Apa Group · ASX:APA
Apa — Q2 2026 Earnings Presentation
50 slides from Apa's earnings presentation, Feb 19, 2026
Slide 1: APA 1H26 Results Presentation
APA Group Limited ACN 091 344 704 | APA Infrastructure Trust ARSN 091 678 778 | APA Investment Trust ARSN 115 585 441 Level 10, 121 Castlereagh Street, Sydney NSW 2000 | PO Box R41 Royal Exchange NSW 1225 Phone +61 2 9693 0000 | Fax +61 2 9693 0093 APA Group | apa.com.au 19 February 2026 ASX ANNOUNC
Slide 2: Investor Presentation FY26 Half-year results
Image: Wallumbilla Gas Hub, QLD Investor Presentation FY26 Half-year results 19 February 2026
Slide 3: Disclaimer
Disclaimer Disclaimer This presentation has been prepared by APA Group Limited (ACN 091 344 704) as responsible entity of the APA This information is based on assumptions and contingencies which are subject to change. APA Group assumes no Infrastructure Trust (ARSN 091 678 778) and APA Investment Tr
Slide 4: Acknowledgement of Country
Acknowledgement of Country At APA, we acknowledge the Traditional Owners and Custodians of the lands on which we live and work throughout Australia. We acknowledge their connections to land, sea and community. We pay our respects to their Elders past and present, and commit to ensuring APA operates
Slide 5: Safety share
Safety share Safe, reliable and APA’s Summer readiness initiatives ensuring safe, reliable operations during extreme weather conditions. efficient operation APA operations continue to maintain safe and stable performance during the recent Summer, ensuring continued supply to customers across APA’s V
Slide 6: Today's key messages
Today’s key messages 01. 02. 03. Strong financial performance Compelling growth outlook Strong balance sheet to and delivery against underpinned by confidence support funding of organic commitments in the long-term role of gas growth pipeline well beyond 20501 – 1H26 Underlying EBITDA up 7.6% to – E
Slide 7: Strong growth across key financial metrics; guidance unchanged
Strong growth across key financial metrics; FY26 Underlying EBITDA guidance is unchanged, with current expectation to exceed the midpoint of the range* 1H26 Underlying EBITDA 1H26 Underlying EBITDA margin 1H26 Free Cash Flow (FCF) +7.6% to $1,092m +280bps to 77.3% +0.7% to $556m Strong contribution
Slide 8: Strategy and market dynamics
Strategy and market dynamics 1H26 Results Investor Presentation 7 Image: Mondarra Gas Storage, WA
Slide 9: Our strategy to be the partner of choice in delivering infrastructure solutions
Our strategy to be the partner of choice in delivering infrastructure solutions for the energy transition remains unchanged Creating securityholder value through disciplined capital deployment into high-return opportunities Prioritisation of projects Strategic fit and APA competitive advantage Finan
Slide 10: Prioritising growth in markets where APA has clear competitive advantages
Prioritising growth in markets where APA has clear competitive advantages and attractive returns Gas transmission and storage Contracted power generation Contracted power generation - Remote • East Coast Gas Grid expansion plan • Contracted power generation on east • Decarbonising mining in the Pilb
Slide 11: Strong long term domestic gas demand and significant existing domestic gas supply
Strong long term domestic gas demand and significant existing domestic gas supply supporting Australia’s East Coast energy market AEMO 2025 projected annual East Coast gas demand AEMO 2025 GSOO total volume of domestic reserves and resources6 (step change scenario)6 Southern supply PJ 600 sources -
Slide 12: In the absence of increased domestic gas solutions, reliance on LNG import
In the absence of increased domestic gas solutions, reliance on LNG import terminals is forecast to result in higher energy costs and higher emissions profile Domestic wholesale gas vs Asian Spot LNG Prices7 Spot Asian LNG imports landed in Victoria (Australian Winter 2025)8 $1.58 $22.96 $3.00 $6.49
Slide 13: East Coast Gas Grid Stage 3 expansion to solve projected shortfalls
East Coast Gas Grid Stage 3 expansion to solve projected East Coast gas shortfalls with a 30% increase in capacity With these expansions, the landed cost of domestic gas to Southern markets is forecast to remain well below LNG imports Stage 3 Overview9 Capex APA proposed East Coast Gas Grid Expansio
Slide 14: New gas basins under development, including Beetaloo Basin
New gas basins under development, including the Northern Territory’s Beetaloo Basin, present additional growth opportunities for APA Beetaloo Basin has promising low cost and low emissions gas Phased development plan for Beetaloo Basin Indicative APA Northern Australia gas transmission and storage c
Slide 15: Significant investment in GPG capacity will be required to firm renewables
Significant investment in GPG capacity will be required to firm the integration of renewables into Australia’s energy system Case Study: Partnering with CS Energy to deliver the proposed Brigalow Peaking Power Plant10 Project highlights Indicative APA and CS Energy Brigalow Peaking Power Plant • Str
Slide 16: Significant long-term growth opportunity in contracted remote energy infrastructure market
Significant long-term growth opportunity in contracted remote energy infrastructure market Pilbara Energy System assets performing in line with expectations Solid progress with development opportunities Completed project: Port Hedland Solar and Battery, Pilbara WA • Overall size of opportunities big
Slide 17: 1H26 financial performance
1H26 financial performance 1H26 Results Investor Presentation 16 Image: Wallumbilla Gas Hub, QLD
Slide 18: 1H26 delivered strong growth in Underlying EBITDA and margin expansion
1H26 delivered strong growth in Underlying EBITDA and margin expansion 1H26 1H25 % Change Continued delivery against financial commitments Segment revenue11 $m 1,412 1,363 3.6 % Underlying EBITDA up 7.6% Underlying EBITDA $m 1,092 1,015 7.6 % Underlying EBITDA margin % 77.3 74.5 280bps Underlying EB
Slide 19: 1H26 Underlying EBITDA $1,092m, up 7.6%
1H26 Underlying EBITDA $1,092m, up 7.6%, reflecting robust asset performance, new asset contributions and enterprise-wide cost reduction initiatives Energy Infrastructure +$67m Contribution of new assets (+$29m), inflation-linked tariff escalations Contribution of Port Hedland and savings from cost
Slide 20: FCF growth driven by strong Underlying EBITDA, partly offset by higher interest and tax
FCF growth driven by strong Underlying EBITDA, partly offset by higher interest and tax and one-off working capital timing impacts Movement in Free Cash Flow Key drivers $77m Net interest expense Increase in net debt to fund growth and marginally higher cost of debt, including full 6 month contribut
Slide 21: Higher Statutory NPAT, reflecting Underlying EBITDA growth and lower net finance costs
Higher Statutory NPAT, reflecting Underlying EBITDA growth and lower net finance costs, partly offset by depreciation on new assets 1H26 1H25 % Change Key drivers Underlying EBITDA $m 1,092 1,015 7.6 % Non-operating items Technology transformation projects¹⁷ $m (8) (17) Reflects accounting adjustmen
Slide 22: Disciplined capex supports long-term growth and reliable asset operations
Disciplined capex supports long-term growth, strengthens foundations and maintains reliable asset operations Capex ²¹ 1H26 1H25 Key projects in FY26 FY26-FY28 considerations* • East Coast Gas Grid expansion: MSEP conversion, MSP off-peak capacity expansion and Bulloo Interlink Pipeline Strong develo
Slide 23: Significant funding capacity across balance sheet, operating cash flow and DRP
Significant funding capacity across balance sheet, operating cash flow and DRP to support the FY26-28 ~$3bn organic growth pipeline* Maintaining a strong balance sheet Forecast sources and uses of cash FY26-FY2825 • FFO / net debt 10.4% at 1H26 (31 December 2025) implies additional debt capacity of
Slide 24: Investment in core foundations now enabling enterprise-wide cost reduction initiatives
Investment in core foundations now enabling enterprise-wide cost reduction initiatives to drive earnings and efficiency Leveraging foundational Initiatives undertaken to reduce costs investments (FY23- FY25) and drive margin expansion Technology: Investment 1. Operational efficiency in systems, proc
Slide 25: Closing remarks
Closing remarks 1H26 Results Investor Presentation 24 Image: Northern Goldfields Interconnect, WA
Slide 26: Strengthening foundations for sustainable growth
Strengthening foundations for sustainable growth 01. 02. 03. 04. Simplifying the business Delivering a lean and Disciplined capital allocation Strong balance sheet and efficient cost base funding flexibility Divestment of Networks Strong progress with Prioritising growth projects S&P modified downsi
Slide 27: Investment thesis: Attractive distributions and significant growth opportunities
Investment thesis: Attractive distributions and significant near and long-term growth opportunities 01. 02. 03. 04. >$20bn 2050+ ~90% 77.3% Portfolio of gas, electricity and Long-life assets, natural gas Highly defensive and Strong EBITDA margins and cost renewable assets with long- required beyond
Slide 28: Supplementary financials
Supplementary financials 1H26 Results Investor Presentation 27 Image: Wallumbilla Gas Hub, QLD
Slide 29: 5-year normalised financials
5-year normalised financials Financial Performance 1H26 1H25 FY25 FY24 FY23 FY22 FY21 Total revenue $m 1,614 1,621 3,204 3,064 2,913 2,732 2,605 Total statutory revenue excluding pass-through³² $m 1,391 1,364 2,713 2,591 2,401 2,236 2,145 Total segment revenue excluding pass-through³³ $m 1,412 1,363
Slide 30: Revenue and Underlying EBITDA by geography
Revenue and Underlying EBITDA by geography $ million 1H26 1H25 Change ($) Change (%) Revenue Energy Infrastructure Queensland 687 663 24 3.6% New South Wales 113 90 23 25.6% Victoria 127 135 (8) (5.9%) South Australia 1 1 – –% Northern Territory 12 13 (1) (7.7%) Western Australia 382 365 17 4.7% Ene
Slide 31: Historical Underlying EBITDA by asset – Energy Infrastructure
Historical Underlying EBITDA by asset – Energy Infrastructure $ million 1H26 1H25 FY25 FY24 FY23 FY22 FY21³⁸ East Coast Grid Wallumbilla Gladstone Pipeline 352 338 683 657 620 578 550 South West Queensland Pipeline 154 157 302 295 262 245 233 Moomba Sydney Pipeline 71 80 137 125 126 136 152 Kurri Ku
Slide 32: Free Cash Flow
Free Cash Flow 1H26 1H25 % Change Key drivers Underlying EBITDA $m 1,092 1,015 7.6% Cash impact of equity accounted earnings $m (3) (1) Change in working capital Change in working capital/other $m (71) (42) Includes the one-off timing impact of costs following a change in payments terms under the Tr
Slide 33: 1H26 Capital and investment expenditure
1H26 Capital and investment expenditure42 $ million Description of major projects 1H26 1H25 Growth capex Regulated Western Outer Ring Main (WORM), Victorian Transmission System 12 36 Non-Regulated – East Coast Gas Sturt Plateau Pipeline, East Coast Gas Grid Expansion, Brigalow Pipeline, Kurri Kurri
Slide 34: Wallumbilla Gladstone Pipeline FY26 hedge accounting implications
Wallumbilla Gladstone Pipeline (WGP) FY26 hedge accounting implications Background • To fund the acquisition of WGP in December 2015, APA issued fixed rate debt into global capital markets • These debt instruments were denominated or swapped to USD using cross currency swaps (CCS), creating the ‘des
Slide 35: Appendix
Appendix 1H26 Results Investor Presentation 34 Image: Newman Power Station, WA
Slide 36: APA's diverse energy infrastructure portfolio
APA’s diverse energy infrastructure portfolio43 GAS TRANSMISSION AND CONTRACTED POWER ELECTRICITY STORAGE GENERATION TRANSMISSION Transmission Renewable energy > 800 km high voltage electricity transmission, including 290 km deep-sea >15,000 km transmission pipelines 342 MW Wind cable 356 MW Solar S
Slide 37: APA's operational footprint across energy infrastructure assets
APA’s operational footprint is across a range of energy infrastructure assets 1H26 Results Investor Presentation 36
Slide 38: Diversified business model
Diversified business model Characteristics of APA’s Energy 1H26 Energy Infrastructure revenue 1H26 Energy Infrastructure revenue 1H26 Energy Infrastructure revenue Infrastructure revenue: by revenue type by counterparty credit rating44 by customer industry segment • Risk management policies and proc
Slide 39: Inflation linked revenues
Inflation linked revenues Revenue45 Long term drawn debt as at Commentary Majority of APA’s fixed revenue 31 December 202547 • A mix of annual and quarterly inflators in is indexed to inflation Fully hedged/fixed with average maturity Australia of 6.3 years • WGP US revenue is adjusted for US inflat
Slide 40: Capital allocation framework
Capital allocation framework designed to ensure FCF is deployed to generate the greatest return for securityholders Productivity improvements Investment Organic growth Strategic acquisitions Free Cash Flow (FCF) Distributions Return to securityholders Other returns to securityholders Capital allocat
Slide 41: Balance sheet strengthened and ample capacity to fund disciplined investment in growth
Balance sheet strengthened and ample capacity to fund disciplined investment in growth 1H26 Capital management initiatives Key metrics • In December 2025, S&P modified APA’s BBB rating downside FFO / 1H26 1H25 Net Debt threshold from 9.5% to 8.5%, recognising APA’s stable and predictable cashflows N
Slide 42: Diversity of funding sources and maturities as at 31 December 2025
Diversity of funding sources and maturities as at 31 December 2025 2,500 2,000 250 300 Syndicated Term Loan 500 EUR Hybrid⁵⁰ 1,500 JPY MTN 25 742 EUR MTN 928 GBP MTN⁵¹ 325 US144A⁵² 774 NAIF 1,000 ARENA 550 Bilateral Term Loan 1,577 Corporate liquidity facilities (undrawn) 1,328 Corporate liquidity f
Slide 43: FY26 Underlying EBITDA guidance is unchanged
FY26 Underlying EBITDA guidance is unchanged, with current expectation to exceed the midpoint of the range Drivers of FY26 Underlying EBITDA FY26 Underlying EBITDA guidance* $2,200m $2,120m-$2,200m $2,160m midpoint $2,120m FY26 Distribution guidance* $2,015m 58.0¢ growth of 1 cps on FY25 Key assumpt
Slide 44: Domestic gas supply remains sufficient to meet rising East Coast demand
Domestic gas supply remains sufficient to meet rising East Coast demand, with Northern basins providing the lowest-cost, lowest-emissions option AEMO 2025 GSOO 2C resource size by basin and supply cost53 $7.00 Beetaloo Surat / Bowen Beetaloo $6.10 $9.19 Cooper $11.51 Cooper Surat / Bowen Gippsland O
Slide 45: LNG prices expected to remain at US$8-12/MMBtu
LNG prices are expected to remain at US$8-12/MMBtu making LNG imports uncompetitive relative to domestic gas Rystad Energy GasMarketCube (January 2026) North-East Asia Spot LNG price (USD/MMBtu) $60 Asian spot LNG (USD/MMBtu) $50 $40 $30 $20 $10 $0 2010 2015 2020 2025 2030 2035 2040 Historical North
Slide 46: Most efficient way to decarbonise Australia's energy system
The most efficient and effective way to decarbonise Australia’s energy system is to retire coal and build out renewables supported by gas The Australian Electricity Market: Generation AEMO’s Draft 2026 Integrated System Plan (ISP) ‘Step Change' scenario forecasts supply mix by fuel types approx. 15G
Slide 47: Group structure
Group structure Group structure Tax structure57 APA Infrastructure Trust APA Investment Trust (APA Infra) (APA Invest) APA Infra APA Invest APA Group Limited 30% tax 0% tax (Responsible Entity) 75% 25% APA Infrastructure Ltd 100% APA Group Operating assets Passive investments and investments • APA G
Slide 48: Endnotes
Endnotes 1. Page: 5 Australian Government, Department of Industry, Science and Resources, Future Gas Strategy, May 2024. 2. Page: 5 Development of the project remains conditional and subject to any necessary external and Government approvals, finalisation of several development matters, as well as e
Slide 49: Endnotes
Endnotes 29. Page: 26 Estimated addressable market sizes in Australia. Estimates are based on a number of key assumptions, including in relation to macroeconomic factors, future technology advancements and costs, market demand, regulatory requirements and government policies and there can be no assu
Slide 50: Andrew Nairn Megan Taylor
Andrew Nairn General Manager Investor Relations M: +61 437 166 497 E: ir@apa.com.au Megan Taylor Head of Media Relations & Financial Communications M: +61 450 640 305 E: megan.taylor@apa.com.au www.apa.com.au