Centrica
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Centrica (CNA) investor relations material

Centrica H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved significant progress in 2025, focusing on building a stronger, higher-quality business with disciplined capital allocation and transformation initiatives.

  • Operations remained strong in 2025, delivering resilient results despite external headwinds and market challenges.

  • Dividend increased by 22% to 5.5p, with a £2bn share buyback completed, reducing shares outstanding by 25% at an average price of 136p.

  • Significant progress in investment programme, focusing on regulated and contracted earnings and recycling capital from non-core assets.

  • Transformation program delivered £100m net benefit in 2025, with a target to remove £500m from the cost base by 2030.

Financial highlights

  • Adjusted EBITDA for 2025 was £1.4bn; adjusted EPS just over 11p.

  • Operating cash flow exceeded £900m; free cash outflow of £200m after doubling investment to £1.2bn.

  • Returned over £1bn to shareholders via dividends and buybacks; adjusted net cash closed at £1.5bn.

  • Retail and Optimization delivered nearly £800m of EBITDA, with retail at £574m (flat year-on-year).

  • Infrastructure EBITDA was £728m, lower due to asset sales, realized prices, and Q4 outages.

Outlook and guidance

  • Expect to invest at least £700m in 2026, mainly in portfolio-strengthening assets.

  • Targeting £1.7bn EBITDA by end-2028 and £2bn by 2030, with EPS expected to more than double over five years.

  • 2026 guidance: Retail EBITDA £500m–£800m, Optimization ~£250m, Infrastructure £500m–£650m.

  • Ongoing transformation program underpins top-line growth and cost efficiency, aiming for a flat nominal cost base by 2030.

  • Net interest expense projected at ~£100m; structural reduction in effective tax rate anticipated.

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Frequently asked questions

Centrica plc is a British multinational energy services and solutions company, primarily focused on the supply of electricity and natural gas to residential and commercial customers. It operates through several divisions, including energy supply, energy services, and energy trading. The company serves a range of sectors, offering energy efficiency solutions, maintenance, and repair services, as well as supporting the transition to cleaner energy through renewable energy initiatives. Centrica also provides power and gas trading, optimizing energy management for large-scale industrial clients. The company is headquartered in Windsor, England, and its shares are listed on the LSE.

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