Centrica.com
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Annual Report 2025

Energising a greener,
fairer future

We’re focused on providing the energy, services and solutions our customers need today, while investing in a more sustainable and secure energy future.

For over 200 years, we’ve remained at the heart of the UK energy sector, with our business now united around a single purpose – energising a greener, fairer future.

Snapshot of 2025 Results

Front Cover Image Copy

Adjusted EBITDA

-£888m

FY 2025
£1.4bn
FY 2024
£2.3bn

Adjusted operating profit

-£738m

FY 2025
£0.8bn
FY 2024
£1.6bn

Adjusted basic earnings per share

-7.8p

FY 2025
11.2p
FY 2024
19p

Capital expenditure

£663m

FY 2025
£1,227m
FY 2024
£564m

Free cash flow

-£1,156m

FY 2025
£(167)m
FY 2024
£989m

Adjusted net cash

-£1,371m

FY 2025
£1.5bn
FY 2024
£2.9bn

Centrica in numbers

Colleagues worldwide

Fan White 400Px

+

Field service engineers

Tool Blue 400

m+

Group customers

Employees 2

GW

Renewable and flexible assets under management

Leaf

>%

Of the UK’s total gas storage capacity

Gas

%

Of Ireland’s power demand

Renewables Blue 400

%

Share of the UK’s nuclear portfolio

Nuclear 2

Number of new apprentices

Usersthree (1)

Top

Ranked in The Times Top 50 Employers for Gender Equality

Icon Trophy White

Message from the

Chair

“We remain focused on delivering for our customers and colleagues, creating sustainable value for our shareholders while contributing to a fair UK energy transition”

Kevin O'Byrne

Kevin O'Byrne
Chair, Centrica

Download Chair statement

Kevin O'byrne (1)

Message from the

CEO

“I am confident that the future’s looking good for Centrica. We’ve continued to raise our game – using technology and AI to make things simpler and smoother for our customers”

Chris O’Shea

Chris O’Shea
Chief Executive, Centrica

Download CEO statement

Centrica IWP5104
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Message from the

Chief Financial Officer

“As part of our focus to drive faster and more impactful decision making, we have streamlined management structures to simplify the Group.”

Russell O’Brien

Russell O’Brien
Chief Financial Officer, Centrica

Download Chief Financial Officer statement

Centrica IWP5016

“2025 was a year of real progress for Centrica. We are building a fundamentally stronger Centrica. More resilient. More predictable. Better balanced. And ambitious about the future. ”

Chris O'Shea reflects on 2025 performance

Chris O’Shea

Chris O’Shea
Chief Executive, Centrica

Our Strategic Drivers

Our company plays an integral role in shaping a greener, more flexible and fairer energy system.

We’re adopting a simple, focused approach to capitalise on the current market trends and growth opportunities to create value for all our stakeholders.

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The energy system is undergoing a fundamental transformation, becoming more electrified, more intermittent and more decentralised, while consumers are looking for more bespoke propositions to help manage their energy needs.

Our strategy is to create value by producing, optimising and delivering the energy needed to support a secure, efficient and decarbonised energy system today and in the future.

View story

Operational Excellence

A centre of excellence

We announced the development of a new £35m state-of-the-art training academy and research laboratory in Lutterworth, Leicestershire, which will open in May 2026.

The facility will see hundreds of engineers trained each year in the skills necessary to drive the energy transition including heat pumps, EV chargers, solar panels and battery storage.

A full size ‘eco house’ will demonstrate how all of the skills and capabilities of Centrica’s workforce come together to deliver the home of the future.

Academy Training

£35m

Total investment in Centrica Energy Park

40%

Bigger than the existing Leicester academy site

Operational Excellence

Delivering for customers

Continued investment in training and systems, saw our customer satisfaction measure (Net Promoter Score - NPS) improve and complaints reduce. This included a four-point improvement in Home Energy Supply UK Touchpoint NPS to reach +33. We also saw a three-point improvement in our Home Services UK Engineer NPS which rose to +76.

Improvements like this have led to The Institute for Customer Service’s latest UK Customer Satisfaction Index ranking British Gas among the top 20 most improved organisations over the past year. Meanwhile, Uswitch has awarded British Gas most improved energy company for the second consecutive year.

In recognition that energy bills remained a real worry for customers, we prioritised ongoing support during 2025. This included ‘You Pay: We Pay’, a first-of-its-kind initiative which commits us to match debt payments from struggling customers.

