities was:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
33.1
32.9
\u2013
\u2013
Over 1 year and less than 5 years
206.5
169.8
\u2013
\u2013
Over 5 years
860.8
849.5
\u2013
\u2013
1,100.4
1,052.2
\u2013
\u2013
Analysed as:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
33.1
32.9
\u2013
\u2013
Non-current
1,067.3
1,019.3
\u2013
\u2013
1,100.4
1,052.2
\u2013
\u2013
Lease liabilities includes liabilities of \u00a31,057.0 million (2025: \u00a31,007.2 million) that are subject to secured financing arrangements (see note 17) and lease liabilities under IFRS 16 of \u00a343.4 million (2025: \u00a345.0 million). The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function. The discount rate used to calculate the lease liabilities above involves estimation. Where the Group cannot readily determine the rate implicit in the lease the Group uses an estimated incremental borrowing rate (IBR). At 31 March 2026 the range of IBRs used was between 5.7% and 7.9% (2025: between 5.1% and 6.9%) and the weighted average IBR across all leases was 6.3% (2025: 6.2%). If the weighted average rate used increased or decreased by 10bps, this would result in a c.0.9% increase or reduction in the present value of lease liabilities recognised at 31 March 2026 (2025: c.0.9%). The period for repayment of certain leases includes an agreement to deposit with the lessor group amounts equal to the difference between the original and revised payments due. The accumulated deposits, \u00a346.2 million at 31 March 2026 (2025: \u00a346.1 million), are currently being held to settle the lease liability subject to rights to release by negotiation with the lessor. The deposits are subject to a registered charge given as security to the lessor for the balance outstanding. Cash outflows in respect of leasing relate to principal repayments of \u00a342.4 million (2025: \u00a394.3 million) and interest repayments of \u00a349.9 million (2025: \u00a363.0 million), in addition to inflows from lease financing arrangements of \u00a390.0 million (2025: \u00a325.0 million). Other information required to be disclosed under IFRS 16 is included in note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-579": { "value": "
28. Current tax assets/(liabilities)
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current year (creditor)/debtor
\u2013
(0.1)
0.4
0.4
Prior year tax items
\u2013
1.0
\u2013
(2.3)
\u2013
0.9
0.4
(1.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-461": { "value": "30. Other non-current liabilities
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Other creditors
1.9
\u2013
\u2013
\u2013
Contract liabilities
186.1
171.3
\u2013
\u2013
188.0
171.3
\u2013
\u2013
Non-current contract liabilities relate to consideration received in advance of the Group performing its performance obligations to customers where performance obligations will not be completed within 12 months of the balance sheet date. The overall movement in total contract liabilities is disclosed in note 27. Contract liabilities reflect the fair value of assets transferred from customers in the water segment. The majority of the contract liabilities included above are expected to unwind after five years.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-462": { "value": "31. Retirement benefit obligations During the year the Group operated a number of defined benefit pension schemes and also defined contribution schemes. The principal plan within the Group is the Pennon Group Pension Scheme (PGPS), which is a funded defined benefit, final salary pension scheme in the UK. Following the acquisition of Bristol Water and SES, the Group also assumed defined benefit obligations through Bristol Water\u2019s and SES\u2019s membership of Water Companies Pension Scheme (WCPS). The Group\u2019s pension schemes are established under trust law and comply with all relevant UK legislation. The assets of the Group\u2019s pension schemes are held in separate trustee administered funds. The trustees of the funds are required to act in the best interest of the funds\u2019 beneficiaries. The appointment of schemes\u2019 trustees is determined by the schemes\u2019 trust documentation. The Group has a policy for the PGPS that one-half of all trustees, other than the Chair, are nominated by members of the schemes, including pensioners. Bristol Water\u2019s membership of WCPS is through a separate section of that scheme. The assets of the section are held separately from those of the Group and are invested by discretionary fund managers appointed by the trustees of the scheme. The planned buy-out of the Section was completed on the 11 July 2025 and the process to wind up the scheme continues. SES\u2019s membership of WCPS is through a separate section of that scheme. The assets of the section are held separately from those of the Group and are invested by discretionary fund managers appointed by the trustees of the scheme. The employees in the section ceased to earn additional defined benefit pensions on 31 March 2019. With effect from 31 March 2023 the trustees of the SES section of the WCPS purchased a bulk annuity policy to insure the benefits for members of the section. Following this the method for valuing the liabilities of the pension scheme has remained the same. However, the scheme assets, in the form of the insurance policy, now materially match the value of the liabilities. PGPS is closed to future accrual. The sensitivities regarding the principal assumptions used to measure the schemes\u2019 liabilities are:
Change in Impact on schemes\u2019 liabilities
assumption
2026
2025
Rate of increase in current and future pensions
+/\u2013 0.5%
+/\u2013 4.6%
+/-4.4%
Rate used to discount schemes\u2019 liabilities
+/\u2013 0.5%
\u2013/+ 5.4%
-/+ 5.6%
Inflation
+/\u2013 0.5%
+/\u2013 3.8%
+/-4.3%
Life expectancy
+/\u2013 1 year
+/\u2013 3.5%
+/-3.4%
The sensitivity analysis shows the effect of changes in the principal assumptions used for the measurement of the pension liability. The method used to calculate the sensitivities is approximate and has been determined taking into account the duration of the liabilities and the overall profile of each scheme\u2019s membership. This is the same approach as has been adopted in previous years. The amounts recognised in the balance sheet were:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of financial obligations
(572.6)
(673.3)
(120.8)
(120.5)
Fair value of plan assets
610.3
709.7
124.4
124.5
Surplus of funded plans
37.7
36.4
3.6
4.0
Less: restriction of surplus
(5.8)
(5.2)
\u2013
\u2013
Net asset recognised in the balance sheet
31.9
31.2
3.6
4.0
In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension Trustees II Limited and others) which potentially has implications for the validity of amendments made by schemes, including the PGPS and other Group defined benefit schemes, which were contracted-out on a salary-related basis between 6 April 1997 and the abolition of contracting-out in 2016. This decision was upheld by the Court of Appeal in August 2024. The Company has engaged with the relevant Trustee for PGPS and other Group defined benefit schemes who have confirmed that based on the governance processes in place and reviews of significant deed changes during the period in question, these bodies have no reason to believe that the relevant requirements were not complied with in relation to the Schemes with regard to the relevant period in question. Under the Pensions Schemes Act 2026, which came into force on 29 April 2026, the Trustees will be able to retrospectively validate amendments if required. Accordingly n additional liabilities have been recognised. Defined contribution schemes Pension costs for defined contribution schemes were \u00a314.3 million (2025: \u00a314.9 million). Defined benefit schemes Assumptions The principal actuarial assumptions at 31 March were:
2026 2025
% %
Rate of increase in pensionable pay
2.7
2.5
Rate of increase for current and future pensions
2.8
2.7
Rate used to discount schemes\u2019 liabilities and expected
return on schemes\u2019 assets
6.1
5.8
Inflation
3.2
3.1
Mortality Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience. The mortality assumption uses a scheme-specific calculation based on CMI 2024 actuarial tables with an allowance for future longevity improvement. The average life expectancy in years of a member having retired at age 62 on the balance sheet date is projected as:
2026
2025
Male
24.2
23.8
Female
26.7
26.6
The average life expectancy in years of a future pensioner retiring at age 62, 20 years after the balance sheet date, is projected as:
2026
2025
Male
25.0
24.9
Female
27.7
27.7
The movement in the net defined benefit obligation over the accounting period is as follows:
2026
2025
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(673.3)
704.5
31.2
(774.2)
800.8
26.6
Current service cost
(1.0)
(0.9)
(1.9)
(1.0)
(1.4)
(2.4)
Past service cost, curtailments and gains/losses on settlements
92.8
(92.8)
\u2013
\u2013
\u2013
\u2013
Interest (expense)/income
(33.7)
35.9
2.2
(36.0)
37.6
1.6
58.1
(57.8)
0.3
(37.0)
36.2
(0.8)
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(1.6)
(1.6)
\u2013
(87.9)
(87.9)
(Loss)/gain from change in demographic assumptions
(2.3)
\u2013
(2.3)
7.2
\u2013
7.2
Gain from change in financial assumptions
10.6
\u2013
10.6
86.3
\u2013
86.3
Experience (losses)/gains
(7.5)
(0.7)
(8.2)
(2.3)
0.2
(2.1)
0.8
(2.3)
(1.5)
91.2
(87.7)
3.5
Contributions:
Employers
0.1
1.8
1.9
0.1
1.8
1.9
Payments from plans:
Benefit payments
41.7
(41.7)
\u2013
46.6
(46.6)
\u2013
41.8
(39.9)
1.9
46.7
(44.8)
1.9
At 31 March
(572.6)
604.5
31.9
(673.3)
704.5
31.2
Recognition of surplus on principal pension scheme In accordance with IAS 19 \u2018Employee Benefits\u2019 the value of the net pension scheme surplus that can be recognised in the balance sheet is restricted to the present value of economic benefits available in the form of refunds from the scheme or reductions in future contributions. In respect of the Group\u2019s principal pension scheme, PGPS, the surplus has been recognised as the Group believes that ultimately it has an unconditional right to a refund of any surplus assuming the full settlement of the plan\u2019s liabilities in a single event, such as a scheme wind up. Bristol Water The overall surplus includes a net surplus of c. \u00a311.4 million (31 March 2025 \u00a39.2 million) relating to the Bristol Water Section of the WCPS. The planned buy-out of the Section was completed on 11 July 2025. The section\u2019s assets and liabilities were remeasured prior to settlement using actuarial assumptions at this date. The assets and liabilities were both reduced by \u00a392.8 million resulting in a net \u00a3nil statement of profit or loss settlement charge. An actuarial gain of \u00a32.7 million was recognised in other comprehensive income for the period 1 April 2025 to 11 July 2025. The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is now only available as a refund. Under UK tax legislation a tax deduction of 25% (2025: 25%) is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme. The process to wind up the scheme continues and the Trustee has indicated its intention to return the surplus to the Company. The remaining assets relating to the Bristol Water Section are recognised as a current asset on the balance sheet. Sutton and East Surrey Water The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available as a refund as no additional defined pension benefits are being earned. Under UK tax legislation a tax deduction of 25% is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme.
