Amplitude Energy (AEL) H2 2025 earnings summary

Executive summary

• Achieved record production and revenue in FY25, with production up 17% to 26.6 PJ and revenue up 22% to $268.1 million, driven by operational improvements and higher realized gas prices.

• Underlying EBITDA/EBITDAX rose 36% to $174 million (65% margin), and adjusted cash from operations increased 40% to $160.5 million.

• Continuous improvement initiatives delivered $20 million in cash flow improvements, with further cost reductions and efficiency gains targeted.

• Safety and environmental performance remained strong, with carbon-neutral status, industry recognition, and a 59% reduction in flaring since FY23.

• Strategic JV with O.G. Energy for ECSP secures 50% funding and aligns interests in Otway Basin assets.

Financial highlights

• Sales revenue reached $268.1 million, up 22% year-over-year, with average realized gas price up 12% to $9.91/GJ.

• Underlying EBITDA/EBITDAX was $174 million, up 36%, with a 65% margin; underlying profit after tax was $11.4 million, up from $1.4 million.

• Adjusted cash from operations increased 40% to $160.5 million; cash and equivalents at year-end were $62.2 million, up 335%.

• Unit production cost declined 10% to $2.33/GJ, supporting strong margin growth.

• FY25 capex totaled $64.1 million, mainly for ECSP; net debt at year-end was $243 million.

Outlook and guidance

• FY26 production guidance: 69–74 TJe/d, with production expenses of $54–60 million and capex of $125–150 million, mainly for ECSP drilling.

• Focus on executing ECSP, maximizing asset utilization, increasing realized gas prices, and further cost reductions.

• No major maintenance shutdowns planned for FY26; restoration expenditure expected to be significantly lower.

• ECSP drilling and development progressing, with first gas targeted for 2028.