Centrica (CNA) H1 2026 earnings summary

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.