CMA Reference Deferral Update

Thames Water Utilities Limited (“TWUL” or the “Company”) announced on 14 February 2025 (TWUL - Referral of Final Determination to CMA - 07:00:06 14 Feb 2025 - AW14 News article | London Stock Exchange) that it had asked its economic regulator, Ofwat, to refer its Final Determination to the Competition and Markets Authority (CMA) for a re-determination (the “Reference”).  On 18 March 2025 (CMA and Equity Raise Update - 12:25:32 18 Mar 2025 - AW14 News article | London Stock Exchange), TWUL announced that it and Ofwat had agreed that Ofwat would defer making the Reference for a period of up to 18 weeks from 18 March 2025.  On 18 July 2025 (CMA Reference Deferral Update - 14:44:28 18 Jul 2025 - AW14 News article | London Stock Exchange) TWUL and Ofwat announced that Ofwat would defer making the Reference for a further period until 22 October 2025.

Discussions between TWUL’s senior creditors, the London and Valley Water Consortium (“L&VW”), Ofwat, and other regulators in relation to a potential market-led solution to the recapitalisation of the company are continuing.  TWUL and Ofwat have agreed a further deferral of the Reference, which will provide an opportunity for these discussions to continue in the coming weeks.  Given this, no deadline has been set for the end of the deferral period.

This deferral is not a withdrawal of the request for the Reference and TWUL remains of the view that the Final Determination does not serve the interests of Thames Water’s customers, communities and the environment.

TWUL remains focused on delivering a recapitalisation transaction which delivers for its customers and the environment as soon as practicable.