Centrica plc (CNA) Q2 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.251 -- 00:00:04.833 As usual I'm joined by our CFO Russell O'Brien and we've got our leadership team and 00:00:04.833 -- 00:00:08.234 our chairman sitting in the front row so if you get any really difficult questions they 00:00:08.234 -- 00:00:10.975 would be delighted to take them at the end of this. 00:00:10.975 -- 00:00:15.837 So we set out several years ago to make Centrica a higher quality more predictable business 00:00:15.837 -- 00:00:20.139 and that journey continues and in the face of sustained volatility around the world we've 00:00:20.139 -- 00:00:24.041 made more progress in the first half of 2026. 00:00:24.041 -- 00:00:29.051 Investing to support huge growth and power demand pivoting the portfolio towards more 00:00:29.051 -- 00:00:34.254 stable earnings and improving our commercial performance across retail. 00:00:34.254 -- 00:00:39.317 Now not everything's gone our way. The Middle East war has weighed on Centrica Energy 00:00:39.317 -- 00:00:42.657 and some of the delivery has been slower than I would like. 00:00:42.657 -- 00:00:45.998 and right across our portfolio, the job is far from done. 00:00:45.998 -- 00:00:51.079 You can see that in the numbers. Retail's not yet growing as we want it to and EPS is 00:00:51.079 -- 00:00:56.921 a little bit lower year on year. But that comes as we ramp up our transformation programme. 00:00:56.921 -- 00:00:59.822 We're investing in change that will set Centrica up for the future. 00:00:59.822 -- 00:01:04.023 We invested 90 million pounds in the first half, which is over a penny a share. 00:01:04.023 -- 00:01:08.804 If you strip that out, EPS would have grown 8% year on year. 00:01:08.804 -- 00:01:13.809 Our operational foundations are strong. Our product range is expanding. 00:01:13.809 -- 00:01:1...