Centrica Energy Trading A/S | CVR: 20293195
Annual Report
2025
The Annual Report has been adopted and approved on
the Annual General Meeting on 26 June 2026
Chairman of the General Meeting
CVR no.: 20 29 31 95
Management review
3 Letter from the CEO
4 Our business model
5 Centrica Energy Europe
6 Five-year financial summary
7 Financial review
7 Income statement
7 Balance sheet
7 Cash flow statement
7 Outlook
7 Parent Company
8 Risk management
8 Market risk
8 Liquidity risk
9 Credit risk
9 Foreign exchange risk
9 Operational risk
9 Legal and compliance risk
10 People
11 Reporting under section 99(a) and 99(d) of the
Danish Financial Statement Act
11 Sustainability
11 Data ethics & GDPR
12 Gender diversity
12 Policies for data ethics
Contents
Statements
14 Management statement
15 Independent auditor's report
Financial statements
Centrica Energy Europe
19 Income statement
19 Statement of comprehensive income
20 Balance sheet
22 Statement of changes in equity
23 Cash flow statement
24 Notes overview
Financial statements
Centrica Energy
Trading A/S
60 Income statement
60 Statement of comprehensive income
61 Balance sheet
63 Statement of changes in equity
64 Cash flow statement
65 Notes overview
Centrica Energy Trading A/S | Annual Report 2025 2
Management review
Throughout 2025, energy markets continued to
stabilise and reconnect with underlying fundamen-
tals following several years of exceptional disruption.
Natural gas markets remained relatively balanced
over the year, supported by a stable supply outlook.
This resulted in lower prices and more predictable
trading conditions. In contrast, structural imbal-
ances in power markets persisted. Increasing
shares of renewable generation, combined with
limited flexibility and grid capacity, continued to
create volatility at the margins and underline the
need for a more adaptable energy system.
Against this backdrop, Centrica Energy Trading
A/S delivered solid economic performance, with an
adjusted operating profit of DKK 455 million*. Finan-
cially, earnings before tax reached DKK 66 million,
despite lower price levels and reduced volatility
limiting trading opportunities. Solid performance for
the year was coupled with strong strategic execution,
marked by a continued shift in how we compete
and create value in increasingly complex and fast-
evolving energy markets.
This is important because markets and technolo-
gies are reshaping energy systems at a structural
level, changing where value is created and how it
can be captured. Trading is no longer just about
positioning, but about optimising across increas-
ingly complex and interconnected assets. Tech-
nology-driven optimisation and flexibility solutions
have become critical, and in response, we have
focused on building the solutions required to
unlock value in flexibility, with a particular focus on
grid-scale battery energy storage systems.
This is reflected in the year’s progress, where we
secured multiple key BESS contracts across our
core markets and expanded our battery portfolio to
672 MW, with new assets across Denmark, Sweden,
and Finland. We also established the operational,
commercial, and technical setup required to opti-
mise at a leading level and scale the model into
new markets, with the flexibility to adapt to evolving
requirements from developers, investors, regulators,
and customers.
In parallel, we advanced the build-out of a global,
scalable trading platform. In 2025, we expanded
our presence in the United States with the opening
of our New York office, scaling our algorithmic
Letter from the CEO
trading capabilities across MISO, SPP, and ERCOT,
strengthening our ability to operate in one of
the world’s most dynamic power markets while
supporting Centrica Energy’s broader integrated
business, including LNG.
We also continued to expand our global portfolio of
renewable and flexible assets, growing it by more
than 17 percent year-on-year. Through partnerships
with industrial leaders such as Saint-Gobain and
thyssenkrupp, and developers like Amarenco, we
are increasingly linking clean generation with real
demand, combining corporate PPAs, optimisation,
and flexibility solutions to support decarbonisation
while managing market risk. This growth brings
our portfolio to 19.5 GW under contract, the largest
we have built to date, reinforcing our position as a
leading energy trading and optimisation partner.
Underpinning this progress are technology and
people. We strengthened our analytics and
algorithmic trading capabilities while investing
in talent. Our people remain our greatest asset,
recognised in 2025 when Centrica Energy was
named one of Fortune’s 100 Best Companies to
Work for in Europe.
Beyond day-to-day operations, we contributed to
the wider energy dialogue. Through support of the
Danish EU Presidency and engagement with policy-
makers, we played an active role in discussions on
Europe’s energy future, reflecting our commitment to
security of supply, affordability, and sustainability.
As a power and gas trading business active across
29 markets in Europe and the United States, we
operate at the intersection of long-term supply,
short-term markets, and real-time system needs.
This position is increasingly important as energy
systems become more complex, interconnected,
and reliant on well-functioning markets to deliver
reliability, affordability, and decarbonisation at scale.
The direction of travel is clear. We aim to become
a global, world-class energy trading business,
delivering on our role in energising a greener,
fairer future.
Kristian Gjerløv-Juel
CEO, Centrica Energy Trading A/S
* Operating profit under IFRS amounted to DKK 14 million, compared with an adjusted operating profit of DKK 455 million
based on management’s performance view. The variance is attributable to gas transport capacity and gas storage contracts,
which are measured at fair value in management reporting but are not recognised on that basis under IFRS.
Management review
Centrica Energy Trading A/S | Annual Report 2025 3
Building on extensive experience in the liberalised
Nordic and UK markets, we have developed and
scaled a successful energy trading business that
today operates in 30 markets across two principal
domains: Renewable Energy Trading & Optimisa-
tion and Power & Gas Trading.
Renewable Energy Trading & Optimisation (RET&O)
Our RET&O business serves independent power
producers, flexible asset owners, as well as
suppliers and large corporate offtakers in wholesale
energy markets. We provide market access, risk
management, and energy optimisation solutions
supported by proprietary sophisticated software
and automated platforms. Our RET&O business
activities include:
• Structuring of corporate and renewable PPAs,
where by the end of 2025 we held 19.5 GW of
renewable and flexible assets under contract
across major European markets.
• Offtake and trading of renewable energy produc-
tion, leveraging advanced quantitative forecasting
models, in-house meteorologists, and our state-
of-the-art trading setup to efficiently trade and
optimise variable renewable generation up to
moments before delivery.
• Optimisation of flexible energy assets, including
batteries, electrolysers, and combined heat-and-
power plants through the application of models,
algorithms, and digital platforms that support grid
balancing and efficiency in balancing and reserve
markets.
• Offtake, management, and trading of bioen-
ergy and green gases, alongside the sourcing,
management and trading of renewable and
bioenergy guarantees of origin and certificates.
Our business model
We are a world-class, asset-backed energy trading and logistics
business, operating from eight offices across all time zones to
move energy from source to use.
Power & Gas Trading
Our Power & Gas Trading platform is centred on
asset-backed trading in gas, short-term power
trading, and power capacity optimisation. We
leverage the complementary nature of our power
trading activities to provide market access and risk
management capabilities that enable the expansion
of our renewable trading and optimisation business
into new markets.
• Our gas trading teams actively trade gas across
20 European markets, specialising in wholesale
trading, gas storage and asset optimisation,
and cross-border gas trading. We trade both
standard and structured products on the over-
the-counter (OTC) markets and exchanges,
alongside gas transport and storage capacity in
secondary markets, supporting efficient security
of gas supply across Europe.
• Our power trading teams actively trade power
across 28 European markets and North America.
Operating across all major exchanges and OTC
markets, they trade in short-term, day-ahead,
intraday, and forward markets, covering daily to
yearly tenors using futures, options and structured
products.
Algorithmic Research and Development
Our Algorithmic Research and Development depart-
ment develops and implements algorithms, models,
and technical platforms that enable the digitalisation
of trading operations across all commercial pillars
of the business. The department delivers optimised
and automated trade execution across our trading
activities, supported by predictive analytics using
advanced statistical modelling, machine learning,
and AI-based techniques. This enhances trading
performance and enables the optimisation of our
portfolio of assets under management, as well as
power grids across Europe and North America.
Management review
Centrica Energy Trading A/S | Annual Report 2025 4
Centrica Energy Europe is part of Centrica Energy, a business unit of Centrica plc. Centrica Energy Europe consists of the parent
company Centrica Energy Trading A/S, which holds a number of branches, permanent establishments, and subsidiaries across
Europe, the UK, the United States and Singapore.
Centrica Energy Europe
Centrica Energy Europe carries out activities within the
larger business unit of Centrica plc: Centrica Energy.
CENTRICA ENERGY TRADING A/S
CENTRICA ENERGY TRADING CZECH REPUBLICCENTRICA ENERGY TRADING NORWAY
CENTRICA ENERGY TRADING SLOVAKIA
CENTRICA ENERGY TRADING SWEDEN
CENTRICA ENERGY TRADING NETHERLANDS
CENTRICA ENERGY TRADING SPAIN
VINDPARK KEBLOWO APS
Hobro, Denmark
50%
CENTRICA BUSINESS SOLUTIONS BELGIUM NV
Antwerp, Belgium, 100%
ACCORD ENERGY UKRAINE
HOLDINGS APS
Aalborg, Denmark, 100%
CENTRICA
ENERGY
TRADING
LLC
Wilmington,
United States
100%
CENTRICA
ENERGY
PTY LTD
Sydney,
Australia
100%
CENTRICA
ENERGY
TRADING
SRL
Milan, Italy
100%
CENTRICA BUSINESS
SOLUTIONS UK
OPTIMISATION LTD
Windsor, United
Kingdom
100%
CENTRICA BUSINESS
SOLUTIONS FRANCE
SAS
Neuilly-Sur-Seine,
France
100%
ACCORD ENERGY
UKRAINE LLC
Kyiv, Ukraine
100%
NEAS
INVEST A/S
Aalborg,
Denmark
100%
NEAS
ENERGY
LTD.
Windsor,
United
Kingdom
100%
CENTRICA
ENERGY
TRADING
GMBH.
Hamburg,
Germany
100%
CENTRICA
ENERGY
TRADING
PTE. LTD.
Singapore,
Singapore
100%
GROUP ENTERPRISES
BRANCHES AND PERMANENT
ESTABLISHMENTS
PARENT
COMPANY
ASSOCIATES
Centrica Energy Europe
Management review
Centrica Energy Trading A/S | Annual Report 2025 5
Five-year financial summary
Amounts in tDKK 2025 2024 2023 2022 2021
Financial highlights
Income statement
Trading income and revenue 15,958,993 14,356,024 22,478,368 35,702,027 14,236,241
Gross profit 937,846 1,645,732 4,260,836 6,767,224 934,913
Profit before depreciation, amortisation
and impairment losses 72,995 700,839 3,258,117 5,917,411 552,126
Operating profit 13,921 647,514 3,209,762 5,885,478 522,560
Results from net financials 52,090 179,875 237,002 -53,614 103,654
Profit before tax 66,011 827,389 3,446,764 5,831,864 626,214
Profit for the year 25,110 606,968 2,656,367 4,655,785 490,232
Balance sheet
Assets 7,502,798 9,646,120 14,855,794 24,455,372 17,964,132
Investment in development projects 41,344 34,280 26,694 28,805 20,765
Investment in property, plant
and equipment 8,424 11,935 51,039 1,885 1,480
Cash and cash equivalents 1,168,257 928,242 1,449,394 3,340,236 990,004
Share capital 123,507 123,507 123,507 123,507 123,507
Equity 2,834,206 4,423,846 6,304,641 6,659,421 1,982,100
Current liabilities 3,915,115 4,402,509 7,010,965 15,219,463 15,140,938
Cash flow
Net cash flow from:
Operating activities 422,965 701,809 2,036,714 5,226,556 -1,575,751
Investment activities 56,277 -46,215 -27,745 -30,690 -22,245
Financing activities -353,031 -1,188,983 -3,888,664 -2,867,170 2,067,129
Net foreign exchange difference -14,750 12,237 -11,147 21,536 6,843
Cash flow for the year 111,461 -521,152 -1,890,842 2,350,232 -607,247
% 2025 2024 2023 2022 2021
Financial ratios
Profitability
Return on equity 0.7% 11.3% 41.0% 107.8% 20.5%
Profit margin 0.1% 4.5% 14.3% 16.5% 0.4%
Solvency ratio
Equity ratio 37.8% 45.9% 42.4% 27.2% 31.1%
* The above listed comparative figures and ratios have not been adapted to reflect the following:
a) The Group has for the year ended 31 December 2022 prepared the financial statements in accordance with IFRS for the
first time. Comparative figures and ratios for 2020 have not been adapted to reflect changes in accounting principles
from Danish GAAP to IFRS. For further description refer to note 4.
Management review
Centrica Energy Trading A/S | Annual Report 2025 6
Income statement
Trading income and revenue
Revenue in 2025 was 15,959 mDKK compared to
14,356 mDKK in 2024. Revenue related to trading
income was 2,280 mDKK compared to 2,731
mDKK in 2024 and revenue from contracts with
customers was 13,679 mDKK compared to 11,625
mDKK.
The primary driver behind this increase was an
increase in renewable volumes.
Gross profit
Gross profit in 2025 was 938 mDKK compared to
1,646 mDKK in 2024. The decrease was primarily
driven by continued normalisation of energy
markets, with lower commodity prices and reduced
volatility leading to fewer trading opportunities and
lower margins.
Natural gas markets remained relatively balanced
throughout the year, supported by stable supply
conditions, which contributed to more predictable
but less profitable trading conditions.
In contrast, structural imbalances in power markets
persisted. Nordic balancing markets have been
highly challenging, with volatility driving extraordi-
nary balancing costs for both us and our customers.
Given our significant portfolio in the Nordics, we
have been particularly exposed to these dynamics.
At the same time, market conditions have pressured
parts of our customer base, with knock-on effects
on contracts similarly impacting financial perfor-
mance.
As a result, gross profit and operating profit for
the year were below the expected ranges of 1,200
mDKK – 1,800 mDKK and 200 mDKK – 800 mDKK,
respectively, as previously described in our 2024
Annual Report Outlook for 2025.
Operating profit
Operating profit in 2025 was 14 mDKK compared to
648 mDKK in 2024. The main driver of the reduction
in operating profit is the reduction in gross profit.
Staff costs
Staff costs decreased to 577 mDKK in 2025 from
609 mDKK in 2024, primarily driven by a reduction
in average number of employees from 508 to 498.
Balance sheet
Inventories
Lower gas prices have resulted in a decrease in
the value of gas storages from 1,765 mDKK at 2024
year-end to 1,595 mDKK at 2025 year-end.
Other balance sheet items
In general, other balance sheet items have
decreased from 2024 year-end to 2025 year-end,
primarily reflecting a normalisation of price levels, as
well as changes in the Group’s gas storage injection
and withdrawal profile, impacting the timing and
level of receivables.
Cash flow statement
Total net cash flow for 2025 amounted to a cash
inflow of 111 mDKK compared to a cash outflow
of 521 mDKK in 2024. The main drivers behind
the increased net cash flow are cash outflow from
corporation tax paid, cash inflow from inventories
and from net change in group cash pool agree-
ments.
Total net cash inflow for the year of 111 mDKK can
be summarized as operating profit of 14 mDKK
adjusted for cash outflow of 169 mDKK from corpo-
rate income tax, cash inflow of 51 mDKK from net
interests, cash inflow of 468 mDKK from change in
net working capital, cash inflow of 56 mDKK from
investing activities, cash outflow of 353 mDKK from
financial activities and cash inflow of 44 mDKK from
other adjustments.
Outlook
Despite the ongoing and anticipated challenges in
the Gas & Power Trading markets, our strong and
diversified model has enabled us to identify and
capitalise on opportunities and deliver value. We
are positioned to deliver solid financial performance
in 2026, with financial forecasts indicating a Gross
Profit of 1,200 mDKK – 1,600 mDKK and Operating
Profit of 300 mDKK – 700 mDKK.
Parent Company
Centrica Energy Trading A/S generally accounts
for the vast majority of the Group’s activities. The
Group’s development, therefore, in all material
respects, corresponds to that of the Parent as
commented above.
Financial review
Management review
Centrica Energy Trading A/S | Annual Report 2025 7
The primary risks we are exposed to include market
risk, liquidity risk, credit risk, and foreign exchange
risk. See note 18 for further specifications and anal-
ysis of primary financial risks.
We follow Centrica Energy's Risk Mandate, which is
designed to identify, manage, and mitigate these risks.
We adopt a conservative approach to managing our
liquidity position and balance sheet strength.
Risks are identified and assessed to determine
impact and likelihood, with an appropriate risk
response subsequently evaluated and implemented.
Possible risk responses are:
• Terminate: Cease the activity that creates the risk
• Tolerate: Accept a level of risk
• Treat: Act to reduce the likelihood or impact of risk
Market risk
Market risk is defined as the risk associated with
potential future price moves of commodities and
other products traded by Centrica Energy Europe
or with volume forecasting uncertainty, to the extent
that Centrica Energy Europe's present or future
profitability is impacted.
