Amplitude Energy (AEL) Q2 2025 earnings summary

Executive summary

• Achieved record production and revenue in Q2 FY 2025, with group production averaging 72.5 TJ/day for the quarter, up 21% year-over-year, and record quarterly sales revenue of $67.9 million, up 3% from Q1 FY25.

• Orbost plant delivered strong operational improvements, with record absorber and polisher runtimes and faster cleaning times.

• Record spot gas sales and trading performance, with 1.9 PJ sold into the spot market, 21.0 TJ/d (+38% on Q1 FY25), and entry into the Sydney market increasing margins.

• Net debt reduced by over AUD 25 million (9%) during the quarter, to $254.2 million, supported by strong cash generation.

• Progress continued on the East Coast Supply Project, with detailed engineering, customer engagement, and partner discussions ongoing.

Financial highlights

• Quarterly sales revenue reached AUD 67.9 million, up 3% sequentially, and AUD 133.7 million for the half, up 26% year-over-year.

• Achieved a record average realized gas price of AUD 9.98/GJ for the quarter, up 6% sequentially and 15% year-over-year.

• Net debt reduced to $254.2 million, down 9% from Q1 FY25.

• Cash and cash equivalents increased to $51.0 million, up 99% sequentially.

• 70% of gas production sold into term contracts, down from 79% in Q1 FY25.

Outlook and guidance

• Production guidance for FY 2025 upgraded to 65–72 TJ/day, with expectations to tighten the range as the year progresses.

• ECSP expected to bring new gas supply to Southeast Australia in 2028, with drilling sanction targeted in FY25 and first well in FY26.

• Maintenance shutdowns scheduled for both gas plants in March, with seven days at Orbost and three days at Athena.

• Targeting an average group production exit rate above 70 TJ/day by year-end.

• Anticipates further increases in realized gas prices as CPI-linked contract escalations take effect.