Beach Energy (BPT) Q4 2025 earnings summary

Executive summary

• FY25 full year production rose 9% to 19.7 MMboe, with sales volumes up 16% and sales revenue up 13% to $2.0 billion year-over-year, driven by Waitsia LNG cargoes and strong Otway/Bass Basin performance.

• Underlying EBITDA increased ~20% and Underlying NPAT up ~30% year-over-year, with operating cash flow up 46% to $1.1 billion and unit field opex down 18%.

• Net debt at $368 million, net gearing 10%, and available liquidity of $652 million at quarter-end, supporting growth initiatives.

• Outstanding safety performance, with best personal safety outcomes in 14 years.

Financial highlights

• Q4 FY25 production was 4.6 MMboe, down 4% sequentially due to Cooper Basin flood impacts.

• Q4 FY25 sales revenue was $455 million, down 17% sequentially due to lower oil/LNG prices and one less Waitsia LNG cargo.

• Average realised oil price in Q4 FY25 was $111/bbl, down 16% sequentially; average realised gas price was $10.9/GJ, flat quarter-on-quarter.

• FY25 capital expenditure totaled $699 million, with $168 million in Q4 FY25.

Outlook and guidance

• Waitsia Gas Plant commissioning nearly complete; first gas expected Q1 FY26.

• Cooper Basin flood impacts expected to continue into H1 FY26, with up to 1.5 MMboe production impact assumed in FY26 guidance.

• Otway and Bass Basins to assume natural field declines of up to 20% and 15% respectively in FY26 guidance.

• Western Flank 10-well campaign delayed to H2 FY26 due to floods.