Fifteenth Consent Requests relating to Super Senior Issuer Funding

Background

Thames Water Utilities Limited ("TWUL") has so far drawn £2.48bn of the £3bn available under the super senior facility (the "Facility") entered into with its subsidiary, Thames Water Super Senior Issuer PLC (the "Super Senior Issuer").

As previously announced, TWUL and the Super Senior Issuer have secured Accordion commitments of £1.5bn (the "New Commitments"), which in addition to the £1.5bn of commitments originally made available as part of RP1, brings the total amount which is available under the Facility to £3bn.

Funding of the New Commitments remains subject to the satisfaction and/or waiver of relevant conditions precedent, some of which, as at today, have not yet been satisfied and/or waived in full, including having a Supported LUA by 30 September 2026 in respect of RP2 (the “June Release Condition”).

TWUL continues to work closely with stakeholders to secure a market-led solution.

Fifteenth Consent Requests

TWUL and the Super Senior Issuer have today launched a fifteenth set of consent requests (the "Fifteenth Consent Requests") seeking the consent of the super senior creditors:

• to extend the June Release Condition to 31 October 2026; and
• to make further ancillary amendments to the Facility (as set out in further detail in the Fifteenth Consent Requests), which (among other things) amend the dates and amounts of scheduled drawdowns under the Facility by TWUL to reflect TWUL’s anticipated liquidity needs.

The consents, if granted, will allow TWUL to draw a further £170m of the Facility in October 2026. The Fifteenth Consent Requests have a voting date of 13 October 2026 and follow fourteen previous sets of consent requests which were approved by creditors. Voting may close earlier if the requisite majority of super senior creditors vote in favour of the Fifteenth Consent Requests before the voting date.

As set out in the Company’s Annual Report 2025/26, the Company expects to launch further consent processes in due course to seek consent to increase the Super Senior Funding by £2.4 billion in multiple tranches.

Access to Documents

The Fifteenth Consent Requests are available through TWUL's investor relations website at https://www.thameswater.co.uk/about-us/investors/liquidity-extension-update.

STAKEHOLDERS ARE ENCOURAGED TO REVIEW THE CONSENT REQUESTS IN DETAIL THEMSELVES (COPIES OF WHICH ARE AVAILABLE AT HTTPS://WWW.THAMESWATER.CO.UK/ABOUT-US/INVESTORS/LIQUIDITY-EXTENSION-UPDATE) AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE¹ SHOULD THEY HAVE ANY QUERIES IN RELATION TO THEIR CONTENTS.

¹ Creditors can contact TWUL to receive details of existing creditor groups and their advisors.