The movement in the Company\u2019s net defined benefit obligation over the accounting period is as follows:
2026
2025
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(120.5)
124.5
4.0
(137.9)
141.4
3.5
Current service cost
(0.3)
\u2013
(0.3)
(0.4)
\u2013
(0.4)
Interest (expense)/income
(6.8)
7.0
0.2
(6.5)
6.6
0.1
(7.1)
7.0
(0.1)
(6.9)
6.6
(0.3)
Remeasurements:
Gain/(loss) on plan assets excluding amounts included in interest expense
\u2013
0.7
0.7
\u2013
(16.2)
(16.2)
(Loss)/gain from change in demographic assumptions
(0.5)
\u2013
(0.5)
1.2
\u2013
1.2
Gain from change in financial assumptions
2.5
\u2013
2.5
15.8
\u2013
15.8
Experience losses
(3.3)
\u2013
(3.3)
(0.4)
\u2013
(0.4)
(1.3)
0.7
(0.6)
16.6
(16.2)
0.4
Contributions:
Employers
\u2013
0.3
0.3
\u2013
0.4
0.4
Payments from plans:
Benefit payments
8.1
(8.1)
\u2013
7.7
(7.7)
\u2013
8.1
(7.8)
0.3
7.7
(7.3)
0.4
At 31 March
(120.8)
124.4
3.6
(120.5)
124.5
4.0
The schemes\u2019 assets relating to the Group were:
2026
2025
Quoted prices in Prices not quoted Quoted prices in Prices not quoted
active market in active market Fund active market in active market Fund
\u00a3m \u00a3m % \u00a3m \u00a3m %
Equities
88.5
\u2013
15
92.2
\u2013
13
Government bonds
\u2013
\u2013
-
16.4
\u2013
2
Other bonds
82.3
38.8
20
91.7
49.1
20
Diversified growth
43.0
\u2013
7
39.1
\u2013
6
Property/Infrastructure
40.1
22.5
10
42.7
27.8
10
Insurance linked security
55.9
\u2013
9
50.0
\u2013
7
Bulk insurance policies
\u2013
54.7
9
\u2013
146.6
21
LDI investments
158.3
\u2013
26
114.3
\u2013
16
Other (including cash funds)
2.8
17.6
4
18.3
16.4
5
470.9
133.6
100.0
464.7
239.9
100
The Company\u2019s share of the schemes\u2019 assets at the balance sheet date was:
2026
2025
Quoted prices in Prices not quoted Quoted prices in Prices not quoted
active market in active market Fund active market in active market Fund
\u00a3m \u00a3m % \u00a3m \u00a3m %
Equities
20.6
\u2013
17
21.2
\u2013
17
Government bonds
\u2013
\u2013
\u2013
3.8
\u2013
3
Other bonds
19.2
9.0
23
21.1
11.3
26
Diversified growth
10.1
\u2013
8
9.0
\u2013
7
Property/Infrastructure
9.4
5.4
12
9.8
6.4
13
Insurance linked security
13.1
\u2013
10
11.5
\u2013
9
LDI investments
37.0
\u2013
30
26.3
\u2013
21
Other
0.6
\u2013
\u2013
4.1
\u2013
4
110.0
14.4
100
106.8
17.7
100
Through its defined benefit pension plan, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The schemes hold a proportion of growth assets
(equities and diversified growth funds) which are expected to outperform corporate bonds in the long-term, but can give rise to volatility and risk in the short-term. As the funding of the schemes improves,
an increasing proportion of the schemes\u2019 assets are invested in less volatile asset classes such as cash and bonds which more closely reflect market movements in the schemes\u2019 liabilities. The allocation to
growth assets is monitored such that it is suitable with the schemes\u2019 long-term objectives.
Changes in bond yields
A decrease in corporate bond yields will increase the schemes\u2019 liabilities, although this will be partially offset by an increase in the value of the schemes\u2019 bond holdings.
Inflation risk
The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to
protect against extreme inflation). The scheme uses LDIs (\u2018Liability Driven Investment Funds\u2019) within the asset portfolios to hedge against the value of liabilities changing as a result of movements in long-
term interest rates and inflation expectations. The structure allows the scheme to both hedge against the risks and retain capital investment in assets that are expected to generate higher returns. Whilst
LDIs are an integral part of the hedging strategy, risk management and monitoring strategies are in place to ensure that the collateral requirements to maintain these structures are closely managed.
Life expectancy
The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liabilities.
In conjunction with its investment advisers, the trustees have structured the schemes\u2019 investments with the objective of balancing investment returns and levels of risk. The asset allocation for the main scheme has three principal elements: \u2022 Holding of cash funds and bonds which are expected to be less volatile than most other asset classes and reflects market movements in the schemes\u2019 liabilities, \u2022 A proportion of equities with fund managers having freedom in making investment decisions to maximise returns, and \u2022 Investment of a proportion of the schemes\u2019 assets in alternative asset classes which give the potential for diversification (currently property, insurance linked securities and diversified growth). The liabilities of the defined benefit schemes are measured by using the projected unit credit method which is an accrued benefits valuation method in which the scheme liabilities make allowance for projected increases in pensionable pay. As funding of our principal pension scheme has improved the investment portfolio has been de-risked through increasing the scheme\u2019s real gilts hedging position through LDIs, which are commonly used by UK pension schemes. The weighted average duration of the defined benefit obligation is 11 years (2025: 10 to 12 years). The 2025 triennial actuarial valuation of the principal defined benefit scheme was agreed in 2025 with an actuarial valuation surplus of \u00a314.0 million. No deficit recovery contributions are required as a result of the 2025 valuation. Additional contributions of \u00a31.8 million were paid into the scheme in respect of scheme expenses (2025: \u00a31.8 million). The Group monitors funding levels on an annual basis and the Group expects to pay only scheme expenses of around \u00a31.9 million, during the year ended 31 March 2027. The last formal valuation of the SES section of the WCPS was at 31 March 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-535": { "value": "The sensitivities regarding the principal assumptions used to measure the schemes\u2019 liabilities are:
Change in Impact on schemes\u2019 liabilities
assumption
2026
2025
Rate of increase in current and future pensions
+/\u2013 0.5%
+/\u2013 4.6%
+/-4.4%
Rate used to discount schemes\u2019 liabilities
+/\u2013 0.5%
\u2013/+ 5.4%
-/+ 5.6%
Inflation
+/\u2013 0.5%
+/\u2013 3.8%
+/-4.3%
Life expectancy
+/\u2013 1 year
+/\u2013 3.5%
+/-3.4%
The sensitivity analysis shows the effect of changes in the principal assumptions used for the measurement of the pension liability. The method used to calculate the sensitivities is approximate and has been determined taking into account the duration of the liabilities and the overall profile of each scheme\u2019s membership. This is the same approach as has been adopted in previous years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-536": { "value": "The amounts recognised in the balance sheet were:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of financial obligations
(572.6)
(673.3)
(120.8)
(120.5)
Fair value of plan assets
610.3
709.7
124.4
124.5
Surplus of funded plans
37.7
36.4
3.6
4.0
Less: restriction of surplus
(5.8)
(5.2)
\u2013
\u2013
Net asset recognised in the balance sheet
31.9
31.2
3.6
4.0
The movement in the net defined benefit obligation over the accounting period is as follows:
2026
2025
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(673.3)
704.5
31.2
(774.2)
800.8
26.6
Current service cost
(1.0)
(0.9)
(1.9)
(1.0)
(1.4)
(2.4)
Past service cost, curtailments and gains/losses on settlements
92.8
(92.8)
\u2013
\u2013
\u2013
\u2013
Interest (expense)/income
(33.7)
35.9
2.2
(36.0)
37.6
1.6
58.1
(57.8)
0.3
(37.0)
36.2
(0.8)
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(1.6)
(1.6)
\u2013
(87.9)
(87.9)
(Loss)/gain from change in demographic assumptions
(2.3)
\u2013
(2.3)
7.2
\u2013
7.2
Gain from change in financial assumptions
10.6
\u2013
10.6
86.3
\u2013
86.3
Experience (losses)/gains
(7.5)
(0.7)
(8.2)
(2.3)
0.2
(2.1)
0.8
(2.3)
(1.5)
91.2
(87.7)
3.5
Contributions:
Employers
0.1
1.8
1.9
0.1
1.8
1.9
Payments from plans:
Benefit payments
41.7
(41.7)
\u2013
46.6
(46.6)
\u2013
41.8
(39.9)
1.9
46.7
(44.8)
1.9
At 31 March
(572.6)
604.5
31.9
(673.3)
704.5
31.2
Recognition of surplus on principal pension scheme In accordance with IAS 19 \u2018Employee Benefits\u2019 the value of the net pension scheme surplus that can be recognised in the balance sheet is restricted to the present value of economic benefits available in the form of refunds from the scheme or reductions in future contributions. In respect of the Group\u2019s principal pension scheme, PGPS, the surplus has been recognised as the Group believes that ultimately it has an unconditional right to a refund of any surplus assuming the full settlement of the plan\u2019s liabilities in a single event, such as a scheme wind up. Bristol Water The overall surplus includes a net surplus of c. \u00a311.4 million (31 March 2025 \u00a39.2 million) relating to the Bristol Water Section of the WCPS. The planned buy-out of the Section was completed on 11 July 2025. The section\u2019s assets and liabilities were remeasured prior to settlement using actuarial assumptions at this date. The assets and liabilities were both reduced by \u00a392.8 million resulting in a net \u00a3nil statement of profit or loss settlement charge. An actuarial gain of \u00a32.7 million was recognised in other comprehensive income for the period 1 April 2025 to 11 July 2025. The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is now only available as a refund. Under UK tax legislation a tax deduction of 25% (2025: 25%) is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme. The process to wind up the scheme continues and the Trustee has indicated its intention to return the surplus to the Company. The remaining assets relating to the Bristol Water Section are recognised as a current asset on the balance sheet. Sutton and East Surrey Water The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available as a refund as no additional defined pension benefits are being earned. Under UK tax legislation a tax deduction of 25% is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme. The movement in the Company\u2019s net defined benefit obligation over the accounting period is as follows: 2026 2025 Present value Fair value Present value Fair value of obligation of plan assets Total of obligation of plan assets Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (120.5) 124.5 4.0 (137.9) 141.4 3.5 Current service cost (0.3) \u2013 (0.3) (0.4) \u2013 (0.4) Interest (expense)/income (6.8) 7.0 0.2 (6.5) 6.6 0.1 (7.1) 7.0 (0.1) (6.9) 6.6 (0.3) Remeasurements: Gain/(loss) on plan assets excluding amounts included in interest expense \u2013 0.7 0.7 \u2013 (16.2) (16.2) (Loss)/gain from change in demographic assumptions (0.5) \u2013 (0.5) 1.2 \u2013 1.2 Gain from change in financial assumptions 2.5 \u2013 2.5 15.8 \u2013 15.8 Experience losses (3.3) \u2013 (3.3) (0.4) \u2013 (0.4) (1.3) 0.7 (0.6) 16.6 (16.2) 0.4 Contributions: Employers \u2013 0.3 0.3 \u2013 0.4 0.4 Payments from plans: Benefit payments 8.1 (8.1) \u2013 7.7 (7.7) \u2013 8.1 (7.8) 0.3 7.7 (7.3) 0.4 At 31 March (120.8) 124.4 3.6 (120.5) 124.5 4.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-488": { "value": "
Defined contribution schemes
Pension costs for defined contribution schemes were \u00a314.3 million (2025: \u00a314.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-489": { "value": "
Defined benefit schemes
Assumptions
The principal actuarial assumptions at 31 March were:
2026 2025
% %
Rate of increase in pensionable pay
2.7
2.5
Rate of increase for current and future pensions
2.8
2.7
Rate used to discount schemes\u2019 liabilities and expected
return on schemes\u2019 assets
6.1
5.8
Inflation
3.2
3.1
Mortality
Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published
statistics and experience. The mortality assumption uses a scheme-specific calculation based on CMI 2024 actuarial
tables with an allowance for future longevity improvement.
