What happened? YE results are broadly in-line with consensus, although underlying PBT was ~3% below consensus and net debt was ~1% above. With FY26 capex guidance higher than consensus and the expectation of an ODI penalty in FY26 the outlook has the potential to be a little underwhelming. United Utilities has released its FY25 results. Key financials: . Underlying revenue in line, GBP2,145m vs. Bberg consensus GBP2,139m (+0.3%) . Underlying EBIT in line, GBP634m vs. Bberg consensus GBP630m (+0.5%) . Underlying PBT miss, GBP339m vs. Bberg consensus GBP349m (-3.0%) . Underlying Net Income in line, GBP338m vs. Bberg consensus GBP336m (+0.6%) . Underlying EPS in line, 49.6p vs. Bberg 49.3p (+0.6%) . RCV of GBP15.4bn was 0.4% ahead of our GBP15.3bn forecast (no BBG consensus avail). . Net debt slight miss, GBP9,345m vs. Bberg consensus GBP9,243m (+1.1%) . DPS in line, 51.9p vs. Bberg 51.7p (+0.3%) New guidance: . FY26 revenue guidance of GBP2.5-2.6bn compares with consensus at GBP2.53bn. . Underlying op costs are expected to decrease in FY26 (no magnitude provided), our forecasts incorporate a decline. . Depreciation is guided to increase ~GBP50m, in-line with our forecasts. . Net finance costs are guided to increase ~GBP50m as debt rises, our forecasts incorporate a smaller rise. . FY26 capex guidance of GBP1.5bn is in-line with our GBP1.54bn forecast which reflects spending ramp up as we enter AMP8, but ahead of consensus at ~GBP1.3bn. . UU guides to an ODI penalty for FY26 reflecting the introduction of new measures in AMP8 with performance improvements expected to be progressive over the AMP which may be a bit of a disappointment in the near-term. . UU aims to outperform the regulatory contract by at least 100bps during AMP8 whist maintaining gearing within the target range of 55-65%. Conference call will take place at 10:30 UK time, dial in via Zoom: https://us06web.zoom.us/j/86923795894?pwd=4OgY6XK14ljE0BBnOH1R4ZLnwU1zAd.1, PIN 869 2379 5894 and 583997