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We are continuously strengthening our operations to\u00a0drive better customer outcomes and innovative offers to help customers reduce their bills, while decarbonising their homes. Our energy supply business is powered by ENSEK, an in-house digital platform for seamless customer account management and billing.ServicesOur home services division provides customers with installation, repair and maintenance of heating, plumbing and electrical appliances through our British Gas, Bord G\u00e1is and Dyno-Rod brands. We also offer customers decarbonisation and energy efficiency solutions such as Hive smart thermostats, electric vehicle (EV) chargers, heat pumps and rooftop solar, which together with our energy offers, helps customers on their net zero journey. BusinessWe provide energy supply and low carbon solutions for businesses across the UK and Ireland.\u00a0 Our broad suite of offerings enables us to deliver tailored solutions such as energy management or on-site generation to help businesses cut costs and emissions. We move energy from source to\u00a0use, connecting producers and\u00a0suppliers with offtakers, while\u00a0continuing to support the flexibility required for the future energy system.Centrica EnergyGas and Power TradingOur gas and power traders operate in 29 power markets and 19 gas hubs across Europe and the United States, managing physical and financial flows across borders, leveraging real-time analytics, storage flexibility and transport capacity to balance portfolios, capture market value and ensure security of supply.Bord G\u00e1is Trading merged with Centrica Energy this year, strengthening our capabilities and enabling greater integration across the UK and Ireland.Liquefied Natural Gas (LNG) TradingOur global LNG business delivers cargoes anywhere in the world managing flexible purchase contracts, long-term ship charters, re-gas capacity, and financial and physical trading.Renewable Energy Trading & Optimisation We support renewable energy sourcing and long-term investment certainty through structuring power purchase agreements with suppliers and offtakers. 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Gas Centrica\u2019s gas infrastructure division produces, stores and transports natural gas\u00a0and is exploring carbon storage and hydrogen for the future. 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The Financial Statements on pages 134 to 234, of which the notes on pages 139 to 234 form part, were approved and authorised for
issue by the Board of Directors on 18 February 2026 and were signed below on its behalf by:
Chris O\u2019SheaRussell O\u2019Brien
Group Chief ExecutiveGroup Chief Financial Officer
Centrica plc Registered No: 03033654
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"dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-461": { "value": "-1392000000.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-462": { "value": "94000000.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-463": { "value": "5693000000.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-464": { "value": "5629000000.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-465": { "value": "-29000000.0", "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-466": { "value": "-30000000.0", "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-467": { "value": "4272000000.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-468": { "value": "5693000000.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-469": { "value": "4307000000.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-470": { "value": "6338000000.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-471": { "value": "35000000.0", "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-472": { "value": "645000000.0", "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-473": { "value": "Basis of preparation
The consolidated Financial Statements have been prepared in
accordance with United Kingdom adopted International Accounting
Standards and in conformity with the requirements of the
Companies Act 2006.
The consolidated Financial Statements have been prepared on the
historical cost basis except for: certain gas inventory, derivative
financial instruments, financial instruments required to be measured
at fair value through profit or loss or other comprehensive income,
and those financial instruments so designated at initial recognition,
and the assets of the Group\u2019s defined benefit pension schemes that
have been measured at fair value; the liabilities of the Group\u2019s
defined benefit pension schemes that have been measured using
the projected unit credit valuation method; and the carrying values
of recognised assets and liabilities qualifying as hedged items in fair
value hedges that have been adjusted from cost by the changes in
the fair values attributable to the risks that are being hedged.
The Directors have, at the time of approving the financial
statements, a reasonable expectation that the Company and Group
have adequate resources to continue in operational existence for
the foreseeable future, which reflects a period of twelve months
from the date of approval of the accounts, with modelled analysis
extending to 31 December 2028. The scenarios considered as part
of the going concern assessment are consistent with those used in
the longer-term viability statement. In particular, cash forecasts for
the Group have been stress-tested for different scenarios including
reasonably possible increases/decreases in commodity prices and
the risk scenarios described in the viability statement, assessing
reasonably possible combinations of risks, the largest of which is the
increased margin outflows in our trading businesses. Risks
considered also include the continuing impact of a low commodity
price environment and resultant profitability of the Group\u2019s
Infrastructure business, significant adverse weather events,
increased bad debt charges, trading and hedging
underperformance and operational disruption including cyber risk,
supply chain failures, asset outages or industrial action. The Group\u2019s
strong liquidity position, coupled with its ability to deploy effective
mitigating actions, ensures resilience against a volatile external risk
environment. The Group continues to manage the Group\u2019s financing
profile through accessing a diverse source of term funding and
maintaining access to carefully assessed levels of standby liquidity
which support the Group\u2019s planned financial commitments. The
level of undrawn committed bank facilities and available cash
resources has enabled the Directors to conclude that there are
no\u00a0material uncertainties relating to going concern. As a result, the
Group continues to adopt the going concern basis of accounting
in\u00a0preparing the financial statements. Further information on the
Group\u2019s strong liquidity position, including its indebtedness and
available committed facilities, is provided in note 25.
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\u2019s 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 notes 2 and 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
The consolidated Financial Statements have been prepared in
accordance with United Kingdom adopted International Accounting
Standards and in conformity with the requirements of the
Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "New accounting policies, standards, amendments and
interpretations effective or adopted in 2025
From 1 January 2025, the following standards and amendments
are\u00a0effective in the Group\u2019s consolidated Financial Statements:
\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign
Exchange Rates' Lack of Exchangeability, effective from 1 January
2025.
This amendment has not had a material impact on the consolidated
Financial Statements during the year.
(c) 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 applied the following new and
revised standards and amendments that have been issued but are
not yet effective:
\u2022 Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial
Instruments: Disclosures', Amendments to the Classification and
Measurement of Financial Instruments, effective from 1 January
2026;
\u2022 Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial
Instruments: Disclosures\u2019, Contracts Referencing Nature-
dependent Electricity, effective from 1 January 2026;
\u2022 Annual improvements to IFRS: Amendments to IFRS 1 'First-time
Adoption of IFRS', IFRS 7, IFRS 9, IFRS 10 'Consolidated Financial
Statements' and IAS 7 'Statement of Cash Flows', effective from 1
January 2026;
\u2022 IFRS 18 'Presentation and Disclosure in Financial Statements',
effective from 1 January 2027; and
\u2022 IFRS 19 'Subsidiaries without Public Accountability', effective from
1 January 2027.
The potential impact of IFRS 18 \u2018Presentation and Disclosure in
Financial Statements\u2019, and the amendments to IFRS 9 \u2018Financial
Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
respect of Nature-dependent Electricity are given below.
1. Basis of preparation and summary of significant
new accounting policies and reporting changes
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and
become effective on 1 January 2027. IFRS 18 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
statement will be classified into five categories \u2013 operating,
investing, financing, income taxes and discontinued operations. Two
new subtotals will be presented: \u2018Operating profit or loss\u2019 and \u2018Profit
or loss before financing and income tax\u2019.
IFRS 18 will also require disclosures about management-defined
performance measures in the financial statements and disclosure
of\u00a0information based on enhanced general requirements on
aggregation and disaggregation. 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 Group has assessed the impact of IFRS 18 and notes that the
presentation of the Group\u2019s share of profits and losses of joint
ventures and associates is expected to be shown within investing
activities, rather than Group operating profit or loss. Additionally, the
Group\u2019s investment income is expected to also be shown within
investing activities, rather than Group net finance income/cost. The
Group currently intends to present foreign exchange differences on
intercompany balances within operating activities; clarification is
expected from IFRIC on this matter. Certain other reclassifications
have been identified; these are not expected to be material to the
Group\u2019s financial statements.
The Group has considered the IFRS 18 guidance on aggregated and
disaggregated information and is not anticipating any changes to
the Group Balance Sheet other than separate presentation of
goodwill as a line item. The Group is also evaluating its use of existing
non-GAAP measures and their presentation within the income
statement to ensure compliance with the requirements of IFRS 18.
The Group\u2019s assessment is not yet final and further changes upon
the implementation of IFRS 18 may be required.
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7
\u2018Financial Instruments: Disclosures\u2019, 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
\u2018own-use\u2019 exemption available under IFRS 9. Key considerations
include whether the entity is a net purchaser over a\u00a0reasonable time
frame, taking into account variability in electricity generation.
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.
Management\u2019s initial assessment of the Group\u2019s own use purchase
price electricity agreements is that there is sufficient downstream
demand to ensure that the Group remains a net purchaser over a
reasonable period of time with sales of unused electricity being
incidental. The Group does not designate these contracts as the
hedging instrument in a hedge of forecast electricity transactions.
Management does not currently expect the other issued but not
effective amendments or standards, or standards not discussed
above to have a material impact on the consolidated Financial
Statements other than IFRS 18.
(d) Restatements
The Group has re-evaluated its operating and reportable segments
during the year following a change in the way the business is
organised and financial information is reported. Reportable and
operating segments are now defined as:
\u2022 Retail;
\u2022 Optimisation; and
\u2022 Infrastructure
These revised segments reflect the way the Group\u2019s operating
results are reported to, and regularly reviewed by, the Board to
make decisions about resources to be allocated to the segments
and assess their performance. Further information on the reportable
segments of the Group is shown in note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
From 1 January 2025, the following standards and amendments
are\u00a0effective in the Group\u2019s consolidated Financial Statements:
\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign
Exchange Rates' Lack of Exchangeability, effective from 1 January
2025.
This amendment has not had a material impact on the consolidated
Financial Statements during the year.
(c) 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 applied the following new and
revised standards and amendments that have been issued but are
not yet effective:
\u2022 Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial
Instruments: Disclosures', Amendments to the Classification and
Measurement of Financial Instruments, effective from 1 January
2026;
\u2022 Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial
Instruments: Disclosures\u2019, Contracts Referencing Nature-
dependent Electricity, effective from 1 January 2026;
\u2022 Annual improvements to IFRS: Amendments to IFRS 1 'First-time
Adoption of IFRS', IFRS 7, IFRS 9, IFRS 10 'Consolidated Financial
Statements' and IAS 7 'Statement of Cash Flows', effective from 1
January 2026;
\u2022 IFRS 18 'Presentation and Disclosure in Financial Statements',
effective from 1 January 2027; and
\u2022 IFRS 19 'Subsidiaries without Public Accountability', effective from
1 January 2027.
The potential impact of IFRS 18 \u2018Presentation and Disclosure in
Financial Statements\u2019, and the amendments to IFRS 9 \u2018Financial
Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
respect of Nature-dependent Electricity are given below.
1. Basis of preparation and summary of significant
new accounting policies and reporting changes
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and
become effective on 1 January 2027. IFRS 18 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
statement will be classified into five categories \u2013 operating,
investing, financing, income taxes and discontinued operations. Two
new subtotals will be presented: \u2018Operating profit or loss\u2019 and \u2018Profit
or loss before financing and income tax\u2019.
IFRS 18 will also require disclosures about management-defined
performance measures in the financial statements and disclosure
of\u00a0information based on enhanced general requirements on
aggregation and disaggregation. 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 Group has assessed the impact of IFRS 18 and notes that the
presentation of the Group\u2019s share of profits and losses of joint
ventures and associates is expected to be shown within investing
activities, rather than Group operating profit or loss. Additionally, the
Group\u2019s investment income is expected to also be shown within
investing activities, rather than Group net finance income/cost. The
Group currently intends to present foreign exchange differences on
intercompany balances within operating activities; clarification is
expected from IFRIC on this matter. Certain other reclassifications
have been identified; these are not expected to be material to the
Group\u2019s financial statements.
The Group has considered the IFRS 18 guidance on aggregated and
disaggregated information and is not anticipating any changes to
the Group Balance Sheet other than separate presentation of
goodwill as a line item. The Group is also evaluating its use of existing
non-GAAP measures and their presentation within the income
statement to ensure compliance with the requirements of IFRS 18.
The Group\u2019s assessment is not yet final and further changes upon
the implementation of IFRS 18 may be required.
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7
\u2018Financial Instruments: Disclosures\u2019, 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
\u2018own-use\u2019 exemption available under IFRS 9. Key considerations
include whether the entity is a net purchaser over a\u00a0reasonable time
frame, taking into account variability in electricity generation.
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.
Management\u2019s initial assessment of the Group\u2019s own use purchase
price electricity agreements is that there is sufficient downstream
demand to ensure that the Group remains a net purchaser over a
reasonable period of time with sales of unused electricity being
incidental. The Group does not designate these contracts as the
hedging instrument in a hedge of forecast electricity transactions.
Management does not currently expect the other issued but not
effective amendments or standards, or standards not discussed
above to have a material impact on the consolidated Financial
Statements other than IFRS 18.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "Basis of preparation and summary of significant
new accounting policies and reporting changes
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and
become effective on 1 January 2027. IFRS 18 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
statement will be classified into five categories \u2013 operating,
investing, financing, income taxes and discontinued operations. Two
new subtotals will be presented: \u2018Operating profit or loss\u2019 and \u2018Profit
or loss before financing and income tax\u2019.
IFRS 18 will also require disclosures about management-defined
performance measures in the financial statements and disclosure
of\u00a0information based on enhanced general requirements on
aggregation and disaggregation. 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 Group has assessed the impact of IFRS 18 and notes that the
presentation of the Group\u2019s share of profits and losses of joint
ventures and associates is expected to be shown within investing
activities, rather than Group operating profit or loss. Additionally, the
Group\u2019s investment income is expected to also be shown within
investing activities, rather than Group net finance income/cost. The
Group currently intends to present foreign exchange differences on
intercompany balances within operating activities; clarification is
expected from IFRIC on this matter. Certain other reclassifications
have been identified; these are not expected to be material to the
Group\u2019s financial statements.
The Group has considered the IFRS 18 guidance on aggregated and
disaggregated information and is not anticipating any changes to
the Group Balance Sheet other than separate presentation of
goodwill as a line item. The Group is also evaluating its use of existing
non-GAAP measures and their presentation within the income
statement to ensure compliance with the requirements of IFRS 18.
The Group\u2019s assessment is not yet final and further changes upon
the implementation of IFRS 18 may be required.
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7
\u2018Financial Instruments: Disclosures\u2019, 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
\u2018own-use\u2019 exemption available under IFRS 9. Key considerations
include whether the entity is a net purchaser over a\u00a0reasonable time
frame, taking into account variability in electricity generation.
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.
Management\u2019s initial assessment of the Group\u2019s own use purchase
price electricity agreements is that there is sufficient downstream
demand to ensure that the Group remains a net purchaser over a
reasonable period of time with sales of unused electricity being
incidental. The Group does not designate these contracts as the
hedging instrument in a hedge of forecast electricity transactions.
Management does not currently expect the other issued but not
effective amendments or standards, or standards not discussed
above to have a material impact on the consolidated Financial
Statements other than IFRS 18.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "Restatements
The Group has re-evaluated its operating and reportable segments
during the year following a change in the way the business is
organised and financial information is reported. Reportable and
operating segments are now defined as:
\u2022 Retail;
\u2022 Optimisation; and
\u2022 Infrastructure
These revised segments reflect the way the Group\u2019s operating
results are reported to, and regularly reviewed by, the Board to
make decisions about resources to be allocated to the segments
and assess their performance. Further information on the reportable
segments of the Group is shown in note 4.
", "dimensions": { "concept": "cna:DisclosureOfBasisOfRestatement", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "Use of adjusted performance measures
The Directors believe that reporting adjusted measures (revenue,
margin, profit, earnings before interest, taxation, depreciation and
amortisation, earnings per share and net cash/(debt)) provides
additional useful information on business performance and
underlying trends. These measures are used for internal
performance purposes, are not defined terms under IFRS and may
not be comparable with similarly titled measures reported by other
companies.
Management uses adjusted revenue, adjusted gross margin and
adjusted operating profit to evaluate segment performance. They
are defined as revenue/gross margin/operating profit before:
\u2022 Exceptional items; and
\u2022 Certain re-measurements.
Exceptional items and certain re-measurements are excluded to
enable the Directors to convey to the users an enhanced
understanding of the Group\u2019s business performance. See section
(b) of\u00a0this note for further details. Segmental adjusted gross margin
and adjusted operating profit exclude the impact of the colleague
profit share because management considers it unrelated to
segmental business performance. Similarly, because Segmental
adjusted gross margin and adjusted operating profit are presented
as managed by the Board, the elimination on consolidation of the
internal margin and indirect costs on smart meter installation
recognised in Retail and subsequently capitalised in the meter asset
provider business within Infrastructure is also excluded.
Adjusted earnings is defined as earnings before:
\u2022 Exceptional items net of taxation; and
\u2022 Certain re-measurements net of taxation.
A reconciliation of adjusted earnings and adjusted earnings per
share is provided in note 10.
Adjusted net cash/(debt) is used by management to assess the
underlying indebtedness of the business. Adjusted net cash/(debt)
is defined as cash and cash equivalents, net of bank overdrafts,
borrowings, leases, interest accruals and related derivatives. This
is\u00a0adjusted for:
\u2022 Securities; and
\u2022 Sub-lease assets.
", "dimensions": { "concept": "cna:DescriptionOfAccountingPolicyForUseOfAdjustedPerformanceMeasuresTextBlock", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "Exceptional items and certain re-measurements
The Group reflects its underlying financial results in the business
performance column of the Group Income Statement. To be able
to\u00a0provide users with this clear and consistent presentation, the
effects of \u2018certain re-measurements\u2019 of financial instruments, and
\u2018exceptional items\u2019, are reported in a different column in the Group
Income Statement.
The Group is an integrated energy business. This means that it
utilises its knowledge and experience across the gas and power
(and related commodity) value chains to make profits across the
core markets in which it operates. As part of this strategy, the
Group enters into a number of forward energy trades to protect and
optimise the value of its underlying production, generation, storage
and transportation assets and contracts (and similar capacity or
offtake arrangements including Liquefied Natural Gas (LNG)), as
well as to meet the future needs of its customers (downstream
demand). These trades are designed to reduce the risk of holding
such assets, contracts or downstream demand and are subject to
strict risk limits and controls.
Primarily because some of these trades include terms that permit
net settlement, they are prohibited from being designated as \u2018own
use\u2019 and so IFRS 9 \u2018Financial Instruments\u2019 requires them to be
individually fair valued.
Fair value movements on these commodity derivative trades do not
reflect the underlying performance of the business because they
are economically related to the Group\u2019s Infrastructure assets,
capacity/offtake contracts or downstream demand, which are
typically not fair valued. Similarly, where downstream customer
supply contracts or LNG procurement contracts have become
onerous as a result of significant market price movements (and the
fact any associated commodity hedges have separately been
recognised at\u00a0fair value under IFRS 9 and therefore the onerous
supply/LNG contract assessment must reflect the reversal of those
gains in subsequent periods). Movements in the required provision
are also reflected as a certain re-measurement in the \u2018Cost of sales\u2019
line item and separately disclosed in note 7.
Movements in this provision do not reflect the underlying
performance of the business because they are economically related
to both the hedges as well as forecast future profitability of the
portfolio as a whole, in the case of the supply/LNG procurement
contracts. Therefore, these certain re-measurements are reported
separately and are subsequently reflected in business performance
when realised, which is generally when the underlying transaction or
asset impacts profit or loss. This enables the Group to convey the
performance of the business both with and without the impact of
such items.
The effects of these certain re-measurements are presented
within\u00a0either revenue or cost of sales when recognised in business
performance depending on the nature of the contract. They are
managed separately from proprietary energy trading activities
where trades are entered into speculatively for the purpose of
making profits in their own right. These proprietary trades are
included in revenue in the business performance column of the
Group Income Statement.
The Group\u2019s result for the year presents both realised and unrealised
fair value movements on all derivative energy contracts within the
\u2018Re-measurement and settlement of derivative energy contracts\u2019
line item.
Exceptional items are those items that, in the judgement of the
Directors, need to be disclosed separately by virtue of their nature,
size or incidence. Again, to ensure the business performance
column reflects the underlying results of the Group, these
exceptional items are also reported in the separate column in
the\u00a0Group Income Statement. Items that may be considered
exceptional in nature include disposals of businesses or significant
assets, business restructuring, debt repurchase/refinancing costs,
legacy contract costs associated with business activities that have
ceased, certain pension past service credits/costs, asset
impairments/write-backs, and the tax effects of these items. Also
tax impacts associated with legislative changes or as a result of
commodity price movements may be considered as exceptional.
The Group distinguishes between business performance asset
impairments/write-backs and exceptional impairments/write-
backs on the basis of the underlying driver of the impairment, as well
as the magnitude of the impairment. Drivers that are deemed to be
outside of the control of the Group (e.g. commodity price changes)
give rise to exceptional impairments. Additionally, impairment
charges that are of a one-off nature (e.g. reserve downgrades or
one-time change in intended use of an asset) and significant enough
value to influence the understanding of the underlying results of the
business are considered to be exceptional. Other impairments that
would be expected in the normal course of business are reflected in
business performance.
", "dimensions": { "concept": "cna:DescriptionOfAccountingPolicyForExceptionalItemsAndReMeasurements", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "Exceptional items and certain re-measurements
The Group reflects its underlying financial results in the business
performance column of the Group Income Statement. To be able
to\u00a0provide users with this clear and consistent presentation, the
effects of \u2018certain re-measurements\u2019 of financial instruments, and
\u2018exceptional items\u2019, are reported in a different column in the Group
Income Statement.
The Group is an integrated energy business. This means that it
utilises its knowledge and experience across the gas and power
(and related commodity) value chains to make profits across the
core markets in which it operates. As part of this strategy, the
Group enters into a number of forward energy trades to protect and
optimise the value of its underlying production, generation, storage
and transportation assets and contracts (and similar capacity or
offtake arrangements including Liquefied Natural Gas (LNG)), as
well as to meet the future needs of its customers (downstream
demand). These trades are designed to reduce the risk of holding
such assets, contracts or downstream demand and are subject to
strict risk limits and controls.
Primarily because some of these trades include terms that permit
net settlement, they are prohibited from being designated as \u2018own
use\u2019 and so IFRS 9 \u2018Financial Instruments\u2019 requires them to be
individually fair valued.
Fair value movements on these commodity derivative trades do not
reflect the underlying performance of the business because they
are economically related to the Group\u2019s Infrastructure assets,
capacity/offtake contracts or downstream demand, which are
typically not fair valued. Similarly, where downstream customer
supply contracts or LNG procurement contracts have become
onerous as a result of significant market price movements (and the
fact any associated commodity hedges have separately been
recognised at\u00a0fair value under IFRS 9 and therefore the onerous
supply/LNG contract assessment must reflect the reversal of those
gains in subsequent periods). Movements in the required provision
are also reflected as a certain re-measurement in the \u2018Cost of sales\u2019
line item and separately disclosed in note 7.
Movements in this provision do not reflect the underlying
performance of the business because they are economically related
to both the hedges as well as forecast future profitability of the
portfolio as a whole, in the case of the supply/LNG procurement
contracts. Therefore, these certain re-measurements are reported
separately and are subsequently reflected in business performance
when realised, which is generally when the underlying transaction or
asset impacts profit or loss. This enables the Group to convey the
performance of the business both with and without the impact of
such items.
The effects of these certain re-measurements are presented
within\u00a0either revenue or cost of sales when recognised in business
performance depending on the nature of the contract. They are
managed separately from proprietary energy trading activities
where trades are entered into speculatively for the purpose of
making profits in their own right. These proprietary trades are
included in revenue in the business performance column of the
Group Income Statement.
The Group\u2019s result for the year presents both realised and unrealised
fair value movements on all derivative energy contracts within the
\u2018Re-measurement and settlement of derivative energy contracts\u2019
line item.
Exceptional items are those items that, in the judgement of the
Directors, need to be disclosed separately by virtue of their nature,
size or incidence. Again, to ensure the business performance
column reflects the underlying results of the Group, these
exceptional items are also reported in the separate column in
the\u00a0Group Income Statement. Items that may be considered
exceptional in nature include disposals of businesses or significant
assets, business restructuring, debt repurchase/refinancing costs,
legacy contract costs associated with business activities that have
ceased, certain pension past service credits/costs, asset
impairments/write-backs, and the tax effects of these items. Also
tax impacts associated with legislative changes or as a result of
commodity price movements may be considered as exceptional.
The Group distinguishes between business performance asset
impairments/write-backs and exceptional impairments/write-
backs on the basis of the underlying driver of the impairment, as well
as the magnitude of the impairment. Drivers that are deemed to be
outside of the control of the Group (e.g. commodity price changes)
give rise to exceptional impairments. Additionally, impairment
charges that are of a one-off nature (e.g. reserve downgrades or
one-time change in intended use of an asset) and significant enough
value to influence the understanding of the underlying results of the
business are considered to be exceptional. Other impairments that
would be expected in the normal course of business are reflected in
business performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "Critical accounting judgements and\u00a0key sources
of\u00a0estimation uncertainty
This section sets out the key areas of judgement
and\u00a0estimation that have the most significant effect
on\u00a0the\u00a0amounts recognised in the consolidated
Financial\u00a0Statements.
(a) Critical judgements in applying the Group\u2019s accounting
policies
Management has made the following key judgements in applying the
Group\u2019s accounting policies that have the most significant effect on
the consolidated Group Financial Statements.
Spirit Energy consolidation
The Group judges that through its Board majority, it can control
the\u00a0relevant activities that most significantly influence the variable
returns of the Spirit Energy business, including Board Reserved
Matters. Consequently, Spirit Energy is fully consolidated. This
assessment was carried out when the Group acquired Bayerngas
Norge\u2019s exploration and production business, and combined this with
the Group\u2019s existing exploration and production business to\u00a0form the
Spirit Energy business in 2017, and is considered annually to ensure
consolidation remains appropriate.
The Group holds a 69% interest in Spirit Energy. The 31% minority
interest shareholder does have some influence over decision-making
activities, but does not possess any controlling rights over the Spirit
Energy business.
Sales of Cygnus, Greater Markham Area and Southern North
Sea interests
On 20 May 2025 the Group announced that it had agreed to sell part
of Spirit Energy\u2019s interest in the Cygnus gas field, reducing its interest
from 61.25% to 15%, to a subsidiary of Ithaca Energy plc for
consideration of \u00a3123 million. The sale had a commercial effective
date of 1 January 2025 and completed on 1 October 2025.
On 16 December 2025, the Group further announced that it had
agreed to dispose of Spirit Energy\u2019s remaining 15% interest in the
Cygnus gas field, together with all other gas producing assets in the
Greater Markham Area and Southern North Sea to Serica Energy plc
for a total value of \u00a3101 million. The Group has classified this as a
disposal group held for sale at the reporting date with completion
expected in the second half of 2026. See note 12 for further details.
The disposal groups did not represent a separate major line of
business or geographical operation, because the Infrastructure
segment retains other producing fields in the United Kingdom, and
hence the Group concluded the disposal group did not constitute a
discontinued operation.
Investment in Sizewell C nuclear plant
On 22 July 2025, the Group announced its acquisition of a 15% equity
stake in the Sizewell C nuclear power station for committed
consideration of \u00a31.3 billion, funded primarily through a shareholder
loan agreement provided over the construction phase of the
contract. During 2025, \u00a3338 million was provided through the
shareholder loan agreement, together with a \u00a338 million equity
contribution. The transaction completed on 4 November 2025. The
loan receivable is presented within investments in joint ventures and
associates on the Group Balance Sheet, with the interest thereon
presented within adjusted operating profit in the Group Income
Statement as it reflects part of the return from this investment.
Although the 15% equity ownership interest in the investee is below
the typical threshold of 20% for presumed significant influence under
IAS 28 \u2018Investment in Associates and Joint Ventures\u2019, the Group has
determined that it does have significant influence. Accordingly, the
investment is classified as an associate and the Group is applying the
equity method of accounting, presenting the investment within the
same line items as the shareholder loan above . This judgement is
based on qualitative factors demonstrating the Group\u2019s ability to
participate in the financial and operating policy decisions of the
investee. In particular, the Group holds a Board seat and also
possesses specialised industry knowledge that influences strategic
and operational matters and it also benefits from the right to enter an
offtake agreement once the nuclear plant is operational.
The Group accounts for the shareholder loan agreement under IFRS
9, and presents it as part of the total investment in Sizewell C, with
interest received presented within adjusted group operating profit.
See notes 6 and 14 for details.
Investment in the Isle of Grain LNG terminal
On 14 August 2025 the Group announced its 50% equity investment
in the Isle of Grain liquefied natural gas terminal (through Garden
Topco Limited). The transaction completed on 28 November 2025.
The Group has determined that the investment is jointly controlled
by the Group and its co-investor, Energy Capital Partners LLP (ECP).
This critical judgement is based on a control assessment which
determined that decisions affecting the returns of the investment
are taken on a unanimous basis. The control assessment determined
that both investors participate fully in the decisions affecting the
operational decisions of the joint venture which is also governed on a
day-to-day basis by its own independent executive management
committee. The Group has not acquired additional rights to the LNG
terminal services; these are subject to regulatory measures. As a
result, the investment is presented as a joint venture and accounted
for using the equity accounting method. The investment is presented
as an investment in joint ventures and associates within the Group
Balance Sheet, with the results of the joint venture presented within
the Results relating to joint ventures and associates line item in the
Group Income Statement. Were a different judgement reached, that
the Group fully controlled the substantive activities of the business
(as opposed to joint control), full consolidation of the Garden Topco
Limited group would have been required, together with recognition
of ECP\u2019s 50% non-controlling interest. See note S10(e) for
summarised balance sheet and income statement information.
Liquefied Natural Gas (LNG) contracts
The Group is active in the LNG market, both procuring long-term
LNG supply arrangements and transacting in shorter-term LNG
cargoes. As part of its operations in the market, the Group optimises
its contractual positions in order to meet customer demand for
physical commodity. In response to the continuing development of
the global LNG market which, consistent with prior years, is not
considered to be active, the Group has reviewed its portfolio of LNG
transactions and contracts. It has judged that its activities are carried
out for the purpose of receipt or delivery of physical commodity in
accordance with its expected purchase and sale requirements. As a
result, the Group\u2019s contracts to buy and sell LNG meet the \u2018own-use\u2019
exemption and are hence outside the scope of IFRS 9 and accounted
for on an accruals basis. Purchase contracts are accounted for as
executory contracts under IAS 37 and sales contracts are accounted
for under IFRS 15. As a consequence of this judgement, the LNG
contracts are also assessed as to whether they may be onerous.
The Group considers it a critical judgement as to whether any
onerous contract costs arising should be presented as a certain re-
measurement until such time that the physical cargoes are delivered,
or within business performance. The same judgement applies to the
recognition, and timing, of unrealised hedging gains or losses relating
to those contracts.
The onerous contract assessment ignores the portfolio of hedges
associated with the LNG contracts because the hedges are
separately marked to market. See notes 2(b) and 7(a) for further
details on the accounting treatment of LNG onerous contracts and
hedging derivatives within certain re-measurements. During the year,
an additional \u00a349 million was recognised in respect of onerous LNG
contract provisions (2024: \u00a382 million) and a total of \u00a399 million was
utilised during the year. See note 7 for details.
3. Critical accounting judgements and\u00a0key sources
of\u00a0estimation uncertainty
Regulatory scheme accounting
As a UK energy supplier, the Group is required to comply with all
regulatory schemes mandated by Ofgem\u2019s gas and electricity
supplier licence conditions. The Group incurs material costs under a
number of active schemes, for example: Energy Company
Obligation (ECO), Great British Insulation Scheme (GBIS), Energy
Intensive Industries Support Levy (EII), Warm Home Discount (WHD),
Feed-in Tariff (FIT), Fuel Mix Disclosure (FMD), Renewables
Obligation (ROCS), Capacity Market Levy, Smart Metering
Transition, Supplier of Last Resort (SOLR) and Contracts for
Difference (CFD). Certain of the schemes above also include
provisions for mutualisation charges which require separate
accounting analysis.
Under the requirements of IAS 37 \u2018Provisions, Contingent Liabilities
and Contingent Assets\u2019 the Group recognises a liability when there is
a present obligation resulting from a past event and where economic
outflow is probable. The Group determines the existence of a
present obligation on a scheme-by-scheme and the accounting
treatment differs accordingly.
The Group determines that the accounting for regulatory schemes is
an area of critical accounting judgement because determining
whether there is a present obligation may be judgemental.
The Group assesses a range of information when determining the
point at which a present obligation exists. This includes statutory
legislation, communication from Ofgem and the Department of
Energy Security and Net Zero and the treatment of similar issues and
schemes, both past and present. The Group estimates costs using
both external and internal data sources.
Typically, costs incurred under industry regulatory schemes are
calculated with reference to the Group\u2019s market share at a point in
time and recovered in the future through the Ofgem price cap.
Recovery is generally based on revenue earned through future
energy supply, meaning a timing difference may arise between the
recognition of costs incurred, and the future recovery through
charges applied to end consumers. The Group does not have an
entitlement to recover costs incurred at the point of recognition and
consequently does not recognise an asset in relation to future
recoveries.
(b) Key sources of estimation uncertainty
The sections below detail the assumptions the Group makes
about\u00a0the 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. In some cases,
the matter involves both a critical judgement as well as a key source
of estimation uncertainty. That is, there is more than one judgemental
aspect related to the matter. In these instances, all critical
judgements and key sources of estimation uncertainty related to
each area are discussed in the same section to provide a
comprehensive understanding of the overall nature of the
uncertainties involved.
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\u2019s best knowledge of current events and
circumstances, actual results may differ. Revisions to accounting
estimates are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and
future periods.
Electricity Generator Levy
At the end of 2022, the Government announced the implementation
of the Electricity Generator Levy (EGL), a new, temporary levy
applicable to receipts that the Group realises from electricity
generation in the UK from nuclear and renewable sources in the
period from 1 January 2023 to 31 March 2028. It was legislated in the
Finance (No 2) Act 2023. The levy applies a 45% charge on receipts
generated from the production of wholesale electricity sold at an
average price in excess of \u00a375/MWh (adjusted for inflation
prospectively), exceeding an annual threshold of \u00a310 million. The
benchmark rate for the 12 months to 31 March 2026 is \u00a379.95/MWh.
It\u00a0applies to generators whose generation exceeds 50GWh annually,
as well as off-take arrangements with significant minority
shareholders in such generators.
As at 31 December 2025, the Group's share of its Nuclear (excluding
Sizewell C) associate's EGL liabilities amounted to \u00a39 million (31
December 2024: \u00a386 million). This is recorded within the share of
profit after tax from associates. The Group has also made payments
on account to HMRC of \u00a310 million and recognised an expense in the
Group Income Statement, within cost of sales, of \u00a310\u00a0million (31
December 2024: \u00a380 million) in relation to its estimated EGL liabilities
for its minority shareholder Nuclear (excluding Sizewell C)
offtake\u00a0arrangements during the year ended 31 December 2025.
The Group continues to determine that the accounting for the levy
falls within the scope of IAS 37 \u2018Provisions, contingent liabilities,
and\u00a0contingent assets\u2019 and IFRIC 21 \u2018Levies\u2019 on the basis that the levy
represents a legislative liability imposed by the Government,
calculated with reference to revenue generated. The Group
recognises the levy progressively over time, as the related electricity
is sold. The Group also considered the applicability of IAS 12 \u2018Income
Taxes\u2019, however the EGL is based on revenue generated, and not
taxable profit and is therefore outside the scope of IAS 12.
The interpretation and application of the EGL legislation is unclear in
respect of the Group\u2019s minority shareholding i n the Nuclear
(excluding Sizewell C) offtake arrangements. As such, the extent of
the levy that will ultimately be due in this regard is not yet certain, and
a lower amount may eventually be determined. If this were the case,
a tax deposit asset would be recorded on the Group Balance Sheet,
and\u00a0as a credit within cost of sales in the Group Income Statement,
when it became probable that the asset would be recoverable,
in\u00a0accordance with the 2019 IFRIC Agenda decision on Deposits
relating to taxes other than income taxes. Given the current stage of
discussions there is not yet sufficient evidence to support the
probability of recovery and therefore no asset has been recorded
at\u00a0the balance sheet date.
There is a key source of estimation uncertainty in relation to the
amount of levy the Group owes across 2023 to 2025 of up to \u00a3155
million, related to the assessment of the proportion of generation
that can be ascribed to a wholesale purchase and therefore whether
a related tax deposit asset should be recorded for the recovery of
payments on account made to HMRC of up to \u00a3155 million. Whilst a
material change in the accounting could occur in the next financial
period, ultimate resolution of this uncertainty may take a number of
years. (Note that since its inception Centrica has paid over \u00a3500
million of EGL either directly or through its share of the Nuclear
(excluding Sizewell C) associate\u2019s payments.)
3. Critical accounting judgements and\u00a0key sources
of\u00a0estimation uncertainty
Credit provisions for trade and other receivables
Typical household energy costs have increased during 2025 due to
high wholesale commodity costs and increased network and levy
charges. Macroeconomic conditions are mixed, interest rates and
inflation have fallen, but unemployment figures have risen. Provisions
relating to customers who pay on receipt of their bill and aged final
debt have increased although cash collection performance has
stabilised in respect of these customers.
These factors result in the assessment and adequacy of credit
provisions for trade and other receivables continuing to be a key
source of estimation uncertainty given the heightened risk of the
probability of default and the increase in the overall loss allowance.
See note 17 for further information.
The Group utilises a range of factors, including both internal and
external, historic and forward-looking, to assess the adequacy of\u00a0its
credit provisions. Whilst the Group utilises a matrix output model to
record provision coverage, management recognises that the model
does not always adequately capture scenarios where there is a
delayed impact on customer payments, such as forward-looking
macroeconomic changes. In the current year, the Group has
continued to assess the model and has recorded a macroeconomic
credit provision of \u00a311 million (31 December 2024: \u00a349 million)
primarily on the basis that the upward trend in typical household
energy bills during 2025 and resultant ability of customers to pay
may not be fully reflected in the model. The assumptions included in
the overall provision include the impact of the increase to Ofgem\u2019s
Energy Price Cap, the continued cost of living challenges and the
resumption of litigation activities which have uplifted the cash
collection on older aged debt. The total credit provision for trade and
other receivables at\u00a031\u00a0December 2025 remains high at \u00a31,818 million
(31 December 2024: \u00a31,532\u00a0million).
Pensions and other post-employment benefits
The cost of providing benefits under defined benefit pension
schemes is determined separately for each of the Group\u2019s schemes
under the projected unit credit actuarial valuation method. Actuarial
gains and losses are recognised in full in the year in which they occur.
The key assumptions used for the actuarial valuation are based on
the Group\u2019s best estimate of the variables that will determine the
ultimate cost of providing post-employment benefits. Where a net
pension scheme asset arises, recognition of the asset is permitted
because the Group has an unconditional right to a refund on any
winding up of the schemes or if gradual settlement of liabilities
over\u00a0time is assumed.
The Group\u2019s defined benefit schemes hold part of their plan asset
portfolio as unquoted assets. These include private equity and
property interests that are typically subject to valuation uncertainty.
The valuation of these assets is based on the latest asset manager
views and other relevant benchmarks.
The key source of estimation uncertainty is the assessment of
the\u00a0value of the pension liabilities (under IAS 19) within the scheme
valuations. Key assumptions are the discount rate, inflation and
life\u00a0expectancy.
Further details, including sensitivities to these assumptions, are
provided in note 22.
Impairment of long-lived assets
The Group makes judgements in considering whether the carrying
amounts of its long-lived assets (principally gas field production
assets, Nuclear (excluding Sizewell C) investment (20% economic
interest accounted for as an investment in associate), Sizewell C
investment (15% economic interest accounted for as an investment
in associate), Isle of Grain investment (50% economic interest
accounted for as an investment in joint venture), Batteries, Solar
assets, Gas peakers and Goodwill) or cash-generating units (CGUs)
are recoverable and estimates their recoverable amounts. See note
7(b) for details.
A key assumption in a number of these judgements is forecast future
commodity prices. For the first four years, observable market prices
are used and thereafter an estimation of longer-term prices is
required and is based on third-party median price curves most
closely aligned to our long-term view. The Nuclear investment
(excluding Sizewell C) is the main asset where the recoverable
amount, predominantly determined by forecast future commodity
prices, is a key source of estimation uncertainty.
The recoverable amount of the Nuclear investment (excluding
Sizewell C) is based on the\u00a0value of the existing UK nuclear fleet
operated by EDF. The existing fleet value is calculated by discounting
pre-tax cash flows derived from the stations based on forecast
power generation and power prices, whilst taking account of
outages and the likely operational lives of the stations. During the
year, the recoverable amount has decreased, predominantly due to a
fall in power prices both on a forecast and actuals basis, together
with an increase in operating and capital expenditure assumptions,
offset by the impact of life extensions at two of\u00a0the stations. This has
resulted in an impairment of \u00a3251 million. Note that baseload power
prices are currently backwardated and so the annual roll-forward
reduction in the net present value (recoverable amount) exceeds the
related annual book value reduction (prior to impairment).
The key sources of estimation uncertainty are power price forecasts,
station lives, outage assumptions and the discount rate. Other input
assumptions include production levels, application of the EGL and
capital and operating expenditure assumptions. Further details of
these uncertainties, together with the methodology, assumptions
and impairment booked during the year\u00a0are provided in note 7,
together with related sensitivities.
Revenue recognition \u2013 unread gas and electricity meters
Revenue for energy supply activities includes an assessment of
energy supplied to customers between the date of the last meter
reading and the year-end (known as unread revenue). Unread gas
and electricity comprises both billed and unbilled revenue. It is
estimated through the billing systems, using historical consumption
patterns, on a customer-by-customer basis, taking into account
weather patterns, load forecasts and the differences between actual
meter readings being returned and system estimates. Actual\u00a0meter
readings continue to be compared to system estimates between the
balance sheet date and the finalisation of\u00a0the accounts.
An assessment is also made of any factors that are likely to materially
affect the ultimate economic benefits that will flow to\u00a0the\u00a0Group,
including bill cancellation and re-bill rates. Estimated revenue is
restricted to the amount the Group expects to be entitled to in
exchange for energy supplied. The judgements applied, and the
assumptions underpinning these judgements, are\u00a0considered to be
appropriate. However, a change in these assumptions would have an
impact on the amount of revenue recognised. The material source of
estimation uncertainty relating to\u00a0unread revenue arises in the
respect of gas and electricity sales to UK customers within the Retail
segment, including where changes in customer behaviour in
response to elevated prices affect estimated consumption. At\u00a031
December 2025 unread revenue arising\u00a0from these customers
amounted to \u00a32,687 million (2024:\u00a0\u00a32,732\u00a0million). A\u00a0change in these
assumptions of 2% would impact revenue and profit by \u00a354\u00a0million.
Additionally, there is some risk this change could be higher when
considering the assumptions implicit in unread revenue and the
extent to which revenue is constrained through the application of the
IFRS 15 requirements.
3. Critical accounting judgements and\u00a0key sources
of\u00a0estimation uncertainty
Decommissioning costs
The estimated cost of decommissioning at the end of the producing
lives of gas fields is reviewed periodically and is based on reserves,
price levels and technology at the balance sheet date. Provision is
made for the estimated cost of decommissioning at the balance
sheet date. The payment dates of total expected future
decommissioning costs are uncertain and dependent on the lives
of\u00a0the facilities, but are currently anticipated to be predominantly
incurred by 2035.
The level of provision held is sensitive to both the estimated
decommissioning costs (in particular for the non-operated assets
and non-contracted expenditure) and the discount rate, hence each
input is considered to be a key source of estimation uncertainty.
During the year,\u00a0government gilt yields appropriate to\u00a0the forecast
profile of the decommissioning expenditure have remained broadly
unchanged, and\u00a0therefore the real discount rate used to discount the
decommissioning liabilities at 31 December 2025 has remained at\u00a02%
(31 December 2024: 2%). A 1% increase in the discount rate reduces
the decommissioning liability by approximately \u00a353 million (2024:
\u00a370 million) whilst a\u00a01% decrease in the discount rate would increase
the provision by\u00a0approximately \u00a356 million (2024: \u00a376 million). A 10%
increase in forecast decommissioning costs would increase the
provision by approximately \u00a3130 million (2024: \u00a3146 million).
Determination of fair values \u2013 energy derivatives
The fair values of energy derivatives classified as Level 3 in
accordance with IFRS 13 \u2018Fair Value Measurement\u2019 are determined to
be a key source of estimation uncertainty as they are not actively
traded and their values are estimated by reference in part to
published price quotations in active markets and in part by using
complex valuation techniques. The key source of estimation
uncertainty is future commodity prices and their inclusion in the
reliable estimation of the unobservable components of the Group\u2019s
Level 3 derivatives in an elevated and volatile commodity price
environment. More detail on the assumptions used in determining fair
valuations of energy derivatives is provided in note S6 and on
the\u00a0sensitivities to these assumptions in note S3.
Climate change
In preparing the financial statements, the Directors have considered
the impact of climate change in the context of the risks and
opportunities identified in the Task Force on Climate-related
Financial Disclosures (TCFD) disclosures on pages 49 to 57. There
has been no material impact identified on the financial reporting
judgements and estimates. The Directors specifically considered the
impact of climate change in the following areas:
\u2022 Cash flow forecasts used in the impairment assessment of non-
current assets, including the Nuclear investment (excluding
Sizewell C), battery storage assets, solar assets, and gas peakers/
power stations/engines;
\u2022 Carrying value and useful economic lives of property, plant
and\u00a0equipment;
\u2022 Recoverability of deferred tax assets; and
\u2022 Going concern and viability of the Group over the next
three\u00a0years.
Whilst there is no short-term impact expected from climate change,
the Directors are aware of the risks and regularly assess these risks
against judgements and estimates made in preparation of the
Group\u2019s financial statements.
Further detail is provided in note 3(c).
Critical accounting judgements and\u00a0key sources of estimation uncertainty
(c) Climate change
The Group\u2019s assessment of how climate-related issues might affect the business has been integrated into its annual strategic and financial
planning process. At the same time, the Group reviews the potential impact of the material risks and opportunities and its Climate Transition
Plan on both the current balance sheet position and its accounting policies (including the useful economic lives of its assets).
Summary of our most material risks and opportunities
Climate-related trend
Segment
Potential impact
Transition away from fossil fuelled heating
Retail
Risk: Reduced gross margin from the sale and servicing of natural gas residential boilers
and commercial combined heat and power (CHP) units
Growth in low carbon heating market
Retail
Opportunity: Increased sales and servicing of electric and hydrogen fuelled heating
systems, alongside associated opportunities in fabric upgrade including insulation\u00a0
Transition away from natural gas and
energy efficiency
Retail
Risk: Reduced gross margin from the sale of natural gas and growth in energy efficiency
Growth in low carbon heating market
Retail
Opportunity: Increased sales of electricity and clean gas for heating
Growth of EV transport market
Retail
Opportunity: Access to new and growing value pools related to EV charging installations,
operation and maintenance, as well as energy supply
Growth in demand for renewable energy
Retail
Opportunity: Growth in behind-the-meter solar and battery markets, driven by
decarbonisation and flexible services
Optimisation
Opportunity: Growth in renewable and low carbon generation and production
technologies, alongside the need for enabling services such as PPAs, balancing services
and battery storage
Infrastructure
Opportunity: To convert Rough gas storage facility to store hydrogen and produce
hydrogen at scale
Rising mean temperatures
Retail
Risk: Reduced sales of natural gas and electricity for heat
IFRS dictates how each asset or liability should be accounted for (e.g. cost, fair value or other measurement criteria) and accordingly,
there\u00a0is\u00a0a fundamental difference between the holistic forward-looking risk and opportunities business analysis (see the TCFD disclosures
on\u00a0pages 49 to 57), and the possible sensitivity of current accounting carrying values to these risks and opportunities.
For example, whilst the activity of supplying gas to customers or servicing/installing gas boilers is clearly subject to climate-related risks
(and opportunities), the balance sheet does not reflect an overall value of those businesses (aside from an element of goodwill). Instead,
accounting balances related to these businesses generally manifest themselves in short-term working capital assets and liabilities
associated with procuring and selling gas or servicing/installing boilers; with those balances generally settled within six months and
so\u00a0specifically less exposed to climate risks.
In a similar vein, Infrastructure assets are tested for impairment in accordance with relevant IFRS accounting standards. These generally
require the recoverable amount of the asset to be calculated based on a best estimate of long-term forecast commodity prices, which
the\u00a0Group estimates based on current market prices and Centrica\u2019s view of long-term prices using a balance of reputable commodity
pricing consultants\u2019 forecasts. However, these estimates are not consistent with net zero scenarios from the consultants (as they do not
factor in any prospective, yet to be announced, legislative or market changes that would be required to meet temperature targets) and
hence impairment reviews are not based on net zero scenario forward prices. The Group instead discloses the impact on the carrying value
of Infrastructure assets by way of sensitivity analysis (see note 7(c)).
3. Critical accounting judgements and\u00a0key sources of estimation uncertainty
Accordingly, the Group is mindful of these dynamics when it considers which areas of the balance sheet are exposed to key estimation
uncertainty from climate-related issues. The Group considers which assets are most exposed to impairment (or write-backs) from climate
risks and similarly whether there are any liabilities that are either currently unrecognised or might increase as a result of those risks.
The Group\u2019s assets/liabilities have been segmented into three tranches, grading each balance\u2019s exposure to climate risks/opportunities:
(i) Higher risk \u2013 As the consumption of gas and power is intrinsically linked to carbon emissions, their pricing is consequently exposed to
climate and legislative risk. Accordingly, where assets or contract values have a key dependency on commodity price assumptions and
their carrying value is material, those assets (or contracts) are deemed higher risk.
(ii) Medium risk \u2013 Infrastructure assets with reduced exposure to commodity prices or lower carrying values, together with
decommissioning balances, and gross margin energy transition considerations and their potential impact on forward-looking balances
(e.g. Retail and Optimisation goodwill).
(iii) Lower risk \u2013 No significant risk identified on the basis that positions are short-term in nature or are specifically linked to the energy
transition or are immaterial.
The key non-current asset (and decommissioning provision) balance sheet items have been presented in more granular detail below,
together with the groupings into the above risks and with rationale set out below the table:
As at 31 December 2025 (\u00a3m):
Goodwill
Intangibles
Investment in
joint ventures
&\u00a0associates
Property, plant &
equipment
Deferred
tax\u00a0assets/
(liabilities)
Decommissioning
provision
Retail
357
Brand (mainly Dyno-Rod)
57
Application software
181
Electric vehicles (vans/cars)
37
Non-electric vehicles (vans/cars)
37
Optimisation
147
Application software
30
LNG vessel leases
39
Infrastructure - Gas Assets
Isle of Grain investment
185
Gas fields (Spirit)
76
455
(961)
Gas storage facility (Rough)
141
(321)
Infrastructure - Power Assets
Nuclear investment (excluding Sizewell C)
578
Sizewell C investment
392
Battery storage
140
(4)
Gas peakers/power stations/engines
485
(16)
Combined Heat and Power (CHP)/other power assets
27
Solar
35
Infrastructure - Meter Assets
368
Group/Other (i)
Customer relationships
19
Emission certificates
31
Land & buildings
168
Derivatives deferred tax
100
Other (ii)
16
76
(37)
Total (notes 13-16 and 21)
504
318
1,171
1,488
659
(1,302)
(i) Items included within Group/Other have not been allocated out across business type.
(ii) Other property, plant & equipment includes a cumulative \u00a364 million elimination adjustment of internal margin and indirect costs on smart meter installation capitalised in
the meter asset provider business within Infrastructure.
Higher
Medium
Lower
Physical Risk Assessment
During the year, the Group reassessed physical climate risks using UK Met Office climate projections and the World Resources Institute
(WRI) Aqueduct platform. Across our portfolio, including offshore assets and the Isle of Grain LNG terminal, no material short\u2011 or long\u2011term
financial statement impacts were identified due to existing mitigations and asset resilience, including flood defences at the Isle of Grain LNG
terminal designed to provide protection to at least 2070. Any potential reduction in heat demand under extreme warming scenarios is
considered within revenue estimation processes and does not change the conclusions of our impairment or going\u2011concern assessments.
3. Critical accounting judgements and\u00a0key sources of
estimation uncertainty
All items noted above may be impacted by climate-related risks but
are not currently considered to be key areas of judgement or
sources of estimation uncertainty in the current financial year.
Higher risk
The valuation of the Nuclear investment (excluding Sizewell C) is
highly dependent on forecast commodity prices. Climate change
risks and opportunities means there is uncertainty over electricity
demand and forecast prices. The underlying nuclear stations, which
produce electricity with no carbon emissions, have different useful
economic lives, with the last station forecast to cease operating in
2055.
The Group\u2019s gas peakers/power stations/engines are similarly
exposed to climate change risk, with valuations dependent on
forecast gas and electricity prices and electricity demand. During
the year, this asset class has become material to the Group with the
continued construction of two Irish gas peaker assets. The
associated decommissioning obligations are deemed medium risk
as the value is not significant in the context of the Group.
Valuation sensitivity information based on a net zero price forecast
has been provided in note 7(c) for these assets.
Medium risk
The investment in the Sizewell C nuclear new-build power station
has some exposure to physical climate change risk during the build
and operation phases. However, due to the regulated asset base
funding model, the asset valuation itself is less exposed to
commodity prices. Accordingly it is deemed medium risk.
The investment in the Isle of Grain LNG terminal has exposure to
climate change risk both from a physical asset perspective and from
the impact of locational gas price spreads. However, it is deemed
medium risk because the investment carrying value is not significant
in the context of the Group.
Gas field valuations are dependent on forecast commodity prices.
Climate change risk means that there is uncertainty over gas
demand and forecast prices. During the year, the announced
disposals of a large proportion of the Gas field portfolio mean that
the remaining property, plant and equipment carrying value is much
smaller than before and therefore is also deemed medium risk. Note
further investment in exploring for new gas fields has ceased with
the portfolio\u2019s decommissioning obligations expected to be
substantively met by the early 2030s (including the Rough storage
facility).
Deferred tax assets associated with gas fields and the Rough
storage facility are predominantly related to decommissioning cost
recovery and are not considered high risk due to the length of carry-
back rules. Deferred tax assets associated with derivatives are
considered medium risk as the derivatives generally realise within
two years.
The Group\u2019s investment in CHP and other power assets are also
exposed to climate risk. They have useful economic lives of up to
40\u00a0years but they do not, individually or in total, have material
carrying values.
The Group's meter assets are exposed to climate change risk
because they record usage of both gas and power. They are
deemed medium risk because they are subject to contractual
arrangements that provide for ongoing revenue security from
suppliers.
LNG vessels on the balance sheet are exposed to risk from climate
change, but as they are leased assets with the current term
remaining less than five years, this risk is reduced to medium.
The Group continues to transition to an electrified vehicle fleet. Non-
electric vehicles are deemed medium risk because their remaining
useful economic lives are generally short.
Retail and Optimisation Goodwill and\u00a0Application Software are
categorised as medium risk because the businesses are exposed to
energy transition risk as a result of climate change. However, there
are also significant opportunities for\u00a0these businesses and the
carrying values are not material.
Lower risk
All other assets denoted in the table above are considered lower
risk because they are either specifically related to the energy
transition (e.g. electric vehicles, battery storage and associated
decommissioning, solar) or are immaterial. Note that designation as
lower risk does not mean these assets are not at risk of impairment
(e.g. from reduced residual values or commodity price movements)
but instead is an assessment of specific exposure to climate change
risks.
Other contracts
The Group also has long-term LNG supply contracts with Cheniere,
Delfin, Mozambique, Repsol and PTT. These are not reflected on the
balance sheet but the Group has certain purchase commitments.
The Group also has long-term gas sale and purchase agreements,
which similarly have long-term commitments (see note 23). The
contracts currently have significant value (when considered
together) because of gas price locational spreads but are exposed
to climate change risk and therefore could ultimately become
onerous in net zero scenarios. The commitments note provides
detail of the length of the contracts and commodity purchase
commitments.
Governance over climate-related judgements
Climate\u2011related financial reporting judgements including impairment
assumptions, decommissioning estimates and going concern/
viability considerations are reviewed through the governance
structure described in the TCFD disclosures on pages 49 to 57 (the
Board, Audit & Risk Committee, and Safety, Environment and
Sustainability Committee), with management oversight via the
Centrica Leadership Team and the Group\u2019s risk processes
summarised in the Strategic Report - Principal Risks and
Uncertainties on pages 32 to 39.
Interaction with the Climate Transition Plan
The Group\u2019s Climate Transition Plan informs strategic planning,
capital allocation and certain long\u2011term business assumptions (e.g.
electrification uptake, flexibility needs and hydrogen readiness).
These planning assumptions are considered in viability and useful life
assessments but do not override the market\u2011based inputs required
for IFRS measurement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "Critical accounting judgements and\u00a0key sources of estimation uncertainty
(c) Climate change
The Group\u2019s assessment of how climate-related issues might affect the business has been integrated into its annual strategic and financial
planning process. At the same time, the Group reviews the potential impact of the material risks and opportunities and its Climate Transition
Plan on both the current balance sheet position and its accounting policies (including the useful economic lives of its assets).
Summary of our most material risks and opportunities
Climate-related trend
Segment
Potential impact
Transition away from fossil fuelled heating
Retail
Risk: Reduced gross margin from the sale and servicing of natural gas residential boilers
and commercial combined heat and power (CHP) units
Growth in low carbon heating market
Retail
Opportunity: Increased sales and servicing of electric and hydrogen fuelled heating
systems, alongside associated opportunities in fabric upgrade including insulation\u00a0
Transition away from natural gas and
energy efficiency
Retail
Risk: Reduced gross margin from the sale of natural gas and growth in energy efficiency
Growth in low carbon heating market
Retail
Opportunity: Increased sales of electricity and clean gas for heating
Growth of EV transport market
Retail
Opportunity: Access to new and growing value pools related to EV charging installations,
operation and maintenance, as well as energy supply
Growth in demand for renewable energy
Retail
Opportunity: Growth in behind-the-meter solar and battery markets, driven by
decarbonisation and flexible services
Optimisation
Opportunity: Growth in renewable and low carbon generation and production
technologies, alongside the need for enabling services such as PPAs, balancing services
and battery storage
Infrastructure
Opportunity: To convert Rough gas storage facility to store hydrogen and produce
hydrogen at scale
Rising mean temperatures
Retail
Risk: Reduced sales of natural gas and electricity for heat
IFRS dictates how each asset or liability should be accounted for (e.g. cost, fair value or other measurement criteria) and accordingly,
there\u00a0is\u00a0a fundamental difference between the holistic forward-looking risk and opportunities business analysis (see the TCFD disclosures
on\u00a0pages 49 to 57), and the possible sensitivity of current accounting carrying values to these risks and opportunities.
For example, whilst the activity of supplying gas to customers or servicing/installing gas boilers is clearly subject to climate-related risks
(and opportunities), the balance sheet does not reflect an overall value of those businesses (aside from an element of goodwill). Instead,
accounting balances related to these businesses generally manifest themselves in short-term working capital assets and liabilities
associated with procuring and selling gas or servicing/installing boilers; with those balances generally settled within six months and
so\u00a0specifically less exposed to climate risks.
In a similar vein, Infrastructure assets are tested for impairment in accordance with relevant IFRS accounting standards. These generally
require the recoverable amount of the asset to be calculated based on a best estimate of long-term forecast commodity prices, which
the\u00a0Group estimates based on current market prices and Centrica\u2019s view of long-term prices using a balance of reputable commodity
pricing consultants\u2019 forecasts. However, these estimates are not consistent with net zero scenarios from the consultants (as they do not
factor in any prospective, yet to be announced, legislative or market changes that would be required to meet temperature targets) and
hence impairment reviews are not based on net zero scenario forward prices. The Group instead discloses the impact on the carrying value
of Infrastructure assets by way of sensitivity analysis (see note 7(c)).
3. Critical accounting judgements and\u00a0key sources of estimation uncertainty
Accordingly, the Group is mindful of these dynamics when it considers which areas of the balance sheet are exposed to key estimation
uncertainty from climate-related issues. The Group considers which assets are most exposed to impairment (or write-backs) from climate
risks and similarly whether there are any liabilities that are either currently unrecognised or might increase as a result of those risks.
The Group\u2019s assets/liabilities have been segmented into three tranches, grading each balance\u2019s exposure to climate risks/opportunities:
(i) Higher risk \u2013 As the consumption of gas and power is intrinsically linked to carbon emissions, their pricing is consequently exposed to
climate and legislative risk. Accordingly, where assets or contract values have a key dependency on commodity price assumptions and
their carrying value is material, those assets (or contracts) are deemed higher risk.
(ii) Medium risk \u2013 Infrastructure assets with reduced exposure to commodity prices or lower carrying values, together with
decommissioning balances, and gross margin energy transition considerations and their potential impact on forward-looking balances
(e.g. Retail and Optimisation goodwill).
(iii) Lower risk \u2013 No significant risk identified on the basis that positions are short-term in nature or are specifically linked to the energy
transition or are immaterial.
The key non-current asset (and decommissioning provision) balance sheet items have been presented in more granular detail below,
together with the groupings into the above risks and with rationale set out below the table:
As at 31 December 2025 (\u00a3m):
Goodwill
Intangibles
Investment in
joint ventures
&\u00a0associates
Property, plant &
equipment
Deferred
tax\u00a0assets/
(liabilities)
Decommissioning
provision
Retail
357
Brand (mainly Dyno-Rod)
57
Application software
181
Electric vehicles (vans/cars)
37
Non-electric vehicles (vans/cars)
37
Optimisation
147
Application software
30
LNG vessel leases
39
Infrastructure - Gas Assets
Isle of Grain investment
185
Gas fields (Spirit)
76
455
(961)
Gas storage facility (Rough)
141
(321)
Infrastructure - Power Assets
Nuclear investment (excluding Sizewell C)
578
Sizewell C investment
392
Battery storage
140
(4)
Gas peakers/power stations/engines
485
(16)
Combined Heat and Power (CHP)/other power assets
27
Solar
35
Infrastructure - Meter Assets
368
Group/Other (i)
Customer relationships
19
Emission certificates
31
Land & buildings
168
Derivatives deferred tax
100
Other (ii)
16
76
(37)
Total (notes 13-16 and 21)
504
318
1,171
1,488
659
(1,302)
(i) Items included within Group/Other have not been allocated out across business type.
(ii) Other property, plant & equipment includes a cumulative \u00a364 million elimination adjustment of internal margin and indirect costs on smart meter installation capitalised in
the meter asset provider business within Infrastructure.
Higher
Medium
Lower
Physical Risk Assessment
During the year, the Group reassessed physical climate risks using UK Met Office climate projections and the World Resources Institute
(WRI) Aqueduct platform. Across our portfolio, including offshore assets and the Isle of Grain LNG terminal, no material short\u2011 or long\u2011term
financial statement impacts were identified due to existing mitigations and asset resilience, including flood defences at the Isle of Grain LNG
terminal designed to provide protection to at least 2070. Any potential reduction in heat demand under extreme warming scenarios is
considered within revenue estimation processes and does not change the conclusions of our impairment or going\u2011concern assessments.
3. Critical accounting judgements and\u00a0key sources of
estimation uncertainty
All items noted above may be impacted by climate-related risks but
are not currently considered to be key areas of judgement or
sources of estimation uncertainty in the current financial year.
Higher risk
The valuation of the Nuclear investment (excluding Sizewell C) is
highly dependent on forecast commodity prices. Climate change
risks and opportunities means there is uncertainty over electricity
demand and forecast prices. The underlying nuclear stations, which
produce electricity with no carbon emissions, have different useful
economic lives, with the last station forecast to cease operating in
2055.
The Group\u2019s gas peakers/power stations/engines are similarly
exposed to climate change risk, with valuations dependent on
forecast gas and electricity prices and electricity demand. During
the year, this asset class has become material to the Group with the
continued construction of two Irish gas peaker assets. The
associated decommissioning obligations are deemed medium risk
as the value is not significant in the context of the Group.
Valuation sensitivity information based on a net zero price forecast
has been provided in note 7(c) for these assets.
Medium risk
The investment in the Sizewell C nuclear new-build power station
has some exposure to physical climate change risk during the build
and operation phases. However, due to the regulated asset base
funding model, the asset valuation itself is less exposed to
commodity prices. Accordingly it is deemed medium risk.
The investment in the Isle of Grain LNG terminal has exposure to
climate change risk both from a physical asset perspective and from
the impact of locational gas price spreads. However, it is deemed
medium risk because the investment carrying value is not significant
in the context of the Group.
Gas field valuations are dependent on forecast commodity prices.
Climate change risk means that there is uncertainty over gas
demand and forecast prices. During the year, the announced
disposals of a large proportion of the Gas field portfolio mean that
the remaining property, plant and equipment carrying value is much
smaller than before and therefore is also deemed medium risk. Note
further investment in exploring for new gas fields has ceased with
the portfolio\u2019s decommissioning obligations expected to be
substantively met by the early 2030s (including the Rough storage
facility).
Deferred tax assets associated with gas fields and the Rough
storage facility are predominantly related to decommissioning cost
recovery and are not considered high risk due to the length of carry-
back rules. Deferred tax assets associated with derivatives are
considered medium risk as the derivatives generally realise within
two years.
The Group\u2019s investment in CHP and other power assets are also
exposed to climate risk. They have useful economic lives of up to
40\u00a0years but they do not, individually or in total, have material
carrying values.
The Group's meter assets are exposed to climate change risk
because they record usage of both gas and power. They are
deemed medium risk because they are subject to contractual
arrangements that provide for ongoing revenue security from
suppliers.
LNG vessels on the balance sheet are exposed to risk from climate
change, but as they are leased assets with the current term
remaining less than five years, this risk is reduced to medium.
The Group continues to transition to an electrified vehicle fleet. Non-
electric vehicles are deemed medium risk because their remaining
useful economic lives are generally short.
Retail and Optimisation Goodwill and\u00a0Application Software are
categorised as medium risk because the businesses are exposed to
energy transition risk as a result of climate change. However, there
are also significant opportunities for\u00a0these businesses and the
carrying values are not material.
Lower risk
All other assets denoted in the table above are considered lower
risk because they are either specifically related to the energy
transition (e.g. electric vehicles, battery storage and associated
decommissioning, solar) or are immaterial. Note that designation as
lower risk does not mean these assets are not at risk of impairment
(e.g. from reduced residual values or commodity price movements)
but instead is an assessment of specific exposure to climate change
risks.
Other contracts
The Group also has long-term LNG supply contracts with Cheniere,
Delfin, Mozambique, Repsol and PTT. These are not reflected on the
balance sheet but the Group has certain purchase commitments.
The Group also has long-term gas sale and purchase agreements,
which similarly have long-term commitments (see note 23). The
contracts currently have significant value (when considered
together) because of gas price locational spreads but are exposed
to climate change risk and therefore could ultimately become
onerous in net zero scenarios. The commitments note provides
detail of the length of the contracts and commodity purchase
commitments.
Governance over climate-related judgements
Climate\u2011related financial reporting judgements including impairment
assumptions, decommissioning estimates and going concern/
viability considerations are reviewed through the governance
structure described in the TCFD disclosures on pages 49 to 57 (the
Board, Audit & Risk Committee, and Safety, Environment and
Sustainability Committee), with management oversight via the
Centrica Leadership Team and the Group\u2019s risk processes
summarised in the Strategic Report - Principal Risks and
Uncertainties on pages 32 to 39.
Interaction with the Climate Transition Plan
The Group\u2019s Climate Transition Plan informs strategic planning,
capital allocation and certain long\u2011term business assumptions (e.g.
electrification uptake, flexibility needs and hydrogen readiness).
These planning assumptions are considered in viability and useful life
assessments but do not override the market\u2011based inputs required
for IFRS measurement.
", "dimensions": { "concept": "cna:ClimateChange", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "Segmental analysis
The Group\u2019s reporting segments are those used internally by management to run the business and make decisions. The
Group\u2019s segments are based on products and services as well as the major factors that influence the performance of these
products and services across the geographical locations in which the Group operates.
(a) Segmental structure
During the year the Group\u2019s reportable operating segments have been redefined to reflect the way the Board makes decisions about
resources to be allocated to the segments and assess their performance. See note 1(d) for further details.
The types of products and services from which each reportable segment derived its income during the year are detailed below.
All\u00a0reportable segments are operating segments. Income sources are reflected in total Group revenue unless otherwise stated:
Segment
Description
Retail
\u2022 The supply of gas and electricity to residential and business customers in the UK and the Republic of Ireland (i);
\u2022 the installation, repair and maintenance of central heating and related appliances (including smart meters), to residential
and business customers in the UK, and the Republic of Ireland;
\u2022 the supply of energy services and solutions to large organisations in the UK, Europe and North America;
\u2022 the provision of fixed-fee maintenance/breakdown services and insurance contracts in the UK; and
\u2022 the supply of new technologies and energy efficiency solutions in the UK.
Optimisation
\u2022 The procurement, trading and optimisation of energy predominantly in the UK and Europe (i); and
\u2022 the global procurement and sale of LNG.
Infrastructure
\u2022 The production and processing of gas and liquids principally within Spirit Energy (i);
\u2022 the development and operation of power assets, and sale of power generated (including from nuclear assets), in the UK
and Europe;
\u2022 gas and LNG storage in the UK; and
\u2022 the smart meter asset provider business in the UK.
Segmental analysis
(b) R evenue
Gross segment revenue includes revenue generated from the sale of products and services to other reportable segments
of the Group. Total Group revenue reflects only the sale of products and services to third parties. Sales between
reportable segments are conducted on an arm\u2019s length basis.
2025
2024 (restated) (i)
Gross
segment
revenue
\u00a3m
Less inter-
segment
revenue
\u00a3m
Total
Group
revenue
\u00a3m
Gross
segment
revenue
\u00a3m
Less inter-
segment
revenue
\u00a3m
Total
Group
revenue
\u00a3m
Year ended 31 December
Retail
16,507
(207)
16,300
17,124
(79)
17,045
Optimisation
6,052
(776)
5,276
6,537
(560)
5,977
Infrastructure
2,004
(1,215)
789
2,912
(1,298)
1,614
Total Group revenue included in business
performance
24,563
(2,198)
22,365
26,573
(1,937)
24,636
Less: revenue arising on contracts in scope of IFRS 9
included in business performance
(2,873)
(4,723)
Total Group revenue
19,492
19,913
(i) Segmental revenues have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
The table below shows the total Group revenue arising from contracts with customers, and therefore in the scope of IFRS 15, and revenue
arising from contracts in the scope of other standards. The key economic factors impacting the nature, timing and uncertainty of revenue
and cash flows are considered to be driven by the type and broad geographical location of the customer. The analysis of IFRS 15 revenue
below reflects these factors.
2025
Revenue from
contracts with
customers in
scope of IFRS 15 (i)
\u00a3m
Revenue from
fixed-fee service
and insurance
contracts in
scope of IFRS
17, and leasing
contracts in
scope of IFRS 16
\u00a3m
Total Group
revenue
\u00a3m
Revenue
in\u00a0business
performance
arising from
contracts in
scope of IFRS 9
\u00a3m
Total Group
revenue included
in business
performance
\u00a3m
Year ended 31 December
Energy supply and services
15,261
Retail
15,261
799
16,060
240
16,300
Energy sales to trading and energy procurement counterparties
3,259
Optimisation
3,259
5
3,264
2,012
5,276
Gas and liquid production
168
Infrastructure
168
\u2014
168
621
789
18,688
804
19,492
2,873
22,365
(i) As part of the finalisation process of the government support schemes, revenue of \u00a342 million was recognised (2024: \u00a321 million reversal) during the year in relation
to\u00a0the Energy Price Guarantee scheme for domestic customers in the Retail segment. In additio n, revenue of \u00a32 million was reversed (2024: \u00a313 million recognised) in
respect of non-domestic schemes, also in the Retail segment.
2024 (restated) (i)
Year ended 31 December
Revenue from
contracts with
customers in
scope of IFRS 15
\u00a3m
Revenue from
fixed-fee service
and insurance
contracts in
scope of IFRS 17,
and leasing
contracts in
scope of IFRS 16
\u00a3m
Total Group
revenue
\u00a3m
Revenue in
business
performance
arising from
contracts in
scope of IFRS 9
\u00a3m
Total Group
revenue included
in business
performance
\u00a3m
Energy supply and services
15,823
Retail
15,823
802
16,625
420
17,045
Energy sales to trading and energy procurement counterparties
3,105
Optimisation
3,105
15
3,120
2,857
5,977
Gas and liquid production
168
Infrastructure
168
\u2014
168
1,446
1,614
19,096
817
19,913
4,723
24,636
(i) Segmental revenues have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
4. Segmental analysis
Geographical analysis of revenue and non-current assets
The Group monitors and manages performance by reference to its operating segments and not solely on a geographical basis, however
provided below is an analysis of revenue and certain non-current assets by geography.
Total Group revenue
(based on location of customer)
Non-current assets
(based on location of assets) (i)
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
UK
15,820
16,240
2,913
2,860
Republic of Ireland
1,022
1,021
441
325
Europe (excluding UK and Republic of Ireland)
1,640
1,423
232
376
Rest of the world
1,010
1,229
30
15
19,492
19,913
3,616
3,576
(i) Non-current assets comprise goodwill, other intangible assets, PP&E, interests in joint ventures and associates and non-financial assets within trade and other
receivables, and contract-related assets.
(c) Adjusted gross margin and adjusted operating profit
The measure of profit used by the Group is adjusted operating profit. Adjusted operating profit is operating profit before
exceptional items and certain re-measurements. This includes business performance results of equity-accounted interests.
This note also details adjusted gross margin. Both measures are reconciled to their statutory equivalents.
Adjusted gross margin
Adjusted operating profit
Year ended 31 December
2025
\u00a3m
2024 (restated) (i)
\u00a3m
2025
\u00a3m
2024 (restated) (i)
\u00a3m
Retail
2,441
2,518
424
458
Optimisation
434
583
155
339
Infrastructure
332
735
314
799
Segmental adjusted gross margin/adjusted operating profit
3,207
3,836
893
1,596
Reconciling items to Group Income Statement:
Colleague profit share (ii)
(12)
(9)
(34)
(25)
Meter asset provider consolidation adjustment (iii)
(61)
(19)
(45)
(19)
Total Group adjusted gross margin/adjusted operating profit
3,134
3,808
814
1,552
Certain re-measurements (note 7):
Onerous energy supply/LNG contract provision movement
42
(142)
42
(142)
Derivative contracts
(345)
421
(345)
421
Gross profit
2,831
4,087
Exceptional items
(405)
(128)
Operating profit after exceptional items and certain re-measurements
106
1,703
(i) Segmental results have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
(ii) The impact of the colleague profit share is excluded because management considers it unrelated to segmental business performance.
(iii) In accordance with IFRS 8, Segmental adjusted gross margin and adjusted operating profit are presented as managed by the Board and accordingly the internal margin
and indirect costs on smart meter installation recognised by Retail and subsequently capitalised in the meter asset provider business within Infrastructure, are eliminated
on consolidation and reported as a reconciling item to the Group Income Statement. The Group Income Statement reflects the capitalisation of costs based on their
nature as incurred by Retail.
Segmental analysis
(d) Included within adjusted operating profit
Presented below are certain items included within adjusted operating profit, including a summary of impairments of property,
plant and equipment and intangibles.
Depreciation and impairments
of\u00a0property, plant and equipment
Amortisation and impairments
of\u00a0intangibles
Year ended 31 December
2025
\u00a3m
2024 (restated) (i)
\u00a3m
2025
\u00a3m
2024 (restated) (i)
\u00a3m
Retail
(48)
(44)
(81)
(68)
Optimisation
(25)
(29)
(9)
(11)
Infrastructure
(249)
(300)
\u2014
\u2014
Other (ii)
(26)
(36)
(1)
(8)
(348)
(409)
(91)
(87)
(i) Segmental results have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
(ii) Other includes corporate functions, subsequently recharged.
Impairments of property, plant and equipment
During 2025, \u00a35 million of net impairments of property, plant and equipment (2024: \u00a322 million) were recognised within business
performance.
Impairments of intangible assets
During 2025, \u00a36 million of impairments of other intangible assets (2024: \u00a31 million) were recognised within business performance.
C apital expenditure
Capital expenditure represents additions, other than assets acquired as part of business combinations or asset purchase
agreements, to property, plant and equipment and intangible assets. Capital expenditure has been reconciled to the related
cash outflow.
Capital expenditure on property,
plant and equipment
Capital expenditure on intangible
assets other than goodwill
Year ended 31 December
2025
\u00a3m
2024 (restated) (i)
\u00a3m
2025
\u00a3m
2024 (restated) (i)
\u00a3m
Retail
28
30
885
853
Optimisation
6
7
13
9
Infrastructure
522
398
38
31
Other (ii)
97
37
1
\u2014
Segmental capital expenditure
653
472
937
893
Meter asset provider consolidation adjustment (iii)
(47)
(19)
\u2014
\u2014
Total Group capital expenditure
606
453
937
893
Capitalised borrowing costs (note 8)
(17)
(11)
\u2014
\u2014
Inception of new leases and movements in payables and prepayments related to
capital expenditure
(97)
(62)
\u2014
(1)
Capital expenditure cash outflow subsequent to transfer to held for sale
15
\u2014
\u2014
\u2014
Purchases of emissions allowances and renewable obligation certificates (note 15) (iv)
\u2014
\u2014
(890)
(856)
Net cash outflow
507
380
47
36
(i) Segmental results have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
(ii) Other includes corporate functions.
(iii) In accordance with IFRS 8, Segmental capital expenditure is presented as managed by the Board and accordingly the internal margin and indirect costs on smart meter
installation recognised by Retail and subsequently capitalised in the meter asset provider business within Infrastructure, is eliminated on consolidation and reported as a
reconciling item to Total Group capital expenditure.
(iv) Purchases of emissions allowances and renewable obligation certificates of \u00a3854 million (2024: \u00a3828 million) in Retail and \u00a336 million (2024: \u00a328 million) in Infrastructure.", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "evenue
Gross segment revenue includes revenue generated from the sale of products and services to other reportable segments
of the Group. Total Group revenue reflects only the sale of products and services to third parties. Sales between
reportable segments are conducted on an arm\u2019s length basis.
2025
2024 (restated) (i)
Gross
segment
revenue
\u00a3m
Less inter-
segment
revenue
\u00a3m
Total
Group
revenue
\u00a3m
Gross
segment
revenue
\u00a3m
Less inter-
segment
revenue
\u00a3m
Total
Group
revenue
\u00a3m
Year ended 31 December
Retail
16,507
(207)
16,300
17,124
(79)
17,045
Optimisation
6,052
(776)
5,276
6,537
(560)
5,977
Infrastructure
2,004
(1,215)
789
2,912
(1,298)
1,614
Total Group revenue included in business
performance
24,563
(2,198)
22,365
26,573
(1,937)
24,636
Less: revenue arising on contracts in scope of IFRS 9
included in business performance
(2,873)
(4,723)
Total Group revenue
19,492
19,913
(i) Segmental revenues have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
The table below shows the total Group revenue arising from contracts with customers, and therefore in the scope of IFRS 15, and revenue
arising from contracts in the scope of other standards. The key economic factors impacting the nature, timing and uncertainty of revenue
and cash flows are considered to be driven by the type and broad geographical location of the customer. The analysis of IFRS 15 revenue
below reflects these factors.
2025
Revenue from
contracts with
customers in
scope of IFRS 15 (i)
\u00a3m
Revenue from
fixed-fee service
and insurance
contracts in
scope of IFRS
17, and leasing
contracts in
scope of IFRS 16
\u00a3m
Total Group
revenue
\u00a3m
Revenue
in\u00a0business
performance
arising from
contracts in
scope of IFRS 9
\u00a3m
Total Group
revenue included
in business
performance
\u00a3m
Year ended 31 December
Energy supply and services
15,261
Retail
15,261
799
16,060
240
16,300
Energy sales to trading and energy procurement counterparties
3,259
Optimisation
3,259
5
3,264
2,012
5,276
Gas and liquid production
168
Infrastructure
168
\u2014
168
621
789
18,688
804
19,492
2,873
22,365
(i) As part of the finalisation process of the government support schemes, revenue of \u00a342 million was recognised (2024: \u00a321 million reversal) during the year in relation
to\u00a0the Energy Price Guarantee scheme for domestic customers in the Retail segment. In additio n, revenue of \u00a32 million was reversed (2024: \u00a313 million recognised) in
respect of non-domestic schemes, also in the Retail segment.
2024 (restated) (i)
Year ended 31 December
Revenue from
contracts with
customers in
scope of IFRS 15
\u00a3m
Revenue from
fixed-fee service
and insurance
contracts in
scope of IFRS 17,
and leasing
contracts in
scope of IFRS 16
\u00a3m
Total Group
revenue
\u00a3m
Revenue in
business
performance
arising from
contracts in
scope of IFRS 9
\u00a3m
Total Group
revenue included
in business
performance
\u00a3m
Energy supply and services
15,823
Retail
15,823
802
16,625
420
17,045
Energy sales to trading and energy procurement counterparties
3,105
Optimisation
3,105
15
3,120
2,857
5,977
Gas and liquid production
168
Infrastructure
168
\u2014
168
1,446
1,614
19,096
817
19,913
4,723
24,636
(i) Segmental revenues have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
The table below shows the total Group revenue arising from contracts with customers, and therefore in the scope of IFRS 15, and revenue
arising from contracts in the scope of other standards. The key economic factors impacting the nature, timing and uncertainty of revenue
and cash flows are considered to be driven by the type and broad geographical location of the customer. The analysis of IFRS 15 revenue
below reflects these factors.
