Frontier Energy (FHE) H2 2025 earnings summary

Executive summary

• Focused on developing the Waroona Renewable Energy Project in Western Australia, integrating a 120MWdc solar farm and 81.5MW battery, with key permits and approvals secured.

• Secured a major grid connection and executed an Electricity Transfer Access Contract, enabling electricity sales into the SWIS.

• Completed an updated Definitive Feasibility Study in January 2025, reflecting lower capital costs and updated electricity price forecasts.

• Assigned 88.06 MW of certified reserve capacity for 2027-2028, with expected annual revenue of ~$32 million from capacity credits, fixed for five years.

• Withdrew from CIS Tender 2 to pursue a more suitable application under CIS Tender 6.

Financial highlights

• Net loss for the year ended 31 December 2025 was $5,167,709, including a $1,355,358 impairment of exploration and evaluation assets (2024: $18,122,872 loss).

• Cash and cash equivalents at year-end were $5,587,807 (2024: $14,334,978).

• Net assets increased to $84,795,932 (2024: $81,271,776).

• Share price at year-end was $0.24, up from $0.12 in 2024.

• No dividends declared or paid.

Outlook and guidance

• Strategy remains to create a significant vertically integrated renewable energy company in Western Australia.

• Will continue to pursue development of the Waroona Project and expansion opportunities.