£13.7bn totex, a big step up £13.7 billion totex across 2025-30, with 50% nominal RCV growth across the period. On our estimates, the totex ask is c.91% above AMP7 levels (including Green Recovery and Accelerated Infrastructure Development spend). Balance sheet – UU highlighting balance sheet strength, with current 58% gearing providing flexibility to finance the full plan with average gearing of 65% over the AMP, based on Ofwat’s WACC assumptions, and without assuming new equity. Ofwat’s PR24 final methodology initial view of WACC has been used, but UU has alluded to an independent WACC assessment that suggests a WACC c.60 basis points higher. The plan also assumes a continuation of its current dividend policy, and no outperformance or rewards. An affordability scheme worth £525m and helping more than 1 in 6 households forms part of the plan. FY24 performance in line with expectations UU also issued a trading update for FY24, indicating that current trading is in line with the group’s expectations for the period, and reiterating the technical guidance for underlying performance provided at its full year results on 25th May 2023. Presentation at 9am today UU will host webcast presentation for investors and analysts starting at 9.00am today => HERE to access.