Amplitude Energy (AEL) H1 2026 earnings summary

Executive summary

• Achieved record operational and financial metrics in H1 FY26, with production and earnings at all-time highs, driven by higher production at Orbost, increased realized gas prices, and strong cost control.

• Production guidance for FY26 increased, with strong H2 production expected across all assets and confidence in asset reliability.

• Advanced East Coast Supply Project (ECSP) with drilling at Isabella underway, foundational gas supply agreements nearing completion, and FID expected soon.

• Maintained exemplary safety and environmental performance, with no recordable injuries or environmental incidents in the half.

• New contracts and CPI indexation are driving a ~20% increase in contracted gas prices from January 2026, while retaining spot market exposure.

Financial highlights

• Sales revenue reached a record AUD 141.5 million (up 6% year-over-year), with group production at 13.9 PJe (75.5 TJe/day), up 2.7% year-over-year.

• Underlying EBITDA/EBITDAX rose 9% to AUD 100.3 million, with a 71% margin; adjusted cash from operations up 5% to AUD 85.6 million.

• Underlying net profit after tax was AUD 25.7 million, up 229% year-over-year.

• Production expenses per GJ produced fell 16% to AUD 1.79, with total production expenses just under AUD 25 million.

• Net debt reduced to AUD 33.9 million, with cash at 31 December at AUD 81.3 million.

Outlook and guidance

• FY26 production guidance raised to 73–77 TJ/day (26.6–28.1 PJ), reflecting sustained OGPP performance and debottlenecking.

• Weighted average contracted gas sales price expected to rise ~20% in H2 FY26.

• CapEx guidance for FY26 is AUD 125–150 million, with ECSP+ capex to be funded from cash, organic cash generation, and existing debt.

• Guidance for production expenses, other cost of sales, and CapEx remains unchanged.

• ECSP development FID and Isabella drilling results expected in the near term.