Beach Energy Limited · ASX:BPT
Beach Energy — H1 FY26 Earnings Presentation
28 slides from Beach Energy's earnings presentation, Feb 5, 2026
Slide 1: FY26 half year results
FY26 half year results 5 February 2026 February 26
Slide 2: Compliance statements
Compliance statements Disclaimer Assumptions This presentation contains forward-looking statements, including statements of current intention, opinion and predictions regarding Guidance is uncertain and subject to change. Production and capital expenditure guidance and other forecasts, projections,
Slide 3: Milestones
Milestones Delivery of major projects with outstanding safety and environmental performance Waitsia Gas Plant ramp up underway 97% of flood-impacted production restored Four LNG cargoes delivering $233m Early Western Flank drilling success >12-months recordable injury free Equinox Phase 1 complete $
Slide 4: H1 FY26 headline results
H1 FY26 headline results1 Continued performance across key metrics, strengthened liquidity to pursue growth PRODUCTION AVERAGE REALISED GAS PRICE 9.5 MMboe 7% $11.8/GJ 13% SALES VOLUMES TOTAL LIQUIDITY 12.7 MMboe 3% $925 million 47% TOTAL REVENUE PRE-GROWTH FREE CASH FLOW2 $1 billion 0% $225 million
Slide 5: Health, safety and environment
Health, safety and environment Achieving exceptional HSE outcomes Personal safety performance Key highlights 16 4.4 5 ▪ Outstanding HSE performance across all operations Total Recordable Injuries 3.4 4 12 3 o 12 months recordable injury free across Beach operations achieved 2.4 8 12 2 in December 0.
Slide 6: West Coast
6 West Coast Waitsia Gas Plant online and ramp-up underway Waitsia Gas Plant • Waitsia Stage 2 successfully transitioned from project construction and commissioning activities to production operations • Achieved peak production rate of 165 TJ/day1 • Commissioning of third and fourth compressors in Q
Slide 7: Delivering and investing in material East Coast gas supply
Delivering and investing in material East Coast gas supply Leveraging hydrocarbon assets to support future East Coast energy requirements Gas Market Review Beach contribution East Coast gas outlook (PJ)1 ▪ Beach supports a prospective ▪ >$2 billion of capital invested over New demand growth expected
Slide 8: East Coast
8 East Coast Continued investment in East Coast gas supply Established infrastructure and operations • Existing production from onshore and offshore gas fields • Plant reliability >99% at all operated sites Offshore • Equinox Phase 2 planned for H2 FY26 – to include Thylacine West 1 intervention, Ar
Slide 9: East Coast
9 East Coast Inventory refresh delivering quality drilling prospects Oil appraisal and development campaign • 12-well campaign commenced December 2025 • Fit for purpose onshore rig, with 20% reduction in man-hours compared to prior campaigns • 100% success from six wells drilled to date, with accele
Slide 10: Second half focus
Second half focus Focused activity across core East and West Coast hubs Waitsia Gas Plant production ramp up Thylacine West intervention, La Bella 2 drill/completion and Artisan completion Complete planned offshore abandonment scope Complete Western Flank 12-well oil development and appraisal campai
Slide 11: Financial results
FY26 half year results Financial results
Slide 12: Headline financial metrics
Headline financial metrics Results supported by LNG cargoes and strengthened gas prices $ million (unless otherwise indicated) H1 FY25 H1 FY26 Change H1 FY26 sales revenue Production (MMboe) 10.2 9.5 (7%) Sales volumes (MMboe) 12.3 12.7 3% Oil Sales revenue 990 982 (1%) Average realised oil price ($
Slide 13: Underlying NPAT movements
Underlying NPAT movements1 Commercial strategy and cost discipline delivered earnings of $219 million $ million Underlying NPAT of $219 million down 8%: ▪ Higher cost of sales, including third party 7 2 purchases and non-cash inventory 22 (1) (4) movements to facilitate Waitsia LNG cargoes (44) ▪ Sa
Slide 14: Cash reserves movements
