London · Delayed Price · Currency is GBP · Price in GBX Centrica Earnings Call Transcripts
Fiscal Year 2026
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Solid H1 2026 results amid volatility, with adjusted EBITDA at GBP 737 million and strong investment in transformation and infrastructure. Bad debt and market disruptions remain challenges, but the business is pivoting to more stable, contracted earnings and targets GBP 2 billion EBITDA by 2030.
Fiscal Year 2025
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2025 saw resilient performance amid external challenges, with £1.4bn adjusted EBITDA and over £1bn returned to shareholders. Strategic investments in regulated and contracted assets underpin confidence in doubling EPS by 2030, while transformation and cost efficiency programs drive future growth.
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Resilient H1 results with £900m EBITDA and strong cash flow, despite weather and market headwinds. Major investments in nuclear and smart meters progress, with unchanged outlook and narrowed 2028 EBITDA guidance. Transformation and disciplined capital allocation underpin long-term growth.
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A 15% stake in a major nuclear project is expected to deliver robust, regulated returns with capped equity exposure and strong downside protections. The investment aligns with a strategy to grow regulated cash flows, with IRR guidance of 12% (LRT) and at least 10% (HRT), even in adverse scenarios.
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The climate transition plan accelerates net zero targets, with a 2040 goal for Scope 1 and 2 and ambitious interim milestones. Decarbonization relies on asset transformation, customer engagement, and policy support, with over half of investments directed to green activities.
Fiscal Year 2024
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Profit targets were achieved two years early, with strong cash flow, a 19p EPS, and a robust balance sheet. Dividend and buyback programs were expanded, and a clear path to £1.6bn EBITDA by 2028 is outlined, with 85% from existing assets and disciplined investment.
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Centrica is on track to deliver strong earnings ahead of schedule, driven by disciplined investment, operational excellence, and growth in both its energy trading and MAP businesses. The MAP is expected to generate up to £130 million EBITDA by 2028, while Centrica Energy maintains robust profit guidance and explores new markets.
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Adjusted operating profit exceeded £1 billion in H1 2024, with strong free cash flow and a robust net cash position. The group is on track to meet or exceed medium-term profit targets ahead of schedule, while maintaining disciplined capital allocation and investing in growth aligned with energy transition trends.