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FY26 Full - Year Results 12 August 2026 T agl Join the change
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Agenda 1 2 3 4 5 Strategic optionality and resilience to market conditions Damien Nicks – Managing Director and CEO Financial overview Gary Brown – Chief Financial Officer Business highlights and strategic execution Damien Nicks – Managing Director and CEO Guidance and outlook Damien Nicks – Managing Director and CEO Q&A [DAMIEN NICKS] Good morning, everyone. Thank you for joining us for AGL’s 2026 Full Year Results webcast. I would like to begin by acknowledging the Traditional Owners of the land I am on today, the Gadigal people of the Eora Nation, and pay my respects to their Elders past, present and emerging, and from the various lands from which you are all joining. Today I’m joined by some members of my Executive Team - Gary Brown, Jo Egan, David Moretto and Matthew Currie. I’ll get us started and we will have time for questions at the end. 2
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Strong FY26 earnings and cash flow underpinned by operational performance, supporting an increase in dividend Results summary 3AGL Energy FY26 Full-Year Results | 12 August 2026 • 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 conversion maintained • Statutory profit after tax of $756 million • Final dividend of 26 cents per share (fully franked), total dividend of 50 cents per share (fully franked), equating to a total payout ratio of 53.3% of Underlying NPAT for FY26 • Targeting a dividend payout ratio range between 55 - 60% for the FY27 dividend, within existing policy, expected to be fully franked Dividend [DAMIEN NICKS] Our strong full year results reflected excellent business performance across AGL, with the strength of our integrated business helping to mitigate the impact of softer market conditions, and a very mild May and June. Customer Markets delivered a great result, driven by growth in customer services, excellent customer satisfaction outcomes and a return to more sustainable margins. The improved availability and flexibility of our generation asset portfolio, including the continued strong performance of our batteries, supported earnings resilience in a period of low-price volatility in the NEM, which was driven by a combination of unusually milder weather, higher renewable generation, battery capacity growth, and lower transmission constraints. We also maintained strict cost discipline in a period of persistent inflation, holding operating costs broadly flat on the prior year, including delivering 30 million dollars of our targeted 50 million dollar, FY27 net operating cost reduction a year earlier in FY26. Our FY26 Results are a function of consistent strategic delivery over the last four years to build a strong, resilient and flexible business, with incredible pipeline optionality that positions us very favourably today and through the transition. Overall, EBITDA was two percent higher and Underlying Net Profit marginally lower due to an anticipated increase in depreciation and amortisation, reflecting the continued investment in the availability, flexibility and growth of our asset portfolio, coupled with higher finance costs. An improved operating cash flow performance supported our material growth outlay and an increase in dividends. Today, we’ve declared a final ordinary dividend of 26 cents per share – fully franked, bringing the total fully franked dividend for the 2026 financial year to 50 cents per share, two cents per share higher than FY25. This equates to a 53.3 percent payout ratio for the full year. As you can see, we are targeting a higher payout ratio of between 55 to 60 percent for the FY27 dividend, within our existing policy, delivering shareholder returns whilst we press ahead with our growth agenda again in FY27, including the construction of the Tomago Battery and K2 Project. Overall, a great set of operational and financial results. 3
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Another year of strong strategic execution to deliver long term value and optionality 1. 15-year PPA signed with Palmer Wind Farm for 123 MW (Commercial operations targeted to commence in December 2028); 15-year PPA signed with Waddi Wind Farm for 105 MW (Commercial operations targeted to commence in second half of 2028). 2. Pre-transaction costs. AGL Energy FY26 Full-Year Results | 12 August 2026 4 Transitioning our energy portfolio Connecting every customer to a sustainable future Balance sheet and funding optimisation Advancing the delivery of 2 GW of projects • Flexible fleet capacity advanced to 8.7 GW • Liddell Battery operational; Construction of Tomago Battery advancing, LTESA secured • Construction commenced on 220 MW Kwinana Swift Gas 2 Project in WA • CIS contract awarded to proposed 600 MW Hexham Wind Farm in Victoria • Two long-term wind PPAs signed with Tilt Renewables1 • Over 65 PJ of medium-term gas supply contracted; 2.9m tonnes of coal contracted in FY26 • 19.9% equity interest in Tilt Renewables divested for $750m2 • Progressing future investment partnership for development of 2GW+ wind farm portfolio Delivering for customers and transforming our customer business • Higher customer satisfaction outcomes (Strategic NPS increased to +10; CSAT increased to 84.1%) • Disciplined, well executed acquisitions, including the acquisition and integration of Ampol Energy’s customer base • Decentralised assets under orchestration 250 MW higher at 1.74 GW • Long-term strategic partnership entered into with Aussie Broadband; Telco business divested [DAMIEN NICKS] We’ve had another excellent year of strategic execution, generating long-term value and strengthening the resilience, flexibility and optionality of the business through the energy transition. Firstly, we continue to put customers at the centre of our strategy, supporting them through ongoing cost-of- living pressures whilst transforming our customer business to deliver better experiences, innovative products and a lower cost-to-serve. We achieved higher customer satisfaction outcomes in a competitive market, and delivered disciplined, well executed acquisitions, including Ampol Energy’s Australian energy customers. During the year, we also met our FY27 target to increase decentralised assets under orchestration to 1.6 gigawatts. Our strategic acquisition of South Australia’s Virtual Power Plant, combined with material growth in customer controlled hot water under orchestration, drove a 250 megawatt increase in decentralised assets under orchestration to 1.74 gigawatts. In February, we also announced a long-term strategic partnership with Aussie Broadband, alongside the divestment of our telecommunications business for approximately 115 million dollars. This divestment allows us to simplify Customer Markets operations, reduce ongoing operating costs and maintain a bundled customer proposition through the AGL brand. We also continue to benefit from our 20 percent investment in Kaluza. Kaluza is generating strong momentum and expanding its global presence, headlined by the signing of ENGIE. Turning now to the transition of our energy portfolio. Our flexible asset fleet advanced by roughly 400 megawatts to 8.7 gigawatts, largely driven by an increase in decentralised assets under orchestration as I mentioned earlier. This is spread across a diverse range of assets including batteries, hydro and 3.3 gigawatts of thermal coal unit flexibility, enhancing our ability to respond to evolving market conditions throughout the energy transition. Construction has commenced on the K2 Project in Western Australia, and I’m pleased to report that the 500- megawatt Liddell Battery commenced operations in July, with construction of the 500-megawatt Tomago Battery advancing, and a LTESA secured. AGL was also awarded a CIS contract for the proposed 600-megawatt Hexham Wind Farm in Victoria and signed two long-term wind Power Purchase Agreements with Tilt Renewables – adding further diversity to our electricity supply portfolio and supporting our target to add six gigawatts of renewable and firming capacity by 2030. 4
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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 with a range of potential capital partners regarding the development of more than two gigawatts of renewable projects from our pipeline. This process is focused on identifying structures that improve capital efficiency while maintaining strategic and operational flexibility, and we look forward to providing further updates as this work progresses. Overall, a big year of strategic delivery and execution. 4