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+33

Net Promotor Score, UK Home Energy Supply (2024: +29)

4.4

British Gas Trustpilot rating (2024: 4.2)

Operational Excellence

Climate focus

We published our updated Climate Transition Plan at the start of 2025 to go further and faster towards net zero, whilst increasing transparency around the steps we intend to take.

In line with best practice, we provide a full update on our Climate Transition Plan every three years. In our latest Plan, we accelerated our target to be a net zero business by 2040 (five years earlier than planned and a decade ahead of the widely accepted point at which the world must deliver net zero), and maintained our target to help our customers be net zero by 2050. We also created a new suite of climate ambitions to drive progress towards our targets – from connecting 5m devices to the Hive platform by 2030, to supplying 100% renewable or zero carbon power in the UK and Ireland by 2030.

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2040

Our net zero business target (50% reduction in greenhouse gas emissions by the end of 2032)

2050

Our net zero customer target (28% greenhouse gas intensity reduction by the end of 2030)

Commercial Innovation

Growing our customer base

We welcomed 91,000 UK customers through the Supplier of Last Resort process following the failures of Rebel Energy in April and Tomato Energy in November, with 64,000 remaining on supply at the end of the year.

32% of our UK customer base is now on a fixed price product, compared with 25% at the end of 2024. This trend is expected to continue, and we will remain focused on pricing efficiently and sustainably, with long-term customer value a top priority.

Thermostat

10

Since 2021, we’ve stepped in to protect the customers of 10 failed suppliers

91,000

Number of UK customers switched from failed suppliers in 2025

Commercial Innovation

Progressing with partnerships

Centrica’s Hive brand continues to build key partnerships, including with the innovative heat pump brand Aira.

We are building a growing network of integrations into the Hive app. With seven eco-tech brands, including Samsung, now badged ‘Works With Hive’.

British Gas has partnered with Barratt Redrow on a groundbreaking trial at the Pastures Place development which will see 10 homeowners pay no energy bills on their homes for two years in return for sharing data on the use of their home’s eco technology.

Aira Hive Landscape Square

7

The growing network of eco-tech brands that connect seamlessly to Hive

29%

Aira Heat Pump could save customers up to 29% on their heating costs

Commercial Innovation

Meter asset provider

We’ve made great progress on our in-house Meter Asset Provider (MAP) business, with over 1.6m Centrica-owned meters installed.

Starting in 2024, our initial pilot installations provided us with key learnings, allowing us to adapt quickly and refine our approach. The MAP financed a further 1.2m smart meters in 2025, maximising our strong capital deployment and installation capabilities through British Gas.

We now have over 1.6m smart meters under management, an increase of 263% from 2024, having only installed our first meter ~24 months ago.

Image Of A Smart Meter In The Foreground With A Mother And Child Sitting In The Background (1)

1.2m

Smart meters financed in 2025

263%

Year on year growth in Centrica owned meters

Investing for value

Securing supplies at Grain

In 2025, we completed the acquisition of Isle of Grain Liquefied Natural Gas (LNG) terminal, Europe’s largest regasification facility, and one of the world’s largest by storage capacity, in partnership with Energy Capital Partners.

Grain LNG delivers vital energy security for the UK, providing critical LNG import/export, regasification and rapid response gas storage capacity to balance the energy system.

The investment is a further proof point of our strategy to pivot towards stable, predictable infrastructure returns.

Isle Of Grain

£200m

Equity investment in Grain LNG

15mtpa

Capacity of Grain LNG

Investing for value

A Stake in Sizewell C

In 2025, we invested £1.3bn for a 15% stake in Sizewell C, supporting the UK’s net‑zero goals, boosting energy security and helping create thousands of skilled jobs.

With a projected 10.8% return during construction and an IRR above 12%, our stake is expected to grow to around £3bn by commercial operation. We also secured a 20‑year offtake agreement and will manage route‑to‑market services for our share of the plant’s output.

This investment reinforces our long‑term commitment to net zero and to expanding clean energy across the UK.

July 2025 CGI Images Of Sizewell C Site HD

£1.3bn

Centrica investment for 15% stake in Sizewell C

60+

Years of clean, reliable power produced at Sizewell C

Investing for value

The Irish Expansion

Our 445MW combined cycle gas turbine (CCGT) Whitegate power station in Cork, Ireland, saw strong performance in the year, with high levels of availability allowing the asset to capture value.

