Amplitude Energy Limited · ASX:AEL
Amplitude Energy — H1 FY26 Earnings Presentation
32 slides from Amplitude Energy's earnings presentation, Feb 25, 2026
Slide 1: FY26 half year results
FY26 half year results 25 February 2026
Slide 2: Disclaimer
Disclaimer This document contains summary information about Amplitude Energy and its activities as at the date of this document and should not be considered to be comprehensive or to comprise all the information which a shareholder or potential investor in Amplitude Energy may require in order to de
Slide 3: Executive summary
Executive summary Compelling market opportunity to grow production through existing infrastructure and maximise returns. Record H1 FY26 operational and financial metrics FY26 production guidance increased, strong H2 production expected across all three assets Further production gains expected from O
Slide 4: H1 FY26 in review
#1 H1 FY26 in review »
Slide 5: H1 FY26 highlights
H1 FY26 highlights Record production and financial metrics 13.9 PJe $141.5m $10.24/GJ GROUP PRODUCTION SALES REVENUE AVERAGE REALISED NEW RECORD +3% NEW RECORD +6% GAS PRICE +6% NEW RECORD 75.5 TJe/DAY $100.3m $85.6m ECSP progress UNDERLYING EBITDAX1 ADJUSTED CASH DRILLING TIME AHEAD NEW RECORD +9%
Slide 6: Health, safety, environment and community performance
Health, safety, environment and community performance Results ahead of industry benchmarks through disciplined operations Safety H1 FY25 H1 FY26 Excellent safety performance Hours worked 129,058 145,516 Ahead of industry benchmark TRIFR1 No Tier 1 or Tier 2 process safety events Recordable inj
Slide 7: Gippsland Basin production increases further
Gippsland Basin production increases further New production records set at Orbost Gas Processing Plant (OGPP), with further increases to come from debottlenecking OGPP average processing rate, TJ/d Select OGPP operational KPIs Number of absorber cleans1 Max absorber run length (days)1 46 46 276 65.0
Slide 8: Otway & Cooper Basins
Otway & Cooper Basins Development work expected to result in production recovering in H2 from H1 FY26 Otway & Cooper Basin production, TJe/d1 Otway Basin \ Athena Gas Plant (AGP) — Excellent AGP reliability performance over 1H FY26 — Natural decline as expected with current 3-well CHN2 cycling pat
Slide 9: Increasing exposure to higher gas prices
Increasing exposure to higher gas prices Legacy Sole gas contracts are rolling off, providing Amplitude Energy with exposure to much higher contract and spot gas sales Gas contract stack, existing reserves only1 PJ/annum ~TJe/d 30 82 Assumes group sales volume of 75 TJe/d from CY2026 onwards Exclude
Slide 10: Gas trading & marketing opportunities
Gas trading & marketing opportunities Spot sales, new contractual arrangements and other gas market opportunities are allowing Amplitude to generate additional value for its gas sales AEL realised gas prices, A$/GJ Spark spread contractual arrangement (illustrative) 10.24 Contract payout SA spot ele
Slide 11: Continuous improvement programme
Continuous improvement programme Targeting around $10mm in annualised cashflow improvements by the end of FY261 H1 FY26 success and full year targets FY26 targets & focus areas >80 initiatives company-wide, targeting annualised value of around Continued emphasis on cost reductions $10 million, f
Slide 12: H1 FY26 financial highlights
#2 H1 FY26 financial highlights
Slide 13: Amplitude Energy has built a track record of performance
Amplitude Energy has built a track record of performance Increased production and operational leverage has generated substantial margin expansion Production, TJe/day Production expenses1, $ per GJ produced 75.5 $3.97 73.0 $2.80 $2.60 $2.33 62.1 $1.79 59.8 55.5 FY22 FY23 FY24 FY25 1H FY26 FY22 FY23 F
Slide 14: Record production & financial metrics
Record production & financial metrics Higher production growth and gas price realisations driving earnings and cash generation $mm unless indicated H1 FY25 H1 FY26 Change Record production due to strong OGPP performance Production, TJe/d 73.5 75.5 ▲ 3% — Tracking above guidance, prior to recent ca
Slide 15: Record u-EBITDAX - bridge from H1 FY25 to H1 FY26
Record u-EBITDAX - bridge from H1 FY25 to H1 FY26 Record underlying earnings driven by greater gas sales volume and prices $ million 6.7 4.5 Increased sales volumes and average realised gas 5.0 prices, as noted earlier (4.0) (4.1) Reduced crude oil liftings, impacted by Cooper Basin flooding (ex
Slide 16: Group cash - six monthly bridge from June to December 2025
Group cash - six monthly bridge from June to December 2025 Strong operating cash flows allowing reduction in net debt $ million 143.7 (190.0) 2.3 (10.0) (7.1) (9.9) (0.5) 90.8 138.2 (0.1) 81.3 62.2 Operating Other 76.0 (56.9) Cash and cash Operations Restoration PRRT Interest Cash after Capex Paymen
