Business Expansion - Taqa agreed to acquire GS Inima for approximately $1.2 billion [1] - The acquisition aims to expand Taqa's water business [1]

Financial Performance - The company's statutory NPAT increased by 82% to $149.1 million compared to FY24[9] - Underlying EBITA increased by 25% to $474.2 million compared to FY24[9] - The company achieved an EBITA margin of 4.4%, exceeding the management target of 4.2%[9] - The company's cash conversion was 98%, exceeding the target of >90%[9] - The company's leverage ratio improved to 0.9x net debt to EBITDA, compared to 1.3x at Dec-24[9] - The company achieved annualised gross cost out of $213 million, exceeding the upsized target of $200 million[9] Revenue and Work-in-Hand - The company's FY25 revenue was $10.6 billion[101] - The company's work-in-hand is $35.1 billion[53] Shareholder Returns - The company announced an on-market share buy-back of up to $230 million, representing approximately 5% of issued capital[8, 73, 78] - The company's total dividend increased by 46% on FY24[9, 75] - The company's final dividend is 14.1cps, 100% franked[9] Outlook - The company is targeting underlying earnings and EBITA margin improvement in FY26, with underlying revenue forecast to be flat to slightly lower than FY25 pro forma revenue[84]

UK water regulator Ofwat said CEO David Black will step down at the end of August https://t.co/T93vHBhROs ...

Financial Data and Key Metrics Changes - Second quarter sales reached $3.3 billion, growing 2% on an organic basis [6][15] - Operating EBITDA was $859 million, an increase of 8% year over year, resulting in an operating EBITDA margin of 26.4%, up 120 basis points from the prior year [6][17] - Adjusted EPS for the quarter was $1.12, up 15% year over year [6][19] Business Line Data and Key Metrics Changes - Electronics Co. net sales were $1.2 billion, up 6% year over year, driven by an 8% increase in volume [20] - Industrials Co. second quarter net sales were $2.1 billion, up 1% year over year, with 2% volume growth partially offset by a 1% decline in price [21][22] - Healthcare and Water Technologies saw high single-digit organic sales growth, while diversified industrial sales were down low single digits due to construction market softness [22][46] Market Data and Key Metrics Changes - Asia Pacific delivered 4% organic sales growth year over year, with Europe up 2% and North America up 1% [16] - The electronics market remains mixed, with growth primarily driven by AI applications, while consumer markets are still relatively weak [56][57] Company Strategy and Development Direction - The company is focused on the upcoming spin-off of Qunity Electronics, scheduled for November 1, aiming to position both entities for growth [8][10] - The new DuPont will emphasize high-growth healthcare and water markets, with plans for potential acquisitions to bolster these segments [12][71] - The company is committed to maintaining a strong cash flow and operational efficiency while navigating the separation process [8][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued strength in electronics driven by AI technology demand, while acknowledging ongoing weakness in the construction sector [7][24] - The company raised its full-year earnings guidance based on strong second-quarter performance, despite anticipated tariff impacts [23][24] - Management highlighted the importance of customer relationships and market positioning in driving future growth [71] Other Important Information - A settlement with the State of New Jersey regarding environmental claims was announced, with the company's portion amounting to $177 million on an NPV basis [8][41] - The company is actively pursuing M&A opportunities to enhance its healthcare and water portfolios [72] Q&A Session Summary Question: Insights on industrials and pricing impacts - Management clarified that the 1% price decline was primarily due to price adjustments following inflationary pressures, not specific to the healthcare or tieback sectors [30][31] Question: Comments on the recent settlement - Management expressed satisfaction with the settlement, noting that AFFF claims represented only 1% of the total settlement amount, aligning with previous estimates [39][41] Question: Growth in healthcare and water sectors - Both healthcare and water sectors experienced high single-digit growth, with expectations for continued outsized growth in the back half of the year [46][47] Question: Electronics market trends - Management noted that growth is primarily driven by AI applications, with expectations for gradual recovery in the broader electronics market [56][57] Question: Future M&A strategies - The focus remains on completing the spin-off of Qunity, while actively scouting for M&A opportunities in the healthcare and water sectors [72][73] Question: Tariff impacts and mitigation strategies - Over 90% of the tariff impact mitigation is attributed to supply chain movements, with some surcharges implemented to offset costs [132][133]