2025
Revenue from
contracts with
customers in
scope of IFRS 15 (i)
\u00a3m
Revenue from
fixed-fee service
and insurance
contracts in
scope of IFRS
17, and leasing
contracts in
scope of IFRS 16
\u00a3m
Total Group
revenue
\u00a3m
Revenue
in\u00a0business
performance
arising from
contracts in
scope of IFRS 9
\u00a3m
Total Group
revenue included
in business
performance
\u00a3m
Year ended 31 December
Energy supply and services
15,261
Retail
15,261
799
16,060
240
16,300
Energy sales to trading and energy procurement counterparties
3,259
Optimisation
3,259
5
3,264
2,012
5,276
Gas and liquid production
168
Infrastructure
168
\u2014
168
621
789
18,688
804
19,492
2,873
22,365
(i) As part of the finalisation process of the government support schemes, revenue of \u00a342 million was recognised (2024: \u00a321 million reversal) during the year in relation
to\u00a0the Energy Price Guarantee scheme for domestic customers in the Retail segment. In additio n, revenue of \u00a32 million was reversed (2024: \u00a313 million recognised) in
respect of non-domestic schemes, also in the Retail segment.
2024 (restated) (i)
Year ended 31 December
Revenue from
contracts with
customers in
scope of IFRS 15
\u00a3m
Revenue from
fixed-fee service
and insurance
contracts in
scope of IFRS 17,
and leasing
contracts in
scope of IFRS 16
\u00a3m
Total Group
revenue
\u00a3m
Revenue in
business
performance
arising from
contracts in
scope of IFRS 9
\u00a3m
Total Group
revenue included
in business
performance
\u00a3m
Energy supply and services
15,823
Retail
15,823
802
16,625
420
17,045
Energy sales to trading and energy procurement counterparties
3,105
Optimisation
3,105
15
3,120
2,857
5,977
Gas and liquid production
168
Infrastructure
168
\u2014
168
1,446
1,614
19,096
817
19,913
4,723
24,636
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Geographical analysis of revenue and non-current assets
The Group monitors and manages performance by reference to its operating segments and not solely on a geographical basis, however
provided below is an analysis of revenue and certain non-current assets by geography.
Total Group revenue
(based on location of customer)
Non-current assets
(based on location of assets) (i)
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
UK
15,820
16,240
2,913
2,860
Republic of Ireland
1,022
1,021
441
325
Europe (excluding UK and Republic of Ireland)
1,640
1,423
232
376
Rest of the world
1,010
1,229
30
15
19,492
19,913
3,616
3,576
(i) Non-current assets comprise goodwill, other intangible assets, PP&E, interests in joint ventures and associates and non-financial assets within trade and other", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "Included within adjusted operating profit
Presented below are certain items included within adjusted operating profit, including a summary of impairments of property,
plant and equipment and intangibles.
Depreciation and impairments
of\u00a0property, plant and equipment
Amortisation and impairments
of\u00a0intangibles
Year ended 31 December
2025
\u00a3m
2024 (restated) (i)
\u00a3m
2025
\u00a3m
2024 (restated) (i)
\u00a3m
Retail
(48)
(44)
(81)
(68)
Optimisation
(25)
(29)
(9)
(11)
Infrastructure
(249)
(300)
\u2014
\u2014
Other (ii)
(26)
(36)
(1)
(8)
(348)
(409)
(91)
(87)
(i) Segmental results have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
(ii) Other includes corporate functions, subsequently recharged.
Impairments of property, plant and equipment
During 2025, \u00a35 million of net impairments of property, plant and equipment (2024: \u00a322 million) were recognised within business
performance.
Impairments of intangible assets
During 2025, \u00a36 million of impairments of other intangible assets (2024: \u00a31 million) were recognised within business performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "Costs
This section details the types of costs the Group incurs and the number of employees in each of our operations.
(a) Analysis of costs by nature
2025
2024
Year ended 31 December
Cost of sales
and settlement
of certain
energy
contracts
\u00a3m
Operating
costs
\u00a3m
Total
costs
\u00a3m
Cost of sales
and settlement
of certain
energy
contracts
\u00a3m
Operating
costs
\u00a3m
Total
costs
\u00a3m
Transportation, distribution, capacity market and metering
costs
(4,899)
\u2014
(4,899)
(4,764)
\u2014
(4,764)
Commodity costs
(11,826)
\u2014
(11,826)
(13,109)
\u2014
(13,109)
Depreciation, amortisation and impairments
(267)
(172)
(439)
(313)
(183)
(496)
Employee costs
(448)
(931)
(1,379)
(443)
(867)
(1,310)
Other direct costs
(1,791)
(957)
(2,748)
(2,199)
(1,089)
(3,288)
Costs included within business performance before
credit losses on financial assets
(19,231)
(2,060)
(21,291)
(20,828)
(2,139)
(22,967)
Credit losses on financial assets (net of recovered amounts)
(note 17)
\u2014
(418)
(418)
\u2014
(373)
(373)
Total costs included within business performance
(19,231)
(2,478)
(21,709)
(20,828)
(2,512)
(23,340)
Adjustment for gross cost of settled energy contracts in the
scope of IFRS 9 and onerous energy supply and LNG
contract provisions (note 7)
7,318
\u2014
7,318
9,064
\u2014
9,064
Exceptional items and re-measurement and settlement of
derivative energy contracts (note 7)
(4,748)
(405)
(5,153)
(4,062)
(128)
(4,190)
Total costs within Group operating profit
(16,661)
(2,883)
(19,544)
(15,826)
(2,640)
(18,466)
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Fees payable to the Company\u2019s auditor for:
Audit of the Company's individual and consolidated Financial Statements
5.8
5.5
Audit of the Company\u2019s subsidiaries
2.2
2.4
Total fees related to the audit of the parent and subsidiary entities
8.0
7.9
Fees payable to the Company\u2019s auditor and its associates for other services:
Audit-related assurance services (i)
0.9
0.8
Total fees
8.9
8.7
Fees in respect of pension scheme audits (ii)
0.2
0.2
(i) Predominantly relates to the review of the condensed interim Financial Statements.
(ii) The pension scheme audit continues to be performed by PricewaterhouseCoopers LLP.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "Analysis of costs by nature
2025
2024
Year ended 31 December
Cost of sales
and settlement
of certain
energy
contracts
\u00a3m
Operating
costs
\u00a3m
Total
costs
\u00a3m
Cost of sales
and settlement
of certain
energy
contracts
\u00a3m
Operating
costs
\u00a3m
Total
costs
\u00a3m
Transportation, distribution, capacity market and metering
costs
(4,899)
\u2014
(4,899)
(4,764)
\u2014
(4,764)
Commodity costs
(11,826)
\u2014
(11,826)
(13,109)
\u2014
(13,109)
Depreciation, amortisation and impairments
(267)
(172)
(439)
(313)
(183)
(496)
Employee costs
(448)
(931)
(1,379)
(443)
(867)
(1,310)
Other direct costs
(1,791)
(957)
(2,748)
(2,199)
(1,089)
(3,288)
Costs included within business performance before
credit losses on financial assets
(19,231)
(2,060)
(21,291)
(20,828)
(2,139)
(22,967)
Credit losses on financial assets (net of recovered amounts)
(note 17)
\u2014
(418)
(418)
\u2014
(373)
(373)
Total costs included within business performance
(19,231)
(2,478)
(21,709)
(20,828)
(2,512)
(23,340)
Adjustment for gross cost of settled energy contracts in the
scope of IFRS 9 and onerous energy supply and LNG
contract provisions (note 7)
7,318
\u2014
7,318
9,064
\u2014
9,064
Exceptional items and re-measurement and settlement of
derivative energy contracts (note 7)
(4,748)
(405)
(5,153)
(4,062)
(128)
(4,190)
Total costs within Group operating profit
(16,661)
(2,883)
(19,544)
(15,826)
(2,640)
(18,466)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "Analysis of costs by nature
2025
2024
Year ended 31 December
Cost of sales
and settlement
of certain
energy
contracts
\u00a3m
Operating
costs
\u00a3m
Total
costs
\u00a3m
Cost of sales
and settlement
of certain
energy
contracts
\u00a3m
Operating
costs
\u00a3m
Total
costs
\u00a3m
Transportation, distribution, capacity market and metering
costs
(4,899)
\u2014
(4,899)
(4,764)
\u2014
(4,764)
Commodity costs
(11,826)
\u2014
(11,826)
(13,109)
\u2014
(13,109)
Depreciation, amortisation and impairments
(267)
(172)
(439)
(313)
(183)
(496)
Employee costs
(448)
(931)
(1,379)
(443)
(867)
(1,310)
Other direct costs
(1,791)
(957)
(2,748)
(2,199)
(1,089)
(3,288)
Costs included within business performance before
credit losses on financial assets
(19,231)
(2,060)
(21,291)
(20,828)
(2,139)
(22,967)
Credit losses on financial assets (net of recovered amounts)
(note 17)
\u2014
(418)
(418)
\u2014
(373)
(373)
Total costs included within business performance
(19,231)
(2,478)
(21,709)
(20,828)
(2,512)
(23,340)
Adjustment for gross cost of settled energy contracts in the
scope of IFRS 9 and onerous energy supply and LNG
contract provisions (note 7)
7,318
\u2014
7,318
9,064
\u2014
9,064
Exceptional items and re-measurement and settlement of
derivative energy contracts (note 7)
(4,748)
(405)
(5,153)
(4,062)
(128)
(4,190)
Total costs within Group operating profit
(16,661)
(2,883)
(19,544)
(15,826)
(2,640)
(18,466)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "Employee costs
Further information on key management personnel and Directors\u2019 remuneration is disclosed in note S8.
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Wages and salaries
(1,163)
(1,050)
Social security costs
(150)
(122)
Pension and other post-employment benefits costs (note 22)
(159)
(138)
Share scheme costs (note S4)
(56)
(47)
(1,528)
(1,357)
Capitalised employee costs
149
47
Employee costs recognised in business performance in the Group\u00a0Income Statement
(1,379)
(1,310)
Post-retirement benefits
The Group manages a number of final salary and career average defined benefit pension schemes. It also has defined
contribution schemes. The majority of these schemes are in the UK.
(a)
Summary of main post-retirement benefit schemes
Number
of\u00a0active
members
as at
31 December
2025
Total
membership
as at
31 December
2025
Name of scheme
Type of benefit
Status
Country
Centrica Engineers Pension
Scheme
Defined benefit final salary pension
Closed to new members in 2006
UK
1,303
8,341
Defined benefit career average pension
Closed to new members in 2022
UK
2,333
7,067
Centrica Pension Plan
Defined benefit final salary pension
Closed to new members in 2003
UK
1,225
8,328
Centrica Pension Scheme
Defined benefit final salary pension
Closed to new members in 2003
UK
1
9,934
Defined benefit career average pension
Closed to new members in 2008
UK
664
4,124
Centrica Savings Plan
Defined contribution pension
Open to new members
UK
13,345
14,871
Centrica Leavers Savings Plan
Defined contribution pension
Deferred members only
UK
\u2014
10,351
Bord G\u00e1is Energy Company
Defined Benefit Pension Scheme
Defined benefit final salary pension
Closed to new members in 2014
Republic
of Ireland
80
168
Bord G\u00e1is Energy Company
Defined Contribution Pension Plan
Defined contribution pension
Open to new members
Republic
of Ireland
433
634
The Centrica Engineers Pension Scheme (CEPS), Centrica Pension Plan (CPP) and Centrica Pension Scheme (CPS) form the
significant majority of the Group\u2019s defined benefit obligation and are referred to below as the \u2018Registered Pension Schemes\u2019.
The\u00a0other schemes are individually, and in aggregate, immaterial.
Independent valuations
The Registered Pension Schemes are subject to independent valuations at least every three years, on the basis of which the qualified
actuary certifies the rate of employer contributions, which together with the specified contributions payable by the employees and
proceeds from the schemes\u2019 assets, are expected to be sufficient to fund the benefits payable under the schemes.
The latest full actuarial valuations agreed and finalised with the Pension Trustees were carried out at the following dates: the Registered
Pension Schemes at 31 March 2024 and the Bord G\u00e1is Energy Company Defined Benefit Pension Scheme at\u00a01 January 2023. These
valuations have been updated to 31 December 2025 for the purpose of meeting the requirements of IAS 19. Investments held\u00a0in all schemes
have been valued for this purpose at market value. In February 2025, full actuarial valuations of the Registered Pension Schemes at 31 March
2024 were agreed and finalised with the Pension Trustees. The impact on pension scheme contributions is shown in note 22(g). These
valuations will be updated prospectively in future reporting periods for the purpose of meeting the requirements of IAS 19.
Governance
The Registered Pension Schemes are managed by trustee companies whose boards consist of both company-nominated and member-
nominated Directors. Each scheme holds units in the Centrica Combined Common Investment Fund (CCCIF), which holds the majority
of\u00a0the combined assets of the Registered Pension Schemes. The board of the CCCIF is currently comprised of seven directors: two
independent directors (including the Chair), two directors appointed by Centrica plc and one director appointed by each of the three
Registered Pension Schemes.
Under the terms of the Pensions Act 2004, Centrica plc and each trustee board must agree the funding rate for its defined benefit
pension\u00a0scheme and a recovery plan to fund any deficit against the scheme-specific statutory funding objective. This approach was first
adopted for the\u00a0triennial valuations completed at 31 March 2006, and has been reflected in subsequent valuations, including the 31 March
2024 valuation.
22. Post-retirement benefits
(b)
Risks
The Registered Pension Schemes expose the Group to the following risks:
Asset volatility
The pension liabilities are calculated using a discount rate set with reference to AA corporate bond yields. If the growth in plan assets
is\u00a0lower than this, this will create an actuarial loss within other equity. The CCCIF is responsible for managing the assets of each scheme
in\u00a0line with the risk tolerances that have been set by the Trustees of the schemes, and invests in a diversified portfolio of assets. The
schemes are relatively young in nature (the schemes opened in 1997 on the formation of Centrica plc on demerger from BG plc (formerly
British Gas plc)), and only took on past service liabilities in respect of active employees.
The Trustees reduce their tolerance to scheme valuation risk by hedging a significant majority of the long term inflation and interest rate risk.
This de-risking includes the use of physical gilts and collateralised gilt holdings in the schemes\u2019 Liability-Driven Investment (LDI) portfolio
(shown in the Pension scheme asset table in section (f) of this note within Liability matching assets). Since the last quarter of 2022, following
significant volatility in gilt yields, the Trustees have significantly reduced the levels of leverage within the LDI portfolio. The schemes also
benefit from further hedging arising from the other long-dated income unquoted asset portfolio.
Interest rate
A decrease in bond interest rates will increase the net present value of the pension liabilities. The relative immaturity of the schemes means
that the duration of the liabilities is longer than average for typical UK pension schemes, resulting in a relatively higher exposure to interest
rate risk. This risk is reduced via the hedging referred to in the Asset volatility section.
Inflation
Pensions in deferment, pensions in payment and pensions accrued under the career average schemes increase in line with the Retail Prices
Index (RPI) and the Consumer Prices Index (CPI). Therefore, scheme liabilities will increase if inflation is higher than assumed, although in
some cases caps are in place to limit the impact of significant movements in inflation. Furthermore, a pension increase exchange (PIE) option
implemented in 2015 is available to future retirees, which gives the choice to receive a higher initial pension in return for giving up certain
future increases linked to RPI, again limiting the impact of significant movements in inflation. Inflation risk is reduced via the hedging referred
to in the Asset volatility section.
Longevity
The majority of the schemes\u2019 obligations are to provide benefits for the life of scheme members and their surviving spouses; therefore
increases in life expectancy will result in an increase in the pension liabilities. The relative immaturity of the schemes means that there is
comparatively little observable mortality data to assess the rates of mortality experienced by the schemes, and means that the schemes\u2019
liabilities will be paid over a long period of time, making it particularly difficult to predict the life expectancy of the current membership.
Furthermore, pension payments are subject to inflationary increases, resulting in a higher sensitivity to changes in life expectancy.
Salary
Pension liabilities are calculated by reference to the future salaries of active members, and hence salary rises in excess of assumed
increases will\u00a0increase scheme liabilities. During 2011, changes were introduced to the final salary sections of CEPS and CPP such that annual
increases in pensionable pay are capped to 2%, resulting in a reduction in salary risk. During 2016, a salary cap on pensionable pay for the
CPS career average and CPP schemes was implemented, and in 2019 a similar change took place for CEPS. All of the 2011, 2016 and 2019
changes result in a reduction in salary risk.
Foreign exchange
Certain assets held by the CCCIF are denominated in foreign currencies, and hence their values are subject to exchange rate risk. The
CCCIF has long-term hedging policies in place to manage interest rate, inflation and foreign exchange risks. The following table analyses
the\u00a0total liabilities of the Registered Pension Schemes, calculated in accordance with accounting principles, by\u00a0type of\u00a0liability, as at
31\u00a0December 2025.
22. Post-retirement benefits
Total liabilities of the Registered Pension Schemes
31 December
2025
%
Actives \u2013 final salary \u2013 capped
8
Actives \u2013 final salary \u2013 uncapped and crystallised benefits
1
Actives \u2013 career average
3
Deferred pensioners
33
Pensioners
55
100
The weighted average duration of the Registered Pension Schemes as at 31 December 2025 was approximately 16 years (31 December
2024: 17 years).
(c)
Accounting assumptions
The accounting assumptions for the Registered Pension Schemes are given below:
Major assumptions used for the actuarial valuation
31 December
2025
%
2024
%
Rate of increase in employee earnings:
Subject to 2% cap
1.5
1.6
Other not subject to cap
2.6
2.8
Rate of increase in pensions in payment
2.9
3.1
Rate of increase in deferred pensions:
In line with CPI capped at 2.5%
2.3
2.5
In line with RPI
2.8
3.1
Discount rate
5.5
5.4
The assumptions relating to longevity underlying the pension liabilities at the balance sheet date have been based on a combination
of\u00a0standard actuarial mortality tables, scheme experience and other relevant data, and include an allowance for future improvements
in\u00a0mortality. The longevity assumptions for members in normal health are as follows:
Life expectancy at age 65 for a member
2025
2024
31 December
Male
Years
Female
Years
Male
Years
Female
Years
Currently aged 65
21.8
23.6
22.2
23.7
Currently aged 45
23.1
24.7
23.4
24.8
The other demographic assumptions have been set having regard to the latest trends in scheme experience and other relevant data.
The\u00a0assumptions are reviewed and updated as necessary as part of the periodic actuarial valuations of the pension schemes.
For the Registered Pension Schemes, marginal adjustments to the assumptions used to calculate the pension liability, or significant swings
in bond yields or stock markets, can have a large impact in absolute terms on the net assets of the Group. Reasonably possible changes as
at 31 December to one of the actuarial assumptions would have affected the scheme liabilities as set out below:
Impact of changing material assumptions
2025
2024
31 December
Increase/
decrease in
assumption
Indicative
effect on
scheme
liabilities (%)
Increase/
decrease in
assumption
Indicative
effect on
scheme
liabilities (%)
Rate of increase in employee earnings subject to 2% cap
0.25%
+/-0
0.25%
+/-0
Rate of increase in pensions in payment and deferred pensions
0.25%
+/-3
0.25%
+/-3
Discount rate
0.25%
-/+4
0.25%
-/+4
Inflation assumption
0.25%
+/-3
0.25%
+/-3
Longevity assumption
1 year
+/-2
1 year
+/-2
The indicative effects on scheme liabilities have been calculated by changing each assumption in isolation and assessing the impact
on\u00a0the\u00a0liabilities. For the reasonably possible change in the inflation assumption, it has been assumed that a change to the inflation
assumption would lead to corresponding changes in the assumed rates of increase in uncapped pensionable pay, pensions in payment
and\u00a0deferred pensions.
The remaining disclosures in this note cover all of the Group\u2019s defined benefit schemes.
22. Post-retirement benefits
(d)
Amounts included in the Group Balance Sheet
31 December
2025
\u00a3m
2024
\u00a3m
Fair value of plan assets
5,606
5,563
Present value of defined benefit obligation
(5,901)
(5,584)
Recognised in the Group Balance Sheet
(295)
(21)
Presented in the Group Balance Sheet as:
Retirement benefit assets
12
129
Retirement benefit liabilities
(307)
(150)
The Trust Deed and Rules for the Registered Pension Schemes provide the Group with a right to a refund of surplus assets assuming the full
settlement of scheme liabilities. The Trustees do not have the unilateral right to wind-up the schemes and cannot unilaterally enhance
member benefits. The Group has not recognised any liability in relation to future contributions under its minimum funding agreement with
the Trustees. No asset ceiling restrictions have been applied in the consolidated Financial Statements.
(e)
Movements in the year
2025
2024
Pension
liabilities
\u00a3m
Pension
assets
\u00a3m
Pension
liabilities
\u00a3m
Pension
assets
\u00a3m
1 January
(5,584)
5,563
(6,260)
6,143
Items included in the Group Income Statement:
Current service cost
(18)
\u2014
(18)
\u2014
Contributions by employer in respect of employee salary sacrifice arrangements (i)
(17)
\u2014
(24)
\u2014
Total current service cost
(35)
\u2014
(42)
\u2014
Past service cost
(3)
\u2014
\u2014
\u2014
Interest (expense)/income
(296)
301
(282)
283
Termination cost
(8)
\u2014
(1)
\u2014
Items included in the Group Statement of Comprehensive Income:
Returns on plan assets, excluding interest income
\u2014
(168)
\u2014
(830)
Actuarial loss from changes to demographic assumptions
(14)
\u2014
(16)
\u2014
Actuarial gain from changes in financial assumptions
247
\u2014
721
\u2014
Actuarial (loss)/gain from experience adjustments
(494)
\u2014
12
\u2014
Items included in the Group Cash Flow Statement:
Employer contributions
\u2014
179
\u2014
227
Contributions by employer in respect of employee salary sacrifice arrangements
\u2014
17
\u2014
24
Other movements:
Benefits paid from schemes
287
(287)
284
(284)
Other
(1)
1
\u2014
\u2014
31 December
(5,901)
5,606
(5,584)
5,563
(i) A salary sacrifice arrangement was introduced on 1 April 2013 for pension scheme members. The contributions paid via the salary sacrifice arrangement have been
treated as employer contributions and included within the current service cost, with a corresponding reduction in salary costs.
In addition to current service cost on the Group\u2019s defined benefit pension schemes, the Group also charged \u00a3113 million (2024: \u00a395 million)
to\u00a0operating profit in respect of defined contribution pension schemes. This included contributions of \u00a343 million (2024: \u00a339 million) paid via
a\u00a0salary sacrifice arrangement.
The 2024 triennial actuarial valuation was completed during the period and the use of updated data from the valuation had the dual impact of
capturing experience up to 31 March 2024 not already quantified within previous IAS 19 accounting figures and also allowing for any
difference in the roll-forward and assumption changes of the liability after allowing for the updated underlying liability profile and cash flows.
This led to an adverse experience adjustment. The adjustment is purely for accounting purposes and has no impact on the technical
provisions (funding basis) valuations.
22. Post-retirement benefits
(f)
Pension scheme assets
The market values of plan assets were:
2025
2024
31 December
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equities
55
416
471
19
491
510
Corporate bonds (i)
435
\u2014
435
12
\u2014
12
High-yield debt
15
945
960
14
1,063
1,077
Liability matching assets
2,430
\u2014
2,430
2,388
\u2014
2,388
Other long-dated income assets
\u2014
913
913
\u2014
1,025
1,025
Property
\u2014
287
287
\u2014
303
303
Cash pending investment
110
\u2014
110
248
\u2014
248
3,045
2,561
5,606
2,681
2,882
5,563
(i) Corporate bonds includes investment grade asset-backed securities.
Unquoted private equity, other long-dated income assets and debt funds are valued at fair value as calculated by the investment manager
at\u00a0the latest valuation date in accordance with generally accepted guidelines, adjusted for cash flow in the intervening period. Investment
properties are valued in accordance with guidelines by independent valuers. These valuations are reviewed annually as part of the CCCIF
audit and receive greater scrutiny now that unquoted assets make up a greater proportion of the scheme portfolio. Included within equities
are \u00a3nil (2024: \u00a3nil) of ordinary shares of Centrica plc via pooled funds that include a benchmark allocation to UK equities. Included within
corporate bonds are \u00a3nil (2024: \u00a3nil) of bonds issued by Centrica plc, albeit minor exposure may be held within pooled funds over which the
CCCIF has no ability to direct investment decisions. Apart from the investment in the Scottish Limited Partnerships which form part of the
asset-backed contribution arrangements described in section (g) of this note, no direct investments are made in securities issued by
Centrica plc or any of its subsidiaries or property leased to or owned by Centrica plc or any of its\u00a0subsidiaries. The corporate bond, high-
yield debt and liability matching asset categories headings above have segregated portfolio mandates which include the cash, cash funds
and derivatives associated with the mandates.
The liability matching assets in the table above relate to the quoted LDI and gilts portfolio used to hedge against movements in interest rates
and inflation. The other long-dated income assets are unquoted investments in infrastructure and similar assets.
Included within the Group Balance Sheet within non-current securities are \u00a359 million (2024: \u00a3108 million) of investments, held in trust on
behalf of the Group, as security in respect of the Centrica Unapproved Pension Scheme. Of the pension scheme liabilities above, \u00a346 million
(2024: \u00a348 million) relate to this scheme. More information on the Centrica Unapproved Pension Scheme is included in the Remuneration
Report on pages 86 to 107.
(g)
Pension scheme contributions
The Group estimates that it will pay \u00a318 million of ordinary employer contributions during 2026 for its defined benefit schemes, together
with \u00a312 million of contributions paid via a salary sacrifice arrangement.
The actuarial valuation as at 31 March 2024 for the Registered Pensions Schemes has been agreed with the Pension Trustees. As at that
date, the technical provisions deficit (funding basis) was \u00a3504 million. The Group committed to annual cash contributions to fund this
pension deficit. The overall deficit contributions committed to, including the previously disclosed asset-backed contribution arrangements,
totalled \u00a3175 million in 2024 (of which \u00a399 million was after 31 March 2024), \u00a3146 million in 2025, \u00a3139 million in 2026 and \u00a3140 million in
2027; with a balancing payment of \u00a344 million in 2028. Separately, a\u00a0pension strain payment of \u00a34 million associated with employee
redundancies was also contributed in 2025 (2024: \u00a31 million). Outside of the above recovery plan, asset-backed contribution arrangements
remain where additional cash contributions are contingent on whether individual schemes remain in deficit on a technical provision basis.
The contingent payment for 2026 is \u00a314 million. At the year-end, the Group continues to provide security of \u00a3798 million of letters of credit/
surety bonds to the Trustees enforceable in the unlikely event the Group is unable to meet its obligations.
On a pure roll-forward basis, from 31 March 2024, using the same methodology and consequent assumptions, the technical provisions
deficit (funding basis) would be around \u00a3300 million on 31 December 2025. Note that the valuation methodology and assumptions used for
future assessments may differ from those previously used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "Employee costs
Further information on key management personnel and Directors\u2019 remuneration is disclosed in note S8.
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Wages and salaries
(1,163)
(1,050)
Social security costs
(150)
(122)
Pension and other post-employment benefits costs (note 22)
(159)
(138)
Share scheme costs (note S4)
(56)
(47)
(1,528)
(1,357)
Capitalised employee costs
149
47
Employee costs recognised in business performance in the Group\u00a0Income Statement
(1,379)
(1,310)
Average number of employees during the year
2025
Number
2024
Number
Year ended 31 December
Retail
18,504
18,224
Optimisation
864
885
Infrastructure
902
896
Group Functions
1,796
1,699
22,066
21,704
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "Results relating to joint ventures and associates
Results relating to joint ventures and associates represent the results of businesses where we exercise joint control or
significant influence and generally have an equity holding of up to 50%.
The Group\u2019s results relating to joint ventures and associates for the year ended 31 December 2025 principally arise from its interests in the
following entities, all of which are reported within the Infrastructure segment:
\u2022 Garden Topco Limited (\u2018Isle of Grain\u2019) - joint venture
\u2022 Lake Acquisitions Limited (\u2018Lake\u2019) - associate
\u2022 Sizewell C (Holding) Limited (\u2018Sizewell C\u2019) - associate
2025
2024 (i)
Year ended 31 December
Isle of Grain
\u00a3m
Lake
\u00a3m
Sizewell C
\u00a3m
Total
\u00a3m
Total
\u00a3m
Income
11
583
\u2014
594
808
Expenses before depreciation, amortisation, exceptional items and certain re-
measurements
(19)
(258)
\u2014
(277)
(295)
Depreciation and amortisation
(4)
(95)
\u2014
(99)
(139)
Operating (loss)/profit
(12)
230
\u2014
218
374
Interest cost
(3)
(5)
\u2014
(8)
\u2014
Taxation excluding taxation on exceptional items and certain re-measurements
\u2014
(57)
\u2014
(57)
(118)
Share of post-taxation results of joint ventures and associates
(15)
168
\u2014
153
256
Interest income on shareholder loans (ii)
\u2014
\u2014
5
5
\u2014
Results relating to joint ventures and associates
(15)
168
5
158
256
(i) 2024 results relating to joint ventures and associates pertain solely to Lake.
(ii) Interest income on shareholder loans relates to interest accrued on loans provided to Sizewell C. See note S8 for further information on shareholder loans and other
related parties transactions.
Further information on the Group\u2019s investments in joint ventures and associates is provided in notes 14 and S10.
Interests in joint ventures and associates
Interests in joint ventures and associates represent businesses where we exercise joint control or significant influence and
generally have an equity holding of up to 50%.
(a)
Interests in joint ventures and associates
The Group\u2019s interests in joint ventures and associates for the year ended 31 December 2025 principally arise from its interests in the
following entities, all of which are reported within the Infrastructure segment:
\u2022 Garden Topco Limited (\u2018Isle of Grain\u2019) - joint venture
\u2022 Lake Acquisitions Limited (\u2018Lake\u2019) - associate
\u2022 Sizewell C (Holding) Limited (\u2018Sizewell C\u2019) - associate
2025
2024
Investments in
joint ventures
and associates
\u00a3m
Shareholder
loans
\u00a3m
Total
\u00a3m
Investments in
joint ventures
and associates
\u00a3m
Shareholder
loans
\u00a3m
Total
\u00a3m
1 January
794
\u2014
794
903
\u2014
903
Additions
271
338
609
\u2014
\u2014
\u2014
Interest accrued on shareholder loans
\u2014
5
5
\u2014
\u2014
\u2014
Impairments (i)
(251)
\u2014
(251)
(48)
\u2014
(48)
Share of profits for the year
153
\u2014
153
256
\u2014
256
Share of other comprehensive (loss)/income
(4)
\u2014
(4)
38
\u2014
38
Dividends
(135)
\u2014
(135)
(355)
\u2014
(355)
31 December (ii)
828
343
1,171
794
\u2014
794
(i) The \u00a3251 m illion in 2025 relates to the Lake investment impairment (2024: \u00a348 million). See note 7 for further details.
(ii) Interests in joint ventures and associates closing balance at 31 December 2025 included \u00a3185 million (2024: \u00a3nil) relating to Isle of Grain, \u00a3578 million (2024: \u00a3794 million)
relating to Lake and \u00a3392 million (2024: \u00a3nil) relating to Sizewell C, of which \u00a3343 million (2024: \u00a3nil) related to shareholder loans. See note S8 for further details on
related party transactions, including shareholder loans made in relation to Sizewell C.
(b)
Share of joint ventures\u2019 and associates\u2019 assets and liabilities
2025
2024
31 December
Isle of Grain
\u00a3m
Lake
\u00a3m
Sizewell C
\u00a3m
Other
\u00a3m
Total
\u00a3m
Total
\u00a3m
Share of non-current assets
863
4,121
1,104
12
6,100
4,278
Share of current assets
111
728
266
5
1,110
758
974
4,849
1,370
17
7,210
5,036
Share of current liabilities
(144)
(480)
(113)
(1)
(738)
(305)
Share of non-current liabilities
(645)
(2,446)
(1,208)
\u2014
(4,299)
(2,843)
(789)
(2,926)
(1,321)
(1)
(5,037)
(3,148)
Cumulative impairment
\u2014
(1,345)
\u2014
\u2014
(1,345)
(1,094)
Share of net assets of joint ventures and associates
185
578
49
16
828
794
Shareholder loans
\u2014
\u2014
343
\u2014
343
\u2014
Interests in joint ventures and associates
185
578
392
16
1,171
794
Net (debt)/cash included in share of net assets
(568)
83
(675)
2
(1,158)
73
Further information on the Group\u2019s investments in joint ventures and associates is provided in notes 6 and S10.
(c)
Joint arrangements and associates
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Indirect
interest
and voting
rights
Joint ventures (ii)
Allegheny Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
EDPRNA DG Centrica MT, LLC (iii)
Energy supply and/or services
United States
AB
Membership interest
50.0%
Eurowind Polska VI Sp z.o.o.
Operation of an onshore windfarm
Poland
AC
Ordinary shares
50.0%
Garden Topco Limited (iv)
Holding company
United Kingdom
AI
Ordinary shares
50.0%
Three Rivers Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 2, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 3, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Vindpark Keblowo ApS
Holding company
Denmark
AD
Ordinary shares
50.0%
Associates (ii)
Gasrec Limited (iv)
Manufacture of gas
United Kingdom
AO
Ordinary shares
16.4%
Grid Edge Limited (iv)
Business and domestic software development
United Kingdom
AM
Ordinary shares
37.8%
Kestrel Energy Storage DAC
Offshore gas storage development
Republic of Ireland
AF
Ordinary shares
33.3%
Lake Acquisitions Limited
Holding company
United Kingdom
AG
Ordinary shares
20.0%
Sizewell C (Holding) Limited (iv)
Holding company
United Kingdom
AN
Ordinary shares
15.0%
Tickd Limited
Trade of electricity
United Kingdom
AH
Ordinary shares
20.0%
Young Energy Holding Company
Limited
Offshore windfarm development
Republic of Ireland
AE
Ordinary shares
30.0%
(i) For list of registered addresses, refer to note S10(d).
(ii) Further information on the principal joint ventures and associate investments held by the Group is disclosed in notes 6 and 14.
(iii) Entity changed its name during the year from C2 Centrica MT, LLC to EDPRNA DG Centrica MT, LLC.
(iv) Incorporated or acquired in 2025.
All Group companies principally operate within their country of incorporation unless noted otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "Results relating to joint ventures and associates
Results relating to joint ventures and associates represent the results of businesses where we exercise joint control or
significant influence and generally have an equity holding of up to 50%.
The Group\u2019s results relating to joint ventures and associates for the year ended 31 December 2025 principally arise from its interests in the
following entities, all of which are reported within the Infrastructure segment:
\u2022 Garden Topco Limited (\u2018Isle of Grain\u2019) - joint venture
\u2022 Lake Acquisitions Limited (\u2018Lake\u2019) - associate
\u2022 Sizewell C (Holding) Limited (\u2018Sizewell C\u2019) - associate
2025
2024 (i)
Year ended 31 December
Isle of Grain
\u00a3m
Lake
\u00a3m
Sizewell C
\u00a3m
Total
\u00a3m
Total
\u00a3m
Income
11
583
\u2014
594
808
Expenses before depreciation, amortisation, exceptional items and certain re-
measurements
(19)
(258)
\u2014
(277)
(295)
Depreciation and amortisation
(4)
(95)
\u2014
(99)
(139)
Operating (loss)/profit
(12)
230
\u2014
218
374
Interest cost
(3)
(5)
\u2014
(8)
\u2014
Taxation excluding taxation on exceptional items and certain re-measurements
\u2014
(57)
\u2014
(57)
(118)
Share of post-taxation results of joint ventures and associates
(15)
168
\u2014
153
256
Interest income on shareholder loans (ii)
\u2014
\u2014
5
5
\u2014
Results relating to joint ventures and associates
(15)
168
5
158
256
(i) 2024 results relating to joint ventures and associates pertain solely to Lake.
(ii) Interest income on shareholder loans relates to interest accrued on loans provided to Sizewell C. See note S8 for further information on shareholder loans and other
related parties transactions.
Further information on the Group\u2019s investments in joint ventures and associates is provided in notes 14 and S10.
Interests in joint ventures and associates
Interests in joint ventures and associates represent businesses where we exercise joint control or significant influence and
generally have an equity holding of up to 50%.
(a)
Interests in joint ventures and associates
The Group\u2019s interests in joint ventures and associates for the year ended 31 December 2025 principally arise from its interests in the
following entities, all of which are reported within the Infrastructure segment:
\u2022 Garden Topco Limited (\u2018Isle of Grain\u2019) - joint venture
\u2022 Lake Acquisitions Limited (\u2018Lake\u2019) - associate
\u2022 Sizewell C (Holding) Limited (\u2018Sizewell C\u2019) - associate
2025
2024
Investments in
joint ventures
and associates
\u00a3m
Shareholder
loans
\u00a3m
Total
\u00a3m
Investments in
joint ventures
and associates
\u00a3m
Shareholder
loans
\u00a3m
Total
\u00a3m
1 January
794
\u2014
794
903
\u2014
903
Additions
271
338
609
\u2014
\u2014
\u2014
Interest accrued on shareholder loans
\u2014
5
5
\u2014
\u2014
\u2014
Impairments (i)
(251)
\u2014
(251)
(48)
\u2014
(48)
Share of profits for the year
153
\u2014
153
256
\u2014
256
Share of other comprehensive (loss)/income
(4)
\u2014
(4)
38
\u2014
38
Dividends
(135)
\u2014
(135)
(355)
\u2014
(355)
31 December (ii)
828
343
1,171
794
\u2014
794
(i) The \u00a3251 m illion in 2025 relates to the Lake investment impairment (2024: \u00a348 million). See note 7 for further details.
(ii) Interests in joint ventures and associates closing balance at 31 December 2025 included \u00a3185 million (2024: \u00a3nil) relating to Isle of Grain, \u00a3578 million (2024: \u00a3794 million)
relating to Lake and \u00a3392 million (2024: \u00a3nil) relating to Sizewell C, of which \u00a3343 million (2024: \u00a3nil) related to shareholder loans. See note S8 for further details on
related party transactions, including shareholder loans made in relation to Sizewell C.
(b)
Share of joint ventures\u2019 and associates\u2019 assets and liabilities
2025
2024
31 December
Isle of Grain
\u00a3m
Lake
\u00a3m
Sizewell C
\u00a3m
Other
\u00a3m
Total
\u00a3m
Total
\u00a3m
Share of non-current assets
863
4,121
1,104
12
6,100
4,278
Share of current assets
111
728
266
5
1,110
758
974
4,849
1,370
17
7,210
5,036
Share of current liabilities
(144)
(480)
(113)
(1)
(738)
(305)
Share of non-current liabilities
(645)
(2,446)
(1,208)
\u2014
(4,299)
(2,843)
(789)
(2,926)
(1,321)
(1)
(5,037)
(3,148)
Cumulative impairment
\u2014
(1,345)
\u2014
\u2014
(1,345)
(1,094)
Share of net assets of joint ventures and associates
185
578
49
16
828
794
Shareholder loans
\u2014
\u2014
343
\u2014
343
\u2014
Interests in joint ventures and associates
185
578
392
16
1,171
794
Net (debt)/cash included in share of net assets
(568)
83
(675)
2
(1,158)
73
Further information on the Group\u2019s investments in joint ventures and associates is provided in notes 6 and S10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "Exceptional items and certain re-measurements
(a) Certain re-measurements
Certain re-measurements are the fair value movements on energy contracts entered into to meet the future needs of our
customers or to sell the energy produced from our Infrastructure assets. These contracts are economically related to our
Infrastructure assets, capacity/offtake contracts or downstream demand, which are typically not fair valued, and are
therefore separately identified in the current period and reflected in business performance in future periods when the
underlying transaction or asset impacts the Group Income Statement.
If the future costs to fulfil customer supply contracts, including the mark-to-market reversal of any energy hedging
contracts entered into to meet this demand, exceed the charges recoverable from customers, an onerous contract
provision will be recognised. Similarly, if the future revenues from LNG procurement contracts, including the mark-to-
market reversals of hedging contracts entered into related to these purchases, do not exceed the purchase cost, an onerous
contract provision will be recognised. Because the associated, unrealised hedging gains or losses will be recognised in
certain re-measurements, the movements in these onerous provisions will also be recognised in certain re-measurements.
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Certain re-measurements recognised in relation to energy contracts:
Net (losses)/gains arising on delivery of contracts
(299)
377
Net (losses)/gains arising on market price movements and new contracts
(46)
44
Net re-measurements included within gross profit before onerous supply contract provision
(345)
421
Onerous energy supply and LNG contracts provision movement (i)
42
(142)
Net re-measurements included within Group operating profit
(303)
279
Taxation on certain re-measurements (note 9) (ii)
(22)
161
Certain re-measurements after taxation
(325)
440
(i) The onerous LNG contracts provision movement amounted to \u00a350 million credit (2024: \u00a382 million debit) and the onerous energy supply contract entry is \u00a38 million
debit (2024: \u00a360 million debit). Cumulatively over time the onerous energy supply and LNG contracts provision movement will net to \u00a3nil. See notes 2(b) and 3(a) for
further details.
(ii) Taxation on onerous energy supply and LNG contracts provision movement amounted to \u00a311 million debit ( 2024: \u00a335 million credit) and taxation on other certain re-
measurements amounted to \u00a311 million debit (2024: \u00a3126 million credit).
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Total re-measurement and settlement of derivative energy contracts
(4,748)
(4,062)
Excluding:
IFRS 9 business performance revenue
(2,873)
(4,723)
IFRS 9 business performance cost of sales
7,276
9,206
Unrealised certain re-measurements recognised in relation to energy contracts included in gross profit
(345)
421
Onerous contract provision movement (cost of sales)
42
(142)
Total certain re-measurements
(303)
279
The table below reflects the certain re-measurement derivative movements by operating segment:
Year ended 31 December
2025
\u00a3m
2024 (restated) (i)
\u00a3m
Retail (Energy Supply)
(755)
2,151
Infrastructure and Optimisation
410
(1,730)
Unrealised certain re-measurements recognised in relation to energy contracts included in gross profit
(345)
421
(i) 2024 has been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
7. Exceptional items and certain re-measurements
(b) Exceptional items
Exceptional items are those items that, in the judgement of the Directors, need to be disclosed separately by virtue of their
nature, size or incidence. Items which may be considered exceptional in nature include disposals of businesses or significant
assets, business restructuring, pension change costs or credits, significant debt repurchase costs and asset impairments
and\u00a0write-backs.
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Gain on disposal of interest in the Cygnus gas field (i)
80
\u2014
Impairment of power assets (ii)
(264)
(75)
Impairment of gas field assets (iii)
(244)
\u2014
Legacy contract cost provision movement (iv)
23
(53)
Exceptional items included within Group operating profit (v)
(405)
(128)
Debt repurchase costs included within financing costs
\u2014
(68)
Exceptional items included within Group profit before taxation
(405)
(196)
Net exceptional item taxation (note 9) (vi)
124
78
Total exceptional items recognised after taxation
(281)
(118)
(i) The disposal of part of Spirit Energy\u2019s interest in the Cygnus gas field to a subsidiary of Ithaca Energy plc completed on 1 October 2025 (post-tax \u00a380 million). See note
12 for further details.
(ii) In the Infrastructure segment, an impairment of the Nuclear investment (excluding Sizewell C) of \u00a3251 million (post-tax \u00a3251 million) (2024: \u00a348 million (post-tax \u00a348
million)) has been recorded predominantly as a result of the reduction in both forecast and actual power prices, together with an increase to operating and capital
expenditure assumptions, partially offset by life extensions at two stations. Also in the Infrastructure segment, an impairment of \u00a313 million (post-tax \u00a310 million) (2024:
\u00a327 million (post-tax \u00a320 million)) has been recorded related to\u00a0Solar assets, following lower forecast power price capture, together with an increase in discount rate.
See note 7(c).
(iii) In the Infrastructure segment, an impairment of the retained gas field assets of \u00a3167 million (post-tax \u00a337 million) has been recorded as a result of an update to the
cessation of production date associated with the Morecambe field, as gas prices fell and the economic cut-off date changed, together with changes to the discount rate
assumptions used in the valuation model. A further impairment of gas field assets, included in the disposal group being sold to Serica Energy plc (see note 12), of \u00a377
million (post-tax \u00a318 million) has also been recorded on their transfer to assets held for sale, based on the expected disposal value following falls in forecast gas prices.
See note 7(c).
(iv) Contracts associated with business activity that ceased a number of years ago, predominantly related to construction services, have led to a decrease in provisions of
\u00a323 million (post-tax \u00a319 million) (2024: increase of \u00a353 million (post-tax \u00a345 million)) during the year. The cash flow associated is \u00a334 million.
(v) 2025 exceptional items included within Group operating profit are non-cash, with the exception of consideration received for the disposal of the interest in the Cygnus
gas field and legacy contract cost provisions. The consideration received on the disposal of interest in the Cygnus gas field is reflected in the Sale of business line item in
the Group Cash Flow Statement. The cash flows recorded as payments relating to exceptional charges of \u00a338 million (2024: \u00a36 million) in the Group Cash Flow
Statement relate to utilisation of legacy contract cost provisions, together with cash flows associated with previous years\u2019 exceptional restructuring costs.
(vi) Exceptional item taxation includes a debit of \u00a364 million (2024: credit of \u00a346 million) associated with deferred tax related to the gas field assets, in the Infrastructure
segment. This predominantly relates to a re-measurement of the energy profits levy deferred tax liability and a decrease in the deferred tax asset position related to the
recovery of abandonment tax losses, as a result of changes in forecast production profiles and commodity prices, and legislative changes. This item is unrelated to the
other exceptional items.
7. Exceptional items and certain re-measurements
(c) Impairment accounting policy, process and sensitivities
The information provided below relates to the assets and CGUs (or groups of CGUs) that have been subject to impairment during the year
and/or whose recoverable amount is a key source of estimation uncertainty. See note 3(b).
Exceptional impairment of assets measured on a value-in-use (VIU) basis
Segment
Asset/CGU
Basis for impairment assessment
Recoverable
amount
\u00a3m
Impairment
\u00a3m
Infrastructure
Power - Nuclear (i)
Decrease in both forecast and actual power prices, together with an
update to capital and operating expenditure assumptions, partially offset
by the impact of life extensions at Heysham 1 and Hartlepool stations.
578
251
(i) The Nuclear CGU relates to the investment in the Lake Acquisitions Limited group (which holds the existing UK Nuclear fleet) and therefore excludes the recent
investment in Sizewell C.
Nuclear
A VIU calculation has been used to determine the recoverable amount of the Group\u2019s investment in Nuclear. The cash flows incorporated in
the valuation are based on detailed business forecasts in the short term, extrapolated to future years to account for the expected
generation profile of the fleet for its remaining life. Assumptions include forward commodity prices (including capacity rates), station lives,
outage assumptions, discount rate, production levels, the application of the Electricity Generator Levy (EGL) and operating and capital
expenditure requirements. Price assumptions are based on liquid market prices for 2026 to 2029 which are then blended over a one-year
period to long-term price forecasts. The methodology for deriving long-term price assumptions remains consistent with the prior year-end,
using a single third-party curve provider which most aligns to Centrica's beliefs around the evolution of commodity markets, as a basis for
the longer-term commodity price forecasts.
The EGL, applying a 45% tax rate to revenues generated over \u00a375/MWh (adjusted for inflation) until 31 March 2028, based on the above
price assumptions, has also been included in the assessment. See note 3.
In September 2025, the Nuclear business announced that estimated operating lifetimes at Heysham 1 and Hartlepool would be extended by
a further year to March 2028. Based on prices at\u00a031 December 2025, the lifetime extensions increased the value of the Group\u2019s investment
in Nuclear by \u00a336 million.
The VIU calculation assumes that the Sizewell B plant operates until 2055, reflecting a 20-year extension beyond its original design life. In the
absence of this extension, the carrying value of the Group\u2019s investment in Nuclear based on cash flows from 2035 to 2055 would be
reduced by \u00a3153 million. All other stations\u2019 life assumptions are aligned to lifetime closure dates announced by the operator (being between
March 2028 and March 2030).
The VIU calculation is also sensitive to changes in outage assumptions, and the base level generation volumes assumed for the fleet were
decreased during the period based on a review of planned and unplanned outages. An increase or reduction of 3% in the unplanned outage
rate applied to volumes across the Nuclear fleet would lead to an impairment/write-back of \u00a370 million.
The future pre-tax cash flows generated by the investment in the associate are discounted using a pre-tax nominal discount rate of 13.6%
(2024:\u00a015.3%). This equated to a post-tax rate of 8.5% (2024: 8.5%). The post-tax discount rate is initially derived from the Group weighted
average cost of capital as adjusted for the risks associated with the asset and with reference to comparator companies. The pre-tax rate is
then back-calculated by removing tax cash flows and assessing the rate that would give the same result as the post-tax rate. As baseload
power prices for the liquid period remain higher than longer-term forecast prices, the near-term cash flows are elevated, which caused the
pre-tax discount rate to remain high. A 1% increase in the post-tax discount rate would lead to an impairment of \u00a332 million (when compared
with the year-end carrying value). Similarly, a 1% reduction in the post-tax discount rate would lead to a write-back of\u00a0\u00a337\u00a0million.
The asset is particularly sensitive to changes in commodity price and the table below details average prices for the first 5- and 10-year
periods and associated sensitivities. Note that the asset is valued based on cash flows arising over its entire economic life and not just this
15-year period.
Change in pre/post-tax write-back/(impairment) (ii)
Five-year liquid and blended-
period price (i)
Ten-year long-term
average price (i)
+10%
-10%
2026-2030
2025-2029
2031-2040
2030-2039
31 December
2025
31 December
2024
31 December
2025
31 December
2024
31 December
2025
31 December
2024
31 December
2025
31 December
2024
\u00a3/MWh
\u00a3/MWh
\u00a3/MWh
\u00a3/MWh
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Baseload power
65
72
61
63
196
190
(194)
(193)
(i) Prices are shown in 2024 real terms.
(ii) A 10% change in baseload power prices is deemed to represent a reasonably possible variation across the entire period covered by the liquid market and comparator
curves used in the nuclear impairment test. Sensitivities are impacted by the effect of the EGL threshold of \u00a375/MWh (adjusted for inflation).
Furthermore, there is also uncertainty due to climate change and international governmental intervention to reduce CO2 emissions and the
likely impact this will have on both power demand and forecast prices. As a result, a further sensitivity is disclosed below based on the
forecast prices aligned to the net zero price curve issued by Aurora (a power analytics providers), which assumes governmental policies are
put in place to achieve the temperature and net zero goals by 2050. This net zero forecast currently shows an increase in baseload power
prices when compared with the base case impairment test price assumptions.
7. Exceptional items and certain re-measurements
Five-year
average price (i)
Ten-year
long-term
average price (i)
Reversal of
pre/post-tax
impairment (ii)
2026-2030
2031-2040
2025
2025
\u00a3m
Baseload power (\u00a3/MWh)
72
62
157
(i) Prices shown in 2024 real terms.
(ii) Change would lead to a write-back of the carrying value.
While the TCFD analysis identifies Nuclear as strategically exposed to climate transition, under the net zero sensitivity used for IFRS
disclosure, structurally higher long\u2011term decarbonised power prices result in a potential write\u2011back of \u00a3157 million. This illustrates that
strategic exposure can co\u2011exist with higher IFRS valuation outcomes where long\u2011term prices under net zero pathways exceed the
base\u2011case market\u2011aligned curves.
Exceptional impairment of assets measured on a FVLCD basis
Segment
Asset/CGU (or group of CGUs)
Basis for impairment assessment
Recoverable
amount (ii)
\u00a3m
FV hierarchy
Pre-tax
Impairment
\u00a3m
Infrastructure
Gas fields - transferred to
disposal group held for
sale (i)
Field valuations from the disposal process
(1)
L3
77
Infrastructure
Gas fields - retained
A reduction in forecast gas prices, together with a change
in the discount rate used in the valuation
(229)
L3
167
Infrastructure
Power - Solar assets
A reduction in forecast price capture, together with an
increase in discount rate
35
L3
13
(i) Gas fields - transferred to disposal groups held for sale relates to fields being sold to Serica Energy plc (see note 12) and were individually tested for impairment
immediately prior to their balance sheet reclassification.
(ii) Recoverable amount for Gas fields relates only to the impaired fields and includes their decommissioning costs, together with related tax impacts. Recoverable amount
for Power - Solar assets relates to the property, plant and equipment balance for the portfolio of assets.
For Gas fields - transferred to asset held for sale, fair value less costs of disposal (FVLCD) is calculated with reference to the expected
disposal process field valuations. For all other assets, FVLCD is determined by discounting the post-tax cash flows expected to be
generated by the assets or\u00a0CGU, net of associated selling costs, taking into account those assumptions that market participants would use
in estimating fair value. Post-tax cash flows used in the FVLCD calculation are based on the Group\u2019s Board-approved business plans and
longer-term strategic plans together with, where relevant, long-term production, asset usage and cash flow forecasts. These calculations
are then benchmarked back to market transactions, where available, to assess alignment with typical market participant views.
Gas field assets - retained
For gas field assets post-tax cash flows are derived from projected production profiles of each field, taking into account forward prices for
gas and liquids over the relevant period. Where forward market prices are not available (i.e. outside the active period for each commodity),
prices are determined based on Centrica\u2019s view of long-term prices, derived from a third-party market curve. The date of cessation of
production depends on the interaction of a number of variables, such as the recoverable quantities of hydrocarbons, production costs, the
contractual duration of the\u00a0licence area and the selling price of the gas and liquids produced. As each field has specific reservoir
characteristics and economic circumstances, the post-tax cash flows for each field (including decommissioning) are computed using
individual economic models. Price\u00a0assumptions are critical and use liquid market prices for 2026 to 2029, blended over a one-year period to
long-term price forecasts. Long-term price assumptions are Centrica\u2019s view of long-term prices as derived from a third-party market curve
and are deemed best aligned with pricing that a reasonable market participant would use. Following the implementation of the Energy
Profits Levy, the increased tax rates have been included in the FVLCD calculations until the sunset date of 31 March 2030.
During the period, the methodology to assess the discount rate to be used on these cash flows was refined, following significant disposal
activity (see note 12). For gas fields reaching the end of their producing life, it was deemed appropriate to discount decommissioning cash
outflows using a post-tax risk-free based nominal rate of 4.9%, consistent with the approach to balance sheet provisioning. The future post-
tax production cash flows continue to be discounted using a post-tax nominal discount rate, derived from the Group\u2019s weighted average
cost of capital and compared with other market participants. At the year-end this rate was 10.0% (2024: 11.0% for all cash flows). This
approach is considered to align with how a typical market participant would value these types of asset.
Once the disposals of the gas field assets transferred to disposal groups held for sale (see note 12) have completed, the Group\u2019s interests in
producing gas fields will be substantially reduced. As a result, the retained gas field valuations are no longer materially sensitive to
movement in future gas prices, and therefore no sensitivities for reasonably possible changes in prices or for net zero scenarios have been
provided. This aligns with the Group\u2019s TCFD narrative on portfolio streamlining to reduce transition risk.
Power - Batteries, Gas peakers/power stations and Solar assets
An exceptional impairment of \u00a313 million has been recorded in 2025 for Solar assets measured on a FVLCD basis.
For Solar assets, post-tax cash flows are derived from an assessment of expected solar activity and the ability to capture future baseload
power prices. Prices are determined based on a third-party capture price forecast. Post-tax cash flows also include an assessment of
forecast capital and operating expenditure.
The future post-tax cash flows for Solar assets, are discounted using a post-tax nominal discount rate of 7.0% (2024: 6.0%).
The Solar asset valuations are sensitive to commodity price forecasts. A 10% increase in forecast Solar power price capture would lead to
an impairment write-back of \u00a38 million. A 10% reduction would lead to a further impairment of \u00a34 million.
7. Exceptional items and certain re-measurements
A non-exceptional impairment of \u00a36 million has been recorded in 2025 for Batteries measured on a FVLCD basis. The recoverable amount
for the portfolio is \u00a3140 million.
For Batteries, post-tax cash flows are derived from projected revenue streams associated with wholesale power, balancing, reserve,
response and capacity markets over the life of the asset. Where forward market prices are not available, prices are determined based
on\u00a0third-party price forecasts, together with an assessment of extrinsic value capture. Post-tax cash flows also include an assessment of
forecast capital and operating expenditure.
The future post-tax cash flows for Batteries are discounted using a post-tax nominal discount rate of 8.5% (2024: 8.0%).
The Battery asset valuations are sensitive to commodity price forecasts. A 10% increase in forecast Battery revenue capture would lead to
an impairment write-back of \u00a312 million (capped at historic cost). A 10% reduction would lead to a further impairment of \u00a332 million.
For Gas peakers/power stations, post-tax cash flows are derived from an assessment of the clean spark-spread, which is the difference
between the power revenues from generation and the cost of generation (gas and carbon costs), together with other revenue streams
associated with balancing mechanism and capacity and availability markets. Where forward market prices are not available, prices are
determined based on\u00a0third-party price forecasts. Post-tax cash flows also include an assessment of forecast capital and operating
expenditure.
The future post-tax cash flows for Gas peakers/power stations are discounted using a post-tax nominal discount rate of 8.0% (2024: 8.0%).
No net impairment or write-back has been required in 2025 for Gas peakers/power stations. Nonetheless, the Gas peaker/power station
asset valuations are sensitive to commodity price forecasts. The portfolio carrying value is \u00a3485 million. A 10% increase in forecast Gas
peaker/power station revenue would lead to an impairment write-back of \u00a348 million (capped at historic cost). A 10% reduction would lead
to an impairment of \u00a355 million.
Furthermore, there is also uncertainty due to climate change and international governmental intervention to reduce CO2 emissions and the
likely impact this will have on both power demand and forecast price capture. As a result, a further sensitivity based on the forecast prices
aligned to the net zero price curves issued by Aurora (a power analytics providers), which assumes governmental policies are put in place to
achieve the temperature and net zero goals by 2050 has been calculated for these assets. Across the Batteries, Gas peakers/power
stations and Solar assets, an additional impairment of c.\u00a350 million would be required, under a forecast net zero scenario which is derived
from Aurora price curves with certain in-house assumptions.
The combined additional impairment under the net zero sensitivities is primarily due to capture-rate assumptions and merchant revenue
volatility. These outcomes are consistent with the TCFD characterisation of flexible assets as having low\u2011to\u2011moderate valuation impact and
do not change the conclusions of the base\u2011case impairment tests.
", "dimensions": { "concept": "cna:DisclosureOfExceptionalItemsAndCertainReMeasurements", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "Net finan ce income/(cost)
Financing costs mainly comprise interest on bonds and bank debt, the results of hedging activities used to manage foreign
exchange and interest rate movements on the Group\u2019s borrowings and notional interest arising from the discounting of
decommissioning provisions and pensions. An element of financing cost is capitalised on qualifying projects.
Investment income predominantly includes interest received from short-term investments in money market funds,
bank deposits and\u00a0government bonds.
2025
2024
Financing
costs
\u00a3m
Investment
income
\u00a3m
Total
\u00a3m
Financing
costs
\u00a3m
Investment
income
\u00a3m
Total
\u00a3m
Year ended 31 December
Financing (cost)/income from net debt:
Interest income
\u2014
243
243
\u2014
313
313
Interest cost on bonds, bank loans and
overdrafts
(189)
\u2014
(189)
(235)
\u2014
(235)
Interest cost on lease liabilities
(13)
\u2014
(13)
(13)
\u2014
(13)
(202)
243
41
(248)
313
65
Net gain on revaluation
6
\u2014
6
\u2014
\u2014
\u2014
Notional interest arising from discounting
(23)
\u2014
(23)
(23)
\u2014
(23)
(219)
243
24
(271)
313
42
Other interest charges (i)
(35)
\u2014
(35)
(9)
\u2014
(9)
Capitalised borrowing costs (ii)
17
\u2014
17
11
\u2014
11
Financing (cost)/income before exceptional
items
(237)
243
6
(269)
313
44
Exceptional items (iii)
\u2014
\u2014
\u2014
(68)
\u2014
(68)
Financing (cost)/income
(237)
243
6
(337)
313
(24)
(i) Other interest charges includes interest charged on cash collateral, and fees for letters of credit. The cash flow assoc iated is \u00a316 million (2024: \u00a316 million).
(ii) Borrowing costs have been capitalised using an average rate of 7.34% ( 2024: 8.54%).
(iii) During 2024 the Group repurchased \u00a3370 million of debt instruments and refinanced a hybrid bond designated in a fair value hedge relationship, resulting in an
exceptional financing cost of \u00a368 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "Net finan ce income/(cost)
Financing costs mainly comprise interest on bonds and bank debt, the results of hedging activities used to manage foreign
exchange and interest rate movements on the Group\u2019s borrowings and notional interest arising from the discounting of
decommissioning provisions and pensions. An element of financing cost is capitalised on qualifying projects.
Investment income predominantly includes interest received from short-term investments in money market funds,
bank deposits and\u00a0government bonds.
2025
2024
Financing
costs
\u00a3m
Investment
income
\u00a3m
Total
\u00a3m
Financing
costs
\u00a3m
Investment
income
\u00a3m
Total
\u00a3m
Year ended 31 December
Financing (cost)/income from net debt:
Interest income
\u2014
243
243
\u2014
313
313
Interest cost on bonds, bank loans and
overdrafts
(189)
\u2014
(189)
(235)
\u2014
(235)
Interest cost on lease liabilities
(13)
\u2014
(13)
(13)
\u2014
(13)
(202)
243
41
(248)
313
65
Net gain on revaluation
6
\u2014
6
\u2014
\u2014
\u2014
Notional interest arising from discounting
(23)
\u2014
(23)
(23)
\u2014
(23)
(219)
243
24
(271)
313
42
Other interest charges (i)
(35)
\u2014
(35)
(9)
\u2014
(9)
Capitalised borrowing costs (ii)
17
\u2014
17
11
\u2014
11
Financing (cost)/income before exceptional
items
(237)
243
6
(269)
313
44
Exceptional items (iii)
\u2014
\u2014
\u2014
(68)
\u2014
(68)
Financing (cost)/income
(237)
243
6
(337)
313
(24)
(i) Other interest charges includes interest charged on cash collateral, and fees for letters of credit. The cash flow assoc iated is \u00a316 million (2024: \u00a316 million).
(ii) Borrowing costs have been capitalised using an average rate of 7.34% ( 2024: 8.54%).
(iii) During 2024 the Group repurchased \u00a3370 million of debt instruments and refinanced a hybrid bond designated in a fair value hedge relationship, resulting in an
exceptional financing cost of \u00a368 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "Taxation
The taxation note details the different tax charges and rates, including current and deferred tax arising in the Group. The
current tax charge is the tax payable on this year\u2019s taxable profits together with amendments in respect of tax provisions
made in earlier years. This tax charge excludes the Group\u2019s share of taxation on the results of joint ventures and associates.
Deferred tax represents the tax on differences between the accounting carrying values of assets and liabilities and their tax
bases. These differences are temporary and are expected to unwind in the future.
(a) Analysis of tax charge
2025
2024
Year ended 31 December
Business
performance
\u00a3m
Exceptional
items and
certain re-
measurements
\u00a3m
Results
for\u00a0the year
\u00a3m
Business
performance
\u00a3m
Exceptional
items and
certain re-
measurements
\u00a3m
Results
for\u00a0the\u00a0year
\u00a3m
Current tax
UK corporation tax
(126)
(65)
(191)
(383)
146
(237)
UK energy profits levy
(131)
(18)
(149)
(243)
\u2014
(243)
UK petroleum revenue tax
7
\u2014
7
37
\u2014
37
Non-UK tax
(19)
11
(8)
(35)
(17)
(52)
Adjustments in respect of prior years \u2013 UK
10
45
55
(1)
(50)
(51)
Adjustments in respect of prior years \u2013 non-UK
(6)
\u2014
(6)
(7)
\u2014
(7)
Total current tax
(265)
(27)
(292)
(632)
79
(553)
Deferred tax
Origination and reversal of temporary differences \u2013 UK
(21)
169
148
(8)
(22)
(30)
UK energy profits levy
28
(5)
23
70
188
258
UK petroleum revenue tax
(5)
\u2014
(5)
(2)
\u2014
(2)
Origination and reversal of temporary differences \u2013 non-UK
1
\u2014
1
2
(9)
(7)
Adjustments in respect of prior years \u2013 UK
(8)
(35)
(43)
14
3
17
Adjustments in respect of prior years \u2013 non-UK
5
\u2014
5
3
\u2014
3
Total deferred tax
\u2014
129
129
79
160
239
Total UK tax
(246)
91
(155)
(516)
265
(251)
Total non-UK tax
(19)
11
(8)
(37)
(26)
(63)
Taxation on profit/(loss) (i)
(265)
102
(163)
(553)
239
(314)
(i) Total taxation on profit excludes taxation on the Group\u2019s share of results of joint ventures and associates.
UK tax rates
Most activities in the UK are subject to the standard rate for UK corporation tax of 25% (2024: 25%). Gas production activities are taxed at a
rate of 30% ( 2024: 30%), a supplementary charge of 10% (2024: 10%), plus the Energy Profits Levy of 38% (2024: 35.5%) to give an overall
tax rate of 78% (2024: 75.5%). Certain gas production assets in the UK are subject to the UK petroleum revenue tax (PRT) regime at the
current tax rate of\u00a00% (2024: 0%).
Non-UK tax rates
Taxation in non-UK jurisdictions, where the Group has a substantial presence, is calculated at the rate prevailing in those respective
jurisdictions. The main non-UK rates of corporation tax are 12.5% (2024: 12.5%) in the Republic of Ireland, 22% (2024:\u00a022%) in Denmark and
17% (2024: 17%) in Singapore.
The Group is subject to a minimum corporation tax rate of 15% in all jurisdictions as a result of the implementation of the OECD\u2019s Base
Erosion and Profit Shifting (BEPS) initiative. Where the effective tax rate falls below 15% in a particular jurisdiction, a top up tax is payable.
Prior year adjustments occur when new information leads to changes in estimates or judgements made in 2024 and earlier years.
Movements in deferred tax liabilities and assets are disclosed in note 16. Tax on items taken directly to equity is disclosed in note S4.
9. Taxation
(b) Factors affecting the tax charge
The Group is expected to continue carrying out most of its business activities in the UK and accordingly considers the standard UK rate
to\u00a0be the appropriate reference rate.
The differences between the total taxation shown above and the amount calculated by applying the standard rate of UK corporation tax
to\u00a0the profit/(loss) before taxation are as follows:
2025
2024
Business
performance
\u00a3m
Exceptional
items
and certain
re-measurements
\u00a3m
Results
for\u00a0the year
\u00a3m
Business
performance
\u00a3m
Exceptional
items
and certain
re-measurements
\u00a3m
Results
for\u00a0the\u00a0year
\u00a3m
Year ended 31 December
Profit/(loss) before taxation
820
(708)
112
1,596
83
1,679
Deduct results relating to joint ventures and associates, net
of interest and taxation
(158)
\u2014
(158)
(256)
\u2014
(256)
662
(708)
(46)
1,340
83
1,423
Tax on profit/(loss) at standard UK corporation tax rate of
25% (2024: 25%)
(166)
177
11
(335)
(21)
(356)
Effects of:
Impairment on non-qualifying assets
\u2014
(64)
(64)
\u2014
(12)
(12)
Other permanent differences
\u2014
\u2014
\u2014
5
1
6
Electricity Generator Levy
(2)
\u2014
(2)
(20)
\u2014
(20)
Higher rates applicable to gas production activities profits/
(losses)
13
3
16
(61)
121
60
Energy Profits Levy (charge)/credit for the year
(103)
34
(69)
(173)
177
4
Energy Profits Levy re-measurement of deferred tax
balances
\u2014
(57)
(57)
\u2014
11
11
Petroleum revenue tax
(15)
\u2014
(15)
20
\u2014
20
Non-UK tax rates (excluding gas production activities)
12
(11)
1
10
16
26
Movements in uncertain tax provisions
(15)
\u2014
(15)
\u2014
\u2014
\u2014
Write-back of deferred tax assets
7
\u2014
7
\u2014
13
13
Disposal of business
\u2014
20
20
\u2014
\u2014
\u2014
Prior year adjustment
1
10
11
9
(47)
(38)
Other tax deductible/(non-tax deductible) items
3
(10)
(7)
(8)
(20)
(28)
Taxation on profit/(loss)
(265)
102
(163)
(553)
239
(314)
Less: movement in deferred tax
\u2014
(129)
(129)
(79)
(160)
(239)
Total current tax
(265)
(27)
(292)
(632)
79
(553)
The Group is subject to taxation in several jurisdictions. The complexity of applicable rules may result in legitimate differences of
interpretation between the Group and taxing authorities (or between different taxing authorities) especially where an economic judgement
or valuation is involved. Resolution of these differences typically takes many years.
The Group has applied IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019. The interpretation requires consideration of the likelihood that
the relevant taxing authority will accept an uncertain tax treatment in order to determine the measurement basis. The value is calculated
in\u00a0accordance with the rules of the relevant tax authority when acceptance is deemed probable.
The Group\u2019s uncertain tax provision relates to differences in the interpretation of tax legislation in the UK and Canada. Due to the uncertainty
associated with such tax items, there is a possibility that, on conclusion of open tax matters at a future date, the final outcome may differ.
The uncertain tax provision represents management\u2019s assessment of the likely outcome of each issue.
At 31 December 2025 the provision for uncertain tax items was \u00a357 million (2024: \u00a342 million). The Group provided an indemnity to Sval
Energi following the sale of Spirit Energy\u2019s Norwegian business and the transfer of the legal liabilities in respect of open tax disputes. Any
movement in the underlying indemnity (excluding movements attributable to foreign exchange rates) will be recorded through the profit
before tax of the Group. As at 31 December 2025 the indemnity in respect of the tax disputes was \u00a3109 million (2024: \u00a3100 million).
9. Taxation
(c) Factors that may affect future tax charges
The Group\u2019s effective tax rates are impacted by changes to the mix of activities and profitability across the territories in which it operates.
Effective tax rates may also fluctuate where profits and losses cannot be offset for tax purposes. For example, losses arising in one territory
cannot be offset against profits in another.
The Group\u2019s effective tax rate is dependent on the proportion of Group profits and losses arising from its UK gas production and nuclear
activities relative to lower taxed UK and other jurisdictions\u2019 profits and losses. The headline rate of tax on ring fence profits from gas
production in the UK was 78% (consisting of ring fence corporation tax of 30%, supplementary charge of 10%, and the Energy Profits Levy
(EPL) of 38%) versus the 25% UK statutory corporation tax rate.
The Energy Security Investment Mechanism (ESIM) applies as a way of curtailing the application of EPL in certain circumstances.
Accordingly, the EPL will cease to apply if average oil and gas prices fall to historically normal levels for two consecutive quarters. Based on
20-year averages, normal levels would be achieved where both average oil and gas prices fall below the 2025-2026 threshold of US$74.21
per barrel for oil and 57 pence per therm for gas (uprated each year). If the EPL ceases to apply, the headline rate on ring fence profits will
reduce to 40%.
Based on the independent Office for Budget Responsibility\u2019s forecast, while oil prices are currently forecast to be below the ESIM threshold,
gas prices are above the threshold in this forecast, though only by around 0.04 pence per therm in the third quarter of 2028.
As part of the Autumn Budget delivered on 26 November 2025, the government has announced a permanent successor to EPL, the Oil and
Gas Price Mechanism (OGPM), which will apply once EPL ends (either from 1 April 2030 or earlier if the ESIM is triggered). The OGPM, when
enacted, will apply at a rate of 35% to revenues generated from oil and gas sales above price thresholds for each financial year on a
transaction by transaction basis. The rates announced for 2026 to 2027 are US$90/barrel for oil and 90 pence per therm for gas should the
OGPM be enacted and the ESIM is triggered.
PRT is set at 0% but may still give rise to historical refunds from the carry-back of excess reliefs (for example, from decommissioning).
The Electricity Generator Levy (EGL) applies from 1 January 2023 to 31 March 2028 at the tax rate of 45% to electricity generation
revenues, which will be determined by reference to revenue from sales exceeding a benchmark price of \u00a379.95/MWh (2024: \u00a377.94/
MWh). The\u00a0benchmark price is indexed on 1 April each year by reference to the Consumer Price Index for the previous December. The EGL
is not an income tax for accounting purposes and therefore is included in the Group\u2019s cost of sales and\u00a0share of the results of joint ventures\u2019
and associates\u2019 operating profits and is not deductible for the purposes of UK corporation tax.
The\u00a0EGL legislation is complex and there remains some uncertainty over how the provisions are to be applied and consequently the amount
of levy payable. See note 3(b) for details of the uncertainties regarding the application of the EGL to the Group\u2019s revenues.
The Group monitors income tax developments in all the jurisdictions in which the Group operates, including the OECD Base Erosion
and\u00a0Profit Shifting (BEPS) initiative (Pillar 2).
The Governments of the UK, Republic of Ireland, Denmark and Singapore (the main jurisdictions in which the Group operates) legislated for
a minimum tax rate of 15% to apply under Pillar 2.
The Group does not expect its tax liabilities to be materially increased as a result of the implementation of the Pillar 2 rules. The Republic of
Ireland is the only jurisdiction that is likely to give rise to additional tax payable by the Group. The impact on\u00a0the\u00a0Group\u2019s effective tax rate
based on 2025 profits is less than 1%.
(d) Relationship between current tax charge and taxes paid
2025
2024
UK
\u00a3m
Non-UK
\u00a3m
Total
\u00a3m
UK
\u00a3m
Non-UK
\u00a3m
Total
\u00a3m
Year ended 31 December
Current tax charge/(credit):
Corporation tax
285
14
299
531
59
590
Petroleum revenue tax
(7)
\u2014
(7)
(37)
\u2014
(37)
Total current tax on results for the year (per note 9(b))
278
14
292
494
59
553
Current tax included in other comprehensive income (i)
18
\u2014
18
(36)
\u2014
(36)
Total current tax charge
296
14
310
458
59
517
Taxes paid/(refunded):
Corporation tax
339
38
377
493
144
637
Petroleum revenue tax
(2)
\u2014
(2)
(1)
\u2014
(1)
337
38
375
492
144
636
Included in the following lines of the Group Cash Flow Statement:
Taxes paid
375
636
Included in cost of sales in the Group Income Statement:
Electricity Generator Levy payable and paid (ii)
10
80
(i) Current tax movements relating to pension deficit payments are reported in other comprehensive income.
(ii) This excludes the share of Electricity Generator Levy recognised in the Nuclear (excluding Sizewell C) associate.
Differences between current tax charged and taxes paid arose principally due to the following factors:
\u2022 Corporation tax payments are generally made by instalment, based on estimated taxable profits, or the prior year\u2019s profits. Fluctuations in
profits from year to year, one-off items and mark-to-market movements within the year may therefore give rise to\u00a0divergence between
the charge for the year and the taxes paid. In\u00a0certain jurisdictions advance tax payments are required (based on estimated tax liabilities)
which can result in overpayments. These are included as\u00a0tax assets, to be refunded in a subsequent period; and
\u2022 PRT refunds are based on results in the preceding six-monthly PRT period, therefore PRT cash movements will reflect refunds
on\u00a0a\u00a0six-month\u00a0delay.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "Earnings per ordinary share
Earnings per share (EPS) is the amount of profit or loss attributable to each share. Basic EPS is the amount of profit or loss
for the year divided by the weighted average number of shares in issue during the year. Diluted EPS includes the impact
of\u00a0outstanding share options.
Basic earnings per ordinary share has been calculated by dividing the loss attributable to equity holders of the Company for the year of \u00a372
million (2024: \u00a31,332 million profit) by the weighted average number of ordinary shares in issue during the year of 4,785 million (2024: 5,187
million). The number of shares excludes 563 million ordinary shares (2024: 573 million), being the weighted average number of\u00a0the
Company\u2019s own shares held in the employee share trust and treasury shares repurchased during the year by the Group as part of the\u00a0share
buyback programme. These 563 million shares do not include shares expected to be repurchased as part of the Group\u2019s share buyback
programme during 2026. See note S4.
The Directors believe that the presentation of adjusted basic earnings per ordinary share, being the basic earnings per ordinary share
adjusted for certain re-measurements and exceptional items, assists with understanding the underlying performance of the Group,
as\u00a0explained in note 2.
Information presented for diluted and adjusted diluted earnings per ordinary share uses the weighted average number of ordinary shares
as\u00a0adjusted for 134 million (2024: 119 million) potentially dilutive ordinary shares as the denominator, unless it has the effect of increasing the
profit or decreasing the loss attributable to each ordinary share.
Basic to adjusted basic earnings per ordinary share reconciliation
2025
2024
Year ended 31 December
\u00a3m
Pence per
ordinary share
\u00a3m
Pence per
ordinary share
Earnings \u2013 basic
(72)
(1.5)
1,332
25.7
Net exceptional items after taxation (notes 2 and 7) (i)
269
5.6
132
2.5
Certain re-measurement losses/(gains) after taxation (notes 2 and 7) (i)
337
7.1
(480)
(9.2)
Earnings \u2013 adjusted basic
534
11.2
984
19.0
Earnings \u2013 diluted (ii)
(72)
(1.5)
1,332
25.1
Earnings \u2013 adjusted diluted
534
10.9
984
18.5
(i) Net exceptional items after taxation and certain re-measurement losses/(gains) after taxation are adjusted to reflect the share attributable to non-controlling interests.
(ii) Potential ordinary shares are not treated as dilutive when they would decrease a loss per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "Dividends
Dividends represent the return of profits to shareholders. Dividends are paid as an amount per ordinary share held. The Group
retains part of the profits generated to meet future investment plans or to fund share buyback programmes.
2025
2024
\u00a3m
Pence per
ordinary share
Date of
payment
\u00a3m
Pence per
ordinary share
Date of
payment
Prior year final dividend
150
3.00
5 Jun 2025
141
2.67
11 Jul 2024
Interim dividend
87
1.83
30 Oct 2025
78
1.50
14 Nov 2024
237
219
The Directors propose a final dividend of 3.67 pence per ordinary share for the year ended 31 December 2025 (which would total
\u00a3169\u00a0million based on shareholding at that date). The dividend will be paid on 14 May 2026 to those shareholders registered on 10 April 2026.
The Company has sufficient distributable reserves to pay dividends to its ultimate shareholders. Distributable reserves are calculated on an
individual legal entity basis and the ultimate parent company, Centrica plc, currently has adequate levels of realised profits within its retained
earnings to support dividend payments. Refer to the Centrica plc Company Balance She et on pag e 236. At 31 December 2025, Centrica
plc\u2019s Company-only distributable reserves were c.\u00a35.4 billion (2024: c.\u00a34.0 billion). On an annual basis, the distributable reserve levels of the
Group\u2019s subsidiary undertakings are reviewed and dividends paid up to Centrica plc as appropriate to replenish its reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "Disposals, disposal groups classified as held for sale and acquisitions
This section details disposals, business combinations and asset acquisitions made by the Group.
(a) Disposals
On 20 May 2025 the Group announced that it had agreed to sell part of Spirit Energy\u2019s interest in the Cygnus gas field, reducing its interest
from 61.25% to 15%, to a subsidiary of Ithaca Energy plc. The headline consideration of \u00a3116 million was increased by the cash flows
generated by the disposal group from the commercial effective date of 1 January 2025 up to the legal completion date of 1 October 2025
(at which point control passed), resulting in a final consideration of \u00a3123 million.
In applying IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, the Group has judged that there is one disposal group
relating to the above interest in the Cygnus gas field, which was classified as held for sale as at 20 May 2025. The disposal group, which is
included in the Infrastructure segment, did not represent a separate major line of business or geographical operation and hence the Group
has concluded that it did not constitute a discontinued operation. A separate disposal group was held for sale at 31 December 2025 - see
note 12(c).
Details of the assets and liabilities of the disposal group at completion of 1 October 2025 are shown below.
Cygnus
\u00a3m
Non-current assets
Property, plant and equipment
234
Current assets
Inventories
12
Assets disposed
246
Current liabilities
Trade and other payables, and contract-related liabilities
(14)
Non-current liabilities
Deferred tax liabilities
(99)
Provisions for other liabilities
(91)
(190)
Liabilities disposed
(204)
Net assets disposed
42
Consideration received (net of transaction costs of \u00a31 million)
122
Gain on disposal before and after taxation (note 7(b))
80
The results of the disposal group during 2025 reported in business performance are as follows:
Cygnus
\u00a3m
Operating profit
96
Taxation on profit
(75)
Profit after taxation
21
All other disposals undertaken by the Group were immaterial, both individually and in aggregate. These amounted to a loss on disposal of \u00a36
million and net cash outflow of \u00a33 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "Disposals, disposal groups classified as held for sale and acquisitions
This section details disposals, business combinations and asset acquisitions made by the Group.
(a) Disposals
On 20 May 2025 the Group announced that it had agreed to sell part of Spirit Energy\u2019s interest in the Cygnus gas field, reducing its interest
from 61.25% to 15%, to a subsidiary of Ithaca Energy plc. The headline consideration of \u00a3116 million was increased by the cash flows
generated by the disposal group from the commercial effective date of 1 January 2025 up to the legal completion date of 1 October 2025
(at which point control passed), resulting in a final consideration of \u00a3123 million.
In applying IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, the Group has judged that there is one disposal group
relating to the above interest in the Cygnus gas field, which was classified as held for sale as at 20 May 2025. The disposal group, which is
included in the Infrastructure segment, did not represent a separate major line of business or geographical operation and hence the Group
has concluded that it did not constitute a discontinued operation. A separate disposal group was held for sale at 31 December 2025 - see
note 12(c).
