Thames Water Organizational Structure & Org Chart

Thames Water is a regulated water company under a chain of holding companies; nine institutional shareholders sit at the top, outside its management.

Thames Water organizational chart

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Thames Water's reporting structure as of 2026-03. Drag to pan, scroll to zoom — or open it in QueryChart and edit it as your own.

Industry: Water and wastewater utility
Ownership: Private
Structure as of: 2026-03
Structure last reviewed: 2026-11-04

About the company

Thames Water Utilities Limited supplies water and wastewater services in London, the Thames Valley and surrounding areas under its licence of appointment. Its 2025/26 annual report, announced on 15 July 2026, describes a regulated company that is a wholly owned subsidiary of Thames Water Utilities Holdings Limited and part of a group owned by a consortium of institutional shareholders, mostly pension funds and sovereign wealth funds.

The group's own diagram runs from those shareholders through Kemble Water Holdings Limited, Kemble Water Eurobond plc, Kemble Water Finance Limited, Thames Water Limited and Thames Water Utilities Holdings Limited to the regulated company. Two financing companies sit below it. The chart shows the structure at 31 March 2026, the year-end of that report.

An ownership chain above a regulated water company

The dotted line from External shareholders to Kemble Water Holdings Limited is ownership of shares, not management. Nine institutions hold those shares; the report lists the largest as Ontario Municipal Employees Retirement System at 31.777% and Universities Superannuation Scheme at 19.710%. The solid lines below follow the company's group diagram, company by company. They show which company sits above which, not who reports to whom. The diagram also draws Thames Water (Kemble) Finance plc beside the chain; it is left out because the report does not say who owns it.

Position in early November 2026. On 16 October 2026 Thames Water said its Board, Ofwat and other regulators had made no decision to accept any proposal from the London & Valley Water consortium of senior creditors, and that a creditor-backed restructuring plan was still being discussed. On 30 October creditors approved consents for a proposed £2.4 billion increase in its super senior funding facility. None of these announcements reports a special administration order or a change of owner.

How this structure supports the business

A list of Thames Water's entities would not show that the company paying for the water network is separated from its owners by several layers of holding and financing companies. The tree shows where the shareholders sit, where the regulated business sits, and why a restructuring negotiated with creditors can happen without the water company's own management line changing.

Interesting facts

The 2025/26 report says no dividends to external shareholders have been paid since 2017, and that they have had no board representation since May 2024.
The regulated company is itself a holding company: Thames Water Utilities Finance plc and Thames Water Super Senior Issuer plc are its two subsidiaries.
Two shareholders, OMERS and USS, together hold just over half of the shares, according to the report's figures.

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