Slide 1: Transforming Centrica
Transforming Centrica Interim results for the period ended 30 June 2026 23 July 2026 Sizewell B nuclear power station
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Centrica shares or other securities. This presentation contains certain forward-looking statements, forecasts and projections that reflect the current intentions, belie
Slide 3: Chris O'Shea, Group Chief Executive
Chris O’Shea Group Chief Executive Severn CCGT power station 3
Slide 4: Building a fundamentally stronger, higher quality Centrica
Building a fundamentally stronger, higher quality Centrica • Progress on long-term goals despite near-term volatility • Investing to support power demand growth – Severn, Irish peakers £ 0.7bn 6.8p • Pivoting towards more stable earnings – MAP, Sizewell B & C H1 2025: £0.9bn H1 2025: 7.0p • Expandin
Slide 5: Uniquely positioned at the intersection of energy management & infrastructure
Uniquely positioned at the intersection of energy management & infrastructure Operational Excellence – Commercial Innovation – Investing for Value Infrastructure Optimisation Retail • Low-carbon baseload; leading UK • World-class optimisation partner • Gateway to Home and nuclear pipeline Business c
Slide 6: Russell O'Brien, Group Chief Financial Officer
Russell O’Brien Group Chief Financial Officer 6
Slide 7: Financial headlines
Financial headlines £ 0.7bn 6.8p 2.0p H1 2025: £0.9bn H1 2025: 7.0p H1 2025: 1.83p Adjusted EBITDA Adjusted basic EPS Interim dividend per share £ 0.7bn £ (0.6)bn £ 0.7bn H1 2025: £0.2bn H1 2025: £0.2bn FY 2025: £1.5bn Capital investment Free cash flow Adjusted net cash 7
Slide 8: Business Unit performance summary
Business Unit performance summary Optimisation £ 87m H1 2025: £93m Retail • Solid RET&O2 performance £ 346m • Recovery in Gas and Power Trading • Limited optimisation opportunities in LNG H1 2025: £338m • Favourable price effects offsetting warmer weather £ 737m in UK Home Energy Supply H1 2025: £90
Slide 9: Value over volume in Retail
Value over volume in Retail Price cap drives through the cycle • Retail EBITDA up £8m versus H1 2025 predictability • Stronger underlying operations offset transformation investment • Favourable price effects offsetting small YoY weather headwind and a UK Home energy supply EBIT margin - price cap e
Slide 10: Centrica Energy performance mixed
Centrica Energy performance mixed • Optimisation EBITDA down £6m vs H1 2025 • Improved Gas and Power Trading performance 2027 Outlook • Asset-backed and algorithmic trading performing well • Positioned for a gas glut in 2027 – now delayed • Non-fundamental volatility remains a challenge by Middle Ea
Slide 11: Transformation moving at pace
Transformation moving at pace H1 2026 transformation investment & benefits Customer service Services supply chain and Workforce 92m transformation system modernisation rationalisation £ • Data and technology focused • State of the art distribution and • ~1,300 role reduction underway Transformation
Slide 12: Resilient balance sheet enabling growth
Resilient balance sheet enabling growth Working capital outflow driven by: Period ended 30 June (£m) 2026 • Normal seasonality in Retail and absence of normal Rough Adjusted EBITDA 737 gas storage cycle • Continuing to optimise working capital management Less share of JV/associates’ EBITDA (183) Adj
Slide 13: 2026 financial outlook
2026 financial outlook 2026 capex of around £1.1bn • Retail EBITDA towards the lower end of £500m-£800m guidance range £1.1bn • Optimisation expected to deliver EBITDA of around £250m 0.4 Severn CCGT • Infrastructure EBITDA expected to be between £650m-£750m £0.7bn+ • MAP, Sizewell C and Grain LNG ~
Slide 14: Focused on value
Focused on value 01 02 03 04 05 Maximise Maintain a strong Progressive Investing Return sustainable earnings balance sheet dividend for value surplus capital 2030 EBITDA of £2.0bn; Solid investment grade Interim DPS +9% Deep organic and inorganic Balance sheet capacity doubling EPS by 2030 credit ra
Slide 15: Chris O'Shea, Group Chief Executive
Chris O’Shea Group Chief Executive 15
Slide 16: Well positioned to benefit from structural trends…
Well positioned to benefit from structural trends… Total GB Baseload and Dispatchable Capacity vs Peak Demand (GW)1 Growing electrification 100 80 60 Growing intermittency 40 20 0 Growing consumer engagement Existing Capacity New Capacity Peak Demand 1. Aurora Great Britain Market Forecasts, Centric
Slide 17: … with significant recent progress
