Equity Raise Update

Thames Water Utilities Limited (“TWUL” or the “Company”) provides a further update on
its equity raise process.

On 31 March 2025 the Company announced that it had selected KKR to enter the Phase
2 diligence stage of the equity process as preferred partner, and that certain senior
creditors would progress alternative transaction structures to seek to recapitalise the
business.

Following completion of this diligence stage, KKR and the senior creditors have prepared
detailed plans, including turnaround plans which have been shared with the Company.

However, KKR has indicated that it will not be in a position to proceed, and its preferred
partner status has now lapsed. The Company accordingly intends to progress discussions
on the senior creditors’ plan with Ofwat and other stakeholders.

Sir Adrian Montague, Chairman of Thames Water, said: “Whilst today’s news is
disappointing, we continue to believe that a sustainable recapitalisation of the Company is
in the best interests of all stakeholders and continue to work with our creditors and
stakeholders to achieve that goal. The Company will therefore progress discussions on the
senior creditors’ plan with Ofwat and other stakeholders. The Board would like to thank the
senior creditors for their continuing support.”