Details of the assets and liabilities of the disposal group at completion of 1 October 2025 are shown below.
Cygnus
\u00a3m
Non-current assets
Property, plant and equipment
234
Current assets
Inventories
12
Assets disposed
246
Current liabilities
Trade and other payables, and contract-related liabilities
(14)
Non-current liabilities
Deferred tax liabilities
(99)
Provisions for other liabilities
(91)
(190)
Liabilities disposed
(204)
Net assets disposed
42
Consideration received (net of transaction costs of \u00a31 million)
122
Gain on disposal before and after taxation (note 7(b))
80
The results of the disposal group during 2025 reported in business performance are as follows:
Cygnus
\u00a3m
Operating profit
96
Taxation on profit
(75)
Profit after taxation
21
All other disposals undertaken by the Group were immaterial, both individually and in aggregate. These amounted to a loss on disposal of \u00a36
million and net cash outflow of \u00a33 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "Property, plant and equipment
PP&E includes significant investment in power generating assets, storage assets and gas field/liquid production assets.
Once operational, all assets are depreciated over their useful lives.
(a)
Carrying amounts
2025
2024
Land and
buildings
\u00a3m
Plant,
equipment
and
vehicles
\u00a3m
Power
generation
\u00a3m
Gas
production
and
storage
\u00a3m
Total
\u00a3m
Land and
buildings
\u00a3m
Plant,
equipment
and
vehicles
\u00a3m
Power
generation
\u00a3m
Gas
production
and
storage
\u00a3m
Total
\u00a3m
Cost
1 January
312
999
536
11,651
13,498
294
825
372
11,674
13,165
Acquisitions
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12
1
\u2014
13
Additions and capitalised
borrowing costs
52
337
129
88
606
11
203
188
51
453
Disposals/retirements
(24)
(87)
(3)
(37)
(151)
(8)
(33)
(9)
\u2014
(50)
Transfers to disposal groups held
for sale (i)
(3)
(4)
(46)
(3,656)
(3,709)
\u2014
\u2014
\u2014
\u2014
\u2014
Decommissioning liability and
dilapidations revisions and
additions (note 21)
7
\u2014
1
(17)
(9)
2
1
\u2014
(10)
(7)
Lease modifications and
re-measurements
\u2014
\u2014
\u2014
12
12
18
(9)
\u2014
4
13
Exchange adjustments
4
(10)
18
86
98
(5)
\u2014
(16)
(68)
(89)
31 December
348
1,235
635
8,127
10,345
312
999
536
11,651
13,498
Accumulated depreciation and
impairment
1 January
173
533
71
10,862
11,639
149
464
55
10,651
11,319
Charge for the year (ii)
26
96
15
206
343
24
80
13
270
387
(Write-backs)/impairments (iii)
(5)
4
15
248
262
8
22
13
6
49
Disposals/retirements
(12)
(83)
(3)
(37)
(135)
(8)
(33)
(9)
\u2014
(50)
Transfers to disposal groups held
for sale (i)
(3)
(2)
(14)
(3,310)
(3,329)
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange adjustments
1
(8)
2
82
77
\u2014
\u2014
(1)
(65)
(66)
31 December
180
540
86
8,051
8,857
173
533
71
10,862
11,639
NBV at 31 December
168
695
549
76
1,488
139
466
465
789
1,859
(i) Within transfers to disposal groups held for sale, \u00a31,374 million of cost and \u00a31,169 million of accumulated depreciation relate to the Cygnus disposal which completed in
October 2025. The remaining \u00a32,335 million of cost and \u00a32,160 million of accumulated depreciation relate to disposal groups which remained held for sale at the year end
date. See note 12 for further details.
(ii) Depreciation of \u00a3267 million ( 2024: \u00a3313 million) has been recognised in cost of sales, and \u00a376 million (2024: \u00a374 million) in operating costs before exceptional items.
(iii) (Write-backs)/impairments in 2025 include \u00a3257 million of impairments related to exceptional items (see note 7 for further details) and a \u00a35 million net impairment
related to business performance (see note 4(d)).
(b)
Assets in the course of construction included in above carrying amounts
31 December
2025
\u00a3m
2024
\u00a3m
Plant, equipment and vehicles
157
150
Gas production and storage
\u2014
11
Power generation
368
295
(c)
Additional information relating to right-of-use assets included in the above
2025
2024
Land and
buildings
\u00a3m
Plant,
equipment
and
vehicles
\u00a3m
Power
generation
\u00a3m
Gas
production
and
storage
\u00a3m
Total
\u00a3m
Land and
buildings
\u00a3m
Plant,
equipment
and
vehicles
\u00a3m
Power
generation
\u00a3m
Gas
production
and
storage
\u00a3m
Total
\u00a3m
Additions
51
20
\u2014
17
88
11
14
\u2014
15
40
Depreciation charge for the year
(25)
(57)
\u2014
(14)
(96)
(23)
(59)
\u2014
(11)
(93)
NBV at 31 December
163
124
\u2014
22
309
122
163
\u2014
22
307
Further information on the Group\u2019s leasing arrangements is provided in note 23.", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
(c)
Additional information relating to right-of-use assets included in the above
2025
2024
Land and
buildings
\u00a3m
Plant,
equipment
and
vehicles
\u00a3m
Power
generation
\u00a3m
Gas
production
and
storage
\u00a3m
Total
\u00a3m
Land and
buildings
\u00a3m
Plant,
equipment
and
vehicles
\u00a3m
Power
generation
\u00a3m
Gas
production
and
storage
\u00a3m
Total
\u00a3m
Additions
51
20
\u2014
17
88
11
14
\u2014
15
40
Depreciation charge for the year
(25)
(57)
\u2014
(14)
(96)
(23)
(59)
\u2014
(11)
(93)
NBV at 31 December
163
124
\u2014
22
309
122
163
\u2014
22
307
Further information on the Group\u2019s leasing arrangements is provided in note 23", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "Interests in joint ventures and associates
Interests in joint ventures and associates represent businesses where we exercise joint control or significant influence and
generally have an equity holding of up to 50%.
(a)
Interests in joint ventures and associates
The Group\u2019s interests in joint ventures and associates for the year ended 31 December 2025 principally arise from its interests in the
following entities, all of which are reported within the Infrastructure segment:
\u2022 Garden Topco Limited (\u2018Isle of Grain\u2019) - joint venture
\u2022 Lake Acquisitions Limited (\u2018Lake\u2019) - associate
\u2022 Sizewell C (Holding) Limited (\u2018Sizewell C\u2019) - associate
2025
2024
Investments in
joint ventures
and associates
\u00a3m
Shareholder
loans
\u00a3m
Total
\u00a3m
Investments in
joint ventures
and associates
\u00a3m
Shareholder
loans
\u00a3m
Total
\u00a3m
1 January
794
\u2014
794
903
\u2014
903
Additions
271
338
609
\u2014
\u2014
\u2014
Interest accrued on shareholder loans
\u2014
5
5
\u2014
\u2014
\u2014
Impairments (i)
(251)
\u2014
(251)
(48)
\u2014
(48)
Share of profits for the year
153
\u2014
153
256
\u2014
256
Share of other comprehensive (loss)/income
(4)
\u2014
(4)
38
\u2014
38
Dividends
(135)
\u2014
(135)
(355)
\u2014
(355)
31 December (ii)
828
343
1,171
794
\u2014
794
(i) The \u00a3251 m illion in 2025 relates to the Lake investment impairment (2024: \u00a348 million). See note 7 for further details.
(ii) Interests in joint ventures and associates closing balance at 31 December 2025 included \u00a3185 million (2024: \u00a3nil) relating to Isle of Grain, \u00a3578 million (2024: \u00a3794 million)
relating to Lake and \u00a3392 million (2024: \u00a3nil) relating to Sizewell C, of which \u00a3343 million (2024: \u00a3nil) related to shareholder loans. See note S8 for further details on
related party transactions, including shareholder loans made in relation to Sizewell C.
(b)
Share of joint ventures\u2019 and associates\u2019 assets and liabilities
2025
2024
31 December
Isle of Grain
\u00a3m
Lake
\u00a3m
Sizewell C
\u00a3m
Other
\u00a3m
Total
\u00a3m
Total
\u00a3m
Share of non-current assets
863
4,121
1,104
12
6,100
4,278
Share of current assets
111
728
266
5
1,110
758
974
4,849
1,370
17
7,210
5,036
Share of current liabilities
(144)
(480)
(113)
(1)
(738)
(305)
Share of non-current liabilities
(645)
(2,446)
(1,208)
\u2014
(4,299)
(2,843)
(789)
(2,926)
(1,321)
(1)
(5,037)
(3,148)
Cumulative impairment
\u2014
(1,345)
\u2014
\u2014
(1,345)
(1,094)
Share of net assets of joint ventures and associates
185
578
49
16
828
794
Shareholder loans
\u2014
\u2014
343
\u2014
343
\u2014
Interests in joint ventures and associates
185
578
392
16
1,171
794
Net (debt)/cash included in share of net assets
(568)
83
(675)
2
(1,158)
73
Further information on the Group\u2019s investments in joint ventures and associates is provided in notes 6 and S10.
The Group has a large number of related undertakings principally in the UK, US, Canada and EU. These are listed below.
(a)
Subsidiary undertakings
Investments held directly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Beta Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Ireland Holdings Limited
Holding company
Republic of Ireland
B
Ordinary shares
Investments held indirectly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Accord Energy Ukraine Holdings ApS (iii)
Holding company
Denmark
L
Ordinary shares
Accord Energy Ukraine LLC (iii)
Energy services and wholesale energy trading
Ukraine
AJ
Ordinary shares
Ardrar Holdings Limited (iii)
Holding company
Republic of Ireland
B
Ordinary shares
Ardrar Limited (iii)
Professional referrals and scheduling
Republic of Ireland
B
Ordinary shares
Ardrar Technology Limited (iii)
Intellectual property company
Republic of Ireland
B
Ordinary shares
Astrum Solar, Inc.
Home and/or commercial services
United States
C
Ordinary shares
Bord G\u00e1is Energy Limited
Energy supply and power generation
Republic of Ireland
B
Ordinary shares
Bord G\u00e1is Energy Trustees DAC
Pension trustee company
Republic of Ireland
B
Ordinary shares
British Gas Finance Limited
Vehicle leasing
United Kingdom
A
Ordinary shares
British Gas Insurance Limited
Insurance provision
United Kingdom
A
Ordinary shares
British Gas Limited
Energy supply
United Kingdom
A
Ordinary shares
British Gas New Heating Limited
Electrical and gas installations
United Kingdom
A
Ordinary shares
British Gas Services (Commercial) Limited (ii)
Non-trading
United Kingdom
A
Ordinary shares
British Gas Services Limited
Home services
United Kingdom
A
Ordinary shares
British Gas Social Housing Limited
Servicing and installation of heating systems
United Kingdom
A
Ordinary shares
British Gas Trading Limited
Energy supply
United Kingdom
A
Ordinary shares
Caythorpe Gas Storage Limited
Non-trading
United Kingdom
D
Ordinary shares
CBS Energy Assets Belgium B.V.
Construction and operation of battery storage
Belgium
E
Ordinary shares
CBS Energy Storage Assets UK Limited
Construction and operation of battery storage
United Kingdom
A
Ordinary shares
CBS Services Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
CBS Solar Assets UK Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Barry Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Business Holdings Inc.
Holding company
United States
C
Ordinary shares
Centrica Business Solutions (Generation) Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Business Solutions B.V. (iv)
Energy management products and services
Netherlands
F
Ordinary shares
Centrica Business Solutions Belgium NV
Demand response aggregation
Belgium
E
Ordinary shares
Centrica Business Solutions Canada Inc.
Holding company
Canada
G
Ordinary shares
Centrica Business Solutions Deutschland GmbH
Demand response aggregation
Germany
H
Ordinary shares
Centrica Business Solutions France SAS
Demand response aggregation
France
I
Ordinary shares
Centrica Business Solutions Ireland Limited
Energy management products and services
Republic of Ireland
B
Ordinary shares
Centrica Business Solutions Italia Srl (iv)
Energy management products and services
Italy
J
Ordinary shares
Centrica Business Solutions Management Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Business Solutions Services, Inc.
Energy management products and services
United States
C
Ordinary shares
Centrica Business Solutions UK Limited
Energy management products and services
United Kingdom
A
Ordinary shares
S10. Related undertakings
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Business Solutions UK Optimisation Limited
Demand response aggregation
United Kingdom
A
Ordinary shares
Centrica Business Solutions US, Inc.
Energy management products and services
United States
C
Ordinary shares
Centrica Combined Common Investment Fund
Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Directors Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Distributed Generation Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Energy Assets Holdings Limited
Holding company
United Kingdom
A
Ordinary shares
Centrica Energy Investments Limited (ii) (v)
Holding company
United Kingdom
A
Ordinary shares
Centrica Energy Limited
Wholesale energy trading
United Kingdom
A
Ordinary shares
Centrica Energy, LLC
Energy services and wholesale energy trading
United States
K
Membership interest
Centrica Energy Marketing Limited
Wholesale energy trading
United Kingdom
A
Ordinary shares
Centrica Energy Pty Ltd (iii)
Business services
Australia
AK
Ordinary shares
Centrica Energy Storage Limited
Gas production and processing
United Kingdom
D
Ordinary shares
Centrica Energy Trading A/S
Energy services and wholesale energy trading
Denmark
L
Ordinary shares
Centrica Energy Trading GmbH
Energy services and wholesale energy trading
Germany
M
Ordinary shares
Centrica Energy Trading, LLC
Energy services and wholesale energy trading
United States
K
Membership interest
Centrica Energy Trading Pte. Ltd
Energy services and wholesale energy trading
Singapore
N
Ordinary shares
Centrica Energy Trading Srl (iii)
Business services
Italy
AL
Ordinary shares
Centrica Engineers Pension Trustees Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Finance (Scotland) Limited (ii)
Holding company
United Kingdom
O
Ordinary shares
Centrica Finance Norway Limited
Dormant
Jersey
P
Ordinary shares
Centrica Gamma Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Hive Limited
Energy management products and services
United Kingdom
A
Ordinary shares
Centrica Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica India Offshore Private Limited
Business services
India
Q
Ordinary shares
Centrica Innovations UK Limited (ii)
Investment company
United Kingdom
A
Ordinary shares
Centrica Innovations US, Inc.
Investment company
United States
C
Ordinary shares
Centrica Insurance Company Limited
Insurance provision
Isle of Man
R
Ordinary and
preference shares
Centrica Lake Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica LNG Company Limited
LNG trading
United Kingdom
A
Ordinary shares
Centrica LNG UK Limited
LNG trading
United Kingdom
A
Ordinary shares
Centrica Nederland B.V.
Holding company
Netherlands
F
Ordinary shares
Centrica Nigeria Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Offshore Investments Limited (ii)
Non-trading
United Kingdom
D
Ordinary shares
Centrica Offshore UK Limited
Gas production
United Kingdom
D
Ordinary shares
Centrica Overseas Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Pension Plan Trustees Limited
Dormant
United Kingdom
A
Limited by guarantee
Centrica Pension Trustees Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Production Limited
In liquidation
United Kingdom
O
Ordinary shares
Centrica Resources (Nigeria) Limited
Non-trading
Nigeria
S
Ordinary shares
Centrica River Limited (ii) (iii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Secretaries Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Services Limited
Business services
United Kingdom
A
Ordinary shares
Centrica Smart Meter Assets Limited
Metering assets and services
United Kingdom
A
Ordinary shares
Centrica Storage Holdings Limited (ii)
Holding company
United Kingdom
D
Ordinary shares
Centrica Supply Chain Limited
Non-trading
United Kingdom
A
Ordinary shares
Centrica Trading Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Trinidad and Tobago Limited
Business services
Trinidad and
Tobago
T
Ordinary shares
S10. Related undertakings
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Trust (No.1) Limited (ii)
Healthcare trust
United Kingdom
A
Ordinary shares
CP Energy Storage Assets Sweden 1 AB
Construction of battery storage
Sweden
U
Ordinary shares
CP Energy Storage Assets Sweden 2 AB
Construction of battery storage
Sweden
U
Ordinary shares
DEML Investments Limited
Holding company
Canada
G
Ordinary shares
DER Development No. 10 Ltd.
Holding company
Canada
G
Ordinary shares
Distributed Energy Customer Solutions Limited
Energy management products and services
United Kingdom
A
Ordinary shares
Dyno-Rod Limited
Operation of a franchise network
United Kingdom
A
Ordinary shares
ECL Contracts Limited
Dormant
United Kingdom
A
Ordinary shares
ECL Investments Limited
Dormant
United Kingdom
A
Ordinary shares
ENER-G Rudox, LLC
Energy management products and services
United States
C
Membership interest
Energy For Tomorrow (ii)
Not-for-profit energy services
United Kingdom
A
Limited by guarantee
Ensek Holdings Limited (ii)
Holding company
United Kingdom
V
Ordinary shares
Ensek Limited
Information technology consultancy activities
United Kingdom
V
Ordinary shares
GB Gas Holdings Limited
Holding company
United Kingdom
A
Ordinary shares
Generation Green Solar Limited
Dormant community benefit society
United Kingdom
A
Ordinary shares
GF One Limited (vi)
In liquidation
United Kingdom
W
Ordinary shares
GF Two Limited (vi)
In liquidation
United Kingdom
W
Ordinary shares
Greener Ideas Limited (vii)
Development of flexible power generation
sites
Republic of Ireland
B
Ordinary shares
Inteligen Limited
Dormant
United Kingdom
V
Ordinary shares
Leicestershire Solar 1 Limited
Construction of solar asset
United Kingdom
A
Ordinary shares
Neas Energy Limited
Energy services and wholesale energy trading
United Kingdom
A
Ordinary shares
Neas Invest A/S
Dormant
Denmark
L
Ordinary shares
P.H Jones Group Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Pioneer Shipping Limited
LNG vessel chartering
United Kingdom
A
Ordinary shares
Rolleston 2 Solar Farm Limited
Construction of solar asset
United Kingdom
A
Ordinary shares
SN12 6EF Limited
Power generation
United Kingdom
A
Ordinary shares
South Energy Investments, LLC
Power generation
United States
C
Membership interest
Vista Solar, Inc.
Energy management products and services
United States
C
Ordinary shares
S10. Related undertakings
Investments held indirectly by Centrica plc with 69% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Bowland Resources (No.2) Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Bowland Resources Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Elswick Energy Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Spirit Energy Limited
Holding company
United Kingdom
A
Ordinary and
deferred shares
Spirit Energy Nederland B.V.
Gas and/or liquid exploration and production
Netherlands
X
Ordinary shares
Spirit Energy North Sea Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy North Sea Oil Limited
Gas and/or liquid exploration and production
United Kingdom
Y
Ordinary shares
Spirit Energy Norway AS
Non-trading
Norway
Z
Ordinary shares
Spirit Energy Production UK Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Resources Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Southern North Sea Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Treasury Limited
Finance company
United Kingdom
A
Ordinary shares
Spirit Europe Limited
Holding company
United Kingdom
A
Ordinary shares
Spirit Infrastructure B.V.
Non-trading
Netherlands
X
Ordinary shares
Spirit North Sea Gas Limited
Gas and/or liquid exploration and production
United Kingdom
Y
Ordinary shares
Spirit Norway Holdings AS
Holding company
Norway
Z
Ordinary shares
Spirit Norway Limited
Holding company
United Kingdom
A
Ordinary shares
Spirit Production (Services) Limited
Business services
United Kingdom
Y
Ordinary shares
Spirit Resources (Armada) Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
(i) For list of registered addresses, refer to note S10(d).
(ii) Companies where Centrica plc has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of these entities. They are, therefore,
exempt from audit under the requirements of sections 479A-C of the Companies Act 2006.
(iii) Incorporated or acquired in 2025.
(iv) Sold in February 2026.
(v) Entity changed its name during the year from Centrica Hydrogen Innovations Limited to Centrica Energy Investments Limited.
(vi) GF One Limited and GF Two Limited are 75% indirectly owned by Centrica plc.
(vii) Greener Ideas Limited is 80% indirectly owned by Centrica plc.
S10. Related undertakings
(b)
Subsidiary undertakings \u2013 partnerships held indirectly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
CF 2016 LLP (ii)
Group financing
United Kingdom
A
Membership interest
CFCEPS LLP (ii)
Group financing
United Kingdom
A
Membership interest
Direct Energy Resources Partnership
Holding entity
Canada
G
Membership interest
Finance Scotland 2016 Limited Partnership
Group financing
United Kingdom
O
Membership interest
Finance Scotland CEPS Limited Partnership
Group financing
United Kingdom
O
Membership interest
(i) For list of registered addresses, refer to note S10(d).
(ii) Companies where Centrica plc has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of these entities. They are, therefore, exempt
from audit under the requirements of sections 479A-C of the Companies Act 2006.
The following partnerships are fully consolidated into the Group Financial Statements and the Group has taken advantage of the exemption
(as confirmed by regulation 7 of the Partnerships (Accounts) Regulations 2008) not to prepare or file separate accounts for these entities:
\u2022 Finance Scotland 2016 Limited Partnership; and
\u2022 Finance Scotland CEPS Limited Partnership.
(c)
Joint arrangements and associates
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Indirect
interest
and voting
rights
Joint ventures (ii)
Allegheny Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
EDPRNA DG Centrica MT, LLC (iii)
Energy supply and/or services
United States
AB
Membership interest
50.0%
Eurowind Polska VI Sp z.o.o.
Operation of an onshore windfarm
Poland
AC
Ordinary shares
50.0%
Garden Topco Limited (iv)
Holding company
United Kingdom
AI
Ordinary shares
50.0%
Three Rivers Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 2, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 3, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Vindpark Keblowo ApS
Holding company
Denmark
AD
Ordinary shares
50.0%
Associates (ii)
Gasrec Limited (iv)
Manufacture of gas
United Kingdom
AO
Ordinary shares
16.4%
Grid Edge Limited (iv)
Business and domestic software development
United Kingdom
AM
Ordinary shares
37.8%
Kestrel Energy Storage DAC
Offshore gas storage development
Republic of Ireland
AF
Ordinary shares
33.3%
Lake Acquisitions Limited
Holding company
United Kingdom
AG
Ordinary shares
20.0%
Sizewell C (Holding) Limited (iv)
Holding company
United Kingdom
AN
Ordinary shares
15.0%
Tickd Limited
Trade of electricity
United Kingdom
AH
Ordinary shares
20.0%
Young Energy Holding Company
Limited
Offshore windfarm development
Republic of Ireland
AE
Ordinary shares
30.0%
(i) For list of registered addresses, refer to note S10(d).
(ii) Further information on the principal joint ventures and associate investments held by the Group is disclosed in notes 6 and 14.
(iii) Entity changed its name during the year from C2 Centrica MT, LLC to EDPRNA DG Centrica MT, LLC.
(iv) Incorporated or acquired in 2025.
All Group companies principally operate within their country of incorporation unless noted otherwise.
S10. Related undertakings
(d)
List of registered addresses
Registered address key
Address
A
Millstream, Maidenhead Road, Windsor, SL4 5GD, United Kingdom
B
1 Warrington Place, Dublin 2, Republic of Ireland
C
2111 Ellsworth Boulevard, Malta NY 12020, United States
D
Woodland House, Woodland Park, Hessle, HU13 0FA, United Kingdom
E
Roderveldlaan 2 bus 2, 2600 Antwerp, Belgium
F
Wiegerbruinlaan 2A, 1422 CB Uithoorn, Netherlands
G
Suite 2400, 745 Thurlow Street, Vancouver BC V6E 0C5, Canada
H
Neuer Wall 10, 20354 Hamburg, Germany
I
60 Avenue Charles de Gaulle, Cs 60016, 92573, Neuilly sur Seine Cedex, France
J
Milan (MI), Via Emilio Cornalia 26, Italy
K
c/o Corporate Creations Network Inc., 1521 Concord Pike Suite 201, Wilmington, DE19803, United States
L
Skelagervej 1, 9000 Aalborg, Denmark
M
Esplanade 40, 20354 Hamburg, Germany
N
220 Orchard Road, #05-01 Midpoint Orchard, Singapore 238852, Republic of Singapore
O
1 Waterfront Avenue, Edinburgh, Scotland EH5 1SG, United Kingdom
P
47 Esplanade, St Helier, JE1 0BD, Jersey, Channel Islands
Q
G-74, LGF, Kalkaji, New Delhi, South Delhi, 110019, India
R
3rd floor, St George's Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man
S
Sterling Towers, 20 Marina, Lagos, Nigeria
T
48-50 Sackville Street, Port of Spain, Trinidad and Tobago
U
Box 16285, 103 25 Stockholm, Sweden
V
Hounds Gate, 30-34 Hounds Gate, Nottingham, NG1 7AB, United Kingdom
W
1 More London Place, London, SE1 2AF, United Kingdom
X
Transpolis Building, Polarisavenue 39, 2132 JH Hoofddorp, Netherlands
Y
5th floor, IQ Building, 15 Justice Mill Lane, Aberdeen, AB11 6EQ, United Kingdom
Z
c/o Advokatfirmaet Schj\u00f8dt AS Kongsg\u00e4rdbakken 3, Stavanger, Rogaland 4005, Norway
AA
1209 Orange Street, Wilmington, New Castle County, DE 19801, United States
AB
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
AC
Ul. Wysogotowska 23, 62-081 Przezmierowo, Wielkpolskie, Poland
AD
Mariagervej 58B, DK 9500 Hobro, Denmark
AE
Block 1, Harcourt Centre, Harcourt Street, Dublin 2, DO2 YA40, Republic of Ireland
AF
1 Stokes Place, St Stephen's Green, Dublin, Republic of Ireland
AG
Nova North, 11 Bressenden Place, London, SW1E 5BY, United Kingdom (i)
AH
4th Floor, Regent House, 50 Frederick Street, Birmingham, B1 3HR, United Kingdom
AI
Grain Road, Rochester, Kent, ME3 0AB, United Kingdom
AJ
Lavrska Street 20, 01601 Kyiv, Ukraine
AK
Level 5, 60 Martin Place, 2000 Sydney NSW, Australia
AL
Viale Monte Santo 1/3, 20124 Milano, Italy
AM
3 Waterfront Business Park, Dudley Road, Brierley Hill, West Midlands, DY5 1LX, United Kingdom
AN
25 Copthall Avenue, London, EC2R 7BP, United Kingdom
AO
C/O Ampa Holdings LLP Level 19, The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
(i) Lake Acquisitions Limited changed its registered address during the year from 90 Whitfield Street, London, W1T 4EZ, United Kingdom to the address listed above.
S10. Related undertakings
(e)
Summarised financial information
Management has determined that the investments in Lake Acquisitions Limited, Garden Topco Limited and Sizewell C (Holding) Limited
are sufficiently material to warrant further disclosure on an individual basis. Accordingly, the Group presents summarised financial
information, along with reconciliations to the amounts included in the consolidated Group Financial Statements, for these investees.
Lake Acquisitions Limited
Summarised statement of total comprehensive income
2025
2024
Year ended 31 December
Associate
information
reported to
Group
\u00a3m
Unadjusted
20% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Associate
information
reported to
Group
\u00a3m
Unadjusted
20% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Revenue
2,913
583
\u2014
583
4,040
808
\u2014
808
Operating profit/(loss) before
interest and tax
1,237
247
(17)
230
2,148
430
(56)
374
Profit/(loss) for the year
896
179
(11)
168
1,494
299
(43)
256
Other comprehensive income
20
4
\u2014
4
189
38
\u2014
38
Total comprehensive income/(loss)
916
183
(11)
172
1,683
337
(43)
294
Summarised balance sheet
2025
2024
31 December
Associate
information
reported to
Group
\u00a3m
Unadjusted
20% share
\u00a3m
Fair value
and other
adjustments (i)
\u00a3m
Group
share
\u00a3m
Associate
information
reported to
Group
\u00a3m
Unadjusted
20% share
\u00a3m
Fair value
and other
adjustments (i)
\u00a3m
Group
share
\u00a3m
Non-current assets
17,793
3,559
562
4,121
18,201
3,640
638
4,278
Current assets
3,642
728
\u2014
728
3,791
758
\u2014
758
Current liabilities
(2,399)
(480)
\u2014
(480)
(1,526)
(305)
\u2014
(305)
Non-current liabilities
(12,036)
(2,407)
(39)
(2,446)
(13,710)
(2,742)
(101)
(2,843)
Net assets
7,000
1,400
523
1,923
6,756
1,351
537
1,888
(i) Before cumulative impairments of \u00a31,345 million (2024: \u00a31,094 million) of the Group\u2019s associate investment.
During the year, dividends of \u00a3135 million (2024: \u00a3355 million) were paid by the associate to the Group.
Garden Topco Limited
Summarised statement of total comprehensive income
2025
2024
Year ended 31 December
Joint venture
information
reported to
Group
\u00a3m
Unadjusted
50% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Joint venture
information
reported to
Group
\u00a3m
Unadjusted
50% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Revenue
23
11
\u2014
11
\u2014
\u2014
\u2014
\u2014
Operating loss before interest and tax
(21)
(10)
(2)
(12)
\u2014
\u2014
\u2014
\u2014
Loss for the year
(27)
(13)
(2)
(15)
\u2014
\u2014
\u2014
\u2014
Other comprehensive income
\u2014
\u2014
(8)
(8)
\u2014
\u2014
\u2014
\u2014
Total comprehensive loss
(27)
(13)
(10)
(23)
\u2014
\u2014
\u2014
\u2014
Summarised balance sheet
2025
2024
31 December
Joint venture
information
reported to
Group
\u00a3m
Unadjusted
50% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Joint venture
information
reported to
Group
\u00a3m
Unadjusted
50% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Non-current assets
1,730
865
(2)
863
\u2014
\u2014
\u2014
\u2014
Current assets
223
111
\u2014
111
\u2014
\u2014
\u2014
\u2014
Current liabilities
(288)
(144)
\u2014
(144)
\u2014
\u2014
\u2014
\u2014
Non-current liabilities
(1,275)
(637)
(8)
(645)
\u2014
\u2014
\u2014
\u2014
Net assets/(liabilities)
390
195
(10)
185
\u2014
\u2014
\u2014
\u2014
S10. Related undertakings
Sizewell C (Holding) Limited
Summarised statement of total comprehensive income
2025
2024
Year ended 31 December
Associate
information
reported to
Group
\u00a3m
Unadjusted
15% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Associate
information
reported to
Group
\u00a3m
Unadjusted
15% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Revenue
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Operating loss before interest and tax
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Loss for the year
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other comprehensive income
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total comprehensive loss
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Summarised balance sheet
2025
2024
31 December
Associate
information
reported to
Group
\u00a3m
Unadjusted
15% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Associate
information
reported to
Group
\u00a3m
Unadjusted
15% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Non-current assets
7,357
1,104
\u2014
1,104
\u2014
\u2014
\u2014
\u2014
Current assets
1,699
255
11
266
\u2014
\u2014
\u2014
\u2014
Current liabilities
(752)
(113)
\u2014
(113)
\u2014
\u2014
\u2014
\u2014
Non-current liabilities
(8,054)
(1,208)
\u2014
(1,208)
\u2014
\u2014
\u2014
\u2014
Net assets
250
38
11
49
\u2014
\u2014
\u2014
\u2014
Joint operations - fields/assets
31 December 2025
Location
Percentage holding
Cygnus (i)
UK North Sea
15%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "Interests in joint ventures and associates
Interests in joint ventures and associates represent businesses where we exercise joint control or significant influence and
generally have an equity holding of up to 50%.
(a)
Interests in joint ventures and associates
The Group\u2019s interests in joint ventures and associates for the year ended 31 December 2025 principally arise from its interests in the
following entities, all of which are reported within the Infrastructure segment:
\u2022 Garden Topco Limited (\u2018Isle of Grain\u2019) - joint venture
\u2022 Lake Acquisitions Limited (\u2018Lake\u2019) - associate
\u2022 Sizewell C (Holding) Limited (\u2018Sizewell C\u2019) - associate
2025
2024
Investments in
joint ventures
and associates
\u00a3m
Shareholder
loans
\u00a3m
Total
\u00a3m
Investments in
joint ventures
and associates
\u00a3m
Shareholder
loans
\u00a3m
Total
\u00a3m
1 January
794
\u2014
794
903
\u2014
903
Additions
271
338
609
\u2014
\u2014
\u2014
Interest accrued on shareholder loans
\u2014
5
5
\u2014
\u2014
\u2014
Impairments (i)
(251)
\u2014
(251)
(48)
\u2014
(48)
Share of profits for the year
153
\u2014
153
256
\u2014
256
Share of other comprehensive (loss)/income
(4)
\u2014
(4)
38
\u2014
38
Dividends
(135)
\u2014
(135)
(355)
\u2014
(355)
31 December (ii)
828
343
1,171
794
\u2014
794
(i) The \u00a3251 m illion in 2025 relates to the Lake investment impairment (2024: \u00a348 million). See note 7 for further details.
(ii) Interests in joint ventures and associates closing balance at 31 December 2025 included \u00a3185 million (2024: \u00a3nil) relating to Isle of Grain, \u00a3578 million (2024: \u00a3794 million)
relating to Lake and \u00a3392 million (2024: \u00a3nil) relating to Sizewell C, of which \u00a3343 million (2024: \u00a3nil) related to shareholder loans. See note S8 for further details on
related party transactions, including shareholder loans made in relation to Sizewell C.
(b)
Share of joint ventures\u2019 and associates\u2019 assets and liabilities
2025
2024
31 December
Isle of Grain
\u00a3m
Lake
\u00a3m
Sizewell C
\u00a3m
Other
\u00a3m
Total
\u00a3m
Total
\u00a3m
Share of non-current assets
863
4,121
1,104
12
6,100
4,278
Share of current assets
111
728
266
5
1,110
758
974
4,849
1,370
17
7,210
5,036
Share of current liabilities
(144)
(480)
(113)
(1)
(738)
(305)
Share of non-current liabilities
(645)
(2,446)
(1,208)
\u2014
(4,299)
(2,843)
(789)
(2,926)
(1,321)
(1)
(5,037)
(3,148)
Cumulative impairment
\u2014
(1,345)
\u2014
\u2014
(1,345)
(1,094)
Share of net assets of joint ventures and associates
185
578
49
16
828
794
Shareholder loans
\u2014
\u2014
343
\u2014
343
\u2014
Interests in joint ventures and associates
185
578
392
16
1,171
794
Net (debt)/cash included in share of net assets
(568)
83
(675)
2
(1,158)
73
Further information on the Group\u2019s investments in joint ventures and associates is provided in notes 6 and S10.
The Group has a large number of related undertakings principally in the UK, US, Canada and EU. These are listed below.
(a)
Subsidiary undertakings
Investments held directly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Beta Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Ireland Holdings Limited
Holding company
Republic of Ireland
B
Ordinary shares
Investments held indirectly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Accord Energy Ukraine Holdings ApS (iii)
Holding company
Denmark
L
Ordinary shares
Accord Energy Ukraine LLC (iii)
Energy services and wholesale energy trading
Ukraine
AJ
Ordinary shares
Ardrar Holdings Limited (iii)
Holding company
Republic of Ireland
B
Ordinary shares
Ardrar Limited (iii)
Professional referrals and scheduling
Republic of Ireland
B
Ordinary shares
Ardrar Technology Limited (iii)
Intellectual property company
Republic of Ireland
B
Ordinary shares
Astrum Solar, Inc.
Home and/or commercial services
United States
C
Ordinary shares
Bord G\u00e1is Energy Limited
Energy supply and power generation
Republic of Ireland
B
Ordinary shares
Bord G\u00e1is Energy Trustees DAC
Pension trustee company
Republic of Ireland
B
Ordinary shares
British Gas Finance Limited
Vehicle leasing
United Kingdom
A
Ordinary shares
British Gas Insurance Limited
Insurance provision
United Kingdom
A
Ordinary shares
British Gas Limited
Energy supply
United Kingdom
A
Ordinary shares
British Gas New Heating Limited
Electrical and gas installations
United Kingdom
A
Ordinary shares
British Gas Services (Commercial) Limited (ii)
Non-trading
United Kingdom
A
Ordinary shares
British Gas Services Limited
Home services
United Kingdom
A
Ordinary shares
British Gas Social Housing Limited
Servicing and installation of heating systems
United Kingdom
A
Ordinary shares
British Gas Trading Limited
Energy supply
United Kingdom
A
Ordinary shares
Caythorpe Gas Storage Limited
Non-trading
United Kingdom
D
Ordinary shares
CBS Energy Assets Belgium B.V.
Construction and operation of battery storage
Belgium
E
Ordinary shares
CBS Energy Storage Assets UK Limited
Construction and operation of battery storage
United Kingdom
A
Ordinary shares
CBS Services Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
CBS Solar Assets UK Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Barry Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Business Holdings Inc.
Holding company
United States
C
Ordinary shares
Centrica Business Solutions (Generation) Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Business Solutions B.V. (iv)
Energy management products and services
Netherlands
F
Ordinary shares
Centrica Business Solutions Belgium NV
Demand response aggregation
Belgium
E
Ordinary shares
Centrica Business Solutions Canada Inc.
Holding company
Canada
G
Ordinary shares
Centrica Business Solutions Deutschland GmbH
Demand response aggregation
Germany
H
Ordinary shares
Centrica Business Solutions France SAS
Demand response aggregation
France
I
Ordinary shares
Centrica Business Solutions Ireland Limited
Energy management products and services
Republic of Ireland
B
Ordinary shares
Centrica Business Solutions Italia Srl (iv)
Energy management products and services
Italy
J
Ordinary shares
Centrica Business Solutions Management Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Business Solutions Services, Inc.
Energy management products and services
United States
C
Ordinary shares
Centrica Business Solutions UK Limited
Energy management products and services
United Kingdom
A
Ordinary shares
S10. Related undertakings
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Business Solutions UK Optimisation Limited
Demand response aggregation
United Kingdom
A
Ordinary shares
Centrica Business Solutions US, Inc.
Energy management products and services
United States
C
Ordinary shares
Centrica Combined Common Investment Fund
Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Directors Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Distributed Generation Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Energy Assets Holdings Limited
Holding company
United Kingdom
A
Ordinary shares
Centrica Energy Investments Limited (ii) (v)
Holding company
United Kingdom
A
Ordinary shares
Centrica Energy Limited
Wholesale energy trading
United Kingdom
A
Ordinary shares
Centrica Energy, LLC
Energy services and wholesale energy trading
United States
K
Membership interest
Centrica Energy Marketing Limited
Wholesale energy trading
United Kingdom
A
Ordinary shares
Centrica Energy Pty Ltd (iii)
Business services
Australia
AK
Ordinary shares
Centrica Energy Storage Limited
Gas production and processing
United Kingdom
D
Ordinary shares
Centrica Energy Trading A/S
Energy services and wholesale energy trading
Denmark
L
Ordinary shares
Centrica Energy Trading GmbH
Energy services and wholesale energy trading
Germany
M
Ordinary shares
Centrica Energy Trading, LLC
Energy services and wholesale energy trading
United States
K
Membership interest
Centrica Energy Trading Pte. Ltd
Energy services and wholesale energy trading
Singapore
N
Ordinary shares
Centrica Energy Trading Srl (iii)
Business services
Italy
AL
Ordinary shares
Centrica Engineers Pension Trustees Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Finance (Scotland) Limited (ii)
Holding company
United Kingdom
O
Ordinary shares
Centrica Finance Norway Limited
Dormant
Jersey
P
Ordinary shares
Centrica Gamma Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Hive Limited
Energy management products and services
United Kingdom
A
Ordinary shares
Centrica Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica India Offshore Private Limited
Business services
India
Q
Ordinary shares
Centrica Innovations UK Limited (ii)
Investment company
United Kingdom
A
Ordinary shares
Centrica Innovations US, Inc.
Investment company
United States
C
Ordinary shares
Centrica Insurance Company Limited
Insurance provision
Isle of Man
R
Ordinary and
preference shares
Centrica Lake Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica LNG Company Limited
LNG trading
United Kingdom
A
Ordinary shares
Centrica LNG UK Limited
LNG trading
United Kingdom
A
Ordinary shares
Centrica Nederland B.V.
Holding company
Netherlands
F
Ordinary shares
Centrica Nigeria Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Offshore Investments Limited (ii)
Non-trading
United Kingdom
D
Ordinary shares
Centrica Offshore UK Limited
Gas production
United Kingdom
D
Ordinary shares
Centrica Overseas Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Pension Plan Trustees Limited
Dormant
United Kingdom
A
Limited by guarantee
Centrica Pension Trustees Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Production Limited
In liquidation
United Kingdom
O
Ordinary shares
Centrica Resources (Nigeria) Limited
Non-trading
Nigeria
S
Ordinary shares
Centrica River Limited (ii) (iii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Secretaries Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Services Limited
Business services
United Kingdom
A
Ordinary shares
Centrica Smart Meter Assets Limited
Metering assets and services
United Kingdom
A
Ordinary shares
Centrica Storage Holdings Limited (ii)
Holding company
United Kingdom
D
Ordinary shares
Centrica Supply Chain Limited
Non-trading
United Kingdom
A
Ordinary shares
Centrica Trading Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Trinidad and Tobago Limited
Business services
Trinidad and
Tobago
T
Ordinary shares
S10. Related undertakings
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Trust (No.1) Limited (ii)
Healthcare trust
United Kingdom
A
Ordinary shares
CP Energy Storage Assets Sweden 1 AB
Construction of battery storage
Sweden
U
Ordinary shares
CP Energy Storage Assets Sweden 2 AB
Construction of battery storage
Sweden
U
Ordinary shares
DEML Investments Limited
Holding company
Canada
G
Ordinary shares
DER Development No. 10 Ltd.
Holding company
Canada
G
Ordinary shares
Distributed Energy Customer Solutions Limited
Energy management products and services
United Kingdom
A
Ordinary shares
Dyno-Rod Limited
Operation of a franchise network
United Kingdom
A
Ordinary shares
ECL Contracts Limited
Dormant
United Kingdom
A
Ordinary shares
ECL Investments Limited
Dormant
United Kingdom
A
Ordinary shares
ENER-G Rudox, LLC
Energy management products and services
United States
C
Membership interest
Energy For Tomorrow (ii)
Not-for-profit energy services
United Kingdom
A
Limited by guarantee
Ensek Holdings Limited (ii)
Holding company
United Kingdom
V
Ordinary shares
Ensek Limited
Information technology consultancy activities
United Kingdom
V
Ordinary shares
GB Gas Holdings Limited
Holding company
United Kingdom
A
Ordinary shares
Generation Green Solar Limited
Dormant community benefit society
United Kingdom
A
Ordinary shares
GF One Limited (vi)
In liquidation
United Kingdom
W
Ordinary shares
GF Two Limited (vi)
In liquidation
United Kingdom
W
Ordinary shares
Greener Ideas Limited (vii)
Development of flexible power generation
sites
Republic of Ireland
B
Ordinary shares
Inteligen Limited
Dormant
United Kingdom
V
Ordinary shares
Leicestershire Solar 1 Limited
Construction of solar asset
United Kingdom
A
Ordinary shares
Neas Energy Limited
Energy services and wholesale energy trading
United Kingdom
A
Ordinary shares
Neas Invest A/S
Dormant
Denmark
L
Ordinary shares
P.H Jones Group Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Pioneer Shipping Limited
LNG vessel chartering
United Kingdom
A
Ordinary shares
Rolleston 2 Solar Farm Limited
Construction of solar asset
United Kingdom
A
Ordinary shares
SN12 6EF Limited
Power generation
United Kingdom
A
Ordinary shares
South Energy Investments, LLC
Power generation
United States
C
Membership interest
Vista Solar, Inc.
Energy management products and services
United States
C
Ordinary shares
S10. Related undertakings
Investments held indirectly by Centrica plc with 69% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Bowland Resources (No.2) Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Bowland Resources Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Elswick Energy Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Spirit Energy Limited
Holding company
United Kingdom
A
Ordinary and
deferred shares
Spirit Energy Nederland B.V.
Gas and/or liquid exploration and production
Netherlands
X
Ordinary shares
Spirit Energy North Sea Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy North Sea Oil Limited
Gas and/or liquid exploration and production
United Kingdom
Y
Ordinary shares
Spirit Energy Norway AS
Non-trading
Norway
Z
Ordinary shares
Spirit Energy Production UK Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Resources Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Southern North Sea Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Treasury Limited
Finance company
United Kingdom
A
Ordinary shares
Spirit Europe Limited
Holding company
United Kingdom
A
Ordinary shares
Spirit Infrastructure B.V.
Non-trading
Netherlands
X
Ordinary shares
Spirit North Sea Gas Limited
Gas and/or liquid exploration and production
United Kingdom
Y
Ordinary shares
Spirit Norway Holdings AS
Holding company
Norway
Z
Ordinary shares
Spirit Norway Limited
Holding company
United Kingdom
A
Ordinary shares
Spirit Production (Services) Limited
Business services
United Kingdom
Y
Ordinary shares
Spirit Resources (Armada) Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
(i) For list of registered addresses, refer to note S10(d).
(ii) Companies where Centrica plc has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of these entities. They are, therefore,
exempt from audit under the requirements of sections 479A-C of the Companies Act 2006.
(iii) Incorporated or acquired in 2025.
(iv) Sold in February 2026.
(v) Entity changed its name during the year from Centrica Hydrogen Innovations Limited to Centrica Energy Investments Limited.
(vi) GF One Limited and GF Two Limited are 75% indirectly owned by Centrica plc.
(vii) Greener Ideas Limited is 80% indirectly owned by Centrica plc.
S10. Related undertakings
(b)
Subsidiary undertakings \u2013 partnerships held indirectly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
CF 2016 LLP (ii)
Group financing
United Kingdom
A
Membership interest
CFCEPS LLP (ii)
Group financing
United Kingdom
A
Membership interest
Direct Energy Resources Partnership
Holding entity
Canada
G
Membership interest
Finance Scotland 2016 Limited Partnership
Group financing
United Kingdom
O
Membership interest
Finance Scotland CEPS Limited Partnership
Group financing
United Kingdom
O
Membership interest
(i) For list of registered addresses, refer to note S10(d).
(ii) Companies where Centrica plc has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of these entities. They are, therefore, exempt
from audit under the requirements of sections 479A-C of the Companies Act 2006.
The following partnerships are fully consolidated into the Group Financial Statements and the Group has taken advantage of the exemption
(as confirmed by regulation 7 of the Partnerships (Accounts) Regulations 2008) not to prepare or file separate accounts for these entities:
\u2022 Finance Scotland 2016 Limited Partnership; and
\u2022 Finance Scotland CEPS Limited Partnership.
(c)
Joint arrangements and associates
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Indirect
interest
and voting
rights
Joint ventures (ii)
Allegheny Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
EDPRNA DG Centrica MT, LLC (iii)
Energy supply and/or services
United States
AB
Membership interest
50.0%
Eurowind Polska VI Sp z.o.o.
Operation of an onshore windfarm
Poland
AC
Ordinary shares
50.0%
Garden Topco Limited (iv)
Holding company
United Kingdom
AI
Ordinary shares
50.0%
Three Rivers Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 2, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 3, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Vindpark Keblowo ApS
Holding company
Denmark
AD
Ordinary shares
50.0%
Associates (ii)
Gasrec Limited (iv)
Manufacture of gas
United Kingdom
AO
Ordinary shares
16.4%
Grid Edge Limited (iv)
Business and domestic software development
United Kingdom
AM
Ordinary shares
37.8%
Kestrel Energy Storage DAC
Offshore gas storage development
Republic of Ireland
AF
Ordinary shares
33.3%
Lake Acquisitions Limited
Holding company
United Kingdom
AG
Ordinary shares
20.0%
Sizewell C (Holding) Limited (iv)
Holding company
United Kingdom
AN
Ordinary shares
15.0%
Tickd Limited
Trade of electricity
United Kingdom
AH
Ordinary shares
20.0%
Young Energy Holding Company
Limited
Offshore windfarm development
Republic of Ireland
AE
Ordinary shares
30.0%
(i) For list of registered addresses, refer to note S10(d).
(ii) Further information on the principal joint ventures and associate investments held by the Group is disclosed in notes 6 and 14.
(iii) Entity changed its name during the year from C2 Centrica MT, LLC to EDPRNA DG Centrica MT, LLC.
(iv) Incorporated or acquired in 2025.
All Group companies principally operate within their country of incorporation unless noted otherwise.
S10. Related undertakings
(d)
List of registered addresses
Registered address key
Address
A
Millstream, Maidenhead Road, Windsor, SL4 5GD, United Kingdom
B
1 Warrington Place, Dublin 2, Republic of Ireland
C
2111 Ellsworth Boulevard, Malta NY 12020, United States
D
Woodland House, Woodland Park, Hessle, HU13 0FA, United Kingdom
E
Roderveldlaan 2 bus 2, 2600 Antwerp, Belgium
F
Wiegerbruinlaan 2A, 1422 CB Uithoorn, Netherlands
G
Suite 2400, 745 Thurlow Street, Vancouver BC V6E 0C5, Canada
H
Neuer Wall 10, 20354 Hamburg, Germany
I
60 Avenue Charles de Gaulle, Cs 60016, 92573, Neuilly sur Seine Cedex, France
J
Milan (MI), Via Emilio Cornalia 26, Italy
K
c/o Corporate Creations Network Inc., 1521 Concord Pike Suite 201, Wilmington, DE19803, United States
L
Skelagervej 1, 9000 Aalborg, Denmark
M
Esplanade 40, 20354 Hamburg, Germany
N
220 Orchard Road, #05-01 Midpoint Orchard, Singapore 238852, Republic of Singapore
O
1 Waterfront Avenue, Edinburgh, Scotland EH5 1SG, United Kingdom
P
47 Esplanade, St Helier, JE1 0BD, Jersey, Channel Islands
Q
G-74, LGF, Kalkaji, New Delhi, South Delhi, 110019, India
R
3rd floor, St George's Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man
S
Sterling Towers, 20 Marina, Lagos, Nigeria
T
48-50 Sackville Street, Port of Spain, Trinidad and Tobago
U
Box 16285, 103 25 Stockholm, Sweden
V
Hounds Gate, 30-34 Hounds Gate, Nottingham, NG1 7AB, United Kingdom
W
1 More London Place, London, SE1 2AF, United Kingdom
X
Transpolis Building, Polarisavenue 39, 2132 JH Hoofddorp, Netherlands
Y
5th floor, IQ Building, 15 Justice Mill Lane, Aberdeen, AB11 6EQ, United Kingdom
Z
c/o Advokatfirmaet Schj\u00f8dt AS Kongsg\u00e4rdbakken 3, Stavanger, Rogaland 4005, Norway
AA
1209 Orange Street, Wilmington, New Castle County, DE 19801, United States
AB
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
AC
Ul. Wysogotowska 23, 62-081 Przezmierowo, Wielkpolskie, Poland
AD
Mariagervej 58B, DK 9500 Hobro, Denmark
AE
Block 1, Harcourt Centre, Harcourt Street, Dublin 2, DO2 YA40, Republic of Ireland
AF
1 Stokes Place, St Stephen's Green, Dublin, Republic of Ireland
AG
Nova North, 11 Bressenden Place, London, SW1E 5BY, United Kingdom (i)
AH
4th Floor, Regent House, 50 Frederick Street, Birmingham, B1 3HR, United Kingdom
AI
Grain Road, Rochester, Kent, ME3 0AB, United Kingdom
AJ
Lavrska Street 20, 01601 Kyiv, Ukraine
AK
Level 5, 60 Martin Place, 2000 Sydney NSW, Australia
AL
Viale Monte Santo 1/3, 20124 Milano, Italy
AM
3 Waterfront Business Park, Dudley Road, Brierley Hill, West Midlands, DY5 1LX, United Kingdom
AN
25 Copthall Avenue, London, EC2R 7BP, United Kingdom
AO
C/O Ampa Holdings LLP Level 19, The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
(i) Lake Acquisitions Limited changed its registered address during the year from 90 Whitfield Street, London, W1T 4EZ, United Kingdom to the address listed above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "Other intangible assets and goodwill
The Group Balance Sheet contains significant intangible assets. Goodwill, customer relationships and brands usually arise
when we acquire a business. Goodwill is attributable to enhanced geographical presence, cost savings, synergies, growth
opportunities, the assembled workforce and also arises from items such as deferred tax. Goodwill is not amortised but
is\u00a0assessed for recoverability each year.
The Group uses European Union Allowances (EUAs), UK Allowances (UKAs) and Renewable Obligation Certificates/
Renewable Energy Certificates (ROCs/RECs) to satisfy its related obligations.
(a)
Carrying amounts
2025
2024
Customer
relationships
and brands
\u00a3m
Application
software
(i)(ii)
\u00a3m
EUA/UKA/
ROC/REC (iii)
\u00a3m
Goodwill
\u00a3m
Total
\u00a3m
Customer
relationships
and brands
\u00a3m
Application
software
(i)(ii)
\u00a3m
EUA/UKA/
ROC/REC (iii)
\u00a3m
Goodwill
\u00a3m
Total
\u00a3m
Cost
1 January
161
1,525
319
744
2,749
164
1,515
293
673
2,645
Acquisitions (note 12)
11
1
\u2014
17
29
\u2014
31
\u2014
81
112
Additions and capitalised
borrowing costs
\u2014
47
890
\u2014
937
\u2014
37
856
\u2014
893
Disposals/retirements and
surrenders (iv)
(1)
(610)
(921)
(31)
(1,563)
\u2014
(54)
(830)
\u2014
(884)
Transfers to disposal groups held
for sale
\u2014
\u2014
(1)
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange adjustments
2
4
\u2014
9
15
(3)
(4)
\u2014
(10)
(17)
31 December
173
967
287
739
2,166
161
1,525
319
744
2,749
Accumulated amortisation and
impairment
1 January
87
1,281
\u2014
266
1,634
84
1,255
\u2014
268
1,607
Amortisation (v)
9
76
\u2014
\u2014
85
5
81
\u2014
\u2014
86
Disposals/retirements and
surrenders (iv)
(1)
(610)
\u2014
(31)
(642)
\u2014
(54)
\u2014
\u2014
(54)
Impairments
\u2014
6
\u2014
\u2014
6
\u2014
1
\u2014
\u2014
1
Exchange adjustments
2
3
\u2014
\u2014
5
(2)
(2)
\u2014
(2)
(6)
31 December
97
756
\u2014
235
1,088
87
1,281
\u2014
266
1,634
NBV at 31 December
76
211
287
504
1,078
74
244
319
478
1,115
(i) Application software includes assets under construction with a cost of \u00a343 million (2024: \u00a328 million).
(ii) The remaining amortisation period of individually material application software assets, which have a carrying value of \u00a3109 million (2024: \u00a3132 million), is up to 15 years.
Additionally, there are \u00a316 million (2024: \u00a313 million) of individually material software assets under construction.
(iii) The Group has assessed the expected submission dates of EUA/ROC/RECs currently held and where they are expected to be surrendered within a year of purchase,
they are presented within current assets, otherwise as non-current. At 31 December 2025, \u00a3256 million (2024: \u00a3319 million) is presented within current assets.
(iv) Application software retirements relate to fully amortised software assets no longer in operational use, mainly in the Retail segment.
(v) Amortisation of \u00a385 million (2024: \u00a386 million) has been recognised in operating costs before exceptional items.
15. Other intangible assets and goodwill
(b)
Carrying amount of goodwill and intangible assets with indefinite useful lives allocated to CGUs
Goodwill acquired through business combinations, and indefinite-lived intangible assets, have been allocated for impairment testing
purposes to\u00a0individual CGUs or groups of CGUs, each representing the lowest level within the Group at which the goodwill or indefinite-
lived intangible asset is monitored for internal management purposes. Goodwill impairment testing resulted in no impairments being
recorded for the year ended 31 December 2025 (31 December 2024: \u00a3nil). See note S2 for further details on impairment assumptions.
2025
2024 (restated) (i)
31 December
Principal acquisitions to which
goodwill and intangibles with
indefinite useful lives relate
Carrying
amount of
goodwill
\u00a3m
Carrying amount of
indefinite-lived
intangible assets (ii)
\u00a3m
Total
\u00a3m
Carrying
amount of
goodwill
\u00a3m
Carrying amount of
indefinite-lived
intangible assets (ii)
\u00a3m
Total
\u00a3m
Retail
AlertMe/Dyno-Rod/Ensek/
Enron Direct/Electricity Direct/
Bord G\u00e1is Energy/Swyft
357
57
414
340
57
397
Optimisation
Neas Energy
147
\u2014
147
138
\u2014
138
504
57
561
478
57
535
(i) Comparatives have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
(ii) The indefinite-lived intangible assets relate mainly to the Dyno-Rod brand.
The Group has considered the impact of climate change on the carrying value of goodwill, including the impact of the risks and
opportunities. See note 3(c).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "Other intangible assets and goodwill
The Group Balance Sheet contains significant intangible assets. Goodwill, customer relationships and brands usually arise
when we acquire a business. Goodwill is attributable to enhanced geographical presence, cost savings, synergies, growth
opportunities, the assembled workforce and also arises from items such as deferred tax. Goodwill is not amortised but
is\u00a0assessed for recoverability each year.
The Group uses European Union Allowances (EUAs), UK Allowances (UKAs) and Renewable Obligation Certificates/
Renewable Energy Certificates (ROCs/RECs) to satisfy its related obligations.
(a)
Carrying amounts
2025
2024
Customer
relationships
and brands
\u00a3m
Application
software
(i)(ii)
\u00a3m
EUA/UKA/
ROC/REC (iii)
\u00a3m
Goodwill
\u00a3m
Total
\u00a3m
Customer
relationships
and brands
\u00a3m
Application
software
(i)(ii)
\u00a3m
EUA/UKA/
ROC/REC (iii)
\u00a3m
Goodwill
\u00a3m
Total
\u00a3m
Cost
1 January
161
1,525
319
744
2,749
164
1,515
293
673
2,645
Acquisitions (note 12)
11
1
\u2014
17
29
\u2014
31
\u2014
81
112
Additions and capitalised
borrowing costs
\u2014
47
890
\u2014
937
\u2014
37
856
\u2014
893
Disposals/retirements and
surrenders (iv)
(1)
(610)
(921)
(31)
(1,563)
\u2014
(54)
(830)
\u2014
(884)
Transfers to disposal groups held
for sale
\u2014
\u2014
(1)
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange adjustments
2
4
\u2014
9
15
(3)
(4)
\u2014
(10)
(17)
31 December
173
967
287
739
2,166
161
1,525
319
744
2,749
Accumulated amortisation and
impairment
1 January
87
1,281
\u2014
266
1,634
84
1,255
\u2014
268
1,607
Amortisation (v)
9
76
\u2014
\u2014
85
5
81
\u2014
\u2014
86
Disposals/retirements and
surrenders (iv)
(1)
(610)
\u2014
(31)
(642)
\u2014
(54)
\u2014
\u2014
(54)
Impairments
\u2014
6
\u2014
\u2014
6
\u2014
1
\u2014
\u2014
1
Exchange adjustments
2
3
\u2014
\u2014
5
(2)
(2)
\u2014
(2)
(6)
31 December
97
756
\u2014
235
1,088
87
1,281
\u2014
266
1,634
NBV at 31 December
76
211
287
504
1,078
74
244
319
478
1,115
(i) Application software includes assets under construction with a cost of \u00a343 million (2024: \u00a328 million).
(ii) The remaining amortisation period of individually material application software assets, which have a carrying value of \u00a3109 million (2024: \u00a3132 million), is up to 15 years.
Additionally, there are \u00a316 million (2024: \u00a313 million) of individually material software assets under construction.
(iii) The Group has assessed the expected submission dates of EUA/ROC/RECs currently held and where they are expected to be surrendered within a year of purchase,
they are presented within current assets, otherwise as non-current. At 31 December 2025, \u00a3256 million (2024: \u00a3319 million) is presented within current assets.
(iv) Application software retirements relate to fully amortised software assets no longer in operational use, mainly in the Retail segment.
(v) Amortisation of \u00a385 million (2024: \u00a386 million) has been recognised in operating costs before exceptional items.
15. Other intangible assets and goodwill
(b)
Carrying amount of goodwill and intangible assets with indefinite useful lives allocated to CGUs
Goodwill acquired through business combinations, and indefinite-lived intangible assets, have been allocated for impairment testing
purposes to\u00a0individual CGUs or groups of CGUs, each representing the lowest level within the Group at which the goodwill or indefinite-
lived intangible asset is monitored for internal management purposes. Goodwill impairment testing resulted in no impairments being
recorded for the year ended 31 December 2025 (31 December 2024: \u00a3nil). See note S2 for further details on impairment assumptions.
2025
2024 (restated) (i)
31 December
Principal acquisitions to which
goodwill and intangibles with
indefinite useful lives relate
Carrying
amount of
goodwill
\u00a3m
Carrying amount of
indefinite-lived
intangible assets (ii)
\u00a3m
Total
\u00a3m
Carrying
amount of
goodwill
\u00a3m
Carrying amount of
indefinite-lived
intangible assets (ii)
\u00a3m
Total
\u00a3m
Retail
AlertMe/Dyno-Rod/Ensek/
Enron Direct/Electricity Direct/
Bord G\u00e1is Energy/Swyft
357
57
414
340
57
397
Optimisation
Neas Energy
147
\u2014
147
138
\u2014
138
504
57
561
478
57
535
(i) Comparatives have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
(ii) The indefinite-lived intangible assets relate mainly to the Dyno-Rod brand.
The Group has considered the impact of climate change on the carrying value of goodwill, including the impact of the risks and
opportunities. See note 3(c).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "Other intangible assets and goodwill
The Group Balance Sheet contains significant intangible assets. Goodwill, customer relationships and brands usually arise
when we acquire a business. Goodwill is attributable to enhanced geographical presence, cost savings, synergies, growth
opportunities, the assembled workforce and also arises from items such as deferred tax. Goodwill is not amortised but
is\u00a0assessed for recoverability each year.
The Group uses European Union Allowances (EUAs), UK Allowances (UKAs) and Renewable Obligation Certificates/
Renewable Energy Certificates (ROCs/RECs) to satisfy its related obligations.
(a)
Carrying amounts
2025
2024
Customer
relationships
and brands
\u00a3m
Application
software
(i)(ii)
\u00a3m
EUA/UKA/
ROC/REC (iii)
\u00a3m
Goodwill
\u00a3m
Total
\u00a3m
Customer
relationships
and brands
\u00a3m
Application
software
(i)(ii)
\u00a3m
EUA/UKA/
ROC/REC (iii)
\u00a3m
Goodwill
\u00a3m
Total
\u00a3m
Cost
1 January
161
1,525
319
744
2,749
164
1,515
293
673
2,645
Acquisitions (note 12)
11
1
\u2014
17
29
\u2014
31
\u2014
81
112
Additions and capitalised
borrowing costs
\u2014
47
890
\u2014
937
\u2014
37
856
\u2014
893
Disposals/retirements and
surrenders (iv)
(1)
(610)
(921)
(31)
(1,563)
\u2014
(54)
(830)
\u2014
(884)
Transfers to disposal groups held
for sale
\u2014
\u2014
(1)
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange adjustments
2
4
\u2014
9
15
(3)
(4)
\u2014
(10)
(17)
31 December
173
967
287
739
2,166
161
1,525
319
744
2,749
Accumulated amortisation and
impairment
1 January
87
1,281
\u2014
266
1,634
84
1,255
\u2014
268
1,607
Amortisation (v)
9
76
\u2014
\u2014
85
5
81
\u2014
\u2014
86
Disposals/retirements and
surrenders (iv)
(1)
(610)
\u2014
(31)
(642)
\u2014
(54)
\u2014
\u2014
(54)
Impairments
\u2014
6
\u2014
\u2014
6
\u2014
1
\u2014
\u2014
1
Exchange adjustments
2
3
\u2014
\u2014
5
(2)
(2)
\u2014
(2)
(6)
31 December
97
756
\u2014
235
1,088
87
1,281
\u2014
266
1,634
NBV at 31 December
76
211
287
504
1,078
74
244
319
478
1,115
(i) Application software includes assets under construction with a cost of \u00a343 million (2024: \u00a328 million).
(ii) The remaining amortisation period of individually material application software assets, which have a carrying value of \u00a3109 million (2024: \u00a3132 million), is up to 15 years.
Additionally, there are \u00a316 million (2024: \u00a313 million) of individually material software assets under construction.
(iii) The Group has assessed the expected submission dates of EUA/ROC/RECs currently held and where they are expected to be surrendered within a year of purchase,
they are presented within current assets, otherwise as non-current. At 31 December 2025, \u00a3256 million (2024: \u00a3319 million) is presented within current assets.
(iv) Application software retirements relate to fully amortised software assets no longer in operational use, mainly in the Retail segment.
(v) Amortisation of \u00a385 million (2024: \u00a386 million) has been recognised in operating costs before exceptional items.
15. Other intangible assets and goodwill
(b)
Carrying amount of goodwill and intangible assets with indefinite useful lives allocated to CGUs
Goodwill acquired through business combinations, and indefinite-lived intangible assets, have been allocated for impairment testing
purposes to\u00a0individual CGUs or groups of CGUs, each representing the lowest level within the Group at which the goodwill or indefinite-
lived intangible asset is monitored for internal management purposes. Goodwill impairment testing resulted in no impairments being
recorded for the year ended 31 December 2025 (31 December 2024: \u00a3nil). See note S2 for further details on impairment assumptions.
2025
2024 (restated) (i)
31 December
Principal acquisitions to which
goodwill and intangibles with
indefinite useful lives relate
Carrying
amount of
goodwill
\u00a3m
Carrying amount of
indefinite-lived
intangible assets (ii)
\u00a3m
Total
\u00a3m
Carrying
amount of
goodwill
\u00a3m
Carrying amount of
indefinite-lived
intangible assets (ii)
\u00a3m
Total
\u00a3m
Retail
AlertMe/Dyno-Rod/Ensek/
Enron Direct/Electricity Direct/
Bord G\u00e1is Energy/Swyft
357
57
414
340
57
397
Optimisation
Neas Energy
147
\u2014
147
138
\u2014
138
504
57
561
478
57
535
(i) Comparatives have been restated to reflect the new operating structure of the Group. See note 1(d) for further details.
(ii) The indefinite-lived intangible assets relate mainly to the Dyno-Rod brand.
The Group has considered the impact of climate change on the carrying value of goodwill, including the impact of the risks and
opportunities. See note 3(c).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "256000000.0", "dimensions": { "concept": "cna:OtherIntangibleAssetsCurrentAssets", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-512": { "value": "319000000.0", "dimensions": { "concept": "cna:OtherIntangibleAssetsCurrentAssets", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-514": { "value": "Deferred tax assets and liabilities
Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future as a result of differences
in the accounting and tax bases of assets and liabilities. The principal deferred tax assets and liabilities recognised by the
Group relate to capital investments, decommissioning assets and provisions, tax losses, fair value movements on
derivative financial instruments, petroleum revenue tax (PRT) and pensions.
Accelerated tax
depreciation
(corporation tax)
\u00a3m
Net
decommissioning (i)
\u00a3m
Losses
carried
forward (ii)
\u00a3m
Other timing
differences
\u00a3m
Marked-to-
market
positions
\u00a3m
Net deferred
PRT (iii)
\u00a3m
Retirement
benefit
obligation
\u00a3m
Total
\u00a3m
1 January 2024
(480)
442
94
(1)
(25)
81
(79)
32
Credit/(charge) to income
71
48
(33)
54
110
(2)
(9)
239
Charge to equity
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
(7)
(11)
Exchange and other adjustments
(5)
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
(9)
31 December 2024
(414)
490
61
45
85
79
(95)
251
Credit/(charge) to income
153
42
(57)
19
(20)
(5)
(3)
129
(Charge)/credit to equity
\u2014
\u2014
\u2014
(2)
1
\u2014
124
123
Transferred to held for sale (iv)
185
(30)
(1)
1
\u2014
\u2014
\u2014
155
Reallocation of losses (v)
\u2014
\u2014
81
\u2014
(45)
\u2014
(36)
\u2014
Exchange and other adjustments
\u2014
\u2014
1
(3)
1
\u2014
\u2014
(1)
31 December 2025
(76)
502
85
60
22
74
(10)
657
(i) Net decommissioning includes deferred tax assets of \u00a3536 million ( 2024 : \u00a3605 million) in respect of decommissioning provisions.
(ii) The losses arose principally in the UK downstream business from marked-to-market positions and retirement benefit obligations.
(iii) The deferred PRT amounts include the effect of deferred corporation tax as PRT is chargeable to corporation tax.
(iv) Sale of the Cygnus field and producing assets in the South Markham area and Southern North Sea by Spirit and the sale of Centrica Business Solutions businesses in Italy
and the Netherlands. See note 12.
(v) Reallocation of losses is a presentational reclassification moving deferred tax balances into the losses carried forward category, with no impact on the total deferred tax
position.
Certain deferred tax assets and liabilities have been offset where there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate to the same fiscal authority.
2025
2024
31 December
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Gross deferred tax balances
828
(171)
791
(540)
Offsetting deferred tax balances
(169)
169
(452)
452
Net deferred tax balances (after offsetting for financial reporting purposes)
659
(2)
339
(88)
Deferred tax assets arise typically on decommissioning provisions, trading losses carried forward, retirement benefit obligations and
marked-to-market positions. Forecasts indicate that there will be suitable taxable profits to utilise those deferred tax assets not offset
against deferred tax liabilities. Specific legislative provisions applicable to gas production provide assurance that deferred tax assets relating
to decommissioning costs and certain trading losses will be utilised.
The UK gas production deferred tax assets and liabilities were measured at the headline rate of tax of 78% applicable to the UK gas profits,
consisting of 30% ring fence corporation tax, 10% supplementary charge and 38% Energy Profits Levy (EPL).
The enactment of the Finance Act 2025 on 20 March 2025 extended the EPL until 31 March 2030 from 31 March 2028. The Group\u2019s
deferred tax assets and liabilities were remeasured resulting in an increase of \u00a357 million in its deferred tax liabilities.
At the balance sheet date, the Group had \u00a31,182 million (2024: \u00a31,295 million) unrecognised deductible temporary differences related
to\u00a0carried forward tax losses and other temporary differences available for utilisation against future taxable profits.
At the balance sheet date, no taxable temporary differences existed in respect of the Group\u2019s overseas investments (2024: \u00a3nil).
The Group has applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities
related to\u00a0Pillar 2 income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "Deferred tax assets and liabilities
Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future as a result of differences
in the accounting and tax bases of assets and liabilities. The principal deferred tax assets and liabilities recognised by the
Group relate to capital investments, decommissioning assets and provisions, tax losses, fair value movements on
derivative financial instruments, petroleum revenue tax (PRT) and pensions.
Accelerated tax
depreciation
(corporation tax)
\u00a3m
Net
decommissioning (i)
\u00a3m
Losses
carried
forward (ii)
\u00a3m
Other timing
differences
\u00a3m
Marked-to-
market
positions
\u00a3m
Net deferred
PRT (iii)
\u00a3m
Retirement
benefit
obligation
\u00a3m
Total
\u00a3m
1 January 2024
(480)
442
94
(1)
(25)
81
(79)
32
Credit/(charge) to income
71
48
(33)
54
110
(2)
(9)
239
Charge to equity
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
(7)
(11)
Exchange and other adjustments
(5)
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
(9)
31 December 2024
(414)
490
61
45
85
79
(95)
251
Credit/(charge) to income
153
42
(57)
19
(20)
(5)
(3)
129
(Charge)/credit to equity
\u2014
\u2014
\u2014
(2)
1
\u2014
124
123
Transferred to held for sale (iv)
185
(30)
(1)
1
\u2014
\u2014
\u2014
155
Reallocation of losses (v)
\u2014
\u2014
81
\u2014
(45)
\u2014
(36)
\u2014
Exchange and other adjustments
\u2014
\u2014
1
(3)
1
\u2014
\u2014
(1)
31 December 2025
(76)
502
85
60
22
74
(10)
657
(i) Net decommissioning includes deferred tax assets of \u00a3536 million ( 2024 : \u00a3605 million) in respect of decommissioning provisions.
(ii) The losses arose principally in the UK downstream business from marked-to-market positions and retirement benefit obligations.
(iii) The deferred PRT amounts include the effect of deferred corporation tax as PRT is chargeable to corporation tax.
(iv) Sale of the Cygnus field and producing assets in the South Markham area and Southern North Sea by Spirit and the sale of Centrica Business Solutions businesses in Italy
and the Netherlands. See note 12.
(v) Reallocation of losses is a presentational reclassification moving deferred tax balances into the losses carried forward category, with no impact on the total deferred tax
position.
Certain deferred tax assets and liabilities have been offset where there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate to the same fiscal authority.
2025
2024
31 December
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Gross deferred tax balances
828
(171)
791
(540)
Offsetting deferred tax balances
(169)
169
(452)
452
Net deferred tax balances (after offsetting for financial reporting purposes)
659
(2)
339
(88)
Deferred tax assets arise typically on decommissioning provisions, trading losses carried forward, retirement benefit obligations and
marked-to-market positions. Forecasts indicate that there will be suitable taxable profits to utilise those deferred tax assets not offset
against deferred tax liabilities. Specific legislative provisions applicable to gas production provide assurance that deferred tax assets relating
to decommissioning costs and certain trading losses will be utilised.
The UK gas production deferred tax assets and liabilities were measured at the headline rate of tax of 78% applicable to the UK gas profits,
consisting of 30% ring fence corporation tax, 10% supplementary charge and 38% Energy Profits Levy (EPL).
The enactment of the Finance Act 2025 on 20 March 2025 extended the EPL until 31 March 2030 from 31 March 2028. The Group\u2019s
deferred tax assets and liabilities were remeasured resulting in an increase of \u00a357 million in its deferred tax liabilities.
At the balance sheet date, the Group had \u00a31,182 million (2024: \u00a31,295 million) unrecognised deductible temporary differences related
to\u00a0carried forward tax losses and other temporary differences available for utilisation against future taxable profits.
At the balance sheet date, no taxable temporary differences existed in respect of the Group\u2019s overseas investments (2024: \u00a3nil).
The Group has applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities
related to\u00a0Pillar 2 income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "Trade and other receivables and contract-related assets
Trade and other receivables include accrued income, and are amounts owed by our customers for goods we have delivered
or services we have provided. These balances are valued net of expected credit losses. Other receivables include payments
made in advance to our suppliers. Contract-related assets are balances arising as a result of the Group\u2019s contracts with
customers in the scope of IFRS 15.
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Financial assets:
Trade receivables
3,951
57
3,270
\u2014
Unbilled downstream energy income
870
\u2014
968
\u2014
Trading and energy procurement accrued income (i)
855
\u2014
1,653
\u2014
Other accrued income
83
\u2014
71
\u2014
Cash collateral posted
203
\u2014
191
\u2014
Other receivables (including contract assets) (ii)
149
62
264
52
6,111
119
6,417
52
Less: provision for credit losses
(1,818)
\u2014
(1,532)
\u2014
4,293
119
4,885
52
Non-financial assets: prepayments, other receivables and costs to obtain a contract with a
customer (iii)
382
135
319
127
4,675
254
5,204
179
(i) Trading and energy procurement counterparty receivables are typically with customers with external, published credit ratings. Such receivables have typically much
lower credit risk than downstream counterparties, are settled in a short period of time and expected credit losses are not significant.
(ii) Other receivables includes amounts owed under public service obligation schemes in Ireland of \u00a327 million (2024: \u00a390 million).
(iii) Includes costs of \u00a349 million (2024: \u00a328 million) incurred to obtain contracts with customers in the Retail segment. Costs are amortised over the expected tenure of the
customer contract. See note S2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "Trade and other receivables and contract-related assets
Trade and other receivables include accrued income, and are amounts owed by our customers for goods we have delivered
or services we have provided. These balances are valued net of expected credit losses. Other receivables include payments
made in advance to our suppliers. Contract-related assets are balances arising as a result of the Group\u2019s contracts with
customers in the scope of IFRS 15.
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Financial assets:
Trade receivables
3,951
57
3,270
\u2014
Unbilled downstream energy income
870
\u2014
968
\u2014
Trading and energy procurement accrued income (i)
855
\u2014
1,653
\u2014
Other accrued income
83
\u2014
71
\u2014
Cash collateral posted
203
\u2014
191
\u2014
Other receivables (including contract assets) (ii)
149
62
264
52
6,111
119
6,417
52
Less: provision for credit losses
(1,818)
\u2014
(1,532)
\u2014
4,293
119
4,885
52
Non-financial assets: prepayments, other receivables and costs to obtain a contract with a
customer (iii)
382
135
319
127
4,675
254
5,204
179
(i) Trading and energy procurement counterparty receivables are typically with customers with external, published credit ratings. Such receivables have typically much
lower credit risk than downstream counterparties, are settled in a short period of time and expected credit losses are not significant.
(ii) Other receivables includes amounts owed under public service obligation schemes in Ireland of \u00a327 million (2024: \u00a390 million).
(iii) Includes costs of \u00a349 million (2024: \u00a328 million) incurred to obtain contracts with customers in the Retail segment. Costs are amortised over the expected tenure of the
customer contract. See note S2.
The amounts above include gross amounts receivable arising from the Group\u2019s IFRS 15 contracts with customers of \u00a33,899 million
(2024 :\u00a0\u00a33,195 million). Additionally, accrued income of \u00a3960 million (2024: \u00a31,032 million) arising under IFRS 15 contracts is included.
Trade and other receivables include financial assets representing the contractual right to receive cash or other financial assets from
residential customers, business customers and treasury, trading and energy procurement counterparties as follows:
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Financial assets by business type:
Residential customers
3,363
64
2,897
\u2014
Business customers
1,474
55
1,517
50
Treasury, trading and energy procurement counterparties
1,274
\u2014
2,003
2
6,111
119
6,417
52
Less: provision for credit losses
(1,818)
\u2014
(1,532)
\u2014
4,293
119
4,885
52
17. Trade and other receivables and contract-related assets
Credit loss charge for trade and other receivables and contract assets
The impairment charge in trade receivables is stated net of credits for the release of specific provisions made in previous years, which are
no longer required. These relate primarily to residential and business customers in the UK. Movements in the provision for credit losses by
business type are as follows:
2025
2024
Residential
customers
\u00a3m
Business
customers
\u00a3m
Treasury,
trading
and energy
procurement
counterparties
\u00a3m
Total
\u00a3m
Residential
customers
\u00a3m
Business
customers
\u00a3m
Treasury,
trading
and energy
procurement
counterparties
\u00a3m
Total
\u00a3m
1 January
(984)
(529)
(19)
(1,532)
(850)
(443)
(16)
(1,309)
Increase in impairment of trade receivables
(predominantly related to credit impaired trade
receivables) (i) (ii) (iii)
(285)
(135)
(1)
(421)
(245)
(132)
(6)
(383)
Receivables written off (iv)
74
60
1
135
111
46
3
160
31 December
(1,195)
(604)
(19)
(1,818)
(984)
(529)
(19)
(1,532)
(i) Includes \u00a3410 million (2024: \u00a3364 million) of credit losses related to trade receivables resulting from contracts in the scope of IFRS 15.
(ii) All loss allowances reflect the lifetime expected credit losses on trade receivables and contract assets.
(iii) Excludes recovery of previously written-off receivables of \u00a33 million (2024: \u00a310 million). Due to the large number of individual receivables and the matrix approach
employed, any reduction in provision is reflected in a reduced charge for the relevant period, rather than in separately identifiable reversals of previous provisions.
(iv) Materially all write-offs relate to trade receivables where enforcement activity is ongoing. The gross carrying value of write-offs related to trade receivables where
enforcement activity is ongoing was \u00a3105 million (2024: \u00a3122 million).
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Increase in impairment provision for trade receivables (per above)
(421)
(383)
Less recovery of previously written-off receivables
3
10
Credit losses on financial assets (per Group Income Statement)
(418)
(373)
Enforcement activity continues in respect of balances that have been written off unless there are specific known circumstances (such as
bankruptcy) that render further action futile.
17. Trade and other receivables and contract-related assets
Credit loss charge for trade and other receivables and contract assets
Receivables from residential and business customers are generally considered to be credit impaired when the payment is past the
contractual due date. The Group applies different definitions of default for different groups of customers, ranging from sixty days past
the\u00a0due date to six to twelve months from the issuance of a final bill. Receivables are generally written off only once a period of time
has\u00a0elapsed since the final bill. Contractual due dates range from falling due upon receipt to falling due in thirty days from receipt.
The table below shows credit impaired balances in gross receivables (those that are past due) and those that are not yet due and therefore
not considered to be credit impaired.
Gross trade and other receivables
31 December
2025
\u00a3m
2024
\u00a3m
Balances that are not past due
3,420
4,143
Balances that are past due (i)
2,810
2,326
6,230
6,469
(i) The majority of balances that are past due relate to residential and business customers, ageing of these receivables is included in the credit risk tables in the
sections\u00a0below.
The IFRS 9 impairment model is applicable to the Group\u2019s financial assets including trade receivables, contract assets and other financial
assets using the simplified approach as described in note S3. As the majority of the relevant balances are trade receivables and contract
assets to which the simplified model applies, this disclosure focuses on these balances.
The provision for credit losses for trade receivables and contract assets is based on an expected credit loss model that calculates the
expected loss applicable to the receivable balance over its lifetime. Expected credit losses on receivables due from treasury, trading and
energy procurement counterparties are not significant (see note S3 for further analysis of this determination). For residential and business
customers default rates are calculated initially by considering historical loss experience and applied to trade receivables within a provision
matrix. The matrix approach allows application of different default rates to different groups of customers with similar characteristics. These
groups are determined by a number of factors including: the nature of the customer, the payment method selected and, where relevant,
the\u00a0sector in which they operate. The characteristics used to determine the groupings of receivables are the factors that have the greatest
impact on the likelihood of default. The rate of default increases once the balance is thirty days past due.