Market risks are managed in line with our Market
Risk Mandate. A three lines of defence model is
used. The commercial function is responsible for
risks associated with their activities, and acts as
a first line of defence. The risk function provides
independent risk oversight and control, and act as
a second line of defence, while the internal audit
function acts as a third line of defence, giving
independent assurance that risks are being appro-
priately managed.
The risk mandate details the risk appetite, which
sets out the overall risk limits. To monitor and
manage market risk, Centrica Energy Europe uses
risk capital allocation. The allocation of risk capital
helps management evaluate development of
Centrica Energy Europe's risk profile.
All limits and sub-limits are reviewed regularly, to
ensure they continue to align with the Groups risk
appetite, as determined by the Centrica plc board
of directors. Exposures are monitored regularly by
the risk function, operating stop-loss and drawdown
limits, ensuring immediate reaction if any limits are
violated. The risk function performs additional stress
and scenario testing, and uses several additional
risk measures, such as Value-at-Risk as an integral
part of the risk management.
Liquidity risk
Liquidity risk is the risk that we are unable to meet
our financial obligations as they fall due.
The Group has historically generated positive
operating cash flows, and holds significant
committed facilities as well as cash on deposit to
ensure sufficient liquidity headroom at all points
in the seasonal trading cycle of the business.
Centrica Energy Europe is furthermore owned
by Centrica plc, ensuring access to additional
funding to meet short-term liquidity needs during
high price scenarios.
Centrica Energy has a dedicated treasury risk
management team, monitoring the overall liquidity
on a daily basis. The Treasury team are also
responsible for forecasting of expected future cash
flows. Stress testing is performed daily, estimating
possible liquidity scenarios, to help manage liquidity
reserves, and ensure sufficient reserves are avail-
able at all times.
Risk management
Centrica Energy Europe's business model generates
exposure to a variety of financial risks, and managing
these risks is integral to our business model.
Management review
Centrica Energy Trading A/S | Annual Report 2025 8
Credit risk
Credit risk is the risk of loss associated with a coun-
terparty’s inability or failure to discharge its obliga-
tions under a contract. Centrica Energy Europe is
exposed to credit risks in the market through both
Power Purchase Agreements and trading activities.
Credit risk is governed by Centrica Group Credit
Risk Policy. The overarching Centrica Group Credit
Risk Policy covers
• Key risk management indicators.
• Credit scoring of counterparties through external
ratings, scoring tools and the frequency with
which they need to be reviewed.
• The Delegation of Authority structure based on
limits and ratings, and derived monitoring of
excesses
• Credit mitigation instruments
The creditworthiness of a potential counterparty
is assessed before the Group enters into any
contracts through the use of external credit ratings
and scoring tools. If deemed necessary collateral is
requested from the counterparty.
The risk function monitors the risk measurement
indicators on a current and forward basis, and
produces reports on a daily, weekly, and monthly
basis. The risk function can enforce limits by
imposing restrictions on certain counterparties.
Similar to market risk, there are prescriptive stand-
ards for reporting limit breaches to stakeholders
ranging from senior business unit managers to
Group level senior leaders depending on the type
and magnitude of the breach. Credit risk policies
and standards are reviewed annually.
Foreign exchange risk
Foreign exchange risk is the risk of loss on the fair
value or future cash flows of exposures, which fluc-
tuates due to changes in foreign exchange rates.
Centrica Energy Europe exposure to foreign
exchange risks occurs primarily from renewable
contracts and trading activities which are denom-
inated in other currencies than the functional
currency of the Group entities. See note 18 for
a sensitivity analysis of the effect of reasonable
changes in foreign exchange rates.
The treasury risk management team monitors expo-
sures daily, ensuring exposure does not exceed the
limits set out in the Centrica Group Hedging Policy.
Foreign exchange risk is not a part of Centrica
Energy Europe’s core business, and therefore our
foreign exchange exposure is limited, and risk is
insignificant.
Operational risk
Centrica Energy Trading is exposed to operational
risks primarily relating to IT risks with potential
impacts on our license to operate as a balancing
responsible party, and with potential financial losses
due to inability to control exposures in our trading
business.
Policies and plans to ensure robust crisis manage-
ment and business continuity are maintained and
tests are carried out periodically to ensure opera-
tional readiness. Multiple data centers are utilised
when delivering services for the business ensuring
redundancy and operational reliability.
We continuously monitor the evolution of risks based
on both internal requirements and developments in
the external risks we face as a business, with dedi-
cated personnel striving to ensure we are prepared
for new risks as they emerge, while also working to
improve our operational resiliency.
Centrica Energy Trading as a balancing respon-
sible party in the energy markets is subject to
annual audits of our crisis management and busi-
ness continuity planning performed by the Danish
Energy Agency, based on the requirements of NIS2,
passing the most recent audit in 2025.
Legal and compliance risk
Legal and compliance risk is the risk of financial or
reputational impacts due to failure to comply with
laws and regulations in the markets in which we
operate and stemming from contracts with business
partners or counterparties.
Across the Group, our Legal, Regulatory and
Compliance teams review the regulatory landscape
and work with regulators and trade bodies to help
form future regulatory requirements, build our
understanding of stakeholder expectations and to
effectively respond to changing requirements.
Management review
Centrica Energy Trading A/S | Annual Report 2025 9
The legal team is involved early in decision making
processes and are part of the approval process
for new products and contracts, consulting with
external advisers when specific expert knowledge
is required.
Specific mitigation actions include:
• Articulation of a clear political and regulatory
strategy with key priorities and policy positions .
• Dedicated Corporate Affairs and Regulatory
teams which examine upcoming political and
regulatory changes and their impact.
• Monitoring of wider legal and regulatory develop-
ments in all relevant jurisdictions.
• Formulation and annual training in Our Code
showing employees our commitment to doing the
right thing and acting with integrity.
• The Financial Crime team monitors threats and
adequacy of response to anti money laundering
and the threat of bribery and corruption.
• A global Speak Up helpline exists to provide a
consistent Group-wide approach to reporting
unethical behaviour.
People
Centrica Energy Europe faces the risk of failing to
attract, develop, engage and retain key talent, which
could impact our ability to maintain operational
performance and meet our long-term goals.
Quarterly performance and career conversa-
tions and monitoring of key metrics, including the
employee engagement, participation rate, absence,
health and wellbeing help avoid deterioration in
employee physical and mental health and wellbeing
as well as keep employee engagement high.
Centrica’s reward strategy is reviewed regularly
to ensure it aligns with overall goals and values,
through internal feedback and external bench-
marking. A long-term property strategy review is
furthermore underway to optimise our workplace
and ensure business continuity and collaboration.
Tailored training courses and programs help ensure
employee skill sets develop and match our future
workforce needs.
Management review
Centrica Energy Trading A/S | Annual Report 2025 10
Reporting under section
99(a) and 99(d) of the Danish
Financial Statement Act
Management review
Centrica Energy Trading A/S | Annual Report 2025 11
Centrica Energy Europe has set a target to reach
at least 47% female employees by 2030. In 2025,
female employees made up 23.7% of the workforce,
a small increase from 23.2% in 2024.
To achieve our targets, we are working on specific
initiatives to make opportunities more equal and
actively building a more inclusive culture that
promotes and values gender diversity and equality.
Our initiatives to bring about this change include
changed recruitment processes both internally
and externally, expanding our reverse mentoring
scheme, raising awareness of issues and policies to
keep them top-of mind with our leaders, and cele-
brating and promoting our female role models and
leaders.
Further supporting our efforts is our voluntary
staff-initiated network ‘Centrica Women’s Network
that supports women to be their best and achieve
their goals regardless of level or career destination.
Centrica Women's Network is run by women but
welcoming participation from everyone. Centrica
Women’s Network is a network and forum that
supports new initiatives and connections that can
often be invaluable for women to succeed in the
energy industry. This includes the offer of mentoring
and development opportunities to give women the
skills and confidence to progress in their careers,
through internal events and networking.
During 2025, we were proud to be recognised
as a Great Place to Work in Denmark for the third
consecutive year, a Great Place to Work in the UK,
ranked as the 4th Best Workplace in Denmark in
the 50–499 employee category, and named one
of Fortune’s 100 Best Companies To Work For™ in
Europe.
Gender diversity
Centrica Energy Europe is committed to contin-
uously improving security measures and staying
ahead of emerging threats to ensure the highest
level of security for systems and customer data. We
operate with a comprehensive security framework
that includes following key measures:
• Group Services: As a subsidiary of Centrica plc,
we benefit from a number of security services
provided by Group, including tooling across our
networks and systems to ensure timely moni-
toring, detection, and response.
• Governance: We provide dedicated training to
our staff and leaders to ensure they understand
the threats faced by Centrica Energy Europe and
the role they have in protecting our business.
We maintain robust governance processes,
supported by a structured policy framework,
to ensure matters are escalated appropriately
and receive the right level of support from the
business and wider leadership.
• Minimum Viable Company: We have undertaken
a robust and comprehensive programme of work
documenting and testing the key systems and
processes required to ensure the continuity of
our services, including the usage of immutable
back-ups.
• 24/7 Monitoring and Incident Response: Our dedi-
cated 24/7 security operations center monitors our
network around the clock, ready to respond swiftly
to any security incidents. Our security operation
center applies leading technology solutions to
ensure we have up to date visibility of the various
threats faced by Centrica Energy.
• Compliance with Industry Standards: We align with
industry-leading standards and regulations and are
exploring certifications to support us specifically
with NIS2 compliance. In Belgium, we are proud
to have been ISO 27001 certified, and we are
exploring certifications for other geographies, in
line with our NIS2 compliance journey.
Policies for data ethics
Management review
Centrica Energy Trading A/S | Annual Report 2025 12
Management statement
Executive Board
Supervisory Board
(Employee elected) (Employee elected)
Statements
Centrica Energy Trading A/S | Annual Report 2025 14
Independent auditor's report
Statements
Centrica Energy Trading A/S | Annual Report 2025 15
Statements
Centrica Energy Trading A/S | Annual Report 2025 16
CVR No. 33 9 6 3 5 56
Identification No (MNE) mne 1 167 1
Identification No (MNE) mne 4279 3
Statements
Centrica Energy Trading A/S | Annual Report 2025 17
Income statement
01.01.2025 - 31.12.2025
Amounts in tDKK Note 2025 2024
Trading income and revenue 5 15,958,993 14,356,024
Cost of sales -15,021,147 -12,710,292
Gross profit 937,846 1,645,732
Own work capitalised 19,082 11,050
Other operating income 58,438 61,930
Other external expenses -365,762 -408,798
Staff costs 6 -576,609 -609,075
Profit before depreciation, amortisation and impairment losses 72,995 700,839
Depreciation and amortisation losses -59,074 -53,325
Operating profit 13,921 647,514
Income from investments in associates using the equity method 2,919 2,301
Financial income 7 80,630 225,837
Financial expenses 8 -31,459 -48,263
Profit before tax 66,011 827,389
Tax on profit 9 -40,901 -220,421
Profit for the year 25,110 606,968
Statement of
comprehensive income
01.01.2025 - 31.12.2025
Amounts in tDKK 2025 2024
Profit for the year 25,110 606,968
Other comprehensive income
Items that will be or have been reclassified to the Income Statement:
Exchange differences on translation of foreign operations -14,750 12,237
Other comprehensive income, net of taxation -14,750 12,237
Total comprehensive income for the year 10,360 619,205
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 19
Balance sheet
31.12.2025
Assets
Amounts in tDKK Note 2025 2024
Development projects 67,542 95,819
Patents and trademarks 19 68
Development projects in progress 47,021 17,943
Intangible assets 10 114,582 113,830
Land and buildings 63,080 138,661
Leasehold improvements 1,366 1,594
Plant and equipment 19,095 22,636
Plant and equipment in progress 1,901 0
Tangible assets 11, 12 85,442 162,891
Investments in associates 13,753 10,848
Investments accounted for using the equity method 13,753 10,848
Deferred tax assets 9 67,671 28,419
Non-current assets 281,448 315,988
Inventories 13 1,651,200 1,836,730
Trade receivables 17, 18 1,363,451 2,191,805
Other receivables 169,218 145,205
Income tax receivables 185,814 90,813
Deposits related to trading 17, 18 961,452 906,953
Receivables from group enterprises 17, 18 1,129,504 2,081,496
Receivables from associates 131 1,500
Prepayments 8,118 19,755
Derivative financial instruments 17, 18 584,205 1,127,633
Cash and cash equivalents 1,168,257 928,242
Current assets 7,221,350 9,330,132
Assets 7,502,798 9,646,120
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 20
Balance sheet
31.12.2025
Equity and liabilities
Amounts in tDKK Note 2025 2024
Share capital 123,507 123,507
Foreign currency translation reserve 9,802 23,970
Proposed ordinary dividend payment 1,000,000 1,300,000
Retained earnings 1,700,897 2,976,369
Equity 2,834,206 4,423,846
Deferred tax liabilities 9 0 0
Derivative financial instruments 17, 18 632,076 759,543
Debt to group enterprises 17, 18 23,185 10,741
RoU lease liabilities 12 38,292 29,615
Onerous contract provisions 14 30,233 0
Other provisions 15 2,723 0
Other payables 26,968 19,866
Non-current liabilities 753,477 819,765
Trade payables 17 1,891,454 1,998,885
RoU lease liabilities 12 17,923 8,507
Other payables 270,057 273,288
Deposits related to trading 17, 18 107,046 152,606
Debt to group enterprises 17, 18 970,023 830,283
Bank overdraft and loans 128,554 0
Onerous contract provisions 14 153,314 89,039
Other provisions 15 11,920 35,334
Derivative financial instruments 17, 18 340,869 991,141
Income tax payable 21,411 14,987
Deferred income 2,544 8,439
Current liabilities 3,915,115 4,402,509
Liabilities 4,668,592 5,222,274
Equity and liabilities 7,502,798 9,646,120
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 21
Statement of changes in equity
Amounts in tDKK
Share
capital
Reserve
for currency
translation
Ordinary
dividend
payment
Extra-
ordinary
dividend
payment
Retained
earnings Total
2025
Balance as of 01.01.2025 123,507 23,970 1,300,000 0 2,976,369 4,423,846
Profit/loss for the year 0 0 0 300,000 -274,890 25,110
Exchange differences on translation of
foreign operations 0 -14,168 0 0 -582 -14,750
Total comprehensive income for the year 0 -14,168 0 300,000 -275,472 10,360
Proposed ordinary dividend payment 0 0 1,000,000 0 -1,000,000 0
Dividend payment in the year 0 0 -1,300,000 -300,000 0 -1,600,000
Balance as of 31.12.2025 123,507 9,802 1,000,000 0 1,700,897 2,834,206
Amounts in tDKK
Share
capital
Reserve
for currency
translation
Ordinary
dividend
payment
Extra-
ordinary
dividend
payment
Retained
earnings Total
2024
Balance as of 01.01.2024 123,507 11,733 0 0 6,169,401 6,304,641
Profit/loss for the year 0 0 0 2,500,000 -1,893,032 606,968
Exchange differences on translation of
foreign operations 0 12,237 0 0 0 12,237
Total comprehensive income for the year 0 12,237 0 2,500,000 -1,893,032 619,205
Proposed ordinary dividend payment 0 0 1,300,000 0 -1,300,000 0
Dividend payment in the year 0 0 0 -2,500,000 0 -2,500,000
Balance as of 31.12.2024 123,507 23,970 1,300,000 0 2,976,369 4,423,846
The share capital consists of 123,507,152 shares of a nominal face value of DKK 1 each (fully paid in at an
average price at 1.26).
