Slide 1: Interim results for the period ended 30 June 2025
Interim results for the period ended 30 June 2025 24 July 2025
Slide 2: Disclaimer and forward-looking statements
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, beliefs or expec
Slide 3: Chris O'Shea, Group Chief Executive
Chris O’Shea Group Chief Executive 3
Slide 4: Resilient performance in a challenging market
• Resilient performance in a challenging market • Strong operations, with improving customer satisfaction and 10.3 million 1 million organic growth in energy supply customer base December 2024: 10.2m H1 2024: 57k Total customers Centrica smart meters • Progressing our investment programme, including
Slide 5: Strategic priorities: operational excellence, commercial focus, investing for value
Innovating to deliver Operational Commercial compelling customer Continuously improving to propositions and excellence focus increase efficiency, reduce optimisation optionality costs and enhance customer satisfaction Investing to make Centrica Investing for value more predictable, with strong retur
Slide 6: Sizewell C: good for the UK, good for Centrica
Good for the UK Delivers on the red-lines we set… • 3.2 GW capacity from 2 x 1.6GW European Pressurised Reactors • Critical to UK energy security and decarbonisation, 7% of current UK 1 2 3 electricity demand Attractive Phased investment Protection against returns with no pre-productive construction
Slide 7: Investing for value: nuclear extensions, MAP, Irish peakers, Cygnus
Exploring nuclear life Meter Asset Provider Irish peakers Cygnus divestment3 extensions1 ahead of plan progressing accelerates value • Four AGR stations last extended • 1m meters under management • Athlone and Dublin to commence • 46% sale to Ithaca Energy in Dec-2024: commissioning in late 2025; to
Slide 8: Upcoming consultation on support for gas storage
Upcoming consultation on support for gas storage • Rough remains a vital for energy security, providing half of the UK’s gas storage capacity • Engaged in constructive talks with the UK Government • Welcome the consultation on gas system resilience due early autumn • Focus remains on running the ass
Slide 9: Russell O'Brien, Group Chief Financial Officer
Russell O’Brien Group Chief Financial Officer 9
Slide 10: Group financial headlines
£ 0.9bn £ 0.5bn 7.0p 1.83p H1 2024: £1.4bn H1 2024: £1.0bn H1 2024: 12.8p H1 2024: 1.50p Adjusted EBITDA1 Adjusted operating profit Adjusted basic EPS Interim dividend per share £ 0.2bn £ 0.2bn £ 2.5bn £ 0.5bn H1 2024: £0.8bn H1 2024: £0.2bn Dec 2024: £2.9bn H1 2024: £0.3bn Free cash flow Capital ex
Slide 11: Adjusted operating profit by segment
Infrastructure £ 231m Retail Inf H1 2024: £522m r 253m il as ta £ tru Re Nuclear H1 2024: £237m cture £ 549m 1 H1 2024: £1,035m1 Adjusted operating profit Optimisation £ 101m H1 2024: £287m Op t i m is a ti o n 1. Total adjusted operating profit also includes £(36)m (H1 2024: £(11)m) of colleague pr
Slide 12: BG Energy and Centrica Energy market conditions
BG Energy1 includes the impact from several items Unusual market conditions for Centrica Energy • £50m headwind from warmer weather • Negative European gas storage spreads • Timing effects on revenues and costs in period, including EPG2 • Sharp volatility driven by geopolitics rather than fundamenta
Slide 13: Free cash flow and adjusted net cash
Period ended 30 June (£m) 2025 Adjusted net cash and other liabilities (£bn) Adjusted EBITDA (excl. share of associates) 722 H1 24 FY24 H1 25 Dividends received 95 3.2 Included within working capital: 2.9 2.5 Tax (201) • British Gas Energy £(316)m outflow from normal seasonality and impact Working c
Slide 14: 2025 outlook and profit ranges
2025 outlook • Consistent with AGM statement, we expect: Retail, Optimisation and Infrastructure profit ranges1 • All Retail energy supply and Optimisation businesses to be within their sustainable profit1 ranges British Gas Residential ~£150m ~£250m Energy Supply • BG Services and Solutions to deli
Slide 15: Capital allocation framework
01 02 03 04 05 Maximise Maintain a strong Progressive Investing Return sustainable balance sheet dividend for value surplus capital earnings £1.6 billion end-2028 Solid BBB / Baa2 FY 2025 dividend Two thirds of £4 billion £1.6 billion shares EBITDA1 run-rate credit metrics increase to 2024-28 invest
Slide 16: Chris O'Shea, Group Chief Executive
Chris O’Shea Group Chief Executive 16
Slide 17: A stronger company today, with further opportunities
We are a stronger company today, with… What we said in 2020 … engaged and empowered colleagues… …significantly improved customer service… …a simplified and de-risked portfolio, with £2.5bn net cash… …£4bn investment programme ongoing Significant further efficiency and commercial opportunities availa
Slide 18: Residential retention and BG Business
