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Investor Presentation FY26 Half-year results 19 February 2026 Image: Wallumbilla Gas Hub, QLD For personal use only
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1H26 Results Investor Presentation 2 DisclaimerDisclaimer This presentation has been prepared by APA Group Limited (ACN 091 344 704) as responsible entity of the APA Infrastructure Trust (ARSN 091 678 778) and APA Investment Trust (ARSN 115 585 441) (APA Group). The information in this presentation does not contain all the information which a prospective investor may require in evaluating a possible investment in APA Group and should be read in conjunction with the APA Group’s other periodic and continuous disclosure announcements which are available at www.apa.com.au. All references to dollars, cents or ‘$’ in this presentation are to Australian currency, unless otherwise stated. The comparative period is the six months ended 31 December 2024 unless otherwise stated. Not financial product advice: APA Group Limited is not licensed to provide financial product advice in relation to securities in APA Group. This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire APA Group securities and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek professional advice if necessary. Past performance: Past performance information should not be relied upon as (and is not) an indication of future performance. Forward looking statements: This presentation contains forward looking information, including about APA Group, its financial results and other matters, which is subject to risk factors. “Forward-looking statements” may include indications of, and guidance on, future earnings and financial position and performance, statements regarding APA Group’s future strategies and potential capital expenditure, statements regarding estimates of future demand and consumption, the future gas market and potential pricing and statements regarding APA’s sustainability and climate transition plans and strategies, the impact of climate change and other sustainability issues for APA, energy transition scenarios, actions of third parties, and external enablers such as technology development and commercialisation, policy support, market support, and energy and offsets availability. Forward-looking statements can generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', 'outlook', 'guidance’, ‘goal’, ‘ambition’ and other similar expressions and include, but are not limited to, forecast EBIT and EBITDA, free cash flow, operating cash flow, distribution guidance and estimated asset life. At the date of this presentation, APA Group believes that there are reasonable grounds for these forward looking statements and due care and attention has been used in preparing this presentation. However, the forward looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions and are subject to risk factors associated with the industries in which APA Group operates. Forward-looking statements, opinions and estimates are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of APA Group, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not materially differ from these forward-looking statements, opinions or estimates. This information is based on assumptions and contingencies which are subject to change. APA Group assumes no obligation to update or revise this forward looking information and to the maximum extent permitted by law, APA Group, its officers, employees and agents do not accept any liability for any loss arising from the use of such information. Estimates: A number of important factors could cause actual results or performance to differ materially from such forward-looking statements, opinions and estimates. These factors include: general economic conditions; exchange rates; technological changes; the geopolitical environment; the extent, nature and location of physical impacts of climate change; changes associated with the energy market transition; and government and regulatory intervention, including to limit the impacts of climate change or manage the impact of Australia’s transitioning energy system. There are also limitations with respect to climate scenario analysis, and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis is not an indication of probable outcomes and relies on assumptions that may or may not prove to be correct or eventuate. Investors should form their own views as to these matters and any assumptions on which any forward-looking statements, estimates or opinions are based. APA Group assumes no obligation to update or revise such information to reflect any change in expectations, contingencies or assumptions, whether as a result of new information or future events. To the maximum extent permitted by law, APA and its officers do not accept any liability for any loss arising from the use of the information contained in this presentation. Investment risk: An investment in securities in APA Group is subject to investment and other known and unknown risks, some of which are beyond the control of APA Group. APA Group does not guarantee any particular rate of return or the performance of APA Group. Non-IFRS financial measures: APA Group results are reported under International Financial Reporting Standards (IFRS). However, investors should be aware that this presentation includes certain financial measures that are non-IFRS financial measures for the purposes of providing a more comprehensive understanding of the performance of the APA Group. These non-IFRS financial measures include Free Cash Flow (FCF), Earnings Before Interest and Tax (EBIT), Underlying Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and other “normalised” measures. FCF is Operating Cash Flow adjusted for strategically significant transformation projects, acquisition & integration costs and capital returns from Joint Ventures less stay-in-business (SIB) capex. Underlying EBITDA excludes recurring items arising from other activities, transactions that are not directly attributable to the performance of APA Group’s business operations and significant items. The non-IFRS financial information is unaudited, however the numbers have been extracted from the reviewed financial statements. Not an offer: This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security. For personal use only
