Annual Financial Report

Summary by AI ^BETAClose X

Bazalgette Finance plc has published its Annual Report and Financial Statements for the year ended 31 March 2026, detailing significant progress for the Thames Tideway Tunnel. The 25km tunnel system, now operating at full capacity since August 2024, has intercepted over 20 million tonnes of storm sewage, protecting the River Thames. The cost to Thames Water bill-payers remains within the initial £20-£25 range, and the project has created 13 new public spaces and habitats. The report marks a transition from construction to long-term operation under new CEO Matt Parr.

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Bazalgette Finance PLC

11 June 2026

Bazalgette Finance plc

PUBLICATION OF ANNUAL REPORT

Publication of Annual Report and Financial Statements for year ended 31 March 2026

Bazalgette Finance plc announces that the Annual Report and Financial Statements for the year ended 31 March 2026 for Bazalgette Finance Plc, Bazalgette Holdings Limited and Bazalgette Tunnel Limited have been published.

Copies of the accounts have also been submitted to the National Storage Mechanism and are available for inspection at:

http://www.rns-pdf.londonstockexchange.com/rns/8489H_1-2026-6-10.pdf

http://www.rns-pdf.londonstockexchange.com/rns/8489H_2-2026-6-10.pdf

http://www.rns-pdf.londonstockexchange.com/rns/8489H_3-2026-6-10.pdf

Bazalgette Tunnel Limited (trading as Tideway), the company behind London's super sewer, has published its latest Annual Report and Accounts, marking a significant year in which the Thames Tideway Tunnel began operating at full capacity and continued protecting the River Thames from sewage pollution.

Since the first connection was made in August 2024, the 25km tunnel system has intercepted more than 20 million tonnes of storm sewage that would otherwise have entered the river.

The report confirms that the cost to Thames Water bill-payers remains within the £20-£25 range outlined at the outset of the project (2014/15 prices).

The report also highlights the scale of the programme's wider legacy, including the creation of 13 new public spaces along the River Thames and new areas of habitat.

The report is the first introduced by Tideway's new Chief Executive Officer, Matt Parr, who succeeded Andy Mitchell in May 2026 following more than a decade leading the project.

Michael Queen, Tideway Chair, said: "The Thames Tideway Tunnel project has reached a hugely significant milestone, with the system now operating at full capacity and already preventing millions of tonnes of sewage from entering the River Thames.

"These achievements reflect the work of thousands of people who have contributed to delivering a complex, nationally significant project largely on time and on budget."

Matt Parr, Chief Executive Officer of Tideway, said: "We are proud of what has been achieved so far - not only in helping protect the Thames from sewage pollution, but in the wider legacy created through skills, public spaces, environmental improvements and investment across London.

"This year represents an important transition point for Tideway, as we move from construction to long-term operation. Our focus remains on safely completing the remaining work, ensuring the tunnel performs reliably, and on continuing to protect the River Thames for generations to come."

For further information, please contact:

investor.relations@tideway.london

press@tideway.london

Taylor Geall

07813 450 682

Bazalgette Finance plc
Part Level 7, Riverside House,
2A Southwark Bridge Road,
London,
SE1 9HA

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