Frontier Energy Limited · ASX:FHE
Frontier Energy — Euroz Hartleys Rottnest Conference 2026
18 slides from Frontier Energy's conference presentation, Mar 19, 2026
Slide 1: Developing WA's largest hybrid renewable energy project
For personal use only Developing WA’s largest hybrid renewable energy project Euroz Hartleys Rottnest Conference March 2026 Artist impression of solar facility
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENT Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking For personal use only information, including risks
Slide 3: Waroona Renewable Energy Project
Waroona Renewable Energy Project CAPITAL STRUCTURE Stage One – 120MW/81.5MW (565MWh) For personal use only Strong returns on key metrics over +30yr operation life 563m Connection, land, permits, approvals and revenue Shares on issue certainty1 in place Stage Two study underway Debt funding solution
Slide 4: Current state of play in WA electricity market
Current state of play in WA electricity market All prior to the potential impact caused through the energy transition Price Demand Supply For personal use only 22.4 TWh of generation in 2025 90 Coal Renewables 28.0% 40.0% A$/MWh Gas 29.0% 50 2021 2022 2023 2024 2025 Battery 3.0% WEM Price (Average)
Slide 5: Closures can only occur after new generation is added
Closures can only occur after new generation is added ~10 TWh, or a 47% increase in generation, required by 2031 to allow for the retirement of ageing coal and gas and to meet demand forecasts • 6.6TWh (1.7GW capacity)1 of coal fired power generation and planned closures which provided 30% of total
Slide 6: Waroona Energy Project – building blocks in place for development
Waroona Energy Project – building blocks in place for development Stage One (120MW solar / 81.5MW 6.9hr BESS) is the most advanced hybrid development project on WA’s main electricity network It has taken ~5 years of pre-development work to reach this point – Stage One is now ready for development Fo
Slide 7: Debt funding solution nearing completion – targeting 2Q26
Debt funding solution nearing completion – targeting 2Q26 Strong appetite to participate in senior debt financing from a range of tier one banks and financial institutions Senior Debt Waroona major advantage – Speed to market through existing connection • Azure Capital – leading advisor in the renew
Slide 8: Reserve Capacity – fixed price option underpins financing
Reserve Capacity – fixed price option underpins financing Reserve capacity revenue is in addition to revenue received from selling energy onto the grid What is Reserve Capacity and how does it work? Historical Reserve Capacity Price • Designed to ensure adequate electricity generation in peak For pe
Slide 9: Long-term profitable project with strong returns on all metrics
Long-term profitable project with strong returns on all metrics Updated independent forecast increased the average annual revenue to $72.5 million over the first five years of production • Energy market expert, Aurora, updated their forecast revenue as part of the debt financing process Cumulative C
Slide 10: How does Waroona compare to other pure play listed renewables?
How does Waroona compare to other pure play listed renewables? Strong earnings multiple underpinned by long-life project and Government counterparties providing revenue certainty • Listed renewable energy companies in Australia have historically been subject to competitive takeovers following develo
Slide 11: Growing Waroona into WA's largest hybrid solar facility
Growing Waroona into WA’s largest hybrid solar facility Planning for Stage Two expansion underway with majority of building blocks in place Stage Two is a near-term expansion opportunity to meet demand • Stage Two expansion study progressing For personal use only • Utilising existing land owned by F
Slide 12: Development ready solution for the WA energy transition
DEVELOPMENT READY SOLUTION FOR THE WA ENERGY TRANSITION For personal use only WAROONA RENEWABLE ENERGY PROJECT Barriers to entry passed Strong Economic Pathway for growth Guaranteed revenue conditions Multi-stage growth and existing grid High prices, growing strategy aligns connection secured demand
Slide 13: Appendices
For personal use only APPENDICES Development ready solution for the energy transition Development ready solution for the energy transition Artist impression of solar facility ASX:FHE | 13
Slide 14: Appendix 1: Australian Energy Markets – WEM and NEM
Appendix 1: Australian Energy Markets – WEM and NEM Wholesale Electricity Market (WEM) For personal use only • Largest micro grid in the world Network • ~22 TWh of electricity annually Annual operational • Current ~22 TWh demand • Growth – 4.5% pa (54% by 2033) • Australia’s only capacity market Cap
Slide 15: Appendix 2: Why hybrid facilities are the optimal solution
Appendix 2: Why hybrid facilities are the optimal solution Why Solar and BESS? For personal use only • Solar – cheapest and most predictable form of renewable energy generation • BESS – allows for energy arbitrage and maximising additional revenue streams: • Avoid solar sales into low price periods
Slide 16: Appendix 3: Benchmark Reserve Capacity
Appendix 3: Benchmark Reserve Capacity Reserve Capacity Mechanism (RCM) in the WEM 2027/28 BRCP and historical BRCPs/RCPs • The RCM is not available in other Australian states For personal use only • The RCM is designed to ensure adequate generation capacity is available to meet forecast peak electr
Slide 17: Appendix 4: ASX listed renewable energy companies
Appendix 4: ASX listed renewable energy companies • There are a limited number of renewable energy companies on the ASX, and those are operating companies that typically trade at high EBITDA multiples • Listed renewable energy companies in Australia have historically been subject to competitive take
Slide 18: For more information contact
For personal use only For more information contact Adam Kiley CEO +61 8 6117 0479 akiley@frontierhe.com ASX: FHE | OTCQB: FRHYF frontierhe.com Development ready solution for the energy transition ASX:FHE | 18
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