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Material improvement in business performance demonstrating the resilience of our strategy CUSTOMER GENERATION & STORAGE PORTFOLIO Excellent growth in overall customer services (+92k) Customer satisfaction higher at 84.1 (+2.5) Consumer margin improved 11% Fleet EAF improved to 83.4% (+4.3pp) $57m EBITDA from operated batteries (+$10m) AGL’s breadth of flexible assets attracted a premium to the time weighted market price of 118% (+5pp) 5AGL Energy FY26 Full-Year Results | 12 August 2026 [DAMIEN NICKS] In FY26, I am proud that we achieved a significant improvement in business performance, demonstrating the resilience of our strategy. Starting on the left-hand side, we continued to grow our customer base, delivered great customer satisfaction outcomes and improved Consumer margin during a period of elevated market activity. These results demonstrate the strength of our retail portfolio. In particular, our Customer Markets business recorded excellent growth in overall customer services, primarily in electricity services, including the acquisition of Ampol customers, with Telecommunications services also higher. Some clear examples of AGL’s strong brand and our focus on delivering superior customer outcomes include the increase in our customer satisfaction score, or CSAT, to 84.1, an uplift in Strategic NPS to +10, and spread to market churn improved by 4.9 percentage points. At the same time, we’ve generated an 11 percent improvement in Consumer margin, reflecting a return to more sustainable levels. On the right-hand side, I am pleased that our continued investment in our asset portfolio delivered a 4.3 percentage point improvement in fleet availability and positions us well to generate when market conditions are favourable. In a period of lower volatility, our growing flexible asset fleet generated an excellent premium of 118 percent to the time weighted market price, five percentage points above FY25, with our continued investment in flexible assets supporting us to grow this premium over time. And finally, our operated battery portfolio delivered great performance with an EBITDA contribution of 57 million dollars, 10 million dollars higher – even with a year of lower market volatility. 5
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Safety and customer satisfaction metrics remain strong 6 2.8 3.5 2.0 2.2 FY23 FY24 FY25 FY26 Total Injury Frequency Rate (TIFR)1 (per million hours worked) Safety +3 Customers +3 67% 72% 73% 70% FY23 FY24 FY25 FY26 Employee engagement score People 80.5 80.1 81.6 84.1 FY23 FY24 FY25 FY26 Customer Satisfaction (CSAT)2 AGL Energy FY26 Full-Year Results | 12 August 2026 1) Rolling number for 1 July to 30 June 2026, includes employees and contractors. 2) AGL Transactional Customer Satisfaction survey – June 2026. [DAMIEN NICKS] Touching on safety performance, where our Total Injury Frequency Rate did increase slightly, however this metric remains significantly lower than FY23 and FY24 and well below industry averages. This is a good outcome given the significant amount of operational and maintenance activity undertaken across our sites during the year. I’ve already spoken to Customer Satisfaction, and we acknowledge the lower employee engagement score of 70 percent. However, this score remains broadly in line with industry benchmarks, and we remain focused on fostering an inclusive, empowered and connected workforce through the energy transition. 6
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500 MW Liddell Battery New South Wales Strategic optionality and resilience to market conditions Damien Nicks Managing Director and CEO [DAMIEN NICKS] I’ll now turn to how the business will continue to create value as the market evolves. 7
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Our business is positioned to deliver short and long term value in an evolving energy market – underpinned by optionality through the transition 8AGL Energy FY26 Full-Year Results | 12 August 2026 • Large and diversified customer base, with strong customer satisfaction and low cost-to-serve • Growing flexible asset base capturing shape and time-of-day value • Market leading development pipeline provides significant optionality for portfolio transition • Disciplined cost management and capital allocation framework • Transformation of customer business to drive improved customer experience, lower cost-to-serve, and faster product innovation • Market value shifting towards flexibility, firming and orchestration • Durable longer-term demand tailwinds from data centres supporting our investment in electrification, home batteries and EVs • Capital-light renewable development pathways preserving balance sheet capacity for higher returning firming projects … with a strategy to generate long term returns for shareholders We are a leader in the energy transition… [DAMIEN NICKS] I want to begin by reaffirming the strength of our integrated business and our ability to deliver value as markets evolve - underscored by the strength of our customer base, the quality and flexibility of our energy portfolio and deep optionality embedded within our development pipeline. We deliver 4.6 million customer services nationally – a large and diversified customer base that underpins the transition and rebuild of our energy portfolio, supported by great customer satisfaction and low cost-to-serve. This is backed by our high-quality integrated portfolio of generation assets, which is becoming increasingly flexible, delivers earnings resilience and allows us to capture value from changing demand patterns and intra-day market dynamics. Our market leading development pipeline provides significant optionality, and our well-defined capital allocation framework ensures we only deploy capital to projects with the strongest portfolio fit and risk adjusted returns. We are seeing value increasingly shift toward flexibility, firming and orchestration services, whilst the shift to electrification, higher EV penetration and a significant forecasted uplift in new data centres coming online are creating durable sources of long-term demand growth. We are well positioned with a compelling suite of EV plans, propositions and partnerships, and continue to see increasing uptake in electrification products across our Consumer and Large Business customers. Importantly, Retail Transformation will drive lower cost to serve, improve customer experience and accelerate product innovation – all of which are critical as our customers move to a more electrified future and seek a broader suite of products. And finally, our capital-light approach to renewable development preserves vital balance sheet capacity for higher-returning firming investments. Taken together, these business fundamentals and strategic priorities provide confidence in our ability to generate long-term returns for shareholders. 8
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Our operational investment and discipline underpins business resilience across various market conditions 9AGL Energy FY26 Full-Year Results | 12 August 2026 Investing in asset availability and flexibilityHigher realised pricing premiums through added fleet flexibility Opex flat since FY24, ongoing productivity offsetting inflation and investment in growth Maintaining margin in tighter retail conditions FLEET ASSET FLEXIBILITY ASSET AVAILABILITY 1,787 1,796 1,802 FY24 FY25 FY26 934 826 918 FY24 FY25 FY26 Consumer gross margin ($m) Total operating costs ($m) 76% 79% 89% 80% 86% 69% 76% 91% 79% 85% FY22 FY23 FY24 FY25 FY26 Coal EAF 2112 2 Number of planned major outages # 114% 113% 118% FY24 FY25 FY26 AGL Fleet - portfolio realised price / Average market price (%) ~$120m inflation absorbed AGL Coal Fleet EAF and CAF 5-year trend (%) DRIVING CUSTOMER VALUE COST DISCIPLINE Coal CAF [DAMIEN NICKS] The FY26 outcomes on this slide demonstrate those fundamentals in practice. Firstly, we are seeing the benefits of increased fleet asset flexibility which has grown by 1.3 gigawatts to 8.7 gigawatts over the past two years, delivering improved realised supply side pricing premiums, as well as higher quality and more resilient earnings - and we expect to improve these premiums as we grow our flexible asset capacity. Secondly, our continued investment in our coal-fired fleet is delivering the great outcomes you can see on the top right-hand side – with higher availability and greater coal-fired unit flexibility also contributing to the enhanced supply side portfolio pricing outcomes. We’re also delivering customer value and improved margins in a tighter retail environment, while keeping operating costs broadly flat since FY24. This has been achieved despite inflation and continued investment in growth, demonstrating great cost discipline, with the full implementation of our cost out program to occur in FY27. Together, these outcomes reinforce the resilience of our business fundamentals and ability to deliver through various market conditions. 9
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Current electricity markets are finely balanced and remain susceptible to market events 10AGL Energy FY26 Full-Year Results | 12 August 2026 0 500 1,000 1,500 2,000 2,500 6:00 7:50 9:40 11:30 13:20 15:10 17:00 18:50 20:40 22:30 0:20 2:10 4:00 5:50 7:40 9:30 11:20 Generation (MW) Gas+Liquids Solar Wind Sunday Monday -600 -400 -200 0 200 400 600 800 6:00 7:45 9:30 11:15 13:00 14:45 16:30 18:15 20:00 21:45 23:30 1:15 3:00 4:45 6:30 8:15 10:00 11:45 Generation (MW) Battery Discharge Battery Charge Sunday Monday 0 5,000 10,000 15,000 20,000 25,000 6:00 7:50 9:40 11:30 13:20 15:10 17:00 18:50 20:40 22:30 0:20 2:10 4:00 5:50 7:40 9:30 11:20 Price ($/MWh) Sunday Monday Lower volatility in FY26 reflected the confluence of: Historically mild winter weather Strong thermal availability and transmission performance across the NEM Favourable conditions for renewable generation Growth in grid-scale and residential battery capacity supported by government incentives …which led to price volatility on the Sunday evening and Monday morning ..limiting batteries’ ability to discharge at evening peak and recharge before morning.. Extremely low wind generation across 21 / 22 June in South Australia… Source: AEMO [DAMIEN NICKS] Turning now to a discussion on current market dynamics, where the recent events of the 21st and 22nd of June in South Australia provide a timely reminder that electricity markets remain finely balanced and are highly susceptible to unexpected changes in supply and demand. Over those two days as an example, you can see that South Australia experienced extended periods of extremely low wind generation. Whilst batteries play an important role in supporting the market, the