Key Points – Centrica reported weaker first-half 2026 earnings, with adjusted EBITDA of GBP 737 million and free cash outflow of GBP 570 million, but it still raised its interim dividend by 9% and reiterated its long-term targets.
Management said the results were weighed down by heavy transformation spending and external disruptions. – Retail performance improved, but bad debt stayed elevated, with the U.K. energy supply bad-debt charge rising to GBP 216 million and outstanding billed/unbilled debt at GBP 2 billion
Centrica said customer satisfaction and self-service metrics are improving, while calling for stronger regulatory support on industry-wide debt issues. – The company is leaning harder into infrastructure-led growth, highlighting investments in assets such as Severn, Sizewell B and other power infrastructure as it aims for more predictable cash flows. Centrica reaffirmed its 2030 goal of GBP 2 billion in EBITDA and doubling EPS, while saying Rough gas storage now depends on a government-backed framework to avoid closure. Centrica (LON:CNA) reported lower first-half earnings for 2026 while raising its interim dividend and reiterating long-term targets, as executives said the company is investing heavily to reshape its portfolio toward more predictable infrastructure-led cash flows.
Chris, who led the presentation, said Centrica has continued its effort to become “a higher quality, more predictable business,” though he acknowledged that “not everything’s gone our way.” He cited the Middle East war’s impact on Centrica Energy, slower-than-desired delivery in parts of the portfolio and Retail growth that is “not yet” where management wants it. Chief Financial Officer Russell O’Brien said adjusted EBITDA was GBP 737 million in the first half, down from last year, while adjusted earnings per share were GBP 0.068. Free cash outflow was GBP 570 million, leaving the group with net cash of GBP 709 million at period end.