Slide 1: ASX cover letter: Investor Presentation for Half Year Results
To Company Announcements Office Facsimile 1300 135 638 Company ASX Limited Date 12 February 2026 From Helen Hardy Pages 54 Subject Investor Presentation for Half Year Results Please find attached the investor presentation relating to Origin Energy’s Results for the half year ended 31 December 2025.
Slide 2: Origin Energy HY26 Results
Origin Energy HY26 Results Half year ended 31 December 2025 Frank Calabria, CEO & Tony Lucas, CFO 12 February 2026
Slide 3: Our HY26 Results
Our HY26 Results Summary of Financial Result − Energy Markets: $860 million EBITDA, higher than expected with continued strong operational performance − Integrated Gas: $860 million EBITDA, in line with expectations for APLNG and LNG trading − Octopus: EBITDA loss of $89 million reflecting seasonali
Slide 4: Financial highlights
Financial highlights STATUTORY UNDERLYING UNDERLYING PROFIT PROFIT EBITDA $557M Compared to $1,017 million in HY25 $593M Compared to $924 million in HY25 $1,589M Compared to $1,926 million in HY25 ADJUSTED FREE CASH FLOW ADJUSTED NET DEBT/ADJUSTED INTERIM DIVIDEND UNDERLYING EBITDA $705M Compared to
Slide 5: Purpose: Getting energy right for our customers, communities and planet
Purpose: Getting energy right for our customers, communities and planet Customers Communities Planet • 71% Customer Happiness Index, up • $232m in regional procurement • 2025 CTAP received 94.67% support from 67% in HY25 • $14.4m spend with First Nations • Eraring battery 1 online & approved • $23m
Slide 6: Leading through differentiated assets & capabilities
Leading through differentiated assets & capabilities Our strategy remains to lead the energy transition through cleaner energy & customer solutions Customer Energy Supply Energy resource Octopus & Kraken Largest domestic retail Largest thermal peaking fleet, Leading customer experience, APLNG a worl
Slide 7: Investment proposition
Investment proposition Leading Australian energy businesses with strong cashflows, fully franked dividends and + Significant growth potential through two independent and globally significant businesses investing in the energy transition • Energy Markets – leading brand, advanced tech • Octopus Energ
Slide 8: Financial Review
Financial Review Tony Lucas Q origin
Slide 9: Underlying EBITDA of $1,589 million
Underlying EBITDA of $1,589 million HY25 HY26 $1,926m $1,589m INTEGRATED GAS IG: Other • Includes LNG trading gains of $84m, in line with guidance 213 OTHER IG: Other 62 IG: IG: INTEGRATED GAS APLNG APLNG • Share of APLNG EBITDA reflects lower realised prices and volumes 1,038 798 SHARE OF APLNG • E
Slide 10: Adjusted Free Cash Flow up $187 million
Adjusted Free Cash Flow up $187 million Free cash flow ($m) CASH HIGHLIGHTS HY26 HY25 Change Underlying EBITDA (adj for non-cash items) 1,006 1,005 1 >100% Tax paid Change in working capital/Other (117) (468) 351 Energy Markets EBITDA Lower due to tax on cash conversion unfranked APLNG divs Tax paid
Slide 11: Strong balance sheet funding growth
Strong balance sheet funding growth Adjusted Net Debt ($m) Adjusted Net Debt / Adjusted Underlying EBITDA1 4,654 4,590 (661) 500 4x 157 (542) 482 3x Target range of 2 – 3x 2x 1x - 30 June Operating Dividends Dividends Interest / Capex / 31 FY21 FY22 FY23 FY24 FY25 HY26 2025 cashflow from paid FX / I
Slide 12: Capital allocation - Dividend stable
Capital allocation - Dividend stable Dividends (cps) • Shareholder distribution policy seeks to deliver sustainable distributions through the business cycle • Interim HY26 dividend determined of 30cps, fully franked 30 − Reflects continued balance sheet strength and cash 27.5 generation from two div
Slide 13: Business Performance
Business Performance Frank Calabria
Slide 14: Energy Markets tracking in line with medium term targets
Energy Markets Energy Markets tracking in line with medium term targets Electricity gross profit Gas gross profit Cost to Serve $/MWh A$/GJ $m (LHS), $/cust account (RHS) 6 800 250 60 target 50 5 midpoint 200 600 40 4 Medium term 150 Medium term target range target range 30 3 400 100 20 2 200 50 10
Slide 15: Customer: Accelerating share and value with relentless focus on customer
