Amplitude Energy (AEL) H2 2026 earnings summary

Executive summary

• Achieved record production and financial results in FY26, supported by operational improvements at Orbost, resilient contracted pricing, and active gas marketing and trading, with a strong start to FY27 production in the Gippsland Basin.

• Advanced the East Coast Supply Project (ECSP), including acquisition of a 50% interest in Artisan, progress on the Juliet exploration well, and strong customer support for ECSP supply.

• Maintained strong safety and environmental performance, with zero lost time injuries and all Scope 1 and 2 emissions offset in FY26.

• Strengthened the resource base and positioned for future growth, with first gas from ECSP targeted for 2028 and Annie development to follow.

• Continuous improvement initiatives delivered over $13.4 million in annualized cashflow improvement in FY26.

Financial highlights

• Group production rose 3% year-over-year to 27.6 PJe, with sales revenue up 7% to $285.8 million and average realized gas price at $10.36/GJ, up 5%.

• Underlying EBITDAX increased 12% to $191.8 million, with a margin of 67%; adjusted cash from operations reached $191.0 million, up 19%.

• Operating cash flow more than doubled to $180.3 million; net debt reduced by 85% to $37.6 million at year-end.

• Production expenses fell 8% to $57.0 million, with unit costs at $2.07/GJe; capital expenditure was $118.6 million, below guidance.

• Underlying profit after tax was $45.0 million, while reported loss after tax was $27.2 million due to exploration write-offs.

Outlook and guidance

• FY27 production guidance: 26.6–28.5 PJe (73–78 TJ/d), reflecting strong Gippsland Basin output and planned OGPP maintenance.

• Production expenses expected at $58–64 million; capital expenditure guidance of $250–310 million, mainly for ECSP drilling and development.

• Focus on completing ECSP drilling, progressing to FID, maximizing asset utilization, and further margin growth through trading and cost control.