Agl Energy Limited · ASX:AGL
Agl Energy — FY2026 Earnings Presentation
43 slides from Agl Energy's earnings presentation, Aug 12, 2026
Slide 1: FY26 Full-Year Results
FY26 Full-Year Results 12 August 2026 1
Slide 2: Agenda
Agenda Business highlights and strategic 1 execution 4 Guidance and outlook Damien Nicks – Managing Director and CEO Damien Nicks – Managing Director and CEO Strategic optionality and resilience to 2 market conditions 5 Q&A Damien Nicks – Managing Director and CEO Financial overview 3 Gary Brown – C
Slide 3: Strong FY26 earnings and cash flow supporting an increase in dividend
Strong FY26 earnings and cash flow underpinned by operational performance, supporting an increase in dividend • Underlying EBITDA up 2% to $2,100 million • Underlying NPAT down 2% to $631 million • Operating free cash flow up 60% to $850 million; Excellent cash Results summary conversion maintained
Slide 4: Another year of strong strategic execution to deliver long term value and optionality
Another year of strong strategic execution to deliver long term value and optionality Connecting every customer Transitioning our to a sustainable future energy portfolio • Higher customer satisfaction outcomes (Strategic NPS increased to +10; CSAT increased to 84.1%) Delivering for customers • Disc
Slide 5: The Tilt divestment: disciplined approach to capital allocation and recycling
The Tilt divestment was a prime example of our disciplined approach to capital allocation and recycling – monetising developments for strong realised premiums, with the proceeds redeployed towards our higher returning firming projects and transition opportunities. We have also commenced engagement w
Slide 6: Material improvement in business performance demonstrating the resilience of our strategy
Material improvement in business performance demonstrating the resilience of our strategy CUSTOMER GENERATION & STORAGE PORTFOLIO Excellent growth in overall Fleet EAF improved to customer services (+92k) 83.4% (+4.3pp) AGL’s breadth of flexible Customer satisfaction assets attracted a premium to hi
Slide 7: Safety and customer satisfaction metrics remain strong
Safety and customer satisfaction metrics remain strong Safety Customers People Total Injury Frequency Customer Satisfaction Employee engagement Rate (TIFR)1 (per million (CSAT)2 score hours worked) 72% 73% 84.1 80.5 81.6 70% 80.1 67% 3.5 2.8 2.2 2.0 +3 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY
Slide 8: Strategic optionality and resilience to market conditions
Strategic optionality and resilience to market conditions Damien Nicks Managing Director and CEO 500 MW Liddell Battery New South Wales [DAMIEN NICKS] I’ll now turn to how the business will continue to create value as the market evolves. 7
Slide 9: Positioned to deliver short and long term value in an evolving energy market
Our business is positioned to deliver short and long term value in an evolving energy market – underpinned by optionality through the transition We are a leader … with a strategy to generate in the energy transition… long term returns for shareholders • Large and diversified customer base, with stro
Slide 10: Operational investment and discipline underpins business resilience
Our operational investment and discipline underpins business resilience across various market conditions FLEET ASSET FLEXIBILITY ASSET AVAILABILITY Higher realised pricing premiums through added fleet flexibility Investing in asset availability and flexibility 91% 118% 89% 86% 85% Coal EAF 114% 113%
Slide 11: Current electricity markets are finely balanced and susceptible to market events
Current electricity markets are finely balanced and remain susceptible to market events Extremely low wind ..limiting batteries’ ability to …which led to price volatility generation across 21 / 22 June discharge at evening peak and on the Sunday evening and in South Australia… recharge before mornin
Slide 12: Higher commercial availability and plant flexibility helped mitigate lower market volatility
Higher commercial availability and plant flexibility helped mitigate the impact of lower market volatility Lower thermal generation Commercial availability improved in Reduced market volatility in FY26 utilisation partly offset by higher line with fleet performance renewables output COAL FLEET COMME
Slide 13: Short-term forward curves reflect cyclical factors; uplift towards FY30
Short-term forward curves reflect recent cyclical factors; uplift in curves towards FY30 as system expected to tighten NSW and VIC Divergence in short-term forward pricing between FY27 and FY30 forward curves1 FY27 and FY30 reflects an expected tighter system: 120 FY27 VWAP • Planned coal-fired reti
Slide 14: Excellent customer growth, higher satisfaction and increased gross margin
Excellent customer growth, higher customer satisfaction and increased gross margin achieved in a competitive market Customer growth across all services Churn spread to market improvement Balancing margin and customer outcomes Customer services (‘000) Churn (%) Consumer customer gross margin 30.0% 12
Slide 15: Customer Markets: bold transformation, real momentum
Customer Markets: bold transformation, real momentum Reshaping Customer Markets to focus on the energy core, modernise retail, and invest in a platform that is scaling globally AUSSIE BROADBAND PARTNERSHIP RETAIL TRANSFORMATION STRATEGIC INVESTMENT IN KALUZA Sharpening focus on Kaluza - scaling fast
Slide 16: Kaluza's AI-native operating model and global appeal
Overall, we believe Kaluza’s AI-native operating model, maturing platform and rapidly expanding global appeal underpins the long-term value potential of our strategic investment. 14
Slide 17: Disciplined investment in flexible asset capacity
Disciplined investment in flexible asset capacity positions our energy portfolio favourably through evolving energy markets We are building diversity …to strengthen realised pricing …and sequence new developments of flexible assets premiums and earnings quality… in response to market signals Portfol
Slide 18: High quality development pipeline of over 10 GW
High quality development pipeline of over 10 GW provides significant optionality for our portfolio transition We have a breadth of options in location and asset type and will sequence new developments in response to market signals WA QLD Up to 2.4 GW Up to 0.8 GW Kwinana Swift Gas 2 Project SA Up to
Slide 19: Regional Energy Hubs present opportunity for data centre expansion
Our regional Energy Hubs and energy portfolio present a unique opportunity for data centre expansion Hunter Valley, NSW (~10,000 ha) Torrens Island , SA (~30 ha) Latrobe Valley, VIC (~6,000 ha) 4.7 GW grid connection potential Indicative data centre capacity of ~0.5 GW 2 GW+ grid connection potentia
Slide 20: Financial overview
Financial overview Gary Brown Chief Financial Officer [GARY BROWN] Thank you, Damien and good morning, everyone. 18
Slide 21: Strong full year financial results delivered in a softer market
Strong full year financial results delivered in a softer market; Balance sheet optimised through Tilt Renewables and Telco divestments UNDERLYING EBITDA:1 CUSTOMER MARKETS EBITDA: INTEGRATED ENERGY EBITDA: $2,100m up 2% $392m up 32% $2,032m down 2% UNDERLYING PROFIT AFTER TAX: STATUTORY PROFIT AFTER
Slide 22: Improved customer performance and cost control delivered resilient net profit
Improved customer performance and disciplined cost control delivered a resilient net profit result Underlying Profit after tax ($m) AGL Underlying EBITDA $45m favourable Customer Markets EBITDA Integrated Energy EBITDA $94m favourable $(46)m unfavourable 24 1 10 32 53 (15) 15 642 (72) (3) 631 (19) (
Slide 23: FY27 uplift in depreciation and amortisation and finance costs
For FY27, we do expect an uplift of roughly 50 million dollars for depreciation and amortisation, which will include a full year’s worth of depreciation for the Liddell Battery. We also note the increased net finance costs which reflected higher average net debt balances prior to the receipt of the
Slide 24: Disciplined cost control with FY26 operating costs lower than forecast
Disciplined cost control with FY26 operating costs lower than forecast Targeting $50 million of sustainable net opex reductions by FY27, with $30 million delivered in FY26 $50m net opex reduction 62 70 (30) 14 1,830 28 2 1,802 1,796 (20) 23 1,800 1,787 (30) (70) Telco & (20) (75) Torrens FY24 FY25 C
Slide 25: Significant investment in growth with over $600 million deployed
Significant investment in growth with over $600 million deployed towards high-returning firming projects in FY26 Historic and forecast capital expenditure ($m) Growth Capital Expenditure 1,000 • FY27 forecast growth capital 800 Energy as a spend of ~$800m, major Service projects include: 600 growth
Slide 26: Strong operating cash flow supported material growth spend
Strong operating cash flow supported material growth spend; Normalised cash conversion remains well above 90% $ million FY26 FY251 Change Underlying EBITDA 2,100 2,055 45 Equity accounted income/(loss) (2) 12 (14) Accounting for onerous contracts (65) (22) (43) • Underlying operating cash flow Other
Slide 27: Credit metrics remain healthy and balance sheet optimised
Credit metrics remain healthy and balance sheet optimised through Tilt divestment Movement in Net Debt ($m) Debt maturity profile as of 30 June 2026 ($m) (142) 1,200 No major debt maturities until FY29 (126) (674) (2,820) (330) (104) (2,863) 1,000 (683) 739 800 ~$0.8b deployed towards growth and 600
Slide 28: Disciplined allocation of capital to strengthen our core business
Disciplined allocation of capital to strengthen our core business and realise opportunities through the energy transition Current growth priorities - Targeting portfolio 10% IRR1 Our capital allocation principles Customer and C&I remain robust and flexible in an Development objective Primarily on ba
