What happened? UU hosted a call post its trading update, the key points are summarised below. We continue to view UU as attractive trading at a 4.7% premium to FY26 RCV, a discount to SVT at a 10.8% premium. BNPP Exane View: . Funded investment program: Management stated the AMP8 investment program is funded without recourse to additional equity. . Too early to guide to targeted RORE over AMP8: Management stated, in contrast to Pennon, that it was too early to provide guidance on targeted RORE returns over AMP8. A first-year target will likely be provided at the CMD on 19 June.