Centrica PLC has announced the commencement of the next £250 million tranche of its £1 billion share repurchase program. This is in line with the capital allocation framework laid out in July 2023 and is part of the company's commitment to return surplus capital to shareholders. The company has already repurchased approximately £750 million of its ordinary shares since November 15, 2022. The current tranche, known as the "Second Tranche," is part of the £450 million share repurchase program extension (the "2023-2024 Programme") announced on July 27, 2023.

For the Second Tranche, the company has entered into an irrevocable arrangement with BNP Paribas Financial Markets S.N.C. to conduct the repurchases on its behalf. The arrangement allows the purchase of ordinary shares for a period from March 5, 2024, up to and including July 31, 2024. The maximum consideration for the purchase of ordinary shares under the Second Tranche is £250 million, representing approximately 3.7% of the company's issued share capital at the closing share price on March 4, 2024.

The purpose of the 2023-2024 Programme is to reduce the capital of the company. Any share purchase will be carried out in accordance with pre-set parameters, and the maximum number of ordinary shares which may be purchased by the company under the Second Tranche is 430,630,570. The Second Tranche will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014/EU and in accordance with Chapter 12 of the UK Listing Rules.

The company will make further announcements following any repurchase of shares. It is important to note that there is no guarantee that the Second Tranche will be implemented in full or that any shares will be bought back by the company. For further information, investors and analysts can contact the company at [email protected], and media inquiries can be directed to [email protected].