duration of these low wind events limited their ability to discharge adequate supply during the Sunday evening peak and recharge again before Monday morning. The combination of these factors contributed to the significant price volatility outlined on Sunday evening and Monday morning – demonstrating how quickly market conditions can change when key sources of generation are unavailable for an extended period. As I discussed at the Macquarie Conference in May, alignment can easily break in five key instances – extreme weather, low solar irradiation, thermal generator outages, interconnector issues and this particular example – lack of wind generation. Now overall, the current picture is one of a system functioning well, however with limited margin for error during peak periods. Demand is growing, peaks are rising, and volatility remains a feature under strained conditions. These dynamics underline the importance of adequate firming capacity and business resilience – both key focus areas for AGL, as the NEM continues to navigate the energy transition. As mentioned at the beginning, we had a year of lower volatility which reflected a combination of the factors you can see on the screen, and this is driving the softer caps pricing you’ll see on one of the following slides. As the energy transition progresses, we do expect volatility to be a feature of the NEM as it has been historically. This is due to the withdrawal of coal-fired generation, new renewable generation, and the grid navigating new transmission build out. 10
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11 • Commercial availability at Bayswater was 86.0% up 9.4 pp and Loy Yang A was 83.7% up 1.6pp against FY25. • The unplanned outage factor improved from 10.4% in FY25 to 5.4% in FY26, driven by: • Extensive action plans implemented to resolve identified root cause of one-off failure of components and tube leaks • Enhanced preventative maintenance COAL FLEET COMMERCIAL AVAILABILITY1 84.9% 5.9pp vs FY25 • Renewable generation volumes increased 3.8%: • Wind generation up 16.6% largely driven by higher availability in Victoria coupled with a full year of generation from the Rye Park Wind Farm • Hydro generation down (29.6)% primarily due to planned outages and reduced downstream water releases. • Thermal generation volumes down (4.7)% vs FY25 due to periods of milder weather and increased market supply. GENERATION VOLUMES 31.8 TWh 3.4% vs FY25 • Lower volatility in FY26 vs FY25 (11.3 equivalent hours of market price cap vs 54.3 hours in FY25) • Volatility was impacted by much milder weather for the start of winter (May / June 2026), lower transmission constraints, more favourable conditions for renewable generation and growth in grid-scale and residential battery capacity • Market volatility is expected to normalise in the future VOLATILITY CAPTURED2 62.7% 5.9pp vs FY25 Commercial availability improved in line with fleet performance Lower thermal generation utilisation partly offset by higher renewables output Reduced market volatility in FY26 1. Coal commercial availability comprises Bayswater and Loy Yang A Power Stations. 2. Value of volatility captured by generation divided by value if all capacity of dispatchable assets were generating. Higher commercial availability and plant flexibility helped mitigate the impact of lower market volatility AGL Energy FY26 Full-Year Results | 12 August 2026 [DAMIEN NICKS] Now to a more detailed discussion on fleet performance, where higher commercial availably and plant flexibility helped mitigate the earnings impact of lower market volatility. On the left-hand side, you can see we recorded a solid increase in coal-fired commercial availability, driven by stronger reliability and a lower unplanned outage factor. As I alluded to, the lower volatility captured was primarily attributable to the lower spot price volatility recorded in the NEM this year. Generation volumes overall were 3.4 percent lower, largely driven by lower thermal generation utilisation in response to these market conditions. Despite the lower thermal generation volumes, higher thermal fleet availability combined with 3.3 gigawatts of thermal fleet flexibility, enabled AGL to generate when market conditions were most favourable, delivering the strong realised supply side pricing premiums I spoke to earlier. 11
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Short-term forward curves reflect recent cyclical factors; uplift in curves towards FY30 as system expected to tighten 12AGL Energy FY26 Full-Year Results | 12 August 2026 1) Source: ASX curves – August 2026. NSW and VIC FY27 and FY30 forward curves1 Divergence in short-term forward pricing between FY27 and FY30 reflects an expected tighter system: • Planned coal-fired retirements in NSW and VIC from FY29 – If retirements are delayed, reliance on ageing, less reliable baseload would increase volatility, increasing the value of AGL’s flexible assets • Material NEM demand growth forecasts underpinned by data centres and electrification • Largely hedged for FY27, our diversified integrated portfolio positions AGL to capture value above the average market price - and upside when prices and volatility increase Renewable build out requires strong market and commercial signals 78.27 102.14 60 80 100 120 1-Jan-26 1-Feb-26 1-Mar-26 1-Apr-26 1-May-26 1-Jun-26 1-Jul-26 1-Aug-26 NSW - FY 2027 NSW - FY 2030 FY27 VWAP 103.63 Traded price ($ per MWh) 55.31 90.45 40 60 80 100 1-Jan-26 1-Feb-26 1-Mar-26 1-Apr-26 1-May-26 1-Jun-26 1-Jul-26 1-Aug-26 VIC - FY 2027 VIC - FY 2030 FY27 VWAP 71.80 [DAMIEN NICKS] Continuing the discussion on market conditions - the divergence we are seeing between FY27 and FY30 forward curves largely reflects recent cyclical factors, whilst the medium-term outlook points to a progressively tighter system and returning to pricing levels which will ultimately be required to underpin investment requirements. The forward market is increasingly recognising numerous structural changes underway across the NEM. Planned coal-fired retirements in both New South Wales and Victoria from FY29 will remove significant baseload capacity from the system. Importantly, if those retirements are delayed, reliance on ageing and less reliable baseload generation is likely to increase volatility, further reinforcing the value of portfolio flexibility. At the same time, demand forecasts continue to strengthen, underpinned by the growth of data centres and broader electrification across the economy. Crucially, strong market and commercial signals are required to support the delivery of new renewable generation at the pace required by the system. Overall, AGL is well positioned against this market backdrop, and we are largely hedged for FY27, providing earnings resilience in the near term, noting the FY27 VWAPs indicated by the horizontal dotted lines on the screen. Our diversified and high-quality integrated portfolio positions us to capture value from any uplift in forward prices and volatility, with our growing flexible asset portfolio delivering enhanced realised supply side pricing outcomes. 12
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Excellent customer growth, higher customer satisfaction and increased gross margin achieved in a competitive market 13AGL Energy FY26 Full-Year Results | 12 August 2026 1. FY26 Rest of Market churn has been normalised to reflect the removal of churn related to the acquisition of Ampol Energy’s customer base. 2. AGL Brand and Marketing Communications Tracking Program – Q4 FY26. 3. AGL mobile app rated #1 amongst its Australian energy peers of apps with 1k+ reviews, with a 4.7 out of 5-star rating on Apple App Store. 3,979 4,094 4,097 4,180 169 163 156 133 123 181 224 256 FY23 FY24 FY25 FY26 Energy SPC Telco AGL Telco Customer growth across all services Balancing margin and customer outcomes +298 Customer services (‘000) Consumer customer gross margin Churn spread to market improvement Churn (%) • AGL churn 4.9 pp below the Rest of Market 1, reflecting strong customer retention and benefits of Telco and Netflix propositions. • Defending our scale in key markets, while growing and retaining high value customers • AGL maintained industry brand leadership2 and continued to be ranked as the #1 digital app3 in the Australian energy market • 4.57m customer services, up 92k on FY25, driven by strength across brand, customer satisfaction and acquisition of Ampol Energy’s customer base • Energy services increased 83k, with continued underlying growth in electricity services despite a highly competitive market • Telco services increased 9k, reflecting continued strong uptake of bundled offers with materially lower churn • Consumer gross margin increased 11%, driven by growth in services and a disciplined focus on customer value • Margin remains strong relative to historical levels, while maintaining a strong focus on customer outcomes • Customer satisfaction improved by 3.6 pp since June 2023 with 84.1% of our customers rating their experience 5/5 across over 850,000 responses 4,271 4,438 4,477 4,569 825 934 826 918 0 50 10 0 15 0 20 0 25 0 30 0 35 0 40 0 45 0 50 0 55 0 60 0 65 0 70 0 75 0 80 0 85 0 90 0 95 0 1,0 00 FY23 FY24 FY25 FY26 Gross margin ($m) 18.7% 20.9% 20.0% 21.6% 4.5 5.1 4.3 4.9 0 3 6 9 12 0.0% 10.0% 20.0% 30.0% FY23 FY24 FY25 FY26 Rest of market (%) Gap to RoM (pp) [DAMIEN NICKS] As mentioned at the start, Customer Markets performance was headlined by growth in customer services, higher customer satisfaction outcomes, as well as margin improvement in a competitive market. Total services to customers increased by 92 thousand, with energy services growth, both organic and attributable to the acquisition and successful integration of Ampol Energy’s customer base. Importantly, we’ve maintained strong customer satisfaction, supported by our leading energy brand, digital offering and loyal customer base. Our churn advantage to the rest of the market also improved to 4.9 percentage points. These are great results in a highly competitive market. You can see the improvement in Consumer gross margin on the right-hand side, driven in part by customer growth, and reflecting a return to more sustainable levels. 13
