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Centrica (CNA) investor relations material
Centrica H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered resilient H1 2025 performance amid challenging market and external headwinds, with organic customer growth and ongoing transformation to a leaner, more agile organisation.
Strategic focus on operational improvements, commercial innovation, and value-driven investment, supported by technology, cloud migration, and AI.
Major step forward with £1.3bn investment in Sizewell C nuclear project, enhancing long-term energy security and regulated earnings.
Interim dividend up 22% to 1.83p per share, with £2bn share buyback ongoing and £0.5bn returned to shareholders in H1 2025.
Maintained a strong balance sheet with £2.5bn net cash and a £4bn investment programme underway.
Financial highlights
Adjusted EBITDA was £900m (H1 2024: £1,437m); adjusted operating profit £549m (H1 2024: £1,035m); group revenue down 10% to £11,925m.
Adjusted basic EPS 7.0p (H1 2024: 12.8p); free cash flow £244m (H1 2024: £816m); adjusted net cash £2,491m.
Interim dividend per share increased to 1.83p; full-year target 5.5p.
Share buyback programme ongoing, with £450m–£454m remaining out of £2bn.
Statutory operating loss of £69m due to £618m net loss on derivative re-measurements and impairments.
Outlook and guidance
2025 outlook unchanged: all Retail and Optimisation businesses expected within medium-term profit ranges.
British Gas Services & Solutions to further improve results, targeting AOP range by 2026.
Centrica Energy expected at bottom of range, assuming market normalisation; Energy Storage+ loss at higher end of £50m–£100m.
Group profitability expected to be weighted to the first half; 2028 EBITDA run-rate underpinned at £1.6bn–£1.9bn.
Uncertainties remain around weather, commodity prices, and regulatory changes.
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