Energy Markets Customer: Accelerating share and value with relentless focus on customer Expanding Customer Base Improved Customer Experience Leading Tech and Product Customer accounts (‘000) Monthly Monthly churn churn rate rate (%) (%) # of messages sent 30% +2% CAGR 4,791 4,695 25% 4,591 4,436 4,4
Slide 16: Energy Supply: Strong generation performance, Eraring battery 1 online
Energy Markets Energy Supply: Strong generation performance, Eraring battery 1 online Battery available in peak periods Investments in storage on track Eraring battery daily half hour average, January 2026 Online capacity (MW) and battery duration (hrs) 160 500 1,800 3.59 3.65 3.65 4.0 3.48 400 1,60
Slide 17: APLNG revenue down 21% in HY26 driven by lower realised LNG prices
Integrated Gas APLNG revenue down 21% in HY26 driven by lower realised LNG prices Commodity Prices Revenue Costs A$/GJ 6,000 $m Capex + Opex2 $m $/GJ APLNG Average LNG price 1,600 5.0 APLNG Average domestic price 25 4.5 JKM spot price¹ 1,400 4.0 4,000 1,200 20 3.5 1,000 3.0 15 800 2.5 2.0 2,000 600
Slide 18: Continued optimisation activity and progression of mid term supply options
Integrated Gas Continued optimisation activity and progression of mid term supply options APLNG Production and Operated Wells Drilled and Well Availability 350 96% Field Optimisation 300 95% • Well availability has improved to 95% over the last year: 250 94% – Increased workovers and deployment of A
Slide 19: Advancing exploration opportunities
Integrated Gas Advancing exploration opportunities Taroom Trough Taroom Trough • APLNG holds a large tenure footprint over the Taroom Trough across its operated and non operated holding • Most of this tenure footprint is located near existing gas transport and processing infrastructure • APLNG explo
Slide 20: Foundations for formal separation of Kraken from Octopus Energy
Octopus Energy Foundations for formal separation of Kraken from Octopus Energy Origin maintains 22.7% economic interest in Kraken Series of transactions announced in December and Octopus Energy 2025 to support formal separation by mid 2026 Separation • $US1bn in equity raised in Kraken’s first stand
Slide 21: Octopus Energy / Kraken valuation growth
Octopus Energy support Octopus Energy / Kraken valuation growth Octopus Energy Group - Raising valuations over time (US$b) Valuation growth backed by credible international investors Octopus Energy Group Octopus ex Kraken Origin investment Kraken Technologies 9.0 Total committed investment 7.8 to da
Slide 22: Octopus Energy: Continued strong customer growth and investment
Octopus Energy Octopus Energy: Continued strong customer growth and investment UK customers up ~200k in HY26 Scaling internationally to 3.5m accounts Energy Services to increase CLV (+400k accounts) UK Retail customer accounts Non-UK customer accounts Low Carbon Technology installs (millions) (milli
Slide 23: Kraken Technologies: Continued growth alongside investment to scale
Octopus Energy Kraken Technologies: Continued growth alongside investment to scale Kraken continues to scale Investing in future growth Strong sales momentum Revenue and EBITDA Live & contracted customers End-to-end operating system for future-oriented utilities (A$m) (millions) 132 90 112 74 Custom
Slide 24: Guidance and Q&A
Guidance and Q&A Frank Calabria
Slide 25: FY26 Guidance Summary
FY26 Guidance Summary The following guidance is provided on the basis that market conditions and the regulatory environment do not materially change Origin FY25 FY26 previous guidance FY26 updated guidance Energy Markets EBITDA A$m 1,404 1,400 – 1,700 1,550 – 1,750 LNG Trading EBITDA1 A$m 441 100 –
Slide 26: Summary and Q&A
Summary and Q&A • Advantaged assets and capabilities well positioned for the transition • Strong cash flow and returns from two diversified businesses – Tailwinds in Energy Markets via battery developments and cost-out – APLNG delivering strong cash via fully franked dividends • Global growth exposu
Slide 27: Important notices
Important notices Forward looking statements • This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. Such statements are not statements of fact and there can be no certainty of outcome in
Slide 28: Important notices
Important notices All figures in this presentation relate to businesses of the Origin Energy Group (Origin, or the Company), being Origin Energy Limited and its controlled entities, for the reporting period ended 31 December 2025 (the period) compared with the reporting period ended 31 December 2024
