CMA Reference Deferral Update

Thames Water Utilities Limited

18 July 2025

CMA Reference Deferral Update

Thames Water Utilities Limited ("TWUL" or the "Company") announced on 14 February 2025 that it had asked its economic regulator, Ofwat, to refer its Final Determination to the Competition and Markets Authority (CMA) for a re-determination (the "Reference"). On 18 March 2025, TWUL announced that it and Ofwat had agreed that Ofwat would defer making the Reference for a period of up to 18 weeks from 18 March 2025.

TWUL asked Ofwat and Ofwat has now agreed that Ofwat will defer making the Reference for a further period until 22 October 2025.

This deferral is not a withdrawal of the request for the Reference and TWUL remains of the view that the Final Determination does not serve the interests of Thames Water's customers, communities and the environment.

TWUL, its senior creditors and Ofwat have been engaged in constructive discussions in relation to TWUL's future regulatory arrangements with the intention of unlocking a market-led solution for the recapitalisation of the Company, including through an equity raise, without the need for a CMA reference. This further deferral of the Reference will provide an opportunity for these discussions to continue in the coming weeks. TWUL remains focused on delivering a recapitalisation transaction which delivers for its customers and the environment as soon as practicable.

For further information

Investor enquiries

Fred Maroudas - Director of Corporate Finance [email protected]

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Suvra Jans - Head of Media Relations 07747 640810

[email protected]

Alex Simmons [email protected] 

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