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1H26 Results Investor Presentation 3 Acknowledgement of Country At APA, we acknowledge the Traditional Owners and Custodians of the lands on which we live and work throughout Australia. We acknowledge their connections to land, sea and community. We pay our respects to their Elders past and present, and commit to ensuring APA operates in a fair and ethical manner that respects First Nations peoples’ rights and interests. For personal use only
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1H26 Results Investor Presentation 4 Asset resilience and recovery in natural disasters -Cyclone Zelia and Queensland / NSW floods During FY25, APA’s assets were impacted by multiple severe weather events, reinforcing the importance of robust planning and resilient infrastructure. On the west coast, one of the most significant events was Cyclone Zelia, which brought destructive winds and heavy rainfall to north-west Western Australia. The cyclone affected both remote power generation sites and key infrastructure corridors, testing the resilience of assets across a large geographic area. On the east coast, widespread and sustained flooding across parts of Queensland and New South Wales created access challenges and threatened critical transmission routes. Despite these disruptions, APA continued to safely and reliably deliver energy to our customers, demonstrating the effectiveness of our emergency response frameworks and localised asset knowledge. These outcomes are the result of disciplined planning and preparation. Early mobilisation, risk-informed asset design and strong coordination with emergency services and customers enabled APA to minimise service disruption and prioritise safety. Events like Cyclone Zelia underscore the value of our continued investment in operational resilience, enabling us to respond effectively to natural disasters and support the communities we operate in. Safe, reliable and efficient operation of APA’s assets APA’s Summer readiness initiatives ensuring safe, reliable operations during extreme weather conditions. APA operations continue to maintain safe and stable performance during the recent Summer, ensuring continued supply to customers across APA’s Victorian network. Summer readiness includes completion of vegetation management in line with bushfire plans, management of firebreaks, emergency response exercises, inspections of batteries, coolers and key e l e c t r i c a l e q u i p m e n t , a n d t a r g e t e d m a i n t e n a n c e o n t e m p e r a t u r e - s e n s i t i v e a n d r o t a t i n g p l a n t . Safety share For personal use only
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1H26 Results Investor Presentation 5 Today’s key messages 01. Stable business with over 90% of revenues inflation-linked 02. 1H25 Underlying EBITDA of ~$1.0bn with high EBITDA margins >70% 03. Attractive distribution yield of >8% 04. Strong pipeline of FY25-27 organic growth opportunities > $1.8bn 05. $100bn+ addressable market for long-term growth opportunities 02.01. Strong financial performance and delivery against commitments – 1H26 Underlying EBITDA up 7.6% to $1,092m – 1H26 Underlying EBITDA margin expansion to 77.3% – Enterprise-wide cost reduction initiatives including a 13.6% reduction in corporate costs – Strong progress with $50m cost reduction target for FY26 03. Compelling growth outlook underpinned by confidence in the long-term role of gas well beyond 20501 – East Coast Gas Grid expansion – Sturt Plateau Pipeline supporting Beetaloo development – Brigalow Peaking Power Plant2 – Progress with Pilbara development pipeline: Burrup Corridor Pathway Agreement in progress; Newman Energy Hub Project and Indigenous land use agreements signed Strong balance sheet to support funding of organic growth pipeline – Ample capacity from existing balance sheet and DRP to comfortably fund the higher FY26-FY28 organic growth pipeline of ~$3bn (up from ~$2.1bn)* – This includes >$1bn increase in debt funding capacity from S&P threshold modification – Continued focus on sustainable ongoing distribution growth3 *Estimated organic growth capital expenditure pipeline reflects management’s current expectations based on project design and is subject to change up to final investment decision and agreement on definitive documents. Actual expenditure in each year will depend on project commitments and timing, and may differ from estimates. Refer to slide 22 for the forecast sources and uses of cash FY26-FY28. For personal use only
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1H26 Results Investor Presentation 6 Strong growth across key financial metrics; FY26 Underlying EBITDA guidance is unchanged, with current expectation to exceed the midpoint of the range* +1.9% to 27.5 cps 0.5 cps increase on 1H25 1H26 Distribution Per Security (DPS) +7.6% to $1,092m Strong contribution from newly commissioned assets, inflation-linked tariff escalation and enterprise-wide cost reduction initiatives 1H26 Underlying EBITDA FY26 DPS guidance reaffirmed* $2,120m - $2,200m Supported by strong progress in enterprise-wide cost reduction initiatives FY26 Underlying EBITDA guidance is unchanged, current expectation to exceed midpoint* 58.0 cps 1 cps increase on FY25 *Disclaimer: Underlying EBITDA and distribution guidance are subject to asset performance, macroeconomic factors and regulatory changes. In particular, Basslink is expected to be traded as an uncontracted market provider during the reporting period and earnings associated with that asset may be subject to potentially material variability and fluctuations. Guidance is not a predictor or guarantee of future performance and is subject to uncertainties and risks - please see Disclaimer on page 2 1H26 Underlying EBITDA margin +280bps to 77.3% Reflecting robust asset performance across the portfolio and enterprise-wide cost reduction initiatives, including 13.6% reduction in corporate costs +0.7% to $556m Impacted by tax payments and higher debt levels to fund growth, and one-off working capital timing impacts 1H26 Free Cash Flow (FCF) For personal use only
