Slide 1: Transforming Centrica
Transforming Centrica Preliminary results for the year ended 31 December 2025 19 February 2026
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 Sizewell B nuclear power station 3
Slide 4: Laying the foundations for the next five years
Laying the foundations for the next five years • Operations remain strong in 2025 - resilient result despite external headwinds • Dividend increased by 22% to 5.5p and £2bn share buyback completed 11.2p 5.5p • 25% reduction in shares outstanding at 136 pence average price – 2024: 19.0p 2024: 4.5p si
Slide 5: Transformation programme underway
Transformation programme underway 1 Improve customer experience Underpins higher- quality earnings 2 Drive commercial growth growth and expands our opportunity set 3 Deliver cost efficiencies Supported by technology 5
Slide 6: Russell O'Brien, Group Chief Financial Officer
Russell O’Brien Group Chief Financial Officer Grain LNG terminal 6
Slide 7: Simplifying our reporting
Simplifying our reporting Simplifying Centrica Old New Retail Optimisation Infrastructure British Gas Energy British Gas Services & Solutions Home Centrica Power Home Energy Supply Energy Power Bord Gáis Energy Home Services Centrica Business Gas Solutions Business Centrica Energy Infrastructure Cus
Slide 8: Financial headlines
Financial headlines £ 1.4bn £ 0.8bn 11.2p 5.5p 2024: £2.3bn 2024: £1.6bn 2024: 19.0p 2024: 4.5p Adjusted EBITDA Adjusted operating profit Adjusted basic EPS Full year dividend per share £ (0.2)bn £ 1.2bn £ 1.1bn £ 1.5bn 2024: £1.0bn inflow 2024: £0.6bn 2024: £0.7bn 2024: £2.9bn Free cash flow Capita
Slide 9: EBITDA
EBITDA Optimisation £ 196m 2024: £381m Retail • Solid delivery in LNG and RETO £ 574m • Market conditions remained challenging in Gas and Power Trading 1,417m 2024: £611m £ • Home Services in range one-year ahead of 2024: £2,305m schedule, supported by strong customer Infrastructure retention and co
Slide 10: Stronger operational foundation in Retail
Stronger operational foundation in Retail Customer growth across all Retail businesses Operational improvements well embedded • Total customers +134k YoY • UK Home energy supply customers +8% over past five years Home Services Home Energy Supply • Only consistently profitable large supplier over pas
Slide 11: Regulated UK Home Energy Supply returns
Regulated UK Home Energy Supply returns Price cap supports stable earnings over time UK Residential energy supply EBIT margin during price cap era • Price cap allows cost recoveries in future periods 4.6% • Revenues and costs do not always match reporting periods, but align over time • Bad debt cost
Slide 12: Centrica Energy protecting value in a challenging market
Centrica Energy protecting value in a challenging market Solid performance in RETO1 and LNG Challenging Gas and Power Trading environment • Continuing to build our RETO portfolio • Profitable, but pro-active reduction in capital deployed through 2025 • 19.5GW assets under management +17% YoY • Fewer
Slide 13: Significant step up in investment and shareholder returns
Significant step up in investment and shareholder returns Year ended 31 December (£m) 2025 £3.6bn capital invested and returned Adjusted net cash and other liabilities (£bn) to shareholders since 2024 Adjusted EBITDA 1,417 2024 2025 Less share of JV/associates’ EBITDA (322) 3.6 2.9 Adjusted EBITDA (
Slide 14: 2026 financial outlook
2026 financial outlook • Retail EBITDA within £500m-£800m guidance range 2026 capex of at least £0.7bn • Modest growth in UK Home Services • Optimisation expected to deliver EBITDA of around £250m Further growth opportunities • Below £300m-£400m guidance range 0.2 MAP • Infrastructure EBITDA expecte
Slide 15: Transformation presents a significant opportunity…
