Origin Energy Ltd Ord (OGFGF) Q4 2023 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.978 Okay, good morning, everyone, and welcome to the Origin Energy 2023 full year results 00:00:04.978 -- 00:00:10.326 presentation. I'm Frank Calabria, and I'm here with the executive leadership 00:00:10.326 -- 00:00:15.474 team of Origin, and you'll hear from me and Laurie Tremaine, 00:00:15.474 -- 00:00:21.760 our CFO, as usual, and then we will follow that with questions. 00:00:22.003 -- 00:00:25.649 So on slide two is an outline of 00:00:25.649 -- 00:00:28.954 the presentation today, and hopefully for those of you who've been here before, it's 00:00:28.954 -- 00:00:34.098 a familiar format. Okay. I think the key messages on slide four are 00:00:34.098 -- 00:00:35.541 that 00:00:35.541 -- 00:00:38.968 it's been a strong earnings result and outlook for Origin. 00:00:38.968 -- 00:00:43.218 The operational performance right across the business has been strong, and we've had 00:00:43.218 -- 00:00:48.289 increased earnings contributions from energy markets, integrated gas, and also 00:00:48.289 -- 00:00:53.383 Octopus Energy in the U.K., The energy market's earnings improved following a period 00:00:53.383 -- 00:00:58.890 of under-recovery of wholesale energy costs, and we are expecting 00:00:58.890 -- 00:01:03.795 further earnings growth for energy markets into the financial year 2024. 00:01:03.795 -- 00:01:09.582 And with this, the returns will recover towards earning its cost of capital. 00:01:09.582 -- 00:01:13.767 We've had a step-change earnings growth in Octopus Energy, and Laurie will take you through 00:01:13.767 -- 00:01:16.863 that a little further. It's an underlying EBITDA gap. 00:01:16.863 -- 00:01:21.691 our share, our origin share for the 20% of $240 million, and that's up from a loss of 00:01:21.691 -- 00:01:26.078 $36 ...