The average life expectancy in years of a member having retired at age 62 on the balance sheet date is projected as:
2026
2025
Male
24.2
23.8
Female
26.7
26.6
The average life expectancy in years of a future pensioner retiring at age 62, 20 years after the balance sheet date, is
projected as:
2026
2025
Male
25.0
24.9
Female
27.7
27.7
The sensitivities regarding the principal assumptions used to measure the schemes\u2019 liabilities are:
Change in Impact on schemes\u2019 liabilities
assumption
2026
2025
Rate of increase in current and future pensions
+/\u2013 0.5%
+/\u2013 4.6%
+/-4.4%
Rate used to discount schemes\u2019 liabilities
+/\u2013 0.5%
\u2013/+ 5.4%
-/+ 5.6%
Inflation
+/\u2013 0.5%
+/\u2013 3.8%
+/-4.3%
Life expectancy
+/\u2013 1 year
+/\u2013 3.5%
+/-3.4%
The sensitivity analysis shows the effect of changes in the principal assumptions used for the measurement of the
pension liability. The method used to calculate the sensitivities is approximate and has been determined taking into
account the duration of the liabilities and the overall profile of each scheme\u2019s membership. This is the same approach
as has been adopted in previous years.
The amounts recognised in the balance sheet were:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of financial obligations
(572.6)
(673.3)
(120.8)
(120.5)
Fair value of plan assets
610.3
709.7
124.4
124.5
Surplus of funded plans
37.7
36.4
3.6
4.0
Less: restriction of surplus
(5.8)
(5.2)
\u2013
\u2013
Net asset recognised in the balance sheet
31.9
31.2
3.6
4.0
The movement in the net defined benefit obligation over the accounting period is as follows:
2026
2025
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(673.3)
704.5
31.2
(774.2)
800.8
26.6
Current service cost
(1.0)
(0.9)
(1.9)
(1.0)
(1.4)
(2.4)
Past service cost, curtailments and gains/losses on settlements
92.8
(92.8)
\u2013
\u2013
\u2013
\u2013
Interest (expense)/income
(33.7)
35.9
2.2
(36.0)
37.6
1.6
58.1
(57.8)
0.3
(37.0)
36.2
(0.8)
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(1.6)
(1.6)
\u2013
(87.9)
(87.9)
(Loss)/gain from change in demographic assumptions
(2.3)
\u2013
(2.3)
7.2
\u2013
7.2
Gain from change in financial assumptions
10.6
\u2013
10.6
86.3
\u2013
86.3
Experience (losses)/gains
(7.5)
(0.7)
(8.2)
(2.3)
0.2
(2.1)
0.8
(2.3)
(1.5)
91.2
(87.7)
3.5
Contributions:
Employers
0.1
1.8
1.9
0.1
1.8
1.9
Payments from plans:
Benefit payments
41.7
(41.7)
\u2013
46.6
(46.6)
\u2013
41.8
(39.9)
1.9
46.7
(44.8)
1.9
At 31 March
(572.6)
604.5
31.9
(673.3)
704.5
31.2
Recognition of surplus on principal pension scheme
In accordance with IAS 19 \u2018Employee Benefits\u2019 the value of the net pension scheme surplus that can be recognised in the balance sheet is restricted to the present value of economic benefits available in the form of refunds from the scheme
or reductions in future contributions. In respect of the Group\u2019s principal pension scheme, PGPS, the surplus has been recognised as the Group believes that ultimately it has an unconditional right to a refund of any surplus assuming the full
settlement of the plan\u2019s liabilities in a single event, such as a scheme wind up.
Bristol Water
The overall surplus includes a net surplus of c. \u00a311.4 million (31 March 2025 \u00a39.2 million) relating to the Bristol Water Section of the WCPS. The planned buy-out of the Section was completed on 11 July 2025. The section\u2019s assets and liabilities
were remeasured prior to settlement using actuarial assumptions at this date. The assets and liabilities were both reduced by \u00a392.8 million resulting in a net \u00a3nil statement of profit or loss settlement charge. An actuarial gain of \u00a32.7 million was
recognised in other comprehensive income for the period 1 April 2025 to 11 July 2025.
The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is now only available as a refund. Under UK tax legislation a tax deduction of 25% (2025: 25%) is
applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme. The process to wind up the scheme continues and the
Trustee has indicated its intention to return the surplus to the Company. The remaining assets relating to the Bristol Water Section are recognised as a current asset on the balance sheet.
Sutton and East Surrey Water
The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available as a refund as no additional defined pension benefits are being earned. Under UK
tax legislation a tax deduction of 25% is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme.
The movement in the Company\u2019s net defined benefit obligation over the accounting period is as follows:
2026
2025
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(120.5)
124.5
4.0
(137.9)
141.4
3.5
Current service cost
(0.3)
\u2013
(0.3)
(0.4)
\u2013
(0.4)
Interest (expense)/income
(6.8)
7.0
0.2
(6.5)
6.6
0.1
(7.1)
7.0
(0.1)
(6.9)
6.6
(0.3)
Remeasurements:
Gain/(loss) on plan assets excluding amounts included in interest expense
\u2013
0.7
0.7
\u2013
(16.2)
(16.2)
(Loss)/gain from change in demographic assumptions
(0.5)
\u2013
(0.5)
1.2
\u2013
1.2
Gain from change in financial assumptions
2.5
\u2013
2.5
15.8
\u2013
15.8
Experience losses
(3.3)
\u2013
(3.3)
(0.4)
\u2013
(0.4)
(1.3)
0.7
(0.6)
16.6
(16.2)
0.4
Contributions:
Employers
\u2013
0.3
0.3
\u2013
0.4
0.4
Payments from plans:
Benefit payments
8.1
(8.1)
\u2013
7.7
(7.7)
\u2013
8.1
(7.8)
0.3
7.7
(7.3)
0.4
At 31 March
(120.8)
124.4
3.6
(120.5)
124.5
4.0
The schemes\u2019 assets relating to the Group were:
2026
2025
Quoted prices in Prices not quoted Quoted prices in Prices not quoted
active market in active market Fund active market in active market Fund
\u00a3m \u00a3m % \u00a3m \u00a3m %
Equities
88.5
\u2013
15
92.2
\u2013
13
Government bonds
\u2013
\u2013
-
16.4
\u2013
2
Other bonds
82.3
38.8
20
91.7
49.1
20
Diversified growth
43.0
\u2013
7
39.1
\u2013
6
Property/Infrastructure
40.1
22.5
10
42.7
27.8
10
Insurance linked security
55.9
\u2013
9
50.0
\u2013
7
Bulk insurance policies
\u2013
54.7
9
\u2013
146.6
21
LDI investments
158.3
\u2013
26
114.3
\u2013
16
Other (including cash funds)
2.8
17.6
4
18.3
16.4
5
470.9
133.6
100.0
464.7
239.9
100
The Company\u2019s share of the schemes\u2019 assets at the balance sheet date was:
2026
2025
Quoted prices in Prices not quoted Quoted prices in Prices not quoted
active market in active market Fund active market in active market Fund
\u00a3m \u00a3m % \u00a3m \u00a3m %
Equities
20.6
\u2013
17
21.2
\u2013
17
Government bonds
\u2013
\u2013
\u2013
3.8
\u2013
3
Other bonds
19.2
9.0
23
21.1
11.3
26
Diversified growth
10.1
\u2013
8
9.0
\u2013
7
Property/Infrastructure
9.4
5.4
12
9.8
6.4
13
Insurance linked security
13.1
\u2013
10
11.5
\u2013
9
LDI investments
37.0
\u2013
30
26.3
\u2013
21
Other
0.6
\u2013
\u2013
4.1
\u2013
4
110.0
14.4
100
106.8
17.7
100
Through its defined benefit pension plan, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The schemes hold a proportion of growth assets
(equities and diversified growth funds) which are expected to outperform corporate bonds in the long-term, but can give rise to volatility and risk in the short-term. As the funding of the schemes improves,
an increasing proportion of the schemes\u2019 assets are invested in less volatile asset classes such as cash and bonds which more closely reflect market movements in the schemes\u2019 liabilities. The allocation to
growth assets is monitored such that it is suitable with the schemes\u2019 long-term objectives.
Changes in bond yields
A decrease in corporate bond yields will increase the schemes\u2019 liabilities, although this will be partially offset by an increase in the value of the schemes\u2019 bond holdings.
Inflation risk
The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to
protect against extreme inflation). The scheme uses LDIs (\u2018Liability Driven Investment Funds\u2019) within the asset portfolios to hedge against the value of liabilities changing as a result of movements in long-
term interest rates and inflation expectations. The structure allows the scheme to both hedge against the risks and retain capital investment in assets that are expected to generate higher returns. Whilst
LDIs are an integral part of the hedging strategy, risk management and monitoring strategies are in place to ensure that the collateral requirements to maintain these structures are closely managed.
Life expectancy
The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liabilities.
In conjunction with its investment advisers, the trustees have structured the schemes\u2019 investments with the objective of balancing investment returns and levels of risk. The asset allocation for the main scheme has three principal elements:
\u2022 Holding of cash funds and bonds which are expected to be less volatile than most other asset classes and reflects market movements in the schemes\u2019 liabilities,
\u2022 A proportion of equities with fund managers having freedom in making investment decisions to maximise returns, and
\u2022 Investment of a proportion of the schemes\u2019 assets in alternative asset classes which give the potential for diversification (currently property, insurance linked securities and diversified growth).
The liabilities of the defined benefit schemes are measured by using the projected unit credit method which is an accrued benefits valuation method in which the scheme liabilities make allowance for projected increases in pensionable pay.
As funding of our principal pension scheme has improved the investment portfolio has been de-risked through increasing the scheme\u2019s real gilts hedging position through LDIs, which are commonly used by UK pension schemes.
The weighted average duration of the defined benefit obligation is 11 years (2025: 10 to 12 years).
The 2025 triennial actuarial valuation of the principal defined benefit scheme was agreed in 2025 with an actuarial valuation surplus of \u00a314.0 million. No deficit recovery contributions are required as a result of the 2025 valuation. Additional
contributions of \u00a31.8 million were paid into the scheme in respect of scheme expenses (2025: \u00a31.8 million). The Group monitors funding levels on an annual basis and the Group expects to pay only scheme expenses of around \u00a31.9 million, during
the year ended 31 March 2027.
