Centrica (CNA) H1 2025 earnings summary

Executive summary

• Delivered resilient H1 2025 performance amid challenging market conditions, with organic customer growth, improved satisfaction, and ongoing transformation to a leaner, more agile organisation.

• Progressed major investments, including £1.3bn in Sizewell C nuclear project, and committed to a £2.5bn–£4bn investment programme to 2028.

• Interim dividend increased by 22% to 1.83p, with a £2bn share buyback ongoing and £0.5bn returned to shareholders in H1 2025.

• Maintained a strong balance sheet with £2.5bn net cash and robust credit metrics.

• Group profitability expected to be weighted to H1, with continued focus on operational excellence, commercial innovation, and value-driven investment.

Financial highlights

• Adjusted EBITDA for H1 2025 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); statutory basic EPS loss of 5.1p (H1 2024: 25.1p profit).

• Free cash flow £244m (H1 2024: £816m); closing adjusted net cash £2,491m (FY 2024: £2,858m).

• Interim dividend per share increased to 1.83p (H1 2024: 1.50p); £0.5bn returned to shareholders in H1 2025.

• Statutory operating loss of £69m (H1 2024: £1,677m profit) due to £618m net loss on derivative re-measurements and asset impairments.

Outlook and guidance

• 2025 outlook unchanged: all Retail and Optimisation businesses expected within medium-term profit ranges; Centrica Energy expected at bottom of range, assuming market normalisation.

• British Gas Services & Solutions to deliver improved results, targeting AOP range by 2026.

• Group profitability expected to be weighted to H1; £1.6bn end-2028 EBITDA run-rate underpinned.

• Energy Storage+ loss expected at higher end of £50m–£100m range.

• Uncertainties remain around weather, commodity prices, and regulatory changes.