Slide 29: For more information
For more information Liam Barry Head of Corporate Strategy and Investor Relations Email: liam.barry@originenergy.com.au Office: +61 2 9375 5991 Mobile: +61 401 710 367 Amit Ramdev Senior Manager, Investor Relations Email: amit.ramdev@originenergy.com.au Office: +61 2 8345 5221 Mobile: +61 402 436 68
Slide 30: Analyst Supporting Pack
Analyst Supporting Pack HY26 Results Supplementary Information
Slide 31: Executing on our strategy
Ambitions and guidance Executing on our strategy Ambition Achieved as at 31 December 2025 $100 - $150 million cost to serve reduction (FY26 vs FY24) On track to midpoint Octopus 100 million licensed Kraken accounts (2027) 90 million contracted Kraken customer accounts Unrivalled >1/3 large business
Slide 32: FY26 Guidance - Energy Markets and Octopus Energy
Ambitions and guidance FY26 Guidance - Energy Markets and Octopus Energy The following guidance is provided on the basis that market conditions and the regulatory environment do not materially change Energy Markets Share of Octopus FY26 EBITDA is expected to be $1,550 – $1,750 million, an increase f
Slide 33: FY26 Guidance commentary - Integrated Gas
Ambitions and guidance FY26 Guidance commentary - Integrated Gas The following guidance is provided on the basis that market conditions and the regulatory environment do not materially change. APLNG 100% Integrated Gas - Other FY26 APLNG 100% FY25 • No change to guidance on LNG trading gains which a
Slide 34: Other FY26 Guidance
Ambitions and guidance Other FY26 Guidance Capex D&A and Tax paid • Total Origin capex for FY26 is expected to be $900 – $1,100 million, FY26 depreciation and amortisation compared to previous guidance of $800 – $1,100 million largely due to extension to Eraring battery stage 2. • FY25 Origin deprec
Slide 35: Items excluded from Underlying Profit
Financial information Items excluded from Underlying Profit Items excluded from Underlying Profit relate to: Reconciliation from Statutory to Underlying Profit ($m) • Impairment for various generation development projects, primarily utility scale solar projects • Net refund received relating to a de
Slide 36: Underlying Profit
Financial information Underlying Profit Movements in Underlying Profit ($m) 122 (97) (166) (151) (3) (36) 924 593 HY25 EM Share of Octopus IG - Share of IG - Other Corporate D&A HY26 EBITDA Energy profit APLNG profit EBITDA EBITDA 12 Feb 2026 | Origin HY26 investor presentation 35
Slide 37: Energy Markets EBITDA higher
Financial information Energy Markets EBITDA higher Movements in Underlying EBITDA ($m) 21 32 - 102 (33) • Electricity gross profit up reflecting: • lagged impact of higher wholesale costs flowing into customer tariffs, 860 • lower cost of energy primarily driven by lower net 738 pool costs, reduced
Slide 38: Integrated Gas EBITDA driven by lower LNG prices & trading gains
Financial information Integrated Gas EBITDA driven by lower LNG prices & trading gains Movements in Underlying EBITDA ($m) (63) (223) (24) 70 Share of APLNG EBITDA down $240 million: 7 (158) • Lower LNG prices, LNG volumes and domestic revenues partially offset by lower operating expenses 1,251 • Lo
Slide 39: Share of Octopus Energy EBITDA down in the first half
Financial information Share of Octopus Energy EBITDA down in the first half Movements in Underlying EBITDA ($m) (24) 16 (11) • Kraken Technology: (10) − Continued growth in migrations (+$16 million) (27) (89) − Investment in capability to accelerate client delivery and growth opportunities (-$11 mil
Slide 40: Segment summary
Financial information Segment summary Energy Markets Share of Octopus Integrated Gas Integrated Corporate Total Energy ($m) - Share of APLNG Gas - Other HY26 HY25 HY26 HY25 HY26 HY25 HY26 HY25 HY26 HY25 HY26 HY25 Underlying EBITDA 860 738 (89) (24) 798 1,038 62 213 (42) (39) 1,589 1,926 Underlying E
Slide 41: Underlying ROCE – 24 month rolling
Financial information Underlying ROCE – 24 month rolling 31 December 2025 31 December 2024 Change Change As at ($m) ($m) ($m) (%) Capital Employed Net assets 9,735 10,340 (605) (6%) Adjusted net debt 4,590 4,032 558 14% Net derivative (asset)/liability 210 (409) 619 (151%) Origin's share of APLNG ne
