Slide 1: APA FY26 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 20 August 2026 ASX ANNOUNCEM
Slide 2: Investor Presentation FY26 Full-year results
Image: Diamantina Power Station, Qld Investor Presentation FY26 Full-year results 20 August 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 Infrastructure This information is based on assumptions and contingencies which are subject to change. Except as required by applicable Trust (ARSN 091 678 778) and APA I
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 Strengthening workforce safety across remote operations Keeping our people safe is our highest priority. Reliable connectivity is a critical safety control across our geographically dispersed operations, enabling our teams to communicate, access information and respond effectively when
Slide 6: Today's key messages
Today’s key messages 01. 02. 03. Strong FY26 performance Long-term growth outlook Strong balance sheet provides reflects ongoing delivery supported by favourable capacity to fund growth while of commitments market fundamentals sustaining distributions and maintaining credit metrics • FY26 Underlying
Slide 7: FY26 earnings exceeded the midpoint of guidance
FY26 full-year earnings exceeded the midpoint of guidance, underpinned by robust asset performance and cost discipline, with ongoing momentum into FY27 FY26 Underlying EBITDA FY26 Underlying EBITDA margin FY26 Free Cash Flow (FCF) +8.3% to $2,183m +370bps to 77.9% +3.2% to $1,118m Driven by earnings
Slide 8: Strong ongoing operation of the business and delivery of commitments
Strong ongoing operation of the business and delivery of commitments Continued focus on Safety FY26 Emissions reduction Employee Experience Zero 20.8% reduction 68% Actual serious harm incidents Gas infrastructure underlying1 gross emissions Maintained engagement during a year of relative to FY21 ba
Slide 9: Strategy and market dynamics
Strategy and market dynamics Image: Mondarra Gas Storage, WA FY26 Results Investor Presentation 8
Slide 10: Executing APA's strategy to be the partner of choice
Executing APA’s strategy to be the partner of choice in delivering infrastructure solutions for the energy transition Target asset profile Disciplined focus on core growth markets Contracted, capacity-based, APA strategy inflation-linked revenues To be the partner of Gas transmission & storage choic
Slide 11: Prioritising growth in markets where APA has clear competitive advantages
Prioritising growth in markets where APA has clear competitive advantages and can generate attractive returns FY27-FY29 $3.5bn Organic growth pipeline Additional attractive opportunities Gas transmission & storage South West Pipeline • North East Australia Pipeline (NEAP) linking the Beetaloo with A
Slide 12: APA continues to invest in pipeline infrastructure to address bottlenecks
APA continues to invest in pipeline infrastructure to address bottlenecks and enable more gas to be transported to Southern demand centres Strong demand supporting ongoing expansion of APA’s existing East Coast Gas Grid (ECGG) ECGG Stage 3 Expansion1 APA East Coast Gas Grid Expansion Plan / SWP Expa
Slide 13: New gas basins under development, including the Beetaloo Basin
New gas basins under development, including the Northern Territory’s Beetaloo Basin, present additional growth opportunities for APA Ongoing progress on APA’s work in the emerging Beetaloo Basin with promising lower cost and lower emissions gas Phased development plan for Beetaloo Basin Indicative A
Slide 14: Investment in GPG capacity required to firm renewables
Investment in GPG capacity required to firm the integration of renewables into Australia’s energy system and support growth in data centre development Case Study: Partnering with CS Energy to deliver the proposed Brigalow Peaking Power Plant1 Project overview Indicative APA and CS Energy Brigalow Pe
Slide 15: Strong progress with remote contracted power generation development pipeline
Strong progress with APA’s remote contracted power generation development pipeline Remote grid opportunities Dugald River Solar Farm, Qld • Decarbonising mining in the Pilbara with renewables, firming and transmission • Key transmission corridors in the Pilbara assigned Priority Project status - Bur
Slide 16: FY26 financial performance
FY26 financial performance Image: Diamantina Power Station, Qld FY26 Results Investor Presentation 15
Slide 17: Strong Underlying EBITDA and FCF growth
Strong Underlying EBITDA and FCF growth, up 8.3% and 3.2% respectively, with continued margin expansion up 370bps FY26 FY25 % Change Disciplined execution supports delivery of financial commitments Segment revenue1 $m 2,803 2,716 3.2 % Underlying EBITDA $m 2,183 2,015 8.3 % Underlying EBITDA up 8.3%
