Slide 1: Origin Energy FY25 Results
Origin Energy FY25 Results Year ended 30 June 2025 Frank Calabria, CEO & Tony Lucas, CFO 14 August 2025
Slide 2: Our FY25 Results
Our FY25 Results Summary of Financial Result − Energy Markets: Ahead of EBITDA guidance at $1,404 million driven by strong operational performance − APLNG: In line with production and cost guidance (682 PJ and $4.2/GJ cost of supply) − LNG trading: Top end of guidance with trading gains of $441 mill
Slide 3: Financial highlights
Financial highlights STATUTORY UNDERLYING UNDERLYING PROFIT PROFIT EBITDA $1,481M Up from $1,397 million in FY24 $1,490M Up from $1,183 million in FY24 $3,411M Down from $3,528 million in FY24 ADJUSTED NET DEBT/ ORIGIN ROCE (24 MONTH ROLLING) FINAL DIVIDEND EBITDA (ROLLING 12 MONTH) (PRE TAX) 1.9x U
Slide 4: Purpose: Getting energy right for our customers, communities and planet
Purpose: Getting energy right for our customers, communities and planet Customers Communities Planet • 69.4% Customer Happiness Index • $404.1m in regional procurement • CTAP targets & ambitions reaffirmed • $38m spent on customer hardship • $20.3m spend with First Nations • 61% ash re-use at Erarin
Slide 5: Leading through differentiated assets & capabilities
Leading through differentiated assets & capabilities Customer Energy Supply Energy resource Octopus & Kraken Largest domestic retail Largest thermal peaking fleet, Leading customer experience, APLNG a world class LNG asset brand and low cost retailer position, trusted brand, world diverse supply por
Slide 6: Investment proposition
Investment proposition + Leading Australian energy Significant growth potential businesses with strong cashflows, through two globally significant fully franked dividends and businesses investing in the energy transition • Energy Markets – leading brand, advanced tech • Octopus Energy – Largest UK e
Slide 7: Financial Review
Financial Review Tony Lucas Q origin
Slide 8: Underlying EBITDA of $3,411 million
Underlying EBITDA of $3,411 million FY24 FY25 3,528 3,411 INTEGRATED GAS • LNG trading delivered $441 million EBITDA, at top end of guidance OTHER IG: APLNG 1,936 IG: APLNG INTEGRATED GAS • Share of EBITDA down 3%, reflecting lower production and lower realised 1,875 SHARE OF APLNG prices Ahead of F
Slide 9: Free Cash Flow reflecting major investment in growth capex
Free Cash Flow reflecting major investment in growth capex Free cash flow ($m) CASH HIGHLIGHTS FY25 FY24 Change Underlying EBITDA (adj for non-cash items) 1,840 1,756 84 >100% Tax paid Change in working capital/Other (648) (14) (634) Energy Markets cash Lower than guidance conversion (adjusted for d
Slide 10: Strong balance sheet enabling dividends and investment in growth
Strong balance sheet enabling dividends and investment in growth Adjusted Net Debt ($m) Adjusted Net Debt / Adjusted Underlying EBITDA1 4,654 4x 1,693 3x 2,833 Target range of 2 – 3x 359 (425) 991 2x (797) 1x - 30 June Operating Dividends Dividends Interest / Capex / 30 June FY21 FY22 FY23 FY24 FY25
Slide 11: Capital allocation - Dividend growth
Capital allocation - Dividend growth Dividends (cps) • Final FY25 dividend determined of 30cps, fully franked (consistent with Interim) − Reflects balance sheet strength and cash generation from 30 two strong diversified businesses 27.5 − Dividend yield of 5.1%, pre franking benefit1 20 • FY25 divid
Slide 12: Business Performance
Business Performance Frank Calabria
Slide 13: Energy Markets tracking in line with medium term targets
Energy Markets Energy Markets tracking in line with medium term targets Electricity gross profit Gas gross profit Cost to Serve 50 $/MWh A$/GJ $m 6 800 40 5 Medium term target range 600 4 30 Medium term target range 3 400 20 2 200 10 1 - - - FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY24 FY2
Slide 14: Customer: Growing share and value with relentless focus on customer
Energy Markets Customer: Growing share and value with relentless focus on customer Growing Customer Base Improving Customer Experience Leading Tech and Product Customer accounts (‘000) Monthly churn rate (%) # of messages sent 30% +2% CAGR 4,695 4,591 25% 4,436 4,483 4,264 20% 25k 4k 3.5k <1k 15% re
Slide 15: Energy Supply: Strong generation performance, developments progressing