The last formal valuation of the SES section of the WCPS was at 31 March 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-537": { "value": "32. Deferred tax Deferred tax is provided in full on temporary differences under the liability method using enacted tax rates. Movements on deferred tax were:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Net liabilities/(assets) after offsetting at 1 April
530.6
548.4
(23.6)
(20.7)
Charged/(credited) to the statement of profit or loss
25.3
(7.8)
(2.2)
(3.0)
(Credited)/charged to other comprehensive income
(0.7)
(1.5)
(0.1)
0.1
Other non-underlying credits in the statement of profit or loss
(3.3)
(8.5)
\u2013
\u2013
Net liabilities/(assets) after offsetting at 31 March
551.9
530.6
(25.9)
(23.6)
Deferred tax assets have been recognised in respect of all temporary differences where it is probable that these assets will be recovered. The majority of the Group\u2019s deferred tax assets and liabilities are expected to be recovered over more than one year. All deferred tax assets and liabilities within the same jurisdiction are offset where it is appropriate to do so. The Group has applied the exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes as required by the amendments to IAS 12 \u2018International Tax Reform \u2013 Pillar Two Model Rules\u2019. The movements in deferred tax assets (after offset) were: Group Deferred tax liabilities
Short-term
liabilities Retirement
Property, plant and Fair value including benefit
equipment adjustments provisions obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
522.3
104.7
4.9
2.3
634.2
Underlying charged/(credited) to the statement of profit or loss
39.1
0.5
(0.5)
0.7
39.8
Charged to other comprehensive income
\u2013
\u2013
\u2013
0.9
0.9
At 31 March 2025
561.4
105.2
4.4
3.9
674.9
Underlying charged/(credited) to the statement of profit or loss
43.7
(0.9)
(0.4)
0.6
43.0
Credited to other comprehensive income
\u2013
\u2013
\u2013
(0.9)
(0.9)
At 31 March 2026
605.1
104.3
4.0
3.6
717.0
Deferred tax assets
Share-based Corporate interest Fair value
Derivatives payments Tax losses restriction adjustment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(4.2)
(0.6)
(42.2)
(10.7)
(28.1)
(85.8)
Underlying charged/(credited) to the statement of profit or loss
1.1
(0.1)
(51.0)
(0.6)
3.0
(47.6)
Non-underlying credited to the statement of profit or loss
\u2013
\u2013
(8.5)
\u2013
\u2013
(8.5)
Credited to equity
(2.4)
\u2013
\u2013
\u2013
\u2013
(2.4)
At 31 March 2025
(5.5)
(0.7)
(101.7)
(11.3)
(25.1)
(144.3)
Underlying charged/(credited) to the statement of profit or loss
4.5
(0.1)
(22.4)
(0.1)
0.4
(17.7)
Non-underlying credited to the statement of profit or loss
\u2013
\u2013
(3.3)
\u2013
\u2013
(3.3)
Charged to equity
0.2
\u2013
\u2013
\u2013
\u2013
0.2
At 31 March 2026
(0.8)
(0.8)
(127.4)
(11.4)
(24.7)
(165.1)
Net liability
At 31 March 2025
530.6
At 31 March 2026
551.9
Deferred tax assets not recognised
Short-term Tax losses and
Property, plant liabilities including corporate interest
and equipment provisions restriction Total
Gross \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
0.4
0.2
22.0
22.6
Movement in unrecognised deferred tax
(0.1)
\u2013
11.6
11.5
At 31 March 2025
0.3
0.2
33.6
34.1
Utilisation of unrecognised deferred tax
\u2013
(0.2)
(1.7)
(1.9)
Movement in unrecognised deferred tax
(0.3)
\u2013
\u2013
(0.3)
At 31 March 2026
\u2013
\u2013
31.9
31.9
Deferred tax charged/(credited) to equity or other comprehensive income during the year was:
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Remeasurement of defined
benefit obligations
(0.9)
0.9
(0.1)
0.1
Cash flow hedges
0.2
(2.4)
\u2013
\u2013
(0.7)
(1.5)
(0.1)
0.1
When a business incurs capital expenditure which is qualifying for tax relief, tax deductions are obtained via the capital allowance regime. The tax relief arising replaces the accounting depreciation of the qualifying expenditure which is not tax deductible. Over the period of ownership of the relevant property, plant and equipment, cumulative depreciation and capital allowances will equalise. Capital allowance rates are set by the UK Government and every business receives the same rate of allowance. Capital allowance rates typically vary from 3% up to 100%. Depreciation periods vary from 4 to 200 years. Due to the Group\u2019s continuing capital investment programme, deductions for capital allowances are expected to exceed depreciation in future years. The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income of the Group is not the same as the profit reported in the financial statements. The adjustments for this are reflected in the current tax reconciliation. The Group has benefited from full expensing and 50% first year allowances for certain qualifying expenditure. This provides an increase in current tax relief for the Group with a consequently higher deferred tax liability and charge due to the additional capital allowance deductions. Short term temporary differences arise on items such as derivatives and share based payments because the treatment of such items are different for tax and accounting purposes creating temporary differences which will unwind in the near future. Retirement benefit obligations will crystallise over the life of the pension scheme and/or the period when spreading applies (this can be up to three years for spreading purposes). The fair value deferred tax liabilities shown above relate to the impact of previous business combinations of Bournemouth Water, Bristol Water and SES Water in respect of an increase between the fair value and book value of property, plant and equipment that was acquired and upon which a deferred tax liability is booked. In respect of the same business combinations, fair value deferred tax assets relate to the revaluation of debt on the acquisition of Bournemouth Water, Bristol Water and SES Water. These items will be released over their remaining life which is up to 150 years. Where interest charges or other costs are capitalised in the accounts, tax relief is given either as the charges are incurred or when the costs are taken to the statement of profit or loss. Derivatives reflect the fair value movements on treasury derivatives; these can fluctuate considerably each year. The balance will crystallise when derivative items are either terminated or mature; the life of these items can be up to ten years. Tax losses relate to trading losses and capital losses accumulated to date which have not been utilised. The deferred tax on these tax losses is recognised together with the deferred tax on the UK corporate interest restrictions carried forward. These tax attributes are available indefinitely. The increase in tax losses in the current year is partly driven by a prior year adjustment as discussed in note 9. UK capital losses are recognisable only on consolidation as per the application of IAS 12. The basis for recognition is that the UK tax group has appropriate taxable temporary differences that are expected to reverse in a manner which will enable full utilisation of these tax attributes thereby reducing future tax payable thereby complying with the offsetting provisions set out in IAS 12. Deferred tax assets have not been recognised in respect of the following items:
Short-term Tax losses and
Property, plant and liabilities including corporate interest
equipment provisions restriction Total
Tax effect \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
0.1
\u2013
5.5
5.6
Utilisation of unrecognised deferred tax
\u2013
\u2013
2.9
2.9
At 31 March 2025
0.1
\u2013
8.4
8.5
Movement in unrecognised deferred tax
\u2013
\u2013
(0.4)
(0.4)
Utilisation of unrecognised deferred tax
(0.1)
\u2013
\u2013
(0.1)
At 31 March 2026
\u2013
\u2013
8.0
8.0
Following the acquisition of SES Water in FY24, the Group acquired various tax attributes upon which no deferred tax assets were recognised at the point of acquisition. As at FY26, these attributes continue to be unrecognised. These tax attributes mainly relate to tax losses \u00a323.8 million (2025: \u00a325.5 million) and a UK corporate interest disallowance of \u00a38.1 million (2025: \u00a38.1 million). The Group does not consider that it is probable that sufficient taxable profits will be created which would enable utilisation of these tax attributes when taking into account the application of the UK tax rules in respect of attributes acquired via an acquisition. Company Deferred tax assets
Retirement
benefit Share-based
obligations payments Tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2024
0.9
(0.5)
(21.1)
(20.7)
Credited to the statement of profit or loss \u2013
\u2013
(3.0)
(3.0)
Charged to other comprehensive income
0.1
\u2013
\u2013
0.1
At 31 March 2025
1.0
(0.5)
(24.1)
(23.6)
Credited to the statement of profit or loss
\u2013
\u2013
(2.2)
(2.2)
Credited to other comprehensive income
(0.1)
\u2013
\u2013
(0.1)
At 31 March 2026
0.9
(0.5)
(26.3)
(25.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-562": { "value": "The number and weighted average exercise price of Sharesave options are:
2026
2025
Number of Weighted average Number of Weighted average
ordinary shares exercise price per ordinary shares exercise price per
(thousands) share (p) (thousands) share (p)
At 1 April
2,164
472
1,461
746
Granted
844
421
1,324
406
Additional options awarded as part of rights
issue
\u2013
\u2013
493
492
Forfeited
(453)
477
(789)
543
Exercised
(7)
406
(4)
501
Expired
(274)
600
(321)
645
At 31 March
2,274
437
2,164
472
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-490": { "value": "
33. Provisions
Restructuring Other Total
\u00a3m \u00a3m \u00a3m
Group
At 1 April 2024
\u2013
1.1
1.1
Charge
9.9
0.5
10.4
Utilised
(3.5)
(0.7)
(4.2)
At 31 March 2025
6.4
0.9
7.3
Charge
\u2013
5.7
5.7
Utilised
(6.4)
(0.1)
(6.5)
At 31 March 2026
\u2013
6.5
6.5
Other provisions include \u00a30.3 million (2025: \u00a30.4 million) in relation to dilapidations and onerous contracts and \u00a36.2
million (2025: \u00a30.5 million) in relation to ongoing legal and environmental cases. \u00a36.2 million of these provisions are
expected to be utilised within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-538": { "value": "33. Provisions
Restructuring Other Total
\u00a3m \u00a3m \u00a3m
Group
At 1 April 2024
\u2013
1.1
1.1
Charge
9.9
0.5
10.4
Utilised
(3.5)
(0.7)
(4.2)
At 31 March 2025
6.4
0.9
7.3
Charge
\u2013
5.7
5.7
Utilised
(6.4)
(0.1)
(6.5)
At 31 March 2026
\u2013
6.5
6.5
Other provisions include \u00a30.3 million (2025: \u00a30.4 million) in relation to dilapidations and onerous contracts and \u00a36.2 million (2025: \u00a30.5 million) in relation to ongoing legal and environmental cases. \u00a36.2 million of these provisions are expected to be utilised within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-463": { "value": "
34. Share capital
Allotted, called\u2013up and fully paid
Number of shares
Treasury shares
Ordinary shares
\u00a3m
Group and Company
At 1 April 2024 ordinary shares of 61.05p each
For consideration of \u00a321,000, shares issued under the
5,628
286,045,323
174.6
Company\u2019s Sharesave Scheme
\u2013
3,386
\u2013
Rights issue
\u2013
185,928,002
113.5
At 31 March 2025 ordinary shares of 61.05p each
For consideration of \u00a34,000, shares issued under the
5,628
471,976,711
288.1
Company\u2019s Sharesave Scheme
\u2013
6,883
\u2013
At 31 March 2026 ordinary shares of 61.05p each
5,628
471,983,594
288.1
Shares held as treasury shares may be sold or reissued for any of the Company\u2019s share schemes or cancelled.