Concentration of credit risk in trade and other receivables
Treasury, trading and energy procurement counterparty receivables are typically with customers with external, published credit ratings.
Such receivables have typically much lower credit risk than downstream counterparties, and that risk is assessed primarily by reference
to\u00a0the credit ratings rather than to the ageing of the relevant balance. Counterparty credit rating information is given in note S3.
The Group\u2019s posted cash collateral balance has increased to \u00a3203 million in 2025 (2024: \u00a3191 million). Collateral counterparties typically
have strong credit ratings and accordingly have low credit risk; the Group does not expect credit losses to arise on these balances. See
note S3.
The majority of the Group\u2019s credit exposure arises in the Retail segment and relates to residential and business energy customers. The
credit risk associated with these customers is assessed as described above, using a combination of the age of the receivable in question,
internal ratings based on a customer\u2019s payment history, and external data from credit rating agencies and wider macroeconomic
information. The\u00a0disclosures below reflect the information that is reported internally for credit risk management purposes in these
segments.
17. Trade and other receivables and contract-related assets
Retail energy customer credit risk
Of the Group total of \u00a34,008 million (2024: \u00a33,270 million) billed trade receivables, energy customers in the Retail reporting segment
contribute \u00a33,699 million (2024: \u00a33,075 million). The Retail segment includes residential and business energy customers. As described
above, credit risk is concentrated in receivables from energy customers who pay in\u00a0arrears. Gross receivables from residential energy
customers in the UK amount to \u00a32,481 million (2024: \u00a31,945 million) and from business energy customers in the UK amount to \u00a3990 million
(2024: \u00a3910 million) and are analysed\u00a0below. The Retail segment also includes residential and business energy customers in Ireland of \u00a3125
million (2024: \u00a393 million), but these are not included in the analysis below.
Trade receivables due from
residential energy
customers as at
31 December (i)
2025
2024
Days beyond invoice date (ii)
<30 days
\u00a3m
30-90 days
\u00a3m
>90 days
\u00a3m
Total
\u00a3m
Percentage
of credit risk
<30 days
\u00a3m
30-90 days
\u00a3m
>90 days
\u00a3m
Total
\u00a3m
Percentage
of credit risk
Risk profile
Direct debits (iii)
Gross receivables
358
73
243
674
303
67
227
597
Provision
\u2014
(1)
(18)
(19)
\u2014
\u2014
(10)
(10)
Net
358
72
225
655
3%
303
67
217
587
2%
Payment on receipt of bill (iii)
Gross receivables
89
86
1,095
1,270
89
56
815
960
Provision
(4)
(13)
(551)
(568)
(4)
(8)
(445)
(457)
Net
85
73
544
702
45%
85
48
370
503
48%
Final bills (iv)
Gross receivables
19
33
485
537
19
22
347
388
Provision
(6)
(19)
(426)
(451)
(7)
(14)
(311)
(332)
Net
13
14
59
86
84%
12
8
36
56
86%
Total net residential energy
customers trade
receivables
456
159
828
1,443
42%
400
123
623
1,146
41%
Trade receivables due
from business customers
as at 31 December
Commercial and industrial (v)
Gross receivables
21
6
19
46
22
4
15
41
Provision
\u2014
\u2014
(10)
(10)
\u2014
\u2014
(10)
(10)
Net
21
6
9
36
22%
22
4
5
31
24%
Medium-sized entities
Gross receivables
40
9
123
172
41
14
105
160
Provision
\u2014
\u2014
(78)
(78)
\u2014
\u2014
(64)
(64)
Net
40
9
45
94
45%
41
14
41
96
40%
Small businesses
Gross receivables
95
46
631
772
116
59
534
709
Provision
(2)
(8)
(470)
(480)
(3)
(10)
(405)
(418)
Net
93
38
161
292
62%
113
49
129
291
59%
Total net business energy
customers trade
receivables
154
53
215
422
57%
176
67
175
418
54%
Total retail energy
customers trade
receivables
610
212
1,043
1,865
46%
576
190
798
1,564
45%
(i) The receivables information presented in this table relates to downstream customers who pay energy bills using the methods presented. For residential energy
customers, it excludes low residual credit risk amounts, such as balances in the process of recovery through pay-as-you-go energy (PAYGE) arrangements and amounts
receivable from PAYGE energy vendors. Gross amounts in the process of recovery through PAYGE arrangements at 31 December 2025 are \u00a3103 million (2024: \u00a3114
million), against which a provision of \u00a365\u00a0million is held (2024: \u00a392 million).
(ii) This ageing analysis is presented relative to invoicing date and presents receivables according to the oldest invoice outstanding with the customer. There are a range of
payment terms extended to residential energy customers. Amounts paid on receipt of a bill (PORB), which are settled using bank transfers, cash or cheques are typically
due within fourteen days of invoicing. Direct debit customers typically pay in equal instalments over a twelve-month period. For business energy customers, there are a
range of payment terms extended to business energy customers. Standard credit terms for small business customers are ten working days. Standard credit terms for
medium-sized entity customers are ten working days. Credit terms for commercial and industrial customers are bespoke and are set based on the commercial
agreement with each customer.
(iii) Receivables settled by direct debit are deemed to present a lower credit risk than PORB amounts. This is reflected in the relative level of provision held for these types
of\u00a0receivables.
(iv) Final bill customers are those who are no longer customers of the Group and have switched energy supplier. These balances are deemed to have the highest credit risk.
(v) This category includes low credit risk receivables, including those from public sector and customers with high turnover (greater than \u00a3100 million).
17. Trade and other receivables and contract-related assets
Sensitivity to changes in assumptions
Typically, the most significant assumption included within the expected credit loss provisioning model that gives rise to estimation
uncertainty is that future performance will be reflective of past performance and that there will be no significant change in the payment
profile or recovery rates within each identified group of receivables. To address this risk, the Group reviews and updates default rates,
by\u00a0group, on a regular basis to ensure they incorporate the most up to date assumptions along with forward-looking information where
available and relevant. The Group also\u00a0considers regulatory changes and customer segment specific factors that may have an impact,
now\u00a0or in the future, on the recoverability of\u00a0the balance.
The specific consideration of forward-looking information in the impairment model does not usually give rise to significant changes
in\u00a0the\u00a0levels of credit losses. However, typical household energy costs have trended upwards during 2025 and continue to cause
uncertainty in economic outlook; there remains a level of estimation uncertainty inherent in determining credit loss provisions for the
Group\u2019s trade receivables.
Where customers experience difficulties in settling balances, the increased ageing of these amounts results in an increase in provisions held
in\u00a0respect of them under the provision matrix approach employed. The Group has also considered changes in customer payment patterns,
the\u00a0specific circumstances of the customers and the economic impacts of the factors identified above, on the sectors in which they
operate. Whilst economic recovery is expected, a level of unpredictability remains apparent.
Customers are facing continued pressures relating to their cost of living, including increased energy bills. The\u00a0Group has considered
macroeconomic forecasts and sensitivities, as well as disposable income analysis from a credit rating agency, to\u00a0model and determine the
level of provisions for credit losses.
During 2025 the Group recognised credit losses net of recoveries of \u00a3418 million (2024: \u00a3373 million) in respect of financial assets,
representing 2.1% of\u00a0total Group revenue (2024: 1.9%) and 1.9% (2024: 1.5%) of total Group revenue from business performance. As
described above, the majority of\u00a0the Group\u2019s credit exposure arises in respect of receivables from energy customers in the Retail segment.
Credit losses in respect of these assets amounted to \u00a3410 million (2024: \u00a3361 million). This represents 2.7% (2024: 2.3%) of\u00a0total Retail
revenue within the scope of IFRS 15 from these segments of \u00a315,261 million (2024: \u00a315,823 million). Further details of segmental revenue are
provided in note 4.
Due to the different level of risks presented by billed and unbilled receivables, these asset groups are considered separately in the
analysis\u00a0below.
Billed trade receivables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Trade receivables
4,008
3,270
Provision
(1,759)
(1,471)
Net balance
2,249
1,799
31 December
2025
%
31 December
2024
%
Provision coverage
44
45
Sensitivity
\u00a3m
\u00a3m
Impact on billed receivables/operating profit from 1 percentage point (increase)/decrease in provision coverage (i)
(40)/40
(33)/33
(i) Credit risk in the Group is impacted by a large number of interacting factors.
Typical household energy bills have trended upwards during 2025 as wholesale prices remain high and network costs and policy levies have
increased. The operating landscape within the Retail residential portfolio remains difficult, with mixed macroeconomic conditions. Although
interest rates and inflation have fallen, unemployment has increased. Challenges relating to the performance of older aged debt persist due
to the lasting impact of both the energy crisis and warrant suspension. Both gross receivables, and the total value of the credit loss provision
have increased in value during the year. In November, the government announced an estimated \u00a3150 a year reduction in residential energy
bills by removing certain green levies from April 2026. Whilst this does not impact the gross receivable value at 31 December 2025, it may
improve cash collections, and hence reduce provisioning, on a forward-looking basis.
Within the residential customer base, management have identified billed customers who pay on receipt of their bills as being the highest
risk. Credit loss provision coverage for this cohort of customers has in fact decreased, primarily because the forward-looking expectations
of debt performance, covered by the Group\u2019s macroeconomic provision in the prior year, were more conservative than actual collections.
Although collections performance has improved slightly over the year as a result of litigation activities, this cohort of customers is a key
focus for the Retail business.
Debt recovery relating to residential energy customers remains challenging. Limited field activity continues, although warrant visits remain
suspended, with only a minimal level of voluntary credit to\u00a0prepayment meter exchanges taking place. It is unlikely to return to previous
volumes due to a stricter Code of Practice, creating uncertainty in relation to future debt recovery. This is partially mitigated by litigation
activity, however debt levels relating to distressed customer accounts are continuing to increase.
17. Trade and other receivables and contract-related assets
Gross receivables relating to business customers in the Retail segment have slightly decreased, although the provision coverage has
increased. As well as the mixed macroeconomic factors affecting residential customers above, business customers also face increased
employer National Insurance payments, as well as a rise in the National Minimum Wage. Latest figures also indicate that company
insolvencies have slightly increased during the year, suggesting that cost pressures remain. The mix between live and final debt in the
business portfolio has also changed during the year, driven by a greater volume of field activities. This has resulted in more amounts due
being classified as final, attracting a higher resultant provision rate.
The delayed impact on customer payments are now broadly reflected in the underlying matrix output\u00a0model used to record provision
coverage, hence the reduction in the additional macroeconomic provision to \u00a311 million (2024: \u00a349 million). Management considers the
impact of specific cohorts of customers referenced in the previous tables when making this assessment, recognising the different credit
terms and different risk profiles that exist. This assessment also utilises a range of factors, both internal and external, historic and forward-
looking, and considers the sensitivities of these to help management estimate the likely recovery of debt.
It remains uncertain as to when and how these factors will reduce the collectability of debt and at what scale. Future changes in commodity
prices may also impact this. The table above and the unbilled section below provide details of the sensitivity of moving the debt\u00a0provision by
a further 1%.
The Group\u2019s services, infrastructure and trading operations are less susceptible to credit risk. No significant deterioration of credit risk has
been experienced or is expected in the relevant segments in respect of billed trade receivables recognised at 31 December 2025, taking
into account cash collection cycles in those areas of the Group and credit rating information (see note S3).
Unbilled downstream energy income
The table below shows the IFRS 15 unbilled downstream energy income for the Group as\u00a0a whole.
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Gross unbilled receivables
870
968
Provision
(59)
(61)
Net balance
811
907
31 December
2025
%
31 December
2024
%
Provision coverage
7
6
Sensitivity
\u00a3m
\u00a3m
Impact on unbilled receivables/operating profit from 1 percentage point (increase)/decrease in provision coverage (i)
(9)/9
(10)/10
(i) Credit risk in the Group is impacted by a large number of interacting factors.
Unbilled downstream energy income is typically provided at a significantly lower rate than billed debt. This is because a large proportion
of\u00a0this debt once billed will be subject to the very short cash collection cycles of the Group\u2019s downstream energy supply businesses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
Credit loss charge for trade and other receivables and contract assets
The impairment charge in trade receivables is stated net of credits for the release of specific provisions made in previous years, which are
no longer required. These relate primarily to residential and business customers in the UK. Movements in the provision for credit losses by
business type are as follows:
2025
2024
Residential
customers
\u00a3m
Business
customers
\u00a3m
Treasury,
trading
and energy
procurement
counterparties
\u00a3m
Total
\u00a3m
Residential
customers
\u00a3m
Business
customers
\u00a3m
Treasury,
trading
and energy
procurement
counterparties
\u00a3m
Total
\u00a3m
1 January
(984)
(529)
(19)
(1,532)
(850)
(443)
(16)
(1,309)
Increase in impairment of trade receivables
(predominantly related to credit impaired trade
receivables) (i) (ii) (iii)
(285)
(135)
(1)
(421)
(245)
(132)
(6)
(383)
Receivables written off (iv)
74
60
1
135
111
46
3
160
31 December
(1,195)
(604)
(19)
(1,818)
(984)
(529)
(19)
(1,532)
(i) Includes \u00a3410 million (2024: \u00a3364 million) of credit losses related to trade receivables resulting from contracts in the scope of IFRS 15.
(ii) All loss allowances reflect the lifetime expected credit losses on trade receivables and contract assets.
(iii) Excludes recovery of previously written-off receivables of \u00a33 million (2024: \u00a310 million). Due to the large number of individual receivables and the matrix approach
employed, any reduction in provision is reflected in a reduced charge for the relevant period, rather than in separately identifiable reversals of previous provisions.
(iv) Materially all write-offs relate to trade receivables where enforcement activity is ongoing. The gross carrying value of write-offs related to trade receivables where
enforcement activity is ongoing was \u00a3105 million (2024: \u00a3122 million).
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Increase in impairment provision for trade receivables (per above)
(421)
(383)
Less recovery of previously written-off receivables
3
10
Credit losses on financial assets (per Group Income Statement)
(418)
(373)
Enforcement activity continues in respect of balances that have been written off unless there are specific known circumstances (such as
bankruptcy) that render further action futile.
17. Trade and other receivables and contract-related assets
Credit loss charge for trade and other receivables and contract assets
Receivables from residential and business customers are generally considered to be credit impaired when the payment is past the
contractual due date. The Group applies different definitions of default for different groups of customers, ranging from sixty days past
the\u00a0due date to six to twelve months from the issuance of a final bill. Receivables are generally written off only once a period of time
has\u00a0elapsed since the final bill. Contractual due dates range from falling due upon receipt to falling due in thirty days from receipt.
The table below shows credit impaired balances in gross receivables (those that are past due) and those that are not yet due and therefore
not considered to be credit impaired.
Gross trade and other receivables
31 December
2025
\u00a3m
2024
\u00a3m
Balances that are not past due
3,420
4,143
Balances that are past due (i)
2,810
2,326
6,230
6,469
(i) The majority of balances that are past due relate to residential and business customers, ageing of these receivables is included in the credit risk tables in the
sections\u00a0below.
The IFRS 9 impairment model is applicable to the Group\u2019s financial assets including trade receivables, contract assets and other financial
assets using the simplified approach as described in note S3. As the majority of the relevant balances are trade receivables and contract
assets to which the simplified model applies, this disclosure focuses on these balances.
The provision for credit losses for trade receivables and contract assets is based on an expected credit loss model that calculates the
expected loss applicable to the receivable balance over its lifetime. Expected credit losses on receivables due from treasury, trading and
energy procurement counterparties are not significant (see note S3 for further analysis of this determination). For residential and business
customers default rates are calculated initially by considering historical loss experience and applied to trade receivables within a provision
matrix. The matrix approach allows application of different default rates to different groups of customers with similar characteristics. These
groups are determined by a number of factors including: the nature of the customer, the payment method selected and, where relevant,
the\u00a0sector in which they operate. The characteristics used to determine the groupings of receivables are the factors that have the greatest
impact on the likelihood of default. The rate of default increases once the balance is thirty days past due.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "Inventories
Inventories represent assets that we intend to use in future periods, either by selling the asset itself (e.g. gas in storage) or\u00a0by
using it to provide a service to a customer.
31 December
2025
\u00a3m
2024
\u00a3m
Gas in storage and transportation (i)
212
745
Other raw materials and consumables
96
120
Finished goods and goods for resale
31
39
339
904
(i) Includ es gas in storage held at fair value of \u00a3193 million ( 2024: \u00a3364 million).
The Group consumed \u00a31,294 million of inventories (2024 : \u00a31,806 million) during the year. Write-downs amounting to \u00a38 million
(2024:\u00a0\u00a314\u00a0million) were charged to the Group Income Statement in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "Derivative financial instruments
The Group generally uses derivative financial instruments to manage the risk arising from fluctuations in the value of certain
assets or liabilities associated with treasury management and energy sales and procurement, and for proprietary energy
trading purposes. The Group also uses derivatives to hedge exchange risk.
For accounting purposes, derivatives are either classified as held for trading, in which case changes in their fair value are
recognised in the Group Income Statement, or they are designated in hedging relationships. Where derivatives are in hedging
relationships, the treatment of changes in their fair value depends on the nature of that relationship, and whether it represents
a fair value hedge or a cash flow hedge. Note S5 provides further detail on\u00a0the Group\u2019s hedge accounting. The table below
gives a high-level summary of the Group\u2019s accounting for its derivative contracts.
Purpose
Classification
Accounting treatment
Proprietary energy trading and
treasury management
Held for trading and fair
value hedges
Changes in fair value recognised in the Group\u2019s business performance results for
the\u00a0year
Treasury management
Cash flow hedges
Effective portion of hedge initially recognised in the Group Statement of Other
Comprehensive Income. Gains and losses are recycled to the Group Income Statement
when the hedged item impacts profit or loss. Ineffective portions of the hedge are
recognised immediately in the Group\u2019s business performance results for the\u00a0year
Energy procurement and
optimisation
Held for trading
Changes in fair value recognised in the Group\u2019s exceptional items and certain
re-measurements results for the year
The carrying values of derivative financial instruments by product type for accounting purposes are as follows:
2025
2024
31 December
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Derivative financial instruments \u2013 held for trading under IFRS 9:
Energy derivatives \u2013 for procurement/optimisation
513
(426)
530
(251)
Energy derivatives \u2013 for proprietary trading
285
(393)
886
(913)
Foreign exchange derivatives
40
(106)
128
(83)
Derivative financial instruments in hedge accounting relationships:
Interest rate derivatives
\u2014
(95)
\u2014
(134)
Foreign exchange derivatives
38
(16)
32
(6)
Total derivative financial instruments
876
(1,036)
1,576
(1,387)
Included within:
Derivative financial instruments \u2013 current
600
(693)
1,309
(932)
Derivative financial instruments \u2013 non-current
276
(343)
267
(455)
The contracts included within energy derivatives are subject to a wide range of detailed specific terms, but comprise the following general
components, analysed on a net carrying value basis:
31 December
2025
\u00a3m
2024
\u00a3m
Short-term forward market purchases and sales of gas and electricity:
UK and Europe
122
125
Other derivative contracts including structured gas sale and purchase arrangements
(144)
127
Net total
(22)
252
Net (losses)/gains on derivative financial instruments due to change in fair value
2025
2024
31 December
Income
Statement
\u00a3m
Equity
\u00a3m
Income
Statement
\u00a3m
Equity
\u00a3m
Financial assets and liabilities measured at fair value:
Derivative financial instruments \u2013 held for trading
(458)
\u2014
20
\u2014
Derivative financial instruments in hedge accounting relationships
40
(5)
(14)
(8)
(418)
(5)
6
(8)
Sources of finance
(a) Capital structure
The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the table below:
31 December
2025
\u00a3m
2024
\u00a3m
Gross debt
2,892
2,974
Shareholders\u2019 equity
3,085
4,422
Capital
5,977
7,396
Debt levels are restricted to limit the risk of financial distress and, in particular, to maintain a strong credit profile. The Group\u2019s credit standing
is important for several reasons: to maintain a low cost of debt, limit collateral requirements in energy trading, hedging and decommissioning
security arrangements, and to ensure the Group is an attractive counterparty to energy producers and long-term customers.
The Group monitors its current and projected capital position on a regular basis, considering a medium-term view of at least three years,
and\u00a0different stress case scenarios, including the impact of changes in the Group\u2019s credit ratings and significant movements in commodity
prices. A\u00a0number of financial ratios are monitored, including those used by the credit rating agencies.
The level of debt that can be raised by the Group is restricted by the Company\u2019s Articles of Association. Borrowing is limited to the higher
of\u00a0\u00a310\u00a0billion and a gearing ratio of three times shareholders\u2019 equity. The Group funds its long-term debt requirements through issuing bonds
in the capital markets and taking bank debt. Short-term debt requirements are met primarily through commercial paper or short-term bank
borrowings. The Group maintains substantial committed facilities and uses these to provide liquidity for general corporate purposes,
including short-term business requirements and back-up for commercial paper.
British Gas Insurance Limited (BGIL) is required to hold a minimum capital amount under PRA regulations and has complied with this
requirement since its inception. BGIL\u2019s capital risk appetite, which is approved by the board, exceeds the PRA capital requirements.
BGIL\u2019s capital management policy and plan are subject to review and approval by the BGIL board. Reporting processes provide relevant
and\u00a0timely capital information to management and the board. A medium-term capital management plan forms part of BGIL\u2019s planning and
forecasting process, embedded into approved timelines, management reviews and board approvals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "Derivative financial instruments
The Group generally uses derivative financial instruments to manage the risk arising from fluctuations in the value of certain
assets or liabilities associated with treasury management and energy sales and procurement, and for proprietary energy
trading purposes. The Group also uses derivatives to hedge exchange risk.
For accounting purposes, derivatives are either classified as held for trading, in which case changes in their fair value are
recognised in the Group Income Statement, or they are designated in hedging relationships. Where derivatives are in hedging
relationships, the treatment of changes in their fair value depends on the nature of that relationship, and whether it represents
a fair value hedge or a cash flow hedge. Note S5 provides further detail on\u00a0the Group\u2019s hedge accounting. The table below
gives a high-level summary of the Group\u2019s accounting for its derivative contracts.
Purpose
Classification
Accounting treatment
Proprietary energy trading and
treasury management
Held for trading and fair
value hedges
Changes in fair value recognised in the Group\u2019s business performance results for
the\u00a0year
Treasury management
Cash flow hedges
Effective portion of hedge initially recognised in the Group Statement of Other
Comprehensive Income. Gains and losses are recycled to the Group Income Statement
when the hedged item impacts profit or loss. Ineffective portions of the hedge are
recognised immediately in the Group\u2019s business performance results for the\u00a0year
Energy procurement and
optimisation
Held for trading
Changes in fair value recognised in the Group\u2019s exceptional items and certain
re-measurements results for the year
The carrying values of derivative financial instruments by product type for accounting purposes are as follows:
2025
2024
31 December
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Derivative financial instruments \u2013 held for trading under IFRS 9:
Energy derivatives \u2013 for procurement/optimisation
513
(426)
530
(251)
Energy derivatives \u2013 for proprietary trading
285
(393)
886
(913)
Foreign exchange derivatives
40
(106)
128
(83)
Derivative financial instruments in hedge accounting relationships:
Interest rate derivatives
\u2014
(95)
\u2014
(134)
Foreign exchange derivatives
38
(16)
32
(6)
Total derivative financial instruments
876
(1,036)
1,576
(1,387)
Included within:
Derivative financial instruments \u2013 current
600
(693)
1,309
(932)
Derivative financial instruments \u2013 non-current
276
(343)
267
(455)
The contracts included within energy derivatives are subject to a wide range of detailed specific terms, but comprise the following general
components, analysed on a net carrying value basis:
31 December
2025
\u00a3m
2024
\u00a3m
Short-term forward market purchases and sales of gas and electricity:
UK and Europe
122
125
Other derivative contracts including structured gas sale and purchase arrangements
(144)
127
Net total
(22)
252
Net (losses)/gains on derivative financial instruments due to change in fair value
2025
2024
31 December
Income
Statement
\u00a3m
Equity
\u00a3m
Income
Statement
\u00a3m
Equity
\u00a3m
Financial assets and liabilities measured at fair value:
Derivative financial instruments \u2013 held for trading
(458)
\u2014
20
\u2014
Derivative financial instruments in hedge accounting relationships
40
(5)
(14)
(8)
(418)
(5)
6
(8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "Trade and other payables and contract liabilities
Trade and other payables include accruals and are principally amounts we owe to our suppliers. Financial deferred income
represents monies received from customers in advance of the delivery of goods or services that may be returned to the
customer if future delivery does not occur. For example, downstream customers with a credit balance may request
repayment of the outstanding amount in cash, rather than taking delivery of commodity. By contrast, contract liabilities and
non-financial deferred income arise when the Group receives consideration from a customer in advance of performance,
and has a non-financial liability to deliver future goods or services in return.
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Financial liabilities:
Trade payables
(379)
(3)
(363)
(3)
Deferred income (i)
(923)
\u2014
(935)
\u2014
Capital payables
(92)
\u2014
(137)
\u2014
Cash collateral received
(81)
\u2014
(162)
\u2014
Other payables (ii)
(340)
(71)
(375)
(91)
Accruals:
Commodity costs
(1,588)
\u2014
(2,272)
\u2014
Transportation, distribution and metering costs
(411)
\u2014
(335)
\u2014
Operating and other accruals
(714)
(54)
(887)
(77)
(2,713)
(54)
(3,494)
(77)
(4,528)
(128)
(5,466)
(171)
Non-financial liabilities:
Other payables and accruals (iii)
(993)
\u2014
(832)
\u2014
Contract liabilities
(16)
(3)
(33)
\u2014
Deferred income
(44)
(7)
(61)
(4)
(5,581)
(138)
(6,392)
(175)
(i) Deferred income includes downstre am customer credit balances for amounts billed in advance of energy supply. The amount naturally peaks over summer as customers
consume less and will unwind as consumption of gas and electricity increases over winter.
(ii) Other payables includes contingent consideration of \u00a3109 million (2024: \u00a3100 million) and the share buyback liability of \u00a314 million (2024: \u00a375 million). See note S4 for
further details on the share buyback programme.
(iii) Other non-financial payables and accruals includes ROCs creditors of \u00a3689 million (2024: \u00a3660 million).
Maturity profile of financial liabilities within current trade and other payables
31 December
2025
\u00a3m
2024
\u00a3m
Less than 90 days
(4,183)
(5,090)
90 to 182 days
(117)
(128)
183 to 365 days
(228)
(248)
(4,528)
(5,466)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "Trade and other payables and contract liabilities
Trade and other payables include accruals and are principally amounts we owe to our suppliers. Financial deferred income
represents monies received from customers in advance of the delivery of goods or services that may be returned to the
customer if future delivery does not occur. For example, downstream customers with a credit balance may request
repayment of the outstanding amount in cash, rather than taking delivery of commodity. By contrast, contract liabilities and
non-financial deferred income arise when the Group receives consideration from a customer in advance of performance,
and has a non-financial liability to deliver future goods or services in return.
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Financial liabilities:
Trade payables
(379)
(3)
(363)
(3)
Deferred income (i)
(923)
\u2014
(935)
\u2014
Capital payables
(92)
\u2014
(137)
\u2014
Cash collateral received
(81)
\u2014
(162)
\u2014
Other payables (ii)
(340)
(71)
(375)
(91)
Accruals:
Commodity costs
(1,588)
\u2014
(2,272)
\u2014
Transportation, distribution and metering costs
(411)
\u2014
(335)
\u2014
Operating and other accruals
(714)
(54)
(887)
(77)
(2,713)
(54)
(3,494)
(77)
(4,528)
(128)
(5,466)
(171)
Non-financial liabilities:
Other payables and accruals (iii)
(993)
\u2014
(832)
\u2014
Contract liabilities
(16)
(3)
(33)
\u2014
Deferred income
(44)
(7)
(61)
(4)
(5,581)
(138)
(6,392)
(175)
(i) Deferred income includes downstre am customer credit balances for amounts billed in advance of energy supply. The amount naturally peaks over summer as customers
consume less and will unwind as consumption of gas and electricity increases over winter.
(ii) Other payables includes contingent consideration of \u00a3109 million (2024: \u00a3100 million) and the share buyback liability of \u00a314 million (2024: \u00a375 million). See note S4 for
further details on the share buyback programme.
(iii) Other non-financial payables and accruals includes ROCs creditors of \u00a3689 million (2024: \u00a3660 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "Trade and other payables and contract liabilities
Trade and other payables include accruals and are principally amounts we owe to our suppliers. Financial deferred income
represents monies received from customers in advance of the delivery of goods or services that may be returned to the
customer if future delivery does not occur. For example, downstream customers with a credit balance may request
repayment of the outstanding amount in cash, rather than taking delivery of commodity. By contrast, contract liabilities and
non-financial deferred income arise when the Group receives consideration from a customer in advance of performance,
and has a non-financial liability to deliver future goods or services in return.
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Financial liabilities:
Trade payables
(379)
(3)
(363)
(3)
Deferred income (i)
(923)
\u2014
(935)
\u2014
Capital payables
(92)
\u2014
(137)
\u2014
Cash collateral received
(81)
\u2014
(162)
\u2014
Other payables (ii)
(340)
(71)
(375)
(91)
Accruals:
Commodity costs
(1,588)
\u2014
(2,272)
\u2014
Transportation, distribution and metering costs
(411)
\u2014
(335)
\u2014
Operating and other accruals
(714)
(54)
(887)
(77)
(2,713)
(54)
(3,494)
(77)
(4,528)
(128)
(5,466)
(171)
Non-financial liabilities:
Other payables and accruals (iii)
(993)
\u2014
(832)
\u2014
Contract liabilities
(16)
(3)
(33)
\u2014
Deferred income
(44)
(7)
(61)
(4)
(5,581)
(138)
(6,392)
(175)
(i) Deferred income includes downstre am customer credit balances for amounts billed in advance of energy supply. The amount naturally peaks over summer as customers
consume less and will unwind as consumption of gas and electricity increases over winter.
(ii) Other payables includes contingent consideration of \u00a3109 million (2024: \u00a3100 million) and the share buyback liability of \u00a314 million (2024: \u00a375 million). See note S4 for
further details on the share buyback programme.
(iii) Other non-financial payables and accruals includes ROCs creditors of \u00a3689 million (2024: \u00a3660 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "Trade and other payables and contract liabilities
Trade and other payables include accruals and are principally amounts we owe to our suppliers. Financial deferred income
represents monies received from customers in advance of the delivery of goods or services that may be returned to the
customer if future delivery does not occur. For example, downstream customers with a credit balance may request
repayment of the outstanding amount in cash, rather than taking delivery of commodity. By contrast, contract liabilities and
non-financial deferred income arise when the Group receives consideration from a customer in advance of performance,
and has a non-financial liability to deliver future goods or services in return.
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Financial liabilities:
Trade payables
(379)
(3)
(363)
(3)
Deferred income (i)
(923)
\u2014
(935)
\u2014
Capital payables
(92)
\u2014
(137)
\u2014
Cash collateral received
(81)
\u2014
(162)
\u2014
Other payables (ii)
(340)
(71)
(375)
(91)
Accruals:
Commodity costs
(1,588)
\u2014
(2,272)
\u2014
Transportation, distribution and metering costs
(411)
\u2014
(335)
\u2014
Operating and other accruals
(714)
(54)
(887)
(77)
(2,713)
(54)
(3,494)
(77)
(4,528)
(128)
(5,466)
(171)
Non-financial liabilities:
Other payables and accruals (iii)
(993)
\u2014
(832)
\u2014
Contract liabilities
(16)
(3)
(33)
\u2014
Deferred income
(44)
(7)
(61)
(4)
(5,581)
(138)
(6,392)
(175)
(i) Deferred income includes downstre am customer credit balances for amounts billed in advance of energy supply. The amount naturally peaks over summer as customers
consume less and will unwind as consumption of gas and electricity increases over winter.
(ii) Other payables includes contingent consideration of \u00a3109 million (2024: \u00a3100 million) and the share buyback liability of \u00a314 million (2024: \u00a375 million). See note S4 for
further details on the share buyback programme.
(iii) Other non-financial payables and accruals includes ROCs creditors of \u00a3689 million (2024: \u00a3660 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "Provisions for other liabilities
Provisions are recognised when an obligation exists that can be reliably measured, but where there is uncertainty over the
timing and/or amount of the payment. The main provisions relate to decommissioning costs for Infrastructure assets we
own, or have owned, which require restoration or remediation, along with onerous supply contracts. Further provisions
relate to restructuring costs, and legal and regulatory matters.
1 January 2025
\u00a3m
Charged in
the year
\u00a3m
Unused and
reversed in
the year
\u00a3m
Utilised
\u00a3m
Transfers (v)
\u00a3m
Exchange
adjustments
\u00a3m
31 December
2025
\u00a3m
Current
Restructuring costs
(8)
(18)
8
7
(5)
\u2014
(16)
Decommissioning costs (i) (ii)
(103)
\u2014
\u2014
71
(125)
\u2014
(157)
Onerous contracts provision (iii)
(104)
(40)
1
109
(2)
2
(34)
Other (iv)
(153)
(46)
32
70
(13)
(1)
(111)
Total
(368)
(104)
41
257
(145)
1
(318)
1 January 2025
\u00a3m
Charged in
the year
\u00a3m
Notional
interest
\u00a3m
Unused and
reversed in
the year
\u00a3m
Revisions and
additions
\u00a3m
Transfers (v)
\u00a3m
Transfers to
disposal
groups held
for sale (vi)
\u00a3m
Exchange
adjustments
\u00a3m
31 December
2025
\u00a3m
Non-current
Restructuring costs
(7)
\u2014
\u2014
\u2014
\u2014
5
\u2014
\u2014
(2)
Decommissioning costs (i) (ii)
(1,356)
(47)
(26)
22
16
125
129
(8)
(1,145)
Onerous contracts provision (iii)
(15)
(28)
\u2014
\u2014
\u2014
2
\u2014
\u2014
(41)
Other (iv)
(115)
(13)
\u2014
39
(7)
13
\u2014
\u2014
(83)
Total
(1,493)
(88)
(26)
61
9
145
129
(8)
(1,271)
Included within the above liabilities are the following financial liabilities:
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Restructuring costs
(16)
(2)
(8)
(7)
Provisions other than restructuring costs
(134)
(104)
(249)
(113)
(150)
(106)
(257)
(120)
Maturity profile of decommissioning provisions
31 December
2025
\u00a3m
2026-2030
(734)
2031-2035
(549)
2036-2040
(13)
2041-2045
(1)
2046-2050
(1)
2051-2055
(2)
2056-2060
(1)
2061 or later
(1)
(1,302)
(i) Provision has been made for the estimated net present cost of decommissioning gas production facilities at the end of their useful lives. The estimate has been based
on\u00a02P reserves, price levels and technology at the balance sheet date. The payment dates of decommissioning costs are dependent on the lives of the facilities, but
utilisation of the provision is expected to occur until the 2060s. The maturity profile of total decommissioning provisions is analysed above. The rate used to discount
decommissioning provisions is 2% (2024 : 2%). See note 3.
(ii) Included in the provision balance as at 31 December 2025 is \u00a3961 million (2024: \u00a31,139 million) held in Spirit Energy, \u00a3321 million (2024: \u00a3302 million) in relation to the
Rough field, and \u00a320 million (2024: \u00a318 million) in the remainder of the business.
(iii) The onerous contracts provision includes a charge of \u00a3(49) million (2024: \u00a3(82) million) and utilisation of \u00a399 million (2024: \u00a3nil) related to movements in onerous LNG
contract provisions. See note 7.
(iv) Other provisions have been made for dilapidations, insurance, legal, warranty, regulatory and various other claims, including in relation to Ofgem\u2019s ongoing investigation
into British Gas\u2019s legacy arrangements for the installation of prepayment meters under warrant. Utilisation of the non-current other provision balance is expected to
occur by the early 2030s.
(v) Transfers relate to amounts transferred between current and non-current provisions.
(vi) Transfers to disposal groups held for sale relate to the sales of the Cygnus fields in the Infrastructure segment. \u00a385 million relates to the disposal that completed in
October 2025. The remaining \u00a344 million relates to the subsequent disposal agreed in December 2025 which remained held for sale at the year end date. See note 12 for
further details.
Contingent liabilitiesThe Group has no material contingent liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "Provisions for other liabilities
Provisions are recognised when an obligation exists that can be reliably measured, but where there is uncertainty over the
timing and/or amount of the payment. The main provisions relate to decommissioning costs for Infrastructure assets we
own, or have owned, which require restoration or remediation, along with onerous supply contracts. Further provisions
relate to restructuring costs, and legal and regulatory matters.
1 January 2025
\u00a3m
Charged in
the year
\u00a3m
Unused and
reversed in
the year
\u00a3m
Utilised
\u00a3m
Transfers (v)
\u00a3m
Exchange
adjustments
\u00a3m
31 December
2025
\u00a3m
Current
Restructuring costs
(8)
(18)
8
7
(5)
\u2014
(16)
Decommissioning costs (i) (ii)
(103)
\u2014
\u2014
71
(125)
\u2014
(157)
Onerous contracts provision (iii)
(104)
(40)
1
109
(2)
2
(34)
Other (iv)
(153)
(46)
32
70
(13)
(1)
(111)
Total
(368)
(104)
41
257
(145)
1
(318)
1 January 2025
\u00a3m
Charged in
the year
\u00a3m
Notional
interest
\u00a3m
Unused and
reversed in
the year
\u00a3m
Revisions and
additions
\u00a3m
Transfers (v)
\u00a3m
Transfers to
disposal
groups held
for sale (vi)
\u00a3m
Exchange
adjustments
\u00a3m
31 December
2025
\u00a3m
Non-current
Restructuring costs
(7)
\u2014
\u2014
\u2014
\u2014
5
\u2014
\u2014
(2)
Decommissioning costs (i) (ii)
(1,356)
(47)
(26)
22
16
125
129
(8)
(1,145)
Onerous contracts provision (iii)
(15)
(28)
\u2014
\u2014
\u2014
2
\u2014
\u2014
(41)
Other (iv)
(115)
(13)
\u2014
39
(7)
13
\u2014
\u2014
(83)
Total
(1,493)
(88)
(26)
61
9
145
129
(8)
(1,271)
Included within the above liabilities are the following financial liabilities:
2025
2024
31 December
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Restructuring costs
(16)
(2)
(8)
(7)
Provisions other than restructuring costs
(134)
(104)
(249)
(113)
(150)
(106)
(257)
(120)
Maturity profile of decommissioning provisions
31 December
2025
\u00a3m
2026-2030
(734)
2031-2035
(549)
2036-2040
(13)
2041-2045
(1)
2046-2050
(1)
2051-2055
(2)
2056-2060
(1)
2061 or later
(1)
(1,302)
(i) Provision has been made for the estimated net present cost of decommissioning gas production facilities at the end of their useful lives. The estimate has been based
on\u00a02P reserves, price levels and technology at the balance sheet date. The payment dates of decommissioning costs are dependent on the lives of the facilities, but
utilisation of the provision is expected to occur until the 2060s. The maturity profile of total decommissioning provisions is analysed above. The rate used to discount
decommissioning provisions is 2% (2024 : 2%). See note 3.
(ii) Included in the provision balance as at 31 December 2025 is \u00a3961 million (2024: \u00a31,139 million) held in Spirit Energy, \u00a3321 million (2024: \u00a3302 million) in relation to the
Rough field, and \u00a320 million (2024: \u00a318 million) in the remainder of the business.
(iii) The onerous contracts provision includes a charge of \u00a3(49) million (2024: \u00a3(82) million) and utilisation of \u00a399 million (2024: \u00a3nil) related to movements in onerous LNG
contract provisions. See note 7.
(iv) Other provisions have been made for dilapidations, insurance, legal, warranty, regulatory and various other claims, including in relation to Ofgem\u2019s ongoing investigation
into British Gas\u2019s legacy arrangements for the installation of prepayment meters under warrant. Utilisation of the non-current other provision balance is expected to
occur by the early 2030s.
(v) Transfers relate to amounts transferred between current and non-current provisions.
(vi) Transfers to disposal groups held for sale relate to the sales of the Cygnus fields in the Infrastructure segment. \u00a385 million relates to the disposal that completed in
October 2025. The remaining \u00a344 million relates to the subsequent disposal agreed in December 2025 which remained held for sale at the year end date. See note 12 for
further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "Post-retirement benefits
The Group manages a number of final salary and career average defined benefit pension schemes. It also has defined
contribution schemes. The majority of these schemes are in the UK.
(a)
Summary of main post-retirement benefit schemes
Number
of\u00a0active
members
as at
31 December
2025
Total
membership
as at
31 December
2025
Name of scheme
Type of benefit
Status
Country
Centrica Engineers Pension
Scheme
Defined benefit final salary pension
Closed to new members in 2006
UK
1,303
8,341
Defined benefit career average pension
Closed to new members in 2022
UK
2,333
7,067
Centrica Pension Plan
Defined benefit final salary pension
Closed to new members in 2003
UK
1,225
8,328
Centrica Pension Scheme
Defined benefit final salary pension
Closed to new members in 2003
UK
1
9,934
Defined benefit career average pension
Closed to new members in 2008
UK
664
4,124
Centrica Savings Plan
Defined contribution pension
Open to new members
UK
13,345
14,871
Centrica Leavers Savings Plan
Defined contribution pension
Deferred members only
UK
\u2014
10,351
Bord G\u00e1is Energy Company
Defined Benefit Pension Scheme
Defined benefit final salary pension
Closed to new members in 2014
Republic
of Ireland
80
168
Bord G\u00e1is Energy Company
Defined Contribution Pension Plan
Defined contribution pension
Open to new members
Republic
of Ireland
433
634
The Centrica Engineers Pension Scheme (CEPS), Centrica Pension Plan (CPP) and Centrica Pension Scheme (CPS) form the
significant majority of the Group\u2019s defined benefit obligation and are referred to below as the \u2018Registered Pension Schemes\u2019.
The\u00a0other schemes are individually, and in aggregate, immaterial.
Independent valuations
The Registered Pension Schemes are subject to independent valuations at least every three years, on the basis of which the qualified
actuary certifies the rate of employer contributions, which together with the specified contributions payable by the employees and
proceeds from the schemes\u2019 assets, are expected to be sufficient to fund the benefits payable under the schemes.
The latest full actuarial valuations agreed and finalised with the Pension Trustees were carried out at the following dates: the Registered
Pension Schemes at 31 March 2024 and the Bord G\u00e1is Energy Company Defined Benefit Pension Scheme at\u00a01 January 2023. These
valuations have been updated to 31 December 2025 for the purpose of meeting the requirements of IAS 19. Investments held\u00a0in all schemes
have been valued for this purpose at market value. In February 2025, full actuarial valuations of the Registered Pension Schemes at 31 March
2024 were agreed and finalised with the Pension Trustees. The impact on pension scheme contributions is shown in note 22(g). These
valuations will be updated prospectively in future reporting periods for the purpose of meeting the requirements of IAS 19.
Governance
The Registered Pension Schemes are managed by trustee companies whose boards consist of both company-nominated and member-
nominated Directors. Each scheme holds units in the Centrica Combined Common Investment Fund (CCCIF), which holds the majority
of\u00a0the combined assets of the Registered Pension Schemes. The board of the CCCIF is currently comprised of seven directors: two
independent directors (including the Chair), two directors appointed by Centrica plc and one director appointed by each of the three
Registered Pension Schemes.
Under the terms of the Pensions Act 2004, Centrica plc and each trustee board must agree the funding rate for its defined benefit
pension\u00a0scheme and a recovery plan to fund any deficit against the scheme-specific statutory funding objective. This approach was first
adopted for the\u00a0triennial valuations completed at 31 March 2006, and has been reflected in subsequent valuations, including the 31 March
2024 valuation.
22. Post-retirement benefits
(b)
Risks
The Registered Pension Schemes expose the Group to the following risks:
Asset volatility
The pension liabilities are calculated using a discount rate set with reference to AA corporate bond yields. If the growth in plan assets
is\u00a0lower than this, this will create an actuarial loss within other equity. The CCCIF is responsible for managing the assets of each scheme
in\u00a0line with the risk tolerances that have been set by the Trustees of the schemes, and invests in a diversified portfolio of assets. The
schemes are relatively young in nature (the schemes opened in 1997 on the formation of Centrica plc on demerger from BG plc (formerly
British Gas plc)), and only took on past service liabilities in respect of active employees.
The Trustees reduce their tolerance to scheme valuation risk by hedging a significant majority of the long term inflation and interest rate risk.
This de-risking includes the use of physical gilts and collateralised gilt holdings in the schemes\u2019 Liability-Driven Investment (LDI) portfolio
(shown in the Pension scheme asset table in section (f) of this note within Liability matching assets). Since the last quarter of 2022, following
significant volatility in gilt yields, the Trustees have significantly reduced the levels of leverage within the LDI portfolio. The schemes also
benefit from further hedging arising from the other long-dated income unquoted asset portfolio.
Interest rate
A decrease in bond interest rates will increase the net present value of the pension liabilities. The relative immaturity of the schemes means
that the duration of the liabilities is longer than average for typical UK pension schemes, resulting in a relatively higher exposure to interest
rate risk. This risk is reduced via the hedging referred to in the Asset volatility section.
Inflation
Pensions in deferment, pensions in payment and pensions accrued under the career average schemes increase in line with the Retail Prices
Index (RPI) and the Consumer Prices Index (CPI). Therefore, scheme liabilities will increase if inflation is higher than assumed, although in
some cases caps are in place to limit the impact of significant movements in inflation. Furthermore, a pension increase exchange (PIE) option
implemented in 2015 is available to future retirees, which gives the choice to receive a higher initial pension in return for giving up certain
future increases linked to RPI, again limiting the impact of significant movements in inflation. Inflation risk is reduced via the hedging referred
to in the Asset volatility section.
Longevity
The majority of the schemes\u2019 obligations are to provide benefits for the life of scheme members and their surviving spouses; therefore
increases in life expectancy will result in an increase in the pension liabilities. The relative immaturity of the schemes means that there is
comparatively little observable mortality data to assess the rates of mortality experienced by the schemes, and means that the schemes\u2019
liabilities will be paid over a long period of time, making it particularly difficult to predict the life expectancy of the current membership.
Furthermore, pension payments are subject to inflationary increases, resulting in a higher sensitivity to changes in life expectancy.
Salary
Pension liabilities are calculated by reference to the future salaries of active members, and hence salary rises in excess of assumed
increases will\u00a0increase scheme liabilities. During 2011, changes were introduced to the final salary sections of CEPS and CPP such that annual
increases in pensionable pay are capped to 2%, resulting in a reduction in salary risk. During 2016, a salary cap on pensionable pay for the
CPS career average and CPP schemes was implemented, and in 2019 a similar change took place for CEPS. All of the 2011, 2016 and 2019
changes result in a reduction in salary risk.
Foreign exchange
Certain assets held by the CCCIF are denominated in foreign currencies, and hence their values are subject to exchange rate risk. The
CCCIF has long-term hedging policies in place to manage interest rate, inflation and foreign exchange risks. The following table analyses
the\u00a0total liabilities of the Registered Pension Schemes, calculated in accordance with accounting principles, by\u00a0type of\u00a0liability, as at
31\u00a0December 2025.
22. Post-retirement benefits
Total liabilities of the Registered Pension Schemes
31 December
2025
%
Actives \u2013 final salary \u2013 capped
8
Actives \u2013 final salary \u2013 uncapped and crystallised benefits
1
Actives \u2013 career average
3
Deferred pensioners
33
Pensioners
55
100
The weighted average duration of the Registered Pension Schemes as at 31 December 2025 was approximately 16 years (31 December
2024: 17 years).
(c)
Accounting assumptions
The accounting assumptions for the Registered Pension Schemes are given below:
Major assumptions used for the actuarial valuation
31 December
2025
%
2024
%
Rate of increase in employee earnings:
Subject to 2% cap
1.5
1.6
Other not subject to cap
2.6
2.8
Rate of increase in pensions in payment
2.9
3.1
Rate of increase in deferred pensions:
In line with CPI capped at 2.5%
2.3
2.5
In line with RPI
2.8
3.1
Discount rate
5.5
5.4
The assumptions relating to longevity underlying the pension liabilities at the balance sheet date have been based on a combination
of\u00a0standard actuarial mortality tables, scheme experience and other relevant data, and include an allowance for future improvements
in\u00a0mortality. The longevity assumptions for members in normal health are as follows:
Life expectancy at age 65 for a member
2025
2024
31 December
Male
Years
Female
Years
Male
Years
Female
Years
Currently aged 65
21.8
23.6
22.2
23.7
Currently aged 45
23.1
24.7
23.4
24.8
The other demographic assumptions have been set having regard to the latest trends in scheme experience and other relevant data.
The\u00a0assumptions are reviewed and updated as necessary as part of the periodic actuarial valuations of the pension schemes.
For the Registered Pension Schemes, marginal adjustments to the assumptions used to calculate the pension liability, or significant swings
in bond yields or stock markets, can have a large impact in absolute terms on the net assets of the Group. Reasonably possible changes as
at 31 December to one of the actuarial assumptions would have affected the scheme liabilities as set out below:
Impact of changing material assumptions
2025
2024
31 December
Increase/
decrease in
assumption
Indicative
effect on
scheme
liabilities (%)
Increase/
decrease in
assumption
Indicative
effect on
scheme
liabilities (%)
Rate of increase in employee earnings subject to 2% cap
0.25%
+/-0
0.25%
+/-0
Rate of increase in pensions in payment and deferred pensions
0.25%
+/-3
0.25%
+/-3
Discount rate
0.25%
-/+4
0.25%
-/+4
Inflation assumption
0.25%
+/-3
0.25%
+/-3
Longevity assumption
1 year
+/-2
1 year
+/-2
The indicative effects on scheme liabilities have been calculated by changing each assumption in isolation and assessing the impact
on\u00a0the\u00a0liabilities. For the reasonably possible change in the inflation assumption, it has been assumed that a change to the inflation
assumption would lead to corresponding changes in the assumed rates of increase in uncapped pensionable pay, pensions in payment
and\u00a0deferred pensions.
The remaining disclosures in this note cover all of the Group\u2019s defined benefit schemes.
22. Post-retirement benefits
(d)
Amounts included in the Group Balance Sheet
31 December
2025
\u00a3m
2024
\u00a3m
Fair value of plan assets
5,606
5,563
Present value of defined benefit obligation
(5,901)
(5,584)
Recognised in the Group Balance Sheet
(295)
(21)
Presented in the Group Balance Sheet as:
Retirement benefit assets
12
129
Retirement benefit liabilities
(307)
(150)
The Trust Deed and Rules for the Registered Pension Schemes provide the Group with a right to a refund of surplus assets assuming the full
settlement of scheme liabilities. The Trustees do not have the unilateral right to wind-up the schemes and cannot unilaterally enhance
member benefits. The Group has not recognised any liability in relation to future contributions under its minimum funding agreement with
the Trustees. No asset ceiling restrictions have been applied in the consolidated Financial Statements.
(e)
Movements in the year
2025
2024
Pension
liabilities
\u00a3m
Pension
assets
\u00a3m
Pension
liabilities
\u00a3m
Pension
assets
\u00a3m
1 January
(5,584)
5,563
(6,260)
6,143
Items included in the Group Income Statement:
Current service cost
(18)
\u2014
(18)
\u2014
Contributions by employer in respect of employee salary sacrifice arrangements (i)
(17)
\u2014
(24)
\u2014
Total current service cost
(35)
\u2014
(42)
\u2014
Past service cost
(3)
\u2014
\u2014
\u2014
Interest (expense)/income
(296)
301
(282)
283
Termination cost
(8)
\u2014
(1)
\u2014
Items included in the Group Statement of Comprehensive Income:
Returns on plan assets, excluding interest income
\u2014
(168)
\u2014
(830)
Actuarial loss from changes to demographic assumptions
(14)
\u2014
(16)
\u2014
Actuarial gain from changes in financial assumptions
247
\u2014
721
\u2014
Actuarial (loss)/gain from experience adjustments
(494)
\u2014
12
\u2014
Items included in the Group Cash Flow Statement:
Employer contributions
\u2014
179
\u2014
227
Contributions by employer in respect of employee salary sacrifice arrangements
\u2014
17
\u2014
24
Other movements:
Benefits paid from schemes
287
(287)
284
(284)
Other
(1)
1
\u2014
\u2014
31 December
(5,901)
5,606
(5,584)
5,563
(i) A salary sacrifice arrangement was introduced on 1 April 2013 for pension scheme members. The contributions paid via the salary sacrifice arrangement have been
treated as employer contributions and included within the current service cost, with a corresponding reduction in salary costs.
In addition to current service cost on the Group\u2019s defined benefit pension schemes, the Group also charged \u00a3113 million (2024: \u00a395 million)
to\u00a0operating profit in respect of defined contribution pension schemes. This included contributions of \u00a343 million (2024: \u00a339 million) paid via
a\u00a0salary sacrifice arrangement.
The 2024 triennial actuarial valuation was completed during the period and the use of updated data from the valuation had the dual impact of
capturing experience up to 31 March 2024 not already quantified within previous IAS 19 accounting figures and also allowing for any
difference in the roll-forward and assumption changes of the liability after allowing for the updated underlying liability profile and cash flows.
This led to an adverse experience adjustment. The adjustment is purely for accounting purposes and has no impact on the technical
provisions (funding basis) valuations.
22. Post-retirement benefits
(f)
Pension scheme assets
The market values of plan assets were:
2025
2024
31 December
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equities
55
416
471
19
491
510
Corporate bonds (i)
435
\u2014
435
12
\u2014
12
High-yield debt
15
945
960
14
1,063
1,077
Liability matching assets
2,430
\u2014
2,430
2,388
\u2014
2,388
Other long-dated income assets
\u2014
913
913
\u2014
1,025
1,025
Property
\u2014
287
287
\u2014
303
303
Cash pending investment
110
\u2014
110
248
\u2014
248
3,045
2,561
5,606
2,681
2,882
5,563
(i) Corporate bonds includes investment grade asset-backed securities.
Unquoted private equity, other long-dated income assets and debt funds are valued at fair value as calculated by the investment manager
at\u00a0the latest valuation date in accordance with generally accepted guidelines, adjusted for cash flow in the intervening period. Investment
properties are valued in accordance with guidelines by independent valuers. These valuations are reviewed annually as part of the CCCIF
audit and receive greater scrutiny now that unquoted assets make up a greater proportion of the scheme portfolio. Included within equities
are \u00a3nil (2024: \u00a3nil) of ordinary shares of Centrica plc via pooled funds that include a benchmark allocation to UK equities. Included within
corporate bonds are \u00a3nil (2024: \u00a3nil) of bonds issued by Centrica plc, albeit minor exposure may be held within pooled funds over which the
CCCIF has no ability to direct investment decisions. Apart from the investment in the Scottish Limited Partnerships which form part of the
asset-backed contribution arrangements described in section (g) of this note, no direct investments are made in securities issued by
Centrica plc or any of its subsidiaries or property leased to or owned by Centrica plc or any of its\u00a0subsidiaries. The corporate bond, high-
yield debt and liability matching asset categories headings above have segregated portfolio mandates which include the cash, cash funds
and derivatives associated with the mandates.
The liability matching assets in the table above relate to the quoted LDI and gilts portfolio used to hedge against movements in interest rates
and inflation. The other long-dated income assets are unquoted investments in infrastructure and similar assets.
Included within the Group Balance Sheet within non-current securities are \u00a359 million (2024: \u00a3108 million) of investments, held in trust on
behalf of the Group, as security in respect of the Centrica Unapproved Pension Scheme. Of the pension scheme liabilities above, \u00a346 million
(2024: \u00a348 million) relate to this scheme. More information on the Centrica Unapproved Pension Scheme is included in the Remuneration
Report on pages 86 to 107.
(g)
Pension scheme contributions
The Group estimates that it will pay \u00a318 million of ordinary employer contributions during 2026 for its defined benefit schemes, together
with \u00a312 million of contributions paid via a salary sacrifice arrangement.
The actuarial valuation as at 31 March 2024 for the Registered Pensions Schemes has been agreed with the Pension Trustees. As at that
date, the technical provisions deficit (funding basis) was \u00a3504 million. The Group committed to annual cash contributions to fund this
pension deficit. The overall deficit contributions committed to, including the previously disclosed asset-backed contribution arrangements,
totalled \u00a3175 million in 2024 (of which \u00a399 million was after 31 March 2024), \u00a3146 million in 2025, \u00a3139 million in 2026 and \u00a3140 million in
2027; with a balancing payment of \u00a344 million in 2028. Separately, a\u00a0pension strain payment of \u00a34 million associated with employee
redundancies was also contributed in 2025 (2024: \u00a31 million). Outside of the above recovery plan, asset-backed contribution arrangements
remain where additional cash contributions are contingent on whether individual schemes remain in deficit on a technical provision basis.
The contingent payment for 2026 is \u00a314 million. At the year-end, the Group continues to provide security of \u00a3798 million of letters of credit/
surety bonds to the Trustees enforceable in the unlikely event the Group is unable to meet its obligations.
On a pure roll-forward basis, from 31 March 2024, using the same methodology and consequent assumptions, the technical provisions
deficit (funding basis) would be around \u00a3300 million on 31 December 2025. Note that the valuation methodology and assumptions used for
future assessments may differ from those previously used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "Post-retirement benefits
The Group manages a number of final salary and career average defined benefit pension schemes. It also has defined
contribution schemes. The majority of these schemes are in the UK.
(a)
Summary of main post-retirement benefit schemes
Number
of\u00a0active
members
as at
31 December
2025
Total
membership
as at
31 December
2025
Name of scheme
Type of benefit
Status
Country
Centrica Engineers Pension
Scheme
Defined benefit final salary pension
Closed to new members in 2006
UK
1,303
8,341
Defined benefit career average pension
Closed to new members in 2022
UK
2,333
7,067
Centrica Pension Plan
Defined benefit final salary pension
Closed to new members in 2003
UK
1,225
8,328
Centrica Pension Scheme
Defined benefit final salary pension
Closed to new members in 2003
UK
1
9,934
Defined benefit career average pension
Closed to new members in 2008
UK
664
4,124
Centrica Savings Plan
Defined contribution pension
Open to new members
UK
13,345
14,871
Centrica Leavers Savings Plan
Defined contribution pension
Deferred members only
UK
\u2014
10,351
Bord G\u00e1is Energy Company
Defined Benefit Pension Scheme
Defined benefit final salary pension
Closed to new members in 2014
Republic
of Ireland
80
168
Bord G\u00e1is Energy Company
Defined Contribution Pension Plan
Defined contribution pension
Open to new members
Republic
of Ireland
433
634
The Centrica Engineers Pension Scheme (CEPS), Centrica Pension Plan (CPP) and Centrica Pension Scheme (CPS) form the
significant majority of the Group\u2019s defined benefit obligation and are referred to below as the \u2018Registered Pension Schemes\u2019.
The\u00a0other schemes are individually, and in aggregate, immaterial.
Independent valuations
The Registered Pension Schemes are subject to independent valuations at least every three years, on the basis of which the qualified
actuary certifies the rate of employer contributions, which together with the specified contributions payable by the employees and
proceeds from the schemes\u2019 assets, are expected to be sufficient to fund the benefits payable under the schemes.
The latest full actuarial valuations agreed and finalised with the Pension Trustees were carried out at the following dates: the Registered
Pension Schemes at 31 March 2024 and the Bord G\u00e1is Energy Company Defined Benefit Pension Scheme at\u00a01 January 2023. These
valuations have been updated to 31 December 2025 for the purpose of meeting the requirements of IAS 19. Investments held\u00a0in all schemes
have been valued for this purpose at market value. In February 2025, full actuarial valuations of the Registered Pension Schemes at 31 March
2024 were agreed and finalised with the Pension Trustees. The impact on pension scheme contributions is shown in note 22(g). These
valuations will be updated prospectively in future reporting periods for the purpose of meeting the requirements of IAS 19.
Governance
The Registered Pension Schemes are managed by trustee companies whose boards consist of both company-nominated and member-
nominated Directors. Each scheme holds units in the Centrica Combined Common Investment Fund (CCCIF), which holds the majority
of\u00a0the combined assets of the Registered Pension Schemes. The board of the CCCIF is currently comprised of seven directors: two
independent directors (including the Chair), two directors appointed by Centrica plc and one director appointed by each of the three
Registered Pension Schemes.
Under the terms of the Pensions Act 2004, Centrica plc and each trustee board must agree the funding rate for its defined benefit
pension\u00a0scheme and a recovery plan to fund any deficit against the scheme-specific statutory funding objective. This approach was first
adopted for the\u00a0triennial valuations completed at 31 March 2006, and has been reflected in subsequent valuations, including the 31 March
2024 valuation.
22. Post-retirement benefits
(b)
Risks
The Registered Pension Schemes expose the Group to the following risks:
Asset volatility
The pension liabilities are calculated using a discount rate set with reference to AA corporate bond yields. If the growth in plan assets
is\u00a0lower than this, this will create an actuarial loss within other equity. The CCCIF is responsible for managing the assets of each scheme
in\u00a0line with the risk tolerances that have been set by the Trustees of the schemes, and invests in a diversified portfolio of assets. The
schemes are relatively young in nature (the schemes opened in 1997 on the formation of Centrica plc on demerger from BG plc (formerly
British Gas plc)), and only took on past service liabilities in respect of active employees.
The Trustees reduce their tolerance to scheme valuation risk by hedging a significant majority of the long term inflation and interest rate risk.
This de-risking includes the use of physical gilts and collateralised gilt holdings in the schemes\u2019 Liability-Driven Investment (LDI) portfolio
(shown in the Pension scheme asset table in section (f) of this note within Liability matching assets). Since the last quarter of 2022, following
significant volatility in gilt yields, the Trustees have significantly reduced the levels of leverage within the LDI portfolio. The schemes also
benefit from further hedging arising from the other long-dated income unquoted asset portfolio.
Interest rate
A decrease in bond interest rates will increase the net present value of the pension liabilities. The relative immaturity of the schemes means
that the duration of the liabilities is longer than average for typical UK pension schemes, resulting in a relatively higher exposure to interest
rate risk. This risk is reduced via the hedging referred to in the Asset volatility section.
Inflation
Pensions in deferment, pensions in payment and pensions accrued under the career average schemes increase in line with the Retail Prices
Index (RPI) and the Consumer Prices Index (CPI). Therefore, scheme liabilities will increase if inflation is higher than assumed, although in
some cases caps are in place to limit the impact of significant movements in inflation. Furthermore, a pension increase exchange (PIE) option
implemented in 2015 is available to future retirees, which gives the choice to receive a higher initial pension in return for giving up certain
future increases linked to RPI, again limiting the impact of significant movements in inflation. Inflation risk is reduced via the hedging referred
to in the Asset volatility section.
Longevity
The majority of the schemes\u2019 obligations are to provide benefits for the life of scheme members and their surviving spouses; therefore
increases in life expectancy will result in an increase in the pension liabilities. The relative immaturity of the schemes means that there is
comparatively little observable mortality data to assess the rates of mortality experienced by the schemes, and means that the schemes\u2019
liabilities will be paid over a long period of time, making it particularly difficult to predict the life expectancy of the current membership.
Furthermore, pension payments are subject to inflationary increases, resulting in a higher sensitivity to changes in life expectancy.
Salary
Pension liabilities are calculated by reference to the future salaries of active members, and hence salary rises in excess of assumed
increases will\u00a0increase scheme liabilities. During 2011, changes were introduced to the final salary sections of CEPS and CPP such that annual
increases in pensionable pay are capped to 2%, resulting in a reduction in salary risk. During 2016, a salary cap on pensionable pay for the
CPS career average and CPP schemes was implemented, and in 2019 a similar change took place for CEPS. All of the 2011, 2016 and 2019
changes result in a reduction in salary risk.
Foreign exchange
Certain assets held by the CCCIF are denominated in foreign currencies, and hence their values are subject to exchange rate risk. The
CCCIF has long-term hedging policies in place to manage interest rate, inflation and foreign exchange risks. The following table analyses
the\u00a0total liabilities of the Registered Pension Schemes, calculated in accordance with accounting principles, by\u00a0type of\u00a0liability, as at
31\u00a0December 2025.
22. Post-retirement benefits
Total liabilities of the Registered Pension Schemes
31 December
2025
%
Actives \u2013 final salary \u2013 capped
8
Actives \u2013 final salary \u2013 uncapped and crystallised benefits
1
Actives \u2013 career average
3
Deferred pensioners
33
Pensioners
55
100
The weighted average duration of the Registered Pension Schemes as at 31 December 2025 was approximately 16 years (31 December
2024: 17 years).
(c)
Accounting assumptions
The accounting assumptions for the Registered Pension Schemes are given below:
Major assumptions used for the actuarial valuation
31 December
2025
%
2024
%
Rate of increase in employee earnings:
Subject to 2% cap
1.5
1.6
Other not subject to cap
2.6
2.8
Rate of increase in pensions in payment
2.9
3.1
Rate of increase in deferred pensions:
In line with CPI capped at 2.5%
2.3
2.5
In line with RPI
2.8
3.1
Discount rate
5.5
5.4
The assumptions relating to longevity underlying the pension liabilities at the balance sheet date have been based on a combination
of\u00a0standard actuarial mortality tables, scheme experience and other relevant data, and include an allowance for future improvements
in\u00a0mortality. The longevity assumptions for members in normal health are as follows:
Life expectancy at age 65 for a member
2025
2024
31 December
Male
Years
Female
Years
Male
Years
Female
Years
Currently aged 65
21.8
23.6
22.2
23.7
Currently aged 45
23.1
24.7
23.4
24.8
The other demographic assumptions have been set having regard to the latest trends in scheme experience and other relevant data.
The\u00a0assumptions are reviewed and updated as necessary as part of the periodic actuarial valuations of the pension schemes.
For the Registered Pension Schemes, marginal adjustments to the assumptions used to calculate the pension liability, or significant swings
in bond yields or stock markets, can have a large impact in absolute terms on the net assets of the Group. Reasonably possible changes as
at 31 December to one of the actuarial assumptions would have affected the scheme liabilities as set out below:
Impact of changing material assumptions
2025
2024
31 December
Increase/
decrease in
assumption
Indicative
effect on
scheme
liabilities (%)
Increase/
decrease in
assumption
Indicative
effect on
scheme
liabilities (%)
Rate of increase in employee earnings subject to 2% cap
0.25%
+/-0
0.25%
+/-0
Rate of increase in pensions in payment and deferred pensions
0.25%
+/-3
0.25%
+/-3
Discount rate
0.25%
-/+4
0.25%
-/+4
Inflation assumption
0.25%
+/-3
0.25%
+/-3
Longevity assumption
1 year
+/-2
1 year
+/-2
The indicative effects on scheme liabilities have been calculated by changing each assumption in isolation and assessing the impact
on\u00a0the\u00a0liabilities. For the reasonably possible change in the inflation assumption, it has been assumed that a change to the inflation
assumption would lead to corresponding changes in the assumed rates of increase in uncapped pensionable pay, pensions in payment
and\u00a0deferred pensions.
The remaining disclosures in this note cover all of the Group\u2019s defined benefit schemes.
22. Post-retirement benefits
(d)
Amounts included in the Group Balance Sheet
31 December
2025
\u00a3m
2024
\u00a3m
Fair value of plan assets
5,606
5,563
Present value of defined benefit obligation
(5,901)
(5,584)
Recognised in the Group Balance Sheet
(295)
(21)
Presented in the Group Balance Sheet as:
Retirement benefit assets
12
129
Retirement benefit liabilities
(307)
(150)
The Trust Deed and Rules for the Registered Pension Schemes provide the Group with a right to a refund of surplus assets assuming the full
settlement of scheme liabilities. The Trustees do not have the unilateral right to wind-up the schemes and cannot unilaterally enhance
member benefits. The Group has not recognised any liability in relation to future contributions under its minimum funding agreement with
the Trustees. No asset ceiling restrictions have been applied in the consolidated Financial Statements.
(e)
Movements in the year
2025
2024
Pension
liabilities
\u00a3m
Pension
assets
\u00a3m
Pension
liabilities
\u00a3m
Pension
assets
\u00a3m
1 January
(5,584)
5,563
(6,260)
6,143
Items included in the Group Income Statement:
Current service cost
(18)
\u2014
(18)
\u2014
Contributions by employer in respect of employee salary sacrifice arrangements (i)
(17)
\u2014
(24)
\u2014
Total current service cost
(35)
\u2014
(42)
\u2014
Past service cost
(3)
\u2014
\u2014
\u2014
Interest (expense)/income
(296)
301
(282)
283
Termination cost
(8)
\u2014
(1)
\u2014
Items included in the Group Statement of Comprehensive Income:
Returns on plan assets, excluding interest income
\u2014
(168)
\u2014
(830)
Actuarial loss from changes to demographic assumptions
(14)
\u2014
(16)
\u2014
Actuarial gain from changes in financial assumptions
247
\u2014
721
\u2014
Actuarial (loss)/gain from experience adjustments
(494)
\u2014
12
\u2014
Items included in the Group Cash Flow Statement:
Employer contributions
\u2014
179
\u2014
227
Contributions by employer in respect of employee salary sacrifice arrangements
\u2014
17
\u2014
24
Other movements:
Benefits paid from schemes
287
(287)
284
(284)
Other
(1)
1
\u2014
\u2014
31 December
(5,901)
5,606
(5,584)
5,563
(i) A salary sacrifice arrangement was introduced on 1 April 2013 for pension scheme members. The contributions paid via the salary sacrifice arrangement have been
treated as employer contributions and included within the current service cost, with a corresponding reduction in salary costs.
In addition to current service cost on the Group\u2019s defined benefit pension schemes, the Group also charged \u00a3113 million (2024: \u00a395 million)
to\u00a0operating profit in respect of defined contribution pension schemes. This included contributions of \u00a343 million (2024: \u00a339 million) paid via
a\u00a0salary sacrifice arrangement.
The 2024 triennial actuarial valuation was completed during the period and the use of updated data from the valuation had the dual impact of
capturing experience up to 31 March 2024 not already quantified within previous IAS 19 accounting figures and also allowing for any
difference in the roll-forward and assumption changes of the liability after allowing for the updated underlying liability profile and cash flows.
This led to an adverse experience adjustment. The adjustment is purely for accounting purposes and has no impact on the technical
provisions (funding basis) valuations.
22. Post-retirement benefits
(f)
Pension scheme assets
The market values of plan assets were:
2025
2024
31 December
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equities
55
416
471
19
491
510
Corporate bonds (i)
435
\u2014
435
12
\u2014
12
High-yield debt
15
945
960
14
1,063
1,077
Liability matching assets
2,430
\u2014
2,430
2,388
\u2014
2,388
Other long-dated income assets
\u2014
913
913
\u2014
1,025
1,025
Property
\u2014
287
287
\u2014
303
303
Cash pending investment
110
\u2014
110
248
\u2014
248
3,045
2,561
5,606
2,681
2,882
5,563
(i) Corporate bonds includes investment grade asset-backed securities.
Unquoted private equity, other long-dated income assets and debt funds are valued at fair value as calculated by the investment manager
at\u00a0the latest valuation date in accordance with generally accepted guidelines, adjusted for cash flow in the intervening period. Investment
properties are valued in accordance with guidelines by independent valuers. These valuations are reviewed annually as part of the CCCIF
audit and receive greater scrutiny now that unquoted assets make up a greater proportion of the scheme portfolio. Included within equities
are \u00a3nil (2024: \u00a3nil) of ordinary shares of Centrica plc via pooled funds that include a benchmark allocation to UK equities. Included within
corporate bonds are \u00a3nil (2024: \u00a3nil) of bonds issued by Centrica plc, albeit minor exposure may be held within pooled funds over which the
CCCIF has no ability to direct investment decisions. Apart from the investment in the Scottish Limited Partnerships which form part of the
asset-backed contribution arrangements described in section (g) of this note, no direct investments are made in securities issued by
Centrica plc or any of its subsidiaries or property leased to or owned by Centrica plc or any of its\u00a0subsidiaries. The corporate bond, high-
yield debt and liability matching asset categories headings above have segregated portfolio mandates which include the cash, cash funds
and derivatives associated with the mandates.
The liability matching assets in the table above relate to the quoted LDI and gilts portfolio used to hedge against movements in interest rates
and inflation. The other long-dated income assets are unquoted investments in infrastructure and similar assets.
Included within the Group Balance Sheet within non-current securities are \u00a359 million (2024: \u00a3108 million) of investments, held in trust on
behalf of the Group, as security in respect of the Centrica Unapproved Pension Scheme. Of the pension scheme liabilities above, \u00a346 million
(2024: \u00a348 million) relate to this scheme. More information on the Centrica Unapproved Pension Scheme is included in the Remuneration
Report on pages 86 to 107.
(g)
Pension scheme contributions
The Group estimates that it will pay \u00a318 million of ordinary employer contributions during 2026 for its defined benefit schemes, together
with \u00a312 million of contributions paid via a salary sacrifice arrangement.
The actuarial valuation as at 31 March 2024 for the Registered Pensions Schemes has been agreed with the Pension Trustees. As at that
date, the technical provisions deficit (funding basis) was \u00a3504 million. The Group committed to annual cash contributions to fund this
pension deficit. The overall deficit contributions committed to, including the previously disclosed asset-backed contribution arrangements,
totalled \u00a3175 million in 2024 (of which \u00a399 million was after 31 March 2024), \u00a3146 million in 2025, \u00a3139 million in 2026 and \u00a3140 million in
2027; with a balancing payment of \u00a344 million in 2028. Separately, a\u00a0pension strain payment of \u00a34 million associated with employee
redundancies was also contributed in 2025 (2024: \u00a31 million). Outside of the above recovery plan, asset-backed contribution arrangements
remain where additional cash contributions are contingent on whether individual schemes remain in deficit on a technical provision basis.
The contingent payment for 2026 is \u00a314 million. At the year-end, the Group continues to provide security of \u00a3798 million of letters of credit/
surety bonds to the Trustees enforceable in the unlikely event the Group is unable to meet its obligations.
On a pure roll-forward basis, from 31 March 2024, using the same methodology and consequent assumptions, the technical provisions
deficit (funding basis) would be around \u00a3300 million on 31 December 2025. Note that the valuation methodology and assumptions used for
future assessments may differ from those previously used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
For the Registered Pension Schemes, marginal adjustments to the assumptions used to calculate the pension liability, or significant swings
in bond yields or stock markets, can have a large impact in absolute terms on the net assets of the Group. Reasonably possible changes as
at 31 December to one of the actuarial assumptions would have affected the scheme liabilities as set out below:
Impact of changing material assumptions
2025
2024
31 December
Increase/
decrease in
assumption
Indicative
effect on
scheme
liabilities (%)
Increase/
decrease in
assumption
Indicative
effect on
scheme
liabilities (%)
Rate of increase in employee earnings subject to 2% cap
0.25%
+/-0
0.25%
+/-0
Rate of increase in pensions in payment and deferred pensions
0.25%
+/-3
0.25%
+/-3
Discount rate
0.25%
-/+4
0.25%
-/+4
Inflation assumption
0.25%
+/-3
0.25%
+/-3
Longevity assumption
1 year
+/-2
1 year
+/-2
The indicative effects on scheme liabilities have been calculated by changing each assumption in isolation and assessing the impact
on\u00a0the\u00a0liabilities. For the reasonably possible change in the inflation assumption, it has been assumed that a change to the inflation
assumption would lead to corresponding changes in the assumed rates of increase in uncapped pensionable pay, pensions in payment
and\u00a0deferred pensions.
The remaining disclosures in this note cover all of the Group\u2019s defined benefit schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "Post-retirement benefits
(d)
Amounts included in the Group Balance Sheet
31 December
2025
\u00a3m
2024
\u00a3m
Fair value of plan assets
5,606
5,563
Present value of defined benefit obligation
(5,901)
(5,584)
Recognised in the Group Balance Sheet
(295)
(21)
Presented in the Group Balance Sheet as:
Retirement benefit assets
12
129
Retirement benefit liabilities
(307)
(150)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
The market values of plan assets were:
2025
2024
31 December
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equities
55
416
471
19
491
510
Corporate bonds (i)
435
\u2014
435
12
\u2014
12
High-yield debt
15
945
960
14
1,063
1,077
Liability matching assets
2,430
\u2014
2,430
2,388
\u2014
2,388
Other long-dated income assets
\u2014
913
913
\u2014
1,025
1,025
Property
\u2014
287
287
\u2014
303
303
Cash pending investment
110
\u2014
110
248
\u2014
248
3,045
2,561
5,606
2,681
2,882
5,563
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "Leases, commitments and contingencies
(a) Commitments and leases
Commitments are not held on the Group\u2019s 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.
The Group\u2019s commitments in relation to commodity purchase contracts disclosed below are stated net of amounts receivable under
commodity sales contracts where there is a right of offset with the counterparty, and are based on the expected minimum quantities of gas
and other commodities that the Group is contracted to buy at estimated future prices.
The commitments in this note differ in scope and in basis from the maturity analysis of energy derivatives disclosed in note S3, as only
certain procurement and sales contracts are within the scope of IFRS 9 and included in note S3, and the volumes used in calculating the
maturity analysis in note S3 are estimated using valuation techniques, rather than being based on minimum contractual quantities.
The Group\u2019s 20-year agreement with Cheniere to purchase 89bcf per annum of LNG volumes for export from the Sabine Pass liquefaction
plant in the US commits the Group to capacity payments of \u00a33.0 billion (included in \u2018LNG capacity\u2019 below) between 2024 and 2039. It also
allows the Group to make up to \u00a34.7 billion of commodity purchases based on market gas prices and foreign exchange rates as at the
reporting date.
During 2019, the Group signed a 20-year agreement to purchase LNG volumes from Mozambique LNG1 Company. The commercial start
date is 2029 and under this agreement the Group is committed to make commodity purchases expected to amount to \u00a37.9 billion based
on\u00a0market gas and oil prices at the reporting date.
During 2023, the Group signed a 15-year agreement to purchase LNG volumes from Delfin LNG. The provisional commencement date is
2029 and under this agreement the Group is allowed to make commodity purchases expected to amount to \u00a35.7 billion based on market
gas prices at the reporting date.
During 2024, the Group signed a 3-year agreement to purchase LNG volumes from Repsol LNG Holding between 2025 and 2027. Under
this agreement the Group is committed to make commodity purchases amounting to \u00a3281 million based on market gas prices and foreign
exchange rates at the reporting date.
During 2025, the Group signed a 10-year agreement to purchase LNG volumes from PTT International Trading Pte Ltd. The provisional
commencement date is 2028 and under this agreement the Group is allowed to make commodity purchases expected to amount to \u00a31.2
billion based on market gas prices at the reporting date. The Group also signed a 10-year agreement to purchase natural gas volumes from
Equinor. Under this agreement the Group is committed to make commodity purchases expected to amount to \u00a311.2 billion based on market
gas prices at the reporting date.
In 2024 and 2025 the Group signed a total of five natural gas sale and purchase agreements with US counterparties. These contracts are
provisionally expected to commence in 2028 and 2029, each for a duration of 10 years. Under these agreements, the Group is committed to
purchase natural gas amounting to \u00a33.7 billion based on market gas prices and foreign exchange rates at the reporting date. These
contracts are measured at fair value under IFRS 9 and presented as derivative financial instruments on the Group\u2019s Balance Sheet, and are
also presented in notes 19 and S3. Due to the material nature of these long-term contracts, the cash outflow in respect of these purchase
commitments is included below.
The Group has numerous renewable power purchase arrangements where renewable obligation certificates are purchased as power is
produced. This gives rise to the commitments below.
31 December
2025
\u00a3m
2024
\u00a3m
Commitments in relation to the acquisition of property, plant and equipment
65
72
Commitments in relation to the acquisition of intangible assets:
Renewable obligation certificates
2,109
2,786
Other intangible assets
335
261
Other commitments:
Commodity purchase contracts
36,364
32,461
LNG capacity (i)
5,445
4,171
Transportation capacity
182
187
Other long-term commitments (ii) (iii)
1,288
328
(i) LNG capacity commitments include \u00a3243 million of commitments to Grain LNG Limited, a subsidiary of Garden Topco Limited. See note S8 for further details on related
party transactions, and S10 for further details on joint ventures and associates.
(ii) Other long-term commitments include \u00a3902 million of commitments to invest in Sizewell C (Holding) Limited, comprising \u00a3812 million of shareholder loans and \u00a390
million of equity injections. See note S8 for further details on related party transactions, and S10 for further details on joint ventures and associates.
(iii) Other long-term commitments include amounts related to executory contracts and the smart meter roll-out programme.
23. Leases, commitments and contingencies
The maturity analysis for commodity purchase contract commitments at 31 December is given below:
Commodity purchase contract commitments
Fixed price
commodity commitments
Commodity commitments
that float with indices
31 December
2025
\u00a3bn
2024
\u00a3bn
2025
\u00a3bn
2024
\u00a3bn
<1 year
4.7
5.3
2.1
4.6
1\u20132 years
1.2
0.9
1.9
1.3
2\u20133 years
0.2
0.2
1.7
0.9
3\u20134 years
0.1
\u2014
2.0
0.6
4\u20135 years
\u2014
\u2014
2.1
1.3
>5 years
\u2014
\u2014
20.4
17.4
6.2
6.4
30.2
26.1
The Group enters into lease arrangements for assets including property, vehicles, vessels and assets used within the Infrastructure
business.
