RESULTS FOR FY25 (ENDING APRIL 2025)

* Group revenue up by 10%, reaching £13.7bn

* Strong balance sheet, with £1.5bn in net assets and £1.5bn in cash [prior to Kraken transaction announced separately which roughly doubles net assets]

* £90m underlying EBITDA profit (£93m loss including exceptionals from Bulb & EPG one-offs)

* £203m (1.7%) EBITDA profit in UK Retail, £347m (2.9%) underlying

* Absorbed £57m on behalf of UK customers by offering lower standing charges

* International retail customer base doubled to 2.4m

* Global workforce expanded to 11,400 (+34%)

* Kraken's contracted ARR increased by 100% YoY, reaching £422m

* Achieved Which? Recommend Provider status for the 8th year running

* Named in Sunday Times Best Places to Work

UPDATE SINCE YEAR END

* Now supplying 11m customers globally (16.4m meters)

* £40m worth of customer support available through 'Octo Assist', with over 100,000 customers supported so far

* 90% overall satisfaction rating in Ofgem's supplier survey - the highest of any major supplier EVER

London - Octopus Energy Group today announces its results for the financial year ending 30 April 2025, marking another year of rapid growth globally.

The Group finished the year with a strong balance sheet, holding £1.5 billion in net assets at financial year end (prior to the subsequent sale of Kraken shares, announced separately).

Group revenues rose 10% year-on-year to £13.7 billion, reflecting continued growth across retail, services and technology.

The Group also delivered positive underlying EBITDA of £90 million, demonstrating the strength of its core operations despite the £103 million impact of the warmest spring on record.

Less than ten years after launch, Octopus became the UK's largest energy supplier, serving 7.6 million homes and holding 24% market share. With 800,000 customers making the switch, the UK retail business saw strong organic growth, accounting for 42% of all domestic switches.

Octopus' international retail businesses also grew strongly, with customer numbers doubling to 2.4 million, in line with Octopus' growth rate in the UK at the equivalent stage. The Group now supplies energy across Germany, France, Spain, Italy, Japan, the US (Texas), and New Zealand.

Despite this rapid expansion, Octopus continued to lead the industry on customer service, being named Which? Recommended Energy Supplier for the eighth year running while achieving Trustpilot ratings of 4.8 or higher across its retail markets.

The Group also continued to prioritise lower bills over higher profits, absorbing £57 million to keep standing charges lower for UK customers, whilst closing the year with £1.5 billion in net assets.

Octopus significantly scaled its services and technology businesses, from heat pumps to solar and EV chargers - installing over 900,000 meters and 65,000 other low-carbon technology devices across its markets. It also increased production of its flagship Cosy-series heat pump while expanding its product range.

The company's EV roaming service, Octopus Electroverse, also grew dramatically, becoming Europe's largest public EV charging network, giving drivers access to 980,000+ chargers across 40+ countries.

FY25 was also the year the Group launched Octopus Energy Collective, a new platform designed to allow more people to invest in renewable energy projects.

The Group's tech arm, Kraken, also continued its rapid expansion, signing National Grid in the US as a client. The business also further expanded into the broadband sector through a licensing deal with TalkTalk, serving its 3+ million UK customers.

At the end of April 2025, Kraken was contracted to serve 73 million accounts, up from 51 million the year before, while its recurring revenue doubled to £422 million.

All of this was delivered by our dedicated team, which grew from 8,500 to 11,400 while maintaining top employee experience scores and being named a Sunday Times Top Ten Best Place to Work.

Welcoming the results, Greg Jackson, Founder of Octopus Energy Group, said:

"Octopus is a powerhouse for tech and innovation. We've built multiple world-class businesses and we're already incubating the next generation - from EV leasing and charging networks to heat pump design and smart energy solutions.

"We're focused on long-term growth and investment, backed by a strong, resilient balance sheet of £1.5 billion and long-term investors, which gives us the freedom to scale globally and continue transforming energy.

"By combining technology, customer service, and an exceptional team, we're showing what's possible when energy is made smarter, cleaner, and more efficient - creating value for customers, society, and shareholders."

Octopus Energy Group today:

Octopus hit major milestones in 2025, cementing its position as a global energy and tech leader.

Over the past 10 years, the Group has incubated multiple tech businesses - with the first one, Kraken, now spinning off as an independent business under CEO Amir Orad.

The Group is already breeding the next generation of global tech leaders, including Octopus Electric Vehicles and Octopus Electroverse, making e-mobility simpler and cheaper.

Octopus Electric Vehicles is now the UK's largest EV-specialist leasing business and recently announced its launch in Germany to accelerate the switch to electric driving across Europe.

Meanwhile, Octopus Electroverse has grown into the world's largest EV charging network, connecting over 1 million customers to 1.3 million charge points across the globe.

Innovation remains a core focus at Octopus. Through Octopus Collective, the company became the first energy supplier to offer an FCA-regulated product, while its Intelligent Octopus Go tariff now forms the world's largest virtual power plant, with 3.6 GW of shiftable load helping balance the grid.

Octopus's customer experience remains best-in-class. It scored record high results in the latest Ofgem customer satisfaction survey, and has the lowest complaint rates of any large supplier.**

Supported by c. $3 billion in financial backing and a 12,000-strong workforce, Octopus continues to expand globally. It operates in 27 countries and is a major renewable investor in Europe, managing a £7 billion portfolio of clean energy assets.

FY 2024/25 financial highlights:

Octopus Energy Group:

* Revenue reached £13.7bn (+10% compared to FY24)

* £1.5bn in net assets

* £90m underlying EBITDA profit demonstrating the strength of the core operations

* Reached 16.4m meters on supply, 13.9m in the UK and 2.5m internationally

* Doubled international retail businesses, from 1.2m to over 2.4m customers

* Grew global workforce by 34%, from 8,500 to 11,400

* Over 4GW of renewable assets under management, worth £6.8 billion of assets

* Excellent Trustpilot ratings across all retail markets, with ratings at or above 4.8

Octopus Energy Ltd:

* Largest domestic energy supplier in the UK, supplying over a quarter of the market

* Strong organic growth, with customer base reaching 7.6m

* Absorbed £57m by pricing below the price cap through reduced standing charges

* The most awarded energy supplier in the UK, with a 4.8 Trustpilot rating

* Named Which? Recommended Energy Supplier for eighth consecutive year

Kraken Technologies Ltd:

* Doubled contracted annual recurring revenue YoY, reaching £422m

* Contracted to serve 73 million accounts, up from 51 million the year before

* Signed major new licensing deals, including with National Grid in the US and TalkTalk in the UK

-Ends-

Notes to editors:

For an overview of Octopus Energy Group and its subsidiary companies, please visit octopusenergy.group.

*Ofgem's independent survey of 3,790 GB domestic energy consumers, conducted between July and August 2025, measured overall satisfaction and satisfaction with customer service across seven large suppliers. Octopus Energy (including Your Co-op Energy and London Power customers) was the top performer on both measures (link here)

**Ofgem Customer Service Data Q1-3

Press Contacts

Octopus Energy Group

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy

Octopus Energy is a global clean energy and technology business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting-edge energy products to 11 million households globally.

The company is driving the electrification of heat and transport through smart tariffs and innovative clean tech, with operations spanning 27 countries and the entire energy value chain. It operates a £7 billion renewables portfolio as well as thriving EV leasing, heat pump, and solar businesses.

Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.

For more information, check out our website.