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AGL Energy FY26 Full-Year Results | 12 August 2026 14 Reshaping Customer Markets to focus on the energy core, modernise retail, and invest in a platform that is scaling globally Customer Markets: bold transformation, real momentum 1) Per Notice of Initial Substantial Holder – Aussie Broadband Limited (15 June 2026). • OVO (Australia) is delivering growth, innovation and positive customer outcomes via its digitally led operating model on modern platforms - Retail Transformation to unlock these capabilities across AGL • Delivery effort has increased due to scale and complexity of program and is estimated to extend implementation up to 12 months and an increase in program spend by $100m - $150m • Early benefits of $25m realised ahead of plan across FY25-FY26, with full annual pre-tax benefits now due from FY30 Sharpening focus on our energy core Delivering with discipline Kaluza - scaling fast, with high global interest ~$70-90m Full annual benefits from FY30 >25m Contracted meters doubled with ENGIE agreement • Telco business divested; Customer migration in progress (>90,000 customers migrated to date) • Frees up capital and management focus to further invest in our core business • AGL retains upside through: – ~22m shares (~7% of ABB issued capital) 1 – AGL-branded bundles – lower energy churn • Expanding Australian customer footprint with second retailer implementation underway • European expansion underway through agreement with ENGIE; this includes Belgium migrations and France localisation, enabled by >80% platform reuse • Independent recognition from Frost & Sullivan, IDC and AWS highlights Kaluza's position and growth potential AUSSIE BROADBAND PARTNERSHIP RETAIL TRANSFORMATION STRATEGIC INVESTMENT IN KALUZA ~$115m Worth of ABB shares issued to AGL [DAMIEN NICKS] We are reshaping Customer Markets to focus on our core energy business, modernise our product offerings and back a leading platform in Kaluza which continues to expand its domestic and global appeal. I’ve already touched on our long-term strategic partnership with Aussie Broadband and the divestment of our telecommunications business, which allows us to simplify operations and sharpen our focus on our core energy business. Our 100 percent subsidiary, OVO Australia, is currently utilising Kaluza and Salesforce, and continues to see rapid growth, innovation and positive satisfaction customer outcomes supported by these modernised platforms and AI capability. Our Retail Transformation program will unlock these capabilities across AGL as our customers shift towards a more electrified future. The program continues to make progress, with key capabilities deployed and savings of 25 million dollars delivered ahead of plan. We are focused on delivering the program successfully and following a detailed review of the next phase of implementation, we now expect the transformation program to extend by up to 12 months and costs to increase by an additional 100 million to 150 million dollars. This reflects the scale and complexity of the program, bolstering of our delivery approach and additional investment to de-risk implementation, and we believe this additional investment will support the effective delivery of a modern, scalable retail platform and underpin long-term customer and shareholder value. The anticipated strategic and operational benefits of the program remain unchanged, and we expect the full benefits of annual pre-tax cash savings of 70 to 90 million dollars from FY30. Kaluza continues to expand its local and global presence, with AI now utilised across its entire product and software development lifecycle, expediting both delivery and entry into new markets. Kaluza’s second retailer implementation is underway in Australia, and it is also making excellent headway in Europe. The landmark agreement with ENGIE is its largest deployment to date, and migrations are underway in Belgium and France localisation has commenced. 14
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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
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Disciplined investment in flexible asset capacity positions our energy portfolio favourably through evolving energy markets AGL Energy FY26 Full-Year Results | 12 August 2026 15 Batteries Demand response Gas peakers Hydro • Prioritising developments in states with: – Higher variable renewable penetration – Near-term planned coal fired withdrawals • Aiming to own and operate a gas peaker in each mainland state • Continue to grow demand side flexibility with a focus on batteries and electric vehicles …and sequence new developments in response to market signals …to strengthen realised pricing premiums and earnings quality… We are building diversity of flexible assets Portfolio realised price / Average market price (%) 0% 50% 100% 150% 200% 250% FY19 FY26 [DAMIEN NICKS] We are taking a disciplined approach to investing in flexible asset capacity to position us very favourably through evolving energy markets. Our strategy is premised on building a firming portfolio diversified by technology and asset type. Batteries and demand response enable us to respond to peak demand events in a matter of milliseconds, whilst gas peakers and hydro assets provide longer-duration firming capacity to support grid stability. This broad mix enhances our ability to respond to changing market conditions and capture value across a wide range of operating environments. As we grow our flexible asset capacity, we expect to strengthen realised supply side pricing outcomes and deliver higher quality, more resilient earnings over time. The middle graph breaks this down by asset type – also showing the solid premiums we’re achieving for our coal- fired generation assets through our investment in flexibility. Importantly, we will continue to sequence new developments in response to market signals, prioritising investments in regions with higher renewable penetration and near-term coal fired withdrawals. We’ll also seek to grow demand side flexibility with a focus on batteries and electric vehicles, whilst pursuing our strategy to own and operate a gas peaker in each mainland state. 15
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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 Legend Up to 2.4 GW NSW QLD VIC SA WA Up to 5 GW Up to 1.1 GW 0.9 GW Up to 0.8 GW Development pipeline project Under construction/recently constructed Liddell Battery Tomago Battery Kwinana Swift Gas 2 Project Grid-scale battery Wind Pumped Hydro Gas Solar Additional early-stage opportunities NSW VIC QLD WA 2.5 GW 0.2 GW 1.3 GW 1.6 GW AGL Energy FY26 Full-Year Results | 12 August 2026 16 [DAMIEN NICKS] Our market leading development pipeline of over 10 gigawatts provides significant optionality for our portfolio transition. This pipeline is diversified across location, technology and asset type, including grid-scale batteries, pumped hydro, gas, wind and solar. We have opportunities spanning every mainland state, which is complemented by approximately an additional five gigawatts of early-stage opportunities. This breadth of options allows us to remain disciplined and responsive, sequencing new developments in line with market signals, customer needs and system requirements. Importantly, we will leverage this optionality to only deliver upon projects with the best strategic fit and risk adjusted returns. Gary will elaborate further on our disciplined approach to capital allocation. As I’ve mentioned before, this pipeline will continue to evolve as projects are added, removed where uneconomic and where projects reach FID. 16
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AGL Energy FY26 Full-Year Results | 12 August 2026 Our regional Energy Hubs and energy portfolio present a unique opportunity for data centre expansion 17 Hunter Valley, NSW (~10,000 ha) 4.7 GW grid connection potential Torrens Island , SA (~30 ha) Indicative data centre capacity of ~0.5 GW Latrobe Valley, VIC (~6,000 ha) 2 GW+ grid connection potential Large development pipeline to support date centre development Latency profile suitable for AI model development, enterprise cloud backup solutions and back-end batch processing Advantageous grid connection Significant water infrastructure Dedicated workforce with transferrable skills Aligned with government and regional economic transition planning [DAMIEN NICKS] Data centres are one of the most significant emerging sources of electricity demand, and before I hand over the Gary, I want to spend a few moments talking about how our Energy Hubs and energy portfolio present a unique opportunity to support regional data centre expansion. What differentiates these sites is not just the scale of land available, but the combination of water infrastructure, grid-connectivity and generation capacity that already exists today, not to mention the sheer breadth of optionality within our development pipeline which I just spoke to. These sites were built to underpin large scale industrial operations and have the potential to support over seven gigawatts of data centre capacity over the longer-term, largely based on grid connection potential. Importantly, data centres require reliable and increasingly low-emissions supply at scale. This is where our integrated portfolio becomes a real advantage – we can support customers with a combination of renewable generation and firming solutions. At the same time, future developments have the potential to attract new investment into regions where AGL has operated for decades, creating new job opportunities for our highly dedicated workforce, supporting both economic transition and long-term regional growth objectives. Collectively, these Energy Hubs provide a unique platform to enable Australia's digital-led growth, whilst creating long-term value from AGL's strategic land and infrastructure portfolio. Now, over to Gary. 17