Energy Markets Energy Supply: Strong generation performance, developments progressing High availability and volatility coverage Investments in renewables and storage NSW cap revenue1 ($/MWh, LHS) Planned online capacity (MW) 60 Origin NSW generation volumes (TWh, RHS) 4.5 4.0 50 3.5 740 740 40 3.0 5
Slide 16: APLNG summary
Integrated Gas APLNG summary Revenue Costs Cash distributions $m Capex + Opex1 APLNG Cash distributions, net of $m $/GJ APLNG distribution and Origin oil hedging 12,000 360 Origin oil hedging 3,000 4.5 1,600 180 10,000 4.0 1,400 2,500 340 3.5 1,200 130 8,000 2,000 3.0 1,000 A$/bbl 6,000 320 2.5 $m 1
Slide 17: 2P reserves up 3% before production
Integrated Gas 2P reserves up 3% before production APLNG Reserves1 Production and wells drilled PJ PJ APLNG Production & Operated Wells Drilled # wells drilled 16,000 800 300 14,000 700 250 2C 12,000 600 LNG and domestic 200 P3 sales opportunities2 500 10,000 400 150 8,000 P2 300 100 6,000 200 50 4,
Slide 18: APLNG strategy remains unchanged
Integrated Gas APLNG strategy remains unchanged Near-term Focus Mid-term Investment1 • Ramp up field optimisation activity to • Opportunity to invest in infrastructure and manage natural field decline drilling to accelerate low cost gas (in western – Live workovers assets) – ALS conversions – Format
Slide 19: Octopus continues to build two growing platforms both aligned to Origin
Octopus Energy Octopus continues to build two growing platforms both aligned to Origin Strategic and financial Octopus Energy value to Origin Leading energy retailer with significant growth potential Share best practice in retail and wholesale energy management • Unrivalled brand and customer expe
Slide 20: Octopus Energy: Replicating UK success & investing in Energy Services
Octopus Energy Octopus Energy: Replicating UK success & investing in Energy Services UK customers up ~800k Scaling in Europe to 2.7m accounts Energy Services to increase CLV (+1.6m accounts) UK Retail customer accounts Non-UK customer accounts LCT Installs by technology (millions) (millions)2 (# of
Slide 21: Kraken Technologies: Uniquely placed for rapid growth
Octopus Energy Kraken Technologies: Uniquely placed for rapid growth Clear competitive advantage Large addressable market Significant customer growth Live & contracted customers (millions) 74 100% success rate on 45+ 2.1b households globally 32 51 migrations in 17 countries 45 Energy | Water | Telco
Slide 22: Guidance and Q&A
Guidance and Q&A Frank Calabria
Slide 23: FY26 Guidance Summary
FY26 Guidance Summary The following guidance is provided on the basis that market conditions and the regulatory environment do not materially change Origin FY25 FY26 guidance Energy Markets EBITDA A$m 1,404 1,400 – 1,700 LNG Trading EBITDA1 A$m 441 100 – 150 Share of Octopus Energy EBITDA A$m (88) 0
Slide 24: Summary and Q&A
Summary and Q&A • Advantaged assets and capabilities well positioned for the transition • Strong cash flow and returns from two diversified businesses – Tailwinds in Energy Markets via battery developments and cost-out – APLNG delivering strong cash via fully franked dividends • Global growth exposu
Slide 25: Important notices
Important notices Forward looking statements • This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. Such statements are not statements of fact and there can be no certainty of outcome in
Slide 26: Important notices
Important notices All figures in this presentation relate to businesses of the Origin Energy Group (Origin, or the Company), being Origin Energy Limited and its controlled entities, for the reporting period ended 30 June 2025 (the period) compared with the reporting period ended 30 June 2024 (the pr
Slide 27: For more information
For more information Liam Barry Head of Corporate Strategy and Investor Relations Email: liam.barry@originenergy.com.au Office: +61 293 755 991 Mobile: +61 401 710 367 Lindsay Donnelly Group Manager, Investor Relations Email: lindsay.donnelly@originenergy.com.au Office: +61 2 8345 5502 Mobile: +61 4
Slide 28: Analyst Supporting Pack
Analyst Supporting Pack FY25 Results Supplementary Information
Slide 29: Executing on our strategy