On 17 February 2025 the Company completed a rights issue to existing shareholders on the basis of 13 ordinary shares
for every 20 fully paid ordinary shares held. As a result, 185,928,002 ordinary shares with an aggregate nominal value of
\u00a3113.5 million were issued for cash consideration of \u00a3491.0 million. Transaction costs directly attributable to the rights
issue of \u00a320.5 million were incurred and have been accounted for as a deduction from share premium. In the year
ended 31 March 2026 an additional \u00a30.5 million transaction costs directly attributable to the rights issue have been
accounted for as a deduction from share premium.
Employee share schemes
The Group operates a number of equity-settled share plans for the benefit of employees. Details of each plan are:
i) Sharesave Scheme
An all-employee savings-related plan is operated that enables employees, including Executive Directors, to invest up to
a maximum of \u00a3500 per month for three or five years. These savings can then be used to buy ordinary shares, at a price
set at a discount to the market value at the start of the savings period, at the third or fifth year anniversary of the option
being granted. Options expire six months following the exercise date and, except for certain specific circumstances such
as redundancy, lapse if the employee leaves the Group before the option exercise period commences.
Outstanding options to subscribe for ordinary shares of 61.05 pence each under the Company\u2019s share option schemes are:
Date granted
Subscription price
fully paid
Period when
options normally
exercisable
Thousands of shares in respect
of which options outstanding
at 31 March
2026 2025
19 July 2020 750p 2023 \u2013 2025 \u2013 27
6 July 2021 710p 2024 \u2013 2026 36 53
5 July 2022 669p 2025 \u2013 2027 24 206
4 July 2023 536p 2026 \u2013 2028 323 495
2 July 2024 406p 2027 \u2013 2029 1,115 1,383
3 July 2025 421p 2028 \u2013 2030 776 \u2013
2,274 2,164
The number and weighted average exercise price of Sharesave options are:
2026
2025
Number of Weighted average Number of Weighted average
ordinary shares exercise price per ordinary shares exercise price per
(thousands) share (p) (thousands) share (p)
At 1 April
2,164
472
1,461
746
Granted
844
421
1,324
406
Additional options awarded as part of rights
issue
\u2013
\u2013
493
492
Forfeited
(453)
477
(789)
543
Exercised
(7)
406
(4)
501
Expired
(274)
600
(321)
645
At 31 March
2,274
437
2,164
472
The weighted average price of the Company\u2019s shares at the date of exercise of Sharesave options during the year was
513 pence (2025: 612 pence). The options outstanding at 31 March 2026 had a weighted average exercise price of
437 pence (2025: 472 pence) and a weighted average remaining contractual life of 2.1 years (2025: 2.4 years). The
number of exercisable Sharesave options at 31 March 2026 was 3,091 (2025: 2,277) and the weighted average exercise
price of exercisable Sharesave options was 699 pence (2025: 710 pence).
iii) Annual Incentive Bonus Plan \u2013 deferred shares
Awards under the plan to Executive Directors and senior management involve the release of ordinary shares in the
Company to participants. There is no performance condition since vesting is conditional upon continuous service with
the Group for a period of three years from the award. The number and weighted average price of shares in the Annual
Incentive Bonus Plan are:
2026
2025
Weighted
Number of average award Number of Weighted
ordinary shares price per share ordinary shares average award
(thousands) (p) (thousands) price per share (p)
At 1 April
108
803
217
863
Granted
184
493
22
665
Vested
(42)
988
(45)
1,141
Lapsed
(13)
710
(86)
729
At 31 March
237
536
108
803
The awards outstanding at 31 March 2026 had a weighted average award price of 536 pence (2025: 803 pence) and a
weighted average remaining contractual life of 1.9 years (2025: 1.6 years). The Company\u2019s share price at the date of the
awards ranged from 493 pence to 988 pence (2025: 665 pence to 1,141 pence).
The aggregate fair value of awards granted during the year was \u00a30.9 million (2025: \u00a30.1 million), determined from
market value. No option pricing methodology is applied since dividends paid on the shares are receivable by the
participants in the scheme.
Further details of the plans and options granted to Directors, included above, are shown in the Directors\u2019 Remuneration
report.
The aggregate fair value of Sharesave options granted during the year was \u00a30.8 million (2025: \u00a31.0 million), determined
using the Black-Scholes valuation model. The significant inputs into the valuation model at the date of issue of the
options were:
2026
2025
Weighted average share price (pence)
494
564
Weighted average exercise price (pence)
421
406
Expected volatility
31%
27%
Expected life
3.5 years
3.5 years
Risk-free rate
4.3%
5.3%
Expected dividend yield
6.4%
7.8%
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous
three year and five year periods depending on the life of the scheme.
ii) Long-term incentive plan (LTIP)
Executive Directors and senior management receive an annual grant of conditional shares. Share awards vest subject
to the achievement of specific performance conditions measured over a performance period of not less than three
years. More details concerning LTIPs, including performance conditions, is shown in the Directors\u2019 Remuneration report
on pages 133 to 155.
The number and price of shares in the LTIP are:
2026
2025
Weighted
Number of average award Number of Weighted
ordinary shares price per share ordinary shares average award
(thousands) (p) (thousands) price per share (p)
At 1 April
1,978
773
1,122
863
Granted
675
458
603
646
Additional shares awarded as part
of rights issue
\u2013
\u2013
470
\u2013
Vested
(94)
\u2013
(133)
753
Lapsed
(555)
629
(84)
1,093
At 31 March
2,004
548
1,978
773
The awards outstanding at 31 March 2026 had a weighted award price of 548 pence (2025: 773 pence) and a weighted
average remaining contractual life of 3.0 years (2025: 3.3 years).
The aggregate fair value of awards granted during the year was \u00a31.5 million (2025: \u00a31.3 million), determined from market
value. No option pricing methodology is applied since the vesting of the shares depends on non-market performance
vesting conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-491": { "value": "34. Share capital Allotted, called\u2013up and fully paid
Number of shares
Treasury shares
Ordinary shares
\u00a3m
Group and Company
At 1 April 2024 ordinary shares of 61.05p each
For consideration of \u00a321,000, shares issued under the
5,628
286,045,323
174.6
Company\u2019s Sharesave Scheme
\u2013
3,386
\u2013
Rights issue
\u2013
185,928,002
113.5
At 31 March 2025 ordinary shares of 61.05p each
For consideration of \u00a34,000, shares issued under the
5,628
471,976,711
288.1
Company\u2019s Sharesave Scheme
\u2013
6,883
\u2013
At 31 March 2026 ordinary shares of 61.05p each
5,628
471,983,594
288.1
Shares held as treasury shares may be sold or reissued for any of the Company\u2019s share schemes or cancelled. On 17 February 2025 the Company completed a rights issue to existing shareholders on the basis of 13 ordinary shares for every 20 fully paid ordinary shares held. As a result, 185,928,002 ordinary shares with an aggregate nominal value of \u00a3113.5 million were issued for cash consideration of \u00a3491.0 million. Transaction costs directly attributable to the rights issue of \u00a320.5 million were incurred and have been accounted for as a deduction from share premium. In the year ended 31 March 2026 an additional \u00a30.5 million transaction costs directly attributable to the rights issue have been accounted for as a deduction from share premium. Employee share schemes The Group operates a number of equity-settled share plans for the benefit of employees. Details of each plan are: i) Sharesave Scheme An all-employee savings-related plan is operated that enables employees, including Executive Directors, to invest up to a maximum of \u00a3500 per month for three or five years. These savings can then be used to buy ordinary shares, at a price set at a discount to the market value at the start of the savings period, at the third or fifth year anniversary of the option being granted. Options expire six months following the exercise date and, except for certain specific circumstances such as redundancy, lapse if the employee leaves the Group before the option exercise period commences. Outstanding options to subscribe for ordinary shares of 61.05 pence each under the Company\u2019s share option schemes are: Date granted Subscription price fully paid Period when options normally exercisable Thousands of shares in respect of which options outstanding at 31 March 2026 2025 19 July 2020 750p 2023 \u2013 2025 \u2013 27 6 July 2021 710p 2024 \u2013 2026 36 53 5 July 2022 669p 2025 \u2013 2027 24 206 4 July 2023 536p 2026 \u2013 2028 323 495 2 July 2024 406p 2027 \u2013 2029 1,115 1,383 3 July 2025 421p 2028 \u2013 2030 776 \u2013 2,274 2,164 The number and weighted average exercise price of Sharesave options are:
2026
2025
Number of Weighted average Number of Weighted average
ordinary shares exercise price per ordinary shares exercise price per
(thousands) share (p) (thousands) share (p)
At 1 April
2,164
472
1,461
746
Granted
844
421
1,324
406
Additional options awarded as part of rights
issue
\u2013
\u2013
493
492
Forfeited
(453)
477
(789)
543
Exercised
(7)
406
(4)
501
Expired
(274)
600
(321)
645
At 31 March
2,274
437
2,164
472
The weighted average price of the Company\u2019s shares at the date of exercise of Sharesave options during the year was 513 pence (2025: 612 pence). The options outstanding at 31 March 2026 had a weighted average exercise price of 437 pence (2025: 472 pence) and a weighted average remaining contractual life of 2.1 years (2025: 2.4 years). The number of exercisable Sharesave options at 31 March 2026 was 3,091 (2025: 2,277) and the weighted average exercise price of exercisable Sharesave options was 699 pence (2025: 710 pence). iii) Annual Incentive Bonus Plan \u2013 deferred shares Awards under the plan to Executive Directors and senior management involve the release of ordinary shares in the Company to participants. There is no performance condition since vesting is conditional upon continuous service with the Group for a period of three years from the award. The number and weighted average price of shares in the Annual Incentive Bonus Plan are:
2026
2025
Weighted
Number of average award Number of Weighted
ordinary shares price per share ordinary shares average award
(thousands) (p) (thousands) price per share (p)
At 1 April
108
803
217
863
Granted
184
493
22
665
Vested
(42)
988
(45)
1,141
Lapsed
(13)
710
(86)
729
At 31 March
237
536
108
803
The awards outstanding at 31 March 2026 had a weighted average award price of 536 pence (2025: 803 pence) and a weighted average remaining contractual life of 1.9 years (2025: 1.6 years). The Company\u2019s share price at the date of the awards ranged from 493 pence to 988 pence (2025: 665 pence to 1,141 pence). The aggregate fair value of awards granted during the year was \u00a30.9 million (2025: \u00a30.1 million), determined from market value. No option pricing methodology is applied since dividends paid on the shares are receivable by the participants in the scheme. Further details of the plans and options granted to Directors, included above, are shown in the Directors\u2019 Remuneration report. 35. Share premium account
\u00a3m
Group and Company
At 1 April 2024
398.2
Rights issue 377.5
775.7
Less: Transaction costs arising on share issues
(0.2)
Less: Transaction costs directly attributable to rights issue
(20.5)
At 31 March 2025
755.0
Sale of share forfeiture shares
0.6
755.6
Less: Transaction costs directly attributable to rights issue
(0.5)
At 31 March 2026
755.1
The aggregate fair value of Sharesave options granted during the year was \u00a30.8 million (2025: \u00a31.0 million), determined using the Black-Scholes valuation model. The significant inputs into the valuation model at the date of issue of the options were:
2026
2025
Weighted average share price (pence)
494
564
Weighted average exercise price (pence)
421
406
Expected volatility
31%
27%
Expected life
3.5 years
3.5 years
Risk-free rate
4.3%
5.3%
Expected dividend yield
6.4%
7.8%
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous three year and five year periods depending on the life of the scheme. ii) Long-term incentive plan (LTIP) Executive Directors and senior management receive an annual grant of conditional shares. Share awards vest subject to the achievement of specific performance conditions measured over a performance period of not less than three years. More details concerning LTIPs, including performance conditions, is shown in the Directors\u2019 Remuneration report on pages 133 to 155. The number and price of shares in the LTIP are:
2026
2025
Weighted
Number of average award Number of Weighted
ordinary shares price per share ordinary shares average award
(thousands) (p) (thousands) price per share (p)
At 1 April
1,978
773
1,122
863
Granted
675
458
603
646
Additional shares awarded as part
of rights issue
\u2013
\u2013
470
\u2013
Vested
(94)
\u2013
(133)
753
Lapsed
(555)
629
(84)
1,093
At 31 March
2,004
548
1,978
773
The awards outstanding at 31 March 2026 had a weighted award price of 548 pence (2025: 773 pence) and a weighted average remaining contractual life of 3.0 years (2025: 3.3 years). The aggregate fair value of awards granted during the year was \u00a31.5 million (2025: \u00a31.3 million), determined from market value. No option pricing methodology is applied since the vesting of the shares depends on non-market performance vesting conditions.
