Centrica
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Centrica (CNA) investor relations material

Centrica H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary23 Jul, 2026

Executive summary

  • Delivered solid financial results in a volatile market, progressing on long-term goals with a strategic pivot toward more stable, contracted earnings and investments in MAP, Sizewell B & C.

  • Transformation program drove strong operational performance, record retail customer satisfaction, and targeted efficiency, with £92m invested in H1.

  • Group EBITDA target of £2bn and aim to double EPS by 2030 remain unchanged.

  • Facing headwinds from Middle East conflict, bad debt challenges, and slower delivery in some areas.

Financial highlights

  • Adjusted EBITDA for H1 2026 was £737m, down from £900m in H1 2025.

  • Adjusted EPS was 6.8p; excluding transformation investment, EPS would have grown 8% YoY.

  • Free cash outflow was £570m, with closing net cash position of £709m.

  • Interim dividend raised by 9% to 2.0p per share.

  • Capital investment rose to £698m in H1 2026, mainly in Infrastructure and MAP.

Outlook and guidance

  • Full-year 2026 expectations largely unchanged; group earnings expected to be weighted to the first half.

  • Retail EBITDA expected at lower end of £500m–£800m range; Optimisation at ~£250m; Infrastructure at £650m–£750m.

  • Capital investment for 2026 projected at ~£1.1bn.

  • Transformation program targets £2bn EBITDA and doubling EPS by 2030.

Retail bad debt mitigation and regulatory goals
Capital allocation with £0.7bn adjusted net cash
Sizewell B CfD and Infrastructure earnings pivot
Regulatory strategy for retail bad debt recovery
Drivers for muted 2027 optimization EBITDA
Risks of delayed decision on Rough redevelopment
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H2 202618 Feb, 2027
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