Ambitions and guidance Executing on our strategy Ambition Achieved as at 30 June 2025 $100 - $150 million cost to serve reduction (FY26 vs FY24) On track. $50 million savings delivered in FY25 Octopus 100 million licensed Kraken accounts (2027) 74 million contracted Kraken customer accounts Unrivall
Slide 30: FY26 Guidance - Energy Markets and Octopus Energy
Ambitions and guidance FY26 Guidance - Energy Markets and Octopus Energy The following guidance is provided on the basis that market conditions and the regulatory environment do not materially change Energy Markets Share of Octopus FY26 EBITDA is expected to improve with a range of $0 – $150 FY26 EB
Slide 31: FY26 Guidance commentary - Integrated Gas
Ambitions and guidance FY26 Guidance commentary - Integrated Gas The following guidance is provided on the basis that market conditions and the regulatory environment do not materially change APLNG 100% FY26 Integrated Gas - Other APLNG 100% FY25 guidance • Gains from LNG Trading2 are expected to be
Slide 32: FY26 Guidance – Origin capex
Ambitions and guidance FY26 Guidance – Origin capex Origin capex ($m) 1,600 • Total Origin capex for FY26 is expected to be $800 – $1,100 million, subject to timing of 1,400 payments to key suppliers around year end 1,200 – Growth capex is expected to be $550 – $750 1,000 million, primarily relating
Slide 33: Items excluded from Underlying Profit
Financial information Items excluded from Underlying Profit Items excluded from Underlying Profit relate to: Reconciliation from Statutory to Underlying Profit ($m) • Impairment of Hunter Valley Hydrogen Hub ($13 million) and other investments ($8 million) 79 21 (163) (61) • Restructuring and transa
Slide 34: Underlying Profit
Financial information Underlying Profit Movements in Underlying Profit ($m) 354 26 43 (251) (136) 312 1,490 (41) 1,183 FY24 EM Share of Octopus IG - Share of IG - Other Corporate D&A Tax/other FY25 EBITDA Energy profit APLNG profit EBITDA EBITDA 14 Aug 2025 | Origin FY25 investor presentation 34
Slide 35: Energy Markets EBITDA lower, in line with guidance
Financial information Energy Markets EBITDA lower, in line with guidance Movements in Underlying EBITDA ($m) (224) 50 10 (87) • Lower Electricity gross profit: lower wholesale allowance in DMO/VDO reflecting the lagged impact of market prices from the prior year as well as higher coal costs, partial
Slide 36: Integrated Gas EBITDA driven by LNG trading gains
Financial information Integrated Gas EBITDA driven by LNG trading gains Movements in Underlying EBITDA ($m) 25 158 99 54 66 287 Share of APLNG EBITDA down $61 million: • Lower realised oil prices and lower domestic revenue, offset by higher LNG volumes 2,202 1,951 • Increased opex driven by higher g
Slide 37: Share of Octopus Energy down with one off impacts and growth investment
Financial information Share of Octopus Energy down with one off impacts and growth investment Movements in Underlying EBITDA ($m) (42) • UK Retail: 10% organic customer growth and lower REGO prices 55 − Customer growth and lower REGOS (~$70m) (8) − Extreme weather impacts of March-May (-$62m) (31) −
Slide 38: Segment summary
Financial information Segment summary Energy Markets Share of Octopus Integrated Gas Integrated Corporate Total Energy ($m) - Share of APLNG Gas - Other FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Underlying EBITDA 1,404 1,655 (88) 55 1,875 1,936 327 15 (107) (133) 3,411 3,528 Underl
Slide 39: Underlying ROCE – 24 month rolling
Financial information Underlying ROCE – 24 month rolling 30 June 2025 30 June 2024 Change Change As at ($m) ($m) ($m) (%) Capital Employed Net assets 9,919 9,489 430 5% Adjusted net debt 4,654 2,833 1,821 64% Net derivative (asset)/liability (108) (436) 328 (75%) Origin's share of APLNG net debt (pr
Slide 40: Reconciliation of Adjusted Net Debt
Financial information Reconciliation of Adjusted Net Debt Issue Issue Hedged Hedged AUD $m AUD $m AUD $m $m Currency Notional Currency Notional Jun-25 Jun-25 Jun-25 Interest bearing Debt & CCIRS Adjusted net liabilities2 FV adjustments debt AUD debt AUD 2,485 AUD 2,485 2,466 2,466 USD Debt left in U
Slide 41: Energy Markets segment revenue reconciliation
