Origin Energy (ORG) investor relations material

Executive summary

• September quarter production for Integrated Gas was steady at 169.9 PJ, with revenue down 5% to $2,124 million due to lower LNG volumes and prices, partially offset by higher domestic volumes.

• Energy Markets saw steady electricity sales volumes, with 3% retail growth offset by a 6% decline in business volumes; gas volumes declined 12% year-over-year due to contract expirations.

• Octopus Energy added approximately 560,000 customer accounts in the quarter, with significant growth in Germany and continued global expansion.

Financial highlights

• Integrated Gas revenue for the quarter was $2,124 million, down 5% from the previous quarter and 19% year-over-year.

• Average realised LNG price was US$10.08/mmbtu, down 2% sequentially and 16% year-over-year; domestic gas price averaged A$8.99/GJ, up 16% sequentially but down 6% year-over-year.

• Consolidated capex for the quarter was $199 million, down 31% from the previous quarter and 61% year-over-year.

• APLNG capex increased $53 million quarter-on-quarter, driven by well optimisation and higher exploration spend.

Outlook and guidance

• Approximately 90% of anticipated coal volumes for FY26 are fully contracted or hedged at prices broadly in line with FY25.

• Planned major maintenance outages at Eraring and Mortlake Power Stations are scheduled to be completed in the current quarter, ahead of the summer peak.

• Construction and integration of grid-scale batteries at Eraring and Mortlake are progressing, with commercial operations for Eraring battery stages 1 and 3 expected from late 2025.

• Adoption of lease accounting for battery offtake agreements is expected in FY26, with no material impact to Energy Markets Underlying EBITDA guidance.