Slide 42: Reconciliation of Adjusted Net Debt
Financial information Reconciliation of Adjusted Net Debt Issue Issue Hedged Hedged AUD $m AUD $m AUD $m $m Currency Notional Currency Notional Dec-25 Dec-25 Dec-25 Interest bearing Debt & CCIRS Adjusted net liabilities2 FV adjustments debt AUD debt AUD 2,388 AUD 2,388 2,366 2,366 USD Debt left in U
Slide 43: Energy Markets segment revenue reconciliation
Financial information Energy Markets segment revenue reconciliation The table below reconciles the difference between segment revenue and customer revenue disclosed in the Electricity, Natural Gas, LPG, Energy Services & Internet and Future Energy tables. HY26 HY25 Change Change ($m) ($m) ($m) (%) E
Slide 44: Customer account movements
Energy Markets support Customer account movements Electricity ('000) 31 Dec 30 Jun 25 Customer accounts ('000) as at Change 2025 2025 20 Electricity 2,849 2,792 56 15 10 Business 22 22 1 5 Retail – Mass Market 2,618 2,563 55 - Retail – Community Energy Services 208 207 1 (5) 2 NSW 1 QLD VIC SA 3 Gas
Slide 45: Electricity forward price by State ($/MWh)
Energy Markets support Electricity forward price by State ($/MWh) 150 NSW 150 VIC 130 130 110 110 90 90 70 70 50 50 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 150 QLD SA 150 130 130 110 110 90 90 70 70 50 50 May-24 Aug-24 Nov-24 Fe
Slide 46: Cap prices by State ($/MWh)
Energy Markets support Cap prices by State ($/MWh) 40 NSW 40 VIC 35 35 30 30 25 25 20 20 15 15 10 10 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 40 QLD 40 SA 35 35 30 30 25 25 20 20 15 15 10 10 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug
Slide 47: Origin's 'energy' position
Energy Markets support Origin’s ‘energy’ position Illustrative Origin energy position ‘Energy prices’ are defined here as NEM pool prices TWh <$300/MWh • Impact within a financial year Losses − Customer tariffs largely fixed at start of financial year Short / pool pass through Not hedged to in-year
Slide 48: Origin's 'energy' position
Energy Markets support Origin’s ‘energy’ position Illustrative Origin capacity position MW ‘Capacity prices’ are defined here as prices for contracts Maximum that strike at NEM pool prices >$300/MWh demand • Impact within a financial year Capacity Contracts Only hedges in-year pool − Customer tariff
Slide 49: Battery developments on track (both on time and cost)
Energy Markets support Battery developments on track (both on time and cost) Estimated HY26 Total Capacity Storage Pre FY26 Project Type State Commercial capex Capex (MW) (MWh) capex Operations ($m) ($m) Eraring stage 1 + stage 3 Build & own 460 1,770 NSW 24-Dec-25 731 18 ~850 expansion Eraring stag
Slide 50: Gas prices and contracted supply
Energy Markets support Gas prices and contracted supply Gas prices Contracted gas supply A$/GJ 200 PJ 30 150 20 100 10 50 - - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 1 1 APLNG legacy contract Fixed Price JKM netback price - Wallumbilla (ACCC) Wallumbilla spot price Price review/market Oil-linked 2 J
Slide 51: APLNG sources and uses
Integrated Gas support APLNG sources and uses APLNG (100%) Unit HY26 HY25 Change % Change Sources and Uses of Gas Operated Spring Gully PJ 42.4 42.6 (0.2) (0%) Reedy Creek, Combabula and Peat PJ 96.5 93.6 2.9 3% Condabri, Talinga and Orana PJ 136.1 142.7 (6.6) (5%) Total operated production PJ 275.0
Slide 52: APLNG sales summary
Integrated Gas support APLNG sales summary APLNG (100%) Unit HY26 HY25 Change % Change LNG LNG production PJ 261.2 269.3 (8.1) (3%) Changes in LNG inventory PJ (2.1) 2.5 (4.6) (185%) LNG contract sales PJ 244.1 245.9 (1.8) (1%) LNG spot sales PJ 15.0 25.9 (10.9) (42%) Total LNG sales volume PJ 259.1
Slide 53: APLNG sales mix and LNG price review
Integrated Gas support APLNG sales mix and LNG price review Legacy domestic contracts: HY26 HY25 Sales mix (100%) • Domestic legacy contract customers include Origin PJ % PJ % (expiring 2034), Rio Tinto (2031), QAL (2041) and Contract LNG 244 74% 246 71% QGC (2035) • In HY26, ~22% of APLNG sales wer
Slide 54: APLNG daily production by field (TJ/d)
Integrated Gas support APLNG daily production by field (TJ/d) Condabri, Talinga, Orana Reedy Creek, Combabula, Peat 900 600 800 500 700 400 600 300 500 400 200 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FY25 HY26 FY25 HY26 Spring Gully Non Operate