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Financial overview Gary Brown Chief Financial Officer [GARY BROWN] Thank you, Damien and good morning, everyone. 18
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Strong full year financial results delivered in a softer market; Balance sheet optimised through Tilt Renewables and Telco divestments $2,100m UNDERLYING EBITDA:1 up 2% CUSTOMER MARKETS EBITDA: INTEGRATED ENERGY EBITDA: $392m up 32% $2,032m down 2% $850m up $319m $2.86bn OPERATING FREE CASH FLOW: 2 NET DEBT: flat 2) Operating free cash flow is derived from net cash provided by operating activities excluding working capital movements for margin calls and cash flow related to significant items and adding sustaining capital expenditure on an accruals basis. 19 1) Underlying EBITDA includes centrally managed expenses and investments. AGL Energy FY26 Full-Year Results | 12 August 2026 26 cpsdown 2% STATUTORY PROFIT AFTER TAX:UNDERLYING PROFIT AFTER TAX: $631m $756m FINAL DIVIDEND (FULLY FRANKED): up 1cps RETURN ON CAPITAL INVESTED: 10.7% down 0.4pp [GARY BROWN] This slide shows an overall summary of our financial results, which I’ll cover in more detail shortly. As Damien mentioned – our strong full year financial results reflected excellent business performance across the organisation, with EBITDA of 2.1 billion dollars and underlying net profit of 631 million dollars. Net debt ended the year broadly flat, with our significant outlay for growth, strategic acquisitions, sustaining capital and 330 million dollars’ worth of fully franked dividends, more than offset by strong operating cash flow generation and the Tilt divestment proceeds. As Damien also noted, the Tilt divestment was a prime example of our ability to recycle capital when timely and prudent – monetising developments for strong realised premiums, with the divestment resulting in a realised post- tax gain on sale of 268 million dollars. We have also commenced engagement with a range of potential capital partners regarding the development of more than two gigawatts of renewable projects from our pipeline and look forward to updating the market as this work progresses. Our balance sheet remains in a healthy position with our Baa2 investment grade credit rating maintained. Today we have also announced a fully franked dividend of 26 cents per share, up 1 cent, taking the full year dividend to 50 cents per share. Return on invested capital remained above 10 percent, and I’ll also speak to our disciplined framework for deploying capital through the transition. Overall, a great set of financial results. 19
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AGL Energy FY26 Full-Year Results | 12 August 2026 20 53 32 24 (15) 1 10 (72) 15 (3) (19) (29) (8) 642 631 FY25 Actual Consumer Electricity margin Consumer Gas margin Growth & Other Margin Customer Markets Opex Electricity prices, portfolio management & Eco Markets Batteries Gas margin Integrated Energy Opex CME & Investments Opex D&A Net finance costs Income tax FY26 Actual Underlying Profit after tax ($m) Customer Markets EBITDA $94m favourable Integrated Energy EBITDA $(46)m unfavourable Improved customer performance and disciplined cost control delivered a resilient net profit result AGL Underlying EBITDA $45m favourable 1) FY25 NPAT has been restated to reflect the change to accounting classification of a number of renewable Power Purchase Agreements. Please refer to Section 7 of the Operating and Financial Review within the FY26 Annual Report for additional detail. 1 IE opex & Other margin [GARY BROWN] Let me first take you through Underlying Profit in more detail. Starting on the left – the stronger Customer Markets performance was primarily driven by margin growth across the Consumer Electricity and Gas portfolios, with Consumer Electricity margin benefitting from solid customer growth and portfolio optimisation. The “Growth and Other Margin” bar reflects the first year of gross margin contribution from South Australia’s Virtual Power Plant which we acquired from Tesla last year, as well as margin from the sale of battery hardware which has been supported by government initiatives. The increase in Customer Markets opex was mainly driven by higher net bad debt expense following the cessation of government relief support, in conjunction with elevated cost of living pressure. These drivers were partially offset by the ongoing delivery of operating model benefits related to the Retail Transformation program. Moving further to the right as we now focus on the Integrated Energy business, you can see in the initial bar being flat, that stronger fleet availability and flexibility helped mitigate the earnings impact of lower market volatility, as well as a reduction in thermal generation volumes. The positive 10-million-dollar bar for “batteries” reflected a stronger performance from the Torrens Battery, and we continue to be very pleased with the overall performance of our 300-megawatt operational battery fleet, which delivered a 57-million-dollar EBITDA contribution for the year, a great financial result. Note this is a 20 percent capex yield since operation of this growing battery fleet. As previously advised, the lower gas gross margin was driven by higher priced gas purchases as our lower cost legacy contracts gradually roll off. Integrated Energy’s opex improvement was attributable to the ongoing productivity and optimisation initiatives across our various sites. As previously flagged, the 19-million-dollar uplift in depreciation and amortisation was largely attributable to the continued investment in our thermal assets with a shortening useful life, and growth. 20
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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 Tilt proceeds, coupled with an increase in interest rates. 20
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AGL Energy FY26 Full-Year Results | 12 August 2026 21 (20) (30) Telco & Torrens 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 Operating costs have remained flat since FY24, despite inflation and material investment in growth; Targeted cost out reflects our continued focus on controlling opex in an inflationary environment 1,787 1,796 1,830 1,802 1,800 62 (70) 28 14 (30) 2 (20) 70 (75) 23 FY24 Actual FY25 Actual CPI Productivity Growth Other FY26 Forecast (Feb 26) Accelerated benefits from FY27 Target Other FY26 Actual FY27 Target Reduction CPI Productivity Growth FY27 Forecast $50m net opex reduction [GARY BROWN] We have our costs well under control and will deliver on our 50 million-dollar cost out program for 2027. We previously indicated a two percent increase in FY26 operating costs in February, however through our recent cost out initiatives and tight cost controls, operating costs have remained flat, with the impacts of inflation more than offset by the significant productivity initiatives implemented across the organisation. More broadly, as you can see, we have made significant progress on managing our cost base over the last few years, with operating costs remaining flat since FY24, despite significant inflationary pressures and our material investment in growth, and this trend is expected to continue into FY27. Just a reminder that our cost out program in FY27 is targeting an overall sustainable cost benefit of 50 million dollars per annum after CPI. Due to productivity initiatives undertaken in FY26, we were able to deliver some of these benefits earlier than originally stated, with 30 million dollars of benefit delivered in FY26. We again expect to fully absorb CPI through productivity benefits in FY27. This targeted cost out program reflects our ongoing focus on minimising operating costs in an inflationary environment, whilst continuing to invest in growth. 21
