Frontier Energy Limited · ASX:FHE
Frontier Energy — Investor Presentation (September 2026)
22 slides from Frontier Energy's investor presentation, Sep 2, 2026
Slide 1: Funded to Build. Positioned for Growth.
For personal use only FUNDED TO BUILD. POSITIONED FOR GROWTH. Powering WA’s Next Wave of Energy Demand Investor Presentation | September 2026
Slide 2: Disclaimer
Disclaimer This presentation (Presentation) has been prepared by Frontier Energy Limited (Frontier Energy, FHE or the Company). The Presentation has been prepared as at 1 September 2026 and statements are current only as at that date. FORWARD LOOKING STATEMENT The Presentation includes “forward look
Slide 3: Waroona Renewable Energy Precinct
Waroona Renewable Energy Precinct PLATFORM TO DELIVER MULTIPLE STAGES OF ELECTRICITY GENERATION TO THE WESTERN AUSTRALIA MARKET DBNGP ~$220m Gas pipeline Stage One Market Cap4 Landwehr Terminal For personal use only 500m ~$103m Cash5 1,112m 330KV lines Shares on issue Stage One – 132MW solar / 81.5M
Slide 4: Construction strategy de-risks project and optimises cost
Construction strategy de-risks project and optimises cost 5 YEARS OF PREPARATION FOR STAGE ONE DEVELOPMENT Risk reduction in development phase • 5 years of pre-development work prior to construction – including securing land, grid connection agreement plus development, environmental and heritage app
Slide 5: Funded for Stage One development
Funded for Stage One development EQUITY AND DEBT FINANCING IN PLACE FOR DEVELOPMENT $280 million – Credit approved commitments for senior debt • Underwriting letter signed with Natixis CIB and Sumitomo Mitsui Banking Corporation for debt facilities consisting of: • A$250 construction and term facili
Slide 6: Stage One development timeline
Stage One development timeline LESS THAN TWO YEARS UNTIL FIRST REVENUE GENERATION 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Stage One Land ✓ Substation EPC For personal use only Equipment Supply ✓ Planning and Approvals Development Approval Primary EPC Fixed Price All contracts signed Fixed
Slide 7: Stage One – Multiple revenue streams driving strong EBITDA
Stage One – Multiple revenue streams driving strong EBITDA PROVIDING LONG TERM ANNUNITY RETURNS WITH FIXED PRICED REVENUE MECHANISMS • Energy market expert, Aurora, provided independent revenue Stage One: Average annual forecast cash flows and EBITDA until 20321 forecasts as part of the debt financi
Slide 8: Energy Market Update and Expansion Strategy
For personal use only ENERGY MARKET UPDATE AND EXPANSION STRATEGY FUNDED TO BUILD. POSITIONED FOR GROWTH ASX: FHE | 8
Slide 9: What is required to build an energy project – revenue certainty
What is required to build an energy project – revenue certainty STRONG AND GROWING MARKET DEMAND IS PROVIDING THE SUPPORT FOR FUTURE EXPANSION In addition to the +4yrs of pre-development, the final aspect that is essential for electricity development is securing revenue certainty NEW ENERGY – DATA C
Slide 10: Current status of WA electricity market
Current status of WA electricity market RECORD HIGH ENERGY PRICES PRIOR TO COAL CLOSURES, LOOMING DOMGAS SHORTAGE AND RESERVE CAPACITY PAYMENTS Energy prices in WA are the highest in Australia – What is driving this? 200 Wholesale energy prices in 2026 (YTD)2 • Coal (~25% of supply) – remains a curr
Slide 11: What factors will continue to impact WA in the energy transition
What factors will continue to impact WA in the energy transition ~12TWH OR A 56% INCREASE IN GENERATION REQUIRED BY 2031 TO ALLOW FOR RETIREMENT OF AGEING GENERATION ASSETS New generation and storage needs to be developed prior to the 1.7GW of Announced Fossil Fuel Closures planned closures of carbo
Slide 12: Data centres – the next boom for electricity demand
Data centres – the next boom for electricity demand DRIVING ELECTRICITY DEMAND PAST THE ENERGY TRANSITION Global Data Centre (DC) growth • Global DC electricity consumption is forecasted to more than double by 2030, rising to Global demand for electricity from DCs3 approximately 945 TWh pa1 1000 • A
Slide 13: Australia at the forefront of the global data centre boom
Australia at the forefront of the global data centre boom LOCATION OF DATA CENTRES HAS SHIFTED TO WHERE ENERGY, LAND AND SOVERIGN SECURITY IS IN PLACE Why is Australia leading this new charge for DCs • Power availability – significant renewable energy power generation and growth potential • Sovereig
Slide 14: Growth beyond Stage One underway
Growth beyond Stage One underway PURSUING MULTIPLE REVENUE CERTAINTY OPTIONS CURRENTLY IN MARKET Stage Two development ~130MW Solar / ~80MW BESS • Work undertaken to date on a Stage Two development includes: • Land ownership and development approval in place • Environmental assessment • Connection a
Slide 15: Valuation growth to come through development and expansion
Valuation growth to come through development and expansion1 FEW LISTED REBEWABLE ENERGY COMPANIES ON THE ASX DUE TO TAKEOVERS • Listed renewable energy companies in Australia have historically been subject to competitive takeovers, resulting in strong valuation metrics – a common valuation method fo
Slide 16: 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 conditions Expansion strategy Government backed High prices, Multi-stage growth revenue support, growing demand strategy aligns funding in place and
Slide 17: Appendices
For personal use only APPENDICES FUNDED TO BUILD. POSITIONED FOR GROWTH FUNDED TO BUILD. POSITIONED FOR GROWTH ASX: FHE | 17 Artist impression of solar facility ASX:FHE | 17
Slide 18: Appendix – Stage One provides long-term annuity returns
Appendix 1 – Stage One provides long-term annuity returns • Independent pricing and fixed revenue support underpins consistent long term free cash flow generation • Multiple revenue streams all independently estimated by energy market expert Aurora1 • Aurora engaged by banks as part of the debt fina
Slide 19: Appendix – Reserve Capacity overview
Appendix 2 – Reserve Capacity overview WA GOVERNMENT INITIATIVE – ANNUAL PAYMENT FOR PROVIDING GENERATION CAPACITY TO GRID What is Reserve Capacity and how does it work? Historical Reserve Capacity Price3 $600,000 • Designed to ensure adequate electricity generation in peak demand periods (4pm – 9pm
Slide 20: Appendix – CIS provides underwritten revenue until 2042
Appendix 3 – CIS provides underwritten revenue until 2042 FEDERAL GOVERNMENT INITIATIVE – PROVIDES TOP-UP PAYMENT SHOULD ANNUAL REVENUE FALL BELOW FLOOR PRICE What is the Capacity Investment Scheme (CIS)? How CIS Works • CIS is a revenue underwriting scheme, backed by the Australian Government to su
Slide 21: Appendix – Supporting information for listed renewable energy companies
Appendix 4 – Supporting information for listed renewable energy companies • There are a limited number of renewable energy companies on the ASX, and those companies typically trade at high EBITDA multiples • Listed renewable energy companies in Australia have historically been subject to competitive
Slide 22: For more information contact
For personal use only For more information contact Jamie Cullen Adam Kiley Executive Chairman Chief Executive Officer jcullen@frontierhe.com akiley@frontierhe.com ASX: FHE frontierhe.com FUNDED TO BUILD. POSITIONED FOR GROWTH ASX: FHE | 22
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