Strong operations improving residential retention rates Transformed focus driving value in BG Business2 • Ignition platform migration complete • 40% of SME customers migrated to Ignition platform • Continued improvement in customer satisfaction • Commercial pivot towards higher margin SMEs • Custome
Slide 19: BG Services & Solutions transformation
Operational transformation has been successful… Profitability continues to improve • Improved customer retention Adjusted operating profit (£m, margin %) • Removed legacy inefficiencies – new planning system embedded 8.0% …but not yet translating into commercial growth 5.3%1 • Customer numbers down
Slide 20: Technology, commercial opportunities and simplification
Fully embracing the power of technology • Structural energy system trends support growth • Technology supports Group transformation − AI driving increased demand for reliable energy sources − Colleagues delivering seamless customer experiences − Increasing intermittency driving system complexity − L
Slide 21: Summary of first half and outlook
• Resilient first half performance despite external challenges – Better customer outcomes in Retail, supporting organic growth in energy customers – Continued improvement in Services & Solutions profitability; focus remains on growing customers – 2025 outlook unchanged Operational Commercial excelle
Slide 22: Appendix
Appendix
Slide 23: Group income statement summary
Six months ended 30 June (£m) 2025 2024 Adjusted revenue 1 11,925 13,284 Adjusted gross margin 1,731 2,150 Adjusted operating costs (1,274) (1,273) Adjusted EBITDA 2 900 1,437 Adjusted operating profit 3 549 1,035 Net finance income 26 20 Adjusted tax charge (incl. JV and associate tax) (246) (415)
Slide 24: Revenue by segment
Six months ended 30 June (£m) 2025 2024 British Gas Services & Solutions 800 767 British Gas Energy 6,144 6,634 Bord Gáis Energy 638 687 Centrica Business Solutions 1,210 1,366 Centrica Energy 2,864 3.071 Upstream 1,082 1,521 Gross segment revenue included in business performance 12,738 14,046 Inter
Slide 25: Adjusted gross margin by segment
Six months ended 30 June (£m) 2025 2024 British Gas Services & Solutions 315 300 British Gas Energy 813 807 Bord Gáis Energy 105 114 Centrica Business Solutions 130 140 Centrica Energy 194 363 Nuclear 18 73 Spirit Energy 194 292 Centrica Energy Storage+ (12) 66 Profit share and other (6) (5) MAP con
Slide 26: Adjusted EBITDA by segment
Six months ended 30 June (£m) 2025 2024 British Gas Services & Solutions 67 57 British Gas Energy 207 180 Residential Energy Supply 161 177 Small Business Energy Supply 46 3 Bord Gáis Energy 40 51 Centrica Business Solutions 49 66 Business Energy Supply 52 79 Services & Assets (3) (13) Centrica Ener
Slide 27: Adjusted to statutory operating profit
Six months ended 30 June (£m) 2025 2024 British Gas Services & Solutions 42 35 British Gas Energy 179 159 Residential Energy Supply 133 156 Small Business Energy Supply 46 3 Bord Gáis Energy 32 43 Centrica Business Solutions 36 55 Business Energy Supply 46 73 Services & Assets (10) (18) Centrica En
Slide 28: Capital expenditure by segment
Six months ended 30 June (£m) 2025 2024 British Gas Services & Solutions (7) (10) British Gas Energy (125) (13) Bord Gáis Energy (43) (49) Centrica Business Solutions (38) (80) Centrica Energy (3) (30) Nuclear – – Spirit Energy (31) (16) Centrica Energy Storage+ – (6) Other 1 3 (17) Total capital ex
Slide 29: Free cash flow by segment
Six months ended 30 June (£m) 2025 2024 British Gas Services & Solutions (10) 25 British Gas Energy (235) (371) Bord Gáis Energy 23 2 Centrica Business Solutions 6 76 Centrica Energy 31 470 Nuclear 123 337 Spirit Energy 268 341 Centrica Energy Storage+ 239 259 Segmental free cash flow excluding tax
Slide 30: Cash flow and adjusted net cash bridge
Six months ended 30 June (£m) 2025 2024 Six months ended 30 June (£m) 2025 2024 Adjusted EBITDA1 722 1,134 Free cash flow 244 816 Dividends received 95 240 Net interest 49 14 Adjusted EBITDA plus dividends received 817 1,374 Pension deficit payment (77) (76) Tax (201) (323) Movements in margin cash
Slide 31: Hedging and Infrastructure outlook
H2 2025 hedging 2026 hedging Average Total full year estimated Average Volume hedged Volume hedged hedged price production / generation hedged price Spirit Energy 168mmth 111p/th ~695 to 720mmth1 295mmth 92p/th Nuclear 3.1TWh £82/MWh ~7.0 to 7.5TWh 3.6 TWh £77/MWh Infrastructure (Nuclear, Spirit Ene
Slide 32: £2.5bn of £4bn investment programme committed
• £2.5bn of £4bn investment programme now committed – £1.7bn in total now committed to regulated / contracted assets – Sizewell C, MAP, Irish Peakers Uncommitted – ENSEK acquisition provides long-term optionality – Sustaining capital requirements of £100m-£200m p.a. £4bn Committed 65% • £1.5bn still