The carrying amount, additions and depreciation charge associated with right-of-use assets is disclosed in note 13 and the interest expense
arising on the Group\u2019s lease liability is disclosed in note 8. The total Group cash outflow in the year for capital and interest from lease
arrangements was \u00a3104 million (2024: \u00a3108 million), and the maturity analysis of cash flows associated with the Group\u2019s lease liability at the
reporting date is\u00a0shown\u00a0in note S3.
The table below provides further information on amounts not included in the lease liability and charged to the Group Income Statement
during the year.
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Expense related to short-term leases
7
37
Expense related to variable lease payments
8
9
During the year, the Group\u2019s expense related to short-term lease commitments predominantly related to the hire of LNG vessels and
exploration and production drilling rigs. The commitment at the balance sheet date also relates to assets of a similar nature. The Group has
\u00a35 million of operating sub-lease arrangements mainly for LNG vessels. The Group does not have any material arrangements in which it acts
as a\u00a0lessor.
(b) Guarantees and indemnities
This section discloses any guarantees and indemnities that the Group has given, where we may have to provide security in the
future against existing and future obligations that will remain for a specific period.
In connection with the Group\u2019s energy trading, transportation and infrastructure activities, certain Group companies have entered into
contracts under which they may be required to prepay, provide credit support or provide other collateral in the event of a significant
deterioration in creditworthiness. The extent of credit support is contingent upon the balance owing to the third party at the point of
deterioration.
As at 31 December 2025 \u00a3406 million (2024: \u00a3401 million) of letters of credit and on-demand payment bonds have been issued in respect
of\u00a0decommissioning obligations included in the Group Balance Sheet. Additionally, \u00a3902 million (2024: \u00a3nil) of letters of credit have been
issued in respect of commitments to invest in Sizewell C (Holding) Limited. See note 23(a) for further details on commitments.
(c) Contingent liabilities
The Group has no material contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "Leases, commitments and contingencies
(a) Commitments and leases
Commitments are not held on the Group\u2019s 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.
The Group\u2019s commitments in relation to commodity purchase contracts disclosed below are stated net of amounts receivable under
commodity sales contracts where there is a right of offset with the counterparty, and are based on the expected minimum quantities of gas
and other commodities that the Group is contracted to buy at estimated future prices.
The commitments in this note differ in scope and in basis from the maturity analysis of energy derivatives disclosed in note S3, as only
certain procurement and sales contracts are within the scope of IFRS 9 and included in note S3, and the volumes used in calculating the
maturity analysis in note S3 are estimated using valuation techniques, rather than being based on minimum contractual quantities.
The Group\u2019s 20-year agreement with Cheniere to purchase 89bcf per annum of LNG volumes for export from the Sabine Pass liquefaction
plant in the US commits the Group to capacity payments of \u00a33.0 billion (included in \u2018LNG capacity\u2019 below) between 2024 and 2039. It also
allows the Group to make up to \u00a34.7 billion of commodity purchases based on market gas prices and foreign exchange rates as at the
reporting date.
During 2019, the Group signed a 20-year agreement to purchase LNG volumes from Mozambique LNG1 Company. The commercial start
date is 2029 and under this agreement the Group is committed to make commodity purchases expected to amount to \u00a37.9 billion based
on\u00a0market gas and oil prices at the reporting date.
During 2023, the Group signed a 15-year agreement to purchase LNG volumes from Delfin LNG. The provisional commencement date is
2029 and under this agreement the Group is allowed to make commodity purchases expected to amount to \u00a35.7 billion based on market
gas prices at the reporting date.
During 2024, the Group signed a 3-year agreement to purchase LNG volumes from Repsol LNG Holding between 2025 and 2027. Under
this agreement the Group is committed to make commodity purchases amounting to \u00a3281 million based on market gas prices and foreign
exchange rates at the reporting date.
During 2025, the Group signed a 10-year agreement to purchase LNG volumes from PTT International Trading Pte Ltd. The provisional
commencement date is 2028 and under this agreement the Group is allowed to make commodity purchases expected to amount to \u00a31.2
billion based on market gas prices at the reporting date. The Group also signed a 10-year agreement to purchase natural gas volumes from
Equinor. Under this agreement the Group is committed to make commodity purchases expected to amount to \u00a311.2 billion based on market
gas prices at the reporting date.
In 2024 and 2025 the Group signed a total of five natural gas sale and purchase agreements with US counterparties. These contracts are
provisionally expected to commence in 2028 and 2029, each for a duration of 10 years. Under these agreements, the Group is committed to
purchase natural gas amounting to \u00a33.7 billion based on market gas prices and foreign exchange rates at the reporting date. These
contracts are measured at fair value under IFRS 9 and presented as derivative financial instruments on the Group\u2019s Balance Sheet, and are
also presented in notes 19 and S3. Due to the material nature of these long-term contracts, the cash outflow in respect of these purchase
commitments is included below.
The Group has numerous renewable power purchase arrangements where renewable obligation certificates are purchased as power is
produced. This gives rise to the commitments below.
31 December
2025
\u00a3m
2024
\u00a3m
Commitments in relation to the acquisition of property, plant and equipment
65
72
Commitments in relation to the acquisition of intangible assets:
Renewable obligation certificates
2,109
2,786
Other intangible assets
335
261
Other commitments:
Commodity purchase contracts
36,364
32,461
LNG capacity (i)
5,445
4,171
Transportation capacity
182
187
Other long-term commitments (ii) (iii)
1,288
328
(i) LNG capacity commitments include \u00a3243 million of commitments to Grain LNG Limited, a subsidiary of Garden Topco Limited. See note S8 for further details on related
party transactions, and S10 for further details on joint ventures and associates.
(ii) Other long-term commitments include \u00a3902 million of commitments to invest in Sizewell C (Holding) Limited, comprising \u00a3812 million of shareholder loans and \u00a390
million of equity injections. See note S8 for further details on related party transactions, and S10 for further details on joint ventures and associates.
(iii) Other long-term commitments include amounts related to executory contracts and the smart meter roll-out programme.
23. Leases, commitments and contingencies
The maturity analysis for commodity purchase contract commitments at 31 December is given below:
Commodity purchase contract commitments
Fixed price
commodity commitments
Commodity commitments
that float with indices
31 December
2025
\u00a3bn
2024
\u00a3bn
2025
\u00a3bn
2024
\u00a3bn
<1 year
4.7
5.3
2.1
4.6
1\u20132 years
1.2
0.9
1.9
1.3
2\u20133 years
0.2
0.2
1.7
0.9
3\u20134 years
0.1
\u2014
2.0
0.6
4\u20135 years
\u2014
\u2014
2.1
1.3
>5 years
\u2014
\u2014
20.4
17.4
6.2
6.4
30.2
26.1
The Group enters into lease arrangements for assets including property, vehicles, vessels and assets used within the Infrastructure
business.
The carrying amount, additions and depreciation charge associated with right-of-use assets is disclosed in note 13 and the interest expense
arising on the Group\u2019s lease liability is disclosed in note 8. The total Group cash outflow in the year for capital and interest from lease
arrangements was \u00a3104 million (2024: \u00a3108 million), and the maturity analysis of cash flows associated with the Group\u2019s lease liability at the
reporting date is\u00a0shown\u00a0in note S3.
The table below provides further information on amounts not included in the lease liability and charged to the Group Income Statement
during the year.
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Expense related to short-term leases
7
37
Expense related to variable lease payments
8
9
During the year, the Group\u2019s expense related to short-term lease commitments predominantly related to the hire of LNG vessels and
exploration and production drilling rigs. The commitment at the balance sheet date also relates to assets of a similar nature. The Group has
\u00a35 million of operating sub-lease arrangements mainly for LNG vessels. The Group does not have any material arrangements in which it acts
as a\u00a0lessor.
(b) Guarantees and indemnities
This section discloses any guarantees and indemnities that the Group has given, where we may have to provide security in the
future against existing and future obligations that will remain for a specific period.
In connection with the Group\u2019s energy trading, transportation and infrastructure activities, certain Group companies have entered into
contracts under which they may be required to prepay, provide credit support or provide other collateral in the event of a significant
deterioration in creditworthiness. The extent of credit support is contingent upon the balance owing to the third party at the point of
deterioration.
As at 31 December 2025 \u00a3406 million (2024: \u00a3401 million) of letters of credit and on-demand payment bonds have been issued in respect
of\u00a0decommissioning obligations included in the Group Balance Sheet. Additionally, \u00a3902 million (2024: \u00a3nil) of letters of credit have been
issued in respect of commitments to invest in Sizewell C (Holding) Limited. See note 23(a) for further details on commitments.
(c) Contingent liabilities
The Group has no material contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "Leases, commitments and contingencies
(a) Commitments and leases
Commitments are not held on the Group\u2019s 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.
The Group\u2019s commitments in relation to commodity purchase contracts disclosed below are stated net of amounts receivable under
commodity sales contracts where there is a right of offset with the counterparty, and are based on the expected minimum quantities of gas
and other commodities that the Group is contracted to buy at estimated future prices.
The commitments in this note differ in scope and in basis from the maturity analysis of energy derivatives disclosed in note S3, as only
certain procurement and sales contracts are within the scope of IFRS 9 and included in note S3, and the volumes used in calculating the
maturity analysis in note S3 are estimated using valuation techniques, rather than being based on minimum contractual quantities.
The Group\u2019s 20-year agreement with Cheniere to purchase 89bcf per annum of LNG volumes for export from the Sabine Pass liquefaction
plant in the US commits the Group to capacity payments of \u00a33.0 billion (included in \u2018LNG capacity\u2019 below) between 2024 and 2039. It also
allows the Group to make up to \u00a34.7 billion of commodity purchases based on market gas prices and foreign exchange rates as at the
reporting date.
During 2019, the Group signed a 20-year agreement to purchase LNG volumes from Mozambique LNG1 Company. The commercial start
date is 2029 and under this agreement the Group is committed to make commodity purchases expected to amount to \u00a37.9 billion based
on\u00a0market gas and oil prices at the reporting date.
During 2023, the Group signed a 15-year agreement to purchase LNG volumes from Delfin LNG. The provisional commencement date is
2029 and under this agreement the Group is allowed to make commodity purchases expected to amount to \u00a35.7 billion based on market
gas prices at the reporting date.
During 2024, the Group signed a 3-year agreement to purchase LNG volumes from Repsol LNG Holding between 2025 and 2027. Under
this agreement the Group is committed to make commodity purchases amounting to \u00a3281 million based on market gas prices and foreign
exchange rates at the reporting date.
During 2025, the Group signed a 10-year agreement to purchase LNG volumes from PTT International Trading Pte Ltd. The provisional
commencement date is 2028 and under this agreement the Group is allowed to make commodity purchases expected to amount to \u00a31.2
billion based on market gas prices at the reporting date. The Group also signed a 10-year agreement to purchase natural gas volumes from
Equinor. Under this agreement the Group is committed to make commodity purchases expected to amount to \u00a311.2 billion based on market
gas prices at the reporting date.
In 2024 and 2025 the Group signed a total of five natural gas sale and purchase agreements with US counterparties. These contracts are
provisionally expected to commence in 2028 and 2029, each for a duration of 10 years. Under these agreements, the Group is committed to
purchase natural gas amounting to \u00a33.7 billion based on market gas prices and foreign exchange rates at the reporting date. These
contracts are measured at fair value under IFRS 9 and presented as derivative financial instruments on the Group\u2019s Balance Sheet, and are
also presented in notes 19 and S3. Due to the material nature of these long-term contracts, the cash outflow in respect of these purchase
commitments is included below.
The Group has numerous renewable power purchase arrangements where renewable obligation certificates are purchased as power is
produced. This gives rise to the commitments below.
31 December
2025
\u00a3m
2024
\u00a3m
Commitments in relation to the acquisition of property, plant and equipment
65
72
Commitments in relation to the acquisition of intangible assets:
Renewable obligation certificates
2,109
2,786
Other intangible assets
335
261
Other commitments:
Commodity purchase contracts
36,364
32,461
LNG capacity (i)
5,445
4,171
Transportation capacity
182
187
Other long-term commitments (ii) (iii)
1,288
328
(i) LNG capacity commitments include \u00a3243 million of commitments to Grain LNG Limited, a subsidiary of Garden Topco Limited. See note S8 for further details on related
party transactions, and S10 for further details on joint ventures and associates.
(ii) Other long-term commitments include \u00a3902 million of commitments to invest in Sizewell C (Holding) Limited, comprising \u00a3812 million of shareholder loans and \u00a390
million of equity injections. See note S8 for further details on related party transactions, and S10 for further details on joint ventures and associates.
(iii) Other long-term commitments include amounts related to executory contracts and the smart meter roll-out programme.
23. Leases, commitments and contingencies
The maturity analysis for commodity purchase contract commitments at 31 December is given below:
Commodity purchase contract commitments
Fixed price
commodity commitments
Commodity commitments
that float with indices
31 December
2025
\u00a3bn
2024
\u00a3bn
2025
\u00a3bn
2024
\u00a3bn
<1 year
4.7
5.3
2.1
4.6
1\u20132 years
1.2
0.9
1.9
1.3
2\u20133 years
0.2
0.2
1.7
0.9
3\u20134 years
0.1
\u2014
2.0
0.6
4\u20135 years
\u2014
\u2014
2.1
1.3
>5 years
\u2014
\u2014
20.4
17.4
6.2
6.4
30.2
26.1
The Group enters into lease arrangements for assets including property, vehicles, vessels and assets used within the Infrastructure
business.
The carrying amount, additions and depreciation charge associated with right-of-use assets is disclosed in note 13 and the interest expense
arising on the Group\u2019s lease liability is disclosed in note 8. The total Group cash outflow in the year for capital and interest from lease
arrangements was \u00a3104 million (2024: \u00a3108 million), and the maturity analysis of cash flows associated with the Group\u2019s lease liability at the
reporting date is\u00a0shown\u00a0in note S3.
The table below provides further information on amounts not included in the lease liability and charged to the Group Income Statement
during the year.
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Expense related to short-term leases
7
37
Expense related to variable lease payments
8
9
During the year, the Group\u2019s expense related to short-term lease commitments predominantly related to the hire of LNG vessels and
exploration and production drilling rigs. The commitment at the balance sheet date also relates to assets of a similar nature. The Group has
\u00a35 million of operating sub-lease arrangements mainly for LNG vessels. The Group does not have any material arrangements in which it acts
as a\u00a0lessor.
(b) Guarantees and indemnities
This section discloses any guarantees and indemnities that the Group has given, where we may have to provide security in the
future against existing and future obligations that will remain for a specific period.
In connection with the Group\u2019s energy trading, transportation and infrastructure activities, certain Group companies have entered into
contracts under which they may be required to prepay, provide credit support or provide other collateral in the event of a significant
deterioration in creditworthiness. The extent of credit support is contingent upon the balance owing to the third party at the point of
deterioration.
As at 31 December 2025 \u00a3406 million (2024: \u00a3401 million) of letters of credit and on-demand payment bonds have been issued in respect
of\u00a0decommissioning obligations included in the Group Balance Sheet. Additionally, \u00a3902 million (2024: \u00a3nil) of letters of credit have been
issued in respect of commitments to invest in Sizewell C (Holding) Limited. See note 23(a) for further details on commitments.
(c) Contingent liabilities
The Group has no material contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "Other investments
Other investments include equity investments, where we do not have the ability to control or significantly influence the
investment, and debt investments. Minority equity investments are measured at fair value with changes recognised in Other
comprehensive income (FVOCI) or through the Group Income Statement (FVTPL). Convertible debt investments are
measured at fair value with changes recognised through the Group Income Statement. Debt instruments are measured at
amortised cost.
2025
2024
Equity
investments
FVOCI
\u00a3m
Equity
investments
FVTPL
\u00a3m
Convertible
debt
investments
FVTPL
\u00a3m
Debt
instruments
amortised
cost
\u00a3m
Total
\u00a3m
Equity
investments
FVOCI
\u00a3m
Equity
investments
FVTPL
\u00a3m
Convertible
debt
investments
FVTPL
\u00a3m
Debt
instruments
at amortised
cost
\u00a3m
Total
\u00a3m
1 January
51
5
28
3
87
54
6
1
\u2014
61
Conversion of debt to
equity shares
\u2014
2
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest receivable
\u2014
\u2014
2
1
3
\u2014
\u2014
1
\u2014
1
Additions (i) (ii)
5
\u2014
15
25
45
27
\u2014
26
3
56
Disposals
\u2014
(3)
\u2014
\u2014
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to disposal
groups held for sale
\u2014
(1)
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
Revaluation
(9)
\u2014
\u2014
\u2014
(9)
(30)
\u2014
\u2014
\u2014
(30)
Exchange adjustments
(1)
\u2014
\u2014
\u2014
(1)
\u2014
(1)
\u2014
\u2014
(1)
31 December
46
3
43
29
121
51
5
28
3
87
(i) Equity investment additions during 2025 of \u00a35 million (2024: \u00a327 million) comprise amounts invested into the Gresham House fund.
(ii) Convertible debt investment additions during 2025 included \u00a315 million (2024: \u00a325 million) in convertible loan notes and ordinary shares which the Group has invested in
Highview Enterprises Limited, which is developing a new cryogenic energy storage plant. The Group also provided financing to CryoBattery One Limited, a subsidiary of
Highview Enterprises Limited, in the form of a \u00a345 million senior debt facility of which \u00a328 million has been drawn down at 31 December 2025 (2024: \u00a33 million) and is
measured at amortised cost. When built, this will consist of a long duration storage process using patented Liquid Air Energy Storage (LAES) technology.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "Sources of finance
(a) Capital structure
The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the table below:
31 December
2025
\u00a3m
2024
\u00a3m
Gross debt
2,892
2,974
Shareholders\u2019 equity
3,085
4,422
Capital
5,977
7,396
Debt levels are restricted to limit the risk of financial distress and, in particular, to maintain a strong credit profile. The Group\u2019s credit standing
is important for several reasons: to maintain a low cost of debt, limit collateral requirements in energy trading, hedging and decommissioning
security arrangements, and to ensure the Group is an attractive counterparty to energy producers and long-term customers.
The Group monitors its current and projected capital position on a regular basis, considering a medium-term view of at least three years,
and\u00a0different stress case scenarios, including the impact of changes in the Group\u2019s credit ratings and significant movements in commodity
prices. A\u00a0number of financial ratios are monitored, including those used by the credit rating agencies.
The level of debt that can be raised by the Group is restricted by the Company\u2019s Articles of Association. Borrowing is limited to the higher
of\u00a0\u00a310\u00a0billion and a gearing ratio of three times shareholders\u2019 equity. The Group funds its long-term debt requirements through issuing bonds
in the capital markets and taking bank debt. Short-term debt requirements are met primarily through commercial paper or short-term bank
borrowings. The Group maintains substantial committed facilities and uses these to provide liquidity for general corporate purposes,
including short-term business requirements and back-up for commercial paper.
British Gas Insurance Limited (BGIL) is required to hold a minimum capital amount under PRA regulations and has complied with this
requirement since its inception. BGIL\u2019s capital risk appetite, which is approved by the board, exceeds the PRA capital requirements.
BGIL\u2019s capital management policy and plan are subject to review and approval by the BGIL board. Reporting processes provide relevant
and\u00a0timely capital information to management and the board. A medium-term capital management plan forms part of BGIL\u2019s planning and
forecasting process, embedded into approved timelines, management reviews and board approvals.
Sources of finance
(b) Liquidity risk management and going concern
The Group has a number of treasury and risk policies to monitor and manage liquidity risk. Cash forecasts identifying the Group\u2019s liquidity
requirements are produced regularly and are stress-tested for different scenarios, including, but not limited to, reasonably possible
increases or\u00a0decreases in commodity prices and the potential cash implications of a credit rating downgrade. The Group seeks to ensure
that sufficient financial headroom exists for at least a twelve-month period to safeguard the Group\u2019s ability to continue as a going concern,
and as at the reporting date, the analysis performed by the Group extends to 31 December 2028. It is the Group\u2019s policy to maintain
committed facilities and/or available surplus cash resources of at least \u00a31,500 million, raise at least 50% of its gross debt (excluding
non\u2011recourse debt) in the capital market and to maintain an average term to maturity in the recourse long-term debt portfolio greater than
five years.
At 31 December 2025 the Group had undrawn committed credit facilities of \u00a33,066 million (2024: \u00a33,293 million) and \u00a34,161 million (2024:
\u00a35,578 million) of unrestricted cash and cash equivalents, net of outstanding overdrafts. 80% (2024: 77%) of the Group\u2019s gross debt has
been raised in the long-term debt market and the average term\u00a0to maturity of the long-term debt portfolio was 9.8 years (2024:\u00a09.6 years).
The Group\u2019s liquidity is impacted by the cash posted or received under margin and collateral agreements. The terms and conditions of these
agreements depend on the counterparty and the specific details of the transaction. Margin/collateral is generally posted or received to
support energy trading and procurement activities. It is posted when contracts with marginable counterparties are out of the money and
received when contracts are in the money. Cash is generally returned to the Group or by the Group within two days of trade settlement.
At\u00a031 December 2025 the collateral position was as follows:
31 December
2025
\u00a3m
2024
\u00a3m
Collateral (received)/posted included within:
Trade and other payables
(81)
(162)
Trade and other receivables
203
191
Collateral (received)/posted extinguishing:
Net derivative (assets)/liabilities (i)
(61)
76
Net collateral posted (ii)
61
105
(i) Variation margin on daily settled derivatives results in the extinguishment of the net derivative asset/liability. These contracts remain outstanding until a future delivery
date, and therefore the cumulative daily settlement is considered collateral until that fulfilment date.
(ii) In-year movements of net collateral posted include a foreign exchange adjustment of \u00a37 million credit (2024: \u00a34 million debit).
The Group utilises initial margin waiver facilities to help manage its liquidity and working capital position in relation to derivative trading. For
certain types of trade, initial margin is a requirement before entering into a transaction, as it provides credit assurance for the exchange. As
initial margin is not a liability of the Group and is refundable, it is reflected as a margin asset on the Group\u2019s balance sheet. Accordingly, where
counterparties waive any requirement to post initial margin, the Group has no liability.
The level of undrawn committed bank facilities and available cash resources has enabled the Directors to conclude that the Group has
sufficient headroom to continue as a going concern. The statement of going concern is included in the Governance section \u2013 Other
Statutory Information, on page 118.
Sources of finance
(c) Adjusted net cash/(debt) summary
Adjusted net cash/(debt) predominantly includes capital market borrowings offset by cash, securities and certain hedging
financial instruments used to manage interest rate and foreign exchange movements on borrowings. Presented in the
derivatives and current and non-current borrowings, leases and interest accruals columns shown below are the assets and
liabilities that give rise to financing cash flows.
Other assets and liabilities
Current and non-
current
borrowings,
leases and
interest accruals
Derivatives
Gross debt
Cash and cash
equivalents, net of
bank overdrafts (i)
Current and
non-current
securities (ii)
Sub-lease
assets
Adjusted net
cash/(debt)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Group adjusted net (debt)/cash at 1 January 2024
(3,289)
(119)
(3,408)
5,629
521
2
2,744
Cash outflow for purchase of securities
\u2014
\u2014
\u2014
(19)
19
\u2014
\u2014
Cash inflow from settlement of securities
\u2014
\u2014
\u2014
400
(400)
\u2014
\u2014
Cash outflow for payment of capital element of leases
97
\u2014
97
(97)
\u2014
\u2014
\u2014
Cash outflow for repayment of borrowings
842
15
857
(925)
\u2014
\u2014
(68)
Cash inflow from borrowings
(483)
\u2014
(483)
483
\u2014
\u2014
\u2014
Net cash flow from operating activities
\u2014
\u2014
\u2014
1,149
\u2014
\u2014
1,149
Net cash flow from other investing activities (iii)
\u2014
\u2014
\u2014
87
\u2014
\u2014
87
Cash outflow for share buyback programme (iv)
\u2014
\u2014
\u2014
(499)
\u2014
\u2014
(499)
Net cash flow from other financing activities (iv)
\u2014
\u2014
\u2014
(227)
\u2014
\u2014
(227)
Revaluation
13
(22)
(9)
\u2014
5
\u2014
(4)
Interest receivable on securities
\u2014
\u2014
\u2014
\u2014
19
\u2014
19
Interest received on securities
\u2014
\u2014
\u2014
25
(25)
\u2014
\u2014
Financing interest paid
171
76
247
(283)
\u2014
\u2014
(36)
Increase in interest payable and amortisation of borrowings,
and impact of associated interest rate swaps
(168)
(57)
(225)
\u2014
\u2014
\u2014
(225)
New lease agreements and re-measurement of existing lease
liabilities
(53)
\u2014
(53)
\u2014
\u2014
(2)
(55)
Exchange adjustments
3
\u2014
3
(30)
\u2014
\u2014
(27)
Group adjusted net (debt)/cash at 31 December 2024
(2,867)
(107)
(2,974)
5,693
139
\u2014
2,858
Transfers to disposal groups held for sale
19
\u2014
19
\u2014
\u2014
\u2014
19
Cash inflow from settlement of securities
\u2014
\u2014
\u2014
57
(57)
\u2014
\u2014
Cash outflow for purchase of securities
\u2014
\u2014
\u2014
(13)
13
\u2014
\u2014
Cash outflow for payment of capital element of leases
95
\u2014
95
(95)
\u2014
\u2014
\u2014
Cash outflow for repayment of borrowings
61
\u2014
61
(61)
\u2014
\u2014
\u2014
Cash inflow from borrowings
(13)
\u2014
(13)
13
\u2014
\u2014
\u2014
Net cash flow from operating activities
\u2014
\u2014
\u2014
695
\u2014
\u2014
695
Net cash flow from other investing activities (iii)
\u2014
\u2014
\u2014
(734)
\u2014
\u2014
(734)
Cash outflow for share buyback programme (iv)
\u2014
\u2014
\u2014
(827)
\u2014
\u2014
(827)
Cash outflow from other financing activities (iv)
\u2014
\u2014
\u2014
(246)
\u2014
\u2014
(246)
Revaluation
(37)
35
(2)
\u2014
8
\u2014
6
Interest receivable on securities
\u2014
\u2014
\u2014
\u2014
2
\u2014
2
Financing interest paid
141
39
180
(181)
\u2014
\u2014
(1)
Increase in interest payable and amortisation of borrowings,
and impact of associated interest rate swaps
(153)
(38)
(191)
\u2014
\u2014
\u2014
(191)
New lease agreements and re-measurement of existing lease
liabilities
(100)
\u2014
(100)
\u2014
\u2014
\u2014
(100)
Exchange adjustments
33
\u2014
33
(29)
2
\u2014
6
Group adjusted net (debt)/cash at 31 December 2025
(2,821)
(71)
(2,892)
4,272
107
\u2014
1,487
(i) Cash and cash equivalents includes \u00a3 111 million (2024: \u00a3115 million) of restricted cash. This in cludes cash totalling \u00a3nil (2024: \u00a33 million) within the Spirit Energy business
that is not restricted by regulation but is managed by Spirit Energy\u2019s own treasury\u00a0department. Cash and cash equivalents are net of \u00a335 million bank overdrafts (2024:
\u00a3645 million).
(ii) Securities includes \u00a348 million (2024: \u00a331 million) of other loans receivable measured at amortised cost, as well as \u00a349 million (2024: \u00a373 million) of other debt
instruments, and \u00a310 million (2024: \u00a335 million) of equity instruments, both measured at fair value.
(iii) Net cash flow from other investing activities excludes cash outflow relating to the purchase of securities of \u00a313 million (2024: \u00a319 million), cash inflow from the
settlement of securities of \u00a357 million (2024: \u00a3400 million), and interest received on securities of \u00a3nil (2024: \u00a325 million) during the year.
(iv) Cash outflow of \u00a3827 million (2024: \u00a3499 million) relates to the share buyback programme, for which there is a liability of \u00a314 million (2024: \u00a375 million) recognised at 31
December 2025. See note S4 for further details on the share buyback programme. Cash outflow from other financing activities includes \u00a3237 million (2024: \u00a3219 million)
payments of equity dividends and \u00a39 million (2024: \u00a38 million) payments for own shares.
Sources of finance
(d)
Borrowings, leases and interest accruals summary
2025
2024
31 December
Coupon rate
%
Principal
m
Current
\u00a3m
Non-current
\u00a3m
Total
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Total
\u00a3m
Bank overdrafts
(35)
\u2014
(35)
(645)
\u2014
(645)
Bank loans (> 5 year maturity)
\u2014
(114)
(114)
\u2014
(124)
(124)
Other borrowings
(2)
(55)
(57)
(61)
(39)
(100)
Bonds (by maturity date):
4 September 2026 (i)
6.400
\u00a352
(51)
\u2014
(51)
\u2014
(50)
(50)
16 April 2027
5.900
US$70
\u2014
(52)
(52)
\u2014
(56)
(56)
13 March 2029 (i)
4.375
\u00a3552
\u2014
(515)
(515)
\u2014
(492)
(492)
5 January 2032 (ii)
Zero
\u20ac50
\u2014
(77)
(77)
\u2014
(70)
(70)
19 September 2033 (i)
7.000
\u00a3400
\u2014
(328)
(328)
\u2014
(319)
(319)
16 October 2043
5.375
US$367
\u2014
(269)
(269)
\u2014
(288)
(288)
12 September 2044 (i)
4.250
\u00a3550
\u2014
(538)
(538)
\u2014
(539)
(539)
25 September 2045
5.250
US$50
\u2014
(37)
(37)
\u2014
(39)
(39)
21 May 2055 (i) (iii)
6.500
\u00a3405
\u2014
(407)
(407)
\u2014
(401)
(401)
(51)
(2,223)
(2,274)
\u2014
(2,254)
(2,254)
Obligations under lease arrangements
(99)
(232)
(331)
(104)
(241)
(345)
Interest accruals
(45)
\u2014
(45)
(44)
\u2014
(44)
(232)
(2,624)
(2,856)
(854)
(2,658)
(3,512)
(i) Bonds or portions of bonds maturing in 2026, 2029, 2033, 2044 and 2055 have been designated in a fair value hedge relationship. See note S5 for details of hedge
relationships.
(ii) \u20ac50 million of zero coupon notes have an accrual yield of 4.2%, which will result in a \u20ac114 million repayment on maturity.
(iii) The Group has the right to repay at par on 21 May 2030 and every interest payment date thereafter.
", "dimensions": { "concept": "cna:SourcesOfFinance", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "Liquidity risk management and going concern
The Group has a number of treasury and risk policies to monitor and manage liquidity risk. Cash forecasts identifying the Group\u2019s liquidity
requirements are produced regularly and are stress-tested for different scenarios, including, but not limited to, reasonably possible
increases or\u00a0decreases in commodity prices and the potential cash implications of a credit rating downgrade. The Group seeks to ensure
that sufficient financial headroom exists for at least a twelve-month period to safeguard the Group\u2019s ability to continue as a going concern,
and as at the reporting date, the analysis performed by the Group extends to 31 December 2028. It is the Group\u2019s policy to maintain
committed facilities and/or available surplus cash resources of at least \u00a31,500 million, raise at least 50% of its gross debt (excluding
non\u2011recourse debt) in the capital market and to maintain an average term to maturity in the recourse long-term debt portfolio greater than
five years.
At 31 December 2025 the Group had undrawn committed credit facilities of \u00a33,066 million (2024: \u00a33,293 million) and \u00a34,161 million (2024:
\u00a35,578 million) of unrestricted cash and cash equivalents, net of outstanding overdrafts. 80% (2024: 77%) of the Group\u2019s gross debt has
been raised in the long-term debt market and the average term\u00a0to maturity of the long-term debt portfolio was 9.8 years (2024:\u00a09.6 years).
The Group\u2019s liquidity is impacted by the cash posted or received under margin and collateral agreements. The terms and conditions of these
agreements depend on the counterparty and the specific details of the transaction. Margin/collateral is generally posted or received to
support energy trading and procurement activities. It is posted when contracts with marginable counterparties are out of the money and
received when contracts are in the money. Cash is generally returned to the Group or by the Group within two days of trade settlement.
At\u00a031 December 2025 the collateral position was as follows:
31 December
2025
\u00a3m
2024
\u00a3m
Collateral (received)/posted included within:
Trade and other payables
(81)
(162)
Trade and other receivables
203
191
Collateral (received)/posted extinguishing:
Net derivative (assets)/liabilities (i)
(61)
76
Net collateral posted (ii)
61
105
(i) Variation margin on daily settled derivatives results in the extinguishment of the net derivative asset/liability. These contracts remain outstanding until a future delivery
date, and therefore the cumulative daily settlement is considered collateral until that fulfilment date.
(ii) In-year movements of net collateral posted include a foreign exchange adjustment of \u00a37 million credit (2024: \u00a34 million debit).
The Group utilises initial margin waiver facilities to help manage its liquidity and working capital position in relation to derivative trading. For
certain types of trade, initial margin is a requirement before entering into a transaction, as it provides credit assurance for the exchange. As
initial margin is not a liability of the Group and is refundable, it is reflected as a margin asset on the Group\u2019s balance sheet. Accordingly, where
counterparties waive any requirement to post initial margin, the Group has no liability.
The level of undrawn committed bank facilities and available cash resources has enabled the Directors to conclude that the Group has
sufficient headroom to continue as a going concern. The statement of going concern is included in the Governance section \u2013 Other
Statutory Information, on page 118.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "Liquidity risk management and going concern
The Group has a number of treasury and risk policies to monitor and manage liquidity risk. Cash forecasts identifying the Group\u2019s liquidity
requirements are produced regularly and are stress-tested for different scenarios, including, but not limited to, reasonably possible
increases or\u00a0decreases in commodity prices and the potential cash implications of a credit rating downgrade. The Group seeks to ensure
that sufficient financial headroom exists for at least a twelve-month period to safeguard the Group\u2019s ability to continue as a going concern,
and as at the reporting date, the analysis performed by the Group extends to 31 December 2028. It is the Group\u2019s policy to maintain
committed facilities and/or available surplus cash resources of at least \u00a31,500 million, raise at least 50% of its gross debt (excluding
non\u2011recourse debt) in the capital market and to maintain an average term to maturity in the recourse long-term debt portfolio greater than
five years.
At 31 December 2025 the Group had undrawn committed credit facilities of \u00a33,066 million (2024: \u00a33,293 million) and \u00a34,161 million (2024:
\u00a35,578 million) of unrestricted cash and cash equivalents, net of outstanding overdrafts. 80% (2024: 77%) of the Group\u2019s gross debt has
been raised in the long-term debt market and the average term\u00a0to maturity of the long-term debt portfolio was 9.8 years (2024:\u00a09.6 years).
The Group\u2019s liquidity is impacted by the cash posted or received under margin and collateral agreements. The terms and conditions of these
agreements depend on the counterparty and the specific details of the transaction. Margin/collateral is generally posted or received to
support energy trading and procurement activities. It is posted when contracts with marginable counterparties are out of the money and
received when contracts are in the money. Cash is generally returned to the Group or by the Group within two days of trade settlement.
At\u00a031 December 2025 the collateral position was as follows:
31 December
2025
\u00a3m
2024
\u00a3m
Collateral (received)/posted included within:
Trade and other payables
(81)
(162)
Trade and other receivables
203
191
Collateral (received)/posted extinguishing:
Net derivative (assets)/liabilities (i)
(61)
76
Net collateral posted (ii)
61
105
(i) Variation margin on daily settled derivatives results in the extinguishment of the net derivative asset/liability. These contracts remain outstanding until a future delivery
date, and therefore the cumulative daily settlement is considered collateral until that fulfilment date.
(ii) In-year movements of net collateral posted include a foreign exchange adjustment of \u00a37 million credit (2024: \u00a34 million debit).
The Group utilises initial margin waiver facilities to help manage its liquidity and working capital position in relation to derivative trading. For
certain types of trade, initial margin is a requirement before entering into a transaction, as it provides credit assurance for the exchange. As
initial margin is not a liability of the Group and is refundable, it is reflected as a margin asset on the Group\u2019s balance sheet. Accordingly, where
counterparties waive any requirement to post initial margin, the Group has no liability.
The level of undrawn committed bank facilities and available cash resources has enabled the Directors to conclude that the Group has
sufficient headroom to continue as a going concern. The statement of going concern is included in the Governance section \u2013 Other
Statutory Information, on page 118.
Liquidity risk management and going concern
Liquidity risk is the risk that the Group is unable to meet its financial obligations as they fall due. The Group experiences significant
movements in\u00a0its liquidity position due primarily to the seasonal nature of its business and margin cash arrangements associated with certain
wholesale commodity contracts. To mitigate this risk the Group 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. See note 25 for further
information.
Maturity profiles
Maturities of derivative financial instruments, provisions, borrowings and leases are provided in the following tables (all amounts are
remaining contractual undiscounted cash flows):
Due for payment 2025
<1
year
\u00a3m
1 to 2
years
\u00a3m
2 to 3
years
\u00a3m
3 to 4
years
\u00a3m
4 to 5
years
\u00a3m
>5
years
\u00a3m
Total
\u00a3m
Energy and interest derivatives in a loss position
that will be settled on a net basis (i)
(149)
(49)
(33)
(12)
(9)
76
(176)
Gross energy procurement contracts and other
derivative buy trades carried at fair value
(1,513)
(1,057)
(868)
(656)
(771)
(3,192)
(8,057)
Foreign exchange derivatives that will be settled
on a gross basis:
Outflow
(8,971)
(1,156)
(775)
(129)
(7)
\u2014
(11,038)
Inflow
9,017
1,179
775
125
7
\u2014
11,103
Trade and other payables
(4,528)
(116)
(10)
(4)
\u2014
\u2014
(4,658)
Borrowings (bank loans, bonds, overdrafts and
interest)
(264)
(183)
(129)
(681)
(497)
(2,157)
(3,911)
(6,408)
(1,382)
(1,040)
(1,357)
(1,277)
(5,273)
(16,737)
Leases: (ii)
Minimum lease payments
(101)
(69)
(45)
(35)
(28)
(105)
(383)
Capital elements of leases
(99)
(57)
(38)
(29)
(23)
(85)
(331)
Due for payment 2024
<1
year
\u00a3m
1 to 2
years
\u00a3m
2 to 3
years
\u00a3m
3 to 4
years
\u00a3m
4 to 5
years
\u00a3m
>5
years
\u00a3m
Total
\u00a3m
Energy and interest derivatives in a loss position
that will be settled on a net basis (i)
(126)
(31)
(20)
(17)
(17)
(30)
(241)
Gross energy procurement contracts and other
derivative buy trades carried at fair value
(3,169)
(168)
(74)
(29)
(101)
(1,487)
(5,028)
Foreign exchange derivatives that will be settled
on a gross basis:
Outflow
(4,992)
(1,234)
(701)
\u2014
\u2014
\u2014
(6,927)
Inflow
5,007
1,256
730
\u2014
\u2014
\u2014
6,993
Trade and other payables
(5,466)
(142)
(25)
(6)
\u2014
\u2014
(5,639)
Borrowings (bank loans, bonds, overdrafts and
interest)
(878)
(184)
(183)
(126)
(678)
(2,654)
(4,703)
(9,624)
(503)
(273)
(178)
(796)
(4,171)
(15,545)
Leases: (ii)
Minimum lease payments
(106)
(89)
(55)
(29)
(25)
(90)
(394)
Capital elements of leases
(104)
(78)
(48)
(24)
(21)
(70)
(345)
(i) Proprietary energy trades are excluded from this maturity analysis because these contracts are held for trading purposes and often net settled. The associated cash
flows are expected to be equal to the contract fair value at the balance sheet date. See note 19 for further details.
(ii) The difference between the total minimum lease payments and the total capital elements of leases is due to future finance charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "Adjusted net cash/(debt) summary
Adjusted net cash/(debt) predominantly includes capital market borrowings offset by cash, securities and certain hedging
financial instruments used to manage interest rate and foreign exchange movements on borrowings. Presented in the
derivatives and current and non-current borrowings, leases and interest accruals columns shown below are the assets and
liabilities that give rise to financing cash flows.
Other assets and liabilities
Current and non-
current
borrowings,
leases and
interest accruals
Derivatives
Gross debt
Cash and cash
equivalents, net of
bank overdrafts (i)
Current and
non-current
securities (ii)
Sub-lease
assets
Adjusted net
cash/(debt)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Group adjusted net (debt)/cash at 1 January 2024
(3,289)
(119)
(3,408)
5,629
521
2
2,744
Cash outflow for purchase of securities
\u2014
\u2014
\u2014
(19)
19
\u2014
\u2014
Cash inflow from settlement of securities
\u2014
\u2014
\u2014
400
(400)
\u2014
\u2014
Cash outflow for payment of capital element of leases
97
\u2014
97
(97)
\u2014
\u2014
\u2014
Cash outflow for repayment of borrowings
842
15
857
(925)
\u2014
\u2014
(68)
Cash inflow from borrowings
(483)
\u2014
(483)
483
\u2014
\u2014
\u2014
Net cash flow from operating activities
\u2014
\u2014
\u2014
1,149
\u2014
\u2014
1,149
Net cash flow from other investing activities (iii)
\u2014
\u2014
\u2014
87
\u2014
\u2014
87
Cash outflow for share buyback programme (iv)
\u2014
\u2014
\u2014
(499)
\u2014
\u2014
(499)
Net cash flow from other financing activities (iv)
\u2014
\u2014
\u2014
(227)
\u2014
\u2014
(227)
Revaluation
13
(22)
(9)
\u2014
5
\u2014
(4)
Interest receivable on securities
\u2014
\u2014
\u2014
\u2014
19
\u2014
19
Interest received on securities
\u2014
\u2014
\u2014
25
(25)
\u2014
\u2014
Financing interest paid
171
76
247
(283)
\u2014
\u2014
(36)
Increase in interest payable and amortisation of borrowings,
and impact of associated interest rate swaps
(168)
(57)
(225)
\u2014
\u2014
\u2014
(225)
New lease agreements and re-measurement of existing lease
liabilities
(53)
\u2014
(53)
\u2014
\u2014
(2)
(55)
Exchange adjustments
3
\u2014
3
(30)
\u2014
\u2014
(27)
Group adjusted net (debt)/cash at 31 December 2024
(2,867)
(107)
(2,974)
5,693
139
\u2014
2,858
Transfers to disposal groups held for sale
19
\u2014
19
\u2014
\u2014
\u2014
19
Cash inflow from settlement of securities
\u2014
\u2014
\u2014
57
(57)
\u2014
\u2014
Cash outflow for purchase of securities
\u2014
\u2014
\u2014
(13)
13
\u2014
\u2014
Cash outflow for payment of capital element of leases
95
\u2014
95
(95)
\u2014
\u2014
\u2014
Cash outflow for repayment of borrowings
61
\u2014
61
(61)
\u2014
\u2014
\u2014
Cash inflow from borrowings
(13)
\u2014
(13)
13
\u2014
\u2014
\u2014
Net cash flow from operating activities
\u2014
\u2014
\u2014
695
\u2014
\u2014
695
Net cash flow from other investing activities (iii)
\u2014
\u2014
\u2014
(734)
\u2014
\u2014
(734)
Cash outflow for share buyback programme (iv)
\u2014
\u2014
\u2014
(827)
\u2014
\u2014
(827)
Cash outflow from other financing activities (iv)
\u2014
\u2014
\u2014
(246)
\u2014
\u2014
(246)
Revaluation
(37)
35
(2)
\u2014
8
\u2014
6
Interest receivable on securities
\u2014
\u2014
\u2014
\u2014
2
\u2014
2
Financing interest paid
141
39
180
(181)
\u2014
\u2014
(1)
Increase in interest payable and amortisation of borrowings,
and impact of associated interest rate swaps
(153)
(38)
(191)
\u2014
\u2014
\u2014
(191)
New lease agreements and re-measurement of existing lease
liabilities
(100)
\u2014
(100)
\u2014
\u2014
\u2014
(100)
Exchange adjustments
33
\u2014
33
(29)
2
\u2014
6
Group adjusted net (debt)/cash at 31 December 2025
(2,821)
(71)
(2,892)
4,272
107
\u2014
1,487
(i) Cash and cash equivalents includes \u00a3 111 million (2024: \u00a3115 million) of restricted cash. This in cludes cash totalling \u00a3nil (2024: \u00a33 million) within the Spirit Energy business
that is not restricted by regulation but is managed by Spirit Energy\u2019s own treasury\u00a0department. Cash and cash equivalents are net of \u00a335 million bank overdrafts (2024:
\u00a3645 million).
(ii) Securities includes \u00a348 million (2024: \u00a331 million) of other loans receivable measured at amortised cost, as well as \u00a349 million (2024: \u00a373 million) of other debt
instruments, and \u00a310 million (2024: \u00a335 million) of equity instruments, both measured at fair value.
(iii) Net cash flow from other investing activities excludes cash outflow relating to the purchase of securities of \u00a313 million (2024: \u00a319 million), cash inflow from the
settlement of securities of \u00a357 million (2024: \u00a3400 million), and interest received on securities of \u00a3nil (2024: \u00a325 million) during the year.
(iv) Cash outflow of \u00a3827 million (2024: \u00a3499 million) relates to the share buyback programme, for which there is a liability of \u00a314 million (2024: \u00a375 million) recognised at 31
December 2025. See note S4 for further details on the share buyback programme. Cash outflow from other financing activities includes \u00a3237 million (2024: \u00a3219 million)
payments of equity dividends and \u00a39 million (2024: \u00a38 million) payments for own shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
(d)
Borrowings, leases and interest accruals summary
2025
2024
31 December
Coupon rate
%
Principal
m
Current
\u00a3m
Non-current
\u00a3m
Total
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Total
\u00a3m
Bank overdrafts
(35)
\u2014
(35)
(645)
\u2014
(645)
Bank loans (> 5 year maturity)
\u2014
(114)
(114)
\u2014
(124)
(124)
Other borrowings
(2)
(55)
(57)
(61)
(39)
(100)
Bonds (by maturity date):
4 September 2026 (i)
6.400
\u00a352
(51)
\u2014
(51)
\u2014
(50)
(50)
16 April 2027
5.900
US$70
\u2014
(52)
(52)
\u2014
(56)
(56)
13 March 2029 (i)
4.375
\u00a3552
\u2014
(515)
(515)
\u2014
(492)
(492)
5 January 2032 (ii)
Zero
\u20ac50
\u2014
(77)
(77)
\u2014
(70)
(70)
19 September 2033 (i)
7.000
\u00a3400
\u2014
(328)
(328)
\u2014
(319)
(319)
16 October 2043
5.375
US$367
\u2014
(269)
(269)
\u2014
(288)
(288)
12 September 2044 (i)
4.250
\u00a3550
\u2014
(538)
(538)
\u2014
(539)
(539)
25 September 2045
5.250
US$50
\u2014
(37)
(37)
\u2014
(39)
(39)
21 May 2055 (i) (iii)
6.500
\u00a3405
\u2014
(407)
(407)
\u2014
(401)
(401)
(51)
(2,223)
(2,274)
\u2014
(2,254)
(2,254)
Obligations under lease arrangements
(99)
(232)
(331)
(104)
(241)
(345)
Interest accruals
(45)
\u2014
(45)
(44)
\u2014
(44)
(232)
(2,624)
(2,856)
(854)
(2,658)
(3,512)
(i) Bonds or portions of bonds maturing in 2026, 2029, 2033, 2044 and 2055 have been designated in a fair value hedge relationship. See note S5 for details of hedge
relationships.
(ii) \u20ac50 million of zero coupon notes have an accrual yield of 4.2%, which will result in a \u20ac114 million repayment on maturity.
(iii) The Group has the right to repay at par on 21 May 2030 and every interest payment date thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "Share capital
Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the
number\u00a0of own and treasury shares the Company holds, which the Company has bought, principally as part of share
buyback programmes.
Allotted and fully paid share capital of the Company
31 December
2025
\u00a3m
2024
\u00a3m
5,064,902,964 ordinary shares of 6 14/81 pence each (2024: 5,568,107,214)
313
344
The closing price of one Centrica ordinary share on 31 December 2025 was 169.55 pence ( 2024: 133.60 pence). Centrica employee share
ownership trusts purchase Centrica ordinary shares from the open market and receive treasury shares to satisfy future obligations of
certain employee share schemes. The movements in own and treasury shares during the year are shown below:
Own shares (i)
Treasury shares (i)
2025
million shares
2024
million shares
2025
million shares
2024
million shares
1 January
83.3
46.8
476.8
492.0
Shares purchased
4.8
6.8
\u2014
\u2014
Shares cancelled (ii)
\u2014
\u2014
(503.2)
(339.7)
Shares transferred from treasury and placed into trust
18.4
39.7
(18.4)
(39.7)
Shares released to employees on vesting
(16.1)
(10.0)
(21.3)
(21.2)
Share buyback programme (iii)
\u2014
\u2014
520.4
385.4
31 December (i)
90.4
83.3
454.3
476.8
(i) Own shares are shares held in trusts to meet employee share awards. Treasury shares are shares that have been purchased from the open market and have not been
cancelled. The closing balance in the treasury and own shares reserves of own shares was \u00a3112 million (2024: \u00a393 million) and treasury shares was \u00a3733 million (2024:
\u00a3642 million), these are both held at weighted average cost.
(ii) During the period, the Group has cancelled 503,204,250 (2024: 339,738,924) ordinary shares that were being held as treasury shares. Share capital has been reduced by
the nominal value of these shares of \u00a331 million (2024: \u00a321 million), and a corresponding amount has been credited to the capital redemption reserve. In addition, \u00a3681
million (2024: \u00a3400 million) has been transferred from treasury shares to retained earnings to account for the price paid for the shares when they were originally credited
to treasury shares. This value has been calculated on a first-in-first-out basis.
(iii) See note S4 for further details of the share buyback programme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "Share capital
Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the
number\u00a0of own and treasury shares the Company holds, which the Company has bought, principally as part of share
buyback programmes.
Allotted and fully paid share capital of the Company
31 December
2025
\u00a3m
2024
\u00a3m
5,064,902,964 ordinary shares of 6 14/81 pence each (2024: 5,568,107,214)
313
344
The closing price of one Centrica ordinary share on 31 December 2025 was 169.55 pence ( 2024: 133.60 pence). Centrica employee share
ownership trusts purchase Centrica ordinary shares from the open market and receive treasury shares to satisfy future obligations of
certain employee share schemes. The movements in own and treasury shares during the year are shown below:
Own shares (i)
Treasury shares (i)
2025
million shares
2024
million shares
2025
million shares
2024
million shares
1 January
83.3
46.8
476.8
492.0
Shares purchased
4.8
6.8
\u2014
\u2014
Shares cancelled (ii)
\u2014
\u2014
(503.2)
(339.7)
Shares transferred from treasury and placed into trust
18.4
39.7
(18.4)
(39.7)
Shares released to employees on vesting
(16.1)
(10.0)
(21.3)
(21.2)
Share buyback programme (iii)
\u2014
\u2014
520.4
385.4
31 December (i)
90.4
83.3
454.3
476.8
(i) Own shares are shares held in trusts to meet employee share awards. Treasury shares are shares that have been purchased from the open market and have not been
cancelled. The closing balance in the treasury and own shares reserves of own shares was \u00a3112 million (2024: \u00a393 million) and treasury shares was \u00a3733 million (2024:
\u00a3642 million), these are both held at weighted average cost.
(ii) During the period, the Group has cancelled 503,204,250 (2024: 339,738,924) ordinary shares that were being held as treasury shares. Share capital has been reduced by
the nominal value of these shares of \u00a331 million (2024: \u00a321 million), and a corresponding amount has been credited to the capital redemption reserve. In addition, \u00a3681
million (2024: \u00a3400 million) has been transferred from treasury shares to retained earnings to account for the price paid for the shares when they were originally credited
to treasury shares. This value has been calculated on a first-in-first-out basis.
(iii) See note S4 for further details of the share buyback programme.
Other equity
This section summarises the Group\u2019s other equity reserve movements.
Cash flow
hedging
reserve
\u00a3m
Foreign
currency
translation
reserve
\u00a3m
Actuarial
gains and
losses
reserve
\u00a3m
Financial
asset at
FVOCI
reserve
\u00a3m
Treasury
and own
shares
reserve
\u00a3m
Share-
based
payments
reserve
\u00a3m
Merger,
capital
redemption
and other
reserves
\u00a3m
Total
\u00a3m
1 January 2024
(12)
(170)
(1,812)
6
(650)
47
435
(2,156)
Actuarial losses on defined benefit pension schemes
\u2014
\u2014
(113)
\u2014
\u2014
\u2014
\u2014
(113)
Employee share schemes:
Exercise of awards
\u2014
\u2014
\u2014
\u2014
27
(21)
\u2014
6
Value of services provided
\u2014
\u2014
\u2014
\u2014
\u2014
47
\u2014
47
Purchase of own shares
\u2014
\u2014
\u2014
\u2014
(8)
\u2014
\u2014
(8)
Share buyback programme:
Purchase of Treasury shares
\u2014
\u2014
\u2014
\u2014
(504)
\u2014
\u2014
(504)
Movement on accrual for committed share
purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
24
24
Shares cancelled in the year (note 26)
\u2014
\u2014
\u2014
\u2014
400
\u2014
21
421
Impact of cash flow hedging
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
Share of other comprehensive gain of joint ventures
and associates, net of taxation
\u2014
\u2014
38
\u2014
\u2014
\u2014
\u2014
38
Exchange differences on translation of foreign
operations
\u2014
(50)
\u2014
\u2014
\u2014
\u2014
\u2014
(50)
Revaluation of other investments and securities
measured at FVOCI
\u2014
\u2014
\u2014
(27)
\u2014
\u2014
\u2014
(27)
Taxation on above items
\u2014
\u2014
29
\u2014
\u2014
(4)
\u2014
25
31 December 2024
(10)
(220)
(1,858)
(21)
(735)
69
480
(2,295)
Actuarial losses on defined benefit pension schemes
\u2014
\u2014
(429)
\u2014
\u2014
\u2014
\u2014
(429)
Employee share schemes:
Exercise of awards
\u2014
\u2014
\u2014
\u2014
48
(29)
\u2014
19
Value of services provided
\u2014
\u2014
\u2014
\u2014
\u2014
56
\u2014
56
Purchase of own shares
\u2014
\u2014
\u2014
\u2014
(9)
\u2014
\u2014
(9)
Share buyback programme:
Purchase of Treasury shares
\u2014
\u2014
\u2014
\u2014
(827)
\u2014
\u2014
(827)
Movement on accrual for committed share
purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
57
57
Shares cancelled in the year (note 26)
\u2014
\u2014
\u2014
\u2014
681
\u2014
31
712
Impact of cash flow hedging
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(6)
Share of other comprehensive gain of joint ventures
and associates, net of taxation
(8)
\u2014
4
\u2014
\u2014
\u2014
\u2014
(4)
Exchange differences on translation of foreign
operations
\u2014
24
\u2014
\u2014
\u2014
\u2014
\u2014
24
Exchange differences reclassified to Group Income
Statement on disposal
\u2014
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
Revaluation of other investments and securities
measured at FVOCI
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
(4)
Taxation on above items
1
\u2014
105
(1)
\u2014
\u2014
\u2014
105
31 December 2025
(23)
(194)
(2,178)
(26)
(842)
96
568
(2,599)
S4. Other equity
Merger, capital redemption and other reserves
During February 1997, BG plc (formerly British Gas plc) demerged certain businesses (grouped together under GB Gas Holdings Limited
(GBGH)) to form Centrica plc. Upon demerger, the share capital of GBGH was transferred to Centrica plc and was recorded at the nominal
value of shares issued to BG plc shareholders. In accordance with the Companies Act 1985, no premium was recorded on the shares issued.
On consolidation, the difference between the nominal value of the Company\u2019s shares issued and the amount of share capital and share
premium of GBGH at the date of demerger was credited to a merger reserve.
On 8 December 2017, the Group\u2019s existing exploration and production business was combined with that of Bayerngas Norge AS to form the
Spirit Energy business. The Group acquired 69% of the Spirit Energy business and Bayerngas Norge\u2019s former shareholders acquired 31%.
The\u00a0non-controlling interest established on acquisition has been based on its share of the carrying value of the combined business, with the
other reserve representing the difference between the fair value and this carrying value.
In accordance with the Companies Act, the Company has transferred to the capital redemption reserve an amount equal to the nominal
value of\u00a0shares repurchased and subsequently cancelled. As at 31 December 2025 the cumulative nominal value of shares repurchased and
subsequently cancelled was \u00a380 million (2024: \u00a349 million).
At the year-end, the Group has recognised a financial liability of \u00a314 million (2024: \u00a375 million) relating to the share buyback programme. See
Treasury and own shares reserve section for more details.
Treasury and own shares reserve
The own shares reserve reflects the cost of shares in the Group held in the Centrica employee share ownership trusts to meet the future
requirements of the Group\u2019s share-based payment plans.
Treasury shares are acquired equity instruments of the Company.
The Group has continued with its share buyback programme during 2025. The \u00a3230 million tranche which was underway at the 2024 year-
end concluded in February 2025. Once this completed, a further tranche of \u00a3270 million, announced in December 2024, began in March
2025 and completed in June 2025.
In February 2025, a further \u00a3500 million extension was announced, split into two tranches of \u00a3250 million each. The first of these tranches
began in June 2025 and was completed in September 2025. The second tranche began in September 2025 and was underway at the year
end date.
Once complete, this will take the total value of shares repurchased under the current programme to \u00a32 billion.
During the year ended 31 December 2025, the Group purchased 520 million ordinary shares, representing approximately 10.3% of the
issued ordinary share capital at 31 December 2025, at an average price of 159.0 pence per share, and an aggregate cost of \u00a3827 million
under the share buyback programme. The associated cash outflow is \u00a3827 million.
The Group has determined that the terms and conditions of the tranche ongoing at the year end date, mean that, at 31 December 2025, it
was unable to cancel the obligation arising under the contract signed. Accordingly, a financial liability of \u00a314 million was recognised at 31
December 2025 representing the difference between purchases paid for to date under the current tranche, and the maximum potential
repurchase under the contract of \u00a3250 million.
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the financial liability
of \u00a368 million recognised at 31 December 2024 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
January 2025
26,826,326
137.9
37
31
February 2025
21,544,046
143.9
31
\u2014
Total
48,370,372
140.6
68
\u2014
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the \u00a3270 million
programme which ran from March 2025 to June 2025 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
March 2025
29,062,088
148.0
43
227
April 2025
24,639,633
150.2
37
190
May 2025
78,712,497
153.7
121
69
June 2025
43,054,114
160.3
69
\u2014
Total
175,468,332
153.9
270
\u2014
S4. Other equity
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the \u00a3250 million
programme which ran from June 2025 to September 2025 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
June 2025
27,827,440
165.3
46
204
July 2025
49,444,362
158.2
78
126
August 2025
32,482,724
164.7
54
72
September 2025
45,636,106
158.4
72
\u2014
Total
155,390,632
160.9
250
\u2014
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the further \u00a3250
million programme for the year ended 31\u00a0December 2025 were as follows. This includes \u00a33 million relating to shares committed to being
purchased at 31 December 2025 but not yet settled.
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
September 2025
13,785,920
166.8
23
227
October 2025
39,497,073
173.0
67
160
November 2025
49,899,005
169.8
85
75
December 2025
38,032,439
167.6
64
11
Total
141,214,437
169.2
239
11
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "Events after the balance sheet date
The Group updates disclosures in light of new information being received, or a significant event occurring, in the period
between 31 December 2025 and the date of this report.
The Directors propose a final dividend of 3.67 pence per ordinary share for the year ended 31 December 2025 (which would total
\u00a3169\u00a0million based on shareholding at that date). The\u00a0dividend will be submitted for formal approval at the Annual General Meeting to be held
on 7 May 2026 and, subject to approval, will\u00a0be paid on 14 May 2026 to those shareholders registered on 10 April 2026.
The disposal of the Group\u2019s energy solutions businesses in Italy and the Netherlands to Joulz B.V. completed on 6 February 2026. See note
12(b) for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "General information
Centrica plc (the Company) is a public company limited by shares , domiciled and incorporated in the UK , and registered in England
and\u00a0Wales. The address of the registered office is Millstream, Maidenhead Road, Windsor, Berkshire, SL4 5GD. The Company, together with
its subsidiaries, comprise the \u2018Group\u2019. The nature of the Group\u2019s operations and principal activities are set out in note 4(a) and on pages 1
to\u00a057.
The consolidated Financial Statements of Centrica plc are presented in pounds sterling. Operations and transactions conducted in
currencies other than pounds sterling are included in the consolidated Financial Statements in accordance with the foreign currencies
accounting policy set out in note S2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "Centrica plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "Centrica plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "Millstream, Maidenhead Road, Windsor, Berkshire, SL4 5GD.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "Summary of material accounting policies
This section sets out the Group\u2019s material accounting policies in addition to the critical accounting policies applied in the
preparation of these consolidated Financial Statements. Unless otherwise stated, these accounting policies have been
consistently applied to the years presented.
Basis of consolidation
The Group Financial Statements consolidate the Financial Statements of the Company and entities controlled by the Company.
Subsidiaries are\u00a0all entities (including structured entities) over which the Group has control. Control is exercised over an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases. Transactions with non-controlling interests that relate to their ownership interests and do
not result in a loss of control are accounted for as equity transactions.
The results of subsidiaries acquired or disposed of during the year are consolidated from the effective date of acquisition (at which point the
Group gains control over a business as defined by IFRS 3, and applies the acquisition method to account for the transaction as a business
combination) or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of
subsidiaries, associates and joint ventures to align the accounting policies with those used by the Group.
When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value with the change in carrying amount
recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the\u00a0retained
interest as a joint venture, associate or financial asset.
Segmental reporting
The Group\u2019s operating and reportable segments are reported in a manner consistent with the internal reporting provided to and regularly
reviewed by the\u00a0Group\u2019s Board for the purposes of evaluating segment performance and allocating resources (in accordance with IFRS 8
\u2018Operating segments\u2019).
During the year the Group\u2019s reportable operating segments have been redefined to reflect the way the Board makes decisions about
resources to be allocated to the segments and assess their performance. Information relating to the prior year has been restated in line with
the new segmental structure.
Revenue
Energy supply to business and residential customers
The vast majority of contractual energy supply arrangements have no fixed duration, and require no minimum consumption by the
customer. No\u00a0enforceable rights and obligations exist at inception of the contract and arise only once the cooling off period is complete and
the Group is the legal supplier of energy to the customer. The performance obligation is the supply of energy over the contractual term; the
units of supply represent a series of distinct goods that are substantially the same with the same pattern of transfer to the customer. The
performance obligation is considered to be satisfied over time as the customer consumes based on the units of energy delivered. In respect
of energy supply contracts, the Group considers that it has the right to consideration from the customer for an amount that corresponds
directly with the invoiced value delivered to the customer through their consumption. The Group\u2019s assessment of the amount that it has a
right to invoice includes an assessment of energy supplied to customers between the date of the last meter reading and the year-end
(known as unread revenue). Unread gas and electricity comprises both billed and unbilled revenue and is estimated through the billing
systems, using historical consumption patterns, on a customer-by-customer basis, taking into account weather patterns, load forecasts
and the differences between actual meter readings being returned and system estimates. Actual meter readings continue to be compared
to system estimates between the balance sheet date and the finalisation of the accounts.
The Group holds a number of energy supply contracts that specify a minimum consumption volume over a specified contractual term.
The\u00a0transaction price for these contracts is the minimum supply volume multiplied by the contractually agreed price per unit of energy.
Revenue from the sale of additional volumes is considered to be variable and not included in the transaction price. Revenue for these
contracts continues to be recognised as invoiced.
In accordance with the disclosure requirements of IFRS 15, the Group applies the practical expedient available and therefore does not
disclose information about the transaction price allocated to remaining performance obligations. This is on the basis that revenue for energy
supply contracts is recognised based on the amount the Group has the right to invoice, which corresponds directly with the value of the
Group\u2019s performance completed to date. The performance obligations to which this practical expedient applies primarily relate to usage-
based contracts, under which the Group invoices customers at rates that reflect the value of energy transferred to date.
S2. Summary of material accounting policies
Energy services provided to business and residential customers
Energy services relate to the installation, repair and maintenance of central heating, ventilation and air conditioning systems.
Delivery of an item is considered a separate performance obligation to the installation of the item, both satisfied at a point in time. Delivery is
the point at which control passes to the customer as the customer takes physical possession of the asset. It is also the point at which the
Group has the right to consideration. Delivery and installation usually occur at the same point in time and consequently revenue is
recognised for both performance obligations simultaneously. Repair and maintenance revenue is recognised at the point in time when the
repair is complete.
Costs to obtain or fulfil a contract
Under IFRS 15 \u2018Revenue from contracts with customers\u2019, the incremental costs of obtaining a contract are recognised as an asset if they are
expected to be recovered. These costs include expenditures that would not have been incurred if the contract had not been secured and
typically relate to sales commissions payable in relation to both Energy supply and Energy service contracts.
Costs to fulfil a contract are recognised as an asset where they are directly related to a contract and where they generate or enhance
resources of the entity that will be used in satisfying the performance obligations. Costs must be expected to be recoverable. Assets
relating to costs to obtain or fulfil a contract are amortised over the period of the contract. See note 17.
Sales of Liquefied Natural Gas (LNG)
Revenue arising from sales of LNG is recognised when control of the commodity passes to the counterparty, with each cargo representing
a\u00a0separate performance obligation satisfied at a point in time.
Sales of own gas and liquid production
Revenue arising from the sale of produced gas is recognised in a manner consistent with energy supply contracts with the revenue
recognition profile reflecting the supply of gas to the customer.
The rights and obligations identifiable within a contract where the Group holds sellers\u2019 nomination rights are considered to be enforceable
from inception of the contract. The transaction price for the contract will include variable consideration based on forecast production and
market prices. Variable consideration is recognised to the extent that it is highly probable that a significant reversal in the amount of
cumulative recognised revenue will not occur. The point at which the performance obligation is satisfied and revenue recognised is the point
at which control of the commodity passes to the customer according to the contractual trading terms, usually on shipment or delivery to a
specified location.
Energy sales to trading and energy procurement counterparties
Revenue arising from the sale of energy procured from generation asset owners to trading and energy procurement counterparties is also
recognised in a manner consistent with energy supply contracts. There is a single performance obligation being the supply of energy over
the contractual term at spot prices and revenue is recognised at the point at which energy is supplied to the counterparty in accordance
with the contractual terms.
Revenue arising from contracts outside the scope of IFRS 15
Revenue from sources other than the Group\u2019s contracts with customers is recognised in accordance with the relevant standard, as\u00a0detailed
below:
Fixed-fee service and insurance contracts: revenue from these contracts is recognised in the Group Income Statement with regard to the
incidence of risk over the life of the contract, reflecting the seasonal propensity of claims to be made under the contracts and the benefits
receivable by the customer, which span the life of the contract as a result of emergency maintenance being available throughout the
contract\u00a0term.
Power generation: revenue is recognised under IFRS 9 where contracts to supply power are measured at fair value.
Cost of sales
Energy supply includes the cost of gas and electricity produced and purchased during the year for own-use contracts, taking into account
the industry reconciliation process for total gas and total electricity usage by supplier and related transportation, distribution, royalty costs
and bought-in materials and services.
Cost of sales relating to fixed-fee service and insurance contracts includes direct labour and related overheads on installation work, repairs
and service contracts in the year.
Cost of sales relating to gas production includes depreciation of assets used in production of gas, royalty costs and direct labour\u00a0costs.
Cost of sales within power generation businesses includes the depreciation of assets included in generating power, fuel purchase costs,
direct labour costs, electricity generator levy charges and carbon emissions costs.
Re-measurement and settlement of energy contracts
Re-measurement and settlement of energy contracts includes both realised (settled) commodity sales and purchase contracts in the
scope of\u00a0IFRS 9, as well as unrealised (fair value changes) on active contracts, as detailed further in note 2.
Financing costs
Financing costs that arise in connection with the acquisition, construction or production of a qualifying asset are capitalised and
subsequently amortised in line with the depreciation of the related asset. Financing costs not arising in connection with the acquisition,
construction or production of a qualifying asset are expensed.
S2. Summary of material accounting policies
Foreign currencies
The consolidated Financial Statements are presented in pounds sterling, the functional currency of the Company and the Group\u2019s
presentational currency. Each entity in the Group determines its own functional currency and items included in the financial statements of
each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded in the functional currency of
the entity at the exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated to the functional currency of the relevant entity at the rate
of exchange ruling at the balance sheet date and exchange movements included in the Group Income Statement for the period.
Non-monetary items that are measured at historical cost in a currency other than the functional currency of the entity concerned are
translated using the exchange rate prevailing at the dates of the initial transaction.
For the purpose of presenting consolidated Financial Statements, the assets and liabilities of the Group\u2019s non-sterling functional currency
subsidiary undertakings, joint ventures and associates are translated into pounds sterling at exchange rates prevailing at the balance sheet
date. The monthly results of these (generally foreign) subsidiary undertakings, joint ventures and associates are translated into pounds
sterling each month at the average rates of exchange for that month. The closing exchange rates, and the average of the rates used to
translate the results of\u00a0foreign operations to pounds sterling are shown below.
Exchange rate per pounds sterling (\u00a3)
Closing rate at
31 December
Average rate for the year ended
31 December
2025
2024
2025
2024
US dollars
1.34
1.25
1.32
1.28
Euro
1.15
1.21
1.17
1.18
Norwegian krone
13.56
14.24
13.71
13.75
Danish krone
8.56
9.02
8.73
8.81
Exchange adjustments arising from the retranslation of the opening net assets and results of non-sterling functional currency
operations are transferred to the Group\u2019s foreign currency translation reserve, a separate component of equity, and are reported in
other comprehensive income. In the event of the disposal of a non-sterling functional currency subsidiary, the cumulative translation
difference arising in the foreign currency translation reserve is charged or credited to the Group Income Statement on disposal.
Where the Group utilises net investment hedging, changes in the fair value of the hedging instrument are recognised in equity and
remain there until the disposal of the specific, related investments, at which point the gains and losses are recycled to profit or loss.
Employee share schemes
The Group operates a number of employee share schemes, detailed in the Remuneration Report on pages 86 to 107, under which it makes
equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of
grant (excluding the effect of non-market-based vesting conditions). The fair value determined at the grant date is expensed on a straight-
line basis together with a corresponding increase in equity over the vesting period, based on the Group\u2019s estimate of the number of awards
that will vest, and adjusted for the effect of non-market-based vesting conditions.
The majority of the share-based payment charge arises from the Annual Incentive Plan. This scheme is applicable to senior executives, and
senior and middle management. Shares issued under the scheme vest subject to continued employment within the Group in two stages
(half after two years and the other half after three years). Employees leaving prior to the vesting date will normally forfeit their rights to
unvested share awards. The fair value of the awards is measured using the market value at the date of grant.
More information is included in the Remuneration Report on pages 86 to 107.
S2. Summary of material accounting policies
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business as defined
by IFRS 3). The cost of the acquisition is measured as the cash paid and the aggregate of the fair values, at the date of exchange, of other
assets transferred, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. The
consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the
acquisition date.
Acquisition-related costs are expensed as incurred. The identifiable assets, liabilities and contingent liabilities are recognised at their fair
value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5.
The Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interests\u2019 proportionate share
of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill arising on a business combination represents the excess of the consideration transferred, the amount of the non-controlling
interests and the acquisition date fair value of any previously held interest in the acquiree over the Group\u2019s interest in the fair value of the
identifiable net assets acquired. Goodwill arising on the acquisition of a stake in a joint venture or an associate represents the excess of the
consideration transferred over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the investee at the date of
acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment
losses. The goodwill arising on an investment in a joint venture or in an associate is not recognised separately, but is shown under \u2018Interests in
joint ventures and associates\u2019 in\u00a0the Group Balance Sheet. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s
identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in
the Group Income Statement.
Acquisitions of joint operations that meet the definition of a business as defined in IFRS 3 are accounted for as business combinations.
On disposal of a subsidiary, associate or joint venture entity, any amount of goodwill attributed to that entity is included in the determination
of\u00a0the profit or loss on disposal. A similar accounting treatment is applied on disposal of assets that represent a business.
Other intangible assets
Intangible assets acquired separately are measured on initial recognition at cost.
Capitalisation begins when expenditure for the asset is being incurred and activities necessary to prepare the asset for use are in progress
and ceases when substantially all the activities that are necessary to prepare the asset for use are complete. Amortisation commences at
the point of commercial deployment. The cost of intangible assets acquired in a business combination is their fair value as at the date of
acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets with finite lives are amortised over their useful lives and are tested for impairment, as part of the CGU to which they relate
where necessary, annually and whenever there is an indication that the asset could be impaired. The amortisation period and method for an
intangible asset are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of
future economic benefits embodied in the asset are accounted for on a prospective basis by changing the amortisation period or method,
as appropriate, and treated as changes in accounting estimates.
Intangible assets are derecognised on disposal, or when no future economic benefits are expected from their use.
Intangible assets with indefinite useful lives are not amortised but tested for impairment annually, and whenever there is an indication that
the intangible asset could be impaired, either individually or at the CGU level. The indefinite life assessment is reviewed annually and, if not
supportable, the change in the useful life assessment from indefinite to finite is made on a prospective basis.
The useful economic lives for the material categories of intangible assets are as follows:
Customer relationships and other contractual assets
Up to 20 years
Strategic identifiable acquired brands
Indefinite
Application software
Up to 15 years
Strategic identifiable acquired brands are deemed to have indefinite lives where evidence suggests that the brand will generate net cash
inflows for the Group for an indefinite period.
Cloud computing arrangements
The Group has a number of contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements.
These contracts permit the Group to access vendor-hosted software and platform services over the term of the arrangement. The Group
does not control the underlying assets in these arrangements and costs are expensed as incurred.
The Group also incurs implementation costs in respect of these contracts. Implementation costs are capitalised as intangible assets where
costs meet the definition and recognition criteria of an intangible asset under IAS 38. Such costs typically relate to software coding which is
capable of providing benefit to the Group on a standalone basis. Other implementation costs, primarily relating to the configuration and
customisation of the Cloud software solution, are assessed to determine whether the implementation activity relating to these costs is
distinct from the Cloud Arrangement, in which case costs are expensed as the activity occurs. If the configuration and customisation costs
relate to activity which is integral to the Cloud Arrangement such that the activity is received over the term of the Cloud Arrangement,
costs are recognised as\u00a0a prepayment and expensed over the term of the Cloud Arrangement.
S2. Summary of material accounting policies
UK & EU Emissions Trading Scheme
Purchased carbon dioxide emissions allowances are recognised initially at cost (purchase price) within intangible assets. The liability is
measured at the cost of purchased allowances up to the level of purchased allowances held, and then at the market price of allowances
ruling at the balance sheet date, with movements in the liability recognised in operating profit.
The intangible asset is surrendered and the liability is extinguished at the end of the compliance period. Intangible assets expected to be
surrendered within one year are shown as current assets and those expected to be surrendered after one year as non-current assets. No
amortisation is charged up to the date of surrender as the cost and residual value of\u00a0the intangible asset are deemed to be the same with no
consumption of economic benefit. Forward contracts for the purchase or sale of carbon dioxide emissions allowances are measured at fair
value with gains and losses arising from changes in fair value recognised in the Group Income Statement.
Renewable certificates
The Group purchases renewable certificates both on a standalone basis, and through Power Purchase Agreements. The main types of
renewable certificates acquired are Renewable Energy Guarantees of Origin (REGOs) which are certificates issued by Ofgem certifying
that electricity has been produced from renewable sources, Renewable Obligation Certificates (ROCs) which are issued to accredited
generators for\u00a0the eligible renewable electricity they generate and Guarantees of Origin (GoOs) which are the EU equivalent of REGOs.
The\u00a0Group uses renewable certificates to meet its obligations under a number of Ofgem schemes, namely the Feed-in Tariff (FIT), the
Contracts for Difference (CFD), the Fuel Mix Disclosure (FMD) and the Renewables Obligation (RO) scheme.
Purchased renewable certificates are recognised initially at cost within intangible assets as an indefinite life asset. A\u00a0liability\u00a0for the RO is
recognised based on the level of\u00a0electricity supplied to customers, and is calculated in accordance with\u00a0percentages set by the UK
Government and the renewable obligation certificate buyout price for that period.
The intangible asset is surrendered and the liability is extinguished at the end of the compliance period to reflect the consumption of
economic benefits. Any recycling benefit related to the submission of renewable obligation certificates is recognised in the Group Income
Statement when received. The Group also recognises supplier obligations for CFD and FIT schemes; renewable certificates are used to
offset these liabilities.
Cash flows relating to renewable obligation certificates and similar schemes are recognised within cash flows from operating activities.
Development and production assets
All field development costs are capitalised as PP&E. Such costs relate to the acquisition and installation of production facilities and include
development drilling costs, project-related engineering and other technical services costs. PP&E, including rights and concessions related
to\u00a0production activities, is depreciated from the commencement of production in the fields concerned, using the unit of production method,
based on all of the 2P reserves of those fields. Changes in these estimates are dealt with prospectively.
The net carrying value of fields in development and production is compared annually on a field-by-field basis with the likely discounted
future net\u00a0revenues to be derived from the remaining commercial reserves. An impairment loss is recognised where it is considered that
recorded amounts are unlikely to be fully recovered from the net present value of future net revenues. Development and production assets
are tested annually for impairment.
Interests in joint arrangements and associates
The Group\u2019s joint ventures and associates (as defined in note 6) are accounted for using the equity method.
The Group\u2019s investment in Sizewell C (Holding) Limited includes an interest held through ordinary shares and a shareholder loan advanced to
the associate. Management considers the shareholder loan to form part of the Group\u2019s net investment in the associate, as settlement of the
loan is not likely to occur in the foreseeable future. Accordingly, the shareholder loan is presented within investments in joint ventures and
associates on the Group Balance Sheet, with the interest thereon presented within adjusted operating profit in the Group Income
Statement as it reflects part of the return from this investment.
The Group\u2019s interests in joint operations (gas exploration and production licence arrangements) are accounted for by recognising its assets
(including its share of assets held jointly), its liabilities (including its share of liabilities incurred jointly), its revenue from the sale of its\u00a0share of
the output arising from the joint operation, its share of the revenue from the sale of the output by the joint operation and its expenses
(including its share of any expenses incurred jointly).
Where the Group has an equity stake or a participating interest in operations governed by a joint arrangement for which it is acting as
operator, an assessment is carried out to confirm whether the Group is acting as agent or principal. As the terms and conditions negotiated
between business partners usually provide joint control to the parties over the relevant activities of the gas fields that are governed by joint
arrangements, the Group is usually deemed to be an agent when it is appointed as operator and not as principal as the contracts entered
into\u00a0presents gross liabilities and gross receivables of joint operations (including amounts due to or from non-operating partners) in the
Group Balance Sheet in accordance with the netting rules of IAS 32 \u2018Financial instruments \u2013 presentation\u2019.
Property, plant and equipment
PP&E is included in the Group Balance Sheet at cost, less accumulated depreciation and any provisions for impairment.
Subsequent expenditure in respect of items of PP&E, such as the replacement of major parts, major inspections or overhauls, are capitalised
as\u00a0part of the cost of the related asset where it is probable that future economic benefits will arise as a result of the expenditure and the cost
can\u00a0be reliably measured. All other subsequent expenditure is expensed as incurred.
S2. Summary of material accounting policies
Freehold land is not depreciated. Other PP&E, with the exception of infrastructure production assets, are depreciated on a straight-line
basis at rates sufficient to write off the cost, less estimated residual values, of individual assets over their estimated useful lives. The
depreciation periods for the material categories of assets are as follows:
Freehold and leasehold buildings
Up to 50 years
Plant
5 to 25 years
Equipment and vehicles
3 to 10 years
Power generation assets
Up to 40 years
The carrying values of PP&E are tested annually for impairment and are reviewed for impairment when events or changes in
circumstances indicate that the carrying value may not be recoverable. Residual values and useful lives are reassessed annually and,
if necessary, changes are accounted for prospectively.
Impairment assumptions
The Group tests the carrying amounts of goodwill, PP&E and intangible assets for impairment at\u00a0least annually. Interests in joint ventures
and associates are reviewed annually for indicators of impairment and tested for impairment where such an indicator arises. Where an asset
does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which
the asset belongs. The recoverable amount is the higher of value in use (VIU) and fair value less costs of disposal (FVLCD).
At inception, goodwill is allocated to each of the Group\u2019s CGUs or groups of CGUs that expect to benefit from the business combination in
which the goodwill arose. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying
amount of the asset (or CGU) is reduced to its recoverable amount. Any impairment is expensed immediately in the Group Income
Statement. Any CGU impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the
other assets of the CGU pro rata on the basis of the carrying amount of each asset in the CGU.
Further information on the assumptions used in the VIU calculations and FVLCD calculations that resulted in impairments during the year can
be found in note 7.
VIU \u2013 Key assumptions used
Pre-tax cash flows used in the VIU calculations are derived from the Group\u2019s Board-approved business plans, and assumptions specific to
the nature and life of the asset. The Group\u2019s business plans and assumptions are based on past experience and adjusted to reflect market
trends, economic conditions and key risks. Commodity prices used in the planning process are based in part on observable market data and
in part on\u00a0estimates. Note S6 provides additional detail on the active period of each of the commodity markets in which the Group operates.
(a) VIU \u2013 Growth rates and discount rates
Unless stated otherwise in the table below, cash flows beyond the planned period have been extrapolated using long-term growth rates in
the market where the CGU operates. Long-term growth rates are determined using a blend of publicly available historical data and long-
term growth rate forecasts published by external analysts. Cash flows are discounted using a discount rate specific to each CGU. Discount
rates reflect the current market assessments of the time value of money and are based on the estimated cost of capital of each CGU.