No shares carry special rights.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 22
Cash flow statement
01.01.2025 - 31.12.2025
Amounts in tDKK 2025 2024
Operating profit 13,921 647,514
Depreciation, amortisation and impairment losses 59,074 53,325
Operating profit adjusted for non-liquid items 72,995 700,839
Financial income received 78,715 225,837
Financial expenses paid -27,876 -47,082
Corporation tax paid -168,730 -1,054,137
Changes in net working capital:
Inventories 185,530 -507,136
Deposits related to trading -100,059 -48,736
Derivative financial instruments -234,311 915,362
Receivables 805,824 1,604,728
Payables -189,123 -1,087,866
Net cash flow from operating activities 422,965 701,809
Investment in non-current assets:
Purchase and development of intangible assets -41,344 -34,280
Purchase of tangible assets -8,424 -11,935
Sale of intangible assets 5,255 0
Sale of tangible assets 100,790 0
Net cash flow from investing activities 56,277 -46,215
Net change in group cashpool arrangements -333,772 -1,180,429
Payment of principal portion of lease liabilities 12 -19,259 -8,554
Net cash flow from financial activities -353,031 -1,188,983
Net foreign exchange difference -14,750 12,237
Total net cash flow for the year 111,461 -521,152
Cash at the beginning of the year 928,242 1,449,394
Cash at the end of the year 1,039,703 928,242
Cash at end of year specified as follows:
Cash and cash equivalents 1,168,257 928,242
Bank overdrafts -128,554 0
Total 1,039,703 928,242
* Dividend payments made in 2024 and 2025, are offset against group cashpool arrangement receivables, rather than actually paid. As they have
no effect on cash or cash equivalents, they are excluded from the cash-flow statement as they are non-cash transactions.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 23
Notes overview
1 General information .......................................................... 25
2 Basis of preparation and summary of significant new accounting policies
and reporting changes ........................................................ 25
3 Critical accounting judgements and key sources of estimation uncertainty .................. 27
4 Summary of significant accounting policies ......................................... 28
5 Trading income and revenue .................................................... 34
6 Staff costs ................................................................. 35
7 Financial income ............................................................ 35
8 Financial expenses ........................................................... 35
9 Tax on profit ............................................................... 36
10 Intangible assets ............................................................ 37
11 Tangible assets ............................................................. 38
12 Right-of-use assets .......................................................... 40
13 Inventories ................................................................. 40
14 Onerous contract provisions .................................................... 41
15 Other provisions ............................................................. 41
16 Commitments, lease obligations and guarantees .................................... 42
17 Financial assets and liabilities by category ......................................... 43
18 Financial risk management ..................................................... 44
19 Fair value of assets and liabilities ................................................ 50
20 Related party transactions ..................................................... 55
21 Auditors’ remuneration ........................................................ 56
22 Related undertakings ......................................................... 57
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 24
Notes
1 General information
Centrica Energy Trading A/S (the ‘Company’) is a subsidiary of the public company Centrica plc, domiciled
and incorporated in the UK, and registered in England and Wales. The address of the registered office of the
Company is Skelagervej 1, 9000 Aalborg, Denmark.
The financial statements for the period 1 January – 31 December 2025, presented in the Annual Report 2025
comprise both consolidated financial statements of Centrica Energy Trading A/S and its subsidiaries (the
Group, also referenced as Centrica Energy Europe) and separate Parent Company financial statements.
The functional currency of the Company and the Group is Euro. The presentational currency is Danish Kroner
(DKK) in line with previous years. All values are rounded to the nearest thousand (tDKK). Operations and
transactions conducted in currencies other than Danish Kroner are included in the consolidated financial
statements in accordance with the foreign currencies accounting policy set out in note 4.
IFRS is used synonymously with the IFRS
®
Accounting Standards.
2 Basis of preparation and summary of significant new
accounting policies and reporting changes
This section details the basis of preparation and new accounting standards and how these are expected to
impact the financial position and performance of the Group.
The principal accounting policies applied in the preparation of these consolidated financial statements are
set out below and in note 4. Unless otherwise stated, these policies have been consistently applied to the
years presented.
(a) Basis of preparation
The consolidated Financial Statements has been prepared in accordance with IFRS as adopted by the EU
and further requirements in the Danish Financial Statements Acts applying to large enterprises of reporting
class C.
The consolidated financial statements have been prepared on a going concern basis and under the historical
cost basis except for gas inventory and derivative financial instruments required to be measured at fair value
through profit or loss.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It requires management to exercise its judgement in the process of applying the Group’s
accounting policies. The areas involving a higher degree of judgement or complexity and areas where
assumptions and estimates are significant to the consolidated financial statements are described in note 3.
(b) Standards and amendments that are issued but not yet applied by the Group
At the date of authorisation of these consolidated financial statements, the Group has not yet applied the
following new and revised standards and amendments that have been issued but not yet effective:
• Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial Instruments: Disclosures', Contracts
Referencing Nature-dependent Electricity, effective from 1 January 2026;
• Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial Instruments: Disclosures', Amend-
ments to the Classification and Measurement of Financial Instruments, effective from 1 January 2026;
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 25
Notes
2 Basis of preparation and summary of significant new
accounting policies and reporting changes (continued)
• IFRS 18 'Presentation and Disclosure in Financial Statements', effective from 1 January 2027; and
• IFRS 19 'Subsidiaries without Public Accountability', effective from 1 January 2027.
The potential impact of IFRS 18 ‘Presentation and Disclosure in Financial Statements’ and the amendments
to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’ in respect of Nature-de-
pendent Electricity are given below.
IFRS 18 ‘Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 ‘Presentation of Financial Statements’ and become effective on 1 January 2027.
IFRS will introduce new requirements on presentation and disclosure in the financial statements, with a focus
on the income statement and reporting of financial performance. Income and expenses in the income state-
ment will be classified into five categories – operating, investing, financing, income taxes and discontinued
operations. Two new subtotals will be presented: ‘Operating profit or loss’ and ‘Profit or loss before financing
and income tax’.
IFRS 18 will also require disclosures about management-defined performance measures in the financial
statements. The Group will apply the new standard from its mandatory effective date of 1 January 2027.
Retrospective application is required, and so the comparative information for the financial year ending 31
December 2026 will be restated in accordance with IFRS 18.
The initial expected material impacts are presenting investment income within investing activities rather than
net finance income/cost, and the addition of disclosure of management-defined performance measures.
The assessment is not yet final and further changes upon the implementation of IFRS 18 may be required.
Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial Instruments: Disclosures',
Contracts Referencing Nature-dependent Electricity
The International Accounting Standards Board (IASB) has introduced targeted amendments to IFRS 9 and
IFRS 7 aimed at resolving the challenges in accounting for electricity contracts, such as power purchase
agreements, dependent on uncontrollable natural factors, such as weather conditions. The amendments
clarify how entities should assess whether these contracts qualify for the ‘own-use’ exemption available
under IFRS 9.
Amendments to hedge accounting have also been made to allow entities to designate a variable nominal
volume of forecasted purchases or sales as the hedged item, provided certain conditions are met.
Centrica Energy Europe does not hold PPAs with the intention of using the power in its own production, or to
satisfy downstream demand. Therefore, PPAs held do not qualify for the own-use exemption, and the amend-
ments are not expected to have a material impact on the Group’s financial statements.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 26
Notes
3 Critical accounting judgements and key sources of estimation uncertainty
This section sets out the key areas of judgement and estimation that have the most significant effect on the
amounts recognised in the consolidated financial statements.
(a) Critical accounting judgements
Management has made the following key judgements that have the most significant effect on the consolidated
financial statement.
Presentation of revenue from contracts with customers
Significant judgements are involved when determining whether contracts with customers for offtake of
produced energy and associated benefits, as part of the RETO business, should be accounted for gross or
net. In making this judgement the Group considers whether it acts as a principal or agent in the arrangement.
This is based on whether control is obtained on energy produced prior to onwards sales to counterparties.
When the Group obtains control of energy produced, and is the balancing responsible party, and receives all
benefits from the sale of energy, the Group acts as a principal and revenue is presented gross.
Trading commodity contracts with physical delivery
A significant part of the sales and purchase contracts included in the trading portfolio are ordinary sales
and purchase contracts with physical settlement of energy commodities, primarily power and gas. As these
contracts are managed on a portfolio basis and a practice of net settlement is present, the contracts are
considered to meet the conditions in IFRS 9 for fair value option and accounted for in accordance with IFRS 9
as derivatives.
Physical Gas Storage
Physical Gas Storage contracts are bought at auction and the commercial intention is to hold it for the dura-
tion of the contract. A continued lack of uptake in the sale of storage rights is indicative that there continues to
be a lack of willing buyers and sellers in the physical storage market across Europe and therefore it remains
inactive. Furthermore there is no practice of net settling. Therefore Physical Gas Storage contracts are out of
scope of IFRS 9, and instead accounted for as executory contracts under IFRS 15.
Gas cross-border capacities
Gas cross-border capacity contracts contain no net settlement terms and there is no past practice of net
settling similar contracts. The contracts therefore do not fall within the scope of IFRS 9 and are instead
accounted for as executory contracts under IFRS 15.
Power cross-border capacities
Power cross-border capacity contracts are net settled and the market for power cross-border capacities is
considered to be liquid. Power cross-border capacities is therefore in the scope of IFRS 9 and measured at
fair value.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 27
Notes
(b) Key sources of estimation uncertainty
The section below details the assumptions management makes about the future and other major sources of
estimation uncertainty when measuring its assets and liabilities at the reporting date. The information given
relates to the sources of estimation uncertainty that have a significant risk of resulting in a material adjustment
to those assets and liabilities in the next financial year.
Estimates and associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, including current and expected economic conditions,
and, in some cases, actuarial techniques. Although these estimates and associated assumptions are based
on management’s best knowledge of current events and circumstances, actual results may differ.
Determination of fair values – derivative financial instruments
Fair values of energy derivatives are estimated by reference in part to published price quotations in active
markets and in part by using valuation techniques. More detail on the assumptions used in determining fair
valuations of energy derivatives, and the sensitivities to these assumptions is provided in note 19. The net fair
value of Level 3 derivative financial instruments held on the balance sheet as of 31 December 2025 was (383)
mDKK (2024: (412) mDKK).
Gas trading inventories at fair value
Fair value measurement of the gas trading inventories requires management to make estimates and use
assumptions, as observable market prices for gas kept in storages are not available, whereas closely-
related proxy prices for gas kept at the gas hubs are. The proxy prices are used to value the storages. See
note 13 for more information on how fair value is determined. The fair value of gas trading inventories held
on the balance sheet as of 31 December 2025 was 1,595 mDKK (2024: 1,765 mDKK).
Onerous contract provisions
Centrica Energy Europe holds onerous contract provisions relating to expected losses from green certificates
forward sold/purchased to prices below the forward prices at 2025 year-end. The value provided for is an
estimate based on the knowledge currently available and current forward prices. The onerous contract provi-
sions as of 31 December 2025 was 59 mDKK (2024: 89 mDKK).
An onerous contract provision has been recognised in respect of gas storage contracts. While the contracts
are not loss-making, expected unavoidable future costs exceed expected future economic benefits as a result
of an accounting mismatch, giving rise to the recognition of an onerous contract provision. The accounting
mismatch arises because IFRS does not permit gas storage contracts to be measured at fair value. Conse-
quently, expected future costs related to these contracts are not recognised until incurred. In contrast, gas
held in storage is measured at spot prices, resulting in partial recognition of expected future income, as gains
are recognised on gas purchased at lower prices and subsequently remeasured at current spot prices. As of
31 December 2025, the onerous contract provision was 124 mDKK (2024: 0 mDKK).
4 Summary of significant accounting policies
This section sets out the Group’s significant accounting policies in addition to the critical accounting judge-
ments applied in the preparation of these consolidated financial statements. Unless otherwise stated, these
accounting policies have been consistently applied to the years presented.
3 Critical accounting judgements and key sources of estimation uncertainty
(continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 28
Notes
Basis of consolidation
The consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are
controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than
50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and
exercises significant, but not controlling, influence are regarded as associates.
The consolidated financial statements are prepared on the basis of the financial statements of the Parent
and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On
consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and
losses on transactions between the consolidated enterprises are eliminated. The financial statements used
for consolidation have been prepared applying the Group’s accounting policies.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition
date, with net assets having been calculated at fair value.
Business combinations under common control
When buying companies, mergers, demergers, additions of assets and share exchange etc., where the
participating companies are under the control of the ultimate parent company, the Book Value method is
used where the business combination under common control is deemed completed at the time of acquisition
without adjustments of comparative figures.
According to the Book Value method, the acquired company's assets and liabilities are recognised at the
booked values in the entities, corrected for any differences in applied accounting policies and accounting
estimates. The difference between the agreed remuneration and the booked value of the net assets of the
acquired company is recognised on equity.
No business combinations under common control have occurred during the year.
Translation of foreign currency
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and
losses arising due to differences between rates at the transaction date and the rates at the dates of payment
are recognised in financial income or financial expenses in the income statement.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the
balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between
the exchange rates at the balance sheet date and the transaction date rates are recognised in financial
income or financial expenses in the income statement.
Basis of recognition and measurement
Income is recognised in the income statement as earned, including value adjustments of gas inventory, finan-
cial assets and liabilities.
All expenses including depreciation, amortisation and impairment losses, are also recognised in the income
statement.
Assets are recognised in the balance sheet when future financial benefits are likely to accrue to the company
and the value of such assets can be reliably measured. Liabilities are recognised in the balance sheet when
they are probable and can be measured reliably. Upon initial recognition, assets and liabilities are measured
at cost. Subsequently, assets and liabilities are measured as described below for each item.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 29
Notes
Predictable losses and risks arising before the date of presentation of the financial statements and the facts
that confirm or rebut circumstances and conditions existing at the reporting date are taken into consideration
upon recognition and measurement.
Trading income and revenue
(a) Trading income, net
Power and gas trading income comprises realised and unrealised net gains and losses arising from
trading within energy commodity derivatives. Aside from financial contracts, physical trading power and
gas contracts and power cross-border capacities are included as trading income. The energy commodity
derivatives make up Centrica Energy Europe’s trading portfolio which includes futures, options and certain
forward sales and forward purchases commodity contracts that are either financially or physically settled. A
significant part of the sales and purchases contracts included in the trading portfolio are ordinary sales and
purchase contracts with physical settlement of energy commodities, primarily power and gas.
As these contracts are managed on a portfolio basis, and a practice of net settlement is present, the
contracts are considered in scope of IFRS 9 and treated as derivatives.
Profits/losses from financial trading activities are recognised as ascertained and open positions are adjusted
to the fair value on the reporting date and the adjustment effect is thus recognised in the income statement
as revenue. Additional reserves are applied as part of the fair value to adjust for the risk of over estimation
effectively resulting in a lower valuation price for both bids and offers respectively.
Net changes in the fair value of energy commodity derivatives held for trading presented as financial assets
or financial liabilities, respectively, as well as net fair value changes in gas storage inventories held for trading
are included in “trading income, net” as it represents an important part of the trading activity. Net change in
fair value of inventory relates to the change from purchase of gas compared to the fair value.
Foreign currency adjustments arising as part of the adjustment to fair value are recognised in the income
statement as revenue.
(b) Revenue from contracts with customers
Revenue from contracts with customers regarding sale of power and energy-related services and sale of
certificates is measured at the transaction price, which is the contractually agreed price excl. VAT and taxes
charged on behalf of third parties.
Revenue from the sale of power and energy-related services comprises the sale of power and certificates
sourced from energy producers and related services in terms of e.g. production management and balancing.
Revenue is recognised when control of the power is transferred to the buyer simultaneously with fulfilment of
the related services, ie. when the power is delivered. Agreements for the sale of power and energy-related
services are considered a series of identical goods and services that are transferred and recognised over
time and revenue is recognised at the amount to which the Group is entitled.
Centrica Energy Europe determines whether it is acting as principal or agent in these arrangements,
based on whether it holds the main risks related to, and controls the power and services delivered before
selling it in the market. The Group has concluded that we in all material aspects are acting as principal in
these arrangements.
The sale of power is settled daily.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 30
Notes
Revenue from sale of certificates comprises the sale of certificates sourced from producers. Revenue is
recognised when control of the climate certificate is transferred to the buyer, i.e. when the certificate is deliv-
ered to the buyer. Agreements for the sale of certificates are fulfilled at a point in time.
Cost of sales
Cost of sales includes the purchase of power and certificates for resale and transportation thereof incurred to
achieve revenue for the year.
Other operating income
Other operating income consists of recharges for services provided to other entities in the Centrica Group.
Such income is recognised in the year in which the associated services are delivered.
Other external expenses
Other external expenses includes group recharges, consultancy fees, various service fees etc. Expenses are
recognised in the year in which the associated services are received.
Staff costs
Wages, salaries, pension contributions, social security contributions, special payroll tax, sick leave and
bonuses are recognised in the year in which the associated services are rendered by employees of the Group.
The company operates a Share Scheme for its employees, under which Centrica plc shares are granted
to employees subject to vesting conditions. Shares granted are measured at fair value when the liability is
incurred, and subsequently remeasured at far value at the end of each reporting period. The fair value of
the shares granted is recognised as an expense over the vesting period, with a corresponding increase in
liabilities. The fair value is measured at the grant date and is based on the market price of Centrica plc. If the
vesting conditions are not met, any previously recognised expense is reversed.
Depreciation and Amortisation
Land is not depreciated. Amortisation of intangible assets and depreciation of property, plant and equipment
aim to ensure linear amortisation and depreciation over the expected useful life of the asset in question.
The following useful lives and residual values apply:
Useful life Residual value
Land and Buildings 50 years 0%
Leasehold improvements 10 years 0%
Contractual rights 5 years 0%
Development projects 3-10 years 0%
Plant and equipment 5 years 0%
Right of use assets 3-10 years 0%
Intangible Assets
Intangible assets are measured in the balance sheet at the lower of cost less accumulated amortisation and
the recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal
and its value in use. Directly and indirectly incurred costs are included in cost.
