RE: Let's see 200p19 Feb 2026 11:13
Highlights (or perhaps lowlights). Add in a cessation of BBs and even with a slight rise in dividend (still months away and subject to approval) this is not “all good.”
Statutory operating profit of £0.1bn (2024: £1.7bn) includes a net loss on re-measurements of derivative energy contracts and exceptional items of £0.7bn (2024: £0.2bn profit), with £0.5bn of impairments across our late-life gas field assets and investment in Nuclear (excluding Sizewell C). After taking into account tax and interest, statutory basic EPS was a 1.5p loss (2024: 25.7p profit).
Statutory net operating cash flow of £0.7bn (2024: £1.1bn) includes £0.1bn of margin cash and collateral inflow (2024: £0.1bn); closing 2025 margin cash posted of £0.1bn (2024: £0.1bn).
Free cash outflow of £0.2bn (2024: £1.0bn inflow), with significant capital expenditure of £1.2bn (2024: £0.6bn) including Sizewell C, Grain LNG and strong progress in the Meter Asset Provider.
Strong balance sheet and liquidity, with closing adjusted net cash of £1.5bn (2024: £2.9bn).