Additionally, risks specific to the cash flows of the CGUs are reflected within cash flow forecasts. Each CGU\u2019s weighted average cost of
capital is then adjusted to reflect the impact of tax in order to calculate an equivalent pre-tax discount rate.
Long-term growth rates and pre-tax discount rates used in the VIU calculations for each of the Group\u2019s CGUs are shown below.
2025
Retail (supply
and services)
%
Optimisation
%
MAP
%
Gas
generation
%
Nuclear
(excluding
Sizewell C) (i)
%
Growth rate to perpetuity (including inflation)
2.0
2.0
2.0
2.0
N/A
Pre-tax discount rate
12.0
12.7
8.7
10.7
13.6
2024
Retail (supply
and services)
%
Optimisation
%
MAP
%
Gas
generation
%
Nuclear (i)
%
Growth rate to perpetuity (including inflation)
2.0
2.0
n/a
2.0
N/A
Pre-tax discount rate
10.7
12.0
n/a
10.7
15.3
(i) Cash flows arising after the plan period have been derived from forecasts to the end of the asset lives. Due to the nature of these finite-lived assets, this provides a more
appropriate valuation in later years.
S2. Summary of material accounting policies
(b) VIU \u2013 Inflation rates
Inflation rates used in the business plan were based on a blend of publicly available inflation forecasts and range from 2.0% to 2.1%.
(c) Key operating assumptions by CGUs using VIU
The key operating assumptions across all CGUs are gross margin, revenues and operating costs. These assumptions are tailored to the
specific CGU using management\u2019s knowledge of the environment, as shown in the table below:
CGU
Gross margin
Revenues
Operating costs
All \u2013 base
assumptions
Existing customers: based on
contractual terms.
Losses are forecast based on historic
data and future expectations of
the market.
New customers and renewals: based
on gross margins achieved in the
period leading up to the date of the
business plan. Both adjusted for
current market conditions and cost of
goods inflation.
For Services businesses, future sales
and related gross margins are based
on planned future product sales and
contract losses based upon past
performance and future expectations
of the competitive environment.
Existing customers: based on
contractual terms.
Losses are forecast based on historic
data and future expectations of
the market.
Adjusted for: growth forecasts which
are based on sales and marketing
activity, recent customer acquisitions
and the current economic environment
in the relevant geography.
Gas and electricity revenues based
on\u00a0forward market prices.
Market share: percentage immediately
prior to business plan.
Wages: projected headcount in line
with expected efficiencies. Salary
increases based on inflation
expectations.
Credit losses: historical assumptions
regarding realised cash losses have
been updated to reflect the current
environment.
Optimisation
Existing and new markets:
management\u2019s estimate of future
trading\u00a0performance.
As above.
Future development: increase in costs
to support growth forecasts, adjusted
for planned business process
efficiencies.
S2. Summary of material accounting policies
Leases
The Group assesses its contractual arrangements to determine whether they are or contain leases based on whether they convey the right
to\u00a0control 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 lease commencement date. 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, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying
asset or the site on which it is located, less any lease incentives received.
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 estimated useful lives of right-of-use assets are determined on the
same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and
adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The liabilities
for the majority of the Group\u2019s lease portfolio are calculated using the incremental borrowing rate. This rate is calculated on a lease-by-lease
basis, taking into account the credit rating of the Group at the inception of the lease and the lease term. The credit adjustment used in this
calculation is modified to reflect the security implicit in a lease arrangement based on the specific class of asset being leased.
Lease payments included in the measurement of the lease liability comprise: fixed payments (including in-substance fixed payments),
variable lease payments that depend on an index or a rate (initially measured using the index or rate as at the commencement date),
amounts expected to be payable under a residual value guarantee, the exercise price under a purchase option that the Group is reasonably
certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and
penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. When considering whether the Group
is reasonably certain to exercise extension or termination options, various factors are considered, such as the level of lease payments
relative to the market rate, the importance of the specific asset to the Group\u2019s operations and the period remaining until the option
becomes exercisable. Such judgements are reconsidered when there is a significant event or change of circumstances that is within the
control of the Group. Variable lease payments that do not depend on an index or rate are recognised in profit or loss in the period in which
the event or condition that triggers those payments occurs.
The lease liability is subsequently measured at amortised cost using the effective interest method. It is re-measured when there is a change
in\u00a0future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be
payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, lease-term
extension or\u00a0termination option. Cash flows reflecting payment of capital and interest on leases are shown in cash flows from financing
activities.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset
or\u00a0is\u00a0recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group recognises the lease payments associated with short-term leases (leases expiring within twelve months from commencement)
and\u00a0leases of low value assets (underlying asset value less than \u00a35,000) on a straight-line basis over the lease term.
The Group holds interests in a number of joint operations within its exploration and production business. The Group has applied judgement
in\u00a0identifying the customer where a lease arrangement is to be used by a jointly controlled operation.
If the leased asset is dedicated to a specific joint operation and its usage is dictated by the joint operating agreement, the joint operation
is\u00a0deemed the customer. In such instances:
\u2022 When the Group signs a lease agreement on behalf of a joint operation and has primary responsibility for payments to the lessor, the
Group recognises 100% of the lease liability and a right-of-use asset on its balance sheet. When the partner is obliged to reimburse the
Group for its\u00a0share of lease payments, a sub-lease receivable is recognised and an equal adjustment to the right-of-use asset is made; and
\u2022 When the partner has the primary responsibility for payments to the lessor and the Group is obliged to reimburse its share of the
lease payments, a lease liability due to the partner and equal right-of-use asset are recognised.
If the leased asset is not dedicated to a specific joint operation or its usage is not dictated by the joint operating agreement of a joint
operation to\u00a0which it is dedicated, the signatory to the lease agreement is deemed the customer. If this is the Group, the lease liability and
right-of-use asset are recognised in full. If it is the partner, no lease liability or right-of-use asset is recognised.
S2. Summary of material accounting policies
Inventories
Inventories of finished goods are valued at the lower of cost (using weighted-average cost) or estimated net realisable value after allowance
for\u00a0redundant and slow-moving items. The cost of inventories includes the purchase price plus costs of conversion incurred in bringing the
inventories to their present location and condition.
Inventory of gas in storage held for the purpose of the Group\u2019s own use is measured on a weighted-average cost basis, whilst gas used for
trading purposes is measured at fair value less any costs to sell. Changes in fair value less costs to sell are recognised in the Group Income
Statement.
Government grants
Government grants are transfers of resources to the Group in return for past or future compliance with certain conditions relating to the
operating activities of the entity. Government assistance is designed to provide an economic benefit that is specific to an\u00a0entity qualifying
under certain criteria. The Group recognises government grants only when there is reasonable assurance that the Group will\u00a0comply with
the conditions attached to them and the grant will be received. Government grants are recognised in profit and loss on a systematic basis
over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate.
Government grants related to assets are deducted from the carrying amount of the asset.
Decommissioning costs
A provision is made for the net present value of the estimated cost of decommissioning gas production facilities at the end of the producing
lives of fields, battery storage assets and power stations at the end of their useful lives, based on price levels and technology at the balance
sheet date.
When this provision relates to an asset with sufficient future economic benefits, a decommissioning asset is recognised and included as part
of\u00a0the associated PP&E and depreciated accordingly. The asset is subject to impairment review as detailed above. Changes in estimates
and discount rates are dealt with prospectively and reflected as an adjustment to the provision and corresponding decommissioning asset
included within PP&E. The discount rate used to calculate the provision is 2% as discussed in note 3. The\u00a0unwinding of\u00a0the discount on the
provision is included in the Group Income Statement within financing costs.
Pensions and other post-employment benefits
The Group operates a number of defined benefit and defined contribution pension schemes. The cost of providing benefits under the
defined benefit schemes is determined separately for each scheme using the projected unit credit actuarial valuation method. Actuarial
gains and losses are recognised in the period in which they occur in other comprehensive income.
The cost of providing retirement pensions and other benefits is charged to the Group Income Statement over the periods benefitting from
employees\u2019 service. Past service cost is recognised immediately. Costs of administering the schemes are charged to the Group Income
Statement. Net interest, being the change in the net defined benefit liability or asset due to the passage of time, is recognised in the Group
Income Statement within net finance cost.
The net defined benefit liability or asset recognised in the Group Balance Sheet represents the present value of the defined benefit
obligation of\u00a0the schemes and the fair value of the schemes\u2019 assets. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in
which the benefits are paid, and that have terms of maturity approximating to the terms of the related pension liability.
Payments to defined contribution retirement benefit schemes are recognised in the Group Income Statement as they fall due.
S2. Summary of material accounting policies
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, that can be measured
reliably, and it is probable that the Group will be required to settle that obligation. Provisions are discounted to present value where the
effect is\u00a0material.
Where discounting is used, the increase in the provision due to the passage of time is recognised in the Group Income Statement within
interest expense. Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations under a contract
exceed the economic benefits expected to be received under it. Contracts to purchase or sell energy are reviewed on a portfolio basis
given the fungible nature of energy, whereby it is assumed that the highest priced purchase contract supplies the highest priced sales
contract and the lowest priced sales contract is supplied by the lowest priced purchase contract.
Taxation
Current tax, including UK corporation tax, UK petroleum revenue tax and foreign tax is provided at amounts expected to be paid (or
recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. From time to time, the
Group may have open tax issues with a number of revenue authorities. Where an outflow of funds is believed to be probable and a reliable
estimate of the dispute can be made, management provides for its best estimate of the liability. These estimates take into account the
specific circumstances of each dispute and relevant external advice as well as the rules and regulations of the relevant tax authority in the
jurisdiction of the dispute. Often the Group is unable to predict whether an uncertain tax treatment will be accepted by the relevant
authority. In such instances the effects of uncertainty are reflected in management\u2019s assessment of the most likely outcome of each issue,
as reviewed and updated on a regular basis. Each item is considered separately and on a basis that provides the better prediction of the
outcome, unless the Group determines that it is appropriate to group certain items for consideration. See note 9 for further details on
uncertain tax provisions.
Deferred tax is recognised in respect of all temporary differences identified at the balance sheet date, except to the extent that the
deferred tax arises from the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction which is not a
business combination and at the time of the transaction affects neither accounting profit nor taxable profit and loss. Temporary differences
are differences between the\u00a0carrying amount of the Group\u2019s assets and liabilities and their tax base.
Deferred tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining
deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable
taxable profits, within the same jurisdiction, in the foreseeable future, against which the deductible temporary difference can be utilised.
Deferred tax is provided on temporary differences arising on subsidiaries, joint ventures and associates, except where the timing of the
reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled,
based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Measurement of deferred tax
liabilities and assets reflects the tax consequences expected from the manner in which the asset or liability is recovered or settled.
S2. Summary of material accounting policies
Financial instruments
Financial assets and financial liabilities are recognised in the Group Balance Sheet when the Group becomes a party to the contractual
provisions of the instrument. Financial assets are derecognised when the Group no longer has the rights to cash flows, the risks and rewards
of ownership or control of the asset. Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled or
expires.
(a) Trade receivables
Trade receivables are initially recognised at a value based on their transaction price, and are subsequently held at amortised cost using the
effective interest method (taking into account the Group\u2019s business model, which is to collect the contractual cash flows owing) less an
allowance for impairment losses. Balances are written off when recoverability is assessed as being remote. If collection is expected in one
year or\u00a0less, receivables are classified as current assets. If not, they are presented as non-current assets.
(b) Trade payables
Trade payables are initially recognised at fair value, which is usually the original invoice amount and are subsequently held at amortised cost
using the effective interest method. If payment is due within one year or less, payables are classified as current liabilities. If not, they are
presented as non-current liabilities.
(c) Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction
from the proceeds received. Own equity instruments that are reacquired (treasury or own shares) are deducted from equity. No\u00a0gain or loss
is\u00a0recognised in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
(d) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions and money market deposits,
which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and have an original
maturity of three months or less. Money market funds are also included in cash and cash equivalents, and are required to be measured at fair
value through profit or loss under IFRS 9, as noted in section (g) below. Cash and cash equivalents are presented net of outstanding bank
overdrafts where there is a legal right of set off and, for the Group\u2019s cash pooling arrangements, to the extent the Group expects to settle its
subsidiaries\u2019 year-end account balances on a net basis.
For the purpose of the Group Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net
of outstanding bank overdrafts.
(e) Interest-bearing loans and other borrowings
All interest-bearing loans and other borrowings with banks and similar institutions are initially recognised at fair value net of directly
attributable transaction costs. After initial recognition, interest-bearing loans and other borrowings are subsequently measured at
amortised cost using the effective interest method, except when they are hedged items in an effective fair value hedge relationship where
the carrying value is also adjusted to reflect the fair value movements associated with the hedged risks. Such fair value movements are
recognised in the Group Income Statement. Amortised cost is calculated by taking into account any issue costs, discount or premium.
(f) Financial instruments at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income are equity instruments that the Group has elected to recognise the
changes in fair value of in other comprehensive income. They are recognised initially at fair value in the Group Balance Sheet and are re-
measured subsequently at fair value with gains and losses arising from changes in fair value recognised directly in equity and presented in
other comprehensive income. Dividends arising on these financial assets are recognised in the Group Income Statement.
Cumulative gains and losses on equity instruments at fair value through other comprehensive income are not recycled to the Group
Income\u00a0Statement.
(g) Financial assets at fair value through profit or loss
Money market funds (which are classified as cash equivalents) are required to be measured at fair value through profit or loss under IFRS 9,
as the assets are not held solely for the purpose of collecting contractual cash flows related to principal and interest. Both mandatory and
designated instruments are measured at fair value on initial recognition and are re-measured to fair value in each subsequent reporting
period. Gains and losses arising from changes in fair value are recognised in the Group Income Statement within investment income.
(h) Securities
The Group holds debt and equity securities predominantly in respect of the Centrica Unapproved Pension Scheme (see note 22). Debt
securities are required to be measured at fair value through profit or loss under IFRS 9, as the contractual terms of these assets do not give
rise to cash flows that are solely payments of principal and interest on the principal amounts outstanding. The changes in fair value are
recognised in finance costs. The Group has elected to recognise the changes in fair value of the equity securities in\u00a0other comprehensive
income.
Securities also includes a loan made to a minority shareholder which is similarly recognised as a financial asset under IFRS 9 and measured at
amortised cost.
S2. Summary of material accounting policies
(i) Other investments
Other investments includes convertible loan notes which are measured at fair value through profit or loss under IFRS 9, as these assets do
not meet the contractual cash flows characteristic test; namely, contractual cash flows are not solely payments of principal and interest on
principal outstanding. Gains or losses arising from changes in fair value are recognised in operating expenses. Financial assets held solely for
the purpose of collecting contractual cash flows related to principal and interest are initially recognised at fair value and then subsequently
measured at amortised cost.
Other investments also include equity investments which the Group accounts for under IFRS 9, because it does not have the ability to
control, or significantly influence the investment. According to the requirements of IFRS 9, the Group may either measure these
investments at fair value with value changes recognised in profit or loss, or it may elect to recognise those value changes in other
comprehensive income. For the majority of the Group\u2019s other investments, fair value movements are recognised in other comprehensive
income; this election is made separately for each investment made.
(j) Derivative financial instruments
The Group routinely enters into sale and purchase transactions for physical delivery of gas and power. A portion of these transactions
take the form of contracts that were entered into and continue to be held for the purpose of receipt or delivery of the physical commodity
in accordance with the Group\u2019s expected sale, purchase or usage requirements (\u2018own use\u2019), and are not within the scope of IFRS 9. The
assessment of whether a contract is deemed to be \u2018own use\u2019 is conducted on a Group basis without reference to underlying book
structures, business units or legal entities.
Certain purchase and sales contracts for the physical delivery of gas and power are within the scope of IFRS 9 due to the fact that they net
settle or contain written options. Such contracts are accounted for as derivatives under IFRS 9 and are recognised in the Group Balance
Sheet at fair value. Gains and losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken
directly to the Group Income Statement for the year.
The Group uses a range of derivatives for both trading and to hedge exposures to financial risks, such as interest rates, foreign exchange
and energy price risks, arising in the normal course of business. Where considered appropriate, the Group may use weather derivatives to
protect against earnings volatility arising from unseasonal weather variations. The use of such derivatives did not have a material financial
statement impact in 2025 or 2024. The use of derivative financial instruments is governed by the Group\u2019s policies which are approved by
the Board of Directors. Further detail on the Group\u2019s risk management policies is included within the Strategic Report \u2013 Principal Risks and
Uncertainties on\u00a0pages 32 to 39 and in note S3.
The accounting treatment of derivatives is dependent on whether they are entered into for trading or hedging purposes. A derivative
instrument is considered to be used for hedging purposes when it alters the risk profile of an underlying exposure of the Group in line with
the Group\u2019s risk management policies and is in accordance with established guidelines. Certain derivative instruments used for hedging
purposes are designated in hedge accounting relationships as described by IAS 39 (the Group has not applied the hedge accounting
requirements of IFRS 9). In order to qualify for hedge accounting, the effectiveness of the hedge must be reliably measurable and
documentation describing the formal hedging relationship must be prepared at the point of designation. The hedge must be highly effective
in achieving its objective. The Group also holds derivatives that are used for hedging purposes which are not designated in hedge
accounting relationships and are held for trading.
All derivatives are recognised at fair value on the date on which the derivative is entered into and are re-measured to fair value at each
reporting date. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Derivative
assets and derivative 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 derivative contracts is present. The disclosure of current and non-current derivative assets and liabilities is
determined by the settlement date of the derivative.
The Group enters into certain energy derivative contracts covering periods for which observable market data does not exist. The fair value
of such derivatives is estimated by reference 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.\u00a0When observable market data becomes available, any remaining deferred day-one gains or losses are recognised
within the Group Income Statement.
Recognition of the gains or losses resulting from changes in fair value depends on the purpose for issuing or holding the derivative. For
derivatives that do not qualify for cash flow or net investment hedge accounting, any gains or losses arising from changes in fair value are
taken directly to the Group Income Statement and are included within gross profit or investment income and financing costs. Where
derivatives qualify for cash flow or net investment hedging, changes in fair value arising from the effective element of the hedge are
recognised initially in the Group Statement of Comprehensive Income and are recycled to the Group Income Statement when the hedged
item impacts profit or loss. Further details on the treatment of energy derivatives in the Group Income Statement is provided in note 2.
Further detail on the treatment of derivatives in hedging relationships is provided in note S5.
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and
characteristics are not closely related to those of the host contracts and the host contracts are not carried at fair value, with gains or losses
reported in the Group Income Statement. The closely related nature of embedded derivatives is reassessed when there is a change in the
terms\u00a0of the contract that significantly modifies the future cash flows under the contract. Where a contract contains one or more
embedded derivatives, and providing that the embedded derivative significantly modifies the cash flows under the contract, the option to
fair value the entire contract may be taken and the contract will be recognised at fair value with changes in fair value recognised in the Group
Income Statement. Gains and losses arising from changes in the fair value of energy derivative contracts are recognised within
\u2018Re\u2011measurement and settlement of\u00a0energy contracts\u2019 in the Group\u2019s results for the period under IFRS.
S2. Summary of material accounting policies
(k) Hedge accounting
The Group continues to apply the hedge accounting requirements of IAS 39 and has not adopted IFRS 9 hedge accounting.
For the purposes of hedge accounting, hedges are classified as either fair value hedges or cash flow hedges. Note\u00a0S5 details the Group\u2019s
accounting policies in relation to derivatives qualifying for hedge accounting under IAS 39.
(l) Financial guarantees
Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a
specified debtor fails to make payment when due in accordance with the terms of a debt instrument. The Group accounts for financial
guarantee contracts under IFRS 9.
(m) Impairment of financial assets
In accordance with IFRS 9, the Group has applied the expected credit loss model to financial assets measured at amortised cost and to
investments in debt instruments measured at fair value through other comprehensive income.
For trade receivables and contract assets the simplified approach is taken and the lifetime expected credit loss provided for.
For all other in-scope financial assets at the balance sheet date, either the lifetime expected credit loss or a 12-month expected credit loss is
provided for, depending on the Group\u2019s assessment of whether the credit risk associated with the specific asset has increased significantly
since initial recognition. As the Group\u2019s financial assets are predominantly short-term (less than twelve months), the impairment loss
recognised is not materially different using either approach. Further details of the assumptions and inputs used to calculate expected credit
losses are shown in note 17.
Nuclear activity
The Group has investments in Lake Acquisitions Limited (\u2018Lake\u2019) and Sizewell C (Holding) Limited (\u2018Sizewell C\u2019). Both are accounted for as
associates.
Sizewell C
The Group holds both a 15% equity interest in Sizewell C and is providing a shareholder loan to the investee, funded over the construction
period. These are both classified within investments on the Group\u2019s balance sheet. See notes 3 and 14. The loan commitment is at a market
rate of interest and cannot be net cash-settled, and hence is outside the scope of IFRS 9 with the exception of impairment requirements.
Any expected credit loss, being the present value of the difference between the contractual cash flows due after draw down and the cash
flows the Group expects to receive, will not be material.
Sizewell C itself is financed under the Nuclear Regulated Asset Base (RAB) financing model underpinned by the Nuclear Energy (Financing)
Act 2022, whereby the project is subject to an economic regulatory framework that allows certain construction and financing costs to be
recovered from consumers through regulated charges both prior to the commencement of operations, and during the generation phase. It
is funded through the Nuclear RAB levy, charged to energy suppliers from 1 November 2025.
During the construction phase, Sizewell C expects to capitalise the cost of construction in accordance with IAS 16 \u2018Property, Plant and
Equipment\u2019. The accounting RAB is initially measured at historic cost, including direct construction costs, capitalised borrowing costs and
directly attributable development and project costs. It will subsequently be measured at amortised cost and depreciation will commence
once the asset is operational. Therefore, the accounting RAB reflects actual incurred expenditure, not the value of future recoveries
permitted by the regulator.
Conversely, the regulatory RAB is calculated under the regulated asset financing model and its purpose is to determine future permitted
recoveries, rather than reflecting historical cost. The regulatory RAB is typically higher because it includes items such as capitalised
financing returns, indexation and broader cost allowances including certain operating costs, regulatory adjustments and incentive
mechanisms.
Under current IFRS, Sizewell C is expected to generate revenue, calculated with reference to the regulatory financing model, once
operational and the Group will recognise its share of the investee\u2019s results at that time. Interest is earned on the shareholder loan at a rate of
9% over the course of the investment. Under the requirements of IAS 28 \u2018Investments in Joint Ventures and Associates\u2019 the Group
eliminates its 15% equity share of the gains realised on the shareholder loan, being the 9% interest earned, less the cost of providing the
funding to the investee.
Lake
The following accounting policies are specific to the Lake associate:
(a) Fuel costs \u2013 nuclear front end
Front-end fuel costs consist of the costs of procurement of uranium, conversion and enrichment services, and fuel element fabrication.
All\u00a0costs are capitalised into inventory and charged to the Group Income Statement in proportion to the amount of fuel burnt.
(b) Fuel costs \u2013 nuclear back end
Advanced gas-cooled reactors (AGR)
Spent fuel extracted from the reactors is sent for reprocessing and/or long-term storage and eventual disposal of resulting waste products.
Back-end fuel costs comprise of a loading-related cost per tonne of uranium and a rebate/surcharge to this cost which is dependent on the
out-turn market electricity price and the amount of electricity generated from AGR stations in the year. These costs are capitalised into
inventory and charged to the Group Income Statement in proportion to the amount of fuel burnt.
Pressurised water reactor (PWR)
Back-end fuel costs are based on wet storage in station ponds followed by dry storage and subsequent direct disposal of fuel. Back-end
fuel costs are capitalised into inventory on loading and are charged to the Group Income Statement in proportion to the amount of fuel
burnt.
S2. Summary of material accounting policies
(c) Nuclear PP&E \u2013 depreciation
The majority of the cost of the nuclear fleet is depreciated from the date of the Group acquiring its share of the fleet on a straight-line basis,
with remaining depreciable periods currently of up to 30 years.
Other expenditure including amounts spent on major inspections and overhauls of production plant is depreciated over the period until the
next outage which for AGR power stations is 2 to 3 years and for the PWR power station is 18 months.
(d) Nuclear Liabilities Fund (NLF) funding arrangements
Under the arrangements in place with the Secretary of State, the NLF will fund, subject to certain exceptions, qualifying uncontracted
nuclear liabilities and qualifying decommissioning costs.
In part consideration for the assumption of these liabilities by the Secretary of State and the NLF, the former British Energy Group agreed to
pay fixed decommissioning contributions each year and \u00a3150,000 (indexed to RPI) for every tonne of uranium in PWR fuel loaded into the
Sizewell B reactor after the date of these arrangements.
(e) NLF and nuclear liabilities receivables
The UK Government indemnity is provided to indemnify any future shortfall on NLF funding of qualifying uncontracted nuclear liabilities
(including PWR back-end fuel services) and qualifying nuclear decommissioning costs such that the receivable equals the present value of
the associated qualifying nuclear liabilities (apart from a small timing difference due to timing of receipts from NLF).
(f) Nuclear liabilities
Nuclear liabilities represent provision for liabilities in respect of the costs of waste management of spent fuel and nuclear decommissioning.
(g) Unburnt fuels at shutdown
Due to the nature of the nuclear fuel process there will be quantities of unburnt fuel in the reactors at station closure. The costs relating to
this unburnt fuel (final core) are fully provided for at the balance sheet date. The provision is based on a projected value per tonne of fuel
remaining at\u00a0closure, discounted back to the balance sheet date and recorded as a long-term liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
Basis of consolidation
The Group Financial Statements consolidate the Financial Statements of the Company and entities controlled by the Company.
Subsidiaries are\u00a0all entities (including structured entities) over which the Group has control. Control is exercised over an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases. Transactions with non-controlling interests that relate to their ownership interests and do
not result in a loss of control are accounted for as equity transactions.
The results of subsidiaries acquired or disposed of during the year are consolidated from the effective date of acquisition (at which point the
Group gains control over a business as defined by IFRS 3, and applies the acquisition method to account for the transaction as a business
combination) or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of
subsidiaries, associates and joint ventures to align the accounting policies with those used by the Group.
When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value with the change in carrying amount
recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the\u00a0retained
interest as a joint venture, associate or financial asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
The results of subsidiaries acquired or disposed of during the year are consolidated from the effective date of acquisition (at which point the
Group gains control over a business as defined by IFRS 3, and applies the acquisition method to account for the transaction as a business
combination) or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of
subsidiaries, associates and joint ventures to align the accounting policies with those used by the Group.
When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value with the change in carrying amount
recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the\u00a0retained
interest as a joint venture, associate or financial asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
Segmental reporting
The Group\u2019s operating and reportable segments are reported in a manner consistent with the internal reporting provided to and regularly
reviewed by the\u00a0Group\u2019s Board for the purposes of evaluating segment performance and allocating resources (in accordance with IFRS 8
\u2018Operating segments\u2019).
During the year the Group\u2019s reportable operating segments have been redefined to reflect the way the Board makes decisions about
resources to be allocated to the segments and assess their performance. Information relating to the prior year has been restated in line with
the new segmental structure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "
Revenue
Energy supply to business and residential customers
The vast majority of contractual energy supply arrangements have no fixed duration, and require no minimum consumption by the
customer. No\u00a0enforceable rights and obligations exist at inception of the contract and arise only once the cooling off period is complete and
the Group is the legal supplier of energy to the customer. The performance obligation is the supply of energy over the contractual term; the
units of supply represent a series of distinct goods that are substantially the same with the same pattern of transfer to the customer. The
performance obligation is considered to be satisfied over time as the customer consumes based on the units of energy delivered. In respect
of energy supply contracts, the Group considers that it has the right to consideration from the customer for an amount that corresponds
directly with the invoiced value delivered to the customer through their consumption. The Group\u2019s assessment of the amount that it has a
right to invoice includes an assessment of energy supplied to customers between the date of the last meter reading and the year-end
(known as unread revenue). Unread gas and electricity comprises both billed and unbilled revenue and is estimated through the billing
systems, using historical consumption patterns, on a customer-by-customer basis, taking into account weather patterns, load forecasts
and the differences between actual meter readings being returned and system estimates. Actual meter readings continue to be compared
to system estimates between the balance sheet date and the finalisation of the accounts.
The Group holds a number of energy supply contracts that specify a minimum consumption volume over a specified contractual term.
The\u00a0transaction price for these contracts is the minimum supply volume multiplied by the contractually agreed price per unit of energy.
Revenue from the sale of additional volumes is considered to be variable and not included in the transaction price. Revenue for these
contracts continues to be recognised as invoiced.
In accordance with the disclosure requirements of IFRS 15, the Group applies the practical expedient available and therefore does not
disclose information about the transaction price allocated to remaining performance obligations. This is on the basis that revenue for energy
supply contracts is recognised based on the amount the Group has the right to invoice, which corresponds directly with the value of the
Group\u2019s performance completed to date. The performance obligations to which this practical expedient applies primarily relate to usage-
based contracts, under which the Group invoices customers at rates that reflect the value of energy transferred to date.
Energy services provided to business and residential customers
Energy services relate to the installation, repair and maintenance of central heating, ventilation and air conditioning systems.
Delivery of an item is considered a separate performance obligation to the installation of the item, both satisfied at a point in time. Delivery is
the point at which control passes to the customer as the customer takes physical possession of the asset. It is also the point at which the
Group has the right to consideration. Delivery and installation usually occur at the same point in time and consequently revenue is
recognised for both performance obligations simultaneously. Repair and maintenance revenue is recognised at the point in time when the
repair is complete.
Costs to obtain or fulfil a contract
Under IFRS 15 \u2018Revenue from contracts with customers\u2019, the incremental costs of obtaining a contract are recognised as an asset if they are
expected to be recovered. These costs include expenditures that would not have been incurred if the contract had not been secured and
typically relate to sales commissions payable in relation to both Energy supply and Energy service contracts.
Costs to fulfil a contract are recognised as an asset where they are directly related to a contract and where they generate or enhance
resources of the entity that will be used in satisfying the performance obligations. Costs must be expected to be recoverable. Assets
relating to costs to obtain or fulfil a contract are amortised over the period of the contract. See note 17.
Sales of Liquefied Natural Gas (LNG)
Revenue arising from sales of LNG is recognised when control of the commodity passes to the counterparty, with each cargo representing
a\u00a0separate performance obligation satisfied at a point in time.
Sales of own gas and liquid production
Revenue arising from the sale of produced gas is recognised in a manner consistent with energy supply contracts with the revenue
recognition profile reflecting the supply of gas to the customer.
The rights and obligations identifiable within a contract where the Group holds sellers\u2019 nomination rights are considered to be enforceable
from inception of the contract. The transaction price for the contract will include variable consideration based on forecast production and
market prices. Variable consideration is recognised to the extent that it is highly probable that a significant reversal in the amount of
cumulative recognised revenue will not occur. The point at which the performance obligation is satisfied and revenue recognised is the point
at which control of the commodity passes to the customer according to the contractual trading terms, usually on shipment or delivery to a
specified location.
Energy sales to trading and energy procurement counterparties
Revenue arising from the sale of energy procured from generation asset owners to trading and energy procurement counterparties is also
recognised in a manner consistent with energy supply contracts. There is a single performance obligation being the supply of energy over
the contractual term at spot prices and revenue is recognised at the point at which energy is supplied to the counterparty in accordance
with the contractual terms.
Revenue arising from contracts outside the scope of IFRS 15
Revenue from sources other than the Group\u2019s contracts with customers is recognised in accordance with the relevant standard, as\u00a0detailed
below:
Fixed-fee service and insurance contracts: revenue from these contracts is recognised in the Group Income Statement with regard to the
incidence of risk over the life of the contract, reflecting the seasonal propensity of claims to be made under the contracts and the benefits
receivable by the customer, which span the life of the contract as a result of emergency maintenance being available throughout the
contract\u00a0term.
Power generation: revenue is recognised under IFRS 9 where contracts to supply power are measured at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
Cost of sales
Energy supply includes the cost of gas and electricity produced and purchased during the year for own-use contracts, taking into account
the industry reconciliation process for total gas and total electricity usage by supplier and related transportation, distribution, royalty costs
and bought-in materials and services.
Cost of sales relating to fixed-fee service and insurance contracts includes direct labour and related overheads on installation work, repairs
and service contracts in the year.
Cost of sales relating to gas production includes depreciation of assets used in production of gas, royalty costs and direct labour\u00a0costs.
Cost of sales within power generation businesses includes the depreciation of assets included in generating power, fuel purchase costs,
direct labour costs, electricity generator levy charges and carbon emissions costs.
", "dimensions": { "concept": "cna:AccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Re-measurement and settlement of energy contracts
Re-measurement and settlement of energy contracts includes both realised (settled) commodity sales and purchase contracts in the
scope of\u00a0IFRS 9, as well as unrealised (fair value changes) on active contracts, as detailed further in note 2.
", "dimensions": { "concept": "cna:AccountingPolicyForReMeasurementAndSettlementOfEnergyContracts", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
Financing costs
Financing costs that arise in connection with the acquisition, construction or production of a qualifying asset are capitalised and
subsequently amortised in line with the depreciation of the related asset. Financing costs not arising in connection with the acquisition,
construction or production of a qualifying asset are expensed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
Foreign currencies
The consolidated Financial Statements are presented in pounds sterling, the functional currency of the Company and the Group\u2019s
presentational currency. Each entity in the Group determines its own functional currency and items included in the financial statements of
each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded in the functional currency of
the entity at the exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated to the functional currency of the relevant entity at the rate
of exchange ruling at the balance sheet date and exchange movements included in the Group Income Statement for the period.
Non-monetary items that are measured at historical cost in a currency other than the functional currency of the entity concerned are
translated using the exchange rate prevailing at the dates of the initial transaction.
For the purpose of presenting consolidated Financial Statements, the assets and liabilities of the Group\u2019s non-sterling functional currency
subsidiary undertakings, joint ventures and associates are translated into pounds sterling at exchange rates prevailing at the balance sheet
date. The monthly results of these (generally foreign) subsidiary undertakings, joint ventures and associates are translated into pounds
sterling each month at the average rates of exchange for that month. The closing exchange rates, and the average of the rates used to
translate the results of\u00a0foreign operations to pounds sterling are shown below.
Exchange rate per pounds sterling (\u00a3)
Closing rate at
31 December
Average rate for the year ended
31 December
2025
2024
2025
2024
US dollars
1.34
1.25
1.32
1.28
Euro
1.15
1.21
1.17
1.18
Norwegian krone
13.56
14.24
13.71
13.75
Danish krone
8.56
9.02
8.73
8.81
Exchange adjustments arising from the retranslation of the opening net assets and results of non-sterling functional currency
operations are transferred to the Group\u2019s foreign currency translation reserve, a separate component of equity, and are reported in
other comprehensive income. In the event of the disposal of a non-sterling functional currency subsidiary, the cumulative translation
difference arising in the foreign currency translation reserve is charged or credited to the Group Income Statement on disposal.
Where the Group utilises net investment hedging, changes in the fair value of the hedging instrument are recognised in equity and
remain there until the disposal of the specific, related investments, at which point the gains and losses are recycled to profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
The consolidated Financial Statements are presented in pounds sterling, the functional currency of the Company and the Group\u2019s
presentational currency. Each entity in the Group determines its own functional currency and items included in the financial statements of
each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded in the functional currency of
the entity at the exchange rate ruling at the date of the transaction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
Employee share schemes
The Group operates a number of employee share schemes, detailed in the Remuneration Report on pages 86 to 107, under which it makes
equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of
grant (excluding the effect of non-market-based vesting conditions). The fair value determined at the grant date is expensed on a straight-
line basis together with a corresponding increase in equity over the vesting period, based on the Group\u2019s estimate of the number of awards
that will vest, and adjusted for the effect of non-market-based vesting conditions.
The majority of the share-based payment charge arises from the Annual Incentive Plan. This scheme is applicable to senior executives, and
senior and middle management. Shares issued under the scheme vest subject to continued employment within the Group in two stages
(half after two years and the other half after three years). Employees leaving prior to the vesting date will normally forfeit their rights to
unvested share awards. The fair value of the awards is measured using the market value at the date of grant.
More information is included in the Remuneration Report on pages 86 to 107.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business as defined
by IFRS 3). The cost of the acquisition is measured as the cash paid and the aggregate of the fair values, at the date of exchange, of other
assets transferred, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. The
consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the
acquisition date.
Acquisition-related costs are expensed as incurred. The identifiable assets, liabilities and contingent liabilities are recognised at their fair
value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5.
The Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interests\u2019 proportionate share
of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill arising on a business combination represents the excess of the consideration transferred, the amount of the non-controlling
interests and the acquisition date fair value of any previously held interest in the acquiree over the Group\u2019s interest in the fair value of the
identifiable net assets acquired. Goodwill arising on the acquisition of a stake in a joint venture or an associate represents the excess of the
consideration transferred over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the investee at the date of
acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment
losses. The goodwill arising on an investment in a joint venture or in an associate is not recognised separately, but is shown under \u2018Interests in
joint ventures and associates\u2019 in\u00a0the Group Balance Sheet. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s
identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in
the Group Income Statement.
Acquisitions of joint operations that meet the definition of a business as defined in IFRS 3 are accounted for as business combinations.
On disposal of a subsidiary, associate or joint venture entity, any amount of goodwill attributed to that entity is included in the determination
of\u00a0the profit or loss on disposal. A similar accounting treatment is applied on disposal of assets that represent a business.
Other intangible assets
Intangible assets acquired separately are measured on initial recognition at cost.
Capitalisation begins when expenditure for the asset is being incurred and activities necessary to prepare the asset for use are in progress
and ceases when substantially all the activities that are necessary to prepare the asset for use are complete. Amortisation commences at
the point of commercial deployment. The cost of intangible assets acquired in a business combination is their fair value as at the date of
acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets with finite lives are amortised over their useful lives and are tested for impairment, as part of the CGU to which they relate
where necessary, annually and whenever there is an indication that the asset could be impaired. The amortisation period and method for an
intangible asset are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of
future economic benefits embodied in the asset are accounted for on a prospective basis by changing the amortisation period or method,
as appropriate, and treated as changes in accounting estimates.
Intangible assets are derecognised on disposal, or when no future economic benefits are expected from their use.
Intangible assets with indefinite useful lives are not amortised but tested for impairment annually, and whenever there is an indication that
the intangible asset could be impaired, either individually or at the CGU level. The indefinite life assessment is reviewed annually and, if not
supportable, the change in the useful life assessment from indefinite to finite is made on a prospective basis.
The useful economic lives for the material categories of intangible assets are as follows:
Customer relationships and other contractual assets
Up to 20 years
Strategic identifiable acquired brands
Indefinite
Application software
Up to 15 years
Strategic identifiable acquired brands are deemed to have indefinite lives where evidence suggests that the brand will generate net cash
inflows for the Group for an indefinite period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business as defined
by IFRS 3). The cost of the acquisition is measured as the cash paid and the aggregate of the fair values, at the date of exchange, of other
assets transferred, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. The
consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the
acquisition date.
Acquisition-related costs are expensed as incurred. The identifiable assets, liabilities and contingent liabilities are recognised at their fair
value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5.
The Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interests\u2019 proportionate share
of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill arising on a business combination represents the excess of the consideration transferred, the amount of the non-controlling
interests and the acquisition date fair value of any previously held interest in the acquiree over the Group\u2019s interest in the fair value of the
identifiable net assets acquired. Goodwill arising on the acquisition of a stake in a joint venture or an associate represents the excess of the
consideration transferred over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the investee at the date of
acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment
losses. The goodwill arising on an investment in a joint venture or in an associate is not recognised separately, but is shown under \u2018Interests in
joint ventures and associates\u2019 in\u00a0the Group Balance Sheet. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s
identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in
the Group Income Statement.
Acquisitions of joint operations that meet the definition of a business as defined in IFRS 3 are accounted for as business combinations.
On disposal of a subsidiary, associate or joint venture entity, any amount of goodwill attributed to that entity is included in the determination
of\u00a0the profit or loss on disposal. A similar accounting treatment is applied on disposal of assets that represent a business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business as defined
by IFRS 3). The cost of the acquisition is measured as the cash paid and the aggregate of the fair values, at the date of exchange, of other
assets transferred, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. The
consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the
acquisition date.
Acquisition-related costs are expensed as incurred. The identifiable assets, liabilities and contingent liabilities are recognised at their fair
value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5.
The Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interests\u2019 proportionate share
of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill arising on a business combination represents the excess of the consideration transferred, the amount of the non-controlling
interests and the acquisition date fair value of any previously held interest in the acquiree over the Group\u2019s interest in the fair value of the
identifiable net assets acquired. Goodwill arising on the acquisition of a stake in a joint venture or an associate represents the excess of the
consideration transferred over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the investee at the date of
acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment
losses. The goodwill arising on an investment in a joint venture or in an associate is not recognised separately, but is shown under \u2018Interests in
joint ventures and associates\u2019 in\u00a0the Group Balance Sheet. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s
identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in
the Group Income Statement.
Acquisitions of joint operations that meet the definition of a business as defined in IFRS 3 are accounted for as business combinations.
On disposal of a subsidiary, associate or joint venture entity, any amount of goodwill attributed to that entity is included in the determination
of\u00a0the profit or loss on disposal. A similar accounting treatment is applied on disposal of assets that represent a business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business as defined
by IFRS 3). The cost of the acquisition is measured as the cash paid and the aggregate of the fair values, at the date of exchange, of other
assets transferred, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. The
consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the
acquisition date.
Acquisition-related costs are expensed as incurred. The identifiable assets, liabilities and contingent liabilities are recognised at their fair
value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5.
The Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interests\u2019 proportionate share
of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill arising on a business combination represents the excess of the consideration transferred, the amount of the non-controlling
interests and the acquisition date fair value of any previously held interest in the acquiree over the Group\u2019s interest in the fair value of the
identifiable net assets acquired. Goodwill arising on the acquisition of a stake in a joint venture or an associate represents the excess of the
consideration transferred over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the investee at the date of
acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment
losses. The goodwill arising on an investment in a joint venture or in an associate is not recognised separately, but is shown under \u2018Interests in
joint ventures and associates\u2019 in\u00a0the Group Balance Sheet. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s
identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in
the Group Income Statement.
Acquisitions of joint operations that meet the definition of a business as defined in IFRS 3 are accounted for as business combinations.
On disposal of a subsidiary, associate or joint venture entity, any amount of goodwill attributed to that entity is included in the determination
of\u00a0the profit or loss on disposal. A similar accounting treatment is applied on disposal of assets that represent a business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
Other intangible assets
Intangible assets acquired separately are measured on initial recognition at cost.
Capitalisation begins when expenditure for the asset is being incurred and activities necessary to prepare the asset for use are in progress
and ceases when substantially all the activities that are necessary to prepare the asset for use are complete. Amortisation commences at
the point of commercial deployment. The cost of intangible assets acquired in a business combination is their fair value as at the date of
acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets with finite lives are amortised over their useful lives and are tested for impairment, as part of the CGU to which they relate
where necessary, annually and whenever there is an indication that the asset could be impaired. The amortisation period and method for an
intangible asset are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of
future economic benefits embodied in the asset are accounted for on a prospective basis by changing the amortisation period or method,
as appropriate, and treated as changes in accounting estimates.
Intangible assets are derecognised on disposal, or when no future economic benefits are expected from their use.
Intangible assets with indefinite useful lives are not amortised but tested for impairment annually, and whenever there is an indication that
the intangible asset could be impaired, either individually or at the CGU level. The indefinite life assessment is reviewed annually and, if not
supportable, the change in the useful life assessment from indefinite to finite is made on a prospective basis.
The useful economic lives for the material categories of intangible assets are as follows:
Customer relationships and other contractual assets
Up to 20 years
Strategic identifiable acquired brands
Indefinite
Application software
Up to 15 years
Strategic identifiable acquired brands are deemed to have indefinite lives where evidence suggests that the brand will generate net cash
inflows for the Group for an indefinite period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
Cloud computing arrangements
The Group has a number of contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements.
These contracts permit the Group to access vendor-hosted software and platform services over the term of the arrangement. The Group
does not control the underlying assets in these arrangements and costs are expensed as incurred.
The Group also incurs implementation costs in respect of these contracts. Implementation costs are capitalised as intangible assets where
costs meet the definition and recognition criteria of an intangible asset under IAS 38. Such costs typically relate to software coding which is
capable of providing benefit to the Group on a standalone basis. Other implementation costs, primarily relating to the configuration and
customisation of the Cloud software solution, are assessed to determine whether the implementation activity relating to these costs is
distinct from the Cloud Arrangement, in which case costs are expensed as the activity occurs. If the configuration and customisation costs
relate to activity which is integral to the Cloud Arrangement such that the activity is received over the term of the Cloud Arrangement,
costs are recognised as\u00a0a prepayment and expensed over the term of the Cloud Arrangement.
", "dimensions": { "concept": "cna:AccountingPolicyForCloudComputingArrangements", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
UK & EU Emissions Trading Scheme
Purchased carbon dioxide emissions allowances are recognised initially at cost (purchase price) within intangible assets. The liability is
measured at the cost of purchased allowances up to the level of purchased allowances held, and then at the market price of allowances
ruling at the balance sheet date, with movements in the liability recognised in operating profit.
The intangible asset is surrendered and the liability is extinguished at the end of the compliance period. Intangible assets expected to be
surrendered within one year are shown as current assets and those expected to be surrendered after one year as non-current assets. No
amortisation is charged up to the date of surrender as the cost and residual value of\u00a0the intangible asset are deemed to be the same with no
consumption of economic benefit. Forward contracts for the purchase or sale of carbon dioxide emissions allowances are measured at fair
value with gains and losses arising from changes in fair value recognised in the Group Income Statement.
", "dimensions": { "concept": "cna:AccountingPolicyForUKAndEUEmissionsTradingScheme", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
Renewable certificates
The Group purchases renewable certificates both on a standalone basis, and through Power Purchase Agreements. The main types of
renewable certificates acquired are Renewable Energy Guarantees of Origin (REGOs) which are certificates issued by Ofgem certifying
that electricity has been produced from renewable sources, Renewable Obligation Certificates (ROCs) which are issued to accredited
generators for\u00a0the eligible renewable electricity they generate and Guarantees of Origin (GoOs) which are the EU equivalent of REGOs.
The\u00a0Group uses renewable certificates to meet its obligations under a number of Ofgem schemes, namely the Feed-in Tariff (FIT), the
Contracts for Difference (CFD), the Fuel Mix Disclosure (FMD) and the Renewables Obligation (RO) scheme.
Purchased renewable certificates are recognised initially at cost within intangible assets as an indefinite life asset. A\u00a0liability\u00a0for the RO is
recognised based on the level of\u00a0electricity supplied to customers, and is calculated in accordance with\u00a0percentages set by the UK
Government and the renewable obligation certificate buyout price for that period.
The intangible asset is surrendered and the liability is extinguished at the end of the compliance period to reflect the consumption of
economic benefits. Any recycling benefit related to the submission of renewable obligation certificates is recognised in the Group Income
Statement when received. The Group also recognises supplier obligations for CFD and FIT schemes; renewable certificates are used to
offset these liabilities.
Cash flows relating to renewable obligation certificates and similar schemes are recognised within cash flows from operating activities.
", "dimensions": { "concept": "cna:AccountingPolicyForRenewableCertificates", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "evelopment and production assets
All field development costs are capitalised as PP&E. Such costs relate to the acquisition and installation of production facilities and include
development drilling costs, project-related engineering and other technical services costs. PP&E, including rights and concessions related
to\u00a0production activities, is depreciated from the commencement of production in the fields concerned, using the unit of production method,
based on all of the 2P reserves of those fields. Changes in these estimates are dealt with prospectively.
The net carrying value of fields in development and production is compared annually on a field-by-field basis with the likely discounted
future net\u00a0revenues to be derived from the remaining commercial reserves. An impairment loss is recognised where it is considered that
recorded amounts are unlikely to be fully recovered from the net present value of future net revenues. Development and production assets
are tested annually for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
Interests in joint arrangements and associates
The Group\u2019s joint ventures and associates (as defined in note 6) are accounted for using the equity method.
The Group\u2019s investment in Sizewell C (Holding) Limited includes an interest held through ordinary shares and a shareholder loan advanced to
the associate. Management considers the shareholder loan to form part of the Group\u2019s net investment in the associate, as settlement of the
loan is not likely to occur in the foreseeable future. Accordingly, the shareholder loan is presented within investments in joint ventures and
associates on the Group Balance Sheet, with the interest thereon presented within adjusted operating profit in the Group Income
Statement as it reflects part of the return from this investment.
The Group\u2019s interests in joint operations (gas exploration and production licence arrangements) are accounted for by recognising its assets
(including its share of assets held jointly), its liabilities (including its share of liabilities incurred jointly), its revenue from the sale of its\u00a0share of
the output arising from the joint operation, its share of the revenue from the sale of the output by the joint operation and its expenses
(including its share of any expenses incurred jointly).
Where the Group has an equity stake or a participating interest in operations governed by a joint arrangement for which it is acting as
operator, an assessment is carried out to confirm whether the Group is acting as agent or principal. As the terms and conditions negotiated
between business partners usually provide joint control to the parties over the relevant activities of the gas fields that are governed by joint
arrangements, the Group is usually deemed to be an agent when it is appointed as operator and not as principal as the contracts entered
into\u00a0presents gross liabilities and gross receivables of joint operations (including amounts due to or from non-operating partners) in the
Group Balance Sheet in accordance with the netting rules of IAS 32 \u2018Financial instruments \u2013 presentation\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "
Interests in joint arrangements and associates
The Group\u2019s joint ventures and associates (as defined in note 6) are accounted for using the equity method.
The Group\u2019s investment in Sizewell C (Holding) Limited includes an interest held through ordinary shares and a shareholder loan advanced to
the associate. Management considers the shareholder loan to form part of the Group\u2019s net investment in the associate, as settlement of the
loan is not likely to occur in the foreseeable future. Accordingly, the shareholder loan is presented within investments in joint ventures and
associates on the Group Balance Sheet, with the interest thereon presented within adjusted operating profit in the Group Income
Statement as it reflects part of the return from this investment.
The Group\u2019s interests in joint operations (gas exploration and production licence arrangements) are accounted for by recognising its assets
(including its share of assets held jointly), its liabilities (including its share of liabilities incurred jointly), its revenue from the sale of its\u00a0share of
the output arising from the joint operation, its share of the revenue from the sale of the output by the joint operation and its expenses
(including its share of any expenses incurred jointly).
Where the Group has an equity stake or a participating interest in operations governed by a joint arrangement for which it is acting as
operator, an assessment is carried out to confirm whether the Group is acting as agent or principal. As the terms and conditions negotiated
between business partners usually provide joint control to the parties over the relevant activities of the gas fields that are governed by joint
arrangements, the Group is usually deemed to be an agent when it is appointed as operator and not as principal as the contracts entered
into\u00a0presents gross liabilities and gross receivables of joint operations (including amounts due to or from non-operating partners) in the
Group Balance Sheet in accordance with the netting rules of IAS 32 \u2018Financial instruments \u2013 presentation\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
Interests in joint arrangements and associates
The Group\u2019s joint ventures and associates (as defined in note 6) are accounted for using the equity method.
The Group\u2019s investment in Sizewell C (Holding) Limited includes an interest held through ordinary shares and a shareholder loan advanced to
the associate. Management considers the shareholder loan to form part of the Group\u2019s net investment in the associate, as settlement of the
loan is not likely to occur in the foreseeable future. Accordingly, the shareholder loan is presented within investments in joint ventures and
associates on the Group Balance Sheet, with the interest thereon presented within adjusted operating profit in the Group Income
Statement as it reflects part of the return from this investment.
The Group\u2019s interests in joint operations (gas exploration and production licence arrangements) are accounted for by recognising its assets
(including its share of assets held jointly), its liabilities (including its share of liabilities incurred jointly), its revenue from the sale of its\u00a0share of
the output arising from the joint operation, its share of the revenue from the sale of the output by the joint operation and its expenses
(including its share of any expenses incurred jointly).
Where the Group has an equity stake or a participating interest in operations governed by a joint arrangement for which it is acting as
operator, an assessment is carried out to confirm whether the Group is acting as agent or principal. As the terms and conditions negotiated
between business partners usually provide joint control to the parties over the relevant activities of the gas fields that are governed by joint
arrangements, the Group is usually deemed to be an agent when it is appointed as operator and not as principal as the contracts entered
into\u00a0presents gross liabilities and gross receivables of joint operations (including amounts due to or from non-operating partners) in the
Group Balance Sheet in accordance with the netting rules of IAS 32 \u2018Financial instruments \u2013 presentation\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
Property, plant and equipment
PP&E is included in the Group Balance Sheet at cost, less accumulated depreciation and any provisions for impairment.
Subsequent expenditure in respect of items of PP&E, such as the replacement of major parts, major inspections or overhauls, are capitalised
as\u00a0part of the cost of the related asset where it is probable that future economic benefits will arise as a result of the expenditure and the cost
can\u00a0be reliably measured. All other subsequent expenditure is expensed as incurred.
S2. Summary of material accounting policies
Freehold land is not depreciated. Other PP&E, with the exception of infrastructure production assets, are depreciated on a straight-line
basis at rates sufficient to write off the cost, less estimated residual values, of individual assets over their estimated useful lives. The
depreciation periods for the material categories of assets are as follows:
Freehold and leasehold buildings
Up to 50 years
Plant
5 to 25 years
Equipment and vehicles
3 to 10 years
Power generation assets
Up to 40 years
The carrying values of PP&E are tested annually for impairment and are reviewed for impairment when events or changes in
circumstances indicate that the carrying value may not be recoverable. Residual values and useful lives are reassessed annually and,
if necessary, changes are accounted for prospectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
Subsequent expenditure in respect of items of PP&E, such as the replacement of major parts, major inspections or overhauls, are capitalised
as\u00a0part of the cost of the related asset where it is probable that future economic benefits will arise as a result of the expenditure and the cost
can\u00a0be reliably measured. All other subsequent expenditure is expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
Freehold land is not depreciated. Other PP&E, with the exception of infrastructure production assets, are depreciated on a straight-line
basis at rates sufficient to write off the cost, less estimated residual values, of individual assets over their estimated useful lives. The
depreciation periods for the material categories of assets are as follows:
Freehold and leasehold buildings
Up to 50 years
Plant
5 to 25 years
Equipment and vehicles
3 to 10 years
Power generation assets
Up to 40 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
Impairment assumptions
The Group tests the carrying amounts of goodwill, PP&E and intangible assets for impairment at\u00a0least annually. Interests in joint ventures
and associates are reviewed annually for indicators of impairment and tested for impairment where such an indicator arises. Where an asset
does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which
the asset belongs. The recoverable amount is the higher of value in use (VIU) and fair value less costs of disposal (FVLCD).
At inception, goodwill is allocated to each of the Group\u2019s CGUs or groups of CGUs that expect to benefit from the business combination in
which the goodwill arose. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying
amount of the asset (or CGU) is reduced to its recoverable amount. Any impairment is expensed immediately in the Group Income
Statement. Any CGU impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the
other assets of the CGU pro rata on the basis of the carrying amount of each asset in the CGU.
Further information on the assumptions used in the VIU calculations and FVLCD calculations that resulted in impairments during the year can
be found in note 7.
VIU \u2013 Key assumptions used
Pre-tax cash flows used in the VIU calculations are derived from the Group\u2019s Board-approved business plans, and assumptions specific to
the nature and life of the asset. The Group\u2019s business plans and assumptions are based on past experience and adjusted to reflect market
trends, economic conditions and key risks. Commodity prices used in the planning process are based in part on observable market data and
in part on\u00a0estimates. Note S6 provides additional detail on the active period of each of the commodity markets in which the Group operates.
(a) VIU \u2013 Growth rates and discount rates
Unless stated otherwise in the table below, cash flows beyond the planned period have been extrapolated using long-term growth rates in
the market where the CGU operates. Long-term growth rates are determined using a blend of publicly available historical data and long-
term growth rate forecasts published by external analysts. Cash flows are discounted using a discount rate specific to each CGU. Discount
rates reflect the current market assessments of the time value of money and are based on the estimated cost of capital of each CGU.
Additionally, risks specific to the cash flows of the CGUs are reflected within cash flow forecasts. Each CGU\u2019s weighted average cost of
capital is then adjusted to reflect the impact of tax in order to calculate an equivalent pre-tax discount rate.
Long-term growth rates and pre-tax discount rates used in the VIU calculations for each of the Group\u2019s CGUs are shown below.
2025
Retail (supply
and services)
%
Optimisation
%
MAP
%
Gas
generation
%
Nuclear
(excluding
Sizewell C) (i)
%
Growth rate to perpetuity (including inflation)
2.0
2.0
2.0
2.0
N/A
Pre-tax discount rate
12.0
12.7
8.7
10.7
13.6
2024
Retail (supply
and services)
%
Optimisation
%
MAP
%
Gas
generation
%
Nuclear (i)
%
Growth rate to perpetuity (including inflation)
2.0
2.0
n/a
2.0
N/A
Pre-tax discount rate
10.7
12.0
n/a
10.7
15.3
(i) Cash flows arising after the plan period have been derived from forecasts to the end of the asset lives. Due to the nature of these finite-lived assets, this provides a more
appropriate valuation in later years.
S2. Summary of material accounting policies
(b) VIU \u2013 Inflation rates
Inflation rates used in the business plan were based on a blend of publicly available inflation forecasts and range from 2.0% to 2.1%.
(c) Key operating assumptions by CGUs using VIU
The key operating assumptions across all CGUs are gross margin, revenues and operating costs. These assumptions are tailored to the
specific CGU using management\u2019s knowledge of the environment, as shown in the table below:
CGU
Gross margin
Revenues
Operating costs
All \u2013 base
assumptions
Existing customers: based on
contractual terms.
Losses are forecast based on historic
data and future expectations of
the market.
New customers and renewals: based
on gross margins achieved in the
period leading up to the date of the
business plan. Both adjusted for
current market conditions and cost of
goods inflation.
For Services businesses, future sales
and related gross margins are based
on planned future product sales and
contract losses based upon past
performance and future expectations
of the competitive environment.
Existing customers: based on
contractual terms.
Losses are forecast based on historic
data and future expectations of
the market.
Adjusted for: growth forecasts which
are based on sales and marketing
activity, recent customer acquisitions
and the current economic environment
in the relevant geography.
Gas and electricity revenues based
on\u00a0forward market prices.
Market share: percentage immediately
prior to business plan.
Wages: projected headcount in line
with expected efficiencies. Salary
increases based on inflation
expectations.
Credit losses: historical assumptions
regarding realised cash losses have
been updated to reflect the current
environment.
Optimisation
Existing and new markets:
management\u2019s estimate of future
trading\u00a0performance.
As above.
Future development: increase in costs
to support growth forecasts, adjusted
for planned business process
efficiencies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
Leases
The Group assesses its contractual arrangements to determine whether they are or contain leases based on whether they convey the right
to\u00a0control 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 lease commencement date. 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, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying
asset or the site on which it is located, less any lease incentives received.
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 estimated useful lives of right-of-use assets are determined on the
same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and
adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The liabilities
for the majority of the Group\u2019s lease portfolio are calculated using the incremental borrowing rate. This rate is calculated on a lease-by-lease
basis, taking into account the credit rating of the Group at the inception of the lease and the lease term. The credit adjustment used in this
calculation is modified to reflect the security implicit in a lease arrangement based on the specific class of asset being leased.
Lease payments included in the measurement of the lease liability comprise: fixed payments (including in-substance fixed payments),
variable lease payments that depend on an index or a rate (initially measured using the index or rate as at the commencement date),
amounts expected to be payable under a residual value guarantee, the exercise price under a purchase option that the Group is reasonably
certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and
penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. When considering whether the Group
is reasonably certain to exercise extension or termination options, various factors are considered, such as the level of lease payments
relative to the market rate, the importance of the specific asset to the Group\u2019s operations and the period remaining until the option
becomes exercisable. Such judgements are reconsidered when there is a significant event or change of circumstances that is within the
control of the Group. Variable lease payments that do not depend on an index or rate are recognised in profit or loss in the period in which
the event or condition that triggers those payments occurs.
The lease liability is subsequently measured at amortised cost using the effective interest method. It is re-measured when there is a change
in\u00a0future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be
payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, lease-term
extension or\u00a0termination option. Cash flows reflecting payment of capital and interest on leases are shown in cash flows from financing
activities.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset
or\u00a0is\u00a0recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group recognises the lease payments associated with short-term leases (leases expiring within twelve months from commencement)
and\u00a0leases of low value assets (underlying asset value less than \u00a35,000) on a straight-line basis over the lease term.
The Group holds interests in a number of joint operations within its exploration and production business. The Group has applied judgement
in\u00a0identifying the customer where a lease arrangement is to be used by a jointly controlled operation.
If the leased asset is dedicated to a specific joint operation and its usage is dictated by the joint operating agreement, the joint operation
is\u00a0deemed the customer. In such instances:
\u2022 When the Group signs a lease agreement on behalf of a joint operation and has primary responsibility for payments to the lessor, the
Group recognises 100% of the lease liability and a right-of-use asset on its balance sheet. When the partner is obliged to reimburse the
Group for its\u00a0share of lease payments, a sub-lease receivable is recognised and an equal adjustment to the right-of-use asset is made; and
\u2022 When the partner has the primary responsibility for payments to the lessor and the Group is obliged to reimburse its share of the
lease payments, a lease liability due to the partner and equal right-of-use asset are recognised.
If the leased asset is not dedicated to a specific joint operation or its usage is not dictated by the joint operating agreement of a joint
operation to\u00a0which it is dedicated, the signatory to the lease agreement is deemed the customer. If this is the Group, the lease liability and
right-of-use asset are recognised in full. If it is the partner, no lease liability or right-of-use asset is recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
Inventories
Inventories of finished goods are valued at the lower of cost (using weighted-average cost) or estimated net realisable value after allowance
for\u00a0redundant and slow-moving items. The cost of inventories includes the purchase price plus costs of conversion incurred in bringing the
inventories to their present location and condition.
Inventory of gas in storage held for the purpose of the Group\u2019s own use is measured on a weighted-average cost basis, whilst gas used for
trading purposes is measured at fair value less any costs to sell. Changes in fair value less costs to sell are recognised in the Group Income
Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
Government grants
Government grants are transfers of resources to the Group in return for past or future compliance with certain conditions relating to the
operating activities of the entity. Government assistance is designed to provide an economic benefit that is specific to an\u00a0entity qualifying
under certain criteria. The Group recognises government grants only when there is reasonable assurance that the Group will\u00a0comply with
the conditions attached to them and the grant will be received. Government grants are recognised in profit and loss on a systematic basis
over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate.
Government grants related to assets are deducted from the carrying amount of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
Decommissioning costs
A provision is made for the net present value of the estimated cost of decommissioning gas production facilities at the end of the producing
lives of fields, battery storage assets and power stations at the end of their useful lives, based on price levels and technology at the balance
sheet date.
When this provision relates to an asset with sufficient future economic benefits, a decommissioning asset is recognised and included as part
of\u00a0the associated PP&E and depreciated accordingly. The asset is subject to impairment review as detailed above. Changes in estimates
and discount rates are dealt with prospectively and reflected as an adjustment to the provision and corresponding decommissioning asset
included within PP&E. The discount rate used to calculate the provision is 2% as discussed in note 3. The\u00a0unwinding of\u00a0the discount on the
provision is included in the Group Income Statement within financing costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
Decommissioning costs
A provision is made for the net present value of the estimated cost of decommissioning gas production facilities at the end of the producing
lives of fields, battery storage assets and power stations at the end of their useful lives, based on price levels and technology at the balance
sheet date.
When this provision relates to an asset with sufficient future economic benefits, a decommissioning asset is recognised and included as part
of\u00a0the associated PP&E and depreciated accordingly. The asset is subject to impairment review as detailed above. Changes in estimates
and discount rates are dealt with prospectively and reflected as an adjustment to the provision and corresponding decommissioning asset
included within PP&E. The discount rate used to calculate the provision is 2% as discussed in note 3. The\u00a0unwinding of\u00a0the discount on the
provision is included in the Group Income Statement within financing costs.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, that can be measured
reliably, and it is probable that the Group will be required to settle that obligation. Provisions are discounted to present value where the
effect is\u00a0material.
Where discounting is used, the increase in the provision due to the passage of time is recognised in the Group Income Statement within
interest expense. Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations under a contract
exceed the economic benefits expected to be received under it. Contracts to purchase or sell energy are reviewed on a portfolio basis
given the fungible nature of energy, whereby it is assumed that the highest priced purchase contract supplies the highest priced sales
contract and the lowest priced sales contract is supplied by the lowest priced purchase contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
Pensions and other post-employment benefits
The Group operates a number of defined benefit and defined contribution pension schemes. The cost of providing benefits under the
defined benefit schemes is determined separately for each scheme using the projected unit credit actuarial valuation method. Actuarial
gains and losses are recognised in the period in which they occur in other comprehensive income.
The cost of providing retirement pensions and other benefits is charged to the Group Income Statement over the periods benefitting from
employees\u2019 service. Past service cost is recognised immediately. Costs of administering the schemes are charged to the Group Income
Statement. Net interest, being the change in the net defined benefit liability or asset due to the passage of time, is recognised in the Group
Income Statement within net finance cost.
The net defined benefit liability or asset recognised in the Group Balance Sheet represents the present value of the defined benefit
obligation of\u00a0the schemes and the fair value of the schemes\u2019 assets. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in
which the benefits are paid, and that have terms of maturity approximating to the terms of the related pension liability.
Payments to defined contribution retirement benefit schemes are recognised in the Group Income Statement as they fall due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
Taxation
Current tax, including UK corporation tax, UK petroleum revenue tax and foreign tax is provided at amounts expected to be paid (or
recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. From time to time, the
Group may have open tax issues with a number of revenue authorities. Where an outflow of funds is believed to be probable and a reliable
estimate of the dispute can be made, management provides for its best estimate of the liability. These estimates take into account the
specific circumstances of each dispute and relevant external advice as well as the rules and regulations of the relevant tax authority in the
jurisdiction of the dispute. Often the Group is unable to predict whether an uncertain tax treatment will be accepted by the relevant
authority. In such instances the effects of uncertainty are reflected in management\u2019s assessment of the most likely outcome of each issue,
as reviewed and updated on a regular basis. Each item is considered separately and on a basis that provides the better prediction of the
outcome, unless the Group determines that it is appropriate to group certain items for consideration. See note 9 for further details on
uncertain tax provisions.
Deferred tax is recognised in respect of all temporary differences identified at the balance sheet date, except to the extent that the
deferred tax arises from the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction which is not a
business combination and at the time of the transaction affects neither accounting profit nor taxable profit and loss. Temporary differences
are differences between the\u00a0carrying amount of the Group\u2019s assets and liabilities and their tax base.
Deferred tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining
deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable
taxable profits, within the same jurisdiction, in the foreseeable future, against which the deductible temporary difference can be utilised.
Deferred tax is provided on temporary differences arising on subsidiaries, joint ventures and associates, except where the timing of the
reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled,
based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Measurement of deferred tax
liabilities and assets reflects the tax consequences expected from the manner in which the asset or liability is recovered or settled.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
Taxation
Current tax, including UK corporation tax, UK petroleum revenue tax and foreign tax is provided at amounts expected to be paid (or
recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. From time to time, the
Group may have open tax issues with a number of revenue authorities. Where an outflow of funds is believed to be probable and a reliable
estimate of the dispute can be made, management provides for its best estimate of the liability. These estimates take into account the
specific circumstances of each dispute and relevant external advice as well as the rules and regulations of the relevant tax authority in the
jurisdiction of the dispute. Often the Group is unable to predict whether an uncertain tax treatment will be accepted by the relevant
authority. In such instances the effects of uncertainty are reflected in management\u2019s assessment of the most likely outcome of each issue,
as reviewed and updated on a regular basis. Each item is considered separately and on a basis that provides the better prediction of the
outcome, unless the Group determines that it is appropriate to group certain items for consideration. See note 9 for further details on
uncertain tax provisions.
Deferred tax is recognised in respect of all temporary differences identified at the balance sheet date, except to the extent that the
deferred tax arises from the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction which is not a
business combination and at the time of the transaction affects neither accounting profit nor taxable profit and loss. Temporary differences
are differences between the\u00a0carrying amount of the Group\u2019s assets and liabilities and their tax base.
Deferred tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining
deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable
taxable profits, within the same jurisdiction, in the foreseeable future, against which the deductible temporary difference can be utilised.
Deferred tax is provided on temporary differences arising on subsidiaries, joint ventures and associates, except where the timing of the
reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled,
based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Measurement of deferred tax
liabilities and assets reflects the tax consequences expected from the manner in which the asset or liability is recovered or settled.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
Financial instruments
Financial assets and financial liabilities are recognised in the Group Balance Sheet when the Group becomes a party to the contractual
provisions of the instrument. Financial assets are derecognised when the Group no longer has the rights to cash flows, the risks and rewards
of ownership or control of the asset. Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled or
expires.
(a) Trade receivables
Trade receivables are initially recognised at a value based on their transaction price, and are subsequently held at amortised cost using the
effective interest method (taking into account the Group\u2019s business model, which is to collect the contractual cash flows owing) less an
allowance for impairment losses. Balances are written off when recoverability is assessed as being remote. If collection is expected in one
year or\u00a0less, receivables are classified as current assets. If not, they are presented as non-current assets.
(b) Trade payables
Trade payables are initially recognised at fair value, which is usually the original invoice amount and are subsequently held at amortised cost
using the effective interest method. If payment is due within one year or less, payables are classified as current liabilities. If not, they are
presented as non-current liabilities.
(c) Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction
from the proceeds received. Own equity instruments that are reacquired (treasury or own shares) are deducted from equity. No\u00a0gain or loss
is\u00a0recognised in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
(d) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions and money market deposits,
which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and have an original
maturity of three months or less. Money market funds are also included in cash and cash equivalents, and are required to be measured at fair
value through profit or loss under IFRS 9, as noted in section (g) below. Cash and cash equivalents are presented net of outstanding bank
overdrafts where there is a legal right of set off and, for the Group\u2019s cash pooling arrangements, to the extent the Group expects to settle its
subsidiaries\u2019 year-end account balances on a net basis.
For the purpose of the Group Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net
of outstanding bank overdrafts.
(e) Interest-bearing loans and other borrowings
All interest-bearing loans and other borrowings with banks and similar institutions are initially recognised at fair value net of directly
attributable transaction costs. After initial recognition, interest-bearing loans and other borrowings are subsequently measured at
amortised cost using the effective interest method, except when they are hedged items in an effective fair value hedge relationship where
the carrying value is also adjusted to reflect the fair value movements associated with the hedged risks. Such fair value movements are
recognised in the Group Income Statement. Amortised cost is calculated by taking into account any issue costs, discount or premium.
(f) Financial instruments at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income are equity instruments that the Group has elected to recognise the
changes in fair value of in other comprehensive income. They are recognised initially at fair value in the Group Balance Sheet and are re-
measured subsequently at fair value with gains and losses arising from changes in fair value recognised directly in equity and presented in
other comprehensive income. Dividends arising on these financial assets are recognised in the Group Income Statement.
Cumulative gains and losses on equity instruments at fair value through other comprehensive income are not recycled to the Group
Income\u00a0Statement.
(g) Financial assets at fair value through profit or loss
Money market funds (which are classified as cash equivalents) are required to be measured at fair value through profit or loss under IFRS 9,
as the assets are not held solely for the purpose of collecting contractual cash flows related to principal and interest. Both mandatory and
designated instruments are measured at fair value on initial recognition and are re-measured to fair value in each subsequent reporting
period. Gains and losses arising from changes in fair value are recognised in the Group Income Statement within investment income.
(h) Securities
The Group holds debt and equity securities predominantly in respect of the Centrica Unapproved Pension Scheme (see note 22). Debt
securities are required to be measured at fair value through profit or loss under IFRS 9, as the contractual terms of these assets do not give
rise to cash flows that are solely payments of principal and interest on the principal amounts outstanding. The changes in fair value are
recognised in finance costs. The Group has elected to recognise the changes in fair value of the equity securities in\u00a0other comprehensive
income.
Securities also includes a loan made to a minority shareholder which is similarly recognised as a financial asset under IFRS 9 and measured at
amortised cost.
S2. Summary of material accounting policies
(i) Other investments
Other investments includes convertible loan notes which are measured at fair value through profit or loss under IFRS 9, as these assets do
not meet the contractual cash flows characteristic test; namely, contractual cash flows are not solely payments of principal and interest on
principal outstanding. Gains or losses arising from changes in fair value are recognised in operating expenses. Financial assets held solely for
the purpose of collecting contractual cash flows related to principal and interest are initially recognised at fair value and then subsequently
measured at amortised cost.
Other investments also include equity investments which the Group accounts for under IFRS 9, because it does not have the ability to
control, or significantly influence the investment. According to the requirements of IFRS 9, the Group may either measure these
investments at fair value with value changes recognised in profit or loss, or it may elect to recognise those value changes in other
comprehensive income. For the majority of the Group\u2019s other investments, fair value movements are recognised in other comprehensive
income; this election is made separately for each investment made.
(j) Derivative financial instruments
The Group routinely enters into sale and purchase transactions for physical delivery of gas and power. A portion of these transactions
take the form of contracts that were entered into and continue to be held for the purpose of receipt or delivery of the physical commodity
in accordance with the Group\u2019s expected sale, purchase or usage requirements (\u2018own use\u2019), and are not within the scope of IFRS 9. The
assessment of whether a contract is deemed to be \u2018own use\u2019 is conducted on a Group basis without reference to underlying book
structures, business units or legal entities.
Certain purchase and sales contracts for the physical delivery of gas and power are within the scope of IFRS 9 due to the fact that they net
settle or contain written options. Such contracts are accounted for as derivatives under IFRS 9 and are recognised in the Group Balance
Sheet at fair value. Gains and losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken
directly to the Group Income Statement for the year.
The Group uses a range of derivatives for both trading and to hedge exposures to financial risks, such as interest rates, foreign exchange
and energy price risks, arising in the normal course of business. Where considered appropriate, the Group may use weather derivatives to
protect against earnings volatility arising from unseasonal weather variations. The use of such derivatives did not have a material financial
statement impact in 2025 or 2024. The use of derivative financial instruments is governed by the Group\u2019s policies which are approved by
the Board of Directors. Further detail on the Group\u2019s risk management policies is included within the Strategic Report \u2013 Principal Risks and
Uncertainties on\u00a0pages 32 to 39 and in note S3.
The accounting treatment of derivatives is dependent on whether they are entered into for trading or hedging purposes. A derivative
instrument is considered to be used for hedging purposes when it alters the risk profile of an underlying exposure of the Group in line with
the Group\u2019s risk management policies and is in accordance with established guidelines. Certain derivative instruments used for hedging
purposes are designated in hedge accounting relationships as described by IAS 39 (the Group has not applied the hedge accounting
requirements of IFRS 9). In order to qualify for hedge accounting, the effectiveness of the hedge must be reliably measurable and
documentation describing the formal hedging relationship must be prepared at the point of designation. The hedge must be highly effective
in achieving its objective. The Group also holds derivatives that are used for hedging purposes which are not designated in hedge
accounting relationships and are held for trading.
All derivatives are recognised at fair value on the date on which the derivative is entered into and are re-measured to fair value at each
reporting date. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Derivative
assets and derivative 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 derivative contracts is present. The disclosure of current and non-current derivative assets and liabilities is
determined by the settlement date of the derivative.
The Group enters into certain energy derivative contracts covering periods for which observable market data does not exist. The fair value
of such derivatives is estimated by reference 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.\u00a0When observable market data becomes available, any remaining deferred day-one gains or losses are recognised
within the Group Income Statement.
Recognition of the gains or losses resulting from changes in fair value depends on the purpose for issuing or holding the derivative. For
derivatives that do not qualify for cash flow or net investment hedge accounting, any gains or losses arising from changes in fair value are
taken directly to the Group Income Statement and are included within gross profit or investment income and financing costs. Where
derivatives qualify for cash flow or net investment hedging, changes in fair value arising from the effective element of the hedge are
recognised initially in the Group Statement of Comprehensive Income and are recycled to the Group Income Statement when the hedged
item impacts profit or loss. Further details on the treatment of energy derivatives in the Group Income Statement is provided in note 2.
Further detail on the treatment of derivatives in hedging relationships is provided in note S5.
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and
characteristics are not closely related to those of the host contracts and the host contracts are not carried at fair value, with gains or losses
reported in the Group Income Statement. The closely related nature of embedded derivatives is reassessed when there is a change in the
terms\u00a0of the contract that significantly modifies the future cash flows under the contract. Where a contract contains one or more
embedded derivatives, and providing that the embedded derivative significantly modifies the cash flows under the contract, the option to
fair value the entire contract may be taken and the contract will be recognised at fair value with changes in fair value recognised in the Group
Income Statement. Gains and losses arising from changes in the fair value of energy derivative contracts are recognised within
\u2018Re\u2011measurement and settlement of\u00a0energy contracts\u2019 in the Group\u2019s results for the period under IFRS.
S2. Summary of material accounting policies
(k) Hedge accounting
The Group continues to apply the hedge accounting requirements of IAS 39 and has not adopted IFRS 9 hedge accounting.
For the purposes of hedge accounting, hedges are classified as either fair value hedges or cash flow hedges. Note\u00a0S5 details the Group\u2019s
accounting policies in relation to derivatives qualifying for hedge accounting under IAS 39.
(l) Financial guarantees
Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a
specified debtor fails to make payment when due in accordance with the terms of a debt instrument. The Group accounts for financial
guarantee contracts under IFRS 9.
(m) Impairment of financial assets
In accordance with IFRS 9, the Group has applied the expected credit loss model to financial assets measured at amortised cost and to
investments in debt instruments measured at fair value through other comprehensive income.
For trade receivables and contract assets the simplified approach is taken and the lifetime expected credit loss provided for.
For all other in-scope financial assets at the balance sheet date, either the lifetime expected credit loss or a 12-month expected credit loss is
provided for, depending on the Group\u2019s assessment of whether the credit risk associated with the specific asset has increased significantly
since initial recognition. As the Group\u2019s financial assets are predominantly short-term (less than twelve months), the impairment loss
recognised is not materially different using either approach. Further details of the assumptions and inputs used to calculate expected credit
losses are shown in note 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "Trade receivables
Trade receivables are initially recognised at a value based on their transaction price, and are subsequently held at amortised cost using the
effective interest method (taking into account the Group\u2019s business model, which is to collect the contractual cash flows owing) less an
allowance for impairment losses. Balances are written off when recoverability is assessed as being remote. If collection is expected in one
year or\u00a0less, receivables are classified as current assets. If not, they are presented as non-current assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "Trade payables
Trade payables are initially recognised at fair value, which is usually the original invoice amount and are subsequently held at amortised cost
using the effective interest method. If payment is due within one year or less, payables are classified as current liabilities. If not, they are
presented as non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction
from the proceeds received. Own equity instruments that are reacquired (treasury or own shares) are deducted from equity. No\u00a0gain or loss
is\u00a0recognised in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions and money market deposits,
which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and have an original
maturity of three months or less. Money market funds are also included in cash and cash equivalents, and are required to be measured at fair
value through profit or loss under IFRS 9, as noted in section (g) below. Cash and cash equivalents are presented net of outstanding bank
overdrafts where there is a legal right of set off and, for the Group\u2019s cash pooling arrangements, to the extent the Group expects to settle its
subsidiaries\u2019 year-end account balances on a net basis.
For the purpose of the Group Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net
of outstanding bank overdrafts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "Interest-bearing loans and other borrowings
All interest-bearing loans and other borrowings with banks and similar institutions are initially recognised at fair value net of directly
attributable transaction costs. After initial recognition, interest-bearing loans and other borrowings are subsequently measured at
amortised cost using the effective interest method, except when they are hedged items in an effective fair value hedge relationship where
the carrying value is also adjusted to reflect the fair value movements associated with the hedged risks. Such fair value movements are
recognised in the Group Income Statement. Amortised cost is calculated by taking into account any issue costs, discount or premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "Financial instruments at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income are equity instruments that the Group has elected to recognise the
changes in fair value of in other comprehensive income. They are recognised initially at fair value in the Group Balance Sheet and are re-
measured subsequently at fair value with gains and losses arising from changes in fair value recognised directly in equity and presented in
other comprehensive income. Dividends arising on these financial assets are recognised in the Group Income Statement.
Cumulative gains and losses on equity instruments at fair value through other comprehensive income are not recycled to the Group
Income\u00a0Statement.
(g) Financial assets at fair value through profit or loss
Money market funds (which are classified as cash equivalents) are required to be measured at fair value through profit or loss under IFRS 9,
as the assets are not held solely for the purpose of collecting contractual cash flows related to principal and interest. Both mandatory and
designated instruments are measured at fair value on initial recognition and are re-measured to fair value in each subsequent reporting
period. Gains and losses arising from changes in fair value are recognised in the Group Income Statement within investment income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "Financial assets at fair value through profit or loss
Money market funds (which are classified as cash equivalents) are required to be measured at fair value through profit or loss under IFRS 9,
as the assets are not held solely for the purpose of collecting contractual cash flows related to principal and interest. Both mandatory and
designated instruments are measured at fair value on initial recognition and are re-measured to fair value in each subsequent reporting
period. Gains and losses arising from changes in fair value are recognised in the Group Income Statement within investment income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "Securities
The Group holds debt and equity securities predominantly in respect of the Centrica Unapproved Pension Scheme (see note 22). Debt
securities are required to be measured at fair value through profit or loss under IFRS 9, as the contractual terms of these assets do not give
rise to cash flows that are solely payments of principal and interest on the principal amounts outstanding. The changes in fair value are
recognised in finance costs. The Group has elected to recognise the changes in fair value of the equity securities in\u00a0other comprehensive
income.