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[GARY BROWN] Briefly touching on capex. In line with our strategy, approximately 700 million dollars was spent on growth this year, with the majority of capital deployed to advance our high-returning firming projects of approximately 600 million dollars. This growth outlay comprised roughly: - 70 million dollars for the remaining project cost of the Liddell Battery, - approximately 360 million of the estimated 800-million-dollar total project cost for the Tomago Battery, with roughly 370 million expected in FY27 and 70 million in FY28, and - approximately 140 million of the estimated 490-million-dollar total project cost for the K2 project, with roughly 270 million expected to be spent in FY27, and the remainder in FY28. As you can see on the right-hand side, FY27 forecast growth capital spend is roughly 800 million dollars and will follow a similar trend as we press ahead with the construction of high-returning firming projects. FY27 sustaining capital spend is expected to be broadly in line with FY26, approximately 700 million dollars, and includes roughly 500 million dollars on our thermal fleet, as we have two major planned coal-fired unit outages again in FY27. This prudent spend is to maintain the availability and reliability of our thermal asset fleet in a transitioning market, as evidenced this year through a great availability result. Chart text baseline 6:10 Significant investment in growth with over $600 million deployed towards high-returning firming projects in FY26 22 • FY27 forecast growth capital spend of ~$800m, major projects include: • Tomago Battery (~$370m) • K2: ~$270m • Energy as a Service Growth and Electrification (~$60m) • Continued investment in our thermal assets of $400 - $500m per annum over the next 2-3 years to maintain the availability and reliability of assets (subject to asset management plans) AGL Energy FY26 Full-Year Results | 12 August 2026 Historic and forecast capital expenditure ($m) 0 200 400 600 800 1,000 FY24 FY25 FY26 FY27 Forecast Tomago Battery; K2 Energy as a Service growth and Electrification Growth Capital Expenditure 0 200 400 600 800 FY24 FY25 FY26 FY27 Forecast Thermal Customer Markets Other Firming and Renewables Sustaining Capital Expenditure Two planned major outages completed in FY25 Two planned major outages in FY27 Two planned major outages completed in FY26 Technology modernisation & security 22
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[GARY BROWN] Turning now to cash performance, headlined by strong operating cash flow generation and a 97 percent cash conversion rate, which supported our material investment in growth. It is important, as we have demonstrated, to continue to generate strong cashflows in our business to support ongoing investment in growth initiatives. I’ll run through some of the key movements. Underlying operating free cash flow was 110 million dollars higher, driven by stronger EBITDA and the unwind of government bill relief to customers in the prior year, partly offset by higher margin calls. The majority of the significant items relate to the continued implementation of the Retail Transformation Program. You can see the receipt of the net Tilt proceeds for 739 million dollars and the other investing activities line primarily comprises SA VPP acquisition investment of roughly 80 million dollars. Operating free cash flow, excluding the impact of bill relief timing, was 42 million dollars higher, largely driven by lower income tax payments. Encouragingly, our cash conversion rate excluding margin calls, rehabilitation and the timing of bill relief ended the year at 97 percent – a brilliant result. Chart text baseline 6:10 Strong operating cash flow supported material growth spend; Normalised cash conversion remains well above 90% 231) Restated to reflect the change to accounting classification of a number of renewable Power Purchase Agreements. Please refer to Section 7 of the Operating and Financial Review within the FY26 Annual Report for additional detail. AGL Energy FY26 Full-Year Results | 12 August 2026 • Underlying operating cash flow $110 million higher, driven by the unwind of the government bill relief to customers in the prior year, partly offset by higher margin calls. • Significant items primarily reflects the continued implementation of the Retail Transformation program. • Net Tilt Renewables divestment proceeds of $739 million received in May. • Other investing activities include SA VPP acquisition. $ 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) Other assets/liabilities and non-cash items 19 134 (115) Rehabilitation (87) (80) (7) Working capital – margin receipts/(calls) (209) (85) (124) Working capital – net (payables) / receivables 59 68 (9) Working capital – bill relief timing (net of customer credits) (52) (329) 277 Working capital – inventory / green assets (73) (163) 90 Working capital – other 3 (7) 10 Underlying operating cash flow before significant items, interest and tax 1,693 1,583 110 Net finance costs paid (243) (209) (34) Income taxes paid (126) (268) 142 Significant items (173) (188) 15 Net cash provided by operating activities 1,151 918 233 Sustaining capital expenditure (accruals basis) (683) (660) (23) Growth capital expenditure (accruals basis) (674) (508) (166) Net divestment proceeds from Tilt Renewables 739 - 739 Other investing activities (142) (390) 248 Net cash used in investing activities (760) (1,558) 798 Net cash used in financing activities (385) 27 (412) Net increase in cash and cash equivalents 6 (613) 619 Operating Free Cash Flow 850 531 319 Operating Free Cash Flow (excl. bill relief timing) 902 860 42 Cash conversion rate (excl. margin calls and rehabilitation and bill relief timing) 97% 101% (4)% Cash conversion rate (excl margin calls and rehabilitation) 95% 85% 10% 23
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Credit metrics remain healthy and balance sheet optimised through Tilt divestment 24AGL Energy FY26 Full-Year Results | 12 August 2026 (126) (674) 739 (330)(2,820) 1,277 (683) (142) (104) (2,863) 30-Jun-25¹ Income Taxes paid Operating cash flow (excl. income taxes paid) Sustaining Capex (accruals basis) Growth Capex (accruals basis) Acquisitions and Other Investing Proceeds from Tilt Renewables Dividends paid Other 30-Jun-26 Movement in Net Debt ($m) Fully franked dividends paid to shareholders ~$0.8b deployed towards growth and strategic acquisitions 1) 30 June 2025 Net Debt has been restated to reflect the change to accounting classification of a number of renewable Power Purchase Agreements. Please refer to Section 7 of the Operating and Financial Review within the FY26 Annual Report for additional detail. 2) Metrics are calculated using Moody’s definitions which exclude the impact of the Energy Bill Relief cash rebate and are assessed against Moody’s tolerance levels for a Baa2 rating. 3) Gearing Ratio is calculated using the debt covenant definition. 0 200 400 600 800 1,000 1,200 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 Amortising Debt Bond Debt Drawn bank debt Undrawn bank debt Drawn green debt Undrawn green debt Debt maturity profile as of 30 June 2026 ($m) No major debt maturities until FY29 • $500m Australian Medium-Term Note (AMTN) issued in September across seven and 10- year tenors – over 10x oversubscribed • $510 Asian Term note refinanced in May – all tranches extended by over two years at lower margins • Tilt divestment – proceeds redeployed towards higher returning firming projects • Available liquidity from cash and undrawn committed debt facilities of $1,551m • Weighted Average Debt Maturity remained flat at 5.1 years Credit and debt metrics Tolerance level FY26 FY25 Moody’s rating Baa2 (stable outlook) Baa2 (stable outlook) FFO / Net Debt >22% 2 38.0% 32.8% FFO / Interest Cover >4.2x 2 6.0x 6.1x Gearing Ratio <50% 3 33.6% 34.9% [GARY BROWN] Turning now to net debt, credit metrics and our solid funding position. We continue to maintain a strong balance sheet supporting our investment grade credit rating. Starting with net debt which ended the year broadly flat, noting that our significant outlay for growth, strategic acquisitions, sustaining capital and 330 million dollars’ worth of fully franked dividends, was more than offset by strong operating cash flow generation and the Tilt divestment proceeds – a great outcome. Importantly, we also maintain our Baa2 investment grade credit rating with headroom to covenants. Our funding remains in a great position following the 510-million-dollar Asian Term note re-financing in May, with all tranches extended by two years at lower margins. I’ve already touched on the Tilt divestment and spoke to the 500-million-dollar AMTN issuance in February, which was over 10 times oversubscribed – an excellent endorsement of our business fundamentals and strategy. Our liquidity position remains very healthy at almost 1.6 billion dollars in cash and undrawn committed debt facilities. Average debt tenor is stable at just over 5 years, and we don’t have any major debt maturing until FY29. 24
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Disciplined allocation of capital to strengthen our core business and realise opportunities through the energy transition 25AGL Energy FY26 Full-Year Results | 12 August 2026 1) Project level; ungeared; post tax. Current growth priorities - Targeting portfolio 10% IRR1 Our capital allocation principles remain robust and flexible in an evolving market Maintain strong credit profile 1. Invest in the core business and capitalise on opportunities through the energy transition 2. Maintain flexible and sustainable dividend policy3. Capital management - Evaluate options against best uses of capital, including returns to shareholders4. Customer and C&I Development objective Primarily on balance sheet Current priorities New product offerings Retail and C&I Energy as a Service (Behind-the-meter projects) Firming (Targeting upper end of 8 - 11% IRR range)1 Development objective Primarily on balance sheet Current priorities Liddell Battery Tomago Battery K2 Generation (Wind) Development objective Primarily off-balance sheet Current priorities Progressing investment partnership for development of 2GW+ wind farm portfolio Stay in business capex priorities Customer and C&I Energy portfolio Current priorities Driving efficiencies and meeting regulatory compliance requirements Optimal level of investment to ensure flexible and reliable operations [GARY BROWN] I will now take you through our capital allocation framework that we apply within the business. We remain disciplined in how we allocate capital, balancing investment in our core business with targeted opportunities that position AGL to create long-term value through the energy transition. On the left-hand side, you can see that our capital allocation principles remain consistent, robust and flexible to respond in an evolving energy market. Moving to the right-hand side where we target an IRR of 10 percent across the portfolio for all growth investments developed on our balance sheet. Just to be clear, this is post-tax, ungeared and at the project level, leveraging our material portfolio optionality to deliver projects with the strongest portfolio fit and risk adjusted returns. In Customer and C&I, we’re concentrating on new product offerings and the expansion of our Commercial and Industrial Energy as a Service business, particularly behind-the-meter projects that deliver ongoing recurring revenue. We’re also progressing almost 2 billion dollars’ worth of firming projects – adding to our flexible asset capacity which remains key in a transitioning energy market. I’ve already spoken to our near-term imperative to create an investment partnership for the development of a 2- gigawatt plus wind farm portfolio. And finally, our stay-in-business capex priorities continue to focus on maintaining safe, flexible and reliable operations within our energy portfolio, whilst driving efficiencies and meeting regulatory compliance requirements within Customer Markets. These investments are essential to supporting the performance and resilience of our core business. We continue to maintain our dividend policy of 50 to 75 percent of underlying NPAT, noting that we have the flexibility to pay within this range, of course at the Board’s discretion. This dividend policy provides the flexibility to allocate capital in a disciplined way, balancing shareholder returns with investment in growth across a range of market conditions 25
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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 demonstrates that we have the ability and flexibility to pay dividends within the broader range, from our strong operating cash flow. Thank you again and handing back to Damien. 25
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Guidance and outlook Damien Nicks Managing Director and CEO Macarthur Wind Farm Victoria [DAMIEN NICKS] Thanks Gary. 26
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FY27 guidance reflects earnings resilience through evolving market conditions AGL Energy FY26 Full-Year Results | 12 August 2026 27 AGL’s FY27 guidance range and targeted dividend payout ratio reflects the durability of earnings and cash flows : • Underlying EBITDA between $1,900 and $2,200 million • Underlying NPAT between $470 and $670 million • Targeting a dividend payout ratio range between 55 - 60% of Underlying NPAT, expected to be fully franked The guidance ranges above reflect the following drivers compared to FY26: • Stable consumer energy margins • Full year of earnings from the Liddell Battery • Lower operating costs across the business from the FY27 net operating cost-out target • Impact of lower wholesale electricity prices rolling through contracted positions, although at a premium to current market prices through hedged position and flexible fleet • Increased gas costs as low-cost legacy contracts roll off • Increase in depreciation and amortisation of ~$50m and reduction in finance costs by ~$30m All guidance is subject to any impacts arising from regulatory and government intervention, variability in market and trading conditions, and plant availability. Key sensitivity drivers of guidance range: LOWER BOUND UPPER BOUND Higher customer volumes Lower customer volumes Impact of weather and customer numbers on demand CUSTOMER DEMAND Higher generation volumes and margins Lower generation volumes and margin Subject to availability and generation GENERATION MARGIN Higher price volatility captured Lower price volatility captured Levels of price volatility in the NEM VOLATILITY / PORTFOLIO POSITION Lower expense Higher expense Cost inflation and customer bad debt INFLATION / COST OF LIVING Higher margin or lower cost Lower margin or higher cost Levels of retail market competition RETAIL MARKET ACTIVITY [DAMIEN NICKS] I’ll now conclude by talking to FY27 guidance, which reflects earnings resilience through evolving market conditions. Our confidence in the durability of our earnings, cash flows and balance sheet means we are targeting, within our existing policy, a higher dividend payout ratio for the FY27 dividend of between 55 and 60 percent of underlying NPAT, with the expectation this will be fully franked. FY27 Underlying EBITDA guidance reflects an expected stabilisation in consumer energy margins, a full year of earnings contribution from the Liddell Battery and lower operating costs across the business driven by our cost out program. It also reflects an increase in gas costs as low-cost legacy contracts roll off, together with the impact of lower wholesale electricity prices rolling through contacted positions, noting that this is at a premium to current market prices through our largely hedged generation position, as I alluded to earlier, and our flexible asset fleet. FY27 Underlying NPAT guidance reflects an increase in depreciation and amortisation of roughly 50 million dollars, partially offset by a reduction in finance costs of approximately 30 million dollars. Thank you for your time and we’ll now open to any questions. 27
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APPENDIX 28
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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 Return on equity % 12.9 12.9 14.9 4.9 3.7 Key operating metrics Total Services to customers2 million 4.569 4.477 4.482 4.271 4.215 Business Value Driver key performance indicators Customers Strategic Net Promoter Score (NPS) +10 +8 +4 +5 +6 Customer Satisfaction (CSAT) % 84.1 81.6 80.1 80.5 79.8 Decentralised assets under orchestration (including smelters) MW 1,739 1,487 1,249 1,139 NR Assets New renewable and firming capacity MW 2,126 1,178 978 478 NA Total grid-scale batteries operated, contracted or in delivery MW 1,700 1,200 1,000 430 NR Equivalent Availability Factor - all fleet % 83.4 79.1 85.8 76.8 74.5 Environment Reduction in Scope 1 & 2 emissions compared to FY19 baseline % 31.93 29.1 23.3 18.5 NR AGL Energy FY26 Full-Year Results | 12 August 2026 Five Year Summary 1. Restated to reflect the accounting adjustment as described in Section 7 of the Operating and Financial Review within the FY26 Annual Report, with the exception of return on capital invested. 2. Excludes Netflix services. 3. Data for FY26 is estimated and based on actuals for material emissions sources and estimates for non -material sources; any changes will be updated in the ESG Data Centre later in the year. 29 29
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Reconciliation of Statutory Profit to Underlying Profit 30 $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 16 14 Movement in onerous contracts (67) 116 (183) Business restructuring and transaction (gains)/costs (227) 55 (282) Legal penalties - 25 (25) (Profit)/Loss on fair value financial instruments after tax (179) 216 (395) Underlying NPAT 631 642 (11) AGL Energy FY26 Full-Year Results | 12 August 2026 1) Restated to reflect the change to accounting classification of a number of renewable Power Purchase Agreements. Please refer to Section 7 of the Operating and Financial Review within AGL’s FY26 Annual Report for additional detail. 2) FY26 Impairment charges of $227m (post tax) largely relate to asset impairments recognised for the generation fleet and development projects. 30
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Electricity volumes sold to pool 31AGL Energy FY26 Full-Year Results | 12 August 2026 1) Includes discharge volumes for the Liddell, Torrens Island, Broken Hill, Wandoan and Dalrymple batteries. 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 844 700 21% NSW wind 961 536 79% VIC hydro 675 985 (31)% NSW hydro 50 45 11% NSW solar 328 413 (20)% Total generation 31,773 32,904 (3)% Grid-scale batteries1 166 155 7% Total volumes sold to the pool 31,939 33,059 (3)% Generation type Coal 25,641 26,526 (3)% Gas 998 1,434 (30)% Wind 4,081 3,501 17% Hydro 725 1,030 (30)% Solar 328 413 (20)% Total Generation 31,773 32,904 (3)% 31
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Customer services 32 (‘000) 30 June 2026 Restated 30 June 20251 Change 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 1% Queensland 84 86 (2)% Western Australia 114 112 2% Total Consumer energy services 4,165 4,082 2% Dual fuel services1 2,314 2,318 0% Average consumer energy services 4,136 4,094 1% Total Large Business energy services 15 15 0% Total energy services 4,180 4,097 2% Total Telecommunication services 389 380 2% Total AGL customer services2,3 4,569 4,477 2% AGL Energy FY26 Full-Year Results | 12 August 2026 1) Dual fuel volumes have been restated to align with current industry conventions. 2) Excluding approximately 298,000 services to ActewAGL customers. 3) Excludes Netflix services. 32
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Electricity sales volumes 33AGL Energy FY26 Full-Year Results | 12 August 2026 1) Includes purchased volumes sold to ActewAGL during FY26 of 1,743 GWh (FY25 1,804 GWh). 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 (52)% Queensland 1,215 1,345 (10)% Western Australia 1,117 1,054 6% Large Business total 8,412 8,458 (1)% Wholesale total1 13,223 13,004 2% Electricity sales volume total 36,392 36,138 1% 33
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Gas sales volumes 34 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% Queensland 1.1 1.3 (15)% Western Australia 6.3 6.5 (3)% Large Business total 12.9 14.0 (8)% Wholesale customers and Generation1 37.3 41.3 (10)% Gas sales volume total 95.9 100.8 (5)% AGL Energy FY26 Full-Year Results | 12 August 2026 1) Includes volumes sold to AGL owned generation assets during FY26 of 10.8 PJ (FY25: 15.1 PJ). 2) Restated FY25 due to Perth Energy Gas split into Large Business and Wholesale. 34
