Frontier Energy (FHE) Q3 2026 TU earnings summary

Executive summary

• Stage One entered construction after Monford mobilised; all material contracts are executed on fixed-price, lump-sum terms.

• The quarter’s milestones included credit-approved project debt underwriting of up to ~$280 million, a completed $110 million equity raising and a $75.1 million closing cash balance.

Financial highlights

• Stage One development spend was $27.9 million in the quarter; cash and cash equivalents at quarter-end were $75.132 million.

• Operating cash outflow was $2.643 million; investing cash outflow was $27.823 million and financing cash inflow was $97.898 million.

• Updated average annual Stage One forecasts through 30 September 2032 are revenue ~$76 million, EBITDA ~$66 million and free cash flow ~$38 million.

Outlook and guidance

• First generation is scheduled for 2028; major construction works are due to begin later in 2026, with solar balance-of-plant construction scheduled to commence in early 2027.

• Financial close is expected in November 2026; first debt drawdown is scheduled for the March quarter of 2027.

• Stage Two is targeted as a 130MW solar facility with an 80MW, ~8-hour BESS.