IT development projects are recognised at cost, including costs of, for example, wages directly or indirectly
attributable to the development projects. Development projects are recognised in the balance sheet only
when the following criteria are met:
• It is technically feasible to complete the development projects and make it available for use
• Management intends to complete the development projects and use or sell it
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 31
Notes
• It is possible to use or sell the finished development projects
• It can be documented that economic benefits can be derived from the finished development project
• The necessary resources are available to finish the development project
• The expenditure attributable to the development of the development project can be reliably measured
Costs related to maintenance of developed software or projects that do not meet the criteria for recognition in
the balance sheet, are expensed in the income statement when they are incurred.
Capitalised development costs are amortised from the time when the developed asset is ready for its
intended use, linearly over the period where they are expected to generate economic benefits.
Property, plant and equipment
Property, plant and equipment is measured in the balance sheet at lower of cost less the accumulated depre-
ciation and the recoverable amount. The recoverable amount is the higher of the asset's fair value less costs
of disposal and its value in use.
The recoverable amount of the asset is calculated as the higher of the net selling price and value in use. The
value in use is calculated as the present value of the expected net cash flows from application of the asset or
asset group and expected net cash flows from sale of the asset or asset group after the end of useful life.
Cost includes the acquisition price and costs directly related with the acquisition up until the time the asset is
ready for use.
Leases
The Group enters into lease arrangements for assets including property, equipment and vehicles.
The group assesses its contractual arrangements to determine whether they are or contain leases based on
whether they convey the right to control the use of an identified asset for a period of time, in exchange for
consideration.
The Group recognises a right-of-use asset and a lease liability at the date at which the leased asset is made
available for use by the Group.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date to the earlier of the
end of the useful life of the right-of-use asset or the end of the lease term. The lease assets are tested for
impairment whenever there is an indication that the assets may be impaired. No impairment indicators were
identified as of 31 December 2025.
The lease liability is initially measured at the present value of the lease payments, discounted using the
interest rate implicit in the lease or, if that rate can not be readily determined, the Group's incremental
borrowing rate at the date of inception. The lease liability is subsequently measured at amortised cost using
the effective interest method.
Inventories
(a) Gas inventories
Gas inventories are acquired with the purpose of selling in the near future and generating a profit from short
term price fluctuations. As such, the Group meets the broker-trader criteria in IAS 2. As a result gas invento-
ries are measured at fair value less cost to sell. As observable market prices for gas kept in storages are not
available, whereas closely related proxy prices for gas kept at the gas hubs are, the proxy prices are used
to value the storages. Changes in fair value less costs to sell are recognised in the income statement within
“trading income and revenue”.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 32
Notes
(b) Certificates
In general certificates are measured at the lower of cost according to weighted-average cost and net realis-
able value.
El certificates and EUAs are measured at the lower of cost according to the FIFO principle and net realisable
value.
The net realisable value of certificate is calculated at the amount expected to be generated by sales during
normal operations less selling expenses. The net realisable value is determined allowing for marketability,
obsolescence and development in expected sales.
Derivative financial instruments
Centrica Energy Europe uses a range of derivative financial instruments for both trading and hedging of
exposures to energy price risks etc., arising in the normal course of business. Derivative financial instruments
are classified as held for trading for accounting purposes, and the Group does not apply any type of hedge
accounting in the financial statements.
All derivative financial instruments are initially recognised at fair value on the date the derivative contract is
entered into and are subsequently re-measured to fair value at each reporting date. Changes in the fair value
of derivative financial instruments are recognised in profit or loss.
The Group measures derivative financial instruments at fair value, which is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measure-
ment date.
When measuring the fair value of an asset or liability, it is done with the assumption that the transaction to sell
the asset or transfer the liability takes place in either the principal market for the asset or liability, or if that is
not available, the most advantageous market for the asset or liability.
Contracts on non-financial items that can be settled net in cash or another financial instrument, or by
exchanging financial instruments as if the contracts were financial instruments are measured at fair value.
The fair value measurement of non-financial assets takes into account a market participant’s ability to
generate economic benefits by using the asset at its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
Centrica Energy Europe uses valuation techniques which are appropriate for the respective contracts,
accounting for the risks tied to the contracts and to the inputs and methods used for the valuation. Valuation
techniques used maximise the use of relevant observable inputs, while minimising the use of unobservable
inputs.
Financial assets and financial liabilities measured and held at fair value are classified into one of the three
categories, known as hierarchy levels, which are defined according to the inputs used to measure fair value as
follows:
• Level 1: Fair value is determined using observable inputs that reflect unadjusted quoted market prices for
identical assets and liabilities;
• Level 2: Fair value is determined using significant inputs that may be directly observable inputs or unob-
servable inputs that are corroborated by market data; and
• Level 3: Fair value is determined using significant unobservable inputs that are not corroborated by market
data and may be used with internally developed methodologies that result in management’s best estimate
of fair value.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 33
Notes
Assets and liabilities that are recognised in the financial statements at fair value, are placed within the
fair value hierarchy based on the lowest level of input that is significant to the fair value measurement as
a whole. Categorisations between levels are reassessed at the end of each reporting period. Transfers
between levels are deemed to have occurred at the start of the reporting period.
For the purpose of the fair value disclosures, the Group has determined classes of financial instruments that
are appropriate to the nature of the information disclosed, taking into account the characteristics of those
financial instruments.
Derivative financial instrument assets and liabilities are offset and presented on a net basis only when there is
a currently enforceable legal right of set-off, and the intention to net settle the contracts is present.
The Group enters certain energy derivative financial instrument contracts covering periods for which observ-
able market data does not exist. The fair value of such derivative financial instruments is estimated by refer-
ence in part to published price quotations from active markets, to the extent that such observable market
data exists, and in part by using valuation techniques, the inputs to which include data that is not based on or
derived from observable markets. Where the fair value at initial recognition for such contracts differs from the
transaction price, a fair value gain or fair value loss will arise. This is referred to as a day-one gain or day-one
loss. Such gains and losses are deferred (not recognised) and amortised to the Group income statement
based on volumes purchased or delivered over the contractual period until such time as observable market
data becomes available. When observable market data becomes available, any remaining deferred day-one
gains or losses are recognised within the Group income statement.
Calculation of financial ratios
Financial ratios have been calculated in accordance with the recommendations of the Danish Society of
Financial Analysts:
Return on equity: Profit for the year
Average equity
Profit margin: Operating profit
Revenue
Equity ratio: Equity at year-end
Total assets
5 Trading income and revenue
Amounts in tDKK 2025 2024
Trading income, net*
Net realised trading income 2,219,747 4,234,736
Net change in fair value of commodity derivatives held for trading 230,684 -2,135,762
Net change in fair value of inventory held for trading -170,549 632,344
Revenue from contracts with customers
Sales of green certificates 1,328,472 1,634,366
Sales of power and energy related services 12,350,639 9,990,340
Trading income and revenue 15,958,993 14,356,024
* Net change presented is the change in balance sheet value from the start of the year to the end of the year of derivatives and inventory.
Realised trading income consists of settled values for realised contracts.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 34
Notes
6 Staff costs
Amounts in tDKK 2025 2024
Wages and salaries 542,536 573,441
Pension costs 28,431 27,270
Other social security costs 4,917 4,952
Other staff costs 725 3,412
Total 576,609 609,075
Average number of employees 498 508
7 Financial income
Amounts in tDKK 2025 2024
Interest income from group enterprises 35,724 183,467
Interest income from associates 212 135
Exchange rate adjustments 739 4,291
Other interest income 43,955 37,944
Total 80,630 225,837
8 Financial expenses
Amounts in tDKK 2025 2024
Interest expenses from group enterprises 0 165
Guarantee provision 2,111 3,240
Other financial expenses* 29,348 44,858
Total 31,459 48,263
* Total interest expense calculated using the effective interest method for financial liabilities that are measured at amortised cost.
5 Trading income and revenue (continued)
Centrica Energy Europe carries out almost all activities from Denmark as all handling of physical production
and trading is done from the main office in Aalborg thus a split of the activity is not relevant. Furthermore
Centrica Energy Europe see the European market as an integrated Pan-European market with more and more
synergies across countries. Centrica Energy Europe also trades in the United States. Trading income from
trading activity in the US energy markets were 6.9 mDKK (2024: 29 tDKK).
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 35
Notes
9 Tax on profit
Amounts in tDKK 2025 2024
Tax on current year taxable income 33,464 194,925
Change in deferred tax for the year 0 -565
Correction to current tax, previous years 46,706 61,336
Correction to deferred tax, previous years -39,269 -35,275
Total 40,901 220,421
Deferred tax is computed at 22% and is broken down as follows:
Intangible assets -455 -6,138
Plant and equipment -9,495 -4,594
Current liabilities 77,621 39,151
Total provision for deferred tax, closing balance 67,671 28,419
Total provision for deferred tax, opening balance 28,419 -7,440
Correction to deferred tax, previous years 39,269 35,275
Foreign exchange adjustments and other adjustments -17 19
Provision for deferred tax for the year 0 -565
Effective tax percentage
Profit for the year before tax 66,011 827,389
Calculated tax (22 %) 14,522 182,026
Effect of different tax percentages for foreign subsiduaries -1,651 -12,334
Tax value of non-deductible costs and non-taxable income -5,961 -15,381
Correction to current tax, previous years 46,706 61,336
Correction to deferred tax, previous years -39,269 -35,275
Tax on profit 14,347 180,372
Effective tax percentage 22% 22%
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 36
Notes
10 Intangible assets
Amounts in tDKK 2025 2024
Development projects
Cost price as of 01.01.2025 374,706 335,888
Correction opening balance 0 -2,142
Additions during the year 0 574
Transfers during the year 12,251 55,025
Disposals during the year -5,255 -14,672
Foreign exchange adjustments 96 33
Cost price as of 31.12.2025 381,798 374,706
Amortisations as of 01.01.2025 278,887 260,370
Amortisations during the year 35,288 33,167
Reversal of amortisations on disposals in the year 0 -14,672
Foreign exchange adjustments 81 22
Amortisations as of 31.12.2025 314,256 278,887
Book value as of 31.12.2025 67,542 95,819
Patents and trademarks
Cost price as of 01.01.2025 3,554 3,552
Foreign exchange adjustments 5 2
Cost price as of 31.12.2025 3,559 3,554
Amortisations as of 01.01.2025 3,486 3,380
Amortisations during the year 49 105
Foreign exchange adjustments 5 1
Amortisations as of 31.12.2025 3,540 3,486
Book value as of 31.12.2025 19 68
Development projects in progress
Cost price as of 01.01.2025 17,943 34,696
Correction opening balance 0 4,566
Additions during the year 41,321 33,706
Transfers during the year -12,251 -55,025
Foreign exchange adjustments 8 0
Cost price as of 31.12.2025 47,021 17,943
Book value as of 31.12.2025 47,021 17,943
Booked value intangible assets as of 31.12.2025 114,582 113,830
Development projects consist of own developed software. The software developed is planned to be utilised
internally to support Groups strategy and activities within our Renewable Trading and Optimisation business
as well as our Gas and Power Trading. The development is progressing and development projects in progress
are expected to help contribute to future earnings through internal use.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 37
Notes
11 Tangible assets
Amounts in tDKK 2025 2024
Land and buildings*
Cost price as of 01.01.2025 171,037 129,693
Additions during the year 40,975 43,060
Transfers during the year 75 86
Disposals during the year -128,797 -1,802
Foreign exchange adjustments -934 0
Cost price as of 31.12.2025 82,356 171,037
Depreciation as of 01.01.2025 32,376 21,263
Depreciation during the year 14,790 11,257
Reversal of depreciations on disposals in the year -27,697 -200
Foreign exchange adjustments -193 56
Depreciation as of 31.12.2025 19,276 32,376
Book value as of 31.12.2025 63,080 138,661
Leasehold improvements
Cost price as of 01.01.2025 3,991 725
Correction opening balance 0 2,296
Transfers during the year 4 970
Cost price as of 31.12.2025 3,995 3,991
Depreciation as of 01.01.2025 2,397 5
Correction opening balance 0 1,966
Depreciation during the year 232 426
Depreciation as of 31.12.2025 2,629 2,397
Book value as of 31.12.2025 1,366 1,594
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 38
Notes
Amounts in tDKK 2025 2024
Plant and equipment*
Cost price as of 01.01.2025 40,053 95,863
Correction opening balance 0 -2,641
Additions during the year 0 5,380
Transfers during the year 6,273 7,930
Disposals during the year -10,335 -68,874
Foreign exchange adjustments -478 2,395
Cost price as of 31.12.2025 35,513 40,053
Depreciation as of 01.01.2025 17,417 41,460
Depreciation during the year 6,679 7,194
Reversal of depreciations on disposals in the year -7,271 -31,789
Foreign exchange adjustments -407 552
Depreciation as of 31.12.2025 16,418 17,417
Book value as of 31.12.2025 19,095 22,636
Plant and equipment in progress
Cost price as of 01.01.2025 0 4
Additions during the year 8,253 8,983
Transfers during the year -6,352 -8,987
Cost price as of 31.12.2025 1,901 0
Book value as of 31.12.2025 1,901 0
Booked value tangible assets as of 31.12.2025 85,442 162,891
* Right-of-use asset balances included above are specified in note 12.
11 Tangible assets (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 39
Notes
12 Right-of-use assets
Right-of-use assets mainly relate to lease contracts on buildings. The additions for 2025 mainly relates to the
sale and lease of office buildings in Denmark.
Carrying amount of right-of-use assets recognised in the balance sheet
Amounts in tDKK 2025 2024
Land and buildings 63,080 35,685
Plant and equipment 0 1,942
Total 63,080 37,627
Amounts recognised in the income statement
Amounts in tDKK 2025 2024
Depreciation of right-of-use assets 13,407 7,804
Interest on lease liabilities 1,668 1,181
Total 15,075 8,985
Lease liabilities
Amounts in tDKK 2025 2024
Lease liability as of 01.01.2025 38,122 0
Cashflow -19,259 -8,554
Lease interests 1,317 1,189
Additions and disposals 36,784 45,487
Foreign exchange adjustments -749 0
Total 56,215 38,122
13 Inventories
Amounts in tDKK 2025 2024
Gas* 1,594,839 1,765,389
Certificates 56,361 71,341
Total 1,651,200 1,836,730
Cost of inventories expensed in the income statement
Certificates 1,239,260 1,382,461
Total 1,239,260 1,382,461
* Gas inventories are measured at fair value less cost to sell. Fair value is here determined using the current spot price in the respective price area.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 40
Notes
14 Onerous contract provisions
Amounts in tDKK 2025 2024
Onerous contract provisions as of 01.01.2025 89,039 192,050
Additional onerous contract provisions in the year 134,395 26,699
Unused and reversed onerous contract provisions in the year -35,745 -109,473
Provisions utilised in the year -3,708 -21,149
Foreign exchange adjustments -434 912
Onerous contract provisions as of 31.12.2025 183,547 89,039
Centrica Energy Trading A/S holds an onerous contract provision of 59,394 tDKK at year-end relating to the
expected loss from green certificates forward sold/purchased to prices below the forward prices at 2025
year-end.
Centrica Energy Trading A/S furthermore holds an onerous contract provision of 124,153 tDKK at year-end
relating to gas storage contracts where future not yet recognised costs are expected to exceed future
income not yet recognised. Of the expected losses 30,233 tDKK are long term, with 26,399 tDKK expected
to be realised in 2027 and 3,834 tDKK expected to be realised in 2028.
15 Other provisions
Amounts in tDKK 2025 2024
Other provisions as of 01.01.2025 35,334 3,078
Additional provisions in the year 2,723 32,256
Utilisation of provisions during the year -4,988 0
Unused provisions reversed during the year -18,426 0
Other provisions as of 31.12.2025 14,643 35,334
At year-end Centrica Energy Trading A/S holds a provision of 11,920 tDKK relating to a legal dispute.
Management considers the provisions to be sufficient to cover future potential losses.
At year-end Centrica Energy Trading A/S furthermore holds a provision of 2,723 tDKK relating to future
renovation costs on leasehold properties which matures in 2029.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 41
Notes
16 Commitments, lease obligations and guarantees
(a) Commitments and lease obligations
Commitments are not held on the Group’s Balance Sheet as these are executory arrangements, and relate to amounts
that we are contractually required to pay in the future as long as the other party meets its contractual obligations.
Amounts in tDKK 2025 2024
Commitments in relation to leases* 15,942 13,234
Green certificates commodity purchase contracts** 2,594,673 3,664,615
Transportation capacity*** 637,030 578,861
Battery storage contracts **** 22,047 0
Total 3,269,692 4,256,710
* Commitments in relation to leases consists of commitments from lease contracts, not otherwise accounted for in the reported figures.
** Green certificates commodity purchase contracts consists of future obligations to purchase certificates on fixed price contracts, which are outside
the scope of IFRS 9.