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Electricity generation and storage portfolio performance 35 Asset State Type Status Capacity1 (MW) Emissions intensity2 (tCO2e/MWh) FY26 sent out 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 12,260 Total coal-fired generation 4,925 26,591 Torrens Island Power Station SA Gas steam turbine Owned (operated) 800 0.64 559 Barker Inlet Power Station SA Gas reciprocating engine Owned (operated) 211 0.59 338 Somerton Power Station VIC Open-cycle gas turbine Owned (operated) 170 0.81 52 Kwinana Swift Power Station WA Open-cycle gas turbine Owned (operated) 109 0.59 73 Total gas-fired generation 1,290 1,022 VIC Wind VIC Wind PPA (operated) 487 0.01 862 SA Wind SA Wind PPA (operated) 441 0.00 1,074 NSW Wind NSW Wind PPA 377 0.00 1,056 QLD Wind QLD Wind PPA 452 0.00 1,316 Hydro VIC / NSW Hydro Owned (operated) 793 0.00 755 NSW Solar NSW Solar PPA 256 0.01 369 Total renewable generation 2,807 5,431 Operated and contracted electricity generation portfolio at 30 June 2026 9,022 0.89 33,044 NEM average 0.56 Wandoan Battery QLD Battery Control dispatch 100 MW (150 MWh) 49 Dalrymple Battery SA Battery Control dispatch 30 MW (13 MWh) 2 Torrens Island Battery SA Battery Owned (operated) 250 MW (250 MWh) 86 Broken Hill Battery NSW Battery Owned (operated) 50 MW (50 MWh) 15 Liddell Battery NSW Battery Owned (operated) 500 MW (1,000 MWh) 15 Operated and contracted electricity storage portfolio at 30 June 20264 930 MW (1,463 MWh) 167 1. Capacity listed as per AEMO registered capacity for generation assets, with the following exceptions: (1) Bayswater Power Station capacity includes the 3 x 25 MW capacity upgrades for units 2, 3 and 4; (2) for contracted assets capacity is reported as the contracted capacity. For battery assets capacity is as per AEMO maximum capacity, and MWh is the usable energy storage capacity as at date of completion which may differ from current dispatchable storage capacity. Capacity and performance reflects AGL's 50% interest in the output of Sunraysia Solar Farm and 45% interest in the output of Rye Park Wind Farm. 2. Emissions intensity of generation, based on Scope 1 and 2 emissions and sent out generation volumes. Scope 1 emissions associated with major fuel use for coal- and gas-fired assets are actuals; other emissions data is estimated based on FY25 data. Emissions intensity is not reported for battery assets, as these are not generation assets. 3. The difference between sent out generation and pool generation volume for generation assets is due to auxiliary load and marginal loss factors. For battery assets, discharge volumes are reported. Numbers may not add up to total due to rounding 4. This does not include active virtual battery agreements which AGL holds with the Western Downs and Capital batteries. 35
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Indicative split of AGL’s customer load AGL Energy FY26 Full-Year Results | 12 August 2026 36 14.7 14.8 8.5 8.4 13.0 13.2 0 5 10 15 20 25 30 35 40 FY25 FY26 Consumer Large Business Wholesale Average contract duration of ~2.5 years (Contracted progressively) Customer pricing typically revised annually FY25 FY26 FY27 RETAIL LARGE BUSINESS Priced portion of load (Indicative only – DIAGRAM NOT TO SCALE) Unpriced portion of load (Indicative only – DIAGRAM NOT TO SCALE) WHOLESALE Wholesale contracts negotiated on a long-term basis (typically > 5 years) taking a strategic view on the economics of Australia’s energy markets FY28 forward curve for wholesale electricity pricing swaps (NSW and Victoria) ($/MWh) 30 June 2026 Indicative duration of AGL’s pricing exposure for FY28 40 80 120 160 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 NSW VIC 2 1) Electricity sales volumes for FY25 and FY26 as reported in their respective Annual Reports. 2) Includes volumes sold to ActewAGL during FY25 and FY26 of 1,804 GWh and 1,743 GWh, respectively. Historical customer load (TWh) 1 36
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Our 300 MW operating battery fleet continues to perform well delivering $57 million EBITDA contribution for the year 1) Total actual / estimated construction cost includes engineering, procurement and construction costs and project management co sts. 2) Targeted commencement of operations. 3) Forecast earnings from AGL’s operated battery fleet largely reflects avoided hedge costs on a VWAP basis. AGL Energy FY26 Full-Year Results | 12 August 2026 37 Grid-scale battery EBITDA ($m) Project Capex(1) Torrens Island Battery $189m (Actual) Broken Hill Battery $45m (Actual) Liddell Battery $750m (Estimated) Tomago Battery $800m (Estimated) Key Dates Torrens Island Battery In operation Broken Hill Battery In operation Liddell Battery In operation Tomago Battery2 Late CY27 Project Economics • Based on FY24-FY26 actual performance, Torrens Island and Broken Hill batteries returned 20% capex yield (EBITDA / Capex) • Grid-scale battery assets are depreciated over 20 years on a straight- line basis with 20-year warranty Liddell Battery commenced operations in late FY26 500MW Tomago Battery targeted to commence operations in late CY27 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Torrens - Actual Broken Hill - Actual Liddell - ForecastForecast earnings from AGL’s battery fleet3 37
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Continued progress towards our FY27 strategic targets Customer NPS leadership FY26: +10 Increase in green revenue from FY19 Behind the meter (Strategic NPS) Digital only customers Speed to market improved1 Green revenue expanded2 Cumulative customer assets installed3 FY27: +20 FY27: [60%] FY27: by 80% FY27: +300 MW FY26: +52% FY24: 83% FY26: 196 MW FY26: 117% FY27: 85%+ Major industrial partners located on or connected to a hub Equivalent Availability Factor (EAF) Operational performance4 FY26: 82.8% New renewable and firming capacity in construction, delivery or contracted5 Total grid-scale batteries operated, contractedor in delivery Decentralised assets under orchestration6 Energy hubs established FY27: 6-8 FY27: 1.6 GW8 FY27: 1.5 GW FY27: 2.1 GW FY27: 88% FY27: 1.6 GW FY26: 2,216 MW FY26: 1,700 MW FY26: 1,739 MW FY26: 0 1. Improvement compared to May 2023 baseline. 2. Increase in AGL’s revenue from green energy and carbon neutral products and services from FY19 baseline. 3. Installations completed from FY24 – FY27 inclusive. 4. EAF – Thermal and gas generation fleet comprises Bayswater and Loy Yang A coal-fired power stations, and Torrens Island B, Somerton, Barker Inlet and Kwinana Swift gas-fired power stations. 5. From FY23 onwards. Excludes projects that were operational at 30 June 2022. 6. Includes smelters. FY27: 60%FY26: 61.3% 7 MOUs in progress AGL Energy FY26 Full-Year Results | 12 August 2026 38 38
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Disclaimer and important information 39 • 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 announcements lodged with the Australian Securities Exchange. • No member of the AGL Group gives any warranties in relation to the statements or information contained in this presentation. The information contained in this presentation is of a general nature and has been prepared by AGL in good faith and with due care but no representation or warranty, express or implied, is provided in relation to the accuracy or completeness of the information. • This presentation is not a recommendation to acquire AGL shares. The information provided in this presentation is not financial product advice and has been prepared without taking into account any recipient’s investment objectives, financial circumstances or particular needs, and should not be considered to be comprehensive or to comprise all the information which recipients may require in order to make an investment decision regarding shares. • This presentation may contain certain ‘forward-looking statements’. The words ‘anticipate’, ‘believe’, ‘expect, ‘project’, ‘forecast, ‘estimate’, ‘likely’, ‘aim, ‘ambition’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’, ‘strategy’ and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, financial position and performance are also forward-looking statements. Any forward-looking statements are based on the current expectations, reasonable estimates, judgements and assumptions of AGL’s management as at the date of preparation, but they may be affected by a range of factors which could cause actual results to differ materially, including but not limited to, energy demand and supply dynamics, changes in laws, regulation and policy, the development of technology, changes in economic and energy market conditions and the manifestation of climate-related risks, whether individually or in combination. Such forward-looking statements are not guarantees, assurances or predictions of future events or performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of AGL, that may cause actual results or outcomes to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward looking statements. Except as required by law or regulation (including the ASX Listing Rules), AGL undertakes no obligation to update or revise any forward-looking statement (or the assumptions on which they are based) to reflect any change in expectations, contingencies or assumptions, whether as a result of new information or future events. Future major expenditure, projects and proposals remain subject to standard Board approval processes. • Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. AGL Energy FY26 Full-Year Results | 12 August 2026 39