Centrica PLC (LSE:CNA) has paused its share buyback programme as it redirects capital towards major projects, including the build-out of the Sizewell C nuclear power station and the acquisition of the Grain liquefied natural gas terminal.
The British energy supplier said it had completed its £2 billion buyback in January 2026, having repurchased a quarter of its share capital at an average price of 136p since late 2022.
Chris O’Shea, group chief executive, said: “Pausing the buyback enables us to prioritise investment that creates lasting value for shareholders, while continuing to deliver the reliable, affordable energy that households and businesses need to power economic growth through the transition.”
The decision comes as Centrica accelerates capital deployment across its infrastructure portfolio, including a £1.3 billion capped investment in the 3.2 gigawatt Sizewell C nuclear project, where it has committed £376 million of equity as part of revenue commencement.
The group also completed the acquisition of a 50% stake in the Grain liquefied natural gas terminal for an equity investment of about £200 million, as part of a £1.5bn enterprise value deal alongside Energy Capital Partners.
Capital expenditure rose to £1.23 billion in 2025 from £564 million a year earlier, contributing to a free cash outflow of £167 million, compared with a £989 million inflow in 2024.
Adjusted earnings before interest, tax, depreciation and amortisation fell to £1.4 billion from £2.3 billion, while adjusted operating profit declined to £814 million from £1.55 billion, reflecting lower commodity prices, nuclear outages and weaker gas trading conditions.
Despite lower earnings, Centrica increased its full-year dividend by 22% to 5.5p per share, up from 4.5p in 2024, and returned £1.1bn to shareholders during the year through dividends and buybacks.
Centrica ended 2025 with adjusted net cash of just under £1.5 billion, down from £2,9 billion a year earlier, as it stepped up investment in regulated and contracted infrastructure assets that it expects will provide more stable earnings in the coming years.