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North America Roadshow – Dec 2020 Disclaimer Half Year Results 2020/21 North America Roadshow – Dec 2020 Disclaimer For the purposes of the following disclaimers, references to looking statements include, among other things, changes in This document is not an offer to sell, exchange or transfer this “document” shall mean this presentation pack and shall Government policy; regulatory and legal reform; compliance any securities of Pennon Group or any of its subsidiaries be deemed to include references to the related speeches with laws and regulations; maintaining sufficient finance and and is not soliciting an offer to purchase, exchange or made by or to be made by the presenters, any questions funding to meet ongoing commitments; non-compliance or transfer such securities in any jurisdiction. and answers in relation thereto and any other related verbal occurrence of avoidable health and safety incidents; tax Without prejudice to the above, whilst Pennon Group or written communications. compliance and contribution; failure to pay all pension accepts liability to the extent required by the Listing Rules, obligations as they fall due and increased costs to the This document contains certain “forward-looking the Disclosure Rules and the Transparency Rules of the UK Group should the defined benefit pension scheme deficit statements” with respect to Pennon Group’s financial Listing Authority for any information contained within this increase; non-recovery of customer debt; poor operating condition, results of operations and business and certain of document which the Company makes publicly available as performance due to extreme weather or climate change; Pennon Group's plans and objectives with respect to these required by such Rules: macro-economic risks impacting commodity and power matters which may constitute “forward-looking statements” prices and other matters; poor customer service and/or a) neither Pennon Group nor any other member of Pennon within the meaning of the U.S. Private Securities Litigation increased competition leading to loss of customer base; Group or persons acting on their behalf shall otherwise Reform Act of 1995 (the “PSLRA”). business interruption or significant operational have any liability whatsoever for loss howsoever arising, Forward-looking statements are sometimes, but not always, failure/incidents; difficulty in recruitment, retention and directly or indirectly, from use of the information contained identified by their use of a date in the future or such words development of skills; non-delivery of regulatory outcomes within this document; as “anticipate”, “aim”, “believe”, “continue”, “could”, “due”, and performance commitments; failure or increased cost of b) neither Pennon Group nor any other member of Pennon "estimate“, “expect”, “forecast”, “goal”, “intend”, “probably”, capital projects/exposure to contract failures; failure of Group or persons acting on their behalf makes any "may", “plan", “project”, “seek”, “should”, “target”, “will” and information technology systems, management and representation or warranty, express or implied, as to the related and similar expressions, as well as statements in the protection, including cyber risks; and all risks described in accuracy or completeness of the information contained future tense. the Pennon Group Annual Report published in July 2020. within this document; and Forward looking statements should therefore be construed By their very nature forward-looking statements are in light of such risks, uncertainties and other factors and c) no reliance may be placed upon the information inherently unpredictable, speculative and involve risk and undue reliance should not be placed on them. Nothing in contained within this document to the extent that such uncertainty because they relate to events and depend on this document should be construed as a profit forecast. information is subsequently updated by or on behalf of circumstances that will or will not occur in the future. Pennon Group. Various known and unknown risks, uncertainties and other All written or verbal forward-looking statements, made in factors could lead to substantial differences between the this document or made subsequently, which are attributable Past performance of securities of Pennon Group cannot be actual future results, financial situation, development or to Pennon Group or any other member of the Pennon relied upon as a guide to the future performance of any performance of the Group and the estimates and historical Group or persons acting on their behalf are expressly securities of Pennon Group. results given herein. Important risks, uncertainties and other qualified in their entirety by the factors referred to above. factors that could cause actual results, performance or Pennon Group may