2025 Preliminary Results

19 February 2026

Transforming Centrica

• 2025 earnings lower than 2024, although resilient against a challenging market backdrop.
• Strong strategic progress, including significant investments in Sizewell C and Grain LNG.
• Transformation programme ramping up, supporting future profitability.
• 2025 full year dividend per share increased by 22% to 5.5p, and £2bn share buyback completed. 
• £1.1bn returned to shareholders in 2025, including £0.8bn through share buyback - pausing programme reflecting quality of investment opportunities.
• Targeting £1.7bn EBITDA by end-2028, with growth to £2.0bn in 2030⁽ⁱ⁾  supported by transformation programme, further investment and expected nuclear life extensions that are yet to be approved.
• 2024 full year dividend per share up by 13% to 4.5p, in line with our progressive dividend policy.

(i) Adjusted EBITDA midpoint of ranges +/- £0.3bn to reflect in-year volatility. See pages 9 to 10 of results PDF for more details.

• Adjusted EBITDA of £1.4bn (2024: £2.3bn) with adjusted operating profit (AOP) of £0.8bn (2024:£1.6bn):
  • Retail adjusted EBITDA of £0.6bn (2024: £0.6bn), and AOP of £0.4bn (2024: £0.5bn) reflecting lower Home Energy Supply earnings, with negative weather and commodity curve impacts broadly offset by regulatory reconciliations and other cost phasing, alongside improved performance in Home Services. 
  • Optimisation adjusted EBITDA of £0.2bn (2024: £0.4bn), and AOP of £0.2bn (2024: £0.3bn) reflecting challenging market conditions for Gas and Power Trading.
  • Infrastructure adjusted EBITDA of £0.7bn (2024: £1.4bn), and AOP of £0.3bn (2024: £0.8bn) impacted by lower achieved prices, pausing of Rough storage activities and nuclear outages. 
• Adjusted basic EPS of 11.2p (2024: 19.0p). 
• Statutory operating profit of £0.1bn (2024: £1.7bn) includes a net loss on re-measurements of derivative energy contracts and exceptional items of £0.7bn (2024: £0.2bn profit), with £0.5bn of impairments across our late-life gas field assets and investment in Nuclear (excluding Sizewell C). After taking into account tax and interest, statutory basic EPS was a 1.5p loss (2024: 25.7p profit).
• Statutory net operating cash flow of £0.7bn (2024: £1.1bn) includes £0.1bn of margin cash and collateral inflow (2024: £0.1bn); closing 2025 margin cash posted of £0.1bn (2024: £0.1bn).
• Free cash outflow of £0.2bn (2024: £1.0bn inflow), with significant capital expenditure of £1.2bn (2024: £0.6bn) including Sizewell C, Grain LNG and strong progress in the Meter Asset Provider.
• Strong balance sheet and liquidity, with closing adjusted net cash of £1.5bn (2024: £2.9bn).
• The IAS 19 pension deficit increased to £295m (2024: £21m), largely reflecting updated assumptions following the triennial pension review, which was agreed in February 2025, partially offset by deficit contributions. On a roll-forward basis, the technical provisions deficit improved to ~£300m (2024: ~£450m), with the funding plan unchanged.
• £1.1bn cash returned to shareholders in 2025 including £0.8bn share buyback and £0.2bn dividends. 
• 2025 full year dividend per share up by 22% to 5.5p, in line with our progressive dividend policy.

Strategic Highlights 

Our strategy is to create value by building a portfolio with stable earnings and upside opportunities.

We do this by focusing on our strategic value levers - operational excellence, commercial innovation, and investing for value - with 2025 being a year of strong progress across all three areas.

Operational excellence supporting commercial innovation 

• Strong operational performance across Retail supporting record customer satisfaction (Net Promoter Scores), lower complaints, and an improved 4.4 star British Gas Trustpilot score. 
• Customer growth across all Retail businesses, including establishing new recurring revenue streams such as warranty partnerships with leading original equipment manufacturers in Home Services.
• UK Home Services EBITDA within the guidance range one year early, supported by revenue growth and a strong focus on costs.

Investing for value 

• £1.3bn capped investment in 3.2GW Sizewell C nuclear power station with a real allowed return on equity of 10.8%, generating a 12%+ IRR, and an expected Regulated Asset Base ("RAB") of £8bn by commercial operations.
• Acquisition of highly contracted Grain LNG terminal in 50% partnership with Energy Capital Partners; £0.2bn equity investment (Centrica share), with expected unlevered IRR of ~9% (equity IRR of ~14%), and further upside from long-term site development opportunities.
• Meter Asset Provider ("MAP") outperforming expectations. Fastest growing MAP in the UK, with over 1.6m meters now under management.
• Recycling capital and accelerating value delivery through the sales of most of Spirit Energy's producing assets other than Morecambe Hub, and the disposal of a number of non-core energy solutions businesses.
• Life extensions announced for Heysham 1 and Hartlepool nuclear power stations through to March 2028. Heysham 2 and Torness remain unchanged, expected to run through to March 2030.
• Partnership with X-energy established to explore deploying Advanced Modular Reactors in UK.

Further Reading