Amplitude Energy (AEL) H1 2026 earnings summary

Executive summary

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

• Upgraded FY26 group production guidance to 73–77 TJ/day (26.6–28.1 PJ), reflecting sustained OGPP/Orbost outperformance and asset reliability.

• Advanced 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 to drive ~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 (USD $141.5 million), up 6% year-over-year, driven by higher volumes and gas prices.

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

• Underlying net profit after tax was AUD 25.7 million, up from AUD 7.8 million in the prior period; statutory profit after tax up 245% to $26.2 million.

• Production expenses fell 14% to just under AUD 25 million, with unit costs at AUD 1.79/GJ, down from AUD 2.14/GJ.

• Net debt reduced to AUD 34 million (USD $33.9 million); cash at 31 December was AUD 81.3 million.

Outlook and guidance

• FY26 production guidance increased to 73–77 TJ/day (26.6–28.1 PJ), up from 69–74 TJ/day, due to OGPP/Orbost performance.

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

• CapEx guidance for FY26 is $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.