Slide 18: FY26 Underlying EBITDA up 8.3% and exceeding midpoint of guidance
FY26 Underlying EBITDA up 8.3% and exceeding midpoint of guidance FY26 Underlying EBITDA vs FY25 Sale of Networks assets reflects loss of Reflects lower VTS earnings due Earnings contribution from new earnings following the agreement to divest to milder winter conditions in assets includes Kurri Kur
Slide 19: Free Cash Flow growth of 3.2%
Free Cash Flow growth of 3.2% underpinned by strong Underlying EBITDA, offsetting higher tax and interest costs Movement in Free Cash Flow 1 Key drivers Net interest paid $168m Increase reflects higher drawn debt to fund capex and funding costs, including full 12 month impact from US144A issuance $9
Slide 20: Disciplined capital investment to drive long-term growth
Disciplined capital investment to drive long-term growth, strengthen foundations and support reliable asset operations Capex¹ FY26 FY25 Key projects in FY26 FY27-FY29 considerations4 • Brigalow Peaking Power Plant3 • East Coast Gas Grid expansion: SWQP and MSP expansion, Uranquinty Compressor Statio
Slide 21: Funding capacity supports the FY27-FY29 organic growth pipeline
Funding capacity from existing balance sheet, operating cash flow and DRP supports the FY27-FY29 ~$3.5bn organic growth pipeline1 Maintaining a strong balance sheet Forecast sources and uses of cash FY27-FY292 • Improved ratings thresholds from S&P and Moody’s reflecting APA’s high-quality stable an
Slide 22: Delivered enterprise-wide cost reductions of $80m in FY26
Delivered enterprise-wide cost reductions of $80m in FY26, exceeding $50m target, with annualised run-rate of $100m in FY27 Leveraging foundational investments (FY23- FY25) Technology: Business Resilience: Climate and Community: Capability Uplift: Investment in systems, Strengthening security of Del
Slide 23: FY27 Underlying EBITDA guidance
FY27 Underlying EBITDA guidance supported by inflation-linked tariff escalation, Basslink conversion to a regulated asset and annualised cost reductions FY27 Underlying EBITDA up 5.4% at midpoint of guidance range1 FY27 Underlying EBITDA guidance1 $2,340m $2,260m-$2,340m $2,300m midpoint $2,260m FY2
Slide 24: Closing remarks
Closing remarks Image: Mica Creek Metering Station, Qld FY26 Results Investor Presentation 23
Slide 25: Today's key messages
Today’s key messages 01. 02. 03. Strong FY26 performance Long-term growth outlook Strong balance sheet provides reflects ongoing delivery supported by favourable capacity to fund growth while of commitments market fundamentals sustaining distributions and maintaining credit metrics • FY26 Underlying
Slide 26: Investment thesis
Investment thesis: Significant near and long-term growth opportunities, attractive distributions and a strong balance sheet 01. 02. 03. 04. >$20bn 2050+ ~90% 77.9% Portfolio of gas, electricity and Long-life assets, natural gas Business leveraged to highly Strong EBITDA margins renewable assets with
Slide 27: Supplementary financials
Supplementary financials Image: Port Hedland Power Station, WA FY26 Results Investor Presentation 26
Slide 28: 5-year normalised financials
5-year normalised financials Financial Performance FY26 FY25 FY24 FY23 FY22 Total revenue $m 3,003 3,204 3,064 2,913 2,732 Total statutory revenue excluding pass-through¹ $m 2,764 2,713 2,591 2,401 2,236 Total segment revenue excluding pass-through² $m 2,803 2,716 2,582 2,353 2,238 Underlying EBITDA
Slide 29: Revenue and Underlying EBITDA by geography
Revenue and Underlying EBITDA by geography $ million FY26 FY25 Change ($) Change (%) Revenue Energy Infrastructure Queensland 1,401 1,328 73 5.5% New South Wales 222 171 51 29.8% Victoria 225 262 (37) (14.1%) South Australia 1 1 – –% Northern Territory 24 30 (6) (20.0%) Western Australia 772 750 22
Slide 30: Historical Underlying EBITDA by asset – Energy Infrastructure
Historical Underlying EBITDA by asset – Energy Infrastructure $ million FY26 FY25 FY24 FY23 FY22 East Coast Grid Wallumbilla Gladstone Pipeline 737 683 657 620 578 South West Queensland Pipeline 310 302 295 262 245 Moomba Sydney Pipeline 138 137 125 126 136 Kurri Kurri Pipeline 46 3 – – – Victorian
Slide 31: FY26 Underlying EBITDA $2,183m, up 8.3%
FY26 Underlying EBITDA $2,183m, up 8.3%, reflecting robust asset performance, new asset contributions and enterprise-wide cost reduction initiatives Corporate cost Contribution of new assets (+$56m), Energy Infrastructure +$140m reduction of 20.6% inflation-linked tariff escalations and savings from
Slide 32: Free Cash Flow
Free Cash Flow FY26 FY25 % Change Key drivers Underlying EBITDA $m 2,183 2,015 8.3% Net interest paid Cash impact of equity accounted earnings/other $m (1) 2 Increase reflects higher funding costs, including full 12 month Change in working capital $m (5) (14) contribution from US144A issuance (Septe