Financial information Energy Markets segment revenue reconciliation The table below reconciles the difference between segment revenue and customer revenue disclosed in the Electricity, Natural Gas, LPG, Energy Services & Internet and Future Energy tables. FY25 FY24 Change Change ($m) ($m) ($m) (%) E
Slide 42: Customer account movements
Energy Markets support Customer account movements Electricity ('000) 30 June 30 June 20 Customer accounts ('000) as at Change 2025 20243 10 Electricity 2,792 2,763 29 - Business 22 25 (3) (10) Retail – Mass Market 2,563 2,542 21 Retail – Community Energy Services 207 196 11 (20) NSW 1 QLD VIC SA 2 G
Slide 43: Electricity forward price by State ($/MWh)
Energy Markets support Electricity forward price by State ($/MWh) 150 NSW 150 VIC 130 130 110 110 90 90 70 70 50 50 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 QLD SA 150 150 130 130 110 110 90 90 70 70 50 50 May-23 Au
Slide 44: Coal prices
Energy Markets support Coal prices Historical and forward coal prices A$/t 300 250 200 • ~80% of anticipated coal volume for FY26 is contracted or hedged at prices broadly in line with FY25 150 • Current forward prices for FY26 are also broadly in line with FY25 costs 100 50 - Newcastle 5500 kcal Ne
Slide 45: Origin’s ‘energy’ position
Energy Markets support Origin’s ‘energy’ position Illustrative Origin energy position ‘Energy prices’ are defined here as NEM pool prices TWh <$300/MWh • Impact within a financial year Losses − Customer tariffs largely fixed at start of financial year Short Not hedged to in-year pool price movements
Slide 46: Origin’s ‘capacity’ position
Energy Markets support Origin’s ‘capacity’ position Illustrative Origin capacity position MW ‘Capacity prices’ are defined here as prices for contracts Maximum that strike at NEM pool prices >$300/MWh demand • Impact within a financial year Capacity Only hedges in-year pool − Customer tariffs largel
Slide 47: Battery developments on track
Energy Markets support Battery developments on track Estimated FY25 Total Capacity Storage Commercial Pre FY25 Project Type State capex Capex (MW) (MWh) Operation capex ($m) ($m) Date Eraring Stage 1 + Stage 3 Build & own 460 1,770 NSW Q4 CY25 196 535 ~850 expansion Eraring Stage 2 Build & own 240 1
Slide 48: Gas prices and contracted supply
Energy Markets support Gas prices and contracted supply Gas prices Contracted gas supply A$/GJ 250 PJ 30 200 20 150 100 10 50 - - FY24 FY25 FY26 FY27 FY28 FY29 FY30 APLNG legacy contract 1 Fixed Price 1 Price review/market Oil-linked JKM netback price - Wallumbilla (ACCC) Wallumbilla spot price JKM-
Slide 49: APLNG sources and uses
Integrated Gas support APLNG sources and uses APLNG (100%) Unit FY25 FY24 Change % Change Sources and Uses of Gas Operated Spring Gully PJ 84.2 85.2 (1.0) (1%) Reedy Creek, Combabula and Peat PJ 187.6 177.1 10.5 6% Condabri, Talinga and Orana PJ 281.9 292.4 (10.5) (4%) Total operated production PJ 5
Slide 50: APLNG sales summary
Integrated Gas support APLNG sales summary APLNG (100%) Unit FY25 FY24 Change % Change LNG LNG production PJ 533.5 500.5 33.0 7% Changes in LNG inventory PJ 0.4 1.8 (1.4) (78%) LNG contract sales PJ 493.3 445.7 47.6 11% LNG spot sales PJ 40.7 56.6 (15.9) (28%) Total LNG sales volume PJ 533.9 502.3 3
Slide 51: APLNG sales mix and LNG price review
Integrated Gas support APLNG sales mix and LNG price review Legacy domestic contracts: • Domestic legacy contract customers include Origin FY25 FY24 (expiring 2034), Rio Tinto (2031), QAL (2041) and Sales mix (100%) PJ % PJ % QGC (2035) • We expect to ~90PJ pa of sales on average until Contract LNG
Slide 52: LNG trading delivered earnings in FY25, further gains in FY26
Integrated Gas support LNG trading delivered earnings in FY25, further gains in FY26 European and US Gas prices US/mmbtu 100 Majority of hedging • Origin’s LNG trading business comprises: activity – Cameron contract – purchase of 0.25 mtpa Henry Hub 80 linked gas via a contract to 2039 – Portfolio o
Slide 53: Octopus Energy valuation growth
Octopus Energy support Octopus Energy valuation growth Octopus Energy Group - Raising valuations over time (U$bn) 10 9.0 7.8 Valuation growth backed by 8 credible international investors 6 Origin investment 4.4 4.4 4 Total investment to date of A$1.2 billion for 22.7% 2.0 2 1.4 - May-20 Dec-20 Sep-2