… with significant recent progress 850MW Severn CCGT Sizewell B CFD and life extensions Sizewell C and MAP • Growing our dispatchable generation • £70.50/MWh CFD agreed for Sizewell B • £0.4bn Sizewell C investment to date capacity • Supports asset life extension from 2035 • 2.3m smart meters under
Slide 18: A transformed foundation with highly attractive future options
A transformed foundation with highly attractive future options 2023 Today The Future Largely merchant exposure Recycling capital to build a ~4GW power portfolio… Deep organic growth pipeline Merchant Nuclear Merchant AGR nuclear fleet Rough re-development Merchant Spirit Energy Regulated Sizewell B1
Slide 19: Unique proprietary platform positions Centrica Energy to drive value
Unique proprietary platform positions Centrica Energy to drive value Outcomes that compound A scalable, proprietary trading and optimisation platform Scalable approach to new markets and products Value pillars – driving value across markets for Centrica Energy, customers and the wider Group Gas and
Slide 20: A more commercial, more efficient business
A more commercial, more efficient business Maximise value from the core, Digital memberships supporting Customer service expand into new markets cross-sell transformation • ~90% of customers using digital self- • Growing share in core markets; boiler sales • 1m+ members within a year of launch serve
Slide 21: Building a stronger, higher quality Centrica
Building a stronger, higher quality Centrica • Progress on long-term goals despite near-term volatility Group EBITDA (£bn) • Investing to support power demand growth – Severn, Irish peakers ~65% • Pivoting towards more stable earnings – MAP, Sizewell B & C • Expanding long-term opportunity set – lea
Slide 22: Appendix
Appendix Whitegate CCGT power station 22
Slide 23: Group Financials
Group Financials Period ended 30 June (£m) 2026 2025 Adjusted revenue 1 10,529 11,925 Adjusted gross margin 1,703 1,731 Adjusted operating costs (1,288) (1,274) Adjusted EBITDA 2 737 900 Adjusted operating profit 3 497 549 Net finance (cost)/income (38) 26 Adjusted tax charge (incl. JV and associate
Slide 24: Revenue
Revenue Period ended 30 June (£m) 2026 2025 Retail 8,448 8,632 Optimisation 3,065 3,083 Infrastructure 829 1,235 Gross segment revenue included in business performance 12,342 12,950 Inter-segment revenue (1,813) (1,025) Total Group revenue included in business performance 10,529 11,925 24
Slide 25: Adjusted Gross Margin
Adjusted Gross Margin Period ended 30 June (£m) 2026 2025 Retail 1,364 1,315 Optimisation 192 209 Infrastructure 194 233 Colleague profit share (4) (6) MAP consolidation adjustment (43) (20) Group adjusted gross margin 1,703 1,731 25
Slide 26: Adjusted EBITDA
Adjusted EBITDA Period ended 30 June (£m) 2026 2025 Retail 346 338 Optimisation 87 93 Infrastructure 355 505 Colleague profit share (14) (16) MAP consolidation adjustment (37) (20) Adjusted EBITDA 737 900 26
Slide 27: Adjusted Operating Profit
Adjusted Operating Profit Period ended 30 June (£m) 2026 2025 Retail 281 267 Optimisation 66 73 Infrastructure 198 245 Colleague profit share (14) (16) MAP consolidation adjustment (34) (20) Adjusted operating profit 497 549 Re-measurements – Retail (Energy Supply) 650 (631) Re-measurements – Infras
Slide 28: Capital Investment and Divestments
Capital Investment and Divestments Period ended 30 June (£m) 2026 2025 Retail (18) (26) Optimisation (5) (3) Infrastructure (691) (219) MAP consolidation adjustment 1 36 20 Other (20) (16) Capital investment (698) (244) Divestments 76 - Group net investment (622) (244) 1. The MAP consolidation adjus
Slide 29: Closing Adjusted Net Cash
Closing Adjusted Net Cash Period ended 30 June (£m) 2026 2025 Period ended 30 June (£m) 2026 2025 Adjusted EBITDA 737 900 Free cash flow (570) 244 Less share of JV/associates’ EBITDA (183) (178) Net interest (20) 49 Adjusted EBITDA (excl. share of JV/associates) 554 722 Pension deficit payments (111
Slide 30: Infrastructure notes
Infrastructure notes H2 2026 2027 Volume Average Total full year estimated Volume Average hedged hedged price production / generation hedged hedged price Spirit Energy 72mmth 98p/th ~340 to 365mmth1 83mmth 86p/th Nuclear 3.2 TWh £79/MWh 6 .4 to 7.0TWh 4.1TWh £73/MWh 1. Includes ~140-150mmths relatin
Slide 31: Remain confident in long-term targets
Remain confident in long -term targets End-2028 adjusted EBITDA (£bn) 2030 adjusted EBITDA (£bn) ~£1.0bn ~£0.7bn ~£1.2bn ~£0.8bn Retail & Optimisation Infrastructure Retail & Optimisation Infrastructure 0.1 2.0 0.1 1.7 0.4 0.3 0.1 0.1 0.2 0.2 0.4 0.35 0.8 0.65 Retail Optimisation Nuclear Severn, Siz