*** Transportation capacities consists of future commitments regarding transportation of gas and storage of gas.
**** Battery storage contracts consists of future commitments regarding physical battery capacities.
The maturity analysis for commitments and leases at 31 December is given below:
Amounts in tDKK 2025 2024
Within 1 year 732,652 804,253
1-2 years 697,378 847,286
2-3 years 505,959 670,394
3-4 years 259,263 490,572
4-5 years 256,012 275,158
After 5 years 818,428 1,169,047
Total 3,269,692 4,256,710
(b) Guarantees
Amounts in tDKK 2025 2024
The Group's banks have provided guarantees in relation to contractual obligations
at the balance sheet date amounted to 1,574,400 1,850,793
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 42
Notes
17 Financial assets and liabilities by category
The table below shows Centrica Energy Europe’s financial instruments in the balance sheet divided into main
categories. The categories indicate how the financial instruments are measured in the financial statements.
Amounts in tDKK 2025 2024
Derivative financial instruments* 584,205 1,127,633
Financial assets measured at fair value through profit/loss 584,205 1,127,633
Trade receivables 1,363,451 2,191,805
Deposits related to trading 961,452 906,953
Receivables from group enterprises 1,129,504 2,081,496
Receivables from associates 131 1,500
Other receivables 169,218 145,205
Cash and cash equivalents 1,168,257 928,242
Financial assets measured at amortised cost 4,792,013 6,255,201
Derivative financial instruments* 972,945 1,750,684
Financial liabilities measured at fair value through profit/loss 972,945 1,750,684
Trade payables 1,891,454 1,998,885
Deposits related to trading 107,046 152,606
RoU lease liabilities 56,215 38,122
Debt to group enterprises 993,208 841,024
Other payables 297,025 293,154
Bank overdrafts and loans 128,554 0
Financial liabilities measured at amortised cost 3,473,502 3,323,791
* Derivatives financial instruments include both physical and financial contracts.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 43
Notes
18 Financial risk management
The primary risks Centrica Energy Europe is exposed to include market risk, liquidity risk, credit risk and foreign
exchange risk as a result of our business activities. We follow Centrica Energy Risk mandate, which is designed
to identify, manage and mitigate these risks.
Market risk management
Market risk arises in commodity and financial markets in which Centrica Energy Europe is engaged. The main
risk factor is fluctuations in commodity prices, but there are also risks pertaining to volumes and interest rates.
The level of market risk to which Centrica Energy Europe is exposed at a point in time varies depending on
market conditions, expectations of future price or market rate movements and the composition of the company’s
physical asset and contract portfolio.
(a) Commodity price risk management
Commodity price risk is the risk associated with possible future price moves of commodities and other
products traded by Centrica Energy Europe, impacting the fair value or future cash flows impacting Centrica
Energy Europe’s current or future profitability.
As an energy trading company Centrica Energy Europe is active in most power and gas markets throughout
Europe and parts of USA, as well as the related markets for e.g. green certificates.
Market risk management constantly monitors risk exposure across business areas. As part of their moni-
toring, a standard Value-at-Risk metric (VaR) approach is used, based on Monte Carlo simulation with a
95% confidence level and using a 75 days historical observation period. This is complimented by internally
developed models to compensate for some of the known limitations of the VaR approach. VaR measures the
estimated potential loss for a given confidence level over a predetermined holding period, which in our use is
set to 1 day. The associated risk limits are set in the Risk Directive on the group level and in the limit registry
for sub-limits set out for individual business areas.
As with any modelled risk measure, there are certain limitations that arise from the assumptions used in the
VaR calculation. VaR assumes that historical price behaviours will continue in the future and that the Group’s
trading positions can be unwound or hedged within the predetermined holding period. Furthermore, the
use of a 95% confidence level, by definition, does not take into account changes in value that might occur
beyond this confidence level.
The VaR numbers, as defined in the Risk Directive, reported ultimo 2025 and 2024 respectively are 7.5
mDKK and 16.3 mDKK. The average VaR utilisation during 2025 and 2024 respectively was 16.7 mDKK
and 16.3 mDKK. The majority of market risk exposure reflected in these numbers is related to price spread
among price areas or as time spreads within price areas as opposed to an outright exposure against the
general price level of power or gas.
Renewable production volumes and the associated volumetric risk are regularly reassessed. Meteorologists,
traders and quantitative analysts carry out this evaluation. Based on the evaluation hedges are adjusted as
needed to remain within the limits set in the Risk Policy.
(b) Interest rate risk management
Centrica Energy Europe's exposure to the risk of changes in market interest rates relates primarily to inter-
est-bearing receivables and liabilities. The exposure is not material.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 44
Notes
Liquidity risk management
Liquidity risk is the risk that Centrica Energy Europe is unable to meet its financial obligations as they fall
due. Centrica Energy Europe experiences significant movements in its liquidity position primarily due to the
seasonal nature of its business and margin cash arrangements. To mitigate this risk Centrica Energy Europe
maintains significant committed facilities and holds cash on deposit to ensure that there is sufficient liquidity
headroom at all points in the seasonal trading cycle of the business. Centrica Energy Europe is furthermore
owned by Centrica plc, ensuring access to additional funding to meet short term liquidity needs, during high
price scenarios.
Maturities of derivative financial instruments, trade payables and group payables are provided in the
following tables. The amounts disclosed in the table are the undiscounted contractual cash flows including
interests based on the contractual maturities:
2025
Amounts in tDKK Ultimo 2025 2026 2027 2028 After 2028
Trade payables 1,891,454 1,891,454 0 0 0
Deposits related to trading 107,046 107,046 0 0 0
Debt to group enterprises 995,694 969,667 3,843 3,908 18,276
Lease liabilities 58,928 18,143 17,483 14,847 8,455
Derivative financial instruments 1,001,407 318,666 153,002 114,237 415,502*
Other payables 297,025 270,057 26,968 0 0
Total 4,351,554 3,575,033 201,296 132,992 442,233
* Concerns long-term PPA’s with maturity extending to year 2037.
2024
Amounts in tDKK Ultimo 2024 2025 2026 2027 After 2027
Trade payables 1,998,885 1,998,885 0 0 0
Deposits related to trading 152,606 152,606 0 0 0
Debt to group enterprises 841,024 830,283 10,741 0 0
Lease liabilities 38,122 8,507 7,218 7,164 15,233
Derivative financial instruments 1,750,684 991,141 195,889 112,955 450,699*
Other payables 297,025 297,025 0 0 0
Total 5,078,346 4,278,447 213,848 120,119 465,932
* Concerns long-term PPA’s with maturity extending to year 2037.
The table above shows the contractual cash outflows on contracts held. As part of Centrica Energy Europe’s
market risk management, the contracts are to a large extent hedged, with opposite contracts from which
inflows of cash are expected. The table below shows the undiscounted contractual cash flows on asset deriva-
tive financial instruments, trade receivables and Group receivables presented in similar maturity buckets:
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 45
Notes
2025
Amounts in tDKK Ultimo 2025 2026 2027 2027 After 2028
Trade receivables 1,363,451 1,363,451 0 0 0
Receivables from group enterprises 1,129,504 1,070,603 33,878 4,621 20,402
Receivables from associates 131 131 0 0 0
Deposits related to trading 961,452 961,452 0 0 0
Derivative financial instruments 584,205 286,785 50,433 75,490 171,497*
Other receivables 169,218 169,218 0 0 0
Total 4,207,961 3,851,640 84,311 80,111 191,899
* Concerns long-term PPA’s with maturity extending to year 2037.
2024
Amounts in tDKK Ultimo 2024 2025 2026 2027 After 2027
Trade receivables 2,191,805 2,191,805 0 0 0
Receivables from group enterprises 2,081,496 2,073,934 7,562 0 0
Receivables from associates 1,500 1,500 0 0 0
Deposits related to trading 906,953 906,953 0 0 0
Derivative financial instruments 1,127,633 810,936 75,093 73,937 167,667*
Other receivables 145,205 145,205 0 0 0
Total 6,454,592 6,130,333 82,655 73,937 167,667
* Concerns long-term PPA’s with maturity extending to year 2034.
Centrica Energy Europe has credit facilities in form of guaranties at Euler Hermes 350 mDKK (2024: 594
mDKK). At Sydbank the credit facility is 187 mDKK (2024: 188 mDKK), where 100 mDKK (2024: 180 mDKK)
can be used as a cash overdraft.
Centrica Energy Europe furthermore has a Revolving Credit Facility with its parent company, which as of 31
December 2025 amounted to 270 mEUR (2024: 23,500 mDKK).
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 46
Notes
Credit risk management
Credit risk is the risk of loss associated with a counterparty’s inability or failure to discharge its obligations
under a contract.
Credit risk exposure occurs when trading with counterparties. A thorough know your customer process is
carried out before trading is commenced with a counterparty. A credit rating is furthermore carried out by the
credit risk team, in line with the Groups Risk Directive. Through this process maximum allowed exposures are
determined, and the need for any collateral or guarantees are assessed before trading commences. Credit
performs annual credit assessments of all trading counterparties with an active credit limit, based on the
counterparty's most recent audited financial statements. The assessment is conducted using S&P's scoring
model, resulting in an internal credit rating. Where an external credit rating is available, this is used as the
primary basis for the assessment. External providers used are S&P, Moody's and Fitch.
A considerable part of Centrica Energy Europe’s counterparties are covered by the standard EFET agree-
ment. This agreement also contain regulation on credit, payment and offsetting. This means that Centrica
Energy Europe is less exposed to credit risk as opposed to trading with less or no standardised terms.
Historically credit losses have been limited. Provisions for loss on trade receivables was 174.9 mDKK at the
beginning of the year. During the year 0.1 mDKK of loss were realised, while payments covering 1.9 mDKK
of trade receivables previously provided for were received. The remaining provisions at the beginning of the
year are still required, and the provision as of 31.12.2025 was 172.9 mDKK.
2025
Amounts in tDKK
Trade
receivables
Derivative
financial
instruments Total
The credit quality of the group’s counterparties
Minimal risk (Rated A) 406,269 30,204 436,473
Low risk (Rated B) 823,265 396,779 1,220,044
High risk (Rated C) 133,917 157,222 291,139
Total 1,363,451 584,205 1,947,656
2024
Amounts in tDKK
Trade
receivables
Derivative
financial
instruments Total
The credit quality of the group’s counterparties
Minimal risk (Rated A) 613,156 41,507 654,663
Low risk (Rated B) 1,478,506 978,546 2,457,052
High risk (Rated C) 100,143 107,580 207,723
Total 2,191,805 1,127,633 3,319,438
Minimal and low risk covers Transmission system operators, Power Plants and A-rated counterparties. It is
the assessment of Centrica Energy Europe that these counterparties carry no or only little credit risk as they
are part of partly public security of supply or have high credit ratings.
The Group adjusts the market value of derivative financial instruments to account for counterparty credit
risk, including the Groups own credit risk and corresponding possibility of a counterparty default preventing
full realisation of the risk-free market value of the derivative financial instrument. The Group estimates Credit
and Debit Valuation Adjustments by computing an expected evolution of the market value of a counterpart’s
derivatives portfolio over the life of the contracts weighted by the probability of a default and an assumption
of the market value recoverable in the event of a default. The Credit Value Adjustment was 65 mDKK as of
31.12.2025 and 45 mDKK as of 31.12.2024. The Debit Value Adjustment was 19 mDKK as of 31.12.2025 and
31 mDKK as of 31.12.2024.
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 47
Notes
Foreign currency risk
The framework for open currency positions is based on the risk assessment of the foreign currency market.
Each currency is associated with a risk weight reflecting the risk related to the respective currencies. The
commercial currency exposure is accumulated in a portfolio managed by Centrica Energy Europe’s treasury
department and subsequently hedged in the market.
Trading energy throughout Europe in different currencies naturally entails currency risk, which is handled by
the treasury department with the purpose of removing all material currency risk.
The table below shows an analysis of the sensitivity of the Group's financial position and exposure to
changes in foreign exchange rates up against the Euro being functional currency for the Group as of the
balance sheet date. The company deems 0.5% movements to Danish Kroner and 10% movements to
Pounds Sterling currency rates relative to Euro to be reasonably possible. The impact of such movements on
profits and equity, assuming all else is equal, are as follows:
Incremental profit/(loss)
2025 2024
Amounts in tDKK
Reasonably
possible
change in
currency
Impact
on P/L
and Equity
before tax
Reasonably
possible
change in
currency
Impact
on P/L
and Equity
before tax
DKK
+0.5% 0,816 +0.5% 2,400
-0.5% -0,816 -0.5% -2,400
GBP
+10% 4,174 +10% -57,959
-10% -4,174 -10% 57,959
All other currency sensitivities are not material.
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 48
Notes
Offsetting financial assets and financial liabilities
Centrica Energy Europe enters in to offsetting agreements with counterparts also covering financial
contracts. Both long and short positions are traded with these counterparts and the gross value of these
contracts can be significant. However, the possibility to offset individual contracts with these counterparts
mean that the actual cash settlement of the contracts is significantly lower. Offsetting is mainly done on
trades regarding the same commodity in the same currency, which are settled net, but Centrica Energy
Europe also apply master netting agreements with the possibility to do cross commodity netting. The netting
is carried out also in the actual settlement in cash. The table below shows the financial assets and liabilities
that are subject to offsetting.
2025
Related amounts
not set off in
the Group balance sheet
Amounts in tDKK
Gross
amounts of
recognised
financial
asset/liability
Gross
amounts
offset in
the Group
Balance
Sheet
Net amounts
presented
in the Group
Balance
Sheet Collateral Net amount
Offsetting of financial assets
Trade receivables 4,370,618 3,007,167 1,363,451 9,174 1,354,277
Receivables from group enterprises 2,374,428 1,244,924 1,129,504 1,129,504
Derivative financial instruments 4,570,677 3,986,472 584,205 10,140 574,065
Total 11,315,723 8,238,563 3,077,160 19,314 3,057,846
Offsetting of financial liabilities
Trade payables 4,898,622 3,007,168 1,891,454 53,949 1,837,505
Payables to group enterprises 2,238,132 1,244,924 993,208 993,208
Derivative financial instruments 4,959,417 3,986,472 972,945 3,966 968,979
Total 12,096,171 8,238,564 3,857,607 57,915 3,799,692
2024
Related amounts
not set off in
the Group balance sheet
Amounts in tDKK
Gross
amounts of
recognised
financial
asset/liability
Gross
amounts
offset in
the Group
Balance
Sheet
Net amounts
presented
in the Group
Balance
Sheet Collateral Net amount
Offsetting of financial assets
Trade receivables 8,788,412 6,596,607 2,191,805 69,109 2,122,696
Receivables from group enterprises 3,618,925 1,537,429 2,081,496 0 2,081,496
Derivative financial instruments 10,036,306 8,908,673 1,127,633 2,094 1,125,539
Total 22,443,643 17,042,709 5,400,934 71,203 5,329,731
Offsetting of financial liabilities
Trade payables 8,595,492 6,596,607 1,998,885 41,416 1,957,469
Payables to group enterprises 2,378,453 1,537,429 841,024 0 841,024
Derivative financial instruments 10,659,357 8,908,673 1,750,684 2,489 1,748,195
Total 21,633,302 17,042,709 4,590,593 43,905 4,546,688
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 49
Notes
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concern,
while seeking to maintain an efficient capital structure with a balance of net debt and equity as shown in the
table below:
Amounts in tDKK 2025 2024
Debt 3,695,648 3,471,590
Cash and cash equivalents 1,168,257 928,242
Net debt 2,527,391 2,543,348
Equity 2,834,206 4,423,846
Net debt to equity ratio (%) 89% 57%
Debt levels are restricted to maintain a strong credit profile. The Group’s credit standing is important to limit
collateral requirements in energy trading and hedging, and to ensure the Group is an attractive counter-
party to energy producers and long-term customers. The decrease in equity in the year is due to dividend
payments in the year.
19 Fair value of assets and liabilities
The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. The company has
documented internal policies for determining fair value, including methodologies used to establish valuation
adjustments required for credit risk.
Financial instruments measured at fair value primarily consist of commodity derivatives traded as part of the
Group’s ordinary business activities, as well as foreign exchange derivatives used for managing currency risk
exposures.
For the purpose of the fair value disclosures, the Group has determined classes of financial instruments that
are appropriate to the nature of the information disclosed, taking into account the characteristics of those
financial instruments as well as the underlying commodity.
(a) Fair value hierarchy
As prescribed in IFRS 13 the Group has classified financial instruments into three levels. This serves to
provide an indication of the reliability of the inputs used when determining the fair value of financial instru-
ments measured at fair value through profit and loss in the financial statements.
Level 1
Level 1 consists of exchange traded derivatives, which are valued using closing prices provided by the
exchanges at the balance sheet date. Exchange traded derivatives are cleared daily through the receipt or
payment of variation margin. The cleared value is not presented within the derivative balance.
Level 2
Level 2 financial assets and liabilities consists of over-the-counter (OTC) commodity sale and purchase
contracts with power, gas and certificates as the underlying for which observable prices are available in the
delivery period. The period in which observable prices are available varies between 0 and 4 years depending
on the market. Prices used are prices derived from quoted prices or prices obtained through index developers,
corroborated with market data.
