Dividend PolicyThe announcement of the continuation of the existing dividend policy reflects annual growth in line with CPIH, which is a de-risking event.
Earnings GuidanceInitial FY26 guidance suggests upward pressure on consensus.
Net Income ForecastA prudent scenario of returning underlying net income that is approximately 8% above consensus estimates.
Regulatory ClarityConfirmation of no CMA appeal provides valuable clarity for the next five-year regulatory period.