[Music] [Applause] You woke up, you went to sit on the toilet, and you thought about what kind of day you were going to have. Have you ever noticed you do that. Sitting on the toilet for the first time that day.Maybe you're thinking about a couple of meetings you have in the diary where your contribution is definitely going to change the world. You might be cooking a big roast dinner for the extended family. Maybe you're planning to stay in your pajamas and watch TV all day.I'm not going to ask you to vote ...

Core Insights - Essential Utilities reported strong second quarter 2025 results, with earnings per share (GAAP) at $0.38, exceeding the analyst estimate of $0.30, and revenue at $514.9 million, surpassing the forecast of $469.75 million, indicating robust business performance and strategic execution [1][2] Financial Performance - EPS (GAAP) increased by 35.7% year-over-year from $0.28 in Q2 2024 to $0.38 in Q2 2025 [2] - Revenue (GAAP) rose by 18.5% year-over-year from $434.4 million in Q2 2024 to $514.9 million in Q2 2025 [2] - Operating income reached $185.3 million, a 27.5% increase from $145.3 million in Q2 2024 [2] - Net income grew by 43.0% year-over-year, from $75.4 million in Q2 2024 to $107.8 million in Q2 2025 [2] Business Overview - Essential Utilities operates in regulated water, wastewater, and natural gas services across several states, including Pennsylvania, Ohio, North Carolina, and New Jersey, serving millions of customers [3] - The company focuses on two main segments: Regulated Water and Regulated Natural Gas [3] Strategic Initiatives - The company secured $92.6 million in new base water segment rate awards and $8.2 million in natural gas rate approvals as of July 31, 2025, with additional pending rate cases potentially adding $96.5 million in annual revenue [5] - Infrastructure investment is a priority, with $613 million invested in the first half of 2025 and a target of $1.4 to $1.5 billion for the full year [6] - The company plans to invest $7.8 billion from 2025 to 2029, focusing on aging infrastructure and compliance with new EPA regulations on PFAS [6] Acquisition Strategy - In July 2025, the company acquired the Beaver Falls wastewater system for $37.75 million, expanding its customer base [7] - Year-to-date acquisitions serve approximately 10,300 customers for a total purchase price of $58 million, with a pipeline representing about 400,000 potential new customers [7] Segment Performance - Regulated Water segment revenue grew by 9.9%, while the Regulated Natural Gas segment saw a 38.3% increase in revenue, driven by higher rates and surcharges [8] - Overall operating income rose by 27.5% and net income increased by 43.0% year-over-year, supported by rate increases across both segments [8] Future Outlook - Management raised its 2025 EPS guidance, now expecting it to exceed the previous range of $2.07 to $2.11, with a long-term goal of 5 to 7% compound annual EPS growth through 2027 [9] - The capital plan remains unchanged, with continued growth expected in water and gas rate bases at approximately 6% and 11% compound annual rates, respectively [9]

Farmers in a remote part of Panama are facing powerful adversaries in their fight against a new dam. The reservoir is expected to benefit global trade, and help with the country’s water-supply problem https://t.co/uEvLDDYrjz ...

For some in Britain, the overhaul of the water industry misses the point. In the view of many on the left and lots of fed-up customers, the original sin was privatisation https://t.co/dAXmvu4SaA ...

For some in Britain, the overhaul of the water industry misses the point. In the view of many on the left and lots of fed-up customers, the original sin was privatisation https://t.co/JNkMSQj99f ...

Industry Perspective - The British water industry overhaul is viewed by some as missing the point, with privatization considered the original sin by many on the left and fed-up customers [1]