AGL Energy (AGL) H2 2026 earnings summary

Executive summary

• Underlying EBITDA rose 2% to $2,100 million, while underlying NPAT declined 2% to $631 million compared to FY25.

• Statutory profit after tax was $756 million, up $644 million from FY25, driven by asset sales and strong business performance.

• Customer services grew to 4.6 million, with satisfaction rising to 84.1 and churn advantage of 4.9 percentage points.

• Strategic execution included disciplined acquisitions, divestment of the Telco business, and major investments in flexible assets and renewables.

• Significant progress in fleet flexibility and renewable capacity, including operationalization of the Liddell Battery and construction of the Tomago Battery.

Financial highlights

• Underlying EBITDA: $2,100 million, up 2% from FY25; underlying NPAT: $631 million, down 2% year-over-year.

• Statutory profit after tax: $756 million, including gains from asset sales and fair value movements.

• Fully franked final dividend of 26 cents per share; total FY26 dividend of 50 cents per share (53.3% payout ratio).

• Operating cash flow conversion rate at 97%, with cash and undrawn committed debt facilities at $1,551 million.

• Net debt stable at $2.86 billion; operating costs held flat since FY24 despite inflation.

Outlook and guidance

• FY27 underlying EBITDA guidance: $1,900–$2,200 million; underlying NPAT: $470–$670 million.

• Targeting a dividend payout ratio of 55–60% of underlying NPAT, expected to be fully franked.

• Guidance reflects stable consumer margins, full-year Liddell Battery earnings, lower operating costs, and higher gas costs as legacy contracts roll off.

• Expecting AUD 50 million increase in depreciation/amortization and AUD 30 million reduction in finance costs for FY27.

• Guidance subject to regulatory, trading, and plant availability risks.