Cash reserves movements Positive cash generation through a capital-intensive period $ million ▪ Operating cash flow of $442 million o Net operating receipts of $692 million o Income tax payments of $126 million 140 (212) o Restoration payments of $107 million ▪ $377 million capital expenditure payme
Slide 15: Strong financial position
Strong financial position Strengthened liquidity position to support growth activities Available Liquidity ($ million) 925 ▪ Successful refinance of 2025 and 2026 maturities at strong terms 652 ▪ $300m Term Loan secured on competitive terms with strong lender support 480 690 ▪ $925 million available
Slide 16: Outlook
FY26 half year results Outlook February 26
Slide 17: FY26 guidance
FY26 guidance Production and capital expenditure guidance unchanged FY26 outlook Production Capital expenditure Production: 19.7 – 22.0 MMboe 10% 8% Cooper Basin JV Flood recovery largely complete at end of Four rigs targeting ~80 wells; Moomba (no change) H1 FY26 Central Optimisation Flood recovery
Slide 18: Wrap-up and Q&A
FY26 half year results Wrap-up and Q&A
Slide 19: Beach value proposition
Beach value proposition To become Australia’s leading domestic energy company with a clear East and West Coast gas focus Cooper Basin ✓ Strong Balance Sheet Cooper Basin JV Beach various interests (non-operated) 310 TJ/day Moomba Gas Plant 1.7 Mtpa CO2e injection capacity ✓ Owner’s mindset Western F
Slide 20: Appendix
FY26 half year results Appendix
Slide 21: Reconciliation of EBITDA and NPAT
Reconciliation of EBITDA and NPAT ($ million) H1 FY25 H1 FY26 Change Underlying EBITDA 587 558 (5%) Tariffs and tolls related to unutilised NWS capacity (21) (33) Exploration write-off - (61) Insurance recoveries 2 6 Legal costs related to shareholder class action (2) (2) Cooper Basin flood costs -
Slide 22: Segment information
Segment information SA WA Victoria NZ Corporate Total ($ million) H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Production (MMboe) 4.5 3.8 0.8 0.8 4.1 4.2 0.8 0.8 10.2 9.5 Sales volumes (MMboe) 5.4 4.3 2.0 3.5 4.1 4.1 0.9 0.7 12.3 12.7 Sales revenue
Slide 23: Perth Basin
Perth Basin Privileged infrastructure to service West Coast domestic gas and global LNG markets Asset overview: ▪ Interest: 50% interest and operator of EP320, L11 and L22 (Mitsui 50%); 50% interest in L1 and L2 (Mitsui 50% and operator) ▪ Assets: Waitsia Gas Plant (250 TJ/day capacity); Beharra Spr
Slide 24: Otway Basin
Otway Basin Delivering new gas supply for the East Coast market Asset overview: ▪ Interest: 60% interest and operator (O.G. Energy 40%) ▪ Assets: Otway Gas Plant (205 TJ/day capacity); Black Watch, Enterprise, Geographe, Halladale, Speculant and Thylacine gas fields; Artisan and La Bella gas discove
Slide 25: Cooper Basin JV
Cooper Basin JV Delivering critical gas to the East Coast gas market Asset overview: ▪ Interest: Various non-operated interests (Santos operator)1 ▪ Assets: Moomba Gas Plant (310 TJ/day capacity); Moomba CCS (up to 1.7 Mtpa CO2 injection capacity); ~200 producing oil and gas fields ▪ H1 FY26 product
Slide 26: Western Flank
Western Flank Exploration drilling to follow current appraisal and development campaign Asset overview: ▪ Interest: 100% interest and operator of PEL 91, PEL 104/111 and PEL 106; 75% interest and operator of PEL 92 (Amplitude Energy 25%) ▪ Assets: Middleton Gas Plant (22 TJ/day capacity); 29 produci
Slide 27: Bass Basin Taranaki Basin
Bass Basin Taranaki Basin Non-core asset operating philosophy: ▪ Safety takes precedence ▪ Small, focused operational teams ▪ Target self-sustaining / self-funding operations ▪ Compliant with strict operating principles ▪ Selective capital investment only Interests: 100% interest and operator of T/L
Slide 28: Beach Energy Limited contact details
BEACH ENERGY LIMITED Level 8, 80 Flinders Street Adelaide SA 5000 Australia T +61 8 8338 2833 F +61 8 8338 2336 beachenergy.com.au INVESTOR RELATIONS Adam Stokes, Acting Head of Investor Relations T +61 8 8338 2833