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APA Group (APA) investor relations material
APA Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Underlying EBITDA for 1H26 rose 7.6% to $1,092 million, with margin expansion to 77.3%, driven by new assets, inflation-linked tariffs, and cost reduction initiatives.
Free cash flow increased 0.7% to $556 million, supported by higher earnings despite higher tax and interest costs and one-off working capital impacts.
Statutory profit after tax rose 179.4% to $95 million, reflecting higher earnings and lower net interest costs.
Distribution per security grew 1.9% to 27.5 cents, with FY26 guidance reaffirmed at 58.0 cents.
Organic growth pipeline for FY26–FY28 increased to ~$3 billion, supported by a strong balance sheet and funding flexibility.
Financial highlights
Segment revenue up 3.6% year-over-year to $1,412 million.
Underlying EBITDA margin expanded by 280 basis points to 77.3%.
Free cash flow for the half was $556 million, up 0.7% from the prior period.
Statutory NPAT increased to $95 million, up 179.4% year-over-year.
Total capex for 1H26 was $407 million, with growth capex at $265 million.
Outlook and guidance
FY26 underlying EBITDA guidance unchanged at $2,120–$2,200 million, with expectations to exceed the midpoint.
FY26 distribution per security guidance reaffirmed at 58.0 cents, a 1.8% increase year-over-year.
Organic growth capex pipeline for FY26–FY28 raised to ~$3 billion, up from ~$2.1 billion.
Free cash flow for FY26 expected broadly in line with FY25, as higher interest and tax offset EBITDA growth.
Revenues remain subject to customer recontracting, investment decisions, and regulatory frameworks amid uncertain market conditions.
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