Securities also includes a loan made to a minority shareholder which is similarly recognised as a financial asset under IFRS 9 and measured at
amortised cost.
", "dimensions": { "concept": "cna:DescriptionOfAccountingPolicyForSecurities", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "Other investments
Other investments includes convertible loan notes which are measured at fair value through profit or loss under IFRS 9, as these assets do
not meet the contractual cash flows characteristic test; namely, contractual cash flows are not solely payments of principal and interest on
principal outstanding. Gains or losses arising from changes in fair value are recognised in operating expenses. Financial assets held solely for
the purpose of collecting contractual cash flows related to principal and interest are initially recognised at fair value and then subsequently
measured at amortised cost.
Other investments also include equity investments which the Group accounts for under IFRS 9, because it does not have the ability to
control, or significantly influence the investment. According to the requirements of IFRS 9, the Group may either measure these
investments at fair value with value changes recognised in profit or loss, or it may elect to recognise those value changes in other
comprehensive income. For the majority of the Group\u2019s other investments, fair value movements are recognised in other comprehensive
income; this election is made separately for each investment made.
", "dimensions": { "concept": "cna:DescriptionOfAccountingPolicyForOtherInvestments", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "Derivative financial instruments
The Group routinely enters into sale and purchase transactions for physical delivery of gas and power. A portion of these transactions
take the form of contracts that were entered into and continue to be held for the purpose of receipt or delivery of the physical commodity
in accordance with the Group\u2019s expected sale, purchase or usage requirements (\u2018own use\u2019), and are not within the scope of IFRS 9. The
assessment of whether a contract is deemed to be \u2018own use\u2019 is conducted on a Group basis without reference to underlying book
structures, business units or legal entities.
Certain purchase and sales contracts for the physical delivery of gas and power are within the scope of IFRS 9 due to the fact that they net
settle or contain written options. Such contracts are accounted for as derivatives under IFRS 9 and are recognised in the Group Balance
Sheet at fair value. Gains and losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken
directly to the Group Income Statement for the year.
The Group uses a range of derivatives for both trading and to hedge exposures to financial risks, such as interest rates, foreign exchange
and energy price risks, arising in the normal course of business. Where considered appropriate, the Group may use weather derivatives to
protect against earnings volatility arising from unseasonal weather variations. The use of such derivatives did not have a material financial
statement impact in 2025 or 2024. The use of derivative financial instruments is governed by the Group\u2019s policies which are approved by
the Board of Directors. Further detail on the Group\u2019s risk management policies is included within the Strategic Report \u2013 Principal Risks and
Uncertainties on\u00a0pages 32 to 39 and in note S3.
The accounting treatment of derivatives is dependent on whether they are entered into for trading or hedging purposes. A derivative
instrument is considered to be used for hedging purposes when it alters the risk profile of an underlying exposure of the Group in line with
the Group\u2019s risk management policies and is in accordance with established guidelines. Certain derivative instruments used for hedging
purposes are designated in hedge accounting relationships as described by IAS 39 (the Group has not applied the hedge accounting
requirements of IFRS 9). In order to qualify for hedge accounting, the effectiveness of the hedge must be reliably measurable and
documentation describing the formal hedging relationship must be prepared at the point of designation. The hedge must be highly effective
in achieving its objective. The Group also holds derivatives that are used for hedging purposes which are not designated in hedge
accounting relationships and are held for trading.
All derivatives are recognised at fair value on the date on which the derivative is entered into and are re-measured to fair value at each
reporting date. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Derivative
assets and derivative 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 derivative contracts is present. The disclosure of current and non-current derivative assets and liabilities is
determined by the settlement date of the derivative.
The Group enters into certain energy derivative contracts covering periods for which observable market data does not exist. The fair value
of such derivatives is estimated by reference 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.\u00a0When observable market data becomes available, any remaining deferred day-one gains or losses are recognised
within the Group Income Statement.
Recognition of the gains or losses resulting from changes in fair value depends on the purpose for issuing or holding the derivative. For
derivatives that do not qualify for cash flow or net investment hedge accounting, any gains or losses arising from changes in fair value are
taken directly to the Group Income Statement and are included within gross profit or investment income and financing costs. Where
derivatives qualify for cash flow or net investment hedging, changes in fair value arising from the effective element of the hedge are
recognised initially in the Group Statement of Comprehensive Income and are recycled to the Group Income Statement when the hedged
item impacts profit or loss. Further details on the treatment of energy derivatives in the Group Income Statement is provided in note 2.
Further detail on the treatment of derivatives in hedging relationships is provided in note S5.
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and
characteristics are not closely related to those of the host contracts and the host contracts are not carried at fair value, with gains or losses
reported in the Group Income Statement. The closely related nature of embedded derivatives is reassessed when there is a change in the
terms\u00a0of the contract that significantly modifies the future cash flows under the contract. Where a contract contains one or more
embedded derivatives, and providing that the embedded derivative significantly modifies the cash flows under the contract, the option to
fair value the entire contract may be taken and the contract will be recognised at fair value with changes in fair value recognised in the Group
Income Statement. Gains and losses arising from changes in the fair value of energy derivative contracts are recognised within
\u2018Re\u2011measurement and settlement of\u00a0energy contracts\u2019 in the Group\u2019s results for the period under IFRS.
S2. Summary of material accounting policies
(k) Hedge accounting
The Group continues to apply the hedge accounting requirements of IAS 39 and has not adopted IFRS 9 hedge accounting.
For the purposes of hedge accounting, hedges are classified as either fair value hedges or cash flow hedges. Note\u00a0S5 details the Group\u2019s
accounting policies in relation to derivatives qualifying for hedge accounting under IAS 39.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "Derivative financial instruments
The Group routinely enters into sale and purchase transactions for physical delivery of gas and power. A portion of these transactions
take the form of contracts that were entered into and continue to be held for the purpose of receipt or delivery of the physical commodity
in accordance with the Group\u2019s expected sale, purchase or usage requirements (\u2018own use\u2019), and are not within the scope of IFRS 9. The
assessment of whether a contract is deemed to be \u2018own use\u2019 is conducted on a Group basis without reference to underlying book
structures, business units or legal entities.
Certain purchase and sales contracts for the physical delivery of gas and power are within the scope of IFRS 9 due to the fact that they net
settle or contain written options. Such contracts are accounted for as derivatives under IFRS 9 and are recognised in the Group Balance
Sheet at fair value. Gains and losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken
directly to the Group Income Statement for the year.
The Group uses a range of derivatives for both trading and to hedge exposures to financial risks, such as interest rates, foreign exchange
and energy price risks, arising in the normal course of business. Where considered appropriate, the Group may use weather derivatives to
protect against earnings volatility arising from unseasonal weather variations. The use of such derivatives did not have a material financial
statement impact in 2025 or 2024. The use of derivative financial instruments is governed by the Group\u2019s policies which are approved by
the Board of Directors. Further detail on the Group\u2019s risk management policies is included within the Strategic Report \u2013 Principal Risks and
Uncertainties on\u00a0pages 32 to 39 and in note S3.
The accounting treatment of derivatives is dependent on whether they are entered into for trading or hedging purposes. A derivative
instrument is considered to be used for hedging purposes when it alters the risk profile of an underlying exposure of the Group in line with
the Group\u2019s risk management policies and is in accordance with established guidelines. Certain derivative instruments used for hedging
purposes are designated in hedge accounting relationships as described by IAS 39 (the Group has not applied the hedge accounting
requirements of IFRS 9). In order to qualify for hedge accounting, the effectiveness of the hedge must be reliably measurable and
documentation describing the formal hedging relationship must be prepared at the point of designation. The hedge must be highly effective
in achieving its objective. The Group also holds derivatives that are used for hedging purposes which are not designated in hedge
accounting relationships and are held for trading.
All derivatives are recognised at fair value on the date on which the derivative is entered into and are re-measured to fair value at each
reporting date. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Derivative
assets and derivative 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 derivative contracts is present. The disclosure of current and non-current derivative assets and liabilities is
determined by the settlement date of the derivative.
The Group enters into certain energy derivative contracts covering periods for which observable market data does not exist. The fair value
of such derivatives is estimated by reference 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.\u00a0When observable market data becomes available, any remaining deferred day-one gains or losses are recognised
within the Group Income Statement.
Recognition of the gains or losses resulting from changes in fair value depends on the purpose for issuing or holding the derivative. For
derivatives that do not qualify for cash flow or net investment hedge accounting, any gains or losses arising from changes in fair value are
taken directly to the Group Income Statement and are included within gross profit or investment income and financing costs. Where
derivatives qualify for cash flow or net investment hedging, changes in fair value arising from the effective element of the hedge are
recognised initially in the Group Statement of Comprehensive Income and are recycled to the Group Income Statement when the hedged
item impacts profit or loss. Further details on the treatment of energy derivatives in the Group Income Statement is provided in note 2.
Further detail on the treatment of derivatives in hedging relationships is provided in note S5.
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and
characteristics are not closely related to those of the host contracts and the host contracts are not carried at fair value, with gains or losses
reported in the Group Income Statement. The closely related nature of embedded derivatives is reassessed when there is a change in the
terms\u00a0of the contract that significantly modifies the future cash flows under the contract. Where a contract contains one or more
embedded derivatives, and providing that the embedded derivative significantly modifies the cash flows under the contract, the option to
fair value the entire contract may be taken and the contract will be recognised at fair value with changes in fair value recognised in the Group
Income Statement. Gains and losses arising from changes in the fair value of energy derivative contracts are recognised within
\u2018Re\u2011measurement and settlement of\u00a0energy contracts\u2019 in the Group\u2019s results for the period under IFRS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "Hedge accounting
The Group continues to apply the hedge accounting requirements of IAS 39 and has not adopted IFRS 9 hedge accounting.
For the purposes of hedge accounting, hedges are classified as either fair value hedges or cash flow hedges. Note\u00a0S5 details the Group\u2019s
accounting policies in relation to derivatives qualifying for hedge accounting under IAS 39.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "Financial guarantees
Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a
specified debtor fails to make payment when due in accordance with the terms of a debt instrument. The Group accounts for financial
guarantee contracts under IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "Impairment of financial assets
In accordance with IFRS 9, the Group has applied the expected credit loss model to financial assets measured at amortised cost and to
investments in debt instruments measured at fair value through other comprehensive income.
For trade receivables and contract assets the simplified approach is taken and the lifetime expected credit loss provided for.
For all other in-scope financial assets at the balance sheet date, either the lifetime expected credit loss or a 12-month expected credit loss is
provided for, depending on the Group\u2019s assessment of whether the credit risk associated with the specific asset has increased significantly
since initial recognition. As the Group\u2019s financial assets are predominantly short-term (less than twelve months), the impairment loss
recognised is not materially different using either approach. Further details of the assumptions and inputs used to calculate expected credit
losses are shown in note 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
Nuclear activity
The Group has investments in Lake Acquisitions Limited (\u2018Lake\u2019) and Sizewell C (Holding) Limited (\u2018Sizewell C\u2019). Both are accounted for as
associates.
Sizewell C
The Group holds both a 15% equity interest in Sizewell C and is providing a shareholder loan to the investee, funded over the construction
period. These are both classified within investments on the Group\u2019s balance sheet. See notes 3 and 14. The loan commitment is at a market
rate of interest and cannot be net cash-settled, and hence is outside the scope of IFRS 9 with the exception of impairment requirements.
Any expected credit loss, being the present value of the difference between the contractual cash flows due after draw down and the cash
flows the Group expects to receive, will not be material.
Sizewell C itself is financed under the Nuclear Regulated Asset Base (RAB) financing model underpinned by the Nuclear Energy (Financing)
Act 2022, whereby the project is subject to an economic regulatory framework that allows certain construction and financing costs to be
recovered from consumers through regulated charges both prior to the commencement of operations, and during the generation phase. It
is funded through the Nuclear RAB levy, charged to energy suppliers from 1 November 2025.
During the construction phase, Sizewell C expects to capitalise the cost of construction in accordance with IAS 16 \u2018Property, Plant and
Equipment\u2019. The accounting RAB is initially measured at historic cost, including direct construction costs, capitalised borrowing costs and
directly attributable development and project costs. It will subsequently be measured at amortised cost and depreciation will commence
once the asset is operational. Therefore, the accounting RAB reflects actual incurred expenditure, not the value of future recoveries
permitted by the regulator.
Conversely, the regulatory RAB is calculated under the regulated asset financing model and its purpose is to determine future permitted
recoveries, rather than reflecting historical cost. The regulatory RAB is typically higher because it includes items such as capitalised
financing returns, indexation and broader cost allowances including certain operating costs, regulatory adjustments and incentive
mechanisms.
Under current IFRS, Sizewell C is expected to generate revenue, calculated with reference to the regulatory financing model, once
operational and the Group will recognise its share of the investee\u2019s results at that time. Interest is earned on the shareholder loan at a rate of
9% over the course of the investment. Under the requirements of IAS 28 \u2018Investments in Joint Ventures and Associates\u2019 the Group
eliminates its 15% equity share of the gains realised on the shareholder loan, being the 9% interest earned, less the cost of providing the
funding to the investee.
Lake
The following accounting policies are specific to the Lake associate:
(a) Fuel costs \u2013 nuclear front end
Front-end fuel costs consist of the costs of procurement of uranium, conversion and enrichment services, and fuel element fabrication.
All\u00a0costs are capitalised into inventory and charged to the Group Income Statement in proportion to the amount of fuel burnt.
(b) Fuel costs \u2013 nuclear back end
Advanced gas-cooled reactors (AGR)
Spent fuel extracted from the reactors is sent for reprocessing and/or long-term storage and eventual disposal of resulting waste products.
Back-end fuel costs comprise of a loading-related cost per tonne of uranium and a rebate/surcharge to this cost which is dependent on the
out-turn market electricity price and the amount of electricity generated from AGR stations in the year. These costs are capitalised into
inventory and charged to the Group Income Statement in proportion to the amount of fuel burnt.
Pressurised water reactor (PWR)
Back-end fuel costs are based on wet storage in station ponds followed by dry storage and subsequent direct disposal of fuel. Back-end
fuel costs are capitalised into inventory on loading and are charged to the Group Income Statement in proportion to the amount of fuel
burnt.
S2. Summary of material accounting policies
(c) Nuclear PP&E \u2013 depreciation
The majority of the cost of the nuclear fleet is depreciated from the date of the Group acquiring its share of the fleet on a straight-line basis,
with remaining depreciable periods currently of up to 30 years.
Other expenditure including amounts spent on major inspections and overhauls of production plant is depreciated over the period until the
next outage which for AGR power stations is 2 to 3 years and for the PWR power station is 18 months.
(d) Nuclear Liabilities Fund (NLF) funding arrangements
Under the arrangements in place with the Secretary of State, the NLF will fund, subject to certain exceptions, qualifying uncontracted
nuclear liabilities and qualifying decommissioning costs.
In part consideration for the assumption of these liabilities by the Secretary of State and the NLF, the former British Energy Group agreed to
pay fixed decommissioning contributions each year and \u00a3150,000 (indexed to RPI) for every tonne of uranium in PWR fuel loaded into the
Sizewell B reactor after the date of these arrangements.
(e) NLF and nuclear liabilities receivables
The UK Government indemnity is provided to indemnify any future shortfall on NLF funding of qualifying uncontracted nuclear liabilities
(including PWR back-end fuel services) and qualifying nuclear decommissioning costs such that the receivable equals the present value of
the associated qualifying nuclear liabilities (apart from a small timing difference due to timing of receipts from NLF).
(f) Nuclear liabilities
Nuclear liabilities represent provision for liabilities in respect of the costs of waste management of spent fuel and nuclear decommissioning.
(g) Unburnt fuels at shutdown
Due to the nature of the nuclear fuel process there will be quantities of unburnt fuel in the reactors at station closure. The costs relating to
this unburnt fuel (final core) are fully provided for at the balance sheet date. The provision is based on a projected value per tonne of fuel
remaining at\u00a0closure, discounted back to the balance sheet date and recorded as a long-term liability.
", "dimensions": { "concept": "cna:DescriptionOfAccountingPolicyForNuclearActivity", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "Financial risk management
The Group\u2019s normal operating, investing and financing activities expose it to a variety of financial risks: market risk (including
commodity price risk, currency risk and interest rate risk), credit risk and liquidity risk. The Group\u2019s overall financial risk
management processes are designed to identify, manage and mitigate these risks.
Further detail on the Group\u2019s overall risk management processes is included within the Strategic Report \u2013 Principal Risks and Uncertainties
on pages 32 to 39.
Commodity price risk management is carried out in accordance with individual business unit policies and directives including appropriate
escalation routes.
Treasury risk management, including management of currency risk, interest rate risk and liquidity risk is carried out by a central Group
Treasury function in accordance with the Group\u2019s financing and treasury policy, as approved by the Board.
The wholesale credit risks associated with commodity trading and treasury positions are managed in accordance with the Group\u2019s credit
risk policy. Downstream customer credit risk management is carried out in accordance with appropriate Group-wide and individual
business unit credit policies.
Market risk management
Market risk is the risk of loss that results from changes in market prices (commodity prices, foreign exchange rates and interest rates). The
level of market risk to which the Group 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 Group\u2019s physical asset and contract portfolios.
(a) Commodity price risk management
The Group is exposed to commodity price risk in its energy procurement and supply activities, production, generation and trading
operations and uses specific limits to manage the exposure to commodity prices associated with the Group\u2019s activities to an acceptable
level. The Group has a risk capital limit approved by the Board to manage the commodity price risk that the Group is exposed to. These are
complemented by other limits including Value at Risk (VaR), volumetric or stop-loss limits to control risk around trading activities.
(i) Energy price exposed business activities
The Group\u2019s price exposed business activities consist of equity gas and liquids production, equity power generation, bilateral procurement
and sales contracts, market-traded purchase and sales contracts and derivative positions primarily transacted with the intent of securing
gas and power for the Group\u2019s supply customers, from a variety of sources at an optimal cost. The Group actively manages commodity
price risk by optimising its asset and contract portfolios and making use of volume flexibility.
The Group\u2019s commodity price risk exposure within its business activities is driven by the cost of procuring gas and electricity to serve its
supply customers and selling gas and electricity from its infrastructure production and generation, which varies with wholesale commodity
prices. The primary risk is that market prices for commodities will fluctuate between the time that sales prices are fixed or tariffs are set and
the time at which the corresponding procurement cost is fixed, thereby potentially reducing expected margins or making sales
unprofitable.
The Group\u2019s supply activities are also exposed to volumetric risk in the form of an uncertain consumption profile arising from a range of
factors, including the weather, energy consumption changes, customer attrition and the economic climate. There is also risk associated
with ensuring that there is sufficient commodity available to secure supply to customers. The Group\u2019s production and generation activities
are also exposed to\u00a0volumetric risk in the form of uncertain production profiles.
In order to manage the exposure to market prices associated with the Group\u2019s business operations the Group is delegated a risk capital
limit, established by the Board and sub-delegated to the commercial leaders.
Risk capital is used to bring together the different individual market and credit risks from across the business in order to understand the
diversified risk that the Group is exposed to. This is complemented by the Profit at Risk (PaR), VaR and credit limits that are then sub-
delegated to the business to operate efficiently. PaR measures the estimated potential loss in a position or portfolio of positions associated
with the movement of a commodity price for a\u00a0given confidence level, over the remaining term of the position or contract. VaR measures
the estimated potential loss for a given confidence level over a predetermined holding period. The standard confidence level used is 95%. In
addition, regular stress and scenario tests are performed to evaluate the impact on the portfolio of possible substantial movements in
commodity prices.
The Group measures and manages the commodity price risk associated with the Group\u2019s entire energy price exposed business portfolio.
Only\u00a0certain of the Group\u2019s energy contracts constitute financial instruments under IFRS 9 (see note S6).
As a result, while the Group manages the commodity price risk associated with both financial and non-financial energy procurement and
sales contracts, it is the notional value of energy contracts being carried at fair value that represents the exposure of the Group\u2019s energy
price exposed business activities to commodity price risk according to IFRS 7 \u2018Financial Instruments: Disclosures\u2019. This is because energy
contracts that are financial instruments under IFRS 9 are accounted for on a fair value basis and changes in fair value immediately impact
profit. Conversely, energy contracts that are not financial instruments under IFRS 9 are accounted for as executory contracts and changes
in fair value do not immediately impact profit and, as such, are not exposed to commodity price risk as defined by IFRS 7. So, whilst VaR
associated with energy procurement and supply contracts that are outside the scope of IFRS 9 are monitored for internal risk management
purposes, only those energy contracts within the scope of IFRS 9 are within the scope of the IFRS 7 disclosure requirements.
S3. Financial risk management
(ii) Proprietary energy trading
The Group\u2019s proprietary energy trading activities consist of physical and financial commodity purchases and sales contracts taken on with
the intent of benefitting from changes in market prices or differences between buying and selling prices. The Group conducts its trading
activities in the over-the-counter market and through exchanges in the UK and continental Europe. The Group is exposed to commodity
price risk as a result of its proprietary energy trading activities because the value of its trading assets and liabilities will fluctuate with
changes in market prices for commodities.
The Group sets volumetric and VaR limits to manage the commodity price risk exposure associated with the Group\u2019s proprietary energy
trading activities. VaR measures the estimated potential loss at a 95% confidence level over a one-day holding period. The carrying value of
energy contracts used in proprietary energy trading activities at 31 December 2025 is disclosed in note 19.
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\u2019s 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.
(b) Currency risk management
The Group is exposed to currency risk on foreign currency denominated forecast transactions, firm commitments, monetary assets and
liabilities (transactional exposure) and on its net investments in foreign operations (translational exposure). IFRS 7 only requires disclosure of
currency risk arising on financial instruments denominated in a currency other than the functional currency of the commercial operation
transacting. As a result, for the purposes of IFRS 7, currency risk excludes items that are not financial instruments, such as the Group\u2019s net
investments in international operations as well as foreign currency denominated forecast transactions and firm commitments.
(i) Transactional currency risk
The Group is exposed to transactional currency risk on transactions denominated in currencies other than the underlying functional
currency of the commercial operation transacting. The primary functional currencies remain pounds sterling in the UK, Danish krone in
Denmark, euros in the Netherlands and the Republic of Ireland and US dollars in the Group\u2019s LNG business. The risk is that the functional
currency value of cash flows will vary as a\u00a0result of movements in exchange rates. Transactional exposure arises from the Group\u2019s energy
procurement, production and generation activities, where many transactions are denominated in foreign currencies. In addition, in order to
optimise the cost of funding, the Group has, in certain cases, issued foreign currency denominated debt or entered into foreign currency
loans, primarily in US dollars, euros and Japanese yen.
It is the Group\u2019s policy to hedge material transactional exposures using derivatives (either applying formal hedge accounting or economic
hedge relationships) to fix the functional currency value of non-functional currency cash flows, except where there is an economic hedge
inherent in the transaction. At 31 December 2025, there were no material unhedged non-functional currency monetary assets or liabilities,
firm commitments or probable forecast transactions (2024: \u00a3nil), other than transactions which have an inherent economic hedge and
foreign currency borrowings used to hedge translational exposures.
(ii) Translational currency risk
The Group is exposed to translational currency risk as a result of its overseas investments. The risk is that the pounds sterling value of the
net assets of foreign operations will decrease with changes in foreign exchange rates. The Group\u2019s policy is to protect the pounds sterling
book value of its net investments in foreign operations where appropriate, subject to certain parameters, by holding foreign currency debt,
entering into foreign currency derivatives, or a mixture of both.
The Group manages translational currency risk taking into consideration the cash impact of any hedging activity as well as the risk to the net
asset carrying values in the Group\u2019s Financial Statements. The translation hedging programme including the potential cash impact is
managed by the Group Treasury function and monitored by the Chief Financial Officer.
(c) Interest rate risk management
In the normal course of business the Group borrows to finance its operations. The Group is exposed to interest rate risk because the fair
value of fixed-rate borrowings and the cash flows associated with floating rate borrowings will fluctuate with changes in interest rates. The
Group\u2019s policy is to manage the interest rate risk on long-term borrowings by ensuring the exposure to floating interest rates remains within
a 30% to 70% range, including the impact of interest rate derivatives.
The return generated on the Group\u2019s cash balance is also exposed to movements in short-term interest rates. The Group manages cash
balances to protect against adverse changes in rates whilst retaining liquidity.
Financial risk management
(d) Sensitivity analysis
IFRS 7 requires disclosure of a sensitivity analysis that is intended to illustrate the sensitivity of the Group\u2019s financial position and
performance to\u00a0changes in market variables (commodity prices, foreign exchange rates and interest rates) as a result of changes in the fair
value or cash flows associated with the Group\u2019s financial instruments. The sensitivity analysis provided discloses the effect on profit or loss
and equity 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 and equity. Reasonably possible changes in market variables used in the sensitivity analysis are based on implied volatilities,
where available, or historical data for energy prices and foreign exchange rates. Reasonably possible changes in interest rates are based on
management judgement and historical experience.
The sensitivity analysis has been prepared based on 31 December 2025 balances and on the basis that the balances, the ratio of fixed to
floating rates of debt and derivatives, the proportion of energy contracts that are financial instruments, the proportion of financial
instruments in foreign currencies and the hedge designations in place at 31 December 2025 are all constant. Excluded from this analysis are
all non-financial assets and liabilities and energy contracts that are not financial instruments under IFRS 9. The sensitivity to foreign exchange
rates relates only to monetary assets and liabilities denominated in a currency other than the functional currency of the commercial
operation transacting, and excludes the translation of the net assets of foreign operations to pounds sterling.
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 Group\u2019s actual exposure to market rates is changing constantly as the
Group\u2019s portfolio of commodity, debt and foreign currency contracts changes. Changes in fair values or cash flows based on a variation in a
market variable cannot be extrapolated because the relationship between the change in market variable and the change in fair value or cash
flows may not be linear. In addition, the effect of a change in a particular market variable on fair values or cash flows is calculated without
considering interrelationships between the various market rates or mitigating actions that would be taken by the Group.
(i) Transactional currency risk
The Group has performed an analysis of the sensitivity of the Group\u2019s financial position and performance to changes in foreign exchange
rates. The sensitivity analysis is performed upon the Group\u2019s foreign currency denominated monetary assets and monetary liabilities. At the
reporting date, the exposure is driven primarily by the portfolio of foreign currency exchange derivatives held for trading under IFRS 9,
which are hedging material transactional exposures as explained above in S3(b)(i). The Group deems 10% movements to US dollar and euro
currency rates relative to pounds sterling to be reasonably possible.
The material impact of such movements on profit and equity, both after taxation, are as follows:
Incremental profit/(loss)
2025
Impact on
profit
\u00a3m
2024
Impact
on profit
\u00a3m
US dollar \u2013 increase/(decrease)
174/(189)
192/(212)
Euro \u2013 increase/(decrease)
(78)/81
(59)/59
All other currency sensitivities are not material.
(ii) Interest rate risk
The Group has performed an analysis of the sensitivity of the Group\u2019s financial position and performance to changes in interest rates. The
Group deems a one percentage point move in UK, US and Euro interest rates to be reasonably possible. The impact of such movements on
profit and equity, both after taxation, is immaterial.
(iii) Commodity price risk
The Group has performed a sensitivity analysis of the Group\u2019s commodity price risk. The financial assets and financial liabilities which are
exposed to this risk are energy derivatives which are either for procurement/optimisation or proprietary trading. As explained above in
S3(a)(i), the procurement/optimisation or 'non-proprietary' trades are hedging material commodity price exposures, whilst proprietary
energy trading is explained in S3(a)(ii).
2025
2024
Energy prices
Active market
base price (i)
Inactive
market base
price (ii)
Reasonably
possible
change in
variable (iii)
%
Active market
base price (i)
Inactive market
base price (ii)
Reasonably
possible
change in
variable (iii)
%
UK gas (p/therm)
66
89
+/-25
98
85
+/-32
European gas (\u20ac/MWh)
26
32
+/-31
39
33
+/-32
UK power (\u00a3/MWh)
72
78
+/-34
80
74
+/-39
UK emissions (\u20ac/tonne)
85
n/a
+/-7
66
n/a
+/-7
UK oil (US$/bbl)
61
66
+/-55
71
n/a
+/-46
North American gas (US cents/therm)
38
46
+/-44
38
38
+/-42
Japan Korea Marker (JKM) gas price (US$/MMBtu)
9
11
+/-28
12
n/a
+/-26
(i) The active market base price represents the average forward market price over the duration of the active market curve used in the sensitivity analysis provided.
(ii) The inactive market base price represents the average forward market price over the duration of the inactive market curve used in the sensitivity analysis provided.
Inactive market base prices are not presented where there are no contracts in the illiquid period.
(iii) The reasonably possible change in variable is calculated using both the active and inactive market curves for energy prices.
S3. Financial risk management
The impacts of reasonably possible changes in commodity prices on profit applied to non-proprietary trades, both after taxation, based on
the assumptions set out above are as follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
UK gas price \u2013 increase/(decrease)
109/(119)
258/(265)
UK power price \u2013 increase/(decrease)
201/(201)
406/(411)
European gas price \u2013 (decrease)/increase
(183)/184
(146)/144
Other UK energy prices (oil and emissions) \u2013 increase/(decrease)
94/(94)
(49)/49
UK and European energy prices (combined) \u2013 increase/(decrease)
221/(230)
469/(483)
North American gas price \u2013 increase/(decrease)
78/(77)
44/(52)
JKM gas price \u2013 (decrease)/increase
(30)/30
(2)/2
(i) The impact on profit is calculated using both the active and inactive market curves for energy prices.
The impact on other comprehensive income of such price changes is immaterial.
(iv) Commodity price risk \u2013 proprietary trades
As at 31 December 2025 the VaR associated with proprietary trading was \u00a33 million (2024: \u00a36 million). This represents the statistical
downside risk associated with the proprietary trade and associated hedging positions. The changes in the year only relate to changes in
commodity prices. Intra-day trading positions are monitored using a live time risk management system. Proprietary trades are included in
revenue in the business performance column of the Group Income Statement.
The impacts of reasonably possible changes using probability-based high and low gas and power price curves applied to Level 3 proprietary
trades are as\u00a0follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
Level 3 proprietary trades \u2013 increase/(decrease) (ii)
1/(1)
72/(62)
(i) The reasonably possible change in variable and the impact on profit are calculated using both the active and inactive market curves for energy prices, see note 7(c) for
detail on market curves.
(ii) The Level 3 proprietary financial instruments\u2019 sensitivity has been valued using one of the Group\u2019s valuation models, and excludes associated hedges which would
mitigate this impact.
(v) Commodity price risk \u2013 other non-proprietary Level 3 trades
Unrealised non-proprietary Level 3 trades are reported within certain re-measurements and are subsequently reflected in business
performance when realised, which is generally when the underlying transaction or asset impacts profit or loss. These derivatives are in
respect of underlying contracts to purchase large volumes of commodity and are highly sensitive to changes in commodity prices. The
impacts of reasonably possible changes using probability-based high and low gas and power price curves applied to other Level 3 non-
proprietary trades are as\u00a0follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
Level 3 non-proprietary trades \u2013 increase/(decrease) (ii)
(219)/208
(182)/152
(i) The reasonably possible change in variable and the impact on profit are calculated using both the active and inactive market curves for energy prices.
(ii) The Level 3 non-proprietary financial instruments\u2019 sensitivity has been valued using one of the Group\u2019s valuation models, and excludes associated hedges or the
underlying hedged transaction/asset which would offset this impact.
Financial risk management
Credit risk management
Credit risk is the risk of loss associated with a counterparty\u2019s inability or failure to discharge its obligations under a contract.
The Group continually reviews its rating thresholds for relevant counterparty credit limits and updates these as necessary, based on a
consistent set of principles. It continues to operate within its limits. In respect of trading activities for both the US and Europe, there is an
effort to maintain a balance between exchange-based trading and bilateral transactions. This allows for a reasonable balance between
counterparty credit risk and potential liquidity requirements. In addition, the Group actively manages the trade-off between credit and
liquidity risks by optimising the use of contracts with collateral obligations and physically settled contracts without collateral obligations.
The Group is exposed to credit risk in its treasury, trading, energy procurement and downstream activities. The maximum exposure to
credit risk for financial instruments at fair value is equal to their carrying value. Gross amounts are shown by counterparty credit rating in the
table below. Further details of other collateral and credit security not offset against these amounts is shown in note S6.
2025
Financial assets at
amortised cost
Financial assets at fair value
31 December
Receivables
including
treasury, trading
and energy
procurement
counterparties (i)
\u00a3m
Securities (ii)
\u00a3m
Other
investments
\u00a3m
Investments in
joint ventures
and associates
(iii)
\u00a3m
Cash and cash
equivalents
\u00a3m
Cash and cash
equivalents
\u00a3m
Derivative
financial
instruments
with positive
fair values
\u00a3m
Securities
\u00a3m
Other
investments
\u00a3m
AAA to AA
14
\u2014
\u2014
\u2014
5
3,515
\u2014
59
\u2014
AA- to A-
506
\u2014
\u2014
\u2014
710
\u2014
337
\u2014
\u2014
BBB+ to BBB-
506
\u2014
\u2014
\u2014
24
\u2014
433
\u2014
\u2014
BB+ to BB-
93
\u2014
\u2014
\u2014
23
\u2014
58
\u2014
\u2014
B+ or lower
80
\u2014
\u2014
\u2014
\u2014
\u2014
27
\u2014
\u2014
Unrated (iv)
5,031
48
29
343
30
\u2014
21
\u2014
92
6,230
48
29
343
792
3,515
876
59
92
2024
Financial assets at
amortised cost
Financial assets at fair value
31 December
Receivables
including
treasury,
trading and
energy
procurement
counterparties (i)
\u00a3m
Securities (ii)
\u00a3m
Other
investments
\u00a3m
Investments in
joint ventures
and associates
(iii)
\u00a3m
Cash and cash
equivalents
\u00a3m
Cash and cash
equivalents
\u00a3m
Derivative
financial
instruments
with positive
fair values
\u00a3m
Securities
\u00a3m
Other
investments
\u00a3m
AAA to AA
\u2014
\u2014
\u2014
\u2014
\u2014
5,002
\u2014
108
\u2014
AA- to A-
734
\u2014
\u2014
\u2014
1,276
7
436
\u2014
\u2014
BBB+ to BBB-
819
\u2014
\u2014
\u2014
9
\u2014
580
\u2014
\u2014
BB+ to BB-
228
\u2014
\u2014
\u2014
37
\u2014
439
\u2014
\u2014
B+ or lower
83
\u2014
\u2014
\u2014
1
\u2014
65
\u2014
\u2014
Unrated (iv)
4,605
31
3
\u2014
6
\u2014
56
\u2014
84
6,469
31
3
\u2014
1,329
5,009
1,576
108
84
(i) The Group holds a provision of \u00a31,818 million (2024: \u00a31,532 million) against receivables. The significant majority of this provision is held against amounts due from unrated
counterparties. Further analysis of past due trade receivables may be found at note 17.
(ii) Securities held at amortised cost consist of other loans receivable of \u00a348 million (2024: \u00a331 million) \u2013 see note 25.
(iii) Investments in joint ventures and associates relates to the unrated shareholder loan of \u00a3343 million to Sizewell C (see note 14(a)). Sizewell C itself is financed under the
Nuclear Regulated Asset Base (RAB) financing model underpinned by the Nuclear Energy (Financing) Act 2022, whereby the project is subject to an economic regulatory
framework that allows certain construction and financing costs to be recovered from consumers through regulated charges both prior to the commencement of
operations, and during the generation phase.
(iv) The unrated counterparty receivables primarily comprise amounts in respect of downstream customers, subsidiaries of rated entities, exchanges or clearing houses.
S3. Financial risk management
Details of how credit risk is managed across the asset categories are provided below:
(a) Treasury, trading and energy procurement activities
Wholesale counterparty credit exposures are monitored by individual counterparty and by category of credit rating, and are subject to
approved limits. The Group uses master netting agreements to reduce credit risk and net settles payments with counterparties where net
settlement provisions exist (see note S6 for details of amounts offset). In addition, the Group employs a variety of other methods to
mitigate credit risk: margining, various forms of bank and parent company guarantees and letters of credit.
The vast majority of Group credit risk associated with its treasury, trading and energy procurement activities is with counterparties in
related energy industries or financial institutions together with smaller exposures to commodity traders and small independent renewable
producers. The impairment considerations of IFRS 9 are applicable to financial assets arising from treasury, trading and energy procurement
activities that are carried at amortised cost and debt instruments that are carried at fair value through other comprehensive income
(FVOCI). Debt instruments measured at FVOCI are not material for further disclosure.
Included in the table above within receivables including treasury, trading and energy procurement counterparties is \u00a31,274 million (2024:
\u00a32,005\u00a0million) of treasury, trading and energy procurement assets. The Group\u2019s risk assessment procedures and counterparty selection
process ensure that the credit risk on this type of financial asset is always low at initial recognition.
Included within the table above is information about the exposure to credit risk arising from only certain of the Group\u2019s energy procurement
contracts \u2013 those in the scope of IFRS 9. Whilst the Group manages the credit risk associated with both financial and non-financial energy
procurement contracts, it is the carrying value of financial assets within the scope of IFRS 9 that represents the maximum exposure
to\u00a0credit risk in accordance with IFRS 7.
(b) Trade receivables and contract assets
The simplified approach of measuring lifetime expected credit losses has been applied to trade receivables and contract asset balances,
which are the focus of this disclosure. Therefore, consideration of the significance of any change in credit risk since initial recognition for the
purpose of\u00a0applying this model is not required for any material component of the receivables balance.
In the case of business customers, credit risk is managed by checking a company\u2019s creditworthiness and financial strength both before
commencing trade and during the business relationship. For residential customers, creditworthiness is ascertained normally before
commencing trade to determine the payment mechanism required to reduce credit risk to an acceptable level. Certain customers will only
be accepted on a prepayment basis or with a security deposit. In some cases, an ageing of receivables is monitored and used to manage the
exposure to credit risk associated with both business and residential customers. In other cases, credit risk is monitored and managed by
grouping customers according to method of payment or profile.
Liquidity risk management and going concern
Liquidity risk is the risk that the Group is unable to meet its financial obligations as they fall due. The Group experiences significant
movements in\u00a0its liquidity position due primarily to the seasonal nature of its business and margin cash arrangements associated with certain
wholesale commodity contracts. To mitigate this risk the Group 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. See note 25 for further
information.
S3. Financial risk management
Maturity profiles
Maturities of derivative financial instruments, provisions, borrowings and leases are provided in the following tables (all amounts are
remaining contractual undiscounted cash flows):
Due for payment 2025
<1
year
\u00a3m
1 to 2
years
\u00a3m
2 to 3
years
\u00a3m
3 to 4
years
\u00a3m
4 to 5
years
\u00a3m
>5
years
\u00a3m
Total
\u00a3m
Energy and interest derivatives in a loss position
that will be settled on a net basis (i)
(149)
(49)
(33)
(12)
(9)
76
(176)
Gross energy procurement contracts and other
derivative buy trades carried at fair value
(1,513)
(1,057)
(868)
(656)
(771)
(3,192)
(8,057)
Foreign exchange derivatives that will be settled
on a gross basis:
Outflow
(8,971)
(1,156)
(775)
(129)
(7)
\u2014
(11,038)
Inflow
9,017
1,179
775
125
7
\u2014
11,103
Trade and other payables
(4,528)
(116)
(10)
(4)
\u2014
\u2014
(4,658)
Borrowings (bank loans, bonds, overdrafts and
interest)
(264)
(183)
(129)
(681)
(497)
(2,157)
(3,911)
(6,408)
(1,382)
(1,040)
(1,357)
(1,277)
(5,273)
(16,737)
Leases: (ii)
Minimum lease payments
(101)
(69)
(45)
(35)
(28)
(105)
(383)
Capital elements of leases
(99)
(57)
(38)
(29)
(23)
(85)
(331)
Due for payment 2024
<1
year
\u00a3m
1 to 2
years
\u00a3m
2 to 3
years
\u00a3m
3 to 4
years
\u00a3m
4 to 5
years
\u00a3m
>5
years
\u00a3m
Total
\u00a3m
Energy and interest derivatives in a loss position
that will be settled on a net basis (i)
(126)
(31)
(20)
(17)
(17)
(30)
(241)
Gross energy procurement contracts and other
derivative buy trades carried at fair value
(3,169)
(168)
(74)
(29)
(101)
(1,487)
(5,028)
Foreign exchange derivatives that will be settled
on a gross basis:
Outflow
(4,992)
(1,234)
(701)
\u2014
\u2014
\u2014
(6,927)
Inflow
5,007
1,256
730
\u2014
\u2014
\u2014
6,993
Trade and other payables
(5,466)
(142)
(25)
(6)
\u2014
\u2014
(5,639)
Borrowings (bank loans, bonds, overdrafts and
interest)
(878)
(184)
(183)
(126)
(678)
(2,654)
(4,703)
(9,624)
(503)
(273)
(178)
(796)
(4,171)
(15,545)
Leases: (ii)
Minimum lease payments
(106)
(89)
(55)
(29)
(25)
(90)
(394)
Capital elements of leases
(104)
(78)
(48)
(24)
(21)
(70)
(345)
(i) Proprietary energy trades are excluded from this maturity analysis because these contracts are held for trading purposes and often net settled. The associated cash
flows are expected to be equal to the contract fair value at the balance sheet date. See note 19 for further details.
(ii) The difference between the total minimum lease payments and the total capital elements of leases is due to future finance charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-603": { "value": "
Market risk management
Market risk is the risk of loss that results from changes in market prices (commodity prices, foreign exchange rates and interest rates). The
level of market risk to which the Group 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 Group\u2019s physical asset and contract portfolios.
(a) Commodity price risk management
The Group is exposed to commodity price risk in its energy procurement and supply activities, production, generation and trading
operations and uses specific limits to manage the exposure to commodity prices associated with the Group\u2019s activities to an acceptable
level. The Group has a risk capital limit approved by the Board to manage the commodity price risk that the Group is exposed to. These are
complemented by other limits including Value at Risk (VaR), volumetric or stop-loss limits to control risk around trading activities.
(i) Energy price exposed business activities
The Group\u2019s price exposed business activities consist of equity gas and liquids production, equity power generation, bilateral procurement
and sales contracts, market-traded purchase and sales contracts and derivative positions primarily transacted with the intent of securing
gas and power for the Group\u2019s supply customers, from a variety of sources at an optimal cost. The Group actively manages commodity
price risk by optimising its asset and contract portfolios and making use of volume flexibility.
The Group\u2019s commodity price risk exposure within its business activities is driven by the cost of procuring gas and electricity to serve its
supply customers and selling gas and electricity from its infrastructure production and generation, which varies with wholesale commodity
prices. The primary risk is that market prices for commodities will fluctuate between the time that sales prices are fixed or tariffs are set and
the time at which the corresponding procurement cost is fixed, thereby potentially reducing expected margins or making sales
unprofitable.
The Group\u2019s supply activities are also exposed to volumetric risk in the form of an uncertain consumption profile arising from a range of
factors, including the weather, energy consumption changes, customer attrition and the economic climate. There is also risk associated
with ensuring that there is sufficient commodity available to secure supply to customers. The Group\u2019s production and generation activities
are also exposed to\u00a0volumetric risk in the form of uncertain production profiles.
In order to manage the exposure to market prices associated with the Group\u2019s business operations the Group is delegated a risk capital
limit, established by the Board and sub-delegated to the commercial leaders.
Risk capital is used to bring together the different individual market and credit risks from across the business in order to understand the
diversified risk that the Group is exposed to. This is complemented by the Profit at Risk (PaR), VaR and credit limits that are then sub-
delegated to the business to operate efficiently. PaR measures the estimated potential loss in a position or portfolio of positions associated
with the movement of a commodity price for a\u00a0given confidence level, over the remaining term of the position or contract. VaR measures
the estimated potential loss for a given confidence level over a predetermined holding period. The standard confidence level used is 95%. In
addition, regular stress and scenario tests are performed to evaluate the impact on the portfolio of possible substantial movements in
commodity prices.
The Group measures and manages the commodity price risk associated with the Group\u2019s entire energy price exposed business portfolio.
Only\u00a0certain of the Group\u2019s energy contracts constitute financial instruments under IFRS 9 (see note S6).
As a result, while the Group manages the commodity price risk associated with both financial and non-financial energy procurement and
sales contracts, it is the notional value of energy contracts being carried at fair value that represents the exposure of the Group\u2019s energy
price exposed business activities to commodity price risk according to IFRS 7 \u2018Financial Instruments: Disclosures\u2019. This is because energy
contracts that are financial instruments under IFRS 9 are accounted for on a fair value basis and changes in fair value immediately impact
profit. Conversely, energy contracts that are not financial instruments under IFRS 9 are accounted for as executory contracts and changes
in fair value do not immediately impact profit and, as such, are not exposed to commodity price risk as defined by IFRS 7. So, whilst VaR
associated with energy procurement and supply contracts that are outside the scope of IFRS 9 are monitored for internal risk management
purposes, only those energy contracts within the scope of IFRS 9 are within the scope of the IFRS 7 disclosure requirements.
S3. Financial risk management
(ii) Proprietary energy trading
The Group\u2019s proprietary energy trading activities consist of physical and financial commodity purchases and sales contracts taken on with
the intent of benefitting from changes in market prices or differences between buying and selling prices. The Group conducts its trading
activities in the over-the-counter market and through exchanges in the UK and continental Europe. The Group is exposed to commodity
price risk as a result of its proprietary energy trading activities because the value of its trading assets and liabilities will fluctuate with
changes in market prices for commodities.
The Group sets volumetric and VaR limits to manage the commodity price risk exposure associated with the Group\u2019s proprietary energy
trading activities. VaR measures the estimated potential loss at a 95% confidence level over a one-day holding period. The carrying value of
energy contracts used in proprietary energy trading activities at 31 December 2025 is disclosed in note 19.
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\u2019s 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.
(b) Currency risk management
The Group is exposed to currency risk on foreign currency denominated forecast transactions, firm commitments, monetary assets and
liabilities (transactional exposure) and on its net investments in foreign operations (translational exposure). IFRS 7 only requires disclosure of
currency risk arising on financial instruments denominated in a currency other than the functional currency of the commercial operation
transacting. As a result, for the purposes of IFRS 7, currency risk excludes items that are not financial instruments, such as the Group\u2019s net
investments in international operations as well as foreign currency denominated forecast transactions and firm commitments.
(i) Transactional currency risk
The Group is exposed to transactional currency risk on transactions denominated in currencies other than the underlying functional
currency of the commercial operation transacting. The primary functional currencies remain pounds sterling in the UK, Danish krone in
Denmark, euros in the Netherlands and the Republic of Ireland and US dollars in the Group\u2019s LNG business. The risk is that the functional
currency value of cash flows will vary as a\u00a0result of movements in exchange rates. Transactional exposure arises from the Group\u2019s energy
procurement, production and generation activities, where many transactions are denominated in foreign currencies. In addition, in order to
optimise the cost of funding, the Group has, in certain cases, issued foreign currency denominated debt or entered into foreign currency
loans, primarily in US dollars, euros and Japanese yen.
It is the Group\u2019s policy to hedge material transactional exposures using derivatives (either applying formal hedge accounting or economic
hedge relationships) to fix the functional currency value of non-functional currency cash flows, except where there is an economic hedge
inherent in the transaction. At 31 December 2025, there were no material unhedged non-functional currency monetary assets or liabilities,
firm commitments or probable forecast transactions (2024: \u00a3nil), other than transactions which have an inherent economic hedge and
foreign currency borrowings used to hedge translational exposures.
(ii) Translational currency risk
The Group is exposed to translational currency risk as a result of its overseas investments. The risk is that the pounds sterling value of the
net assets of foreign operations will decrease with changes in foreign exchange rates. The Group\u2019s policy is to protect the pounds sterling
book value of its net investments in foreign operations where appropriate, subject to certain parameters, by holding foreign currency debt,
entering into foreign currency derivatives, or a mixture of both.
The Group manages translational currency risk taking into consideration the cash impact of any hedging activity as well as the risk to the net
asset carrying values in the Group\u2019s Financial Statements. The translation hedging programme including the potential cash impact is
managed by the Group Treasury function and monitored by the Chief Financial Officer.
(c) Interest rate risk management
In the normal course of business the Group borrows to finance its operations. The Group is exposed to interest rate risk because the fair
value of fixed-rate borrowings and the cash flows associated with floating rate borrowings will fluctuate with changes in interest rates. The
Group\u2019s policy is to manage the interest rate risk on long-term borrowings by ensuring the exposure to floating interest rates remains within
a 30% to 70% range, including the impact of interest rate derivatives.
The return generated on the Group\u2019s cash balance is also exposed to movements in short-term interest rates. The Group manages cash
balances to protect against adverse changes in rates whilst retaining liquidity.
Sensitivity analysis
IFRS 7 requires disclosure of a sensitivity analysis that is intended to illustrate the sensitivity of the Group\u2019s financial position and
performance to\u00a0changes in market variables (commodity prices, foreign exchange rates and interest rates) as a result of changes in the fair
value or cash flows associated with the Group\u2019s financial instruments. The sensitivity analysis provided discloses the effect on profit or loss
and equity 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 and equity. Reasonably possible changes in market variables used in the sensitivity analysis are based on implied volatilities,
where available, or historical data for energy prices and foreign exchange rates. Reasonably possible changes in interest rates are based on
management judgement and historical experience.
The sensitivity analysis has been prepared based on 31 December 2025 balances and on the basis that the balances, the ratio of fixed to
floating rates of debt and derivatives, the proportion of energy contracts that are financial instruments, the proportion of financial
instruments in foreign currencies and the hedge designations in place at 31 December 2025 are all constant. Excluded from this analysis are
all non-financial assets and liabilities and energy contracts that are not financial instruments under IFRS 9. The sensitivity to foreign exchange
rates relates only to monetary assets and liabilities denominated in a currency other than the functional currency of the commercial
operation transacting, and excludes the translation of the net assets of foreign operations to pounds sterling.
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 Group\u2019s actual exposure to market rates is changing constantly as the
Group\u2019s portfolio of commodity, debt and foreign currency contracts changes. Changes in fair values or cash flows based on a variation in a
market variable cannot be extrapolated because the relationship between the change in market variable and the change in fair value or cash
flows may not be linear. In addition, the effect of a change in a particular market variable on fair values or cash flows is calculated without
considering interrelationships between the various market rates or mitigating actions that would be taken by the Group.
(i) Transactional currency risk
The Group has performed an analysis of the sensitivity of the Group\u2019s financial position and performance to changes in foreign exchange
rates. The sensitivity analysis is performed upon the Group\u2019s foreign currency denominated monetary assets and monetary liabilities. At the
reporting date, the exposure is driven primarily by the portfolio of foreign currency exchange derivatives held for trading under IFRS 9,
which are hedging material transactional exposures as explained above in S3(b)(i). The Group deems 10% movements to US dollar and euro
currency rates relative to pounds sterling to be reasonably possible.
The material impact of such movements on profit and equity, both after taxation, are as follows:
Incremental profit/(loss)
2025
Impact on
profit
\u00a3m
2024
Impact
on profit
\u00a3m
US dollar \u2013 increase/(decrease)
174/(189)
192/(212)
Euro \u2013 increase/(decrease)
(78)/81
(59)/59
All other currency sensitivities are not material.
(ii) Interest rate risk
The Group has performed an analysis of the sensitivity of the Group\u2019s financial position and performance to changes in interest rates. The
Group deems a one percentage point move in UK, US and Euro interest rates to be reasonably possible. The impact of such movements on
profit and equity, both after taxation, is immaterial.
(iii) Commodity price risk
The Group has performed a sensitivity analysis of the Group\u2019s commodity price risk. The financial assets and financial liabilities which are
exposed to this risk are energy derivatives which are either for procurement/optimisation or proprietary trading. As explained above in
S3(a)(i), the procurement/optimisation or 'non-proprietary' trades are hedging material commodity price exposures, whilst proprietary
energy trading is explained in S3(a)(ii).
2025
2024
Energy prices
Active market
base price (i)
Inactive
market base
price (ii)
Reasonably
possible
change in
variable (iii)
%
Active market
base price (i)
Inactive market
base price (ii)
Reasonably
possible
change in
variable (iii)
%
UK gas (p/therm)
66
89
+/-25
98
85
+/-32
European gas (\u20ac/MWh)
26
32
+/-31
39
33
+/-32
UK power (\u00a3/MWh)
72
78
+/-34
80
74
+/-39
UK emissions (\u20ac/tonne)
85
n/a
+/-7
66
n/a
+/-7
UK oil (US$/bbl)
61
66
+/-55
71
n/a
+/-46
North American gas (US cents/therm)
38
46
+/-44
38
38
+/-42
Japan Korea Marker (JKM) gas price (US$/MMBtu)
9
11
+/-28
12
n/a
+/-26
(i) The active market base price represents the average forward market price over the duration of the active market curve used in the sensitivity analysis provided.
(ii) The inactive market base price represents the average forward market price over the duration of the inactive market curve used in the sensitivity analysis provided.
Inactive market base prices are not presented where there are no contracts in the illiquid period.
(iii) The reasonably possible change in variable is calculated using both the active and inactive market curves for energy prices.
S3. Financial risk management
The impacts of reasonably possible changes in commodity prices on profit applied to non-proprietary trades, both after taxation, based on
the assumptions set out above are as follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
UK gas price \u2013 increase/(decrease)
109/(119)
258/(265)
UK power price \u2013 increase/(decrease)
201/(201)
406/(411)
European gas price \u2013 (decrease)/increase
(183)/184
(146)/144
Other UK energy prices (oil and emissions) \u2013 increase/(decrease)
94/(94)
(49)/49
UK and European energy prices (combined) \u2013 increase/(decrease)
221/(230)
469/(483)
North American gas price \u2013 increase/(decrease)
78/(77)
44/(52)
JKM gas price \u2013 (decrease)/increase
(30)/30
(2)/2
(i) The impact on profit is calculated using both the active and inactive market curves for energy prices.
The impact on other comprehensive income of such price changes is immaterial.
(iv) Commodity price risk \u2013 proprietary trades
As at 31 December 2025 the VaR associated with proprietary trading was \u00a33 million (2024: \u00a36 million). This represents the statistical
downside risk associated with the proprietary trade and associated hedging positions. The changes in the year only relate to changes in
commodity prices. Intra-day trading positions are monitored using a live time risk management system. Proprietary trades are included in
revenue in the business performance column of the Group Income Statement.
The impacts of reasonably possible changes using probability-based high and low gas and power price curves applied to Level 3 proprietary
trades are as\u00a0follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
Level 3 proprietary trades \u2013 increase/(decrease) (ii)
1/(1)
72/(62)
(i) The reasonably possible change in variable and the impact on profit are calculated using both the active and inactive market curves for energy prices, see note 7(c) for
detail on market curves.
(ii) The Level 3 proprietary financial instruments\u2019 sensitivity has been valued using one of the Group\u2019s valuation models, and excludes associated hedges which would
mitigate this impact.
(v) Commodity price risk \u2013 other non-proprietary Level 3 trades
Unrealised non-proprietary Level 3 trades are reported within certain re-measurements and are subsequently reflected in business
performance when realised, which is generally when the underlying transaction or asset impacts profit or loss. These derivatives are in
respect of underlying contracts to purchase large volumes of commodity and are highly sensitive to changes in commodity prices. The
impacts of reasonably possible changes using probability-based high and low gas and power price curves applied to other Level 3 non-
proprietary trades are as\u00a0follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
Level 3 non-proprietary trades \u2013 increase/(decrease) (ii)
(219)/208
(182)/152
(i) The reasonably possible change in variable and the impact on profit are calculated using both the active and inactive market curves for energy prices.
(ii) The Level 3 non-proprietary financial instruments\u2019 sensitivity has been valued using one of the Group\u2019s valuation models, and excludes associated hedges or the
underlying hedged transaction/asset which would offset this impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "value": "Sensitivity analysis
IFRS 7 requires disclosure of a sensitivity analysis that is intended to illustrate the sensitivity of the Group\u2019s financial position and
performance to\u00a0changes in market variables (commodity prices, foreign exchange rates and interest rates) as a result of changes in the fair
value or cash flows associated with the Group\u2019s financial instruments. The sensitivity analysis provided discloses the effect on profit or loss
and equity 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 and equity. Reasonably possible changes in market variables used in the sensitivity analysis are based on implied volatilities,
where available, or historical data for energy prices and foreign exchange rates. Reasonably possible changes in interest rates are based on
management judgement and historical experience.
The sensitivity analysis has been prepared based on 31 December 2025 balances and on the basis that the balances, the ratio of fixed to
floating rates of debt and derivatives, the proportion of energy contracts that are financial instruments, the proportion of financial
instruments in foreign currencies and the hedge designations in place at 31 December 2025 are all constant. Excluded from this analysis are
all non-financial assets and liabilities and energy contracts that are not financial instruments under IFRS 9. The sensitivity to foreign exchange
rates relates only to monetary assets and liabilities denominated in a currency other than the functional currency of the commercial
operation transacting, and excludes the translation of the net assets of foreign operations to pounds sterling.
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 Group\u2019s actual exposure to market rates is changing constantly as the
Group\u2019s portfolio of commodity, debt and foreign currency contracts changes. Changes in fair values or cash flows based on a variation in a
market variable cannot be extrapolated because the relationship between the change in market variable and the change in fair value or cash
flows may not be linear. In addition, the effect of a change in a particular market variable on fair values or cash flows is calculated without
considering interrelationships between the various market rates or mitigating actions that would be taken by the Group.
(i) Transactional currency risk
The Group has performed an analysis of the sensitivity of the Group\u2019s financial position and performance to changes in foreign exchange
rates. The sensitivity analysis is performed upon the Group\u2019s foreign currency denominated monetary assets and monetary liabilities. At the
reporting date, the exposure is driven primarily by the portfolio of foreign currency exchange derivatives held for trading under IFRS 9,
which are hedging material transactional exposures as explained above in S3(b)(i). The Group deems 10% movements to US dollar and euro
currency rates relative to pounds sterling to be reasonably possible.
The material impact of such movements on profit and equity, both after taxation, are as follows:
Incremental profit/(loss)
2025
Impact on
profit
\u00a3m
2024
Impact
on profit
\u00a3m
US dollar \u2013 increase/(decrease)
174/(189)
192/(212)
Euro \u2013 increase/(decrease)
(78)/81
(59)/59
All other currency sensitivities are not material.
(ii) Interest rate risk
The Group has performed an analysis of the sensitivity of the Group\u2019s financial position and performance to changes in interest rates. The
Group deems a one percentage point move in UK, US and Euro interest rates to be reasonably possible. The impact of such movements on
profit and equity, both after taxation, is immaterial.
(iii) Commodity price risk
The Group has performed a sensitivity analysis of the Group\u2019s commodity price risk. The financial assets and financial liabilities which are
exposed to this risk are energy derivatives which are either for procurement/optimisation or proprietary trading. As explained above in
S3(a)(i), the procurement/optimisation or 'non-proprietary' trades are hedging material commodity price exposures, whilst proprietary
energy trading is explained in S3(a)(ii).
2025
2024
Energy prices
Active market
base price (i)
Inactive
market base
price (ii)
Reasonably
possible
change in
variable (iii)
%
Active market
base price (i)
Inactive market
base price (ii)
Reasonably
possible
change in
variable (iii)
%
UK gas (p/therm)
66
89
+/-25
98
85
+/-32
European gas (\u20ac/MWh)
26
32
+/-31
39
33
+/-32
UK power (\u00a3/MWh)
72
78
+/-34
80
74
+/-39
UK emissions (\u20ac/tonne)
85
n/a
+/-7
66
n/a
+/-7
UK oil (US$/bbl)
61
66
+/-55
71
n/a
+/-46
North American gas (US cents/therm)
38
46
+/-44
38
38
+/-42
Japan Korea Marker (JKM) gas price (US$/MMBtu)
9
11
+/-28
12
n/a
+/-26
(i) The active market base price represents the average forward market price over the duration of the active market curve used in the sensitivity analysis provided.
(ii) The inactive market base price represents the average forward market price over the duration of the inactive market curve used in the sensitivity analysis provided.
Inactive market base prices are not presented where there are no contracts in the illiquid period.
(iii) The reasonably possible change in variable is calculated using both the active and inactive market curves for energy prices.
S3. Financial risk management
The impacts of reasonably possible changes in commodity prices on profit applied to non-proprietary trades, both after taxation, based on
the assumptions set out above are as follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
UK gas price \u2013 increase/(decrease)
109/(119)
258/(265)
UK power price \u2013 increase/(decrease)
201/(201)
406/(411)
European gas price \u2013 (decrease)/increase
(183)/184
(146)/144
Other UK energy prices (oil and emissions) \u2013 increase/(decrease)
94/(94)
(49)/49
UK and European energy prices (combined) \u2013 increase/(decrease)
221/(230)
469/(483)
North American gas price \u2013 increase/(decrease)
78/(77)
44/(52)
JKM gas price \u2013 (decrease)/increase
(30)/30
(2)/2
(i) The impact on profit is calculated using both the active and inactive market curves for energy prices.
The impact on other comprehensive income of such price changes is immaterial.
(iv) Commodity price risk \u2013 proprietary trades
As at 31 December 2025 the VaR associated with proprietary trading was \u00a33 million (2024: \u00a36 million). This represents the statistical
downside risk associated with the proprietary trade and associated hedging positions. The changes in the year only relate to changes in
commodity prices. Intra-day trading positions are monitored using a live time risk management system. Proprietary trades are included in
revenue in the business performance column of the Group Income Statement.
The impacts of reasonably possible changes using probability-based high and low gas and power price curves applied to Level 3 proprietary
trades are as\u00a0follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
Level 3 proprietary trades \u2013 increase/(decrease) (ii)
1/(1)
72/(62)
(i) The reasonably possible change in variable and the impact on profit are calculated using both the active and inactive market curves for energy prices, see note 7(c) for
detail on market curves.
(ii) The Level 3 proprietary financial instruments\u2019 sensitivity has been valued using one of the Group\u2019s valuation models, and excludes associated hedges which would
mitigate this impact.
(v) Commodity price risk \u2013 other non-proprietary Level 3 trades
Unrealised non-proprietary Level 3 trades are reported within certain re-measurements and are subsequently reflected in business
performance when realised, which is generally when the underlying transaction or asset impacts profit or loss. These derivatives are in
respect of underlying contracts to purchase large volumes of commodity and are highly sensitive to changes in commodity prices. The
impacts of reasonably possible changes using probability-based high and low gas and power price curves applied to other Level 3 non-
proprietary trades are as\u00a0follows:
Incremental profit/(loss)
2025
Impact on
profit (i)
\u00a3m
2024
Impact on
profit (i)
\u00a3m
Level 3 non-proprietary trades \u2013 increase/(decrease) (ii)
(219)/208
(182)/152
(i) The reasonably possible change in variable and the impact on profit are calculated using both the active and inactive market curves for energy prices.
(ii) The Level 3 non-proprietary financial instruments\u2019 sensitivity has been valued using one of the Group\u2019s valuation models, and excludes associated hedges or the
underlying hedged transaction/asset which would offset this impact.
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "value": "
Credit risk management
Credit risk is the risk of loss associated with a counterparty\u2019s inability or failure to discharge its obligations under a contract.
The Group continually reviews its rating thresholds for relevant counterparty credit limits and updates these as necessary, based on a
consistent set of principles. It continues to operate within its limits. In respect of trading activities for both the US and Europe, there is an
effort to maintain a balance between exchange-based trading and bilateral transactions. This allows for a reasonable balance between
counterparty credit risk and potential liquidity requirements. In addition, the Group actively manages the trade-off between credit and
liquidity risks by optimising the use of contracts with collateral obligations and physically settled contracts without collateral obligations.
The Group is exposed to credit risk in its treasury, trading, energy procurement and downstream activities. The maximum exposure to
credit risk for financial instruments at fair value is equal to their carrying value. Gross amounts are shown by counterparty credit rating in the
table below. Further details of other collateral and credit security not offset against these amounts is shown in note S6.
2025
Financial assets at
amortised cost
Financial assets at fair value
31 December
Receivables
including
treasury, trading
and energy
procurement
counterparties (i)
\u00a3m
Securities (ii)
\u00a3m
Other
investments
\u00a3m
Investments in
joint ventures
and associates
(iii)
\u00a3m
Cash and cash
equivalents
\u00a3m
Cash and cash
equivalents
\u00a3m
Derivative
financial
instruments
with positive
fair values
\u00a3m
Securities
\u00a3m
Other
investments
\u00a3m
AAA to AA
14
\u2014
\u2014
\u2014
5
3,515
\u2014
59
\u2014
AA- to A-
506
\u2014
\u2014
\u2014
710
\u2014
337
\u2014
\u2014
BBB+ to BBB-
506
\u2014
\u2014
\u2014
24
\u2014
433
\u2014
\u2014
BB+ to BB-
93
\u2014
\u2014
\u2014
23
\u2014
58
\u2014
\u2014
B+ or lower
80
\u2014
\u2014
\u2014
\u2014
\u2014
27
\u2014
\u2014
Unrated (iv)
5,031
48
29
343
30
\u2014
21
\u2014
92
6,230
48
29
343
792
3,515
876
59
92
2024
Financial assets at
amortised cost
Financial assets at fair value
31 December
Receivables
including
treasury,
trading and
energy
procurement
counterparties (i)
\u00a3m
Securities (ii)
\u00a3m
Other
investments
\u00a3m
Investments in
joint ventures
and associates
(iii)
\u00a3m
Cash and cash
equivalents
\u00a3m
Cash and cash
equivalents
\u00a3m
Derivative
financial
instruments
with positive
fair values
\u00a3m
Securities
\u00a3m
Other
investments
\u00a3m
AAA to AA
\u2014
\u2014
\u2014
\u2014
\u2014
5,002
\u2014
108
\u2014
AA- to A-
734
\u2014
\u2014
\u2014
1,276
7
436
\u2014
\u2014
BBB+ to BBB-
819
\u2014
\u2014
\u2014
9
\u2014
580
\u2014
\u2014
BB+ to BB-
228
\u2014
\u2014
\u2014
37
\u2014
439
\u2014
\u2014
B+ or lower
83
\u2014
\u2014
\u2014
1
\u2014
65
\u2014
\u2014
Unrated (iv)
4,605
31
3
\u2014
6
\u2014
56
\u2014
84
6,469
31
3
\u2014
1,329
5,009
1,576
108
84
(i) The Group holds a provision of \u00a31,818 million (2024: \u00a31,532 million) against receivables. The significant majority of this provision is held against amounts due from unrated
counterparties. Further analysis of past due trade receivables may be found at note 17.
(ii) Securities held at amortised cost consist of other loans receivable of \u00a348 million (2024: \u00a331 million) \u2013 see note 25.
(iii) Investments in joint ventures and associates relates to the unrated shareholder loan of \u00a3343 million to Sizewell C (see note 14(a)). Sizewell C itself is financed under the
Nuclear Regulated Asset Base (RAB) financing model underpinned by the Nuclear Energy (Financing) Act 2022, whereby the project is subject to an economic regulatory
framework that allows certain construction and financing costs to be recovered from consumers through regulated charges both prior to the commencement of
operations, and during the generation phase.
(iv) The unrated counterparty receivables primarily comprise amounts in respect of downstream customers, subsidiaries of rated entities, exchanges or clearing houses.
S3. Financial risk management
Details of how credit risk is managed across the asset categories are provided below:
(a) Treasury, trading and energy procurement activities
Wholesale counterparty credit exposures are monitored by individual counterparty and by category of credit rating, and are subject to
approved limits. The Group uses master netting agreements to reduce credit risk and net settles payments with counterparties where net
settlement provisions exist (see note S6 for details of amounts offset). In addition, the Group employs a variety of other methods to
mitigate credit risk: margining, various forms of bank and parent company guarantees and letters of credit.
The vast majority of Group credit risk associated with its treasury, trading and energy procurement activities is with counterparties in
related energy industries or financial institutions together with smaller exposures to commodity traders and small independent renewable
producers. The impairment considerations of IFRS 9 are applicable to financial assets arising from treasury, trading and energy procurement
activities that are carried at amortised cost and debt instruments that are carried at fair value through other comprehensive income
(FVOCI). Debt instruments measured at FVOCI are not material for further disclosure.
Included in the table above within receivables including treasury, trading and energy procurement counterparties is \u00a31,274 million (2024:
\u00a32,005\u00a0million) of treasury, trading and energy procurement assets. The Group\u2019s risk assessment procedures and counterparty selection
process ensure that the credit risk on this type of financial asset is always low at initial recognition.
Included within the table above is information about the exposure to credit risk arising from only certain of the Group\u2019s energy procurement
contracts \u2013 those in the scope of IFRS 9. Whilst the Group manages the credit risk associated with both financial and non-financial energy
procurement contracts, it is the carrying value of financial assets within the scope of IFRS 9 that represents the maximum exposure
to\u00a0credit risk in accordance with IFRS 7.
(b) Trade receivables and contract assets
The simplified approach of measuring lifetime expected credit losses has been applied to trade receivables and contract asset balances,
which are the focus of this disclosure. Therefore, consideration of the significance of any change in credit risk since initial recognition for the
purpose of\u00a0applying this model is not required for any material component of the receivables balance.
In the case of business customers, credit risk is managed by checking a company\u2019s creditworthiness and financial strength both before
commencing trade and during the business relationship. For residential customers, creditworthiness is ascertained normally before
commencing trade to determine the payment mechanism required to reduce credit risk to an acceptable level. Certain customers will only
be accepted on a prepayment basis or with a security deposit. In some cases, an ageing of receivables is monitored and used to manage the
exposure to credit risk associated with both business and residential customers. In other cases, credit risk is monitored and managed by
grouping customers according to method of payment or profile.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "value": "
Liquidity risk management and going concern
Liquidity risk is the risk that the Group is unable to meet its financial obligations as they fall due. The Group experiences significant
movements in\u00a0its liquidity position due primarily to the seasonal nature of its business and margin cash arrangements associated with certain
wholesale commodity contracts. To mitigate this risk the Group 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. See note 25 for further
information.", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "value": "
Maturity profiles
Maturities of derivative financial instruments, provisions, borrowings and leases are provided in the following tables (all amounts are
remaining contractual undiscounted cash flows):
Due for payment 2025
<1
year
\u00a3m
1 to 2
years
\u00a3m
2 to 3
years
\u00a3m
3 to 4
years
\u00a3m
4 to 5
years
\u00a3m
>5
years
\u00a3m
Total
\u00a3m
Energy and interest derivatives in a loss position
that will be settled on a net basis (i)
(149)
(49)
(33)
(12)
(9)
76
(176)
Gross energy procurement contracts and other
derivative buy trades carried at fair value
(1,513)
(1,057)
(868)
(656)
(771)
(3,192)
(8,057)
Foreign exchange derivatives that will be settled
on a gross basis:
Outflow
(8,971)
(1,156)
(775)
(129)
(7)
\u2014
(11,038)
Inflow
9,017
1,179
775
125
7
\u2014
11,103
Trade and other payables
(4,528)
(116)
(10)
(4)
\u2014
\u2014
(4,658)
Borrowings (bank loans, bonds, overdrafts and
interest)
(264)
(183)
(129)
(681)
(497)
(2,157)
(3,911)
(6,408)
(1,382)
(1,040)
(1,357)
(1,277)
(5,273)
(16,737)
Leases: (ii)
Minimum lease payments
(101)
(69)
(45)
(35)
(28)
(105)
(383)
Capital elements of leases
(99)
(57)
(38)
(29)
(23)
(85)
(331)
Due for payment 2024
<1
year
\u00a3m
1 to 2
years
\u00a3m
2 to 3
years
\u00a3m
3 to 4
years
\u00a3m
4 to 5
years
\u00a3m
>5
years
\u00a3m
Total
\u00a3m
Energy and interest derivatives in a loss position
that will be settled on a net basis (i)
(126)
(31)
(20)
(17)
(17)
(30)
(241)
Gross energy procurement contracts and other
derivative buy trades carried at fair value
(3,169)
(168)
(74)
(29)
(101)
(1,487)
(5,028)
Foreign exchange derivatives that will be settled
on a gross basis:
Outflow
(4,992)
(1,234)
(701)
\u2014
\u2014
\u2014
(6,927)
Inflow
5,007
1,256
730
\u2014
\u2014
\u2014
6,993
Trade and other payables
(5,466)
(142)
(25)
(6)
\u2014
\u2014
(5,639)
Borrowings (bank loans, bonds, overdrafts and
interest)
(878)
(184)
(183)
(126)
(678)
(2,654)
(4,703)
(9,624)
(503)
(273)
(178)
(796)
(4,171)
(15,545)
Leases: (ii)
Minimum lease payments
(106)
(89)
(55)
(29)
(25)
(90)
(394)
Capital elements of leases
(104)
(78)
(48)
(24)
(21)
(70)
(345)
(i) Proprietary energy trades are excluded from this maturity analysis because these contracts are held for trading purposes and often net settled. The associated cash
flows are expected to be equal to the contract fair value at the balance sheet date. See note 19 for further details.
(ii) The difference between the total minimum lease payments and the total capital elements of leases is due to future finance charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "Other equity
This section summarises the Group\u2019s other equity reserve movements.
Cash flow
hedging
reserve
\u00a3m
Foreign
currency
translation
reserve
\u00a3m
Actuarial
gains and
losses
reserve
\u00a3m
Financial
asset at
FVOCI
reserve
\u00a3m
Treasury
and own
shares
reserve
\u00a3m
Share-
based
payments
reserve
\u00a3m
Merger,
capital
redemption
and other
reserves
\u00a3m
Total
\u00a3m
1 January 2024
(12)
(170)
(1,812)
6
(650)
47
435
(2,156)
Actuarial losses on defined benefit pension schemes
\u2014
\u2014
(113)
\u2014
\u2014
\u2014
\u2014
(113)
Employee share schemes:
Exercise of awards
\u2014
\u2014
\u2014
\u2014
27
(21)
\u2014
6
Value of services provided
\u2014
\u2014
\u2014
\u2014
\u2014
47
\u2014
47
Purchase of own shares
\u2014
\u2014
\u2014
\u2014
(8)
\u2014
\u2014
(8)
Share buyback programme:
Purchase of Treasury shares
\u2014
\u2014
\u2014
\u2014
(504)
\u2014
\u2014
(504)
Movement on accrual for committed share
purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
24
24
Shares cancelled in the year (note 26)
\u2014
\u2014
\u2014
\u2014
400
\u2014
21
421
Impact of cash flow hedging
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
Share of other comprehensive gain of joint ventures
and associates, net of taxation
\u2014
\u2014
38
\u2014
\u2014
\u2014
\u2014
38
Exchange differences on translation of foreign
operations
\u2014
(50)
\u2014
\u2014
\u2014
\u2014
\u2014
(50)
Revaluation of other investments and securities
measured at FVOCI
\u2014
\u2014
\u2014
(27)
\u2014
\u2014
\u2014
(27)
Taxation on above items
\u2014
\u2014
29
\u2014
\u2014
(4)
\u2014
25
31 December 2024
(10)
(220)
(1,858)
(21)
(735)
69
480
(2,295)
Actuarial losses on defined benefit pension schemes
\u2014
\u2014
(429)
\u2014
\u2014
\u2014
\u2014
(429)
Employee share schemes:
Exercise of awards
\u2014
\u2014
\u2014
\u2014
48
(29)
\u2014
19
Value of services provided
\u2014
\u2014
\u2014
\u2014
\u2014
56
\u2014
56
Purchase of own shares
\u2014
\u2014
\u2014
\u2014
(9)
\u2014
\u2014
(9)
Share buyback programme:
Purchase of Treasury shares
\u2014
\u2014
\u2014
\u2014
(827)
\u2014
\u2014
(827)
Movement on accrual for committed share
purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
57
57
Shares cancelled in the year (note 26)
\u2014
\u2014
\u2014
\u2014
681
\u2014
31
712
Impact of cash flow hedging
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(6)
Share of other comprehensive gain of joint ventures
and associates, net of taxation
(8)
\u2014
4
\u2014
\u2014
\u2014
\u2014
(4)
Exchange differences on translation of foreign
operations
\u2014
24
\u2014
\u2014
\u2014
\u2014
\u2014
24
Exchange differences reclassified to Group Income
Statement on disposal
\u2014
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
Revaluation of other investments and securities
measured at FVOCI
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
(4)
Taxation on above items
1
\u2014
105
(1)
\u2014
\u2014
\u2014
105
31 December 2025
(23)
(194)
(2,178)
(26)
(842)
96
568
(2,599)
S4. Other equity
Merger, capital redemption and other reserves
During February 1997, BG plc (formerly British Gas plc) demerged certain businesses (grouped together under GB Gas Holdings Limited
(GBGH)) to form Centrica plc. Upon demerger, the share capital of GBGH was transferred to Centrica plc and was recorded at the nominal
value of shares issued to BG plc shareholders. In accordance with the Companies Act 1985, no premium was recorded on the shares issued.
On consolidation, the difference between the nominal value of the Company\u2019s shares issued and the amount of share capital and share
premium of GBGH at the date of demerger was credited to a merger reserve.
On 8 December 2017, the Group\u2019s existing exploration and production business was combined with that of Bayerngas Norge AS to form the
Spirit Energy business. The Group acquired 69% of the Spirit Energy business and Bayerngas Norge\u2019s former shareholders acquired 31%.
The\u00a0non-controlling interest established on acquisition has been based on its share of the carrying value of the combined business, with the
other reserve representing the difference between the fair value and this carrying value.
In accordance with the Companies Act, the Company has transferred to the capital redemption reserve an amount equal to the nominal
value of\u00a0shares repurchased and subsequently cancelled. As at 31 December 2025 the cumulative nominal value of shares repurchased and
subsequently cancelled was \u00a380 million (2024: \u00a349 million).
At the year-end, the Group has recognised a financial liability of \u00a314 million (2024: \u00a375 million) relating to the share buyback programme. See
Treasury and own shares reserve section for more details.
Treasury and own shares reserve
The own shares reserve reflects the cost of shares in the Group held in the Centrica employee share ownership trusts to meet the future
requirements of the Group\u2019s share-based payment plans.
Treasury shares are acquired equity instruments of the Company.
The Group has continued with its share buyback programme during 2025. The \u00a3230 million tranche which was underway at the 2024 year-
end concluded in February 2025. Once this completed, a further tranche of \u00a3270 million, announced in December 2024, began in March
2025 and completed in June 2025.
In February 2025, a further \u00a3500 million extension was announced, split into two tranches of \u00a3250 million each. The first of these tranches
began in June 2025 and was completed in September 2025. The second tranche began in September 2025 and was underway at the year
end date.
Once complete, this will take the total value of shares repurchased under the current programme to \u00a32 billion.
During the year ended 31 December 2025, the Group purchased 520 million ordinary shares, representing approximately 10.3% of the
issued ordinary share capital at 31 December 2025, at an average price of 159.0 pence per share, and an aggregate cost of \u00a3827 million
under the share buyback programme. The associated cash outflow is \u00a3827 million.
The Group has determined that the terms and conditions of the tranche ongoing at the year end date, mean that, at 31 December 2025, it
was unable to cancel the obligation arising under the contract signed. Accordingly, a financial liability of \u00a314 million was recognised at 31
December 2025 representing the difference between purchases paid for to date under the current tranche, and the maximum potential
repurchase under the contract of \u00a3250 million.
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the financial liability
of \u00a368 million recognised at 31 December 2024 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
January 2025
26,826,326
137.9
37
31
February 2025
21,544,046
143.9
31
\u2014
Total
48,370,372
140.6
68
\u2014
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the \u00a3270 million
programme which ran from March 2025 to June 2025 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
March 2025
29,062,088
148.0
43
227
April 2025
24,639,633
150.2
37
190
May 2025
78,712,497
153.7
121
69
June 2025
43,054,114
160.3
69
\u2014
Total
175,468,332
153.9
270
\u2014
S4. Other equity
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the \u00a3250 million
programme which ran from June 2025 to September 2025 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
June 2025
27,827,440
165.3
46
204
July 2025
49,444,362
158.2
78
126
August 2025
32,482,724
164.7
54
72
September 2025
45,636,106
158.4
72
\u2014
Total
155,390,632
160.9
250
\u2014
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the further \u00a3250
million programme for the year ended 31\u00a0December 2025 were as follows. This includes \u00a33 million relating to shares committed to being
purchased at 31 December 2025 but not yet settled.
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
September 2025
13,785,920
166.8
23
227
October 2025
39,497,073
173.0
67
160
November 2025
49,899,005
169.8
85
75
December 2025
38,032,439
167.6
64
11
Total
141,214,437
169.2
239
11
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "
Merger, capital redemption and other reserves
During February 1997, BG plc (formerly British Gas plc) demerged certain businesses (grouped together under GB Gas Holdings Limited
(GBGH)) to form Centrica plc. Upon demerger, the share capital of GBGH was transferred to Centrica plc and was recorded at the nominal
value of shares issued to BG plc shareholders. In accordance with the Companies Act 1985, no premium was recorded on the shares issued.
On consolidation, the difference between the nominal value of the Company\u2019s shares issued and the amount of share capital and share
premium of GBGH at the date of demerger was credited to a merger reserve.