Slide 33: Higher Statutory NPAT
Higher Statutory NPAT, reflecting Underlying EBITDA growth, partly offset by depreciation on newly commissioned assets FY26 FY25 % Change Key drivers Underlying EBITDA $m 2,183 2,015 8.3 % Non-operating items Technology transformation projects¹ $m (23) (37) Reflects accounting adjustment items, incl
Slide 34: Capital allocation framework
Capital allocation framework designed to ensure Free Cash Flow 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 Capi
Slide 35: Balance sheet strengthened and capacity to fund growth pipeline
Balance sheet strengthened and capacity to fund disciplined investment in $3.5bn organic growth pipeline FY26 Capital management initiatives Key metrics • In December 2025, S&P modified APA’s BBB rating downside FFO / Net Debt threshold from 9.5% to 8.5%, and in April 2026, Moody’s modified APA’s Ba
Slide 36: Diversity of funding sources and maturities
Diversity of funding sources and maturities as at 30 June 2026 2,500 2,000 250 Syndicated Term Loan 300 EUR Hybrid¹ 500 EUR MTN 1,500 JPY MTN 742 GBP MTN² 928 350 US144A³ 774 1,000 AMTN Hybrid⁴ 1,000 AMTN NAIF 400 1,561 ARENA 500 Bilateral Term Loan 1,280 133 Corporate liquidity facilities (undrawn)
Slide 37: FY26 Capital and investment expenditure
FY26 Capital and investment expenditure1 $ million Description of major FY26 projects FY26 FY25 Growth capex Regulated Victorian Transmission System, Western Outer Ring Main (WORM) 35 60 Non-Regulated – East Coast Gas Sturt Plateau Pipeline, East Coast Gas Grid Expansion, Brigalow Pipeline 190 299 –
Slide 38: WGP 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 39: Appendix
Appendix Image: Kurri Kurri Gas Storage, NSW FY26 Results Investor Presentation 38
Slide 40: APA's diverse energy infrastructure portfolio
APA’s diverse energy infrastructure portfolio1 GAS TRANSMISSION CONTRACTED POWER ELECTRICITY AND STORAGE GENERATION TRANSMISSION Transmission Renewable energy > 800 km high voltage electricity transmission, including 290 km deep-sea cable >15,000 km transmission pipelines 342 MW Wind 356 MW Solar St
Slide 41: APA's operational footprint
APA’s operational footprint is across a range of energy infrastructure assets FY26 Results Investor Presentation 40
Slide 42: Diversified business model
Diversified business model Characteristics of APA’s Energy FY26 Energy Infrastructure revenue FY26 Energy Infrastructure revenue FY26 Energy Infrastructure revenue Infrastructure revenue: by revenue type by counterparty credit rating1 by customer industry segment • Risk management policies and proce
Slide 43: Inflation linked revenues
Inflation linked revenues Revenue1 Long term drawn debt as at Commentary Majority of APA’s fixed revenue 30 June 20263 • A mix of annual and quarterly inflators in Australia is indexed to inflation Fully hedged/fixed with average maturity of 6.0 years • WGP US revenue is adjusted for US inflation in
Slide 44: Strong demand for new GPG capacity
Strong demand for new GPG capacity and significant existing domestic gas supply supporting Australia’s East Coast energy market Whilst annual gas demand is forecast to reduce, gas will provide critical energy supply during peak demand periods AEMO 2026 projected annual domestic gas demand1 GSOO fore
Slide 45: Domestic gas supply remains sufficient to meet rising demand
Domestic gas supply remains sufficient to meet rising East Coast demand, with Northern basins providing the lowest-cost, lowest emissions option AEMO 2026 GSOO total volume of domestic reserves and resources1 2C resource size by basin and supply cost1 Southern supply 12% sources - 12% 2C 40,378 PJ N
Slide 46: Domestic gas prices remain stable and well below Asian LNG prices
Domestic gas prices remain stable and well below Asian LNG prices Domestic wholesale gas vs Asian Spot LNG Prices1 Spot Asian LNG imports landed in Victoria (Australian Winter 2026)2 $1.64 $33.19 $2.50 $8.81 ~3x higher cost $0.81 $20.54 $(1.11) $10.00 Supply Shipping Conversion Exchange Import EGP D
Slide 47: Decarbonise by retiring coal and building 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 Final 2026 Integrated System Plan (ISP) ‘Step Change' scenario forecasts approx. supply mix by fuel types 15G
Slide 48: Group structure
Group structure Group structure Tax structure1 APA Infrastructure Trust APA Investment Trust (APA Infra) (APA Invest) APA Infra APA Invest APA Group Limited 30% tax 0% tax (Responsible Entity) 76% 24% APA Infrastructure Ltd 100% APA Group Operating assets Passive investments and investments • APA Gr
Slide 49: Investor and media contacts
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