Thames Water - comment

Very impressive. Price rises bite faster than expected, raising H126 organic revenue (before Tunnel recognition) by 35% YoY, while expenses are approx. 7% better than modelled, and there were no further expenses related to any wastewater investigation by Ofwat. Together, this puts EBITDA at a whopping €1,225m - well above the annual rate so far. We will review our model on that basis. Receivables indicate that the Tunnel proceeds have not yet been collected, and CapEx was on target. All else is running smoothly.