In January 2025 we secured a 10-year capacity market contract of €56m p.a., to be fulfilled through a 334MW Open Cycle Gas Turbine (OCGT) in Galway.  Planning is currently underway for the project with FID expected to be taken in early 2027.

Our two 100MW flexible natural gas peaking plants in Athlone and Dublin experienced delays relating to gas and grid connections, with commissioning now expected to be complete by around the middle of 2026.

These plants, with a total investment of around €380m, will help deliver security of supply while facilitating Ireland’s transition to renewable energy.

Whitegate Power

€380m

Total investment in Irish peaking plants

334MW

Capacity of the planned Galway OCGT

Our Businesses

Centrica is an integrated energy company, comprising a balanced portfolio of leading businesses in energy retail, optimisation and infrastructure. 

Each of our businesses complements, de-risks and adds value to one another.

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Retail

We provide a leading customer experience for energy supply and services across the UK and Ireland, helping customers to decarbonise through reliable, affordable and innovative offerings.

Retail

Retail consists of our leading brands serving customers across the UK and Ireland in Home and Business, including British Gas, Bord Gáis Energy and Hive.

Across Retail, we have continued  to build on the strong 2024 operational performance across Retail. Complaints fell across all businesses, while NPS increased, including a record high in UK Home Energy Supply of 33, supported by the completion of customer migration onto our more flexible Ignition platform.

We are progressing the migration of our SME business customers onto Ignition, with 44% now migrated, while we continue to review plans for our Irish customers. Once completed we expect this will help unlock further operational and financial efficiencies across the Retail portfolio.

Our retail businesses

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Adjusted Operating Profit

£424m

2024: £458m

-£34m

Home Energy Supply UK Touchpoint NPS

+33

2024: +29

+4

Adjusted Operating Profit

£424m

2024: £458m

Home Energy Supply UK Touchpoint NPS

+33

2024: +29

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Logos–Retail 4

Optimisation

We move energy from source to use, connecting producers and suppliers with offtakers, while continuing to support the flexibility required for the future energy system.

Optimisation

Centrica Energy, which now includes the optimisation activity previously reported within Bord Gáis, continues to build its diverse portfolio of contracted physical positions, while leveraging its risk management and optimisation capabilities to add further value across the Group.

In our Renewable Energy and Trading Optimisation ("RETO") business, managed renewable and flexible capacity increased 17% to 19.5GW across the Nordics, Central and Southern Europe, the Baltics, and the UK.

Our LNG business continued to perform well in 2025, proactively hedging our Sabine Pass offtake while continuing to expand the global portfolio.

Our optimisation businesses

Centrica Cph 010525 01 03040

Adjusted Operating Profit

£155m

2024: £339m

-£184m

Renewable and flexible capacity under management

19.5GW

2024: 16.7GW

2.8GW

Adjusted Operating Profit

£155m

2024: £339m

Renewable and flexible capacity under management

19.5GW

2024: 16.7GW

Centrica Cph 010525 01 03040
Logos–Optimisation 1

Infrastructure

We are investing to build a low carbon, reliable energy system from upstream generation and storage assets to smart technology enabling flexibility for downstream customers.

Infrastructure

Infrastructure consists of our Power, Gas and Customer Asset businesses. This includes our investments in the UK's current operational nuclear fleet and Sizewell C, our Irish power assets and other flexible and renewable assets, alongside our 69% ownership in Spirit Energy, Centrica Energy Storage+ which is the operator of Rough, our 50% ownership of Grain LNG and our Meter Asset Provider.

Total Infrastructure adjusted EBITDA fell to £728m with adjusted operating profit of £314m (2024: £1,357m and £799m respectively), reflecting lower commodity prices and the pausing of storage operations, as well as outages in gas and power assets.

Our infrastructure businesses

Spirit Energy 9

Adjusted Operating Profit

£314m

2024: £799m

-£485m

Capital Expenditure

£1,134m

2024: £388m

£746

Adjusted Operating Profit

£314m

2024: £799m

Capital Expenditure

£1,134m

2024: £388m

Spirit Energy 9
Logos–Infrastructure 4

People and Planet

Supporting communities, our planet and each other.

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Launched in 2021, our People & Planet Plan consists of five Group-wide goals that support the United Nations Sustainable Development Goals and accelerate action on issues that matter deeply to our business and society – from achieving net zero and creating the diverse and inclusive team we need to get there, to making a big difference in our local communities.