Own Retained
shares earnings Total
\u00a3m \u00a3m \u00a3m
Company
At 1 April 2024
\u2013
466.3
466.3
Loss for the year
\u2013
(13.5)
(13.5)
Other comprehensive income for the year
\u2013
0.3
0.3
Dividends paid relating to 2024
\u2013
(126.9)
(126.9)
Credit to equity in respect of share-based payments
(net of tax)
\u2013
1.5
1.5
Credit/(charge) in respect of share options vesting
1.4
(1.4)
\u2013
Own shares acquired by the Pennon Employee Share Trust
in respect of share options granted
(2.1)
\u2013
(2.1)
At 31 March 2025
(0.7)
326.3
325.6
Profit for the year
\u2013
191.5
191.5
Other comprehensive expense for the year
\u2013
(0.5)
(0.5)
Dividends paid relating to 2025
\u2013
(133.7)
(133.7)
Dividends forfeited
\u2013
1.7
1.7
Credit to equity in respect of share-based payments
(net of tax)
\u2013
1.7
1.7
Credit/(charge) in respect of share options vesting
1.3
(1.3)
\u2013
Own shares acquired by the Pennon Employee Share Trust
in respect of share options granted
(2.4)
\u2013
(2.4)
At 31 March 2026
(1.8)
385.7
383.9
In making decisions about the level of dividends to be proposed the Directors take steps to check that retained earnings include a sufficient amount of realised profits and are therefore distributable within the requirements of the Companies Act 2006. 36. Capital redemption reserve The capital redemption reserve represents the redemption of B shares and cancellation of deferred shares arising from a capital return to shareholders undertaken during 2006, together with the redemption of shares during the years ended 31 March 2023 and 31 March 2022.
\u00a3m
Group and Company
At 31 March 2024
157.1
At 31 March 2025
157.1
At 31 March 2026
157.1
37. Retained earnings and other reserves
Own Hedging Retained
shares reserve earnings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Group
At 1 April 2024
(2.7)
26.6
407.4
431.3
Loss for the year
\u2013
\u2013
(57.9)
(57.9)
Other comprehensive (loss)/ income for the year
\u2013
(1.9)
2.6
0.7
Dividends paid relating to 2024
\u2013
\u2013
(126.9)
(126.9)
Credit to equity in respect of share-based payments
(net of tax)
\u2013
\u2013
2.0
2.0
Historic reserves transfer
1.8
\u2013
(1.8)
\u2013
Credit/(charge) in respect of share options vesting
1.4
\u2013
(1.4)
\u2013
Own shares acquired by the Pennon Employee Share Trust
in respect of share options granted
(1.2)
\u2013
\u2013
(1.2)
At 31 March 2025
(0.7)
24.7
224.0
248.0
Profit for the year
\u2013
\u2013
91.5
91.5
Other comprehensive income/(loss) for the year
\u2013
0.6
(0.6)
\u2013
Dividends paid relating to 2025
\u2013
\u2013
(133.7)
(133.7)
Dividends forfeited
\u2013
\u2013
1.7
1.7
Credit to equity in respect of share-based payments
(net of tax)
\u2013
\u2013
2.6
2.6
Credit/(charge) in respect of share options vesting
1.3
\u2013
(1.3)
\u2013
Own shares acquired by the Pennon Employee Share Trust
in respect of share options granted
(2.4)
\u2013
\u2013
(2.4)
At 31 March 2026
(1.8)
25.3
184.2
207.7
The own shares reserve represents the cost of ordinary shares in Pennon Group plc issued to or purchased in the market and held by the Pennon Group plc Employee Benefit Trust to satisfy awards under the Group\u2019s Annual Incentive Bonus Plan. The market value of the 247,106 ordinary shares (2025: 127,801 ordinary shares) held by the Trust at 31 March 2026 was \u00a31,308,000 (2025: \u00a3573,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-561": { "value": "Allotted, called\u2013up and fully paid
Number of shares
Treasury shares
Ordinary shares
\u00a3m
Group and Company
At 1 April 2024 ordinary shares of 61.05p each
For consideration of \u00a321,000, shares issued under the
5,628
286,045,323
174.6
Company\u2019s Sharesave Scheme
\u2013
3,386
\u2013
Rights issue
\u2013
185,928,002
113.5
At 31 March 2025 ordinary shares of 61.05p each
For consideration of \u00a34,000, shares issued under the
5,628
471,976,711
288.1
Company\u2019s Sharesave Scheme
\u2013
6,883
\u2013
At 31 March 2026 ordinary shares of 61.05p each
5,628
471,983,594
288.1
Shares held as treasury shares may be sold or reissued for any of the Company\u2019s share schemes or cancelled. On 17 February 2025 the Company completed a rights issue to existing shareholders on the basis of 13 ordinary shares for every 20 fully paid ordinary shares held. As a result, 185,928,002 ordinary shares with an aggregate nominal value of \u00a3113.5 million were issued for cash consideration of \u00a3491.0 million. Transaction costs directly attributable to the rights issue of \u00a320.5 million were incurred and have been accounted for as a deduction from share premium. In the year ended 31 March 2026 an additional \u00a30.5 million transaction costs directly attributable to the rights issue have been accounted for as a deduction from share premium. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-563": { "value": "ii) Long-term incentive plan (LTIP) Executive Directors and senior management receive an annual grant of conditional shares. Share awards vest subject to the achievement of specific performance conditions measured over a performance period of not less than three years. More details concerning LTIPs, including performance conditions, is shown in the Directors\u2019 Remuneration report on pages 133 to 155. The number and price of shares in the LTIP are:
2026
2025
Weighted
Number of average award Number of Weighted
ordinary shares price per share ordinary shares average award
(thousands) (p) (thousands) price per share (p)
At 1 April
1,978
773
1,122
863
Granted
675
458
603
646
Additional shares awarded as part
of rights issue
\u2013
\u2013
470
\u2013
Vested
(94)
\u2013
(133)
753
Lapsed
(555)
629
(84)
1,093
At 31 March
2,004
548
1,978
773
The awards outstanding at 31 March 2026 had a weighted award price of 548 pence (2025: 773 pence) and a weighted average remaining contractual life of 3.0 years (2025: 3.3 years). The aggregate fair value of awards granted during the year was \u00a31.5 million (2025: \u00a31.3 million), determined from market value. No option pricing methodology is applied since the vesting of the shares depends on non-market performance vesting conditions. iii) Annual Incentive Bonus Plan \u2013 deferred shares Awards under the plan to Executive Directors and senior management involve the release of ordinary shares in the Company to participants. There is no performance condition since vesting is conditional upon continuous service with the Group for a period of three years from the award. The number and weighted average price of shares in the Annual Incentive Bonus Plan are:
2026
2025
Weighted
Number of average award Number of Weighted
ordinary shares price per share ordinary shares average award
(thousands) (p) (thousands) price per share (p)
At 1 April
108
803
217
863
Granted
184
493
22
665
Vested
(42)
988
(45)
1,141
Lapsed
(13)
710
(86)
729
At 31 March
237
536
108
803
The awards outstanding at 31 March 2026 had a weighted average award price of 536 pence (2025: 803 pence) and a weighted average remaining contractual life of 1.9 years (2025: 1.6 years). The Company\u2019s share price at the date of the awards ranged from 493 pence to 988 pence (2025: 665 pence to 1,141 pence). The aggregate fair value of awards granted during the year was \u00a30.9 million (2025: \u00a30.1 million), determined from market value. No option pricing methodology is applied since dividends paid on the shares are receivable by the participants in the scheme. Further details of the plans and options granted to Directors, included above, are shown in the Directors\u2019 Remuneration report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-564": { "value": "
37. Retained earnings and other reserves
Own Hedging Retained
shares reserve earnings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Group
At 1 April 2024
(2.7)
26.6
407.4
431.3
Loss for the year
\u2013
\u2013
(57.9)
(57.9)
Other comprehensive (loss)/ income for the year
\u2013
(1.9)
2.6
0.7
Dividends paid relating to 2024
\u2013
\u2013
(126.9)
(126.9)
Credit to equity in respect of share-based payments
(net of tax)
\u2013
\u2013
2.0
2.0
Historic reserves transfer
1.8
\u2013
(1.8)
\u2013
Credit/(charge) in respect of share options vesting
1.4
\u2013
(1.4)
\u2013
Own shares acquired by the Pennon Employee Share Trust
in respect of share options granted
(1.2)
\u2013
\u2013
(1.2)
At 31 March 2025
(0.7)
24.7
224.0
248.0
Profit for the year
\u2013
\u2013
91.5
91.5
Other comprehensive income/(loss) for the year
\u2013
0.6
(0.6)
\u2013
Dividends paid relating to 2025
\u2013
\u2013
(133.7)
(133.7)
Dividends forfeited
\u2013
\u2013
1.7
1.7
Credit to equity in respect of share-based payments
(net of tax)
\u2013
\u2013
2.6
2.6
Credit/(charge) in respect of share options vesting
1.3
\u2013
(1.3)
\u2013
Own shares acquired by the Pennon Employee Share Trust
in respect of share options granted
(2.4)
\u2013
\u2013
(2.4)
At 31 March 2026
(1.8)
25.3
184.2
207.7
The own shares reserve represents the cost of ordinary shares in Pennon Group plc issued to or purchased in the
market and held by the Pennon Group plc Employee Benefit Trust to satisfy awards under the Group\u2019s Annual Incentive
Bonus Plan.