Slide 29: Total fully franked dividend of 50 cents per share
This year’s total fully franked dividend of 50 cents per share equates to a payout ratio of 53.3%, which is two cents per share higher than the prior year. We are also targeting a higher payout ratio of between 55 to 60 percent for the FY27 dividend. This is within our existing policy range and demo
Slide 30: Guidance and outlook
Guidance and outlook Damien Nicks Managing Director and CEO Macarthur Wind Farm Victoria [DAMIEN NICKS] Thanks Gary. 26
Slide 31: FY27 guidance reflects earnings resilience through evolving market conditions
FY27 guidance reflects earnings resilience through evolving market conditions AGL’s FY27 guidance range and targeted dividend payout ratio Key sensitivity drivers of guidance range: reflects the durability of earnings and cash flows: LOWER BOUND UPPER BOUND • Underlying EBITDA between $1,900 and $2,
Slide 32: Appendix
APPENDIX 28
Slide 33: Five Year Summary
Five Year Summary FY26 FY251 FY24 FY23 FY22 Key financial metrics Income Underlying EBITDA $m 2,100 2,055 2,216 1,361 1,218 Underlying Profit after tax $m 631 642 812 281 225 Shareholder value Dividends declared cents 50.0 48.0 61.0 31.0 26.0 Return on capital invested % 10.7 11.1 13.5 5.7 4.8 Retur
Slide 34: Reconciliation of Statutory Profit to Underlying Profit
Reconciliation of Statutory Profit to Underlying Profit $m FY26 FY251 Change Statutory NPAT 756 112 644 Adjust for following post-tax items: Retail Transformation – Consumer implementation 69 59 10 Other transformation costs 22 28 (6) Impairments2 227 15 212 Movement in rehabilitation provision 30 1
Slide 35: Electricity volumes sold to pool
Electricity volumes sold to pool GWh FY26 FY25 Change Asset Bayswater 13,804 14,065 (2)% AGL Loy Yang 11,837 12,461 (5)% Torrens Island Power Station 540 843 (36)% Barker Inlet 331 380 (13)% Kwinana Swift 76 110 (31)% Other gas 51 101 (50)% QLD wind 1,271 1,266 0% SA wind 1,005 999 1% VIC wind 844 7
Slide 36: Customer services
Customer services Restated (‘000) 30 June 2026 Change 30 June 20251 Consumer Electricity 2,608 2,524 3% New South Wales 911 882 3% Victoria 883 849 4% South Australia 357 356 0% Queensland 457 437 5% Consumer Gas 1,557 1,558 0% New South Wales 602 612 (2)% Victoria 612 605 1% South Australia 145 143
Slide 37: Electricity sales volumes
Electricity sales volumes GWh FY26 FY25 Change Consumer New South Wales 5,371 5,459 (2)% Victoria 4,857 4,731 3% South Australia 1,648 1,700 (3)% Queensland 2,881 2,786 3% Consumer total 14,757 14,676 1% Large Business New South Wales 3,840 3,550 8% Victoria 1,905 1,815 5% South Australia 335 694 (5
Slide 38: Gas sales volumes
Gas sales volumes PJ FY26 FY252 Change Consumer New South Wales 13.6 13.6 0% Victoria 26.1 26.2 0% South Australia 2.5 2.4 4% Queensland 2.0 1.9 5% Western Australia 1.5 1.4 7% Consumer total 45.7 45.5 1% Large Business New South Wales 1.2 1.6 (25)% Victoria 4.1 4.5 (9)% South Australia 0.2 0.1 100%
Slide 39: Electricity generation and storage portfolio performance
Electricity generation and storage portfolio performance Emissions intensity2 FY26 sent out Asset State Type Status Capacity1 (MW) (tCO2e/MWh) volume3 (GWh) Bayswater Power Station NSW Black coal Owned (operated) 2,715 0.91 14,332 Loy Yang A Power Station VIC Brown coal Owned (operated) 2,210 1.28 1
Slide 40: Indicative split of AGL's customer load
Indicative split of AGL’s customer load Historical customer load (TWh)1 FY28 forward curve for wholesale 40 electricity pricing swaps (NSW and Victoria) ($/MWh) 160 30 June 2026 35 NSW VIC 30 120 13.0 13.2 25 80 20 8.5 8.4 40 Mar-25 Jun-25 Mar-26 Jun-26 Jan-25 Apr-25 May-25 Jan-26 Apr-26 May-26 Jul-
Slide 41: Our 300 MW operating battery fleet delivering $57 million EBITDA
Our 300 MW operating battery fleet continues to perform well delivering $57 million EBITDA contribution for the year Grid-scale battery EBITDA ($m) Project Capex(1) Torrens Island Battery $189m (Actual) 500MW Tomago Battery targeted to commence Broken Hill Battery $45m (Actual) operations in late CY
Slide 42: Continued progress towards our FY27 strategic targets
Continued progress towards our FY27 strategic targets Customer NPS leadership Operational performance4 Equivalent FY27: FY27: Availability FY26: +10 (Strategic NPS) FY26: 82.8% +20 88% Factor (EAF) New renewable and firming capacity Digital only customers in construction, delivery or contracted5 FY2
Slide 43: Disclaimer and important information
Disclaimer and important information • The material in this presentation is general information about AGL’s activities as at the date of this presentation. It is provided in summary form and does not purport to be complete. It should be read in conjunction with AGL’s periodic reporting and other ann