Origin Energy (ORG) Q4 2025 earnings summary

Executive summary

• Quarterly revenue for Integrated Gas was 3% lower than the prior quarter, mainly due to lower realised LNG prices, while production was up 1% sequentially.

• FY25 full-year production in Integrated Gas declined 2% year-over-year, with revenue stable; Energy Markets electricity sales were steady, but gas volumes fell 3%.

• Octopus Energy added 600,000 net customer accounts in the quarter, reaching 7.6 million UK customers and 2.7 million internationally.

• Kraken Technologies grew contracted accounts by 45% in FY25, nearing its 100 million target by 2027.

• Customer accounts in Energy Markets increased by 104,000 in FY25, reflecting strong growth across electricity, gas, and internet.

Financial highlights

• Integrated Gas (APLNG 100%) June quarter revenue was $2,241 million, down 3% sequentially and 14% year-over-year.

• FY25 APLNG production was 682.1 PJ, down 2% from FY24; sales volumes were 670.5 PJ, up 1% year-over-year.

• Average realised LNG price in June quarter was US$10.26/mmbtu, down 4% sequentially and 12% year-over-year.

• Domestic gas revenue rose 35% sequentially in June quarter, driven by higher short-term contract volumes.

• FY25 consolidated capex was $1,473 million, up 125% from FY24, mainly due to growth spend on battery projects.

Outlook and guidance

• FY26 APLNG production is expected at 635–680 PJ, reflecting natural field decline in some fields.

• FY26 APLNG capex and opex guidance is $2.9–$3.2 billion and $4.3–$5.0/GJ, with increased investment in well optimisation and medium-term supply.

• Ambition to keep average unit cost below $4.30/GJ (real FY24) for FY24–28, with additional investment in exploration and major projects.

• ~80% of anticipated Eraring coal volume for FY26 is contracted or hedged at prices similar to FY25.