Dŵr Cymru Welsh Water's revenue rose by £254 million to £1,169.8 million in the year to 31 March 2026, driven by a c.30% uplift in household bills at the start of the 2025-30 price control. Over the same year, total available liquidity fell from £1,271 million to £974 million.
Debt and asset base both higher
Adjusted net debt, measured on the company's CTA basis, rose 5% to £5,069 million at 31 March 2026. The regulatory capital value, the asset base on which Ofwat sets returns, reached £8,345.0 million, up from £7,723.1 million a year earlier. Regulated gearing eased to 61% from 62%.
A decade of growth
The company's revenue was £744 million in FY2016-17, so it has grown 57.2% in nine years, while the regulatory capital value rose 60.0% from £5,217 million. Gearing has stayed between 56% and 62% throughout that period.
Bills are still rising
Customers face a further increase in 2026-27: the average household bill rose 4.8%, from £652 to £683, in April 2026. Ofwat's August 2026 cost change draft determination proposed no change to the company's price controls or customer bills. The company withdrew its Standard & Poor's credit ratings on 8 May 2026, and Smart Water Magazine reported on 21 October 2026 that Ofwat had moved the company into enhanced financial monitoring.
Performance pressure
The money comes with scrutiny. Ofwat rated the company "off track" for 2025-26, its lowest category, after it met 6 of 23 performance targets, and allowed it £6.0 billion of total expenditure for 2025-30.
What the company runs, how its leakage, drinking water and pollution measures compare with regulators' targets, and which projects and decisions fall due before 2030 are set out in the full report. The full report, Utility Intelligence Profile: Dŵr Cymru Welsh Water, is available for USD 99. For a free overview, read the Dŵr Cymru Welsh Water Utility Snapshot.