Slight beat in FY22… Underlying operating profit of £610m (INVe £603m, consensus £604m). Underlying EPS 53.8p (INVe 51.3p, cons. 51.8p). Dividend 43.50p (INVe 43.48p, cons. 43.54p). Net debt of £7.6bn was in-line with our estimate of £7.7bn (consensus £7.6bn). >80% of ODI commitments met or exceeded, with net outperformance reward of £25m. UU has delivered RORE of 7.9%, well above the base return of 3.9%, with ODIs, financing performance and tax in positive territory. …but inflation to bite in FY23 Guidance for FY23 is for revenue to be around 1% higher than the £1.86bn reported in FY22. Our pre-existing estimate is £1.88m. Operating costs are expected to be around £100m higher than the £835m reported in FY22 (including IRE costs). We have £899m in our pre-existing estimates (including IRE costs). We suggest that the aggregate of the above could see downward pressure on our pre-existing FY23E underlying operating profit. Underlying finance expense is expected to be £150m higher than the £306m reported in FY22 due to inflation on £4.3bn of index-linked debt. We have £263m in our pre-existing estimates. UU is targeting a net ODI reward of c.£30m in FY23. UU references its CPIH growth policy for AMP7, and for FY23E we have 45.47p in our pre-existing estimates, consistent with the 4.6% CPIH UU has referenced.