People

Planet

By 2030, we want to: Create an engaged team that reflects the full diversity of the communities we serve

2030 Goal (1)
All company and senior leaders

2025 Progress
All company (2)

2025 Progress
Senior leaders (2)

Women

2030 Goal All company and senior leaders

48%

2025 Progress All company

30%

Behind

2025 Progress Senior leaders

34%

Behind

Women

Excluding field engineers

2030 Goal All company and senior leaders

2025 Progress All company

43%

2025 Progress Senior leaders

34%

Ethnically diverse

2030 Goal All company and senior leaders

18%

2025 Progress All company

16%

On track

2025 Progress Senior leaders

10%

Behind

Disability

2030 Goal All company and senior leaders

20%

2025 Progress All company

6%

Behind

2025 Progress Senior leaders

6%

Behind

LGBTQ+

2030 Goal All company and senior leaders

3%

2025 Progress All company

4%

On track

2025 Progress Senior leaders

2%

Behind

Ex-service

2030 Goal All company and senior leaders

4%

2025 Progress All company

2%

Behind

2025 Progress Senior leaders

3%

On track

View our inclusion goal

(1) Aligns with latest 2021 Census data for working populations.We aim to be 40% women, 16% ethnically diverse, 10% disability, 3% LGBTQ+ and 3% ex-service by the end of 2025.

(2) Beyond gender, data is based on voluntary disclosure of 94% ethnically diverse, 53% disability, 61% LGBTQ+ and 4% ex-service. All company relates to everyone who works for Centrica. Senior leaders include colleagues above general management and spans senior leaders, the Centrica Leadership Team and the Board.

By 2030, we want to recruit 3,500 apprentices and provide career development opportunities for under-represented groups

2,000 apprentices by the end of 2025 (1)

2030 Goal

3,500

2025 Progress

1,947

Apprentices

Behind

View apprentice goal

(1) Base year 2021
Apprentices

By 2030, we want to give 100,000 days to build inclusive communities

35,000 days by the end of 2025(1)

2030 Goal

100,000

2025 Progress

42,104

Days

On track

View communities goal

(1) Base year 2019.
Winter Fund Linkedin

By 2050, we want to help our customers be net zero

28% GHG intensity reduction by end of 2030(1)

2050 Goal

Net zero

2025 Progress

18%

Reduction

On track

View customer goal

(1) Net zero goal measures the greenhouse gas (GHG) intensity of our customers’ energy use including electricity and gas with a 2019 base year of 182gCO2e/kWh. Target is normalised to reflect acquisitions and divestments in line with changes in Group customer base. It’s also aligned to the Paris Agreement and based on science to limit global warming, corresponding to a well below 2°C pathway initially and 1.5°C by mid-century.
Net Zero Customers

By 2040, we want to be a net zero business

50% GHG reduction by the end of 2032(1)

2040 Goal

Net zero

2025 Progress

25%†

Reduction

On track

View business goal

† Included in DNV’s independent limited assurance report. See page centrica.com/assurance for more.

(1) The net zero goal measures Scope 1 (direct) and 2 (indirect) GHG emissions based on operator boundary. Comprises emissions from all operated assets and activities including the shipping of Liquefied Natural Gas (LNG) alongside the retained Spirit Energy assets in the UK and the Netherlands. Non-operated nuclear emissions are excluded. Target is normalised to reflect acquisitions and divestments in line with changes in Group structure against a 2019 base year of 2,120,446tCO2e. It’s also aligned to the Paris Agreement and based on science to limit global warming, corresponding to a well below 2°C pathway initially and 1.5°C by 2040.
Net Zero Business

Downloads

Download full Annual Report and Accounts 2025 (6.3mb)

Further reading

CENTRICA LONDON 23 WIS03623

Our Businesses

Our businesses make us uniquely integrated across the UK energy industry. Distinct, but complementary, they all share the same goal and purpose – energising a greener, fairer future. 

Our Businesses

COS 1 (Resized, Q6)

Our Strategy

Our strategy is driven by our Purpose, and our enduring values underpin how we operate. We are a uniquely integrated energy company. When it comes to energy we make it, store it, move it, sell it and mend it.

Our Strategy and Business Model

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Centrica as an investment

We are underpinning Centrica for the future, delivering sustainable earnings from our core businesses, investing for longer-term value and growth, and delivering attractive shareholder returns.

Centrica as an Investment