Transformation presents a significant opportunity… 2025 operating costs 0.2 0.5 • £1.9bn addressable operating costs are key focus area Support functions Customer support • Support functions and technology cost ~£1bn p.a. and sales 0.5 £1.9bn1 • Opportunity to streamline activities and technology st
Slide 16: …supporting growth on a flat cost base
…supporting growth on a flat cost base Operating costs1 (£bn) • Underlying cost reduction of £0.1bn delivered in 2025 (3)% • Further £0.5bn reduction targeted 2026-30 2.0 1.9 ~1.9 (0.1) 0.1 • Offset by inflation and costs to support further ~1.7 ~0.2 Transformation Cost to ~(0.5) Supporting growth b
Slide 17: We remain focused on value creation
We remain focused on value creation 01 02 03 04 05 Maximise Maintain a strong Progressive Investing Return sustainable balance sheet dividend for value surplus capital earnings No change to medium-term Solid BBB / Baa2 FY25 DPS of 5.5p £1.2 billion investment in £2.0 billion returned over ~3 Retail
Slide 18: Chris O'Shea, Group Chief Executive
Chris O’Shea Group Chief Executive 18
Slide 19: Structural trends are driving a once in a lifetime investment cycle…
Structural trends are driving a once in a lifetime investment cycle… Growing intermittent generation increases the need for dispatchable generation - thermal Growing generation expected to stay higher for longer electrification GB electricity demand 1 UK Energy Industry Annualised Investment2 GB CCG
Slide 20: …and we are now well positioned to take advantage
…and we are now well positioned to take advantage We have created a strong platform for growth… Leading capabilities and experience • Simplified portfolio • Strong balance sheet • Transformed operational foundation • Enhanced development and operational capabilities Transformation programme benefits
Slide 21: Transformation programme addressing focus areas…
Transformation programme addressing focus areas… Driving operational excellence and commercial innovation Customer service transformation Improve customer • Simplifying customer journeys, eliminating system failure and improving app & £50m-£100m experience, reduce website user experience cost saving
Slide 22: …and a step change in investment…
…and a step change in investment… Sizewell C Grain LNG MAP • 12%+ IRR • 9% IRR • Building small asset capabilities • Inflation-protected, regulated returns • Highly contracted • Internal & 3rd party growth opportunities • Productive capital from day one • Land development opportunities • Long-term o
Slide 23: … means Centrica will look fundamentally different
… means Centrica will look fundamentally different Shifting our business towards more stable earnings… … and building a deep organic growth investment pipeline Morecambe Net Zero and Rough X-energy AMRs Existing Nuclear Grain LNG Rough Morecambe re-development Net Zero Spirit Energy & Irish peakers
Slide 24: Further investment opportunities supported by deep market insight
Further investment opportunities supported by deep market insight Aligned to our investment UK and Ireland remains the core - drawing on CE capabilities and experience strategy when assessing broader options Attractive Portfolio returns benefit Global LNG presence Industrial Strategic logic alignmen
Slide 25: Retail and Optimisation growing from 2025, Infrastructure pivoting
Retail and Optimisation growing from 2025, Infrastructure pivoting Growing Retail & Optimisation Higher quality Infrastructure (EBITDA, £bn) (EBITDA, £bn) 1.2 1.0 0.8 0.7 Further nuclear life Disposed 0.2 extensions 0.8 0.3 - 0.4 0.1 Spirit Energy 0.3 Optimisation 0.2 0.0 0.4 New1 0.5 Retail 0.6 0.5
Slide 26: EBITDA increasingly underpinned by contracted and regulated earnings
EBITDA increasingly underpinned by contracted and regulated earnings Growing Group earnings… …with around two-thirds from regulated Group EBITDA (£bn) and contracted by the end of the decade +40% 2.0 Merchant Further Aiming nuclear life 1.7 extensions to double EPS by 1.8 2030 ~40% Regulated / contr