or may not update these forward- achievements of Pennon Group to differ materially from any looking statements. outcomes or results expressed or implied by such forward © Pennon Group plc 2020 2 Pennon Bringing water to life Pennon has been driven by its strategic vision to become a leader in UK infrastructure, delivering for the benefit of customers, communities and the environment 2020 has been a landmark year for Pennon, culminating in the completion of the sale of Viridor on 8 July for an enterprise value of £4.2 billion Pennon continues to pursue operational excellence and growth within the UK water industry Water & Wastewater Water Retail Regulatory ring-fence Water and wastewater services to B2B water retailer a population of c.2.2 million • PWS is our growing B2B water retailer • Serves Cornwall, Devon, parts of Dorset, currently serving >160,000 customers Somerset, Hampshire and Wiltshire nationwide • Awarded ‘fast-track’ status by Ofwat for • c.13,000 new accounts won since market 2020-25 Business Plan – only company to opening achieve successive fast-track status • Well positioned for the future • Potential to double base returns(1) in K7 (2020-25) © Pennon Group plc 2020 (1) Based on Ofwat’s Final Determination Assessment for South West Water 3 Pennon Industry regulation Market Regulation – overview • As a provider of water and wastewater services, South West Water operates within a framework which contains a variety of regulators • Regulation on price and performance by economic, quality and environmental factors - this regulatory framework is designed to safeguard the best interests of customers and the environment • Defra set the overall water and sewerage policy framework in England, other regulators focus on specific economic, environmental, customer and drinking water quality aspects Ofwat – water sector economic regulator – legal obligations • Ensure companies properly carry out their functions • Ensure companies can finance their functions • Protect the interest of consumers, wherever appropriate, by promoting effective competition • Ensure the long-term resilience of water and sewerage systems • Promote economy and efficiency • Contribute to the achievement of sustainable development © Pennon Group plc 2020 Pennon 2020-25 Business Plan Ofwat’s Final Determination for South West Water Minimal changes to South West Water’s 2020-25 Business Plan Totex allowance of c.£2 billion – in line with South West Water’s fast-track Draft Determination An innovative sharing mechanism – WaterShare+ A K7 capital investment programme of c.£1 billion Appointee cost of capital for the industry of 2.96% (CPIH), 1.96% (RPI) As a fast-track company, South West Water received a 10 basis point uplift to our base Return on Regulated Equity © Pennon Group plc 2020 5 Pennon Total shareholder return – consistently outperforming the market since privatisation © Pennon Group plc 2020 Note: Share price as at 3 December 2020 6 Susan Davy Group Chief Executive © Pennon Group plc 2020 7 Pennon New Vision and Purpose Bringing water to life – supporting the lives of people and the places they love for generations to come Reshaping the Group – focused on UK water • Disciplined approach to assessing potential opportunities Trusted A new deal for our customers, the environment and our employees Collaborative Living our core values, operating in the public interest Sustainable future • Net Zero by 2030 Responsible • Eliminating water poverty by 2025 • Social mobility pledge signatory • Green recovery – Building Back Better Progressive © Pennon Group plc 2020 8 Pennon A strong performance base – delivering on our plans WaterShare RORE(1) 8.0% – Doubling base returns Outcome Delivery Incentives Totex Financing £34million 80% outperformance 2.5% on track/ahead efficiency momentum effective interest rate – of target continuing locked in efficiency Creating value for shareholders and customers Sale of Viridor WaterShare+ Dividend policy Pioneering scheme sharing £1.7billion £20million Sector leading – profit on sale with customersahead of planCPIH +2% © Pennon Group plc 2020 (1) WaterShare RORE financing outperformance is based on the outturn effective interest rate, translated into an effective real interest rate using cumulative K7 forecast blended inflation 9 Paul Boote Group Finance Director © Pennon Group plc 2020 10 Pennon H1 2020/21 results in line with management expectations Group statutory £4.2 billion Viridor sale completed 8 July – Profit After Tax £1.7 billion profit on disposal £1,770.4m Resilient financial results following K7 reset Continuing Group PBT (underlying) • COVID-19 financial impact broadly in line with initial expectations £86.7m 90 basis point reduction in South West South West Water Effective Water’s effective interest rate Interest
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