APA Group (APA) AGM 2026 summary

Opening remarks and agenda

• Joint 2026 annual meeting of APA Infrastructure Trust and APA Investment Trust opened with a quorum; meeting held in person and online.

• Agenda covered FY26 performance, strategy and outlook, formal resolutions, then general questions; voting opened on all items by poll.

Financial performance review

• FY26 revenue rose 3.2% to AUD 2.8bn; inflation-linked tariffs and commissioned assets more than offset revenue forgone from the networks business divestment.

• Underlying EBITDA increased 8.3% to AUD 2.2bn, above the midpoint of guidance; AUD 80m cost reductions exceeded the AUD 50m target, lifting EBITDA margin 370 bps to 77.9%.

• Free cash flow rose 3.2%; statutory NPAT increased 81.4% to AUD 234m. AUD 1.5bn was raised through hybrid and senior unsecured debt issuance.

• Credit ratings were reaffirmed and FFO-to-debt thresholds reduced, creating around AUD 1bn of additional debt headroom.

Board and executive committee updates

• Nino Ficca and David Lamont sought re-election after retiring by rotation; both outlined relevant industry, strategy, capital allocation and governance experience.

• Ficca and Lamont said their focus would include strategy execution, energy-transition investment, safety and balancing security-holder distributions with reinvestment.