The market value of the 247,106 ordinary shares (2025: 127,801 ordinary shares) held by the Trust at 31 March 2026 was
\u00a31,308,000 (2025: \u00a3573,000).
Own Retained
shares earnings Total
\u00a3m \u00a3m \u00a3m
Company
At 1 April 2024
\u2013
466.3
466.3
Loss for the year
\u2013
(13.5)
(13.5)
Other comprehensive income for the year
\u2013
0.3
0.3
Dividends paid relating to 2024
\u2013
(126.9)
(126.9)
Credit to equity in respect of share-based payments
(net of tax)
\u2013
1.5
1.5
Credit/(charge) in respect of share options vesting
1.4
(1.4)
\u2013
Own shares acquired by the Pennon Employee Share Trust
in respect of share options granted
(2.1)
\u2013
(2.1)
At 31 March 2025
(0.7)
326.3
325.6
Profit for the year
\u2013
191.5
191.5
Other comprehensive expense for the year
\u2013
(0.5)
(0.5)
Dividends paid relating to 2025
\u2013
(133.7)
(133.7)
Dividends forfeited
\u2013
1.7
1.7
Credit to equity in respect of share-based payments
(net of tax)
\u2013
1.7
1.7
Credit/(charge) in respect of share options vesting
1.3
(1.3)
\u2013
Own shares acquired by the Pennon Employee Share Trust
in respect of share options granted
(2.4)
\u2013
(2.4)
At 31 March 2026
(1.8)
385.7
383.9
In making decisions about the level of dividends to be proposed the Directors take steps to check that retained
earnings include a sufficient amount of realised profits and are therefore distributable within the requirements of the
Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-566": { "value": "
39. Net borrowings
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Borrowings \u2013 current
Bank and other current borrowings
(118.1)
(224.5)
(36.9)
(51.5)
Lease obligations
(33.1)
(32.9)
\u2013
\u2013
Total current borrowings
(151.2)
(257.4)
(36.9)
(51.5)
Borrowings \u2013 non-current
Bank and other non-current borrowings
(3,666.2)
(3,265.1)
(328.4)
(195.6)
Listed preference shares
(12.5)
(12.5)
\u2013
\u2013
Lease obligations
(1,067.3)
(1,019.3)
\u2013
\u2013
Total non-current borrowings
(4,746.0)
(4,296.9)
(328.4)
(195.6)
Total financing liabilities
(4,897.2)
(4,554.3)
(365.3)
(247.1)
Less:
Cash and cash equivalents
332.7
417.9
0.4
45.0
Restricted funds
55.6
58.2
\u2013
\u2013
Total net borrowings
(4,508.9)
(4,078.2)
(364.9)
(202.1)
", "dimensions": { "concept": "pnn:DisclosureOfNetBorrowings", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-565": { "value": "
38. Analysis of cash flows given in the statement of cash flows
Reconciliation of profit for the year to cash generated from operations:
Cash generated from operations
Group
2026 2025
\u00a3m \u00a3m
Profit/(loss) for the year
92.6
(56.8)
Adjustments for:
Share-based payments
2.6
2.0
Profit on disposal of property, plant and equipment
(3.6)
(1.2)
Depreciation charge
190.6
184.7
Amortisation of intangible assets
2.4
2.3
Intangible impairment charge
0.3
1.3
Impairment of investment properties
0.4
\u2013
Share of post-tax profit from associated companies
(1.0)
(0.8)
Finance income
(21.9)
(15.0)
Finance costs
213.3
199.4
Taxation charge/(credit)
21.8
(15.9)
Changes in working capital:
(Increase)/decrease in inventories
(2.5)
0.4
Increase in trade and other receivables
(59.1)
(42.5)
Increase/(decrease) in trade and other payables
94.6
(30.5)
(Decrease)/increase in provisions
(0.8)
6.2
Cash generated from operations
529.7
233.6
Reconciliation of total interest paid:
Group
2026 2025
\u00a3m \u00a3m
Interest paid in operating activities
172.0
143.1
Total interest paid
172.0
143.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-539": { "value": "
40. Subsidiary and joint venture undertakings at 31 March 2026
Country of
incorporation,
registration and
Principal subsidiary companies
Registered office address
principal operations
Water
Bristol Water Plc
Bridgwater Road, Bristol, BS13 7AT
England
South West Water Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Finance Plc
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Customer Services Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
Non-household retail
Pennon Water Services Limited*
(1)
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Other
Advanced Minerals Limited
(1)
66-74 London Road, Redhill, RH1 1LJ
England
Allmat (East Surrey) Limited
66-74 London Road, Redhill, RH1 1LJ
England
East Surrey Holdings Limited
66-74 London Road, Redhill, RH1 1LJ
England
EEB17 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB31 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Insurance Limited*
(2)
Level 5, Mill Court, La Charroterie, Guernsey
St Peter Port, GY1 1EJ
Pennon Power Aberdeenshire Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
(formerly EEB16 Limited)
Pennon Power Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Power Fife Limited (formerly
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Dunfermline Solar Limited)
Pennon Power Lite Limited (formerly
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Services Limited)*
Sutton and East Surrey Group
66-74 London Road, Redhill, RH1 1LJ
England
Holdings Limited*
SESW Holding Company Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Estates Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Property Investment Limited
66-74 London Road, Redhill, RH1 1LJ
England
The Cheam Group Plc
66-74 London Road, Redhill, RH1 1LJ
England
Other trading companies Registered office address
Country of
incorporation
Bristol Water Holdings Limited Bridgwater Road, Bristol, BS13 7AT England
Bristol Water Holdings UK Limited* Bridgwater Road, Bristol, BS13 7AT England
Dormant companies Registered office address
Country of
incorporation
Avon Valley Water Limited Peninsula House, Rydon Lane, Exeter, EX2 7HR England
Peninsula Properties (Exeter) Limited Peninsula House, Rydon Lane, Exeter, EX2 7HR England
Peninsula Trustees Limited* Peninsula House, Rydon Lane, Exeter, EX2 7HR England
Pennon Limited Peninsula House, Rydon Lane, Exeter, EX2 7HR England
Pennon Defined Contribution Pension
Trustee Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR England
Pennon Pension Trustees Limited* Peninsula House, Rydon Lane, Exeter, EX2 7HR England
SES Water Limited 66-74 London Road, Redhill, RH1 1LJ England
SES Business Water Limited 66-74 London Road, Redhill, RH1 1LJ England
SES Home Services Limited 66-74 London Road, Redhill, RH1 1LJ England
Source for Business Limited Peninsula House, Rydon Lane, Exeter, EX2 7HR England
SWW Pension Trustees Limited* Peninsula House, Rydon Lane, Exeter, EX2 7HR England
The Calcite Factory B.V(1) Moezelhavenweg 9, 1043 AM, Amsterdam Netherlands
The Sutton District Water Plc 66-74 London Road, Redhill, RH1 1LJ England
The subsidiary undertakings are wholly owned unless stated otherwise and all shares in issue are ordinary shares. All
companies above are consolidated in the Group financial statements.
Country of
Joint Ventures and Associates
Registered office address
incorporation
Stake (%)
Joint Ventures:
Bristol Wessex Billing Services Limited
1 Clevedon Walk, Nailsea, Bristol, BS48 1WA
England
50
CREWW Executive Board Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
50
Searchlight Collections Limited
PO BOX 930 Galmington Office, Galmington
England
50
Trading Estate, Cornishway West, Taunton,
Somerset, TA1 9LQ
Associates:
Water 2 Business Limited
21e Somerset Square, Nailsea, Bristol, United
England
30
Kingdom, BS48 1RQ
* Indicates the shares are held directly by Pennon Group plc, the Company.
1. 80% of share capital owned by Pennon Group plc. All shares in issue are ordinary shares.
2. Captive insurance company established with the specific objective of financing risks emanating from within the Group.
Subsidiary audit exemption
Pennon Group plc has issued guarantees over the liabilities of the following companies at 31 March 2026 under section
479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of
individual accounts by virtue of section 479A of the Act.
Company
Company number
Bristol Water Holdings Limited
02630760
Bristol Water Holdings UK Limited
04789566
Pennon Power Fife Limited (formerly Dunfermline Solar Limited)
12683727
Pennon Power Aberdeenshire Limited (formerly EEB16 Limited)
10789260
EEB17 Limited
10790759
EEB31 Limited
11780715
East Surrey Holdings Limited
02660370
Pennon Power Limited
00736732
SESW Holding Company Limited
04151446
South West Water Customer Services Limited
07620338
Surrey Downs Estates Limited
02465343
Surrey Downs Property Investment Limited
02783440
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-567": { "value": "40. Subsidiary and joint venture undertakings at 31 March 2026
Country of
incorporation,
registration and
Principal subsidiary companies
Registered office address
principal operations
Water
Bristol Water Plc
Bridgwater Road, Bristol, BS13 7AT
England
South West Water Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Finance Plc
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Customer Services Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
Non-household retail
Pennon Water Services Limited*
(1)
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Other
Advanced Minerals Limited
(1)
66-74 London Road, Redhill, RH1 1LJ
England
Allmat (East Surrey) Limited
66-74 London Road, Redhill, RH1 1LJ
England
East Surrey Holdings Limited
66-74 London Road, Redhill, RH1 1LJ
England
EEB17 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB31 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Insurance Limited*
(2)
Level 5, Mill Court, La Charroterie, Guernsey
St Peter Port, GY1 1EJ
Pennon Power Aberdeenshire Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
(formerly EEB16 Limited)
Pennon Power Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Power Fife Limited (formerly
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Dunfermline Solar Limited)
Pennon Power Lite Limited (formerly
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Services Limited)*
Sutton and East Surrey Group
66-74 London Road, Redhill, RH1 1LJ
England
Holdings Limited*
SESW Holding Company Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Estates Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Property Investment Limited
66-74 London Road, Redhill, RH1 1LJ
England
The Cheam Group Plc
66-74 London Road, Redhill, RH1 1LJ
England
Other trading companies Registered office address Country of incorporation Bristol Water Holdings Limited Bridgwater Road, Bristol, BS13 7AT England Bristol Water Holdings UK Limited* Bridgwater Road, Bristol, BS13 7AT England Dormant companies Registered office address Country of incorporation Avon Valley Water Limited Peninsula House, Rydon Lane, Exeter, EX2 7HR England Peninsula Properties (Exeter) Limited Peninsula House, Rydon Lane, Exeter, EX2 7HR England Peninsula Trustees Limited* Peninsula House, Rydon Lane, Exeter, EX2 7HR England Pennon Limited Peninsula House, Rydon Lane, Exeter, EX2 7HR England Pennon Defined Contribution Pension Trustee Limited* Peninsula House, Rydon Lane, Exeter, EX2 7HR England Pennon Pension Trustees Limited* Peninsula House, Rydon Lane, Exeter, EX2 7HR England SES Water Limited 66-74 London Road, Redhill, RH1 1LJ England SES Business Water Limited 66-74 London Road, Redhill, RH1 1LJ England SES Home Services Limited 66-74 London Road, Redhill, RH1 1LJ England Source for Business Limited Peninsula House, Rydon Lane, Exeter, EX2 7HR England SWW Pension Trustees Limited* Peninsula House, Rydon Lane, Exeter, EX2 7HR England The Calcite Factory B.V(1) Moezelhavenweg 9, 1043 AM, Amsterdam Netherlands The Sutton District Water Plc 66-74 London Road, Redhill, RH1 1LJ England The subsidiary undertakings are wholly owned unless stated otherwise and all shares in issue are ordinary shares. All companies above are consolidated in the Group financial statements.
