2026 Interim Results

23 July 2026

Building a stronger, higher quality Centrica

• Solid H1 performance with EBITDA of £737m and EPS of 6.8p; YoY decline driven predominantly by Spirit Energy asset disposals and production outages.

• Progress building our regulated and contracted Infrastructure portfolio with Severn CCGT acquisition, ongoing ramp-up in the Meter Asset Provider, Sizewell B CfD and nuclear life extensions.

• Transformation programme ramping up, with investment of £92m in H1.

• Interim dividend increased by 9% to 2.0p.

• Long-term targets unchanged - £2.0bn adjusted EBITDA and doubling(i) EPS by 2030.

(i) Versus 2025.

• Adjusted EBITDA of £0.7bn (H1 2025: £0.9bn) and AOP of £0.5bn (H1 2025: £0.5bn), with:

  • Retail adjusted EBITDA of £0.3bn (H1 2025: £0.3bn) reflecting improved commercial performance and favourable price effects partially offset by higher bad debt and transformation investment in Home, and a more normalised Business result.

  • Optimisation adjusted EBITDA of £0.1bn (H1 2025: £0.1bn) reflecting improved Gas and Power Trading performance, offset by limited optimisation opportunities and phasing of revenue in LNG.

  • Infrastructure adjusted EBITDA of £0.4bn (H1 2025: £0.5bn) reflecting the impact of Spirit Energy disposals and outages, and lower realised prices in Nuclear, partly offset by Rough indigenous gas sales, and growing profits from rateable assets.

• Net finance cost of £38m (H1 2025: £26m income) due to lower interest income on cash balances.

• Adjusted basic EPS of 6.8p (H1 2025: 7.0p); interim dividend per share of 2.0p (H1 2025: 1.83p).

• Statutory operating profit of £0.7bn (H1 2025: £0.1bn loss) including £0.2bn (H1 2025: £0.6bn loss) from a net gain on re-measurements of derivative energy contracts and reversal of impairments. Statutory basic EPS of 11.7p profit (H1 2025: 5.1p loss).

• Free cash outflow of £0.6bn (H1 2025: £0.2bn inflow), with capital investment of £0.7bn (H1 2025: £0.2bn), including the acquisition of the Severn Combined Cycle Gas Turbine ("CCGT") and strong capital deployment in the Meter Asset Provider ("MAP").

• Statutory net operating cashflow of £27m (H1 2025: £294m) including £126m of margin cash and collateral inflow (H1 2025: £22m outflow), with total margin cash held of £62m (H1 2025: £61m posted) at 30 June.

• Closing adjusted net cash of £0.7bn (FY 2025: £1.5bn).

Strategic highlights

We delivered further strategic progress during the first half of 2026. By building a portfolio with more stable earnings and focusing on our strategic value levers - operational excellence, commercial innovation and investing for value - further supported by ongoing ramp-up of our transformation programme, we are creating a fundamentally stronger, higher quality Centrica.

Operational excellence supporting commercial innovation and greater efficiency

•  Focus on driving commercial innovation across Retail;

  • Progressing new sales channels, including the digital first British Gas membership scheme, launched in May 2025, now with 1m+ members and 15% conversion to paid products.

  • Focus on value creation from profitable customers; average fixed price margin per UK energy customer up 10% compared to the end of the year, against a slight fall in Retail customers.

• Strong customer satisfaction (Net Promoter Scores ("NPS")) and lower complaints per customer across Retail, supporting an "Excellent" 4.4 star British Gas Trustpilot score (H1 2025: 4.3 stars), and lower inbound customer contact.

  Transformation programme and changing customer behaviour supporting more efficient operations.

  • c.1,300 proposed role reductions underway; c.14% reduction in customer operations workforce.

  • 3% reduction in operating costs excluding bad debt and depreciation.

Investing for value

• Acquisition of the 850MW Severn CCGT for net consideration of £367m completed, adding further large-scale dispatchable power generation to our portfolio, underpinned by contracted capacity market revenues.

• Strong progress in our MAP, with 728k meters installed in H1 2026 (capital investment £133m) and 2.3m meters under management at the end of the period, generating run-rate EBITDA of c.£60m per annum; unrivalled installation pipeline locks in predictable long term growth.

• Sizewell B life extension to 2055 announced in July 2026, supported by a £70.50/MWh Contract for Difference ("CfD") starting in 2035, further pivoting our infrastructure portfolio towards long-term predictable earnings.

• Life extensions were confirmed in July 2026 for the Heysham 1 and Hartlepool nuclear stations from March 2028 to March 2030.

• Rateable Infrastructure portfolio (MAP, Grain LNG and Sizewell C) adjusted EBITDA of £88m in H1 2026. On-track for around £175m for the full year.

• Progressing long-term options including X-energy advanced modular reactors, behind the meter solutions, including potential data centre opportunities, and Morecambe Net Zero.

Further Reading