Centrica (CNA) Trading Update summary

Trading performance and outlook

• Performance year-to-date aligns with expectations amid a normalized external environment.

• All Retail Supply and Optimisation businesses are set to reach medium-term sustainable adjusted operating profit ranges in 2024, two years ahead of plan.

• British Gas Services & Solutions is on track for improved financial results, supported by strong operational performance.

• Infrastructure businesses' first half is supported by hedging, while the second half faces lower commodity prices and reduced gas price spreads and volatility.

• Full-year adjusted earnings per share are expected to be in line with consensus, with profitability heavily weighted to the first half.

Financial guidance and consensus

• 2024 full-year adjusted earnings per share consensus is 18.3p, within a range of 15.8p to 21.0p from 14 analyst forecasts.

• Usual uncertainties remain for the rest of the year, including weather, commodity prices, and regulatory factors.

Capital structure and financing

• Recent refinancing of a hybrid bond and a new liability management exercise aim to optimize balance sheet efficiency.