Country of
Joint Ventures and Associates
Registered office address
incorporation
Stake (%)
Joint Ventures:
Bristol Wessex Billing Services Limited
1 Clevedon Walk, Nailsea, Bristol, BS48 1WA
England
50
CREWW Executive Board Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
50
Searchlight Collections Limited
PO BOX 930 Galmington Office, Galmington
England
50
Trading Estate, Cornishway West, Taunton,
Somerset, TA1 9LQ
Associates:
Water 2 Business Limited
21e Somerset Square, Nailsea, Bristol, United
England
30
Kingdom, BS48 1RQ
* Indicates the shares are held directly by Pennon Group plc, the Company. 1. 80% of share capital owned by Pennon Group plc. All shares in issue are ordinary shares. 2. Captive insurance company established with the specific objective of financing risks emanating from within the Group. Subsidiary audit exemption Pennon Group plc has issued guarantees over the liabilities of the following companies at 31 March 2026 under section 479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Company number
Bristol Water Holdings Limited
02630760
Bristol Water Holdings UK Limited
04789566
Pennon Power Fife Limited (formerly Dunfermline Solar Limited)
12683727
Pennon Power Aberdeenshire Limited (formerly EEB16 Limited)
10789260
EEB17 Limited
10790759
EEB31 Limited
11780715
East Surrey Holdings Limited
02660370
Pennon Power Limited
00736732
SESW Holding Company Limited
04151446
South West Water Customer Services Limited
07620338
Surrey Downs Estates Limited
02465343
Surrey Downs Property Investment Limited
02783440
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-492": { "value": "
41. Contingencies
Contingent liabilities
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Guarantees:
Performance bonds
28.8
20.0
28.7
15.0
28.8
20.0
28.7
15.0
Guarantees in respect of performance bonds relate to changes to the collateral requirements for the non-household
retail business with other wholesalers. The possibility of the bond being required is remote hence the fair value of the
bond is not material.
Other contractual and litigation uncertainties
Ofwat and the Environment Agency (EA) announced an industry-wide investigation into sewage treatment works on
18 November 2021. On 10 July 2025, Ofwat announced its findings for South West Water Limited and its decision to
accept South West Water Limited\u2019s enforcement package, in lieu of a financial penalty. The agreed undertakings consist
of investing \u00a320 million between 2025-2030 to reduce spills from specific outflows, establishing a \u00a32 million local fund
to tackle sewer misuse and providing \u00a32 million of funding through a Nature Recovery Fund to support environmental
groups. The costs in relation to the \u00a320 million investment will be accounted for as capital when incurred.
On 2 February 2024 summons was received by South West Water Limited from the EA in relation to alleged breaches
of permits in relation to the illegal water discharge activity at seven locations with a total of 30 charges. The EA have
since withdrawn six of these charges relating to one site. At a hearing on 14 November 2024, South West Water Limited
pleaded guilty to five of the charges. Sentencing was held on 12 and 13 March 2026 although the value of any fine will
not be known until the judgement takes place on 30 July 2026.
On 23 May 2023 Ofwat announced an investigation into South West Water Limited\u2019s 2021/22 operational performance
data relating to leakage and per capita consumption. This operational performance data was reported in South
West Water\u2019s Annual Performance Report 2021/22. This report is subject to assurance processes which include
independent checks and balances carried out by an external technical auditor. The Group continues to work openly
and constructively with Ofwat to comply with the formal notice issued to South West Water Limited as part of this
investigation.
The Group has undertaken its own internal investigation into the data and third party experts have concluded the
calculations are within a tolerance as reported, as a result there were no detrimental impacts to customers through
Outcome Delivery Incentives (ODI). The Group recognises opportunities to enhance data quality to improve the
estimation process and these have been shared with Ofwat. Until such time that an initial response is received, the
potential outcome of these investigations continues to be unknown. Ofwat has a range of options that it could apply
from closing the investigation with no further action, agreeing to formal S.19 undertakings through to fining the Group
up to 10% of its revenue in relation to the regulated drinking water business. Given the wide range of possible outcomes
therefore the potential outcome of this investigation continues to be unknown, and it is not possible to estimate any
obligations arising from the investigation with any certainty.
Following the Brixham cryptosporidium outbreak in May 2024, legal proceedings were brought by the Drinking Water
Inspectorate (DWI). South West Water pleaded guilty to the charge of supplying water unfit for human consumption
on 4 March 2026, with sentence received on 2 June 2026. The Court levied a fine of \u00a31.9 million, reflecting the serious
impact this incident had on customers in the area, whilst also recognising the extensive customer support and remedial
actions taken by South West Water. Full provision was recognised in the 2025/26 financial year for the fine.
The Group establishes provisions in connection with contracts and litigation where it has a present legal or
constructive obligation as a result of past events and where it is more likely than not an outflow of resources will be
required to settle the obligation and the amount can be reliably estimated. Where it is uncertain that these conditions
are met, a contingent liability is disclosed unless the likelihood of the obligation arising is remote or the matter is not
deemed material. An amount of \u00a36.7 million has been included in non-underlying costs in respect of the above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-540": { "value": "41. Contingencies Contingent liabilities
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Guarantees:
Performance bonds
28.8
20.0
28.7
15.0
28.8
20.0
28.7
15.0
Guarantees in respect of performance bonds relate to changes to the collateral requirements for the non-household retail business with other wholesalers. The possibility of the bond being required is remote hence the fair value of the bond is not material. Other contractual and litigation uncertainties Ofwat and the Environment Agency (EA) announced an industry-wide investigation into sewage treatment works on 18 November 2021. On 10 July 2025, Ofwat announced its findings for South West Water Limited and its decision to accept South West Water Limited\u2019s enforcement package, in lieu of a financial penalty. The agreed undertakings consist of investing \u00a320 million between 2025-2030 to reduce spills from specific outflows, establishing a \u00a32 million local fund to tackle sewer misuse and providing \u00a32 million of funding through a Nature Recovery Fund to support environmental groups. The costs in relation to the \u00a320 million investment will be accounted for as capital when incurred. On 2 February 2024 summons was received by South West Water Limited from the EA in relation to alleged breaches of permits in relation to the illegal water discharge activity at seven locations with a total of 30 charges. The EA have since withdrawn six of these charges relating to one site. At a hearing on 14 November 2024, South West Water Limited pleaded guilty to five of the charges. Sentencing was held on 12 and 13 March 2026 although the value of any fine will not be known until the judgement takes place on 30 July 2026. On 23 May 2023 Ofwat announced an investigation into South West Water Limited\u2019s 2021/22 operational performance data relating to leakage and per capita consumption. This operational performance data was reported in South West Water\u2019s Annual Performance Report 2021/22. This report is subject to assurance processes which include independent checks and balances carried out by an external technical auditor. The Group continues to work openly and constructively with Ofwat to comply with the formal notice issued to South West Water Limited as part of this investigation. The Group has undertaken its own internal investigation into the data and third party experts have concluded the calculations are within a tolerance as reported, as a result there were no detrimental impacts to customers through Outcome Delivery Incentives (ODI). The Group recognises opportunities to enhance data quality to improve the estimation process and these have been shared with Ofwat. Until such time that an initial response is received, the potential outcome of these investigations continues to be unknown. Ofwat has a range of options that it could apply from closing the investigation with no further action, agreeing to formal S.19 undertakings through to fining the Group up to 10% of its revenue in relation to the regulated drinking water business. Given the wide range of possible outcomes therefore the potential outcome of this investigation continues to be unknown, and it is not possible to estimate any obligations arising from the investigation with any certainty. Following the Brixham cryptosporidium outbreak in May 2024, legal proceedings were brought by the Drinking Water Inspectorate (DWI). South West Water pleaded guilty to the charge of supplying water unfit for human consumption on 4 March 2026, with sentence received on 2 June 2026. The Court levied a fine of \u00a31.9 million, reflecting the serious impact this incident had on customers in the area, whilst also recognising the extensive customer support and remedial actions taken by South West Water. Full provision was recognised in the 2025/26 financial year for the fine. The Group establishes provisions in connection with contracts and litigation where it has a present legal or constructive obligation as a result of past events and where it is more likely than not an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Where it is uncertain that these conditions are met, a contingent liability is disclosed unless the likelihood of the obligation arising is remote or the matter is not deemed material. An amount of \u00a36.7 million has been included in non-underlying costs in respect of the above. 42. Capital commitments
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Contracted but not provided
254.9
167.9
\u2013
\u2013
The above capital commitments in the current and prior year relate to property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-493": { "value": "
42. Capital commitments
Group
Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Contracted but not provided
254.9
167.9
\u2013
\u2013
The above capital commitments in the current and prior year relate to property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-494": { "value": "43. Related party transactions Group companies entered into the following transactions with associates and joint ventures which were not members of the Group. Bristol Wessex Billing Services Limited is a joint venture investment of South West Water Limited and Water 2 Business Limited is an associate investment of the Company.
2026 2025
\u00a3m \u00a3m
Sales of goods and services
Water 2 Business Limited
32.2
29.5
Purchase of goods and services
Bristol Wessex Billing Services Limited
4.4
4.1
Year-end balances
2026 2025
\u00a3m \u00a3m
Receivables due from related parties
Water 2 Business Limited (including loan receivable of \u00a37.1 million
(2025: \u00a38.7 million))
7.5
10.9
Bristol Wessex Billing Services Limited
0.2
0.2
Payables due to related parties
Bristol Wessex Billing Services Limited
1.6
1.6
The receivables due from related parties are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made, or are considered necessary, for doubtful debts in respect of these amounts due. The loans to Water 2 Business Limited are due to be repaid on 28 February 2028 and carry interest at SONIA plus 2.00%. Company The following transactions with associates and subsidiaries which were not wholly owned by the Company occurred in the year:
2026 2025
\u00a3m \u00a3m
Sales of goods and services
Water 2 Business Limited
0.5
0.1
Year-end balances 2026 2025
\u00a3m \u00a3m
Receivables due from related parties
Water 2 Business Limited
(including loan receivable of \u00a37.1 million (2025: \u00a38.7 million))
7.5
8.9
On 31 January 2025 the \u00a38.7 million loan receivable with Water 2 Business Limited (W2B), an indirect associate, was transferred from Bristol Water Holdings Limited (BWH) to the Company. The loans to Water 2 Business Limited are due to be repaid on 28 February 2028 and carry interest at SONIA plus 2.00%.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-495": { "value": "Peninsula House Rydon Lane Exeter Devon EX2 7HR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }