Apa Group · ASX:APA
Apa — FY2025 Earnings Presentation
55 slides from Apa's earnings presentation, Aug 20, 2025
Slide 1: APA FY25 Results Presentation
APA Group Limited ACN 091 344 704 | APA Infrastructure Trust ARSN 091 678 778 | APA Investment Trust ARSN 115 585 441 Level 25, 580 George 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 20 August 2025 ASX ANNOUNCEMENT AP
Slide 2: Investor Presentation: 2025 Full-year results
Investor Presentation 2025 Full-year results
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: Operational safety share
Operational safety share Asset resilience and recovery in natural disasters -Cyclone Zelia (Western Australia) Safe, reliable and In FY25, APA’s Port Hedland Solar Farm and Battery Energy System (BESS) efficient operation withstood Cyclone Zelia’s destructive winds and heavy rain with minimal damage
Slide 6: 25 years of securing Australia's energy future
25 years of securing Australia’s energy future 1 Growing distributions every year since 2004 60 50 (CPS) 40 30 20 10 0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 FY25 Results Investor Presentation 5
Slide 7: Delivering on commitments to enhance securityholder value
Delivering on commitments to enhance securityholder value Strong underlying demand for Implementing enterprise-wide Simplified the business with Successfully addressed gas contributing to cost reduction initiatives to refined Electricity Transmission regulatory concerns for South- strong earnings dr
Slide 8: FY25 highlights and outlook
FY25 highlights and outlook FY25 Results Investor Presentation 7 Image: Mondarra Gas Storage, WA
Slide 9: Full-year earnings delivered towards the top end of guidance
Full-year earnings delivered towards the top end of guidance, reflecting robust asset performance and focus on cost and capital discipline FY25 Underlying EBITDA FY25 Underlying EBITDA margin FY25 Free Cash Flow (FCF) +6.4% to $2,015m +0.9ppts to 74.2% +0.9% to $1,083m Underlying EBITDA ex-Pilbara E
Slide 10: Continued ongoing progress against non-financial metrics
Continued ongoing progress against non-financial metrics Health, Safety, Customer Culture and reputation Climate Environment & Heritage • Strong performance on • Delivered Kurri Kurri Lateral • 70% engagement survey score • Addressed all commitments due leading indicators, including Pipeline, Port H
Slide 11: Strong foundations for sustainable growth
Strong foundations for sustainable growth 01. 02. 03. 04. 05. Disciplined Strong balance sheet Investment program to Simplifying Delivering a lean and capital allocation and funding flexibility strengthen foundations the business efficient cost base Prioritising growth Focused on delivering Capabili
Slide 12: FY25 financial performance
FY25 financial performance FY25 Results Investor Presentation 11 Image: Port Hedland Solar Farm and Battery, WA
Slide 13: Continued growth in Underlying EBITDA margin
Continued growth in Underlying EBITDA margin driven by inflation-linked tariff escalation, new asset contributions and benefits from cost reduction initiatives FY25 FY24 % Change Delivered on financial commitments Segment revenue 6 $m 2,716 2,582 5.2 % Underlying EBITDA $m 2,015 1,893 6.4 % FY25 Und
Slide 14: FY25 earnings driven by strong performance across the portfolio
FY25 earnings driven by strong performance across the portfolio and disciplined cost control Energy Infrastructure +$135m Corporate cost growth of 2.5%, Inflation-linked tariff 10 Pilbara Energy power below inflation reflecting cost- escalations, additional 11.8% Increase in demand for seasonal capa
Slide 15: FCF reflects ongoing investment in the business
FCF reflects ongoing investment in the business, with EBITDA growth partly offset by higher interest and tax costs Key drivers FY25 FY24 % Change Net interest paid Underlying EBITDA $m 2,015 1,893 6.4% Increase in net debt to fund growth, US144A issuance Cash impact of equity accounted earnings $m 2
Slide 16: Statutory NPAT lower due to significant items in prior period
Statutory NPAT lower due to significant items in the prior corresponding period, otherwise up 8.4% Key drivers FY25 FY24 % Change Non-operating items Underlying EBITDA $m 2,015 1,893 6.4 % Reflects accounting adjustment items such as fair Technology transformation projects¹³ $m (37) (84) value and h
Slide 17: Capex reflective of disciplined investment in long-term growth
Capex reflective of disciplined investment in long-term growth, strengthening foundations and maintaining the reliable operation of assets 16 Capex FY25 FY24 Key projects in FY25 FY26-FY28 considerations* • Port Hedland Solar and BESS project • Kurri Kurri lateral pipeline • East Coast Gas Grid expa
Slide 18: Balance sheet capacity strengthened with strong liquidity
Balance sheet capacity strengthened with strong liquidity to support ~$2.1bn organic growth pipeline FY25 Capital management initiatives Key metrics • Issued USD1.25bn ($1,879m) US144A / Reg S notes with 10 and 20-year FY25 FY24 maturities in September 2024 Net debt¹⁸ $12.6bn $12.2bn • Proactive ear
Slide 19: 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 20: Existing capacity to fund the ~$2.1bn organic growth pipeline
Existing capacity to fund the ~$2.1bn organic growth pipeline over FY26-28 through operating cash flow, existing balance sheet capacity and DRP* Delivering a strong balance sheet 20 Forecast sources and uses of cash FY26-FY28 • FFO / net debt 10.4% at FY25 (30 June 2025) implies additional 19 debt c
Slide 21: FY26 Underlying EBITDA and distribution guidance
FY26 Underlying EBITDA guidance ahead of inflation and supported by contribution from new assets and cost reduction initiatives FY26 Underlying EBITDA up 7.2% at midpoint of guidance range* FY26 Underlying EBITDA guidance* $2,200m $2,160m midpoint $2,120m-$2,200m $2,120m FY26 Distribution guidance*
Slide 22: Strong progress on initiatives to enhance securityholder value
Strong progress on initiatives to enhance securityholder value Simplifying the Productivity and cost Pursuing growth business improvements opportunities Refined Electricity Transmission Targeting Underlying EBITDA uplift of Strong development pipeline strategy to focus on projects that approximately
Slide 23: Strategy and market dynamics
Strategy and market dynamics FY25 Results Investor Presentation 22 Image: Wallumbilla Gas Hub, QLD
Slide 24: Our strategy to be the partner of choice for the energy transition
Our strategy to be the partner of choice in delivering infrastructure solutions for the energy transition remains unchanged Creating securityholder value through the deployment of capital in markets where we can generate attractive financial returns Indicative returns above our post tax WACC* 5%+ 0%
Slide 25: Focus on growth in markets where APA has competitive advantages
Focus on growth in markets where APA has competitive advantages and can generate strong securityholder returns Gas transmission and storage Contracted power generation - GPG Contracted power generation - Remote • East Coast Gas Grid expansion plan • Contracted GPG on east and west coasts • Decarboni
Slide 26: Resilient long term gas market fundamentals support investment
Resilient long term gas market fundamentals support investment in gas pipeline and storage infrastructure for the East Coast AEMO 2025 projected annual East Coast gas demand AEMO 2025 GSOO total volume of domestic reserves and resources 25 25 (step change scenario ) Southern supply PJ 600 sources -
Slide 27: Reliance on LNG import terminals likely to raise energy costs
In the absence of increased domestic gas solutions, reliance on LNG import terminals is likely to result in higher energy costs and higher emissions profile 26 27 Domestic wholesale gas vs Asian Spot LNG Prices Spot Asian LNG imports landed in Melbourne (31 July 2025) 45 $1.58 $22.96 40 $3.00 35 $6.
Slide 28: 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 28 AEMO 2024 GSOO 2C resource size by basin and supply cost $8.74 Cooper Surat / Bowen Beetaloo $8.33 $8.20 $5.67 Narrabri Cooper Gippsland Surat / Bowen B
Slide 29: Incremental expansion of East Coast Gas Grid
Incremental expansion of APA’s East Coast Gas Grid (ECGG) can play a vital role in securing supply out to ~2044 and avoid southern market gas shortfalls 29 APA proposed East Coast Gas Grid Expansion Plan Governments must prioritise domestic gas, infrastructure and storage developments to deliver low
Slide 30: Renewables firming requires 13-20GW of new gas power generation
Renewables firming requires 13-20GW of new gas power generation (GPG) 30 as coal exits Market Size Role of GPG in the National Electricity Market (NEM) Grid Reliability & Energy Transition: AEMO GPG forecast consumption on East Coast (step 32 change scenario) • GPG enhances system reliability and pl
Slide 31: Supporting customer decarbonisation in remote regions
Supporting customer decarbonisation in remote regions with contracted power generation remains a critical part of the future energy mix Market Size APA opportunity • Decarbonising mining in the Pilbara APA competitive advantage in remote grid with renewables, firming and transmission (4GW pipeline o
Slide 32: Closing remarks
Closing remarks FY25 Results Investor Presentation 31 Image: Basslink, VIC
Slide 33: Investment thesis: Attractive distributions and growth opportunities
Investment thesis: Attractive distributions and significant near and long-term growth opportunities 01. 02. 03. 04. $27bn+ 2050+ >90% 74% Portfolio of gas, electricity and Long-life assets, natural gas Highly defensive and Strong EBITDA margins and cost renewable assets with long- required beyond 20
Slide 34: Supplementary Financials
Supplementary Financials FY25 Results Investor Presentation 33 Image: Dandenong LNG Facility, VIC
Slide 35: FY25 Financial results summary
FY25 Financial results summary FY25 FY24 % Change Statutory revenue (excluding pass-through)³⁹ $m 2,713 2,591 4.7 % Segment revenue (excluding pass-through)³⁹ $m 2,716 2,582 5.2 % Underlying EBITDA $m 2,015 1,893 6.4 % Non-operating items $m (121) (157) 22.9 % Reported EBITDA $m 1,894 1,736 9.1 % De
Slide 36: Non-operating items includes ongoing non-cash items and foundational investment
Non-operating items includes ongoing non-cash items and foundational investment Key drivers FY25 FY24 % Change • Technology transformation costs decreased with Underlying EBITDA $m 2,015 1,893 6.4% key foundational projects entering production, including the ERP Technology transformation projects⁴³
Slide 37: Historical Underlying EBITDA by asset – Energy Infrastructure
Historical Underlying EBITDA by asset – Energy Infrastructure $ million FY25 FY24 FY23 FY22 FY21⁴⁶ East Coast Grid Wallumbilla Gladstone Pipeline 683 657 620 578 550 South West Queensland Pipeline 302 295 262 245 233 Moomba Sydney Pipeline 137 125 126 136 152 Kurri Kurri Pipeline 3 – – – – Victorian
Slide 38: Revenue and Underlying EBITDA by geography
Revenue and Underlying EBITDA by geography $ million FY25 FY24 Change ($) Change (%) Revenue Energy Infrastructure Queensland 1,328 1,340 (12) (0.9%) New South Wales 171 175 (4) (2.3%) Victoria 262 233 29 12.4% South Australia 1 1 – –% Northern Territory 30 27 3 11.1% Western Australia 750 648 102 1
Slide 39: FY25 Capital and investment expenditure
49 FY25 Capital and investment expenditure $ million Description of major projects FY25 FY24 Growth capex Regulated Western Outer Ring Main (WORM), Victorian Transmission System 60 109 Non-Regulated – East Coast Gas Kurri Kurri lateral pipeline, East Coast Gas Grid Expansion 299 536 – West Coast Gas
Slide 40: 5-year normalised financials
5-year normalised financials Financial Performance FY25 FY24 FY23 FY22 FY21 Total revenue $m 3,204 3,064 2,913 2,732 2,605 Total statutory revenue excluding pass-through⁵⁰ $m 2,713 2,591 2,401 2,236 2,145 Underlying EBITDA $m 2,015 1,893 1,725 1,692 1,629 Total reported EBITDA $m 1,894 1,736 1,686 1
Slide 41: Wallumbilla Gladstone Pipeline FY25 hedge accounting implications
Wallumbilla Gladstone Pipeline (WGP) FY25 hedge accounting implications Background • To fund the acquisition of WGP in December 2015, APA issued fixed rate debt into global capital markets across five maturities in FY22, FY25, FY27, FY30 and FY35 • These debt instruments were denominated or swapped
Slide 42: Appendix
Appendix FY25 Results Investor Presentation 41 Image: Darling Downs Solar Farm, QLD
Slide 43: APA's diverse energy infrastructure portfolio
APA’s diverse energy infrastructure portfolio GAS TRANSMISSION AND CONTRACTED POWER ELECTRICITY STORAGE GENERATION TRANSMISSION 52 52 Transmission Renewable energy > 800 km high voltage electricity 52 transmission , including 290 km deep-sea >15,000 km transmission pipelines 342 MW Wind cable 356 MW
Slide 44: APA's operational footprint across energy infrastructure assets
APA’s operational footprint is across a range of energy infrastructure assets FY25 Results Investor Presentation 43
Slide 45: Diversified business model
Diversified business model Characteristics of APA’s Energy FY25 Energy Infrastructure revenue FY25 Energy Infrastructure revenue FY25 Energy Infrastructure revenue 54 Infrastructure revenue: by revenue type by counterparty credit rating by customer industry segment • Risk management policies and pro
Slide 46: Inflation linked revenues
Inflation linked revenues 55 Revenue Drawn debt as at 30 June 2025 Commentary Majority of APA’s fixed revenue is indexed to Fully hedged/fixed with average maturity of 6.6 • A mix of annual and quarterly inflators in inflation years Australia • WGP US revenue is adjusted for US inflation indices ann
Slide 47: Diversity of funding sources and maturities as at 30 June 2025
Diversity of funding sources and maturities as at 30 June 2025 2,000 300 500 1,500 550 742 Syndicated Term Loan 928 350 EUR Hybrid⁵⁷ 774 JPY MTN EUR MTN 1,000 GBP MTN⁵⁸ US144A⁵⁹ 1,584 NAIF ARENA 1,347 Bilateral Term Loan 1,109 133 Corporate liquidity facilities 500 1,038 1,018 1,000 828 750 752 500
Slide 48: Progress against 2022 Climate Transition Plan
Progress against 2022 Climate Transition Plan (CTP) 2022 CTP 2030 Targets, goals and supporting actions Progress since 2022 CTP release Target: • 30% reduction in operational gas infrastructure • 6.5% gross emissions reduction and 13.3% net reduction (including offsets) achieved emissions by 2030 (F
Slide 49: APA's strategy integrates its 2025 Climate Transition Plan
APA’s strategy integrates its 2025 Climate Transition Plan FY25 Results Investor Presentation 48
Slide 50: Most efficient way to decarbonise is to retire coal and build renewables supported by gas
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 2024 Integrated System Plan (ISP) ‘Step Change' scenario forecasts approx. 63,64 supply mix by fuel types 20G
Slide 51: Group structure
Group structure 65 Group structure Tax structure APA Infrastructure Trust APA Investment Trust (APA Infra) (APA Invest) APA Infra APA Invest APA Group Limited 30% tax 0% tax (Responsible Entity) 72% 28% APA Infrastructure Ltd 100% APA Group Operating assets Passive investments and investments • APA
Slide 52: Endnotes
Endnotes 1. Page: 5 2001 distribution calculated from the period of initial listing to the end of the financial year i.e. 13 June 2000 to 30 June 2001. 2. Page: 6 The sale of the Networks business is subject to a number of conditions, including completion of certain preparatory separation activities
Slide 53: Endnotes
Endnotes 28. Page: 27 Australian Energy Market Operator (AEMO) Gas Statement of Opportunities (GSOO) 2024, reserves and resources cost assumptions 29. Page: 28 For details about APA's East Coast Gas Grid expansion plan, refer to the ASX release dated 24 February 2025. 30. Page: 29 AEMO 2024 Final In
Slide 54: Endnotes
Endnotes 57. Page: 46 Hybrid security which has a 60-year maturity. However, for the purposes of this chart we show it as maturing at the first call date in 2029. 58. Page: 46 GBP MTN in FY30 is swapped into USD and translated at the spot USDAUD FX rate as at 30 June 2025. 59. Page: 46 USD 300m 144a
Slide 55: 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