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 50
Notes
For Level 2 contracts the fair value is determined using standard valuation techniques in the form of discounted
cash flow models. The obtained market values are discounted back to present value. Discount factors used
range from 0.99 to 0.84, depending on delivery period and market.
Bid/offer reserves are calculated on a portfolio level and included in Level 2 assets, and not pushed down to
the individual trade.
The Group adjusts the market value of derivative financial instruments to account for counterparty credit risk,
including the Groups own credit risk and corresponding possibility of a counterparty default. See credit risk
management in Note 18 for further description of the credit and debit value adjustment.
Level 3
Derivative financial instruments that fall within Level 3 of the fair value hierarchy are derivative financial instru-
ments where unobservable inputs are used in the valuation significantly impacting the fair value assessment.
These inputs include unobservable prices, risk premiums, volatilities and certain asset dependent factors.
Dependent on the market prices are observable for the first 0 to 4 years. Centrica Energy Europe holds
power contracts up to a 15 year time horizon.
Linear Level 3 Power and Level 3 Gas derivatives consist of OTC traded power capacities, and OTC traded
physical commodity sale and purchase contracts, in markets for which observable prices are not available in
the delivery period. For Level 3 energy derivatives, the main input used pertains to deriving expected future
commodity prices in markets that are not active as far into the future as some of our contractual terms. Linear
contracts are fair valued through standard valuation techniques in the form of discounted cash flow models,
using prices derived from quoted prices or prices obtained through index developers. The obtained market
values are discounted back to present value. Discount factors used range from 0,99 to 0,78, depending on
delivery period and market.
Non-linear Level 3 contracts consist of contracts containing optionality or volume flexibility. Valuation of these
is based on internal standard simulation models, using prices derived from quoted prices or price obtained
through index developers, volatility and production estimates. Renewable production volumes and the asso-
ciated volumetric risk are regularly reassessed. Meteorologists, traders and quantitative analysts carry out
this evaluation. The Group has separate teams responsible for developing and quality assessing the models
used for individual valuations.
The Group’s valuation process includes specific teams of individuals that perform valuations of the Group’s
derivative financial instruments for financial reporting purposes, including Level 3 valuations. The Group has
an independent team that derives future commodity price curves based on available external data and these
prices feed into the energy derivative valuations, subject to adjustments to ensure they are compliant with
IFRS 13 ‘Fair Value Measurement’. The price curves are subject to review and approval by the Group’s Exec-
utive Committee and valuations of all derivative financial instruments, together with other contracts that are
not within the scope of IFRS 9, are also reviewed regularly as part of the overall risk management process.
The price curves used when valuing Level 3 derivatives as of 31.12.2025 has pricing ranging from 227 DKK
to 698 DKK pr. MW for Nordic Power, 250 DKK to 731 DKK pr. MW for Continental Power, 540 DKK to 665
DKK pr. MW for UK Power and 177 DKK to 266 DKK pr. MW for European gas. When valuing contracts daily,
and in some cases quarter-hourly prices are used. Given seasonal changes in power and gas prices, as well
as the long time horizon for some contracts included, this gives rise to very wide ranges of prices used when
valuing Level 3 derivatives.
The Group adjusts the market value of derivative financial instruments to account for counterparty credit risk,
including the Groups own credit risk and corresponding possibility of a counterparty default. See credit risk
management in Note 18 for further description of the credit and debit value adjustment.
19 Fair value of assets and liabilities (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 51
Notes
2025
Amounts in tDKK Level 1 Level 2 Level 3 Total
Non-financial assets
Gas trading inventories at fair value 0 1,594,839 0 1,594,839
Total non-financial assets 0 1,594,839 0 1,594,839
Financial assets
Power – linear contracts 0 -5,405 190,051 184,646
Power – non-linear contracts 0 0 183,433 183,433
Gas 0 147,301 42,778 190,079
Other 0 26,048 0 26,048
Total financial assets 0 167,944 416,262 584,206
Financial liabilities
Power – linear contracts 0 -29,345 -362,054 -391,399
Power – non-linear contracts 0 0 -409,801 -409,801
Gas 0 -117,746 -27,087 -144,833
Other 0 -26,911 0 -26,911
Total financial liabilities 0 -174,002 -798,942 -972,944
Total financial assets and liabilities 0 -6,058 -382,680 -388,738
2024
Amounts in tDKK Level 1 Level 2 Level 3 Total
Non-financial assets
Gas trading inventories at fair value 0 1,765,389 0 1,765,389
Total non-financial assets 0 1,765,389 0 1,765,389
Financial assets
Power – linear contracts 0 117,139 286,268 403,407
Power – non-linear contracts 0 0 228,923 228,923
Gas 0 260,744 147,636 408,380
Other 0 86,923 0 86,923
Total financial assets 0 464,806 662,827 1,127,633
Financial liabilities
Power – linear contracts 0 -211,510 -491,175 -702,685
Power – non-linear contracts 0 0 -401,879 -401,879
Gas 0 -368,481 -182,076 -550,557
Other 0 -95,563 0 -95,563
Total financial liabilities 0 -675,554 -1,075,130 -1,750,684
Total financial assets and liabilities 0 -210,748 -412,303 -623,051
19 Fair value of assets and liabilities (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 52
Notes
Level 3 financial instruments
The reconciliation of the Level 3 fair value measurements during the year is as follows:
Amounts in tDKK 2025 2024
Level 3 financial instruments 01.01.2025 -412,303 -810,791
Transfers from Level 3 to Level 2 7,026 -161,281
Settlements -69,408 254,102
Total realised and unrealised gains/losses recognised through profit or loss 92,005 305,667
Level 3 financial instruments 31.12.2025 -382,680 -412,303
Transfers between levels are deemed to occur at the beginning of the reporting period.
Settlements comprise January 1st values realised during the year.
The market risk for all Level 3 contracts is included in the risk limits set in the Risk Policy and consequently
hedged in the underlying markets or through proxy hedges in correlated markets (Level 1 and 2 contracts)
where possible.
Because the Level 3 energy financial instrument valuations involve the prediction of future commodity market
prices, sometimes a long way into the future, reasonably possible alternative assumptions for gas or power
prices may result in a higher or lower fair value for Level 3 financial instruments. The sensitivity analysis
provided discloses the effect on profit or loss at 31 December 2025, assuming that a reasonably possible
change in the relevant risk variable had occurred at 31 December 2025, and has been applied to the risk
exposures in existence at that date to show the effects of reasonably possible changes in price on profit or
loss.
The sensitivity analysis provided is hypothetical only and should be used with caution as the impacts
provided are not necessarily indicative of the actual impacts that would be experienced. This is because the
company’s actual exposure to market rates is changing constantly as the company’s portfolio of commodity,
debt and foreign currency contracts changes.
The sensitivity analysis reflects the financial impact of a reasonable change in the underlying commodity
prices (delta values). The most critical non observable input is power prices and gas prices in the specified
regions. Reasonable changes to other non observable inputs are considered immaterial to the valuations,
and no simulation is carried out on these.
The impacts of reasonably possible changes using probability-based high and low curves applied to Level 3
proprietary trades are as follows:
2025 2024
Amounts in tDKK
Price
movement
Impact
on P/L
and Equity
before tax
Price
movement
Impact
on P/L
and Equity
before tax
Level 3 Linear power contracts
Increase 175,335 Increase 239,844
Decrease -175,335 Decrease -239,844
Level 3 Non-linear power contracts
Increase -202,546 Increase -705,768
Decrease 201,492 Decrease 709,577
Level 3 Gas contracts
Increase 25,423 Increase -79,767
Decrease -25,858 Decrease 78,210
19 Fair value of assets and liabilities (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 53
Notes
19 Fair value of assets and liabilities (continued)
The P/L impacts are based on reasonably possible price changes. These are based on high- and low
scenarios received from external price curve forecasters.
The method used for determining the sensitivity to reasonable movements in the price curves is the same as
last year. Reasonable possible price changes used range from a 19% change in price used (2024: 47%) at
the short end of the curve to a 31% change (2024: 26%) at the long end of the curve for gas, and from 29%
(2024: 52%) at the short end of the curve to 36% (2024: 36%) at the long end of the curve for power.
The fair values disclosed only concern contracts within the scope of IFRS 9. Centrica Energy Europe also
holds fixed price contracts outside the scope of IFRS 9. Such contracts are not fair valued. These contracts
are specified in note 16.
Transfers in fair value hierarchy
The liquidity in the different markets and delivery periods in which the Group operates, were reassessed
during the year, leading to transfers between Level 2 and Level 3.
(a) Day-one gain or loss deferred
Where the fair value at initial recognition based on the in section 19 (b) described valuation techniques,
differs from the transaction price, a fair value gain or fair value loss will arise. Such losses are deferred and
recognised in the income statement over the delivery period of the underlying contracts based on the deliv-
ered volumes, until such time as observable market data becomes available. When observable market data
becomes available, any remaining deferred day-one gains or losses are recognised within the Group Income
Statement.
Day-one gains or losses deferred
Amounts in tDKK
2025
Linear
2025
Non-linear
2024
Linear
2024
Non-linear
Day-one gains or losses deferred 01.01.2025 101,459 565,538 229,283 705,735
Adjustment to opening balance* 0 0 -108,924 22,860
Net gain/loss deferred on purchases in the year 0 56,171 24,821 80,533
Net amounts recognised in the income statement -21,722 -302,587 -43,722 -243,590
Day-one gains or losses deferred 31.12.2025 79,737 319,122 101,458 565,538
* Adjustments to opening balance relates to corrections to existing contracts, without impact on the profit and loss statement or equity.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 54
Notes
20 Related party transactions
During the year the Group entered into the following arm’s length transactions with related parties:
Amounts in tDKK 2025 2024
Transactions with related parties
Sales of goods and services to group enterprises* 4,946,776 4,772,104
Sales of goods and services to parent company 9,966 0
Purchases of goods and services from other group enterprises* 2,750,201 2,363,325
Purchases of goods and services from parent companies* 22,888 3,550
Financial income from parent companies 34,968 186,095
Financial income from associates 212 135
Financial expenses from parent companies 578 3,227
Related party balances
Receivables from parent companies** 256,623 1,199,551
Receivables from group enterprises* 872,881 881,945
Receivables from associates 131 1,500
Payables to parent companies** 349,617 70,127
Payables to group enterprises* 643,591 770,897
* Sales to and purchases from group parties, including receivables and payables in this regard, is mainly carried out on EFET terms. Figures presented include trading
income presented net across all counterparties in the income statement. Figures reported above for trading income, are net by related party.
** Receivables from parent companies mainly relates to distribution of surplus liquidity in the Centrica Group. Interest is calculated and paid monthly. Balances are
payable on demand.
Remuneration to Management
Key management personnel comprise Executive Management, the Board of Directors and Other Management.
Executive Management
Key management personnel compensation relating to all Executive Management who served during 2025
consists of:
Amounts in tDKK 2025 2024
Short-term employee benefits 10,805 not disclosed
Post-employment benefits 142 not disclosed
Share-based payments 7,618 not disclosed
Total 18,565 not diclosed
In 2024, Executive Management comprised a single individual. In accordance with section 98 b of the Danish Financial Statements Act, comparative information has not
been disclosed, as such disclosure would relate to an individual person.
Board of Directors
The Board of Directors includes employee-elected members and members who are employees of the
Company or other entities within the Group.
Remuneration to the Board of Directors comprises fees for board duties only. Board members who are
employees of the Company or other Group entities do not receive additional remuneration for their work as
board members. Their remuneration as employees is not included below.
Amounts in tDKK 2025 2024
Total board remuneration 80 60
Total 80 60
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 55
Notes
Other Management
Other Management comprises senior executive below Executive Management.
Key management personnel compensation relating to Other Management consists of:
Amounts in tDKK 2025 2024
Short-term employee benefits 4,767 4,613
Post-employment benefits 420 284
Share-based payments 853 765
Total 6,040 5,662
Share savings programme
Employees participate in share-based incentive programmes under which awards are either equity-settled,
through the grant of shares in Centrica plc, or cash-settled (phantom shares), where the settlement amount
is linked to the market value of Centrica plc shares. The awards generally vest over a two-to-three-year
period, subject to continued employment at the vesting date. The employees must be employed at the time
of vesting to receive the shares.
Shares granted are measured at fair value when the liability is incurred, and subsequently remeasured at fair
value at the end of each reporting period. The fair value of the shares granted is recognised as an expense
over the vesting period, with a corresponding increase in liabilities. The fair value is measured at the grant
date and is based on the market price of Centrica plc. If the vesting conditions are not met, any previously
recognised expense is reversed.
During the year 2,469,306 shares were granted at an average price of 149.05 pence per share. The closing
price of one Centrica ordinary share as of 31 December 2025 was 169.55 pence. The cost of granted shares
recognised in profit and loss for the year amounts to 22,255 tDKK.
During last year 4,429,839 shares were granted at an average price of 129.65 pence per share. The closing
price of one Centrica ordinary share as of 31 December 2024 was 133.60 pence. The cost of granted shares
recognised in profit and loss for the year amounts to 33,164 tDKK.
Amounts in tDKK 2025 2024
Number of outstanding shares as of 1st January 8,400,650 5,598,865
Correction to previous period 1,110,392 0
Number of shares granted during the period 2,469,306 4,429,839
Number of shares granted during the period -2,801,269 -1,270,637
Number of shares forfeited during the period -1,497,783 -357,417
Number of outstanding shares as of 31st December 7,681,296 8,400,650
21 Auditors’ remuneration
Amounts in tDKK 2025 2024
Statutory audit 2,867 2,828
Other services with assurance 27 0
Other services 56 2
Total 2,950 2,830
Statutory audit fees listed include 506 mDKK of fees relating to audit of the Parent Company's subsidiaries.
20 Related party transactions (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 56
Notes
22 Related undertakings
The Group has subsidiaries in the United Kingdom, Germany, Singapore, Belgium, France, United States and Denmark. These
are listed below.
(a) Parent Company
Centrica Energy Trading A/S is controlled by Centrica Overseas Holding Ltd. The ownership is registered in the Company’s
register of shareholders as holding 100% of the votes and shares. The company is included in the consolidated financial state-
ments of its ultimate parent, Centrica plc.
31 December 2025 Principal activity
Country of incorporation/
registered address key* Type
Centrica plc Holding company United Kingdom / A Ultimate parent
Centrica Overseas Holding Ltd. Holding company United Kingdom / A Immediate parent
* For list of registered addresses, refer to note 22(d).
Centrica Energy Trading A/S appears as a subsidiary in the consolidated financial statements for Centrica plc.
The consolidated financial statements of Centrica plc are available at Centrica’s website: www.centrica.com.
(b) Subsidiary undertakings
Investments held directly by Centrica Energy Trading A/S with 100% ownership and voting rights:
31 December 2025 Principal activity
Country of incorporation/
registered address key*
Class of
shares held
Neas Invest A/S Dormant Denmark / B Ordinary shares
Neas Energy Ltd. Energy services and
wholesale energy trading
United Kingdom / A Ordinary shares
Centrica Energy Trading GmbH Energy services and
wholesale energy trading
Germany / C Ordinary shares
Centrica Energy Trading Pte. Ltd. Energy services and
wholesale energy trading
Singapore / D Ordinary shares
Centrica Business Solutions Belgium NV Energy services and
wholesale energy trading
Belgium / E Ordinary shares
Centrica Business Solution UK Optimisation Ltd. Energy services and
wholesale energy trading
United Kingdom / F Ordinary shares
Centrica Business Solutions France SAS Energy services and
wholesale energy trading
France / G Ordinary shares
Centrica Energy Trading LLC Energy services and whole-
sale energy trading
United States of America / H Ordinary shares
Accord Energy Ukraine Holdings ApS** Energy services and
wholesale energy trading
Denmark / B Ordinary shares
Accord Energy Ukraine LLC** Energy services and
wholesale energy trading
Ukraine / J Ordinary shares
Centrica Energy Pty Ltd** Energy services and
wholesale energy trading
Australia / K Ordinary shares
Centrica Energy Trading Srl** Energy services and whole-
sale energy trading
Spain / L Ordinary shares
* For list of registered addresses, refer to note 22(d).
** Entity was established during the 2025 financial year.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 57
Notes
22 Related undertakings (continued)
(c) Associates
31 December 2025 Principal activity
Country of
incorporation/
registered address key*
Class of
shares held
Indirect interest and
voting rights (%)
Associates
Vindpark Keblowo ApS Operation of an
onshore windfarm
Denmark / I Ordinary shares 50.0%
* For list of registered address, refer to note 22(d).
