Centrica (CNA) Trading Update summary

Strategic and operational highlights

• Achieved good strategic progress in 2024, including extending the lives of four AGR nuclear power stations.

• Delivered solid operating performance across the portfolio.

Financial performance and outlook

• 2024 full year earnings per share and adjusted operating profit expected to be in line with analyst consensus.

• 2024 capital expenditure projected at around £600 million; closing net cash expected to match consensus (£2.56 billion mean forecast).

• 2025 Infrastructure adjusted operating profit forecasted at £250–£400 million, with Centrica Energy Storage+ expected to post a £50–£100 million loss.

• Retail Energy Supply and Optimisation businesses expected to reach medium-term sustainable profit ranges in 2025.

• British Gas Services & Solutions set for further financial improvement in 2025, targeting sustainable profit by 2026.

Capital allocation and shareholder returns

• Announced a £300 million extension to the share buyback programme, totaling £1.5 billion repurchased since November 2022 (about 20% of issued share capital).

• Buyback extension to be completed by end of September 2025.