London, April 2, 2026, 15:16 GMT+1.
Centrica is set to put two key proposals to a vote at its May 7 AGM: renewing approval to repurchase as many as 460.5 million shares and signing off on a 3.67-pence final dividend. Both resolutions, posted this week, follow a halt to the British Gas parent’s buyback program back in February. 1
Timing is key here. Centrica faces the challenge of weighing cash returns against a stepped-up investment drive after a softer 2025. Back in February, chief executive Chris O’Shea framed the buyback pause as a way for the company to “prioritise investment that creates lasting value for shareholders,” pointing to ongoing work at Sizewell C, Grain LNG and the meter asset unit. 2
Centrica on Wednesday reported it has 4.619 billion shares with voting rights, after factoring out 445.6 million treasury shares—the portion the company owns itself. That leaves the proposed buyback authorization targeting about 10% of the outstanding voting shares as the AGM approaches. 3
Cardiff hosts the AGM, which will also be streamed live; shareholders must submit proxy votes by 10:30 a.m. on May 5, with written questions accepted through April 30. The board is backing every resolution, unanimously. 4
If shareholders give the green light, the final dividend lands on May 14 for those listed on the register as of April 10, bumping Centrica’s total full-year 2025 payout to 5.5 pence per share. The company reported returning £1.1 billion to shareholders in 2025, with £800 million of that coming from buybacks. 5
The payout comes on the heels of a rough annual report. Back in February, Reuters noted Centrica’s core profit had dropped 39%, with the company suspending buybacks after signaling its energy-trading business would fall short of previous targets. Adjusted EBITDA, the headline earnings figure, slid to 1.417 billion pounds from 2.305 billion pounds. 6
Still, energy stocks managed to catch a bid Thursday as oil prices rebounded. Centrica advanced 1.8% by midday in London. BP surged 4.5%. Shell tacked on 3.3%. Brent crude climbed above $108 a barrel again, fueled by renewed jitters over ongoing U.S. strikes against Iran. “The FTSE 100 is being spared the scale of losses seen elsewhere,” said Russ Mould, investment director at AJ Bell, pointing to BP and Shell’s gains and strength among defensive stocks. 7
Still, the new powers could remain just that — powers, not something Centrica acts on soon. The company has already flagged that its Optimisation unit, which handles gas and power trading, is tracking for roughly 250 million pounds of EBITDA in 2026, falling short of the previous target range. As for Rough, Centrica’s offshore gas storage facility, it’s seen breaking even and continues to depend on government backing to be fully sustainable. 2
The uncertainty packs a bigger punch for Centrica than for plenty of its UK-listed rivals. Last month, Reuters pointed out that Britain holds enough gas in storage to cover roughly 12 days of demand. Rough alone makes up nearly half that capacity, putting Centrica right in the thick of the energy security conversation should this new price shock persist. 8
Shareholders also face votes on the annual pay report and board seats, with Frank Mastioux and Alessandra Pasini up for appointment and Chris O’Shea seeking another term. The May 7 meeting shapes up as a key gauge of investor support for Centrica’s strategy—continuing shareholder payouts while trying to reshape the company for more reliable earnings. 1
