Amplitude Energy Limited · ASX:AEL
Amplitude Energy — Macquarie Australia conference (May 2026)
20 slides from Amplitude Energy's conference presentation, May 5, 2026
Slide 1: Amplitude Energy investor presentation May 2026
For personal use only Amplitude Energy investor presentation May 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: Australian domestic gas producer with strong base and growth upside
Australian domestic gas producer with strong base and growth upside Amplitude Energy is a growing, pure-play exposure to Australia’s tight east coast domestic gas market For personal use only NSW Otway Basin Adelaide SA Gippsland Basin (AEL 50% Interest) (AEL 100% Interest) VIC Orbost Gas Plant (OGP
Slide 4: Higher domestic gas prices likely without substantial new local supply
Higher domestic gas prices likely without substantial new local supply Domestic gas is the cheapest and lowest emissions option to meet local demand Australian Southern States contracted gas prices, A$/GJ Australian Southern States supply and demand balance4, PJ For personal use only Low High JKM5 e
Slide 5: Proven performance and cash generation, with further upside ahead
Proven performance and cash generation, with further upside ahead Increased production and operational leverage has generated substantial margin expansion Production, TJe/day Production expenses1, $ per GJ produced For personal use only 75.5 $3.97 73.0 $2.80 $2.60 $2.33 62.1 $1.79 59.8 55.5 FY22 FY2
Slide 6: Transformative near-term brownfield growth
Transformative near-term brownfield growth Backfilling existing infrastructure can deliver growth in equity production of around 50%+ by 20281 Current Illustrative 2028 potential For personal use only ~75 TJ/day2 ~110+ TJ/day3 ~80 75 75 + Patricia Baleen restart 68 + Sole debottlenecking Available f
Slide 7: Orbost production continues to increase
Orbost production continues to increase New production records set at Orbost Gas Processing Plant (OGPP), with potential for further increases from debottlenecking OGPP average processing rate, 90-day average1, TJ/day Select OGPP operational KPIs For personal use only Number of absorber cleans Max a
Slide 8: Exposure to higher gas contract prices
Exposure to higher gas contract prices Legacy Sole gas contracts are rolling off, providing Amplitude Energy with the opportunity to recontract gas into higher term prices Gas contract stack, existing reserves only1 For personal use only PJ/annum ~TJe/d 30 82 Assumes group sales volume of 75 TJe/d f
Slide 9: Strong Victorian winter demand typically drives up spot gas prices
Strong Victorian winter demand typically drives up spot gas prices Demand driven price spikes in colder months pulls gas into southern markets from Queensland 2 3 SWQP gas flows (LHS axis) Vic spot gas price (RHS axis) For personal use only 500 $25.00 Colder Demand can no longer solely be months1
Slide 10: ECSP on track for first gas in 2028
ECSP on track for first gas in 2028 Focused on new supply from the Offshore Otway Basin through existing infrastructure ECSP activity and infrastructure overview For personal use only Backed by Annie discovery, 65 PJ gross 2C1; production license expected imminently Upsized by testing the highly-p
Slide 11: FY26 business priorities being delivered
FY26 business priorities being delivered Development FEED complete For personal use only Progress the ECSP on schedule and First well complete, project on schedule and budget budget Positive gas contracting outcomes OGPP production capacity increased to >70 TJ/day Maximise asset utilisation AGP reli
Slide 12: Appendix A: Additional materials
For personal use only APPENDIX A Additional materials
Slide 13: 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 For personal use only Coal Gas Battery (Dis
Slide 14: 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) For personal use only — Excellent AGP reliability performance over 1H FY26 — Natural decline as expected with 3-well CH
Slide 15: 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 16: Appendix B: Further Financial Information
For personal use only APPENDIX B Further Financial Information
Slide 17: 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 For personal use only Upgrade dri
Slide 18: Record H1 production & financial metrics
Record H1 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 For personal use only Production, TJe/d 73.5 75.5 ▲ 3% — Tracking above gui
Slide 19: 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 For personal use only Senior, secured RBL — Facility limit of $480mm, fu
Slide 20: Otway exploration opportunities
Otway exploration opportunities High quality, low risk prospects in amplitude-supported play Otway Basin, Top Waarre Formation Prospective Resource Summary1 For personal use only AEL Low (P90) Best (P50) Mean High (P10) Prospect Permit Pg4 equity (%) Gross2 Net3 Gross2 Net3 Gross2 Net3 Gross2 Net3 I
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