Centrica Energy Trading A/S | Annual 2025

Letter from the CEO 

Throughout 2025, energy markets continued to stabilise and reconnect with underlying fundamentals following several years of exceptional disruption. Natural gas markets remained relatively balanced over the year, supported by a stable supply outlook. This resulted in lower prices and more predictable trading conditions. In contrast, structural imbalances in power markets persisted. Increasing shares of renewable generation, combined with limited flexibility and grid capacity, continued to create volatility at the margins and underline the need for a more adaptable energy system.

Against this backdrop, Centrica Energy Trading A/S delivered solid economic performance, with an adjusted operating profit of DKK 455 million. Financially, earnings before tax reached DKK 66 million, despite lower price levels and reduced volatility limiting trading opportunities. Solid  performance for the year was coupled with strong strategic execution, marked by a continued shift in how we compete and create value in increasingly complex and fast-evolving energy markets.

This is important because markets and technologies are reshaping energy systems at a structural level, changing where value is created and how it can be captured. Trading is no longer just about positioning, but about optimising across increasingly complex and interconnected assets. Technology-driven optimisation and flexibility solutions have become critical, and in response, we have focused on building the solutions required to unlock value in flexibility, with a particular focus on grid-scale battery energy storage systems.

This is reflected in the year’s progress, where we secured multiple key BESS contracts across our core markets and expanded our battery portfolio to 672 MW, with new assets across Denmark, Sweden, and Finland. We also established the operational, commercial, and technical setup required to optimise at a leading level and scale the model into new markets, with the flexibility to adapt to evolving requirements from developers, investors, regulators, and customers.

In parallel, we advanced the build-out of a global, scalable trading platform. In 2025, we expanded our presence in the United States with the opening of our New York office, scaling our algorithmic trading capabilities across MISO, SPP, and ERCOT, strengthening our ability to operate in one of the world’s most dynamic power markets while supporting Centrica Energy’s broader integrated business, including LNG.

We also continued to expand our global portfolio of renewable and flexible assets, growing it by more than 17 percent year-on-year. Through partnerships with industrial leaders such as Saint-Gobain and thyssenkrupp, and developers like Amarenco, we are increasingly linking clean generation with real demand, combining corporate PPAs, optimisation, and flexibility solutions to support decarbonisation while managing market risk. This growth brings our portfolio to 19.5 GW under contract, the largest we have built to date, reinforcing our position as a leading energy trading and optimisation partner.

Underpinning this progress are technology and people. We strengthened our analytics and algorithmic trading capabilities while investing in talent. Our people remain our greatest asset, recognised in 2025 when Centrica Energy was named one of Fortune’s 100 Best Companies to Work for in Europe.

Beyond day-to-day operations, we contributed to the wider energy dialogue. Through support of the Danish EU Presidency and engagement with policymakers, we played an active role in discussions on Europe’s energy future, reflecting our commitment to security of supply, affordability, and sustainability.

As a power and gas trading business active across 29 markets in Europe and the United States, we operate at the intersection of long-term supply, short-term markets, and real-time system needs. This position is increasingly important as energy systems become more complex, interconnected, and reliant on well-functioning markets to deliver reliability, affordability, and decarbonisation at scale.

The direction of travel is clear. We aim to become a global, world-class energy trading business, delivering on our role in energising a greener, fairer future.

Kristian Gjerløv-Juel

CEO, Centrica Energy Trading A/S

*Operating profit under IFRS amounted to DKK 14 million, compared with an adjusted operating profit of DKK 455 million based on management’s performance view. The variance is attributable to gas transport capacity and gas storage contracts, which are measured at fair value in management reporting but are not recognised on that basis under IFRS.