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Drax Group (DRX) investor relations material
Drax Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary31 Jul, 2025
Executive summary
Delivered strong operational and financial performance in H1 2025, with record pellet production, high renewable generation, and support for UK energy security and renewables targets.
Secured heads of terms for a low-carbon dispatchable CfD at Drax Power Station, with enabling legislation and CMA review completed; final contract negotiations ongoing.
Announced an additional £450m share buyback over three years, underpinned by working capital inflow from the end of the Renewables Obligation scheme.
Maintained disciplined capital allocation, focusing on balance sheet strength, investment in core assets, and sustainable dividend growth, with a 11.5% increase in interim dividend.
Targeting post-2027 adjusted EBITDA of £600–700m per annum from FlexGen, Pellet Production, and Biomass Generation, supporting increased free cash flow visibility through 2031.
Financial highlights
Adjusted EBITDA for H1 2025 was £460m, down from £515m in H1 2024, mainly due to lower achieved power prices.
Adjusted basic EPS was 65.6p, unchanged year-over-year, aided by a 5% reduction in shares outstanding from buybacks.
Cash generated from operations was £378m (H1 2024: £400m), with a £102m working capital outflow expected to reverse in H2.
Net debt to adjusted EBITDA at 1.1x, well below the 2x target, with £726m in available cash and committed facilities.
Interim dividend increased to 11.6p per share, with a full-year target of 29.0p per share, up 11.5% year-over-year.
Outlook and guidance
Comfortable with full-year 2025 consensus expectations, subject to continued operational performance.
Targeting post-2027 adjusted EBITDA of £600–700m per annum, excluding Options for Growth.
Expecting strong free cash flow before dividends through 2031, supported by working capital inflow and disciplined investment.
Ongoing focus on growth opportunities in FlexGen, batteries, energy solutions, and sustainable aviation fuels.
Additional £450m buyback extension subject to AGM reapproval in 2026–2028.
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Next Drax Group earnings date
H2 202526 Feb, 2026
Next Drax Group earnings date
H2 202526 Feb, 2026
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Frequently asked questions
Drax Group plc is an energy company primarily engaged in renewable power generation, energy storage, and biomass production. The company operates one of the largest power stations in the UK, transitioning from coal to sustainable biomass, which forms a significant part of its renewable energy strategy. Drax also provides energy solutions to businesses, focusing on renewable electricity, energy efficiency, and carbon reduction. In addition, the company is involved in developing carbon capture and storage technologies as part of its goal to support a low-carbon economy. The company is headquartered in Selby, England, and its shares are listed on the LSE.
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