Interim results for the period ended 30 June 2026

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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.

“Our journey to create a higher quality, more valuable Centrica continued during the first half of 2026. Our operational foundations are strong, commercial performance is improving, and we continue to progress our transformation programme as we drive efficiency through the organisation.

Volatility across energy markets has created challenges in some parts of our business, and some of our delivery has been slower than we would like. However, we have continued to invest with discipline to strengthen our portfolio and support long-term growth, making progress pivoting the Group towards more stable and predictable earnings. There is still much more to do, and by remaining nimble and bold, we can deliver our ambitious long-term targets.”

Chris O’Shea | Group Chief Executive

Solid financial performance

Six months ended 30 June 

• 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.

2026 Outlook

For 2026, subject to the usual uncertainties, we currently expect:

• Retail to be towards the lower end of £500m-£800m adjusted EBITDA guidance range.

• Optimisation to deliver adjusted EBITDA of around £250m.

• Infrastructure to generate adjusted EBITDA of £650m-£750m.

• MAP, Sizewell C and Grain LNG contribution to be around £175m adjusted EBITDA.

• Net interest expense to be around £100m.

• Group earnings to be weighted to the first half of the year.

• Capital investment to be around £1.1bn.

A wide range of outcomes is possible for Centrica Energy in 2027, and our planning assumptions at this stage reflect our expected views on market volatility as well as measures taken to reduce some of our exposures. We therefore expect Centrica Energy EBITDA in 2027 to be around the levels delivered in 2025 and our 2026 guidance. This will be kept under review and updated as appropriate. There is no change to the £300-400m medium-term EBITDA guidance range for Centrica Energy which underpins the end-2028 and 2030 Group EBITDA targets.