Quarterly Report March 2026

Origin Energy Limited (Origin) has released its Quarterly Report for the period to 31 March 2026 covering the
performance of its Integrated Gas, Energy Markets and Octopus Energy segments.

INTEGRATED GAS - AUSTRALIA PACIFIC LNG (100%):

• March quarter production was lower compared to the prior quarter at 164.5 PJ, primarily reflecting two
  fewer days in the quarter (~4 PJ impact) and natural field decline.
• Revenue was lower compared to the prior quarter at $1,855 million (down $247 million), reflecting lower
  realised LNG prices due to the appreciation in the AUD versus USD and lower sales volumes.
• March quarter realised average LNG price was slightly lower at US$9.51/mmbtu and the average domestic
  price was also lower at A$4.30/GJ, reflecting lower short-term contract volumes.
• APLNG refinanced a portion of its project finance facilities resulting in a reduced interest margin and
  deferred principal repayments. The principal deferral at 100% APLNG is US$321 million in FY27 and
  US$265 million in FY28.

ENERGY MARKETS:

• Electricity sales volumes increased by 4 per cent on the prior corresponding quarter, with strong growth in
  business volumes largely driven by the data centre sector.
• Gas volumes declined by 32 per cent on the prior corresponding quarter in line with expectations, primarily
  due to lower trading volumes and lower gas demand for power generation.
• 75-85 per cent of anticipated Eraring coal consumption for FY27 is now fully contracted or hedged.

OCTOPUS ENERGY GROUP:

• Origin's share of FY26 EBITDA is expected to be -$70 million to +$30 million compared to previous
  guidance of $0-150 million, driven by emerging impacts from the changes to the Energy Company
  Obligation scheme, higher gas capacity charges and adverse weather in February and March in the UK.
• Octopus Energy's retail business added approximately 700,000 customer accounts through organic
  growth during the quarter, 240,000 in the UK and 460,000 outside the UK.
• Separation of Octopus Energy and Kraken into independent businesses is on track for mid-2026.
• Kraken announced a joint venture with Saudi Energy to open up licensing opportunities across the Middle
  East and North Africa. Saudi Energy is also the strategic partner that participated in the Kraken equity raise
  in late 2025.

Frank Calabria CEO commentary:

"Global commodity markets have experienced significant volatility this quarter, with the conflict in the Middle
East affecting oil and LNG supply. Changes in oil prices have a lagged effect on Australia Pacific LNG's long
term export contracts, and we do not expect this to flow through to results until FY27.

"In Australia, our domestic electricity and gas markets have remained well supplied and largely insulated from
these global price movements, which is good for households and businesses. The duration and trajectory of
the conflict will ultimately determine the longer-term impact on energy markets.

"At an operational level, Origin performed well in the March quarter. Australia Pacific LNG maintained reliable
supply to domestic and export customers, with production and revenue in line with expectations.

"In Energy Markets, Origin continued to grow its share of Australia's data centre market, and we're well
positioned to support the further growth in demand from this sector through grid connections, long-term
renewable contracts, and on-site solar and batteries. Our generation fleet maintained good reliability, and
we've secured most of the coal supply for Eraring for FY27.

"Notwithstanding Octopus Energy's continued strong growth in UK and international customers, and Kraken
increasing contracted accounts to 90 million, we are now expecting lower earnings from Octopus for FY26.
This is primarily due to impacts from UK regulatory changes as well as adverse weather in February and March
in the UK."

ENDS