Slide 17: Significant capacity within debt facilities
Significant capacity within debt facilities Reserve-based loan (RBL) provides financing flexibility and liquidity as the company enters its next leg of growth Bank facilities overview Liquidity overview as at 31 December 2025 Senior, secured RBL — Facility limit of $480mm, fully available at prese
Slide 18: Projects update
#3 Projects update »
Slide 19: ECSP is a brownfield expansion unlocking value of existing infrastructure
ECSP is a brownfield expansion unlocking value of existing infrastructure Unlocking supply from the Offshore Otway Basin through highly-prospective gas fields and use of existing infrastructure Offshore Otway Basin infrastructure overview Taken together ECSP resources would extend the life of the AG
Slide 20: Current Otway Basin drilling activity
Current Otway Basin drilling activity Currently targeting two separate prospects from one surface location Twin exploration well to test Waarre Formation targets at Elanora and Isabella prospects from a single surface location Isabella sidetrack (ST-1) currently being drilled – Waarre C Formatio
Slide 21: Progressing Patricia Baleen restart in Gippsland Basin
Progressing Patricia Baleen restart in Gippsland Basin The Patricia Baleen restart project is a unique low-cost opportunity to unlock supply flexibility for the east coast market while adding value to Amplitude Energy’s existing portfolio Gippsland Basin infrastructure overview Low-risk brownfield i
Slide 22: Increased domestic gas supply crucial to Australia's energy future
Increased domestic gas supply crucial to Australia’s energy future Structural gas demand growth being driven by data centre (DC) roll-outs and coal-to-gas switching, in Australia and worldwide Forecast power gen. investment for DCs, US$bn1 Forecast Australian East Coast GPG3, PJ/year Opportunity to
Slide 23: H2 FY26 outlook
#4 H2 FY26 outlook »
Slide 24: FY26 guidance: production guidance increased
FY26 guidance: production guidance increased Higher gas production is driving cost efficiencies, greater cash generation and earnings, ahead of ECSP FY26 production: Increased to 73 – 77 TJe/d FY26 expense guidance unchanged unchanged FY26 capex guidance unchanged Upgrade driven by higher OGPP pro
Slide 25: FY26 business priorities being delivered
FY26 business priorities being delivered Development FEED complete Progress the ECSP on schedule and Drilling ahead of budget to date, Isabella underway budget to achieve FID Foundation GSA discussions on track OGPP production capacity increased to >70 TJ/day Maximise asset utilisation AGP
Slide 26: Appendix
#4 Appendix
Slide 27: Increasing role of gas in the electricity market
Increasing role of gas in the electricity market Gas is already proving its critical role in firming the national electricity grid; its role will become more important as coal retires. NEM electricity supply1 by type (average ~45% renewables in CY2025), MW Coal Gas Battery (Discharging) Hydro Wind S
Slide 28: Domestic gas is the cheapest & lowest emissions option
Domestic gas is the cheapest & lowest emissions option LNG imports to Victoria would be more expensive and ~2-8x more emissions intensive than Amplitude Energy’s domestic gas Australian Southern States contracted gas prices, A$/GJ Emissions intensity of producing LNG vs. domestic gas, kgCO2-e/GJ3 Lo
Slide 29: Otway exploration opportunities
Otway exploration opportunities High quality, low risk prospects in amplitude-supported play Otway Basin, Top Waarre Formation Prospective Resource Summary1 AEL Low (P90) Best (P50) Mean High (P10) Prospect Permit Pg4 equity (%) Gross2 Net3 Gross2 Net3 Gross2 Net3 Gross2 Net3 Isabella VIC/L24 50 56.
Slide 30: Notes on calculation of reserves and contingent resources
Notes on calculation of reserves and contingent resources Amplitude Energy prepares its petroleum Reserves and Contingent Resources in accordance with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2018 Petroleum Resources Management System (PRMS). The estimates of petrol
Slide 31: Reconciliations
Reconciliations $mm H1 FY25 H1 FY26 $mm H1 FY25 H1 FY26 Underlying net profit / (loss) after tax1 7.8 25.7 Statutory net profit / (loss) after tax 7.6 26.2 Adjusted for: Adjusted for: Restoration (income)/expense and associated costs (2.9) (1.5) Net finance costs 13.8 10.3 Business restructuring and
Slide 32: Abbreviations
Abbreviations $ Australian dollars Amplitude Energy or AEL or Company Amplitude Energy Limited ABN 93 096 170 295 AGP Athena Gas Plant ASX Australian Securities Exchange bbl Barrels Bcf Billion cubic feet of gas boe Barrel of oil equivalent CHN Casino, Henry and Netherby fields ECSP East Coast Suppl