(d) List of registered addresses
Registered address key Address
A Millstream, Maidenhead Road, Windsor, SL4 5GD, United Kingdom
B Skelagervej 1, 9000 Aalborg, Denmark
C Esplanade 40, 20354 Hamburg, Germany
D 12 Marina View, #17-04 Asia Square Tower 2, Singapore 238852, Republic of Singapore
E 2600 Antwerpen, Roderveldlaan 2 BUS 2, Belgium
F Millstream, Maidenhead Road, Windsor, SL4 5GD, United Kingdom
G 60 Avenue Charles De Gaulle 92200 Neuilly-Sur-Seine, France
H 1521 Concord Pike Suite 201, Wilmington, DE19803, United States
I Mariagervej 58B, DK 9500 Hobro, Denmark
J 20 Lavrska Street, Non-residential premises 20, 01601, Kyiv, Ukraine
K Level 5 60 Martin Place, NSW 2000, Sydney, Australia
L Viale Monte Santo 1/3, 20124 Milan, Italy
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2025 58
Income statement
01.01.2025 - 31.12.2025
Amounts in tDKK Note 2025 2024
Trading income and revenue 4 15,740,106 13,958,700
Cost of sales -15,007,018 -12,540,103
Gross profit 733,088 1,418,597
Own work capitalised 9,321 7,763
Other operating income 74,196 94,249
Other external expenses -317,116 -363,998
Staff costs 5 -488,913 -519,321
Profit before depreciation, amortisation and impairment losses 10,576 637,290
Depreciation, amortisation and impairment losses -40,574 -33,769
Operating profit -29,998 603,521
Received dividends from investments in group enterprises 290,750 0
Income from investments in associates using the equity method 2,919 2,301
Financial income 6 65,573 193,886
Financial expenses 7 -29,991 -49,174
Profit before tax 299,253 750,534
Tax on profit 8 -15,968 -196,898
Profit for the year 283,285 553,636
Statement of
comprehensive income
01.01.2025 - 31.12.2025
Amounts in tDKK 2025 2024
Profit for the year 283,285 553,636
Other comprehensive income
Items that will be or have been reclassified to the Income Statement:
Exchange differences on translation of foreign operations -561 8
Other comprehensive income, net of taxation -561 8
Total comprehensive income for the year 282,724 553,644
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 60
Balance sheet
31.12.2025
Assets
Amounts in tDKK Note 2025 2024
Development projects 57,737 79,352
Development projects in progress 37,700 12,882
Intangible assets 9 95,437 92,234
Land and buildings 54,273 126,594
Leasehold improvements 1,367 1,537
Plant and equipment 13,917 16,734
Plant and equipment in progress 1,901 0
Tangible assets 10, 11 71,458 144,865
Investments in group enterprises accounted for using the cost price method 510,647 790,018
Investments in associates accounted for using the equity method 13,753 10,848
Investments in group enterprises and associates 524,400 800,866
Deferred tax assets 8 67,357 28,083
Non-current assets 758,652 1,066,048
Inventories 13 1,651,200 1,836,730
Trade receivables 18, 19 1,289,614 2,085,421
Other receivables 50,781 16,599
Income tax receivables 185,536 89,409
Deposits related to trading 18, 19 901,673 856,675
Receivables from group enterprises 18, 19 948,527 1,418,278
Receivables from associates 131 1,500
Prepayments 5,974 19,691
Derivative financial instruments 18, 19 534,648 1,127,633
Cash and cash equivalents 1,060,827 864,253
Current assets 6,628,911 8,316,189
Assets 7,387,563 9,382,237
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 61
Balance sheet
31.12.2025
Equity and liabilities
Amounts in tDKK Note 2025 2024
Share capital 123,507 123,507
Reserve for net revaluation according to the equity method 7,787 4,882
Reserve for development costs 68,735 64,295
Proposed ordinary dividend payment 1,000,000 1,300,000
Retained earnings 1,572,665 2,597,286
Equity 14 2,772,694 4,089,970
Deferred tax liabilities 8 0 0
Derivative financial instruments 18, 19 586,631 759,543
Debt to group enterprises 18, 19 68,630 10,741
RoU lease liabilities 11 32,467 20,799
Onerous contract provisions 15 30,233 0
Other provisions 16 2,723 0
Other payables 26,968 19,866
Non-current liabilities 747,652 810,949
Trade payables 18 1,455,483 1,626,798
RoU lease liabilities 11 14,738 5,126
Other payables 250,258 247,405
Deposits related to trading 18, 19 95,843 152,606
Debt to group enterprises 18, 19 1,435,970 1,337,797
Bank overdraft and loans 128,554 0
Onerous contract provisions 15 153,314 80,619
Other provisions 16 11,920 35,334
Derivative financial instruments 18, 19 321,137 991,141
Deferred income 0 4,492
Current liabilities 3,867,217 4,481,318
Liabilities 4,614,869 5,292,267
Equity and liabilities 7,387,563 9,382,237
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 62
Statement of changes in equity
Amounts in tDKK
Share
capital
Reserve for
net revaluation
according
to the equity
method
Reserve for
development
costs
Ordinary
dividend
payment
Extra-
ordinary
dividend
payment
Retained
earnings Total
2025
Balance as of
01.01.2025 123,507 4,882 64,295 1,300,000 0 2,597,286 4,089,970
Development costs 0 0 4,440 0 0 -4,440 0
Share of profit/loss
for the year 0 2,918 0 0 0 -2,918 0
Profit/loss for the year 0 0 0 0 300,000 -16,715 283,285
Exchange differences
on translation of
foreign operations 0 -13 0 0 0 -548 -561
Total comprehensive
income for the year 0 2,905 4,440 0 300,000 -24,621 282,724
Proposed ordinary
dividend payment 0 0 0 1,000,000 0 -1,000,000 0
Dividend payment in
the year 0 0 0 -1,300,000 -300,000 0 -1,600,000
Balance as of
31.12.2025 123,507 7,787 68,735 1,000,000 0 1,572,665 2,772,694
Amounts in tDKK
Share
capital
Reserve for
net revaluation
according
to the equity
method
Reserve for
development
costs
Ordinary
dividend
payment
Extra-
ordinary
dividend
payment
Retained
earnings Total
2024
Balance as of
01.01.2024 123,507 2,572 59,679 0 0 5,850,568 6,036,326
Development costs 0 0 4,616 0 0 -4,616 0
Share of profit/loss
for the year 0 2,302 0 0 0 -2,302 0
Profit/loss for the year 0 0 0 0 2,500,000 -1,946,364 553,636
Exchange differences
on translation of
foreign operations 0 8 0 0 0 0 8
Total comprehensive
income for the year 0 2,310 4,616 0 2,500,000 -1,953,282 553,644
Proposed ordinary
dividend payment 0 0 0 1,300,000 0 -1,300,000 0
Dividend payment in
the year 0 0 0 0 -2,500,000 0 -2,500,000
Balance as of
31.12.2024 123,507 4,882 64,295 1,300,000 0 2,597,286 4,089,970
The share capital consists of 123,507,152 shares of a nominal face value of DKK 1 each (fully paid in at an average price at 1.26).
No shares carry special rights.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 63
Cash flow statement
01.01.2025 - 31.12.2025
Amounts in tDKK 2025 2024
Operating profit -29,998 603,521
Depreciation, amortisation and impairment losses 40,574 33,769
Operating profit adjusted for non-liquid items 10,576 637,290
Financial income received 65,025 193,886
Financial expenses paid -28,943 -48,371
Corporation tax paid -151,369 -1,016,354
Changes in net working capital:
Inventories 185,530 -507,136
Deposits related to trading -101,761 -16,604
Derivative financial instruments -249,931 915,362
Receivables 710,497 1,787,009
Payables -145,577 -1,224,515
Net cash flow from operating activities 294,047 720,567
Investment in non-current assets:
Purchase and development of intangible assets -31,555 -30,993
Purchase of tangible assets -6,466 -10,643
Sale of intangible assets 5,255 0
Sale of tangible assets 100,790 0
Dividends received 298,839 0
Purchase of businesses, net of cash acquired -22 0
Net cash flow from investing activities 366,841 -41,636
Net change in group cashpool arrangements* -577,424 -1,159,426
Payment of principal portion of lease liabilities -15,444 -5,157
Net cash flow from financial activities -592,868 -1,164,583
Total net cash flow for the year 68,020 -485,652
Cash at the beginning of the year 864,253 1,349,905
Cash at the end of the year 932,273 864,253
Cash at end of year specified as follows:
Cash and cash equivalents 1,060,827 864,253
Bank overdrafts -128,554 0
Total 932,273 864,253
* Dividend payments made of 1,600 mDKK and dividend payments received of 273 mDKK are offset against group cashpool arrangements,
rather than actually paid. As they have no effect on cash or cash equivalents, they are excluded from the cash-flow statement as they are
non-cash transactions.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 64
1 General information ........................................................... 66
2 Basis of preparation and summary of significant new
accounting policies and reporting changes .......................................... 66
3 Critical accounting judgements and key sources of estimation uncertainty ................... 66
4 Trading income and revenue ..................................................... 67
5 Staff costs .................................................................. 67
6 Financial income ............................................................. 67
7 Financial expenses ............................................................ 68
8 Tax on profit ................................................................ 68
9 Intangible assets ............................................................. 69
10 Tangible assets .............................................................. 70
11 Right-of-use assets ........................................................... 71
12 Investments in group enterprises accounted for using the cost price method ................. 71
13 Inventories .................................................................. 72
14 Distribution of profit for the year .................................................. 72
15 Onerous contract provisions ..................................................... 72
16 Other provisions .............................................................. 72
17 Commitments, lease obligations and guarantees ..................................... 73
18 Financial assets and liabilities by category .......................................... 74
19 Financial risk management ...................................................... 74
20 Fair value of assets and liabilities ................................................. 79
21 Related party transactions ...................................................... 80
22 Auditors’ remuneration ......................................................... 81
23 Related undertakings .......................................................... 81
Notes overview
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 65
Notes
1 General information
Centrica Energy Trading A/S (the ‘Company’) is a subsidiary of the public company Centrica plc, domiciled
and incorporated in the UK, and registered in England and Wales. The address of the registered office is
Skelagervej 1, 9000 Aalborg, Denmark.
The functional currency of the Company is Euro. The presentational currency is Danish Kroner (DKK) in line
with previous years. All values are rounded to the nearest thousand (tDKK).
IFRS is used synonymously with the IFRS
®
Accounting Standards.
2 Basis of preparation and summary of significant new
accounting policies and reporting changes
The principal accounting policies applied in the preparation of the Company financial statements are
consistent with those of the Group as disclosed in note 4 “Summary of significant accounting policies” to the
consolidated financial statements. Unless otherwise stated, these policies have been consistently applied to
the years presented.
(a) Basis of preparation
The separate financial statements of the Company has been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish Financial
Statements Acts applying to large enterprises of reporting class C.
The Company financial statements have been prepared on a going concern basis and under the historical
cost basis except for gas inventory and derivative financial instruments required to be measured at fair value
through profit or loss.
(b) Summary of significant accounting policies
Investments in group enterprises
The Company has chosen to apply the cost method as the measurement method. Investments in subsidi-
aries are measured at cost plus transaction costs.
Investments in group enterprises measured at cost are subject to impairment test requirements if there is any
indication of impairment.
3 Critical accounting judgements and key sources of estimation uncertainty
The critical accounting judgements and key sources of estimation uncertainty are consistent with those of the
Group as disclosed in note 3 in the Group consolidated financial statements.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 66
Notes
4 Trading income and revenue
Amounts in tDKK 2025 2024
Trading income, net*
Net realised trading income 2,080,645 4,101,557
Net change in fair value of commodity derivatives held for trading 230,684 -2,135,762
Net change in fair value of inventory held for trading -170,549 632,344
Revenue from contracts with customers
Sales of green certificates 1,328,472 1,634,366
Sales of power and energy related services 12,270,854 9,726,195
Trading income and revenue 15,740,106 13,958,700
* Net change presented is the change in balance sheet value from the start of the year to the end of the year of derivatives and inventory.
Realised trading income consists of settled values for realised contracts.
Centrica Energy Trading A/S carries out almost all activities from Denmark as all handling of physical produc-
tion and trading is done from the main office in Aalborg thus a split of the activity is not relevant. Furthermore
Centrica Energy Trading A/S see the European market as an integrated Pan-European market with more and
more synergies across countries.
5 Staff costs
Amounts in tDKK 2025 2024
Wages and salaries 459,323 489,561
Pension costs 24,299 23,731
Other social security costs 4,052 3,998
Other staff costs 1,239 2,031
Total 488,913 519,321
Average number of employees 419 428
6 Financial income
Amounts in tDKK 2025 2024
Interest income from group enterprises 23,951 151,398
Interest income from associates 212 135
Exchange rate adjustments 885 4,689
Other interest income 40,525 37,664
Total 65,573 193,886
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 67
Notes
7 Financial expenses
Amounts in tDKK 2025 2024
Interest expenses from group enterprises 37 53
Guarantee provision 1,396 2,256
Other financial expenses* 28,558 46,865
Total 29,991 49,174
* Total interest expense calculated using the effective interest method for financial liabilities that are measured at amortised cost.
8 Tax on profit
Amounts in tDKK 2025 2024
Tax on current year taxable income 14,799 180,258
Correction to current tax, previous years 40,443 51,915
Correction to deferred tax, previous years -39,274 -35,275
Total 15,968 196,898
Deferred tax is computed at 22% and is broken down as follows:
Intangible assets -455 -6,138
Plant and equipment -9,809 -4,930
Current liabilities 77,621 39,151
Total provision for deferred tax, closing balance 67,357 28,083
Total provision for deferred tax, opening balance 28,083 -7,192
Correction to deferred tax, previous years 39,274 35,275
Provision for deferred tax for the year 0 0
Effective tax percentage
Profit for the year before tax 299,253 750,534
Calculated tax (22 %) 65,836 165,117
Tax value of non-deductible costs and non-taxable income -6,368 -15,809
Correction to current tax, previous years 40,443 51,915
Correction to deferred tax, previous years -39,274 -35,275
Tax on profit 60,637 165,948
Effective tax percentage 20% 22%
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 68
Notes
9 Intangible assets
Amounts in tDKK 2025 2024
Development projects
Cost price as of 01.01.2025 301,116 248,309
Transfers during the year 6,735 52,807
Disposals during the year -5,253 0
Cost price as of 31.12.2025 302,598 301,116
Amortisations as of 01.01.2025 221,764 202,263
Amortisations during the year 23,097 19,501
Reversal of amortisations on disposals in the year 0 0
Amortisations as of 31.12.2025 244,861 221,764
Book value as of 31.12.2025 57,737 79,352
Development projects in progress
Cost price as of 01.01.2025 12,882 34,696
Additions during the year 31,553 30,993
Transfers during the year -6,735 -52,807
Cost price as of 31.12.2025 37,700 12,882
Book value as of 31.12.2025 37,700 12,882
Booked value intangible assets as of 31.12.2025 95,437 92,234
Development projects consist of own developed software. The software developed is planned to be utilised
internally to support Groups strategy and activities within our Renewable Trading and Optimisation business
as well as our Gas and Power Trading. The development is progressing and development projects in prog-
ress are expected to help contribute to future earnings through internal use.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 69
Notes
10 Tangible assets
Amounts in tDKK 2025 2024
Land and buildings*
Cost price as of 01.01.2025 155,828 129,693
Additions during the year 39,901 27,852
Transfers during the year 76 85
Disposals during the year -128,053 -1,802
Cost price as of 31.12.2025 67,752 155,828
Depreciation as of 01.01.2025 29,234 21,263
Depreciation during the year 11,198 8,171
Reversal of depreciations on disposals in the year -26,953 -200
Depreciation as of 31.12.2025 13,479 29,234
Book value as of 31.12.2025 54,273 126,594
Leasehold improvements
Cost price as of 01.01.2025 1,696 725
Transfers during the year 0 971
Cost price as of 31.12.2025 1,696 1,696
Depreciation as of 01.01.2025 159 6
Depreciation during the year 170 153
Depreciation as of 31.12.2025 329 159
Book value as of 31.12.2025 1,367 1,537
Plant and equipment*
Cost price as of 01.01.2025 24,335 35,050
Additions during the year 0 4,088
Transfers during the year 4,489 7,930
Disposals during the year -6,595 -22,733
Cost price as of 31.12.2025 22,229 24,335
Depreciation as of 01.01.2025 7,601 25,992
Depreciation during the year 4,098 4,168
Reversal of depreciations on disposals in the year -3,387 -22,559
Depreciation as of 31.12.2025 8,312 7,601
Book value as of 31.12.2025 13,917 16,734
Plant and equipment in progress
Cost price as of 01.01.2025 0 4
Additions during the year 6,467 8,983
Transfers during the year -4,566 -8,987
Cost price as of 31.12.2025 1,901 0
Book value as of 31.12.2025 1,901 0
Booked value tangible assets as of 31.12.2025 71,458 144,865
* Right-of-use asset balances included above are specified in note 11.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 70
Notes
11 Right-of-use assets
Right-of-use assets mainly relate to lease contracts on buildings. The additions for 2025 mainly relates to the
sale and lease of office buildings in Denmark.
Carrying amount of right-of-use assets recognised in the balance sheet
Amounts in tDKK 2025 2024
Land and buildings 54,273 23,619
Plant and equipment 0 1,942
Total 54,273 25,561
Amounts recognised in the income statement
Amounts in tDKK 2025 2024
Depreciation of right-of-use assets 9,732 4,718
Interest on lease liabilities 1,048 803
Expenses relating to low-value leases 0 0
Total 10,780 5,521
Lease liabilities
Amounts in tDKK 2025 2024
Lease liability as of 01.01.2025 25,925 0
Cashflow -15,444 -5,157
Lease interests 1,014 803
Additions and disposals 35,710 30,279
Total 47,205 25,925
12 Investments in group enterprises accounted for using the cost price method
Amounts in tDKK 2025 2024
Investment in group enterprises
Cost price as of 01.01.2025 790,018 790,018
Additions during the year 22 0
Impairment losses* -279,393 0
Cost price as of 31.12.2025 510,647 790,018
Book value as of 31.12.2025 510,647 790,018
* The impairment losses recognised during the year arise from dividends received from subsidiaries which, in substance, represent a partial return of prior capital contribu-
tions. In accordance with IFRS, the full dividend is recognised in profit or loss, with the return of capital element recognised as an impairment of the related investment.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 71
Notes
13 Inventories
Refer to note 13 Inventories to the consolidated financial statements.
14 Distribution of profit for the year
Amounts in tDKK 2025 2024
Proposed distribution of profit:
Extraordinary dividend payment 300,000 2,500,000
Proposed ordinary dividend payment 1,000,000 1,300,000
Retained earnings -1,016,715 -3,246,364
Total 283,285 553,636
15 Onerous contract provisions
Amounts in tDKK 2025 2024
Onerous contract provisions as of 01.01.2025 80,619 174,878
Additional onerous contract provisions in the year 134,394 26,699
Provisions utilised in the year -31,466 -21,149
Unused and reversed onerous contract provisions in the year 0 -99,809
Onerous contract provisions as of 31.12.2025 183,547 80,619
Centrica Energy Trading A/S holds an onerous contract provision of 59,394 tDKK at year-end relating to the expected
loss from green certificates forward sold/purchased to prices below the forward prices at 2025 year-end.
Centrica Energy Trading A/S furthermore holds an onerous contract provision of 124,153 tDKK at year-end relating
to gas storage contracts where future not yet recognised costs are expected to exceed future income not yet
recognised. Of the expected losses 30,233 tDKK are long term, with 26,399 tDKK expected to be realised in 2027
and 3,834 tDKK expected to be realised in 2028.
16 Other provisions
Refer to note 15 Other provisions to the consolidated financial statements.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 72
Notes
17 Commitments, lease obligations and guarantees
(a) Commitments and lease obligations
Commitments are not held on Centrica Energy Trading A/S's Balance Sheet as these are executory arrangements, and relate to
amounts that we are contractually required to pay in the future as long as the other party meets its contractual obligations.
Amounts in tDKK 2025 2024
Commitments in relation to leases* 5,002 4,327
Green certificates commodity purchase contracts** 275,245 330,818
Transportation capacity*** 637,030 578,861
Total 917,277 914,006
* Commitments in relation to leases consists of commitments from lease contracts, not otherwise accounted for in the reported figures.
** Green certificates commodity purchase contracts consists of future obligations to purchase certificates on fixed price contracts, which
are outside the scope of IFRS 9.
*** Transportation capacities consists of future commitments regarding transportation of gas and storage of gas.
The maturity analysis for commitments and leases at 31 December is given below:
Amounts in tDKK 2025 2024
Within 1 year 461,075 449,214
1-2 years 212,594 228,109
2-3 years 77,108 47,573
3-4 years 30,546 31,445
4-5 years 21,440 26,280
After 5 years 114,514 131,385
Total 917,277 914,006
(b) Guarantees
Amounts in tDKK 2025 2024
The Company's banks have provided guarantees in relation to contractual obligations
at the balance sheet date amounted to 1,333,575 1,607,508
(c) Contingent liabilities
Centrica Energy Trading A/S is the management company of a Danish joint taxation. The company is therefore liable in accord-
ance with the rules of the Corporation Tax Act for income taxes etc. for the jointly taxed companies and also for any obligations to
withhold tax on interest, royalties and dividends for these companies.
The subsidiary Centrica Energy Trading GmbH is exempt from preparing its annual financial statement in accordance with §§ 264
III, 264b HGB (German Commercial Code) and establishes its annual financial statement as part of the consolidated statement of
the parent company.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 73
Notes
18 Financial assets and liabilities by category
The table below shows Centrica Energy Trading A/S’s financial instruments in the balance sheet divided
into main categories. The categories indicate how the financial instruments are measured in the financial
statements.
Amounts in tDKK 2025 2024
Derivative financial instruments* 534,648 1,127,633
Financial assets measured at fair value through profit/loss 534,648 1,127,633
Trade receivables 1,289,614 2,085,421
Deposits related to trading 901,673 856,675
Receivables from group enterprises 948,527 1,418,278
Receivables from associates 131 1,500
Other receivables 50,781 16,599
Cash and cash equivalents 1,060,827 864,253
Financial assets measured at amortised cost 4,251,553 5,242,726
Derivative financial instruments* 907,768 1,750,684
Financial liabilities measured at fair value through profit/loss 907,768 1,750,684
Trade payables 1,455,483 1,626,798
Deposits related to trading 95,843 152,606
Lease liabilities 47,205 25,925
Debt to group enterprises 1,504,600 1,348,538
Other payables 277,226 267,271
Bank overdrafts and loans 128,554 0
Financial liabilities measured at amortised cost 3,508,911 3,421,138
* Derivatives financial instruments include both physical and financial contracts. Physical contracts included are considered to meet the conditions
for fair value option in IFRS and treated as derivatives.
19 Financial risk management
The Company’s financial risk management are consistent with those of the Group and are described in note
18 Financial risk management to the Group consolidated financial statements.
Market risk management
The Company’s market risk management are consistent with those of the Group and are described in note 18
Market risk management to the Group consolidated financial statements.
Liquidity risk management
The Company’s liquidity risk management are consistent with those of the Group and are described in note
18 Liquidity risk management to the Group consolidated financial statements.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 74
Notes
19 Financial risk management (continued)
Maturities of trade payables, group payables and derivative financial instruments are provided in the following tables:
2025
Amounts in tDKK Ultimo 2025 2026 2027 2027 After 2028
Trade payables 1,455,483 1,455,483 0 0 0
Deposits related to trading 95,843 95,843 0 0 0
Debt to group enterprises 1,501,674 1,436,329 20,233 10,864 34,248
Lease liabilities 49,460 14,908 14,908 12,272 7,372
Derivative financial instruments 941,377 298,480 136,080 107,264 399,553*
Other payables 277,226 250,258 26,968 0 0
Total 4,321,063 3,551,301 171,221 130,400 441,173
* Concerns long-term PPA’s with maturity extending to year 2037.
2024
Amounts in tDKK Ultimo 2024 2025 2026 2027 After 2027
Trade payables 1,626,798 1,626,798 0 0 0
Deposits related to trading 152,606 152,606 0 0 0
Debt to group enterprises 1,348,538 1,337,797 10,741 0 0
Lease liabilities 25,925 5,126 4,797 4,578 11,424
Derivative financial instruments 1,750,684 991,141 195,889 112,955 450,699*
Other payables 277,226 277,226 0 0 0
Total 5,181,777 4,390,694 211,427 117,533 462,123
* Concerns long-term PPA’s with maturity extending to year 2037.
The table above shows the contractual cash outflows on contracts held. As part of Centrica Energy Trading A/S’s market risk
management, the contracts are to a large extent hedged, with opposite contracts from which expected inflows of cash are
expected. The table below shows the undiscounted contractual cash flows on asset derivative financial instruments, trade receiv-
ables and Group receivables presented in similar maturity buckets:
2025
Amounts in tDKK Ultimo 2025 2026 2027 2027 After 2028
Trade receivables 1,289,614 1,289,614 0 0 0
Receivables from group enterprises 948,527 863,707 41,694 12,609 30,517
Receivables from associates 131 131 0 0 0
Deposits related to trading 901,673 901,673 0 0 0
Derivative financial instruments 534,648 266,860 44,869 54,785 168,134*
Other receivables 50,781 50,781 0 0 0
Total 3,725,374 3,372,766 86,563 67,394 198,651
* Concerns long-term PPA’s with maturity extending to year 2034.
2024
Amounts in tDKK Ultimo 2024 2025 2026 2027 After 2027
Trade receivables 2,085,421 2,085,421 0 0 0
Receivables from group enterprises 1,418,278 1,410,716 7,562 0 0
Receivables from associates 1,500 1,500 0 0 0
Deposits related to trading 856,675 856,675 0 0 0
Derivative financial instruments 1,127,633 810,936 75,093 73,937 167,667*
Other receivables 16,599 16,599 0 0 0
Total 5,506,106 5,181,847 82,655 73,937 167,667
* Concerns long-term PPA’s with maturity extending to year 2034.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 75
Notes
Credit risk management
The Company’s credit risk management are consistent with those of the Group and are described in note 18
Credit risk management to the Group consolidated financial statements.
The table below shows the credit quality of the Company’s counterparties.
2025
Amounts in tDKK
Trade
receivables
Derivative
financial
instruments Total
The credit quality of the Company’s counterparties
Minimal risk (Rated A) 399,374 29,879 429,253
Low risk (Rated B) 778,877 352,090 1,130,967
High risk (Rated C) 111,363 152,679 264,040
Total 1,289,614 534,648 1,824,260
2024
Amounts in tDKK
Trade
receivables
Derivative
financial
instruments Total
The credit quality of the Company’s counterparties
Minimal risk (Rated A) 539,653 41,507 581,160
Low risk (Rated B) 1,446,005 978,546 2,424,551
High risk (Rated C) 99,763 107,580 207,343
Total 2,085,421 1,127,633 3,213,054
19 Financial risk management (continued)
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 76
Notes
The table below shows the financial assets and liabilities that are subject to offsetting.
2025
Related amounts not
set off in the Company
balance sheet
Amounts in tDKK
Gross
amounts of
recognised
financial
asset/liability
Gross
amounts
offset in
the
Company
Balance
Sheet
Net amounts
presented
in the
Company
Balance
Sheet Collateral Net amount
Offsetting of financial assets
Trade receivables 4,296,781 3,007,167 1,289,614 9,174 1,280,440
Receivables from group enterprises 2,219,584 1,271,057 948,527 0 948,527
Derivative financial instruments 4,481,580 3,946,932 534,648 10,140 524,508
Total 10,997,945 8,225,156 2,772,789 19,314 2,753,475
Offsetting of financial liabilities
Trade payables 4,462,651 3,007,168 1,455,483 53,949 1,401,534
Payables to group enterprises 2,775,658 1,271,057 1,504,600 1,504,600
Derivative financial instruments 4,854,700 3,946,932 907,768 3,966 903,802
Total 12,093,009 8,225,157 3,867,851 57,915 3,809,936
2024
Related amounts not
set off in the Company
balance sheet
Amounts in tDKK
Gross
amounts of
recognised
financial
asset/liability
Gross
amounts
offset in
the
Company
Balance
Sheet
Net amounts
presented
in the
Company
Balance
Sheet Collateral Net amount
Offsetting of financial assets
Trade receivables 8,682,028 6,596,607 2,085,421 69,109 2,016,312
Receivables from group enterprises 2,955,707 1,537,429 1,418,278 0 1,418,278
Derivative financial instruments 10,036,306 8,908,673 1,127,633 2,095 1,125,538
Total 21,674,041 17,042,709 4,631,332 71,204 4,560,128
Offsetting of financial liabilities
Trade payables 8,223,405 6,596,607 1,626,798 41,416 1,585,382
Payables to group enterprises 2,885,967 1,537,429 1,348,538 0 1,348,538
Derivative financial instruments 10,659,357 8,908,673 1,750,684 2,489 1,748,195
Total 21,768,729 17,042,709 4,726,020 43,905 4,682,115
19 Financial risk management (continued)
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 77
Notes
Capital risk management
The Company seeks to maintain an efficient capital structure with a balance of net debt and equity as shown
in the table below:
Amounts in tDKK 2025 2024
Debt 3,707,101 3,541,584
Cash and cash equivalents 1,060,827 864,253
Net debt 2,646,274 2,677,331
Equity 2,772,694 4,089,970
Net debt to equity ratio (%) 95% 65%
Debt levels are restricted to maintain a strong credit profile. The Company’s credit standing is important to
maintain limit collateral requirements in energy trading and hedging, and to ensure the Company is an attrac-
tive counterparty to energy producers and long-term customers.
19 Financial risk management (continued)
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 78
Notes
20 Fair value of assets and liabilities
Reference is made to note 19 Fair value of financial instruments to the Group consolidated financial statement
for description of how the fair value of financial instruments are determined, as well as the classification within
the three levels as prescribed by IFRS 13.
The table below shows the distribution of financial instruments within the fair value hierarchy for the Company:
2025
Amounts in tDKK Level 1 Level 2 Level 3 Total
Non-financial assets
Gas trading inventories at fair value 0 1,594,839 0 1,594,839
Total non-financial assets 0 1,594,839 0 1,594,839
Financial assets
Power – linear contracts 0 -5,405 190,051 184,646
Power – non-linear contracts 0 0 133,876 133,876
Gas 0 147,301 42,778 190,079
Other 0 26,048 0 26,048
Total financial assets 0 167,944 366,705 534,649
Financial liabilities
Power – linear contracts 0 -17,198 -362,054 -379,252
Power – non-linear contracts 0 0 -355,953 -355,953
Gas 0 -118,565 -27,087 -145,652
Other 0 -26,911 0 -26,911
Total financial liabilities 0 -162,674 -745,094 -907,768
Total financial assets and liabilities 0 5,270 -378,389 -373,119
Level 3 financial instruments
The reconciliation of the Level 3 fair value measurements during the year is as follows:
Amounts in tDKK 2025 2024
Level 3 financial instruments 01.01.2025 -412,303 -810,791
Transfers from Level 3 to Level 2 7,026 -161,281
Settlements -69,408 254,102
Total realised and unrealised gains/losses recognised through profit or loss 96,296 305,667
Level 3 financial instruments 31.12.2025 -378,389 -412,303
Transfers between levels are deemed to occur at the beginning of the reporting period.
Settlements comprise January 1st values realised during the year.
Reference is made to note 19 Fair value of financial instruments to the Group consolidated financial statement
for a sensitivity analysis of Level 3 financial instruments and specification of day-one gains or losses deferred.
Any purchases or sells on contracts signed by subsidiaries to the Company are back-to-back traded to the
Company, and included as receivables- or payables to group enterprises in the Company's balance sheet.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 79
Notes
21 Related party transactions
During the year the Company entered into the following arm’s length transactions with related parties:
Amounts in tDKK 2025 2024
Transactions with related parties
Sales of goods and services to group enterprises* 4,843,457 4,732,880
Sales of goods and services to subsidiaries* 344,837 348,006
Sales of goods and services to parent companies 9,966 0
Purchases of goods and services from group enterprises* 2,667,033 2,333,648
Purchases of goods and services from subsidiaries* 3,928,483 3,342,186
Purchases of goods and services from parent companies* 22,428 3,550
Financial income from parent companies 23,951 151,398
Financial income from associates 212 135
Financial expenses to subsidiaries 37 53
Related party balances
Receivables from parent companies** 23,010 535,970
Receivables from group enterprises* 860,502 874,105
Receivables from associates 131 1,500
Receivables from subsidiaries 65,015 8,202
Payables to parent companies** 236,540 14,932
Payables to group enterprises* 600,250 760,395
Payables to subsidiaries 667,810 573,212
* Sales to and purchases from group parties, including receivables and payables in this regard, is mainly carried out on EFET terms. Figures
presented include trading income presented net across all counterparties in the income statement. Figures reported above for trading income,
are net by related party.
** Receivables from parent companies mainly relates to distribution of surplus liquidity in the Centrica Group. Interest is calculated and paid monthly.
Balances are payable on demand.
Key management remuneration
Reference is made to note 20 Related party transactions in the Group consolidated financial statement.
Remuneration of key management personal
Reference is made to note 20 Related party transactions in the Group consolidated financial ftatement.
Remuneration of board of directors
Reference is made to note 20 Related party transactions in the Group consolidated financial statement.
Share savings programme
Reference is made to note 20 Related party transactions in the Group consolidated financial statement.
Financial Statements Centrica Energy Trading A/S
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Notes
22 Auditors’ remuneration
Amounts in tDKK 2025 2024
Statutory audit 2,212 2,322
Other services 27 2
Total 2,239 2,324
23 Related undertakings
Reference is made to note 22 Related undertakings to the consolidated financial statement.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2025 81