Slide 27: Creating a fundamentally stronger and higher quality Centrica
Creating a fundamentally stronger and higher quality Centrica • Operations remain strong in 2025 - resilient result despite external headwinds • Dividend increased by 22% to 5.5p and £2bn share buyback completed • 25% reduction in shares outstanding at 136 pence average price – significant value £ 1
Slide 28: Appendix
Appendix 28
Slide 29: Group Financials
Group Financials Year ended 31 December (£m) 2025 2024 Adjusted revenue 1 22,365 24,636 Adjusted gross margin 3,134 3,808 Adjusted operating costs (2,478) (2,512) Adjusted EBITDA 2 1,417 2,305 Adjusted operating profit 3 814 1,552 Net finance income 6 44 Adjusted tax charge (incl. JV and associate t
Slide 30: Revenue
Revenue Year ended 31 December (£m) 2025 2024 Retail 16,507 17,124 Optimisation 6,052 6,537 Infrastructure 2,004 2,912 Gross segment revenue included in business performance 24,563 26,573 Inter-segment revenue (2,198) (1,937) Total Group revenue included in business performance 22,365 24,636 30
Slide 31: Adjusted Gross Margin
Adjusted Gross Margin Year ended 31 December (£m) 2025 2024 Retail 2,441 2,518 Optimisation 434 583 Infrastructure 332 735 Colleague profit share (12) (9) MAP consolidation adjustment (61) (19) Group adjusted gross margin 3,134 3,808 31
Slide 32: Adjusted EBITDA
Adjusted EBITDA Year ended 31 December (£m) 2025 2024 Retail 574 611 Optimisation 196 381 Infrastructure 728 1,357 Colleague profit share (34) (25) MAP consolidation adjustment (47) (19) Adjusted EBITDA 1,417 2,305 Less: Share of joint ventures and associates’ EBITDA (322) (513) Adjusted EBITDA 1,09
Slide 33: Adjusted Operating Profit
Adjusted Operating Profit Year ended 31 December (£m) 2025 2024 Retail 424 458 Optimisation 155 339 Infrastructure 314 799 Colleague profit share (34) (25) MAP consolidation adjustment (45) (19) Adjusted operating profit 1 814 1,552 Re-measurements – Retail (Energy Supply) (755) 2,151 Re-measurement
Slide 34: Capital Expenditure and Net Investment
Capital Expenditure and Net Investment Year ended 31 December (£m) 2025 2024 Retail (68) (126) Optimisation (28) (39) Infrastructure (1,134) (388) Of which: Sizewell C (387) - Of which: Grain LNG (208) - Of which: MAP (271) (104) MAP consolidation adjustment 1 47 19 Other (44) (30) Capital expenditu
Slide 35: Free Cash Flow
Free Cash Flow Year ended 31 December (£m) 2025 2024 Retail 30 9 Optimisation 374 713 Infrastructure (196) 903 Segmental free cash flow excluding tax 208 1,625 Taxes paid (375) (636) Total free cash flow (167) 989 35
Slide 36: Closing Adjusted Net Cash
Closing Adjusted Net Cash Year ended 31 December (£m) 2025 2024 Year ended 31 December (£m) 2025 2024 Adjusted EBITDA 1,417 2,305 Free cash flow (167) 989 Less share of associates’ EBITDA (322) (513) Net interest 46 34 Adjusted EBITDA (excl. share of associates) 1,095 1,792 Pension deficit payment (
Slide 37: Adjusted EBITDA - segmentation update
Adjusted EBITDA - segmentation update Previous basis New basis Year ended 31 December 2025 (£m) Total Retail Optimisation Infrastructure Other British Gas Services & Solutions 169 169 - - - British Gas Energy 309 284 - 25 - Bord Gáis Energy 79 35 6 38 - Centrica Business Solutions 82 86 - (4) - Cent
Slide 38: Adjusted AOP - segmentation update
Adjusted AOP - segmentation update Previous basis New basis Year ended 31 December 2025 (£m) Total Retail Optimisation Infrastructure Other British Gas Services & Solutions 114 114 - - - British Gas Energy 229 221 - 8 - Bord Gáis Energy 62 25 5 32 - Centrica Business Solutions 47 64 - (17) - Centric
Slide 39: Infrastructure notes
Infrastructure notes 2026 2027 Average Total full year estimated Average Volume hedged Volume hedged hedged price production / generation hedged price Spirit Energy 137mmth 120p/th ~405 to 430mmth1 83mmth 86p/th Nuclear 4.8TWh £76/MWh ~6.5 to 7.5TWh 1.8 TWh £73/MWh 1. Includes ~170-180mmths relating