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1H26 Results Investor Presentation 7 Strategy and market dynamics Image: Mondarra Gas Storage, WA For personal use only
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1H26 Results Investor Presentation 8 Our strategy to be the partner of choice in delivering infrastructure solutions for the energy transition remains unchanged Creating securityholder value through disciplined capital deployment into high-return opportunities Prioritisation of projects Strategic fit and APA competitive advantage Value creation Financial considerations • Target returns 150bp+ above post-tax WACC • Target payback within first half of contract/asset life • Impacts to credit metrics (FFO / Net debt) • Impact to Free Cash Flow and distributions per security For personal use only
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1H26 Results Investor Presentation 9 Prioritising growth in markets where APA has clear competitive advantages and attractive returns Gas transmission and storage Contracted power generation - RemoteContracted power generation • East Coast Gas Grid expansion plan Stages 3-5 • Beetaloo Basin bringing critical new gas supply to Northern Territory and the east coast • Ongoing lateral and gas storage investment to support gas power generation (GPG) developments • Decarbonising mining in the Pilbara with renewables, firming and transmission • Further opportunities in Mount Isa and Kalgoorlie mining regions • Key transmission corridors in the Pilbara assigned Priority Project status - Burrup and Hamersely Range (East Pilbara Network) corridors • Contracted power generation on east and west coasts of Australia • Supporting renewables firming requirement for 13GW - 20GW of new GPG capacity5 on the NEM, as coal exits • Further upside potential with energy demands increasing to support AI and data centre growth Addressable market4 ~$12 bn Addressable market4 ~$40 bn Addressable market4 ~$33 bn For personal use only
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1H26 Results Investor Presentation 10 Strong long term domestic gas demand and significant existing domestic gas supply supporting Australia’s East Coast energy market 20252026202720282029203020312032203320342035203620372038203920402041204220432044 0 100 200 300 400 500 600 AEMO 2025 projected annual East Coast gas demand (step change scenario)6 PJ Robust long term gas demand, underpinned by strong industrial demand and electrification Domestic reserves / resources Supply Sources (Northern vs Southern) 2C 37,915 PJ 2P 31,968 PJ Northern supply sources - 91% Southern supply sources - 9% AEMO 2025 GSOO total volume of domestic reserves and resources6 • Australia’s East Coast has sufficient existing domestic gas reserves and resources to avoid gas shortfalls and ensure there is a strong LNG export market • Australia’s East Coast domestic demand expected to remain ~500 PJ/ annum For personal use only
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1H26 Results Investor Presentation 11 In the absence of increased domestic gas solutions, reliance on LNG import terminals is forecast to result in higher energy costs and higher emissions profile Domestic wholesale gas vs Asian Spot LNG Prices7 Spot Asian LNG imports landed in Victoria (Australian Winter 2025)8 $12.12 $0.43 $(0.66) $6.49 $3.00 $1.58 $22.96 $12.52 Spot Price (USD) Shipping cost (Asia to Australia) Conversion (MMBtu to GJ) FX (USD:AUD) Tolling charge (Aus import terminal) Domestic transport (EGP southernhaul) Estimated landed cost (AUD) VIC DWGM gas price Significant costs to land imported LNG over and above spot prices LNG spot prices are very rarely lower than domestic wholesale gas prices ~83% higher cost For personal use only
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1H26 Results Investor Presentation 12 East Coast Gas Grid Stage 3 expansion to solve projected East Coast gas shortfalls with a 30% increase in capacity Stage 3 Overview9 With these expansions, the landed cost of domestic gas to Southern markets is forecast to remain well below LNG imports APA proposed East Coast Gas Grid Expansion Plan • Final Investment Decision (FID) on delivery of three new gas compressor stations and debottlenecking works, increasing north to south capacity for winter 2028 – South West Queensland Pipeline (SWQP) (+~58 TJ/day) – Moomba Sydney Pipeline mainline (MSP) (+~10TJ/day) – Young-Culcairn lateral (+~39TJ/day) • Continued early works, procurement of long lead items and pre-FID activities for the Bulloo Interlink Pipeline Capex • Stage 3A: compressors $260m • Stage 3B: Bulloo Interlink Pipeline - line pipe and further pre-FID work $220m (Total cost estimated ~$800m) Timing • Compressors: Winter 2028 (target completion) • Bulloo Interlink Pipeline: 2028 (target) For personal use only
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1H26 Results Investor Presentation 13 New gas basins under development, including the Northern Territory’s Beetaloo Basin, present additional growth opportunities for APA Indicative APA Northern Australia gas transmission and storage connections Beetaloo Basin has promising low cost and low emissions gas Phased development plan for Beetaloo Basin • Proposed new pipeline connection to APA’s East Coast Gas Grid, alongside APA’s existing Carpentaria corridor (NEAP) • Pipeline planning permit granted to survey the proposed NEAP pipeline route • Proposed new pipeline connection to Darwin alongside APA’s existing Amadeus corridor • APA to own and operate the SPP to connect the Tamboran Resources’ (Tamboran) operated Shenandoah South Pilot Project to the Amadeus Gas Pipeline, NT • Construction nearing completion, with first gas expected to flow to Darwin mid-2026 • Capex: approximately $66.5m Phase 1: Sturt Plateau Pipeline (SPP) • Additional compression to increase capacity to ~100TJ/day Phase 3: Proposed pipeline connections to domestic and LNG markets Phase 2: Proposed Sturt Plateau Pipeline expansion For personal use only
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1H26 Results Investor Presentation 14 Case Study: Partnering with CS Energy to deliver the proposed Brigalow Peaking Power Plant10 Indicative APA and CS Energy Brigalow Peaking Power Plant Significant investment in GPG capacity will be required to firm the integration of renewables into Australia’s energy system • Strategic Fit: Expands APA’s GPG footprint, complementing a new lateral transport and storage pipeline connecting APA’s existing Roma to Brisbane pipeline to the plant • Project Size & Location: 400MW gas power station adjacent to Kogan Creek Power Station, Queensland • Ownership Structure: APA to acquire 80% stake post conditions precedent; CS Energy retains 20% and operates the plant including dispatch • Timeline: Target operational date 2028; detailed engineering design completion expected H1 2026 • Delivery Role: APA to lead construction management under agreement • Revenue Model: 25-year inflation-linked hedge offtake agreement with CS Energy; includes small variable revenue upside • Capital Commitment: Funded from existing balance sheet capacity; part of APA’s ~$3bn organic growth pipeline • Risk Management: Exposure to wholesale electricity prices limited via proposed 25-year hedge offtake agreement • Early Funding: APA provides initial funding until 80% acquisition; reimbursement mechanism if full documentation not executed • Suppliers secured: GE Vernova appointed for gas turbines Project highlights For personal use only
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1H26 Results Investor Presentation 15 • Overall size of opportunities bigger than originally anticipated, although slower to implement • Port Hedland Solar and Battery: project complete and now operational • Newman Renewable Energy Hub: Signed Project Agreement and Indigenous Land Use Agreement • Burrup Corridor: Pathway Agreement underway to progress Burrup Corridor common use electricity transmission infrastructure Solid progress with development opportunities • Existing assets performing in line with expectations • Free Cash Flow accretive in the first full year of ownership • Solid EBITDA contribution from acquired assets (Pilbara Energy System and 11.8% of Goldfield Gas Pipeline) • FY25 Underlying EBITDA contribution of $140m • Highly contracted, inflation-linked cash flows Pilbara Energy System assets performing in line with expectations Significant long-term growth opportunity in contracted remote energy infrastructure market Financial and strategic highlights - Pilbara acquisition Completed project: Port Hedland Solar and Battery, Pilbara WA For personal use only
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1H26 Results Investor Presentation 16 1H26 financial performance Image: Wallumbilla Gas Hub, QLD For personal use only
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1H26 Results Investor Presentation 17 Underlying EBITDA up 7.6% Underlying EBITDA margin increased to 77.3% Strong progress with $50m cost reduction target for FY26 FCF growth driven by strong Underlying EBITDA partly offset by higher interest and tax and one-off working capital timing impacts FFO / Net Debt of 10.4%, comfortably above 8.5% threshold Continued delivery against financial commitments 1H26 1H25 % Change Segment revenue11 $m 1,412 1,363 3.6 % Underlying EBITDA $m 1,092 1,015 7.6 % Underlying EBITDA margin % 77.3 74.5 280bps Free Cash Flow $m 556 552 0.7 % Distribution per security cents 27.5 27.0 1.9 % 1H26 delivered strong growth in Underlying EBITDA and margin expansion Key drivers of 1H26 Underlying EBITDA vs 1H25: +$36m +$37m (13.6)% Inflation-linked tariff escalation Contribution from new assets Corporate cost decrease, benefit of enterprise-wide cost reduction initiatives For personal use only
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1H26 Results Investor Presentation 18 Energy Infrastructure +$67m $1,015m $16m $4m $14m $24m $9m $(1)m $11m $1,092m 1H25 Underlying EBITDA East Coast Gas Transmission and Storage¹² West Coast Gas Transmission and Storage¹³ Wallumbilla Gladstone Pipeline¹² Contracted Power Generation¹³ Electricity Transmission¹⁴ Asset Management Corporate Costs1H26 Underlying EBITDA FY26 earnings driven by strong performance across the portfolio and disciplined cost control Contribution of new assets (+$29m), inflation-linked tariff escalations and savings from cost reduction initiatives Partly offset by non-recurring MSEP insurance recoveries ($13m) received in 1H25 Inflation-linked tariff escalations Partly offset by non-recurring lease accounting remeasurement ($6m) in 1H25 Contribution of Port Hedland Solar & BESS Pilbara Energy power generation (+$8m), and improved operational performance of renewable assets Corporate cost reduction of 13.6% Inflation-linked tariff escalation and favourable FX hedge rates +7.6% on 1H25 1H26 Underlying EBITDA $1,092m, up 7.6%, reflecting robust asset performance, new asset contributions and enterprise-wide cost reduction initiatives Cost reductions following APA’s refined ET strategy For personal use only
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1H26 Results Investor Presentation 19 FCF growth driven by strong Underlying EBITDA, partly offset by higher interest and tax and one-off working capital timing impacts FY26 (full year) considerations: FY26 FCF expected to be broadly in line with FY25, with higher net interest costs and tax payments largely offsetting growth in Underlying EBITDA. Net interest expense Increase in net debt to fund growth and marginally higher cost of debt, including full 6 month contribution from US144A issuance (September 2024) Tax Reflects cash tax instalments paid to the ATO which recommenced in 2H FY25 Change in working capital Primarily relates to one-off timing impact following a change in payments terms under the Transitional Services Agreement (TSA) with the divested Networks business. This will unwind upon conclusion of this service under the TSA in the first half of FY27 Stay-in-business (SIB) capex Reflects timing of asset maintenance activities to maximise asset availability, FY26 guidance maintained $552m $77m $(54)m $(20)m $(29)m $33m $(3)m $556m 1H25 Free Cash Flow¹⁵ Underlying EBITDA Net interest expense Tax Change in Working Capital SIB Capex¹⁶ Other 1H26 Free Cash Flow¹⁵ Movement in Free Cash Flow Key drivers For personal use only
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1H26 Results Investor Presentation 20 1H26 1H25 % Change Underlying EBITDA $m 1,092 1,015 7.6 % T e c h n o l o g y t r a n s f o r m a t i o n p r o j e c t s ¹ ⁷ $m (8) (17) Fair value gains on contracts for difference a n d i n v e s t m e n t s ¹ ⁸ $m 10 4 Wallumbilla Gladstone Pipeline hedge a c c o u n t i n g u n w i n d ¹ ⁹ $m (17) (23) Pilbara Energy integration costs $m — (6) L o s s o n d i v e s t m e n t o f N e t w o r k s b u s i n e s s ² ⁰ $m (15) — Payments for legal settlement $m (14) — Other $m (2) (2) Non-operating items $m (46) (44) (4.5) % Reported EBITDA $m 1,046 971 7.7 % Depreciation and amortisation $m (510) (476) Net finance costs $m (364) (412) Income tax expense $m (77) (49) Statutory NPAT $m 95 34 179.4 % Key drivers Higher Statutory NPAT, reflecting Underlying EBITDA growth and lower net finance costs, partly offset by depreciation on new assets Non-operating items Reflects accounting adjustment items such as fair value, hedging movements and loss on divestment of the Networks business The remaining items include a year on year reduction in technology transformation projects and settlement of a legacy revenue-related legal claim Depreciation & amortisation Increase reflects newly commissioned assets Net finance costs Decrease driven by the recognition in 1H26 of a non-cash net gain relating to WGP hedging, offset by an increase in net debt to support growth, including full 6 month contribution from US144A issuance (September 2024) Income tax expense Increase reflects higher profit before tax of $172m relative to the prior period (1H25: $83m) For personal use only
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1H26 Results Investor Presentation 21 Capex ²¹ 1H26 1H25 Key projects in FY26 FY26-FY28 considerations* Growth $265m $339m • East Coast Gas Grid expansion: MSEP conversion, MSP off-peak capacity expansion and Bulloo Interlink Pipeline • Sturt Plateau Pipeline • Brigalow Pipeline • Brigalow Peaking Power Plant23 and GPG development Strong development pipeline with FY26-28 organic growth pipeline of approximately $3bn* Foundational $45m $52m • Grid Solutions (hydrocarbon accounting system) • Corporate real estate • Emissions reduction programs • Security of physical assets FY26 and FY27 expected to be between $100m - $120m p.a. FY28 moderating to ~$80m p.a. Stay-in-Business (SIB)²² $97m $130m • Pipeline integrity works • Moomba-Sydney Pipeline maintenance • Diamantina Power Station maintenance • South West Queensland Pipeline maintenance Targeting ~$200m - $210m p.a. Total Capex $407m $521m Disciplined capex supports long-term growth, strengthens foundations and maintains reliable asset operations *Estimated organic growth capital expenditure pipeline reflects management’s current expectations based on project design and is subject to change up to final investment decision and agreement on definitive documents. Actual expenditure in each year will depend on project commitments and timing, and may differ from estimates. Refer to slide 22 for the forecast sources and uses of cash FY26-FY28. For personal use only
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1H26 Results Investor Presentation 22 Funding for any additional growth opportunities, in excess of the ~$1.8bn organic growth pipeline*,prioritising partnering, phasing and asset recycling Significant funding capacity across balance sheet, operating cash flow and DRP to support the FY26-28 ~$3bn organic growth pipeline* Sources Uses FY26-FY28 ~$3bn organic growth capex pipeline* SIB / Foundation Capex Distributions Operating cash flow DRP Balance sheet funding capacity Forecast sources and uses of cash FY26-FY2825Maintaining a strong balance sheet • FFO / net debt 10.4% at 1H26 (31 December 2025) implies additional debt capacity of $2.8bn24 • Focussed on optimising APA’s cost base with enterprise-wide cost reduction initiatives to maximise free cash flow • Ongoing growth in operating cash flow builds further funding capacity Delivering capital management flexibility • Ongoing Distribution Reinvestment Plan (DRP) with strong take up in 1H26 (20.5%) • Significant diversified funding sources including hybrids • Progressed asset recycling initiatives including completion of Networks divestment in 1H26 and announcement of sale of APA’s 20% interest in GDI sale, with completion expected in FY2626 • Will consider partnering for future growth, such as the partnership structure with CS Energy to develop Brigalow Peaking Power Plant Targeting organic growth opportunities with returns at a premium to post-tax WACC (+150bps) *Estimated organic growth capital expenditure pipeline reflects management’s current expectations based on project design and is subject to change up to final investment decision and agreement on definitive documents. Actual expenditure in each year will depend on project commitments and timing, and may differ from estimates. For personal use only
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1H26 Results Investor Presentation 23 Investment in core foundations now enabling enterprise-wide cost reduction initiatives to drive earnings and efficiency Technology: Investment in systems, processes and key platforms Business Resilience: Strengthening security of APA’s physical assets, cyber security protection and response platforms Climate and Community: Delivering on APA’s Climate Transition Plan and community commitments Capability Uplift: Capability enhanced to support business development Strong progress with $50m cost reduction target for FY26 Initiatives undertaken to reduce costs and drive margin expansion 1. Operational efficiency • Operating model restructure • Enhanced planning/scheduling processes to improve labour utilisation • Optimising maintenance schedules to maximise asset availability and deliver additional capacity for sale 2. Simplification of the business • Restructure of corporate functions • Reduction in external spend, including contingent workforce • Streamlined IT project delivery and lifecycle management • Refined Electricity Transmission strategy to focus on projects that complement existing APA assets Leveraging foundational investments (FY23- FY25) Operational efficiency Simplification of the business For personal use only
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1H26 Results Investor Presentation 24 Closing remarks Image: Northern Goldfields Interconnect, WA For personal use only
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1H26 Results Investor Presentation 25 Strengthening foundations for sustainable growth 04. Strong balance sheet and funding flexibility 03. Disciplined capital allocation 01. Simplifying the business 02. Delivering a lean and efficient cost base *Estimated organic growth capital expenditure pipeline reflects management’s current expectations based on project design and is subject to change up to final investment decision and agreement on definitive documents. Actual expenditure in each year will depend on project commitments and timing, and may differ from estimates. Refer to slide 22 for the forecast sources and uses of cash FY26-FY28. Prioritising growth projects that deliver returns above hurdle rates Developed compelling competitive advantages across Gas Transmission & Storage and Contracted Power Generation Strong momentum on growth projects, with organic growth pipeline increased to ~$3bn to be funded from existing balance sheet capacity and DRP* S&P modified downside FFO/ Net Debt threshold to 8.5%; adding more than $1bn to funding capacity Commitment to investment grade credit ratings No drawn debt maturities until 2027 Additional funding options include partnering, asset recycling, hybrids Divestment of Networks business complete27 Announced agreement to divest 20% stake in GDI, transaction expected to complete in FY2627 Positive regulatory outcomes (Bulloo Interlink, Basslink) Strong progress with enterprise-wide cost reduction initiatives Strong progress with $50m cost reduction target for FY26 Targeting further efficiencies in FY27 For personal use only
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1H26 Results Investor Presentation 26 Investment thesis: Attractive distributions and significant near and long-term growth opportunities 01. Portfolio of gas, electricity and renewable assets with long- term contracted capacity >$20bn FFO / Net Debt ratio. Strong Balance Sheet positioned to support growth 02. 03. 04. 06.05. 07. 08. 2050+ Long-life assets, natural gas required beyond 2050 to support the energy transition28 ~90% Highly defensive and predictable inflation-linked revenues 77.3% ~$3bn Organic growth pipeline for FY26-28, funded by balance sheet capacity and DRP* $100bn+ Addressable market for long- term growth opportunities29 Enables focus on markets that deliver strong returns 10.4% FFO / Net debt30 Strong balance sheet and operating cash flow positioned to support funding of growth ~6.4% Attractive distribution yield. Focused on delivering sustainable ongoing distribution growth31 Strong EBITDA margins and cost reduction initiatives. Targeting ongoing Underlying EBITDA growth ahead of inflation *Estimated organic growth capital expenditure pipeline reflects management’s current expectations based on project design and is subject to change up to final investment decision and agreement on definitive documents. Actual expenditure in each year will depend on project commitments and timing, and may differ from estimates. Refer to slide 22 for the forecast sources and uses of cash FY26-FY28. For personal use only
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1H26 Results Investor Presentation 27 Supplementary financials Image: Wallumbilla Gas Hub, QLD For personal use only
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1H26 Results Investor Presentation 28 Financial Performance 1H26 1H25 FY25 FY24 FY23 FY22 FY21 Total revenue $m 1,614 1,621 3,204 3,064 2,913 2,732 2,605 Total statutory revenue excluding pass-through³² $m 1,391 1,364 2,713 2,591 2,401 2,236 2,145 Total segment revenue excluding pass-through³³ $m 1,412 1,363 2,716 2,582 2,353 2,238 2,141 Underlying EBITDA $m 1,092 1,015 2,015 1,893 1,725 1,692 1,629 Non-operating items $m (46) (44) (121) (157) (39) (62) 10 Total reported EBITDA $m 1,046 971 1,894 1,736 1,686 1,630 1,639 Depreciation and amortisation expenses $m (510) (476) (990) (919) (750) (735) (674) Reported EBIT $m 536 495 904 817 936 895 965 N e t i n t e r e s t e x p e n s e ³ ⁴ $m (364) (412) (657) (579) (459) (483) (505) Significant items - before income tax $m — — — 835 — 28 (397) Income tax expense (including significant items) $m (77) (49) (118) (75) (190) (180) (62) Statutory net profit after tax (including significant items) $m 95 34 129 998 287 260 1 Significant items - after income tax $m — — — 879 — 20 (278) Net profit after tax (excluding significant items) $m 95 34 129 119 287 240 279 U n d e r l y i n g n e t p r o f i t a f t e r t a x ³ ⁵ $m 126 122 224 239 314 283 272 Financial Position Total assets $m 19,162 20,605 19,937 19,563 15,866 15,836 14,742 Total drawn debt $m 12,821 13,849 13,350 12,893 11,240 11,146 9,666 Total equity $m 2,772 2,777 2,668 3,248 1,910 2,629 2,951 Cash Flow Operating cash flow $m 578 666 1,284 1,156 1,206 1,197 1,051 Free cash flow $m 556 552 1,083 1,073 1,070 1,081 902 Key financial ratios Earnings/(loss) per security including significant items cents 7.3 2.6 9.9 78.9 24.3 22.1 0.1 Earnings/(loss) per security excluding significant items cents 7.3 2.6 9.9 9.4 24.3 20.4 23.7 Free cash flow per security cents 42.3 42.6 83.0 83.6 90.7 91.6 76.4 Distribution per security cents 27.5 27.0 57.0 56.0 55.0 53.0 51.0 F u n d s F r o m O p e r a t i o n s t o N e t D e b t ³ ⁶ % 10.4 10.7 10.4 10.1 10.6 11.1 11.0 F u n d s F r o m O p e r a t i o n s t o I n t e r e s t ³ ⁶ times 2.9 3.1 2.9 3.2 3.3 3.6 3.1 Weighted average number of securities m 1,312 1,290 1,295 1,265 1,180 1,180 1,180 5-year normalised financials For personal use only
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1H26 Results Investor Presentation 29 $ million 1H26 1H25 Change ($) Change (%) Revenue Energy Infrastructure Queensland 687 663 24 3.6% New South Wales 113 90 23 25.6% Victoria 127 135 (8) (5.9%) South Australia 1 1 – –% Northern Territory 12 13 (1) (7.7%) Western Australia 382 365 17 4.7% Energy Infrastructure total 1,322 1,267 55 4.3% Asset Management 64 63 1 1.6% Energy Investments 15 15 – –% Other non-contracted revenue 11 18 (7) (38.9%) T o t a l s e g m e n t r e v e n u e ( e x c l u d i n g p a s s - t h r o u g h ) ³ ⁷ 1,412 1,363 49 3.6% Pass-through revenue 223 257 (34) (13.2%) Wallumbilla Gas Pipeline hedge accounting discontinuation (17) (23) 6 26.1% Legal settlement (14) – (14) (100.0%) Other interest income 10 24 (14) (58.3%) Total revenue 1,614 1,621 (7) (0.4%) Underlying EBITDA Energy Infrastructure Queensland 628 598 30 5.0% New South Wales 95 80 15 18.8% Victoria 100 93 7 7.5% South Australia – – – n.m Northern Territory 5 6 (1) (16.7%) Western Australia 287 271 16 5.9% Energy Infrastructure total 1,115 1,048 67 6.4% Asset Management 32 33 (1) (3.0%) Energy Investments 15 15 – –% Corporate costs (70) (81) 11 13.6% Underlying EBITDA 1,092 1,015 77 7.6% Revenue and Underlying EBITDA by geography For personal use only
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1H26 Results Investor Presentation 30 $ million 1H26 1H25 FY25 FY24 FY23 FY22 F Y 2 1 ³ ⁸ East Coast Grid Wallumbilla Gladstone Pipeline 352 338 683 657 620 578 550 South West Queensland Pipeline 154 157 302 295 262 245 233 Moomba Sydney Pipeline 71 80 137 125 126 136 152 Kurri Kurri Pipeline 23 – 3 – – – – Victorian Transmission System 74 76 144 125 129 142 113 Roma Brisbane Pipeline 18 21 37 40 54 48 52 Carpentaria Gas Pipeline 20 23 44 39 35 29 29 Other Qld assets 27 13 28 30 24 28 24 Northern Territory Amadeus Gas Pipeline 5 6 15 14 14 17 23 South Australia SESA Pipeline and other SA assets – – 1 1 1 1 2 East Coast total (incl WGP) 744 714 1,394 1,326 1,265 1,224 1,178 East Coast total (excl WGP) 392 376 711 669 645 646 628 Western Australia G o l d f i e l d s G a s P i p e l i n e ³ ⁹ 105 98 201 196 177 167 155 Eastern Goldfields Pipeline 30 29 58 56 59 54 51 Mondarra Gas Storage and Processing Facility 27 27 51 52 41 36 37 Pilbara Pipeline System 15 20 35 28 28 27 26 Northern Goldfields Interconnect 6 6 13 9 – – – Other WA assets 4 3 7 6 – 5 2 Western Australia Total 187 183 365 347 305 289 271 Contracted Power Generation North West Power System 51 41 100 89 110 109 94 Badgingarra Wind and Solar Farms 23 17 39 41 35 39 32 Emu Downs Wind and Solar Farms 16 13 27 28 30 27 27 Darling Downs Solar Farm 7 5 11 12 12 11 14 Gruyere Power Station 7 6 12 11 12 8 8 Pilbara Energy System 54 52 109 68 – – – Contracted Power Generation Total 158 134 298 249 199 194 175 Electricity Transmission Basslink 28 27 55 51 38 – – Other (2) (10) (18) (14) (14) – – Electricity Transmission Total 26 17 37 37 24 – – Total 1,115 1,048 2,094 1,959 1,793 1,707 1,624 Historical Underlying EBITDA by asset – Energy Infrastructure For personal use only
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1H26 Results Investor Presentation 31 1H26 1H25 % Change Underlying EBITDA $m 1,092 1,015 7.6% Cash impact of equity accounted earnings $m (3) (1) Change in working capital/other $m (71) (42) Cash impact of non-operating and significant items $m (84) (24) Operating cash flow before financing and tax $m 934 948 (1.5%) Net interest paid $m (336) (282) Tax paid $m (20) — Operating cash flow $m 578 666 (13.2%) S t a y - i n - B u s i n e s s ( S I B ) c a p e x ⁴ ⁰ $m (97) (130) Free cash flow from operations $m 481 536 (10.3%) Material technology transformation projects $m 2 10 Acquisition, integration & disposal-related transaction costs $m 51 6 Payments for legal settlement $m 12 – Restructuring costs $m 10 – Free cash flow41 $m 556 552 0.7% Free Cash Flow Change in working capital Includes the one-off timing impact of costs following a change in payments terms under the Transitional Services Agreement (TSA) with the divested Networks business. This will unwind upon conclusion of this service under the TSA in the first half of FY27 Cash impact of non-operating and significant items Includes payment of stamp duty relating to the Pilbara Energy System acquisition in FY24 ($49m), settlement of a legacy revenue-related legal claim ($14m), restructuring costs from enterprise-wide cost reduction initiatives and movement in technology transformation costs with key foundational projects entering production Key drivers For personal use only
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1H26 Results Investor Presentation 32 $ million Description of major projects 1H26 1H25 Growth capex Regulated Western Outer Ring Main (WORM), Victorian Transmission System 12 36 Non-Regulated – East Coast Gas Sturt Plateau Pipeline, East Coast Gas Grid Expansion, Brigalow Pipeline, Kurri Kurri Gas Lateral 115 181 – West Coast Gas Binduli Gas Pipeline 14 14 – Contracted Power Generation Brigalow Peaking Power Plant, GPG Development & early works, Port Hedland Solar and BESS project 105 86 – Electricity Transmission Basslink 4 14 – Customer contribution projects and others 15 8 Total growth capex 265 339 SIB capex – Asset lifecycle capex 92 113 – IT lifecycle capex 5 17 Total SIB capex 97 130 Foundational capex – Technology and other capex 31 49 – Corporate real estate 14 3 Total foundational capex 45 52 Total capital and investment expenditure 407 521 1H26 Capital and investment expenditure42 For personal use only
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1H26 Results Investor Presentation 33 Wallumbilla Gladstone Pipeline (WGP) FY26 hedge accounting implications Background Accounting treatment impact 1H26 1H25 Net finance costs decrease in 1H26 $m $m (Loss) / gain on derivatives (17) (25) Gain / (loss) on debt FX translation 48 (45) Hedge reserve amortisation on hedge discontinuation (24) (13) Total decrease / (increase) to net finance costs 7 (83) Source: Note 5 APA Infrastructure Trust 1H26 Financial Statements A non-cash revenue reduction of $17m in 1H26 relating to the hedge accounting discontinuation • Treated as a non-operating expense, excluded from Underlying EBITDA since FY22 • Represents amortisation of accumulated amounts in equity reserves relating to revenue • The hedging reserve balance will be progressively amortised through the P&L to FY35 1H26 1H25 Revenue Reduction in 1H26 $m $m WGP hedge accounting discontinuation (17) (23) Total reduction to Total Revenue (17) (23) Source: Note 4 APA Infrastructure Trust 1H26 Financial Statements A non-cash decrease in net finance costs of $7m in 1H26 relating to the hedge accounting discontinuation • A non-cash (loss) / gain on derivatives: reflects the revaluation (loss) / gain recognised in the P&L following the GBP/USD CCS hedge discontinuation in 1H25 • A non-cash gain / (loss) on debt FX translation: GBP (matures FY30) and USD (matures FY35) debt accounted for as unhedged from December 2024 and translated to AUD at balance sheet date • Hedge reserve amortisation on hedge discontinuation: Relates to accumulated amounts in equity reserves relating to finance costs, which will be progressively amortised through the P&L to FY30 • To fund the acquisition of WGP in December 2015, APA issued fixed rate debt into global capital markets • These debt instruments were denominated or swapped to USD using cross currency swaps (CCS), creating the ‘designated accounting hedge’ against the USD denominated WGP revenue (an accounting hedge relationship) • In recent years APA has opted to progressively undertake financial hedges (e.g. forward exchange contracts) for some of the WGP cash flows, resulting in historical accounting hedging relationships being discontinued • As a result of discontinuing hedge accounting, the amounts deferred in the cash flow hedge reserve relating to these hedges are being amortised to the P&L For personal use only
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1H26 Results Investor Presentation 34 Appendix Image: Newman Power Station, WA For personal use only
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1H26 Results Investor Presentation 35 APA’s diverse energy infrastructure portfolio43 GAS TRANSMISSION AND STORAGE Transmission >15,000 km transmission pipelines Storage 12,000 tonnes LNG 18 PJ gas CONTRACTED POWER GENERATION Renewable energy 342 MW Wind 356 MW Solar 75 MW BESS Gas fired 884 MW ELECTRICITY TRANSMISSION > 800 km high voltage electricity transmission, including 290 km deep-sea cable For personal use only
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1H26 Results Investor Presentation 36 APA’s operational footprint is across a range of energy infrastructure assets For personal use only
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1H26 Results Investor Presentation 37 1H26 Energy Infrastructure revenue by counterparty credit rating44 47% 27% 9% 13% 4% A- rated or better BBB to BBB+ rated BBB- rated Not rated Sub-investment grade 1H26 Energy Infrastructure revenue by customer industry segment 45% 24% 27% 4% Energy Utility Resources Industrial & Others 1H26 Energy Infrastructure revenue by revenue type 67% 16% 3% 13% Capacity charge revenue Regulated revenue Contracted fixed revenue Throughput charge & other variable revenue Flexible short term services Diversified business model Characteristics of APA’s Energy Infrastructure revenue: • Risk management policies and processes • Manage counterparty risks by: – Diversification of customers and industry exposures – Assessment of counterparty creditworthiness – Stable contracted revenue to support major capital spend ~86% take or pay / regulated ~83% investment grade Total in the chart may not add to 100% due to rounding. Diverse source of revenue For personal use only
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1H26 Results Investor Presentation 38 Inflation escalation Approximate timing of inflation linked revenue escalation for Australian fixed revenue contracts Revenue45 Majority of APA’s fixed revenue is indexed to inflation Long term drawn debt as at 31 December 202547 Fully hedged/fixed with average maturity of 6.3 years EBITDA46 High EBITDA margins • A mix of annual and quarterly inflators in Australia • WGP US revenue is adjusted for US inflation indices annually from 1 January each year The adjustment is based on a blend of the US Consumer Price Index (CPI) and US Producer Price Index (PPI) from the previous 12 months to November • Various contract factors can result in the spot inflation rate not translating directly through to APA Group revenues (at the portfolio level) CPI linked revenue Other revenue Long term drawn debt hedged or fixed Underlying EBITDA as a % of revenue Costs as a % of revenue Annual Quarterly Access arrangements Inflation linked revenues Commentary For personal use only
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1H26 Results Investor Presentation 39 Capital allocation foundations Deliver sustainable distribution growth to securityholders 3. Execute on value accretive growth opportunities with disciplined investment hurdles 4.Maintain investment grade BBB / Baa2 credit ratings 1. An efficient cost base and maintenance of existing assets to maximise availability 2. Free Cash Flow (FCF) Productivity improvements Organic growth Strategic acquisitions Distributions Other returns to securityholders Investment Return to securityholders Capital allocation framework designed to ensure FCF is deployed to generate the greatest return for securityholders For personal use only
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1H26 Results Investor Presentation 40 1H26 1H25 N e t d e b ⁴ ⁸ $12.7bn $12.5bn Liquidity: Cash & Undrawn facilities $1.8bn $3.2bn Average duration of debt 6.3 years 6.3 years Weighted average cost of debt 5.3% 5.1% F F O / N e t D e b t ⁴ ⁸ 10.4% 10.7% F F O / I n t e r e s t ⁴ ⁸ 2.9x 3.1x Credit ratings (S&P/Moody's) BBB/Baa2 BBB/Baa2 Near-term drawn debt maturities49 (A$m) — 1,038 583 1,756 1,328 1,018 FY26 FY27 FY28 FY29 FY30 FY31 Balance sheet strengthened and ample capacity to fund disciplined investment in growth n.a. 4.51% 5.29% 5.94% Key metrics 4.66% Average interest rate (annualised) FFO / Net Debt of 10.4%, comfortably above 8.5% threshold 1H26 Capital management initiatives 3.87% No long term debt maturities until March 2027 • In December 2025, S&P modified APA’s BBB rating downside FFO / Net Debt threshold from 9.5% to 8.5%, recognising APA’s stable and predictable cashflows • