Amplitude Energy (AEL) AGM 2026 presentation summary

FY26 performance

• Production reached 27.6 PJ in FY26, up at an 8% CAGR from FY22; production expenses fell to $2.07/GJ, a 15% unit-cost CAGR decline.

• Underlying EBITDAX was $191.8m at a 67% margin in FY26; adjusted cash from operations was $191.0m, both at 24% CAGRs from FY22.

Orbost production and operations

• OGPP average daily production rose to 71.7 TJ/day in FY26 and 74.7 TJ/day on a record day in July; nameplate capacity increased to >70 TJ/day.

• Sulphur removal is no longer a production constraint; focus shifts to debottlenecking and reliability, while Sole reservoir performance remains strong and FY26 added 2C resources.

Near-term growth and ECSP

• ECSP targets gross plateau production of 90 TJ/day for at least four years from CY2028, based on Annie, Juliet and Artisan; first gas is targeted for 2028 and Nestor drilling is planned for late 2026.

• Foundation offtake contracts are secured with EnergyAustralia and AGL, conditional on minimum reserve bookings and field deliverability; the project is fully funded, with FID taken and returns expected to exceed internal hurdle rates.

• Brownfield growth could lift equity production 60%+ by end-2028 from 75.5 TJ/day in FY26; illustrative production is 120+ TJ/day, with potential >2x underlying EBITDAX growth assuming ECSP mid-2028 production.

• Additional growth options include Patricia Baleen restart, Sole debottlenecking, peak production or tolling, and Nestor on exploration success.