On 8 December 2017, the Group\u2019s existing exploration and production business was combined with that of Bayerngas Norge AS to form the
Spirit Energy business. The Group acquired 69% of the Spirit Energy business and Bayerngas Norge\u2019s former shareholders acquired 31%.
The\u00a0non-controlling interest established on acquisition has been based on its share of the carrying value of the combined business, with the
other reserve representing the difference between the fair value and this carrying value.
In accordance with the Companies Act, the Company has transferred to the capital redemption reserve an amount equal to the nominal
value of\u00a0shares repurchased and subsequently cancelled. As at 31 December 2025 the cumulative nominal value of shares repurchased and
subsequently cancelled was \u00a380 million (2024: \u00a349 million).
At the year-end, the Group has recognised a financial liability of \u00a314 million (2024: \u00a375 million) relating to the share buyback programme. See
Treasury and own shares reserve section for more details.", "dimensions": { "concept": "cna:DisclosureOfMergerCapitalRedemptionAndOtherReserves", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "
Treasury and own shares reserve
The own shares reserve reflects the cost of shares in the Group held in the Centrica employee share ownership trusts to meet the future
requirements of the Group\u2019s share-based payment plans.
Treasury shares are acquired equity instruments of the Company.
The Group has continued with its share buyback programme during 2025. The \u00a3230 million tranche which was underway at the 2024 year-
end concluded in February 2025. Once this completed, a further tranche of \u00a3270 million, announced in December 2024, began in March
2025 and completed in June 2025.
In February 2025, a further \u00a3500 million extension was announced, split into two tranches of \u00a3250 million each. The first of these tranches
began in June 2025 and was completed in September 2025. The second tranche began in September 2025 and was underway at the year
end date.
Once complete, this will take the total value of shares repurchased under the current programme to \u00a32 billion.
During the year ended 31 December 2025, the Group purchased 520 million ordinary shares, representing approximately 10.3% of the
issued ordinary share capital at 31 December 2025, at an average price of 159.0 pence per share, and an aggregate cost of \u00a3827 million
under the share buyback programme. The associated cash outflow is \u00a3827 million.
The Group has determined that the terms and conditions of the tranche ongoing at the year end date, mean that, at 31 December 2025, it
was unable to cancel the obligation arising under the contract signed. Accordingly, a financial liability of \u00a314 million was recognised at 31
December 2025 representing the difference between purchases paid for to date under the current tranche, and the maximum potential
repurchase under the contract of \u00a3250 million.
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the financial liability
of \u00a368 million recognised at 31 December 2024 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
January 2025
26,826,326
137.9
37
31
February 2025
21,544,046
143.9
31
\u2014
Total
48,370,372
140.6
68
\u2014
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the \u00a3270 million
programme which ran from March 2025 to June 2025 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
March 2025
29,062,088
148.0
43
227
April 2025
24,639,633
150.2
37
190
May 2025
78,712,497
153.7
121
69
June 2025
43,054,114
160.3
69
\u2014
Total
175,468,332
153.9
270
\u2014
S4. Other equity
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the \u00a3250 million
programme which ran from June 2025 to September 2025 were as follows:
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
June 2025
27,827,440
165.3
46
204
July 2025
49,444,362
158.2
78
126
August 2025
32,482,724
164.7
54
72
September 2025
45,636,106
158.4
72
\u2014
Total
155,390,632
160.9
250
\u2014
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the further \u00a3250
million programme for the year ended 31\u00a0December 2025 were as follows. This includes \u00a33 million relating to shares committed to being
purchased at 31 December 2025 but not yet settled.
Period
Number
of shares
purchased under
share buyback
programme
Average price paid
Pence
Total cost
\u00a3m
Authorised
purchases
unutilised at
month end
\u00a3m
September 2025
13,785,920
166.8
23
227
October 2025
39,497,073
173.0
67
160
November 2025
49,899,005
169.8
85
75
December 2025
38,032,439
167.6
64
11
Total
141,214,437
169.2
239
11
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "Hedg e accounting
The Group primarily applies hedge accounting to address interest rate and foreign currency risk on borrowings. For the
purposes of hedge accounting, hedges are classified either as fair value hedges or cash flow hedges.
The fair values of derivatives and primary financial instruments in hedge accounting relationships at 31 December were as follows:
2025
2024
31 December
Hedge
Assets
\u00a3m
Liabilities
\u00a3m
Change in
fair value
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Change in
fair value
\u00a3m
Interest rate risk
Fair value
\u2014
(95)
40
\u2014
(134)
(14)
Foreign exchange risk
Cash flow hedge
38
(16)
(5)
32
(6)
(8)
2025
Hedge
Timing of
nominal
amount
Average rate
Nominal value
Hedged item
Change in
fair value
of hedged item
in year
\u00a3m
Cumulative
amount of
fair value
hedge
adjustments
on hedged
item
\u00a3m
Accumulated
gains/(losses)
in equity (i)
\u00a3m
Interest rate risk
Fair value
2026-2033
Fixed to
floating
at Fallback
LIBOR/SONIA
+ 2%-5%
\u00a350 million-
\u00a3550 million
Bonds (ii)
(37)
100
N/A
Foreign exchange risk
Cash flow hedge
2032
GBP to euro
at 1.171
\u20ac50 million
Euro bonds
(4)
N/A
5
Cash flow hedge
2036-2038
GBP to yen
at 198.86
\u00a520 billion
Yen bank
loans
6
N/A
(22)
2024
Hedge
Timing of
nominal
amount
Average rate
Nominal value
Hedged item
Change in
fair value
of hedged item
in year
\u00a3m
Cumulative
amount of fair
value hedge
adjustments on
hedged item
\u00a3m
Accumulated
gains/(losses) in
equity (i)
\u00a3m
Interest rate risk
Fair value
2026-2033
Fixed to floating
at Fallback
LIBOR/SONIA
+ 2%-5%
\u00a350 million-
\u00a3550 million
Bonds (ii)
13
136
N/A
Foreign exchange risk
Cash flow hedge
2032
GBP to euro
at 1.171
\u20ac50 million
Euro bonds
3
N/A
5
Cash flow hedge
2036-2038
GBP to yen
at 192.81
\u00a520 billion
Yen bank
loans
7
N/A
(20)
(i) In the years presented all amounts related to continuing cash flow hedge relationships.
(ii) The carrying amount of bonds designated as hedged items in hedging relationships is disclosed in note 25.
S5. Hedge accounting
The Group\u2019s accounting policies in relation to derivatives qualifying for hedge accounting under IAS 39 are described below.
Fair value hedges
A derivative is designated as a hedging instrument and its relationship to a recognised asset or liability is classified as a fair value hedge when
it hedges the exposure to changes in the fair value of that recognised asset or liability. The Group\u2019s fair value hedges consist of interest rate
swaps used to protect against changes in the fair value of fixed-rate, long-term debt due to movements in market interest rates. Any gain or
loss from re-measuring the hedging instrument to fair value is recognised immediately in the Group Income Statement in\u00a0net finance cost.
Any gain or loss on the hedged item attributable to the hedged risk is adjusted against the carrying amount of the hedged item and
recognised in the Group Income Statement within net finance cost. The Group discontinues fair value hedge accounting if the hedging
instrument expires or is sold, terminated or exercised, the hedge no longer qualifies for hedge accounting or the Group revokes the
designation. Any adjustment to the carrying amount of a hedged financial instrument for which the effective interest method is used is
amortised to the Group Income Statement. Amortisation may begin as soon as an adjustment exists and begins no later than when the
hedged item ceases to be adjusted for changes in\u00a0its fair value attributable to the risk being hedged.
Cash flow hedges
A derivative is classified as a cash flow hedge when it hedges exposure to variability in cash flows that is attributable to a particular risk
associated with a recognised asset, liability or a highly probable forecast transaction. The Group\u2019s cash flow hedges consist primarily of:
\u2022 Forward foreign exchange contracts used to protect against the variability of functional currency denominated cash flows associated
with non-functional currency denominated highly probable forecast transactions; and
\u2022 Cross-currency interest rate swaps and forward foreign exchange contracts used to protect against the variability in cash flows
associated with borrowings denominated in non-functional currencies.
The portion of the gain or loss on the hedging instrument which is effective is recognised directly in equity while any ineffectiveness is
recognised in the Group Income Statement. The Group does not have any material sources of ineffectiveness. The gains or losses that are
initially recognised in the cash flow hedging reserve through other comprehensive income are transferred to the Group Income Statement
in the period in which the hedged item affects profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is
sold, terminated or exercised without replacement or rollover, no longer qualifies for hedge accounting or the Group revokes the
designation. At\u00a0that point in time, any cumulative gain\u00a0or loss on the hedging instrument recognised in equity remains in equity until the
hedged transaction occurs. If the transaction is no longer expected to occur, the cumulative gain or loss recognised in equity is recognised
in the Group Income Statement. Note S4 details movements in the cash flow hedging reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "Fair value of financial instruments
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\u00a0an
orderly transaction between market participants at the measurement date. The Group has documented internal policies for
determining fair value, including methodologies used to establish valuation adjustments required for credit\u00a0risk.
(a)
Fair value hierarchy
Financial assets and financial liabilities measured and held at fair value are classified into one of three categories, known as hierarchy levels,
which are defined according to the inputs used to measure fair value as follows:
\u2022 Level 1: fair value is determined using observable inputs that reflect unadjusted quoted market prices for identical assets and liabilities;
\u2022 Level 2: fair value is determined using significant inputs that may be directly observable inputs or unobservable inputs that are
corroborated by market data; and
\u2022 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\u2019s best estimate of fair value.
2025
2024
31 December
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets
Derivative financial instruments:
Energy derivatives
\u2014
718
80
798
\u2014
1,252
164
1,416
Foreign exchange derivatives
\u2014
78
\u2014
78
\u2014
160
\u2014
160
Debt instruments
49
\u2014
43
92
73
\u2014
28
101
Equity instruments
10
\u2014
49
59
35
\u2014
56
91
Cash and cash equivalents
\u2014
3,515
\u2014
3,515
\u2014
5,009
\u2014
5,009
Total financial assets at fair value
59
4,311
172
4,542
108
6,421
248
6,777
Financial liabilities
Derivative financial instruments:
Energy derivatives
\u2014
(679)
(140)
(819)
\u2014
(1,033)
(131)
(1,164)
Interest rate derivatives
\u2014
(95)
\u2014
(95)
\u2014
(134)
\u2014
(134)
Foreign exchange derivatives
\u2014
(122)
\u2014
(122)
\u2014
(89)
\u2014
(89)
Contingent consideration payable
\u2014
\u2014
(109)
(109)
\u2014
\u2014
(100)
(100)
Total financial liabilities at fair value
\u2014
(896)
(249)
(1,145)
\u2014
(1,256)
(231)
(1,487)
The reconciliation of the Level 3 fair value measurements during the year is as follows:
2025
2024
Financial
assets
\u00a3m
Financial
liabilities
\u00a3m
Financial
assets
\u00a3m
Financial
liabilities
\u00a3m
Level 3 financial instruments
1 January
248
(231)
217
(395)
Total realised and unrealised (losses)/gains:
Recognised in Group Income Statement
(26)
(60)
95
45
Recognised in Other Comprehensive Income
(9)
\u2014
(30)
\u2014
Net movement in contingent consideration liability
\u2014
(9)
\u2014
23
Purchase of other investments (note 24)
20
\u2014
53
\u2014
Settlements
(64)
54
(72)
100
Transfers between Level 3 and Level 2 (i)
3
(2)
(15)
(3)
Foreign exchange movements
\u2014
(1)
\u2014
(1)
31 December
172
(249)
248
(231)
Total (losses)/gains for the period for Level 3 financial instruments
held at the end of the reporting period
(26)
(60)
95
45
(i) Transfers between levels are deemed to occur at the beginning of the reporting year.
S6. Fair value of financial instruments
(b)
Valuation techniques used to derive Level 2 and Level 3 fair values and Group valuation process
Level 2 interest rate derivatives and foreign exchange derivatives comprise interest rate swaps and forward foreign exchange contracts.
Interest rate swaps are fair valued using forward interest rates extracted from observable yield curves. Forward foreign exchange
contracts are fair valued using forward exchange rates that are quoted in an active market, with the resulting market value discounted back
to present value using observable yield curves.
Level 2 energy derivatives are fair valued by comparing and discounting the difference between the expected contractual cash flows for
the relevant commodities and the quoted prices for those commodities in an active market. The average discount rate applied to value this
type of\u00a0contract during the year was 4% per annum (2024: average discount rate of 5% per\u00a0annum).
For Level 3 energy derivatives, the main input used by the Group pertains to deriving expected future commodity prices in markets that are
not active as far into the future as some of our contractual terms. This applies to certain contracts within Europe and North America. Fair
values are then calculated by comparing and discounting the difference between the expected contractual cash flows and these derived
future prices using an average discount rate of 4% (Europe) and 3% (North America) per annum (2024: average discount rate of 5%
(Europe) and 5% (North America) per annum).
Active period of markets
Gas
Power
Coal
Emissions
Oil
UK (years)
4
4
3
3
4
Because the Level 3 energy derivative valuations involve the prediction of future commodity market prices, sometimes a long way into the
future, reasonably possible alternative assumptions for gas, power, coal, emissions or oil prices may result in a higher or lower fair value for
Level 3 financial instruments. The impact of reasonably possible changes in commodity prices on profit and loss are included in note S3.
Other than commodity prices, there are no other unobservable inputs which would have a material impact.
It should be noted that the fair values disclosed in the tables above only concern those contracts entered into that are within the scope of
IFRS\u00a09. The Group has numerous other commodity contracts that are outside of the scope of IFRS 9 and are not fair valued. The Group\u2019s
actual exposure to market rates is constantly changing as the Group\u2019s portfolio of energy contracts changes.
The Group\u2019s valuation process includes specific teams of individuals that perform valuations of the Group\u2019s derivatives 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
\u2018Fair Value Measurement\u2019. The price curves are subject to review and approval by the Group\u2019s Executive Committee and valuations of all
derivatives, 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 Group adjusts the market value of derivative instruments to account for counterparty credit risk and
corresponding possibility of a counterparty default preventing full realisation of the risk-free market value of the derivative. The Group
estimates Credit Valuation Adjustments by computing an expected evolution of the market value of a counterpart\u2019s 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\u00a0default. The default probability is calibrated to the price of Credit Default Swaps \u2013 a debt instrument reflecting the insurance premium
payable to protect against a debtor\u2019s default.\u00a0Debit valuation adjustments are the amount added back to the derivative value to account for
the expected gain from the Group\u2019s own default and are calculated using a similar methodology with reference to the Group\u2019s own
probability of default.
Where the fair value at initial recognition for contracts which have significant unobservable inputs and the fair value differs from the
transaction price, a day-one gain or loss will arise. These deferred gains are presented net against respective derivative assets and
derivative liabilities. Such gains and losses are deferred 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 (see note S2 for further detail). The
amount that has yet to be recognised in the Group Income Statement relating to the differences between the transaction prices and the
amounts that would have arisen had valuation techniques used for subsequent measurement been applied at initial recognition, less
subsequent releases, is as follows:
Day-one gains deferred
2025
\u00a3m
2024
\u00a3m
1 January
110
142
Net (losses)/gains deferred on transactions in the period
(10)
10
Net amounts recognised in Group Income Statement
(45)
(37)
Exchange differences
3
(5)
31 December
58
110
Level 3 debt and equity financial instruments are measured at fair value in accordance with IFRS 13. These fair value measurements
reflect\u00a0the assumptions that market participants would use when pricing the asset based on an exit price concept. The fair value
of\u00a0investments in\u00a0debt securities is determined using discounted cash flow techniques. The discount rates are derived from market
observable interest rates adjusted by a credit spread applicable to the particular instrument. Unlisted equity instruments are valued using
an\u00a0income approach. The estimated future cash flows, usually based on management forecasts of future economic benefits to be\u00a0derived
from the ownership of\u00a0these investees, are discounted using rates appropriate to the specific investment, business sector or recent
economic rates of return. Recent transactions involving the sale of similar businesses may sometimes be used as a frame of\u00a0reference
in\u00a0deriving an appropriate multiple.
S6. Fair value of financial instruments
(c)
Fair value of financial assets and liabilities held at amortised cost
The carrying value of the Group\u2019s financial assets and liabilities measured at amortised cost are approximately equal to their fair value except
as\u00a0listed below:
2025
2024
31 December
Notes
Carrying value
\u00a3m
Fair value
\u00a3m
Fair value
hierarchy
Carrying value
\u00a3m
Fair value
\u00a3m
Fair value
hierarchy
Bonds
Level 1
25
(2,197)
(2,240)
Level 1
(2,184)
(2,229)
Level 1
Level 2
25
(77)
(86)
Level 2
(70)
(81)
Level 2
Bank borrowings
The fair values of bonds classified as Level 1 within the fair value hierarchy are calculated using quoted market prices. The fair values of Level
2 bonds have been determined by discounting cash flows with reference to relevant market rates of interest. The fair values of overdrafts
and bank loans are assumed to materially approximate their carrying values.
Other financial instruments
Due to their nature and/or short-term maturity, the fair values of trade and other receivables, cash and cash equivalents, trade and other
payables, other borrowings and securities held at amortised cost are estimated to approximate their carrying values.
(d)
Financial assets and liabilities subject to offsetting, master netting arrangements and similar arrangements
Related amounts not offset in
the Group Balance Sheet (i)
31 December 2025
Gross
amounts
of recognised
financial
instruments
\u00a3m
Gross amounts of
recognised financial
instruments offset
in the Group
Balance Sheet
\u00a3m
Net amounts
presented
in the Group
Balance Sheet
\u00a3m
Financial
instruments
\u00a3m
Collateral
\u00a3m
Net amount
\u00a3m
Derivative financial assets
2,726
(1,850)
876
(39)
(81)
756
Derivative financial liabilities
(2,886)
1,850
(1,036)
39
203
(794)
(160)
(38)
Balances arising from commodity contracts:
Accrued trading and energy procurement income and
unbilled downstream energy income
4,030
(2,305)
1,725
\u2014
\u2014
1,725
Accruals for commodity costs
(3,893)
2,305
(1,588)
\u2014
\u2014
(1,588)
Cash and financing arrangements:
Cash and cash equivalents
4,307
\u2014
4,307
(35)
\u2014
4,272
Bank loans and overdrafts
(149)
\u2014
(149)
35
\u2014
(114)
Related amounts not offset in
the Group Balance Sheet (i)
31 December 2024
Gross amounts
of recognised
financial
instruments
\u00a3m
Gross amounts of
recognised financial
instruments offset
in the Group
Balance Sheet
\u00a3m
Net amounts
presented
in the Group
Balance Sheet
\u00a3m
Financial
instruments
\u00a3m
Collateral
\u00a3m
Net amount
\u00a3m
Derivative financial assets
4,543
(2,967)
1,576
(38)
(162)
1,376
Derivative financial liabilities
(4,354)
2,967
(1,387)
38
191
(1,158)
189
218
Balances arising from commodity contracts:
Accrued trading and energy procurement income and
unbilled downstream energy income
5,450
(2,829)
2,621
(1)
\u2014
2,620
Accruals for commodity costs
(5,101)
2,829
(2,272)
1
\u2014
(2,271)
Cash and financing arrangements:
Cash and cash equivalents
6,338
\u2014
6,338
(645)
\u2014
5,693
Bank loans and overdrafts
(769)
\u2014
(769)
645
\u2014
(124)
(i) The Group has arrangements in place with various counterparties in respect of commodity trades which provide for a single net settlement of all financial instruments
covered by the arrangement in the event of default or termination, or other circumstances arising whereby either party is unable to meet its obligations. The above table
shows the potential impact of these arrangements being enforced by offsetting the relevant amounts within each Group Balance Sheet class of asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "Fair value of financial instruments
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\u00a0an
orderly transaction between market participants at the measurement date. The Group has documented internal policies for
determining fair value, including methodologies used to establish valuation adjustments required for credit\u00a0risk.
(a)
Fair value hierarchy
Financial assets and financial liabilities measured and held at fair value are classified into one of three categories, known as hierarchy levels,
which are defined according to the inputs used to measure fair value as follows:
\u2022 Level 1: fair value is determined using observable inputs that reflect unadjusted quoted market prices for identical assets and liabilities;
\u2022 Level 2: fair value is determined using significant inputs that may be directly observable inputs or unobservable inputs that are
corroborated by market data; and
\u2022 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\u2019s best estimate of fair value.
2025
2024
31 December
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets
Derivative financial instruments:
Energy derivatives
\u2014
718
80
798
\u2014
1,252
164
1,416
Foreign exchange derivatives
\u2014
78
\u2014
78
\u2014
160
\u2014
160
Debt instruments
49
\u2014
43
92
73
\u2014
28
101
Equity instruments
10
\u2014
49
59
35
\u2014
56
91
Cash and cash equivalents
\u2014
3,515
\u2014
3,515
\u2014
5,009
\u2014
5,009
Total financial assets at fair value
59
4,311
172
4,542
108
6,421
248
6,777
Financial liabilities
Derivative financial instruments:
Energy derivatives
\u2014
(679)
(140)
(819)
\u2014
(1,033)
(131)
(1,164)
Interest rate derivatives
\u2014
(95)
\u2014
(95)
\u2014
(134)
\u2014
(134)
Foreign exchange derivatives
\u2014
(122)
\u2014
(122)
\u2014
(89)
\u2014
(89)
Contingent consideration payable
\u2014
\u2014
(109)
(109)
\u2014
\u2014
(100)
(100)
Total financial liabilities at fair value
\u2014
(896)
(249)
(1,145)
\u2014
(1,256)
(231)
(1,487)
The reconciliation of the Level 3 fair value measurements during the year is as follows:
2025
2024
Financial
assets
\u00a3m
Financial
liabilities
\u00a3m
Financial
assets
\u00a3m
Financial
liabilities
\u00a3m
Level 3 financial instruments
1 January
248
(231)
217
(395)
Total realised and unrealised (losses)/gains:
Recognised in Group Income Statement
(26)
(60)
95
45
Recognised in Other Comprehensive Income
(9)
\u2014
(30)
\u2014
Net movement in contingent consideration liability
\u2014
(9)
\u2014
23
Purchase of other investments (note 24)
20
\u2014
53
\u2014
Settlements
(64)
54
(72)
100
Transfers between Level 3 and Level 2 (i)
3
(2)
(15)
(3)
Foreign exchange movements
\u2014
(1)
\u2014
(1)
31 December
172
(249)
248
(231)
Total (losses)/gains for the period for Level 3 financial instruments
held at the end of the reporting period
(26)
(60)
95
45
(i) Transfers between levels are deemed to occur at the beginning of the reporting year.
S6. Fair value of financial instruments
(b)
Valuation techniques used to derive Level 2 and Level 3 fair values and Group valuation process
Level 2 interest rate derivatives and foreign exchange derivatives comprise interest rate swaps and forward foreign exchange contracts.
Interest rate swaps are fair valued using forward interest rates extracted from observable yield curves. Forward foreign exchange
contracts are fair valued using forward exchange rates that are quoted in an active market, with the resulting market value discounted back
to present value using observable yield curves.
Level 2 energy derivatives are fair valued by comparing and discounting the difference between the expected contractual cash flows for
the relevant commodities and the quoted prices for those commodities in an active market. The average discount rate applied to value this
type of\u00a0contract during the year was 4% per annum (2024: average discount rate of 5% per\u00a0annum).
For Level 3 energy derivatives, the main input used by the Group pertains to deriving expected future commodity prices in markets that are
not active as far into the future as some of our contractual terms. This applies to certain contracts within Europe and North America. Fair
values are then calculated by comparing and discounting the difference between the expected contractual cash flows and these derived
future prices using an average discount rate of 4% (Europe) and 3% (North America) per annum (2024: average discount rate of 5%
(Europe) and 5% (North America) per annum).
Active period of markets
Gas
Power
Coal
Emissions
Oil
UK (years)
4
4
3
3
4
Because the Level 3 energy derivative valuations involve the prediction of future commodity market prices, sometimes a long way into the
future, reasonably possible alternative assumptions for gas, power, coal, emissions or oil prices may result in a higher or lower fair value for
Level 3 financial instruments. The impact of reasonably possible changes in commodity prices on profit and loss are included in note S3.
Other than commodity prices, there are no other unobservable inputs which would have a material impact.
It should be noted that the fair values disclosed in the tables above only concern those contracts entered into that are within the scope of
IFRS\u00a09. The Group has numerous other commodity contracts that are outside of the scope of IFRS 9 and are not fair valued. The Group\u2019s
actual exposure to market rates is constantly changing as the Group\u2019s portfolio of energy contracts changes.
The Group\u2019s valuation process includes specific teams of individuals that perform valuations of the Group\u2019s derivatives 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
\u2018Fair Value Measurement\u2019. The price curves are subject to review and approval by the Group\u2019s Executive Committee and valuations of all
derivatives, 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 Group adjusts the market value of derivative instruments to account for counterparty credit risk and
corresponding possibility of a counterparty default preventing full realisation of the risk-free market value of the derivative. The Group
estimates Credit Valuation Adjustments by computing an expected evolution of the market value of a counterpart\u2019s 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\u00a0default. The default probability is calibrated to the price of Credit Default Swaps \u2013 a debt instrument reflecting the insurance premium
payable to protect against a debtor\u2019s default.\u00a0Debit valuation adjustments are the amount added back to the derivative value to account for
the expected gain from the Group\u2019s own default and are calculated using a similar methodology with reference to the Group\u2019s own
probability of default.
Where the fair value at initial recognition for contracts which have significant unobservable inputs and the fair value differs from the
transaction price, a day-one gain or loss will arise. These deferred gains are presented net against respective derivative assets and
derivative liabilities. Such gains and losses are deferred 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 (see note S2 for further detail). The
amount that has yet to be recognised in the Group Income Statement relating to the differences between the transaction prices and the
amounts that would have arisen had valuation techniques used for subsequent measurement been applied at initial recognition, less
subsequent releases, is as follows:
Day-one gains deferred
2025
\u00a3m
2024
\u00a3m
1 January
110
142
Net (losses)/gains deferred on transactions in the period
(10)
10
Net amounts recognised in Group Income Statement
(45)
(37)
Exchange differences
3
(5)
31 December
58
110
Level 3 debt and equity financial instruments are measured at fair value in accordance with IFRS 13. These fair value measurements
reflect\u00a0the assumptions that market participants would use when pricing the asset based on an exit price concept. The fair value
of\u00a0investments in\u00a0debt securities is determined using discounted cash flow techniques. The discount rates are derived from market
observable interest rates adjusted by a credit spread applicable to the particular instrument. Unlisted equity instruments are valued using
an\u00a0income approach. The estimated future cash flows, usually based on management forecasts of future economic benefits to be\u00a0derived
from the ownership of\u00a0these investees, are discounted using rates appropriate to the specific investment, business sector or recent
economic rates of return. Recent transactions involving the sale of similar businesses may sometimes be used as a frame of\u00a0reference
in\u00a0deriving an appropriate multiple.
S6. Fair value of financial instruments
(c)
Fair value of financial assets and liabilities held at amortised cost
The carrying value of the Group\u2019s financial assets and liabilities measured at amortised cost are approximately equal to their fair value except
as\u00a0listed below:
2025
2024
31 December
Notes
Carrying value
\u00a3m
Fair value
\u00a3m
Fair value
hierarchy
Carrying value
\u00a3m
Fair value
\u00a3m
Fair value
hierarchy
Bonds
Level 1
25
(2,197)
(2,240)
Level 1
(2,184)
(2,229)
Level 1
Level 2
25
(77)
(86)
Level 2
(70)
(81)
Level 2
Bank borrowings
The fair values of bonds classified as Level 1 within the fair value hierarchy are calculated using quoted market prices. The fair values of Level
2 bonds have been determined by discounting cash flows with reference to relevant market rates of interest. The fair values of overdrafts
and bank loans are assumed to materially approximate their carrying values.
Other financial instruments
Due to their nature and/or short-term maturity, the fair values of trade and other receivables, cash and cash equivalents, trade and other
payables, other borrowings and securities held at amortised cost are estimated to approximate their carrying values.
(d)
Financial assets and liabilities subject to offsetting, master netting arrangements and similar arrangements
Related amounts not offset in
the Group Balance Sheet (i)
31 December 2025
Gross
amounts
of recognised
financial
instruments
\u00a3m
Gross amounts of
recognised financial
instruments offset
in the Group
Balance Sheet
\u00a3m
Net amounts
presented
in the Group
Balance Sheet
\u00a3m
Financial
instruments
\u00a3m
Collateral
\u00a3m
Net amount
\u00a3m
Derivative financial assets
2,726
(1,850)
876
(39)
(81)
756
Derivative financial liabilities
(2,886)
1,850
(1,036)
39
203
(794)
(160)
(38)
Balances arising from commodity contracts:
Accrued trading and energy procurement income and
unbilled downstream energy income
4,030
(2,305)
1,725
\u2014
\u2014
1,725
Accruals for commodity costs
(3,893)
2,305
(1,588)
\u2014
\u2014
(1,588)
Cash and financing arrangements:
Cash and cash equivalents
4,307
\u2014
4,307
(35)
\u2014
4,272
Bank loans and overdrafts
(149)
\u2014
(149)
35
\u2014
(114)
Related amounts not offset in
the Group Balance Sheet (i)
31 December 2024
Gross amounts
of recognised
financial
instruments
\u00a3m
Gross amounts of
recognised financial
instruments offset
in the Group
Balance Sheet
\u00a3m
Net amounts
presented
in the Group
Balance Sheet
\u00a3m
Financial
instruments
\u00a3m
Collateral
\u00a3m
Net amount
\u00a3m
Derivative financial assets
4,543
(2,967)
1,576
(38)
(162)
1,376
Derivative financial liabilities
(4,354)
2,967
(1,387)
38
191
(1,158)
189
218
Balances arising from commodity contracts:
Accrued trading and energy procurement income and
unbilled downstream energy income
5,450
(2,829)
2,621
(1)
\u2014
2,620
Accruals for commodity costs
(5,101)
2,829
(2,272)
1
\u2014
(2,271)
Cash and financing arrangements:
Cash and cash equivalents
6,338
\u2014
6,338
(645)
\u2014
5,693
Bank loans and overdrafts
(769)
\u2014
(769)
645
\u2014
(124)
(i) The Group has arrangements in place with various counterparties in respect of commodity trades which provide for a single net settlement of all financial instruments
covered by the arrangement in the event of default or termination, or other circumstances arising whereby either party is unable to meet its obligations. The above table
shows the potential impact of these arrangements being enforced by offsetting the relevant amounts within each Group Balance Sheet class of asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "Fixed-fee service and insurance contracts
This section includes fixed-fee service (FFS) and insurance contract disclosures for services related to British Gas.
FFS non-insurance contracts in the UK are entered into with home services customers by British Gas Services Limited. FFS insurance
contracts in the UK are entered into with home services customers by British Gas Insurance Limited, authorised by the PRA and regulated
by the FCA and the PRA.
Product offerings include central heating, boiler and controls, plumbing and drains and electrical appliance insurance cover. Insurance
contracts normally provide cover for twelve months with the option of renewal.
The contracts that protect policyholders against the risk of breakdowns result in risk transfer to the contract provider. Benefits provided to
customers vary in accordance with terms and conditions of the contracts entered into. However, they generally include maintenance, repair
and/or replacement of the items affected.
IFRS 17 \u2018Insurance contracts\u2019 became effective on 1 January 2023 and replaced the existing insurance standard, IFRS 4. FFS insurance
contracts fall within the scope of IFRS 17 where the Group reflects an assessment of the risk associated with an individual customer in
setting the price of the contract, this captures materially all the Group\u2019s insurance contracts. The Group applies the simplified \u2018Premium
Allocation Approach\u2019 to its contracts on the basis that the coverage period of the Group\u2019s insurance contracts is not greater than one year.
The levels of risk exposure and service provision to customers under the contract terms depend on the occurrence of uncertain future
events, particularly the nature and frequency of faults, and the cost of repair or replacement of the items affected. Accordingly, the
timing\u00a0and the amount of future cash outflows associated with the contracts is uncertain. The Group\u2019s insurance contract portfolio
is\u00a0comprised of a large number of contracts with small individual values, and so results in a high volume of claims with relatively low unit cost.
The\u00a0characteristics of the business mean that material concentrations or aggregations of risk are relatively remote. The key terms and
conditions that affect future cash flows are as\u00a0follows:
\u2022 Provision of labo ur and parts for repairs, dependent on the agreement and associated level of service;
\u2022 A specified number of safety and maintenance inspections are carried out as set out in the agreement (usually once a year);
\u2022 No limit to the number of call-outs to carry out repair work; and
\u2022 Limits on certain maintenance and repair costs.
The most significant insurance risk is an extreme weather event for an extended period, which has the propensity to increase claim
frequencies. The Group regularly assesses insurance risk sensitivities, the most significant relating to increases in breakdown frequency and
increases in the average cost of repair. A reasonably possible increase in either would not have a material impact on the results of the\u00a0Group.
Revenue is recognised over the life of contracts (usually a twelve-month period) regarding the incidence of risk, in particular the seasonal
propensity of\u00a0claims that span the life of the contract as a result of emergency maintenance being available throughout the contract term.
Costs incurred to\u00a0settle claims represent principally the engineer workforce employed by the Group within home services and the cost
of\u00a0parts utilised in repair\u00a0or maintenance. Revenue is accounted for over a twelve-month period in accordance with the premium allocation
approach required by IFRS 17, with adjustments made to reflect the seasonality of workload over a\u00a0given year. Claims frequency is sensitive
to the reliability of appliances as well as the impact of weather conditions. The contracts are not exposed to any interest rate risk or
significant credit risk and do not contain any embedded derivatives.
Weather conditions and the seasonality of repairs both affect the profile of the workload and associated costs incurred across the year.
The risk exposure of these uncertain events is actively managed by undertaking the following risk mitigation activities:
\u2022 An initial service visit is provided to customers taking up most central heating contracts and in some instances pre-existing faults may lead
to the contract being cancelled and no further cover being provided;
\u2022 An annual maintenance inspection is performed as part of most central heating contracts to help identify and prevent issues developing
into significant maintenance or breakdown claims; and
\u2022 Contract limits are applied to certain types of maintenance and repair work considered to be higher risk in terms of frequency
and\u00a0cost.
Insurance service expenses recognised in cost of sales primarily relate to servicing claims including materials, labour and other costs
required to fulfil the claim. Insurance service expenses recognised in operating costs largely relate to overhead expenses including non-
engineer labour costs. These expenses are split for compatibility with the broader accounting policy of the Group.
S7. Fixed-fee service and insurance contracts
The following table shows the reconciliation from the opening to the closing balances of the liability for the remaining coverage and the
liability for incurred claims for insurance contracts measured under the Premium Allocation Approach.
2025
2024
Year ended 31 December
Liability for
remaining
coverage
\u00a3m
Liability of
incurred
claims
\u00a3m
Total
\u00a3m
Liability for
remaining
coverage
\u00a3m
Liability of
incurred
claims
\u00a3m
Total
\u00a3m
1 January
(35)
(140)
(175)
(39)
(126)
(165)
Changes in the Group Income Statement:
Insurance revenue:
Contracts measured under the Premium Allocation
Approach
799
\u2014
799
800
\u2014
800
Insurance service expenses:
Incurred claim and other insurance service expenses
recognised in cost of sales
\u2014
(474)
(474)
\u2014
(460)
(460)
Incurred claim and other insurance service expenses
recognised in operating costs
\u2014
(288)
(288)
\u2014
(306)
(306)
Total insurance service expenses
\u2014
(762)
(762)
\u2014
(766)
(766)
Total changes in the Group Income Statement and
insurance service result
799
(762)
37
800
(766)
34
Cash flows:
Premiums received
(798)
\u2014
(798)
(796)
\u2014
(796)
Claims and other service expenses paid
\u2014
814
814
\u2014
752
752
Total cash flows
(798)
814
16
(796)
752
(44)
31 December
(34)
(88)
(122)
(35)
(140)
(175)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "Related party transactions
The Group\u2019s principal related parties mainly arise from its investments in joint ventures and associates, and other related
entities. The disclosures below, including comparatives, only refer to related parties that were related in the current
reporting period, and from the date the party was deemed to be related.
During the year, the Group entered into the following arm\u2019s length transactions with related parties who are not members of the Group, and
had the following associated balances:
2025
2024
31 December
Purchase of
goods and
services
\u00a3m
Sale of goods
and services
\u00a3m
Amounts
owed to
\u00a3m
Amounts
owed by
\u00a3m
Purchase of
goods and
services
\u00a3m
Sale of goods
and services
\u00a3m
Amounts
owed to
\u00a3m
Amounts owed
by
\u00a3m
Associates:
Lake Acquisitions Limited Group (i)
(549)
\u2014
(46)
\u2014
(772)
\u2014
(52)
\u2014
Sizewell C (ii)
\u2014
\u2014
\u2014
343
\u2014
\u2014
\u2014
\u2014
Other
\u2014
6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Joint ventures:
Isle of Grain (iii)
(5)
\u2014
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
(554)
6
(49)
343
(772)
\u2014
(52)
\u2014
(i) Purchase of goods and services, and amounts owed to, relate to power purchase agreements with EDF Energy Nuclear Generation Limited, a subsidiary of Lake
Acquisitions Limited. The Group had also committed facilities to the Lake Acquisitions Limited Group totalling \u00a340 million (2024: \u00a340 million), although nothing has been
drawn at 31 December 2025.
(ii) Amounts owed by Sizewell C (Holding) Limited relate to shareholder loans outstanding at the balance sheet date, including \u00a35 million of interest accrued. The Group has
committed to invest a further \u00a3902 million, comprising \u00a3812 million of shareholder loans and \u00a390 million of equity injections. These amounts are disclosed as
commitments, see note 23. Loans made to Sizewell C (Holding) Limited bear interest at 9% and are treated as part of the Group\u2019s investment in the associate.
(iii) Purchase of goods and services, and amounts owed to, relate to payments for LNG capacity at the Isle of Grain LNG terminal. These transactions are conducted on an
arm\u2019s length basis with a subsidiary of Garden Topco Limited, Grain LNG Limited, which became a related party during the year. At the balance sheet date the Group has
\u00a3243 million of contracted LNG capacity commitments to Grain LNG Limited, see note 23.
Remuneration of key management personnel
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Short-term benefits
5.4
5.3
Post-employment benefits
0.3
0.2
Share-based payments
4.0
4.0
9.7
9.5
Key management personnel comprise members of the Board and Executive Committee, a total of 15 individuals at 31 December 2025
(2024: 13).
Remuneration of the Directors of Centrica plc
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Total emoluments (i)
4.9
4.8
Amounts receivable under long-term incentive schemes
3.4
2.0
Contributions into pension schemes
0.2
0.1
8.5
6.9
(i) These emoluments were paid for services performed on behalf of the Group. No emoluments related specifically to services performed for the Company.
Directors\u2019 interests in shares are given in the Remuneration Report on pages 86 to 107.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "Related party transactions
The Group\u2019s principal related parties mainly arise from its investments in joint ventures and associates, and other related
entities. The disclosures below, including comparatives, only refer to related parties that were related in the current
reporting period, and from the date the party was deemed to be related.
During the year, the Group entered into the following arm\u2019s length transactions with related parties who are not members of the Group, and
had the following associated balances:
2025
2024
31 December
Purchase of
goods and
services
\u00a3m
Sale of goods
and services
\u00a3m
Amounts
owed to
\u00a3m
Amounts
owed by
\u00a3m
Purchase of
goods and
services
\u00a3m
Sale of goods
and services
\u00a3m
Amounts
owed to
\u00a3m
Amounts owed
by
\u00a3m
Associates:
Lake Acquisitions Limited Group (i)
(549)
\u2014
(46)
\u2014
(772)
\u2014
(52)
\u2014
Sizewell C (ii)
\u2014
\u2014
\u2014
343
\u2014
\u2014
\u2014
\u2014
Other
\u2014
6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Joint ventures:
Isle of Grain (iii)
(5)
\u2014
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
(554)
6
(49)
343
(772)
\u2014
(52)
\u2014
(i) Purchase of goods and services, and amounts owed to, relate to power purchase agreements with EDF Energy Nuclear Generation Limited, a subsidiary of Lake
Acquisitions Limited. The Group had also committed facilities to the Lake Acquisitions Limited Group totalling \u00a340 million (2024: \u00a340 million), although nothing has been
drawn at 31 December 2025.
(ii) Amounts owed by Sizewell C (Holding) Limited relate to shareholder loans outstanding at the balance sheet date, including \u00a35 million of interest accrued. The Group has
committed to invest a further \u00a3902 million, comprising \u00a3812 million of shareholder loans and \u00a390 million of equity injections. These amounts are disclosed as
commitments, see note 23. Loans made to Sizewell C (Holding) Limited bear interest at 9% and are treated as part of the Group\u2019s investment in the associate.
(iii) Purchase of goods and services, and amounts owed to, relate to payments for LNG capacity at the Isle of Grain LNG terminal. These transactions are conducted on an
arm\u2019s length basis with a subsidiary of Garden Topco Limited, Grain LNG Limited, which became a related party during the year. At the balance sheet date the Group has
\u00a3243 million of contracted LNG capacity commitments to Grain LNG Limited, see note 23.
Remuneration of key management personnel
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Short-term benefits
5.4
5.3
Post-employment benefits
0.3
0.2
Share-based payments
4.0
4.0
9.7
9.5
Key management personnel comprise members of the Board and Executive Committee, a total of 15 individuals at 31 December 2025
(2024: 13).
Remuneration of the Directors of Centrica plc
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Total emoluments (i)
4.9
4.8
Amounts receivable under long-term incentive schemes
3.4
2.0
Contributions into pension schemes
0.2
0.1
8.5
6.9
(i) These emoluments were paid for services performed on behalf of the Group. No emoluments related specifically to services performed for the Company.
Directors\u2019 interests in shares are given in the Remuneration Report on pages 86 to 107.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "value": "
Remuneration of key management personnel
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Short-term benefits
5.4
5.3
Post-employment benefits
0.3
0.2
Share-based payments
4.0
4.0
9.7
9.5
Key management personnel comprise members of the Board and Executive Committee, a total of 15 individuals at 31 December 2025
(2024: 13).
Remuneration of the Directors of Centrica plc
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Total emoluments (i)
4.9
4.8
Amounts receivable under long-term incentive schemes
3.4
2.0
Contributions into pension schemes
0.2
0.1
8.5
6.9
(i) These emoluments were paid for services performed on behalf of the Group. No emoluments related specifically to services performed for the Company.
Directors\u2019 interests in shares are given in the Remuneration Report on pages 86 to 107.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-618": { "value": "
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Fees payable to the Company\u2019s auditor for:
Audit of the Company's individual and consolidated Financial Statements
5.8
5.5
Audit of the Company\u2019s subsidiaries
2.2
2.4
Total fees related to the audit of the parent and subsidiary entities
8.0
7.9
Fees payable to the Company\u2019s auditor and its associates for other services:
Audit-related assurance services (i)
0.9
0.8
Total fees
8.9
8.7
Fees in respect of pension scheme audits (ii)
0.2
0.2
(i) Predominantly relates to the review of the condensed interim Financial Statements.
(ii) The pension scheme audit continues to be performed by PricewaterhouseCoopers LLP.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-619": { "value": "
The Group has a large number of related undertakings principally in the UK, US, Canada and EU. These are listed below.
(a)
Subsidiary undertakings
Investments held directly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Beta Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Ireland Holdings Limited
Holding company
Republic of Ireland
B
Ordinary shares
Investments held indirectly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Accord Energy Ukraine Holdings ApS (iii)
Holding company
Denmark
L
Ordinary shares
Accord Energy Ukraine LLC (iii)
Energy services and wholesale energy trading
Ukraine
AJ
Ordinary shares
Ardrar Holdings Limited (iii)
Holding company
Republic of Ireland
B
Ordinary shares
Ardrar Limited (iii)
Professional referrals and scheduling
Republic of Ireland
B
Ordinary shares
Ardrar Technology Limited (iii)
Intellectual property company
Republic of Ireland
B
Ordinary shares
Astrum Solar, Inc.
Home and/or commercial services
United States
C
Ordinary shares
Bord G\u00e1is Energy Limited
Energy supply and power generation
Republic of Ireland
B
Ordinary shares
Bord G\u00e1is Energy Trustees DAC
Pension trustee company
Republic of Ireland
B
Ordinary shares
British Gas Finance Limited
Vehicle leasing
United Kingdom
A
Ordinary shares
British Gas Insurance Limited
Insurance provision
United Kingdom
A
Ordinary shares
British Gas Limited
Energy supply
United Kingdom
A
Ordinary shares
British Gas New Heating Limited
Electrical and gas installations
United Kingdom
A
Ordinary shares
British Gas Services (Commercial) Limited (ii)
Non-trading
United Kingdom
A
Ordinary shares
British Gas Services Limited
Home services
United Kingdom
A
Ordinary shares
British Gas Social Housing Limited
Servicing and installation of heating systems
United Kingdom
A
Ordinary shares
British Gas Trading Limited
Energy supply
United Kingdom
A
Ordinary shares
Caythorpe Gas Storage Limited
Non-trading
United Kingdom
D
Ordinary shares
CBS Energy Assets Belgium B.V.
Construction and operation of battery storage
Belgium
E
Ordinary shares
CBS Energy Storage Assets UK Limited
Construction and operation of battery storage
United Kingdom
A
Ordinary shares
CBS Services Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
CBS Solar Assets UK Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Barry Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Business Holdings Inc.
Holding company
United States
C
Ordinary shares
Centrica Business Solutions (Generation) Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Business Solutions B.V. (iv)
Energy management products and services
Netherlands
F
Ordinary shares
Centrica Business Solutions Belgium NV
Demand response aggregation
Belgium
E
Ordinary shares
Centrica Business Solutions Canada Inc.
Holding company
Canada
G
Ordinary shares
Centrica Business Solutions Deutschland GmbH
Demand response aggregation
Germany
H
Ordinary shares
Centrica Business Solutions France SAS
Demand response aggregation
France
I
Ordinary shares
Centrica Business Solutions Ireland Limited
Energy management products and services
Republic of Ireland
B
Ordinary shares
Centrica Business Solutions Italia Srl (iv)
Energy management products and services
Italy
J
Ordinary shares
Centrica Business Solutions Management Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Business Solutions Services, Inc.
Energy management products and services
United States
C
Ordinary shares
Centrica Business Solutions UK Limited
Energy management products and services
United Kingdom
A
Ordinary shares
S10. Related undertakings
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Business Solutions UK Optimisation Limited
Demand response aggregation
United Kingdom
A
Ordinary shares
Centrica Business Solutions US, Inc.
Energy management products and services
United States
C
Ordinary shares
Centrica Combined Common Investment Fund
Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Directors Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Distributed Generation Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Energy Assets Holdings Limited
Holding company
United Kingdom
A
Ordinary shares
Centrica Energy Investments Limited (ii) (v)
Holding company
United Kingdom
A
Ordinary shares
Centrica Energy Limited
Wholesale energy trading
United Kingdom
A
Ordinary shares
Centrica Energy, LLC
Energy services and wholesale energy trading
United States
K
Membership interest
Centrica Energy Marketing Limited
Wholesale energy trading
United Kingdom
A
Ordinary shares
Centrica Energy Pty Ltd (iii)
Business services
Australia
AK
Ordinary shares
Centrica Energy Storage Limited
Gas production and processing
United Kingdom
D
Ordinary shares
Centrica Energy Trading A/S
Energy services and wholesale energy trading
Denmark
L
Ordinary shares
Centrica Energy Trading GmbH
Energy services and wholesale energy trading
Germany
M
Ordinary shares
Centrica Energy Trading, LLC
Energy services and wholesale energy trading
United States
K
Membership interest
Centrica Energy Trading Pte. Ltd
Energy services and wholesale energy trading
Singapore
N
Ordinary shares
Centrica Energy Trading Srl (iii)
Business services
Italy
AL
Ordinary shares
Centrica Engineers Pension Trustees Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Finance (Scotland) Limited (ii)
Holding company
United Kingdom
O
Ordinary shares
Centrica Finance Norway Limited
Dormant
Jersey
P
Ordinary shares
Centrica Gamma Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Hive Limited
Energy management products and services
United Kingdom
A
Ordinary shares
Centrica Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica India Offshore Private Limited
Business services
India
Q
Ordinary shares
Centrica Innovations UK Limited (ii)
Investment company
United Kingdom
A
Ordinary shares
Centrica Innovations US, Inc.
Investment company
United States
C
Ordinary shares
Centrica Insurance Company Limited
Insurance provision
Isle of Man
R
Ordinary and
preference shares
Centrica Lake Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica LNG Company Limited
LNG trading
United Kingdom
A
Ordinary shares
Centrica LNG UK Limited
LNG trading
United Kingdom
A
Ordinary shares
Centrica Nederland B.V.
Holding company
Netherlands
F
Ordinary shares
Centrica Nigeria Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Offshore Investments Limited (ii)
Non-trading
United Kingdom
D
Ordinary shares
Centrica Offshore UK Limited
Gas production
United Kingdom
D
Ordinary shares
Centrica Overseas Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Pension Plan Trustees Limited
Dormant
United Kingdom
A
Limited by guarantee
Centrica Pension Trustees Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Production Limited
In liquidation
United Kingdom
O
Ordinary shares
Centrica Resources (Nigeria) Limited
Non-trading
Nigeria
S
Ordinary shares
Centrica River Limited (ii) (iii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Secretaries Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Services Limited
Business services
United Kingdom
A
Ordinary shares
Centrica Smart Meter Assets Limited
Metering assets and services
United Kingdom
A
Ordinary shares
Centrica Storage Holdings Limited (ii)
Holding company
United Kingdom
D
Ordinary shares
Centrica Supply Chain Limited
Non-trading
United Kingdom
A
Ordinary shares
Centrica Trading Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Trinidad and Tobago Limited
Business services
Trinidad and
Tobago
T
Ordinary shares
S10. Related undertakings
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Trust (No.1) Limited (ii)
Healthcare trust
United Kingdom
A
Ordinary shares
CP Energy Storage Assets Sweden 1 AB
Construction of battery storage
Sweden
U
Ordinary shares
CP Energy Storage Assets Sweden 2 AB
Construction of battery storage
Sweden
U
Ordinary shares
DEML Investments Limited
Holding company
Canada
G
Ordinary shares
DER Development No. 10 Ltd.
Holding company
Canada
G
Ordinary shares
Distributed Energy Customer Solutions Limited
Energy management products and services
United Kingdom
A
Ordinary shares
Dyno-Rod Limited
Operation of a franchise network
United Kingdom
A
Ordinary shares
ECL Contracts Limited
Dormant
United Kingdom
A
Ordinary shares
ECL Investments Limited
Dormant
United Kingdom
A
Ordinary shares
ENER-G Rudox, LLC
Energy management products and services
United States
C
Membership interest
Energy For Tomorrow (ii)
Not-for-profit energy services
United Kingdom
A
Limited by guarantee
Ensek Holdings Limited (ii)
Holding company
United Kingdom
V
Ordinary shares
Ensek Limited
Information technology consultancy activities
United Kingdom
V
Ordinary shares
GB Gas Holdings Limited
Holding company
United Kingdom
A
Ordinary shares
Generation Green Solar Limited
Dormant community benefit society
United Kingdom
A
Ordinary shares
GF One Limited (vi)
In liquidation
United Kingdom
W
Ordinary shares
GF Two Limited (vi)
In liquidation
United Kingdom
W
Ordinary shares
Greener Ideas Limited (vii)
Development of flexible power generation
sites
Republic of Ireland
B
Ordinary shares
Inteligen Limited
Dormant
United Kingdom
V
Ordinary shares
Leicestershire Solar 1 Limited
Construction of solar asset
United Kingdom
A
Ordinary shares
Neas Energy Limited
Energy services and wholesale energy trading
United Kingdom
A
Ordinary shares
Neas Invest A/S
Dormant
Denmark
L
Ordinary shares
P.H Jones Group Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Pioneer Shipping Limited
LNG vessel chartering
United Kingdom
A
Ordinary shares
Rolleston 2 Solar Farm Limited
Construction of solar asset
United Kingdom
A
Ordinary shares
SN12 6EF Limited
Power generation
United Kingdom
A
Ordinary shares
South Energy Investments, LLC
Power generation
United States
C
Membership interest
Vista Solar, Inc.
Energy management products and services
United States
C
Ordinary shares
S10. Related undertakings
Investments held indirectly by Centrica plc with 69% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Bowland Resources (No.2) Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Bowland Resources Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Elswick Energy Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Spirit Energy Limited
Holding company
United Kingdom
A
Ordinary and
deferred shares
Spirit Energy Nederland B.V.
Gas and/or liquid exploration and production
Netherlands
X
Ordinary shares
Spirit Energy North Sea Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy North Sea Oil Limited
Gas and/or liquid exploration and production
United Kingdom
Y
Ordinary shares
Spirit Energy Norway AS
Non-trading
Norway
Z
Ordinary shares
Spirit Energy Production UK Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Resources Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Southern North Sea Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Treasury Limited
Finance company
United Kingdom
A
Ordinary shares
Spirit Europe Limited
Holding company
United Kingdom
A
Ordinary shares
Spirit Infrastructure B.V.
Non-trading
Netherlands
X
Ordinary shares
Spirit North Sea Gas Limited
Gas and/or liquid exploration and production
United Kingdom
Y
Ordinary shares
Spirit Norway Holdings AS
Holding company
Norway
Z
Ordinary shares
Spirit Norway Limited
Holding company
United Kingdom
A
Ordinary shares
Spirit Production (Services) Limited
Business services
United Kingdom
Y
Ordinary shares
Spirit Resources (Armada) Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
(i) For list of registered addresses, refer to note S10(d).
(ii) Companies where Centrica plc has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of these entities. They are, therefore,
exempt from audit under the requirements of sections 479A-C of the Companies Act 2006.
(iii) Incorporated or acquired in 2025.
(iv) Sold in February 2026.
(v) Entity changed its name during the year from Centrica Hydrogen Innovations Limited to Centrica Energy Investments Limited.
(vi) GF One Limited and GF Two Limited are 75% indirectly owned by Centrica plc.
(vii) Greener Ideas Limited is 80% indirectly owned by Centrica plc.
S10. Related undertakings
(b)
Subsidiary undertakings \u2013 partnerships held indirectly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
CF 2016 LLP (ii)
Group financing
United Kingdom
A
Membership interest
CFCEPS LLP (ii)
Group financing
United Kingdom
A
Membership interest
Direct Energy Resources Partnership
Holding entity
Canada
G
Membership interest
Finance Scotland 2016 Limited Partnership
Group financing
United Kingdom
O
Membership interest
Finance Scotland CEPS Limited Partnership
Group financing
United Kingdom
O
Membership interest
(i) For list of registered addresses, refer to note S10(d).
(ii) Companies where Centrica plc has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of these entities. They are, therefore, exempt
from audit under the requirements of sections 479A-C of the Companies Act 2006.
The following partnerships are fully consolidated into the Group Financial Statements and the Group has taken advantage of the exemption
(as confirmed by regulation 7 of the Partnerships (Accounts) Regulations 2008) not to prepare or file separate accounts for these entities:
\u2022 Finance Scotland 2016 Limited Partnership; and
\u2022 Finance Scotland CEPS Limited Partnership.
(c)
Joint arrangements and associates
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Indirect
interest
and voting
rights
Joint ventures (ii)
Allegheny Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
EDPRNA DG Centrica MT, LLC (iii)
Energy supply and/or services
United States
AB
Membership interest
50.0%
Eurowind Polska VI Sp z.o.o.
Operation of an onshore windfarm
Poland
AC
Ordinary shares
50.0%
Garden Topco Limited (iv)
Holding company
United Kingdom
AI
Ordinary shares
50.0%
Three Rivers Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 2, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 3, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Vindpark Keblowo ApS
Holding company
Denmark
AD
Ordinary shares
50.0%
Associates (ii)
Gasrec Limited (iv)
Manufacture of gas
United Kingdom
AO
Ordinary shares
16.4%
Grid Edge Limited (iv)
Business and domestic software development
United Kingdom
AM
Ordinary shares
37.8%
Kestrel Energy Storage DAC
Offshore gas storage development
Republic of Ireland
AF
Ordinary shares
33.3%
Lake Acquisitions Limited
Holding company
United Kingdom
AG
Ordinary shares
20.0%
Sizewell C (Holding) Limited (iv)
Holding company
United Kingdom
AN
Ordinary shares
15.0%
Tickd Limited
Trade of electricity
United Kingdom
AH
Ordinary shares
20.0%
Young Energy Holding Company
Limited
Offshore windfarm development
Republic of Ireland
AE
Ordinary shares
30.0%
(i) For list of registered addresses, refer to note S10(d).
(ii) Further information on the principal joint ventures and associate investments held by the Group is disclosed in notes 6 and 14.
(iii) Entity changed its name during the year from C2 Centrica MT, LLC to EDPRNA DG Centrica MT, LLC.
(iv) Incorporated or acquired in 2025.
All Group companies principally operate within their country of incorporation unless noted otherwise.
S10. Related undertakings
(d)
List of registered addresses
Registered address key
Address
A
Millstream, Maidenhead Road, Windsor, SL4 5GD, United Kingdom
B
1 Warrington Place, Dublin 2, Republic of Ireland
C
2111 Ellsworth Boulevard, Malta NY 12020, United States
D
Woodland House, Woodland Park, Hessle, HU13 0FA, United Kingdom
E
Roderveldlaan 2 bus 2, 2600 Antwerp, Belgium
F
Wiegerbruinlaan 2A, 1422 CB Uithoorn, Netherlands
G
Suite 2400, 745 Thurlow Street, Vancouver BC V6E 0C5, Canada
H
Neuer Wall 10, 20354 Hamburg, Germany
I
60 Avenue Charles de Gaulle, Cs 60016, 92573, Neuilly sur Seine Cedex, France
J
Milan (MI), Via Emilio Cornalia 26, Italy
K
c/o Corporate Creations Network Inc., 1521 Concord Pike Suite 201, Wilmington, DE19803, United States
L
Skelagervej 1, 9000 Aalborg, Denmark
M
Esplanade 40, 20354 Hamburg, Germany
N
220 Orchard Road, #05-01 Midpoint Orchard, Singapore 238852, Republic of Singapore
O
1 Waterfront Avenue, Edinburgh, Scotland EH5 1SG, United Kingdom
P
47 Esplanade, St Helier, JE1 0BD, Jersey, Channel Islands
Q
G-74, LGF, Kalkaji, New Delhi, South Delhi, 110019, India
R
3rd floor, St George's Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man
S
Sterling Towers, 20 Marina, Lagos, Nigeria
T
48-50 Sackville Street, Port of Spain, Trinidad and Tobago
U
Box 16285, 103 25 Stockholm, Sweden
V
Hounds Gate, 30-34 Hounds Gate, Nottingham, NG1 7AB, United Kingdom
W
1 More London Place, London, SE1 2AF, United Kingdom
X
Transpolis Building, Polarisavenue 39, 2132 JH Hoofddorp, Netherlands
Y
5th floor, IQ Building, 15 Justice Mill Lane, Aberdeen, AB11 6EQ, United Kingdom
Z
c/o Advokatfirmaet Schj\u00f8dt AS Kongsg\u00e4rdbakken 3, Stavanger, Rogaland 4005, Norway
AA
1209 Orange Street, Wilmington, New Castle County, DE 19801, United States
AB
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
AC
Ul. Wysogotowska 23, 62-081 Przezmierowo, Wielkpolskie, Poland
AD
Mariagervej 58B, DK 9500 Hobro, Denmark
AE
Block 1, Harcourt Centre, Harcourt Street, Dublin 2, DO2 YA40, Republic of Ireland
AF
1 Stokes Place, St Stephen's Green, Dublin, Republic of Ireland
AG
Nova North, 11 Bressenden Place, London, SW1E 5BY, United Kingdom (i)
AH
4th Floor, Regent House, 50 Frederick Street, Birmingham, B1 3HR, United Kingdom
AI
Grain Road, Rochester, Kent, ME3 0AB, United Kingdom
AJ
Lavrska Street 20, 01601 Kyiv, Ukraine
AK
Level 5, 60 Martin Place, 2000 Sydney NSW, Australia
AL
Viale Monte Santo 1/3, 20124 Milano, Italy
AM
3 Waterfront Business Park, Dudley Road, Brierley Hill, West Midlands, DY5 1LX, United Kingdom
AN
25 Copthall Avenue, London, EC2R 7BP, United Kingdom
AO
C/O Ampa Holdings LLP Level 19, The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
(i) Lake Acquisitions Limited changed its registered address during the year from 90 Whitfield Street, London, W1T 4EZ, United Kingdom to the address listed above.
S10. Related undertakings
(e)
Summarised financial information
Management has determined that the investments in Lake Acquisitions Limited, Garden Topco Limited and Sizewell C (Holding) Limited
are sufficiently material to warrant further disclosure on an individual basis. Accordingly, the Group presents summarised financial
information, along with reconciliations to the amounts included in the consolidated Group Financial Statements, for these investees.
Lake Acquisitions Limited
Summarised statement of total comprehensive income
2025
2024
Year ended 31 December
Associate
information
reported to
Group
\u00a3m
Unadjusted
20% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Associate
information
reported to
Group
\u00a3m
Unadjusted
20% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Revenue
2,913
583
\u2014
583
4,040
808
\u2014
808
Operating profit/(loss) before
interest and tax
1,237
247
(17)
230
2,148
430
(56)
374
Profit/(loss) for the year
896
179
(11)
168
1,494
299
(43)
256
Other comprehensive income
20
4
\u2014
4
189
38
\u2014
38
Total comprehensive income/(loss)
916
183
(11)
172
1,683
337
(43)
294
Summarised balance sheet
2025
2024
31 December
Associate
information
reported to
Group
\u00a3m
Unadjusted
20% share
\u00a3m
Fair value
and other
adjustments (i)
\u00a3m
Group
share
\u00a3m
Associate
information
reported to
Group
\u00a3m
Unadjusted
20% share
\u00a3m
Fair value
and other
adjustments (i)
\u00a3m
Group
share
\u00a3m
Non-current assets
17,793
3,559
562
4,121
18,201
3,640
638
4,278
Current assets
3,642
728
\u2014
728
3,791
758
\u2014
758
Current liabilities
(2,399)
(480)
\u2014
(480)
(1,526)
(305)
\u2014
(305)
Non-current liabilities
(12,036)
(2,407)
(39)
(2,446)
(13,710)
(2,742)
(101)
(2,843)
Net assets
7,000
1,400
523
1,923
6,756
1,351
537
1,888
(i) Before cumulative impairments of \u00a31,345 million (2024: \u00a31,094 million) of the Group\u2019s associate investment.
During the year, dividends of \u00a3135 million (2024: \u00a3355 million) were paid by the associate to the Group.
Garden Topco Limited
Summarised statement of total comprehensive income
2025
2024
Year ended 31 December
Joint venture
information
reported to
Group
\u00a3m
Unadjusted
50% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Joint venture
information
reported to
Group
\u00a3m
Unadjusted
50% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Revenue
23
11
\u2014
11
\u2014
\u2014
\u2014
\u2014
Operating loss before interest and tax
(21)
(10)
(2)
(12)
\u2014
\u2014
\u2014
\u2014
Loss for the year
(27)
(13)
(2)
(15)
\u2014
\u2014
\u2014
\u2014
Other comprehensive income
\u2014
\u2014
(8)
(8)
\u2014
\u2014
\u2014
\u2014
Total comprehensive loss
(27)
(13)
(10)
(23)
\u2014
\u2014
\u2014
\u2014
Summarised balance sheet
2025
2024
31 December
Joint venture
information
reported to
Group
\u00a3m
Unadjusted
50% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Joint venture
information
reported to
Group
\u00a3m
Unadjusted
50% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Non-current assets
1,730
865
(2)
863
\u2014
\u2014
\u2014
\u2014
Current assets
223
111
\u2014
111
\u2014
\u2014
\u2014
\u2014
Current liabilities
(288)
(144)
\u2014
(144)
\u2014
\u2014
\u2014
\u2014
Non-current liabilities
(1,275)
(637)
(8)
(645)
\u2014
\u2014
\u2014
\u2014
Net assets/(liabilities)
390
195
(10)
185
\u2014
\u2014
\u2014
\u2014
S10. Related undertakings
Sizewell C (Holding) Limited
Summarised statement of total comprehensive income
2025
2024
Year ended 31 December
Associate
information
reported to
Group
\u00a3m
Unadjusted
15% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Associate
information
reported to
Group
\u00a3m
Unadjusted
15% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Revenue
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Operating loss before interest and tax
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Loss for the year
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other comprehensive income
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total comprehensive loss
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Summarised balance sheet
2025
2024
31 December
Associate
information
reported to
Group
\u00a3m
Unadjusted
15% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Associate
information
reported to
Group
\u00a3m
Unadjusted
15% share
\u00a3m
Fair value
and other
adjustments
\u00a3m
Group
share
\u00a3m
Non-current assets
7,357
1,104
\u2014
1,104
\u2014
\u2014
\u2014
\u2014
Current assets
1,699
255
11
266
\u2014
\u2014
\u2014
\u2014
Current liabilities
(752)
(113)
\u2014
(113)
\u2014
\u2014
\u2014
\u2014
Non-current liabilities
(8,054)
(1,208)
\u2014
(1,208)
\u2014
\u2014
\u2014
\u2014
Net assets
250
38
11
49
\u2014
\u2014
\u2014
\u2014
Joint operations - fields/assets
31 December 2025
Location
Percentage holding
Cygnus (i)
UK North Sea
15%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-620": { "value": "
(a)
Subsidiary undertakings
Investments held directly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Beta Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Ireland Holdings Limited
Holding company
Republic of Ireland
B
Ordinary shares
Investments held indirectly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Accord Energy Ukraine Holdings ApS (iii)
Holding company
Denmark
L
Ordinary shares
Accord Energy Ukraine LLC (iii)
Energy services and wholesale energy trading
Ukraine
AJ
Ordinary shares
Ardrar Holdings Limited (iii)
Holding company
Republic of Ireland
B
Ordinary shares
Ardrar Limited (iii)
Professional referrals and scheduling
Republic of Ireland
B
Ordinary shares
Ardrar Technology Limited (iii)
Intellectual property company
Republic of Ireland
B
Ordinary shares
Astrum Solar, Inc.
Home and/or commercial services
United States
C
Ordinary shares
Bord G\u00e1is Energy Limited
Energy supply and power generation
Republic of Ireland
B
Ordinary shares
Bord G\u00e1is Energy Trustees DAC
Pension trustee company
Republic of Ireland
B
Ordinary shares
British Gas Finance Limited
Vehicle leasing
United Kingdom
A
Ordinary shares
British Gas Insurance Limited
Insurance provision
United Kingdom
A
Ordinary shares
British Gas Limited
Energy supply
United Kingdom
A
Ordinary shares
British Gas New Heating Limited
Electrical and gas installations
United Kingdom
A
Ordinary shares
British Gas Services (Commercial) Limited (ii)
Non-trading
United Kingdom
A
Ordinary shares
British Gas Services Limited
Home services
United Kingdom
A
Ordinary shares
British Gas Social Housing Limited
Servicing and installation of heating systems
United Kingdom
A
Ordinary shares
British Gas Trading Limited
Energy supply
United Kingdom
A
Ordinary shares
Caythorpe Gas Storage Limited
Non-trading
United Kingdom
D
Ordinary shares
CBS Energy Assets Belgium B.V.
Construction and operation of battery storage
Belgium
E
Ordinary shares
CBS Energy Storage Assets UK Limited
Construction and operation of battery storage
United Kingdom
A
Ordinary shares
CBS Services Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
CBS Solar Assets UK Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Barry Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Business Holdings Inc.
Holding company
United States
C
Ordinary shares
Centrica Business Solutions (Generation) Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Business Solutions B.V. (iv)
Energy management products and services
Netherlands
F
Ordinary shares
Centrica Business Solutions Belgium NV
Demand response aggregation
Belgium
E
Ordinary shares
Centrica Business Solutions Canada Inc.
Holding company
Canada
G
Ordinary shares
Centrica Business Solutions Deutschland GmbH
Demand response aggregation
Germany
H
Ordinary shares
Centrica Business Solutions France SAS
Demand response aggregation
France
I
Ordinary shares
Centrica Business Solutions Ireland Limited
Energy management products and services
Republic of Ireland
B
Ordinary shares
Centrica Business Solutions Italia Srl (iv)
Energy management products and services
Italy
J
Ordinary shares
Centrica Business Solutions Management Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Business Solutions Services, Inc.
Energy management products and services
United States
C
Ordinary shares
Centrica Business Solutions UK Limited
Energy management products and services
United Kingdom
A
Ordinary shares
S10. Related undertakings
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Business Solutions UK Optimisation Limited
Demand response aggregation
United Kingdom
A
Ordinary shares
Centrica Business Solutions US, Inc.
Energy management products and services
United States
C
Ordinary shares
Centrica Combined Common Investment Fund
Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Directors Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Distributed Generation Limited
Power generation
United Kingdom
A
Ordinary shares
Centrica Energy Assets Holdings Limited
Holding company
United Kingdom
A
Ordinary shares
Centrica Energy Investments Limited (ii) (v)
Holding company
United Kingdom
A
Ordinary shares
Centrica Energy Limited
Wholesale energy trading
United Kingdom
A
Ordinary shares
Centrica Energy, LLC
Energy services and wholesale energy trading
United States
K
Membership interest
Centrica Energy Marketing Limited
Wholesale energy trading
United Kingdom
A
Ordinary shares
Centrica Energy Pty Ltd (iii)
Business services
Australia
AK
Ordinary shares
Centrica Energy Storage Limited
Gas production and processing
United Kingdom
D
Ordinary shares
Centrica Energy Trading A/S
Energy services and wholesale energy trading
Denmark
L
Ordinary shares
Centrica Energy Trading GmbH
Energy services and wholesale energy trading
Germany
M
Ordinary shares
Centrica Energy Trading, LLC
Energy services and wholesale energy trading
United States
K
Membership interest
Centrica Energy Trading Pte. Ltd
Energy services and wholesale energy trading
Singapore
N
Ordinary shares
Centrica Energy Trading Srl (iii)
Business services
Italy
AL
Ordinary shares
Centrica Engineers Pension Trustees Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Finance (Scotland) Limited (ii)
Holding company
United Kingdom
O
Ordinary shares
Centrica Finance Norway Limited
Dormant
Jersey
P
Ordinary shares
Centrica Gamma Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Hive Limited
Energy management products and services
United Kingdom
A
Ordinary shares
Centrica Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica India Offshore Private Limited
Business services
India
Q
Ordinary shares
Centrica Innovations UK Limited (ii)
Investment company
United Kingdom
A
Ordinary shares
Centrica Innovations US, Inc.
Investment company
United States
C
Ordinary shares
Centrica Insurance Company Limited
Insurance provision
Isle of Man
R
Ordinary and
preference shares
Centrica Lake Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica LNG Company Limited
LNG trading
United Kingdom
A
Ordinary shares
Centrica LNG UK Limited
LNG trading
United Kingdom
A
Ordinary shares
Centrica Nederland B.V.
Holding company
Netherlands
F
Ordinary shares
Centrica Nigeria Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Offshore Investments Limited (ii)
Non-trading
United Kingdom
D
Ordinary shares
Centrica Offshore UK Limited
Gas production
United Kingdom
D
Ordinary shares
Centrica Overseas Holdings Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Pension Plan Trustees Limited
Dormant
United Kingdom
A
Limited by guarantee
Centrica Pension Trustees Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Production Limited
In liquidation
United Kingdom
O
Ordinary shares
Centrica Resources (Nigeria) Limited
Non-trading
Nigeria
S
Ordinary shares
Centrica River Limited (ii) (iii)
Holding company
United Kingdom
A
Ordinary shares
Centrica Secretaries Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Services Limited
Business services
United Kingdom
A
Ordinary shares
Centrica Smart Meter Assets Limited
Metering assets and services
United Kingdom
A
Ordinary shares
Centrica Storage Holdings Limited (ii)
Holding company
United Kingdom
D
Ordinary shares
Centrica Supply Chain Limited
Non-trading
United Kingdom
A
Ordinary shares
Centrica Trading Limited
Dormant
United Kingdom
A
Ordinary shares
Centrica Trinidad and Tobago Limited
Business services
Trinidad and
Tobago
T
Ordinary shares
S10. Related undertakings
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Centrica Trust (No.1) Limited (ii)
Healthcare trust
United Kingdom
A
Ordinary shares
CP Energy Storage Assets Sweden 1 AB
Construction of battery storage
Sweden
U
Ordinary shares
CP Energy Storage Assets Sweden 2 AB
Construction of battery storage
Sweden
U
Ordinary shares
DEML Investments Limited
Holding company
Canada
G
Ordinary shares
DER Development No. 10 Ltd.
Holding company
Canada
G
Ordinary shares
Distributed Energy Customer Solutions Limited
Energy management products and services
United Kingdom
A
Ordinary shares
Dyno-Rod Limited
Operation of a franchise network
United Kingdom
A
Ordinary shares
ECL Contracts Limited
Dormant
United Kingdom
A
Ordinary shares
ECL Investments Limited
Dormant
United Kingdom
A
Ordinary shares
ENER-G Rudox, LLC
Energy management products and services
United States
C
Membership interest
Energy For Tomorrow (ii)
Not-for-profit energy services
United Kingdom
A
Limited by guarantee
Ensek Holdings Limited (ii)
Holding company
United Kingdom
V
Ordinary shares
Ensek Limited
Information technology consultancy activities
United Kingdom
V
Ordinary shares
GB Gas Holdings Limited
Holding company
United Kingdom
A
Ordinary shares
Generation Green Solar Limited
Dormant community benefit society
United Kingdom
A
Ordinary shares
GF One Limited (vi)
In liquidation
United Kingdom
W
Ordinary shares
GF Two Limited (vi)
In liquidation
United Kingdom
W
Ordinary shares
Greener Ideas Limited (vii)
Development of flexible power generation
sites
Republic of Ireland
B
Ordinary shares
Inteligen Limited
Dormant
United Kingdom
V
Ordinary shares
Leicestershire Solar 1 Limited
Construction of solar asset
United Kingdom
A
Ordinary shares
Neas Energy Limited
Energy services and wholesale energy trading
United Kingdom
A
Ordinary shares
Neas Invest A/S
Dormant
Denmark
L
Ordinary shares
P.H Jones Group Limited (ii)
Holding company
United Kingdom
A
Ordinary shares
Pioneer Shipping Limited
LNG vessel chartering
United Kingdom
A
Ordinary shares
Rolleston 2 Solar Farm Limited
Construction of solar asset
United Kingdom
A
Ordinary shares
SN12 6EF Limited
Power generation
United Kingdom
A
Ordinary shares
South Energy Investments, LLC
Power generation
United States
C
Membership interest
Vista Solar, Inc.
Energy management products and services
United States
C
Ordinary shares
S10. Related undertakings
Investments held indirectly by Centrica plc with 69% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Bowland Resources (No.2) Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Bowland Resources Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Elswick Energy Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
Spirit Energy Limited
Holding company
United Kingdom
A
Ordinary and
deferred shares
Spirit Energy Nederland B.V.
Gas and/or liquid exploration and production
Netherlands
X
Ordinary shares
Spirit Energy North Sea Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy North Sea Oil Limited
Gas and/or liquid exploration and production
United Kingdom
Y
Ordinary shares
Spirit Energy Norway AS
Non-trading
Norway
Z
Ordinary shares
Spirit Energy Production UK Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Resources Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Southern North Sea Limited
Gas and/or liquid exploration and production
United Kingdom
A
Ordinary shares
Spirit Energy Treasury Limited
Finance company
United Kingdom
A
Ordinary shares
Spirit Europe Limited
Holding company
United Kingdom
A
Ordinary shares
Spirit Infrastructure B.V.
Non-trading
Netherlands
X
Ordinary shares
Spirit North Sea Gas Limited
Gas and/or liquid exploration and production
United Kingdom
Y
Ordinary shares
Spirit Norway Holdings AS
Holding company
Norway
Z
Ordinary shares
Spirit Norway Limited
Holding company
United Kingdom
A
Ordinary shares
Spirit Production (Services) Limited
Business services
United Kingdom
Y
Ordinary shares
Spirit Resources (Armada) Limited
Decommissioning of exploration and production
assets
United Kingdom
A
Ordinary shares
(i) For list of registered addresses, refer to note S10(d).
(ii) Companies where Centrica plc has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of these entities. They are, therefore,
exempt from audit under the requirements of sections 479A-C of the Companies Act 2006.
(iii) Incorporated or acquired in 2025.
(iv) Sold in February 2026.
(v) Entity changed its name during the year from Centrica Hydrogen Innovations Limited to Centrica Energy Investments Limited.
(vi) GF One Limited and GF Two Limited are 75% indirectly owned by Centrica plc.
(vii) Greener Ideas Limited is 80% indirectly owned by Centrica plc.
S10. Related undertakings
(b)
Subsidiary undertakings \u2013 partnerships held indirectly by Centrica plc with 100% voting rights
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
CF 2016 LLP (ii)
Group financing
United Kingdom
A
Membership interest
CFCEPS LLP (ii)
Group financing
United Kingdom
A
Membership interest
Direct Energy Resources Partnership
Holding entity
Canada
G
Membership interest
Finance Scotland 2016 Limited Partnership
Group financing
United Kingdom
O
Membership interest
Finance Scotland CEPS Limited Partnership
Group financing
United Kingdom
O
Membership interest
(i) For list of registered addresses, refer to note S10(d).
(ii) Companies where Centrica plc has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of these entities. They are, therefore, exempt
from audit under the requirements of sections 479A-C of the Companies Act 2006.
The following partnerships are fully consolidated into the Group Financial Statements and the Group has taken advantage of the exemption
(as confirmed by regulation 7 of the Partnerships (Accounts) Regulations 2008) not to prepare or file separate accounts for these entities:
\u2022 Finance Scotland 2016 Limited Partnership; and
\u2022 Finance Scotland CEPS Limited Partnership.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "
(c)
Joint arrangements and associates
31 December 2025
Principal activity
Country of incorporation/
registered address key (i)
Class of shares held
Indirect
interest
and voting
rights
Joint ventures (ii)
Allegheny Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
EDPRNA DG Centrica MT, LLC (iii)
Energy supply and/or services
United States
AB
Membership interest
50.0%
Eurowind Polska VI Sp z.o.o.
Operation of an onshore windfarm
Poland
AC
Ordinary shares
50.0%
Garden Topco Limited (iv)
Holding company
United Kingdom
AI
Ordinary shares
50.0%
Three Rivers Solar 1, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 2, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Three Rivers Solar 3, LLC
Energy supply and/or services
United States
AA
Membership interest
40.0%
Vindpark Keblowo ApS
Holding company
Denmark
AD
Ordinary shares
50.0%
Associates (ii)
Gasrec Limited (iv)
Manufacture of gas
United Kingdom
AO
Ordinary shares
16.4%
Grid Edge Limited (iv)
Business and domestic software development
United Kingdom
AM
Ordinary shares
37.8%
Kestrel Energy Storage DAC
Offshore gas storage development
Republic of Ireland
AF
Ordinary shares
33.3%
Lake Acquisitions Limited
Holding company
United Kingdom
AG
Ordinary shares
20.0%
Sizewell C (Holding) Limited (iv)
Holding company
United Kingdom
AN
Ordinary shares
15.0%
Tickd Limited
Trade of electricity
United Kingdom
AH
Ordinary shares
20.0%
Young Energy Holding Company
Limited
Offshore windfarm development
Republic of Ireland
AE
Ordinary shares
30.0%
(i) For list of registered addresses, refer to note S10(d).
(ii) Further information on the principal joint ventures and associate investments held by the Group is disclosed in notes 6 and 14.
(iii) Entity changed its name during the year from C2 Centrica MT, LLC to EDPRNA DG Centrica MT, LLC.
(iv) Incorporated or acquired in 2025.
All Group companies principally operate within their country of incorporation unless noted otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-622": { "value": "Non-controlling interests
The Group has one subsidiary undertaking with a material non-controlling interest: Spirit Energy Limited, through which the Group carries
out the majority of its exploration and production activities.
2025
2024
Year ended 31 December
Non-
controlling
interests
%
Profit for
the year
\u00a3m
Total
comprehensive
income
\u00a3m
Total
equity
\u00a3m
Distributions
to non-
controlling
interests
\u00a3m
Non-
controlling
interests
%
Profit for
the year
\u00a3m
Total
comprehensive
income
\u00a3m
Total
equity
\u00a3m
Distributions
to non-
controlling
interests
\u00a3m
Spirit Energy Limited
31
21
21
411
\u2014
31
33
34
390
\u2014
Summarised financial information
The summarised financial information disclosed is shown on a 100% basis. It represents the consolidated position of Spirit Energy Limited
and its subsidiaries that would be shown in its consolidated financial statements prepared in accordance with IFRS under Group accounting
policies before intercompany eliminations.
Summarised statement of total comprehensive income
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Revenue
763
1,140
Profit for the year
67
106
Other comprehensive income
2
3
Total comprehensive income
69
109
Summarised balance sheet
31 December
2025
\u00a3m
2024
\u00a3m
Non-current assets
584
992
Current assets
2,022
1,980
Assets of disposal groups classified as held for sale
172
\u2014
Current liabilities
(376)
(557)
Liabilities of disposal groups classified as held for sale
(157)
\u2014
Non-current liabilities
(920)
(1,158)
Net assets
1,325
1,257
Summarised cash flow
Year ended 31 December
2025
\u00a3m
2024
\u00a3m
Net (decrease)/increase in cash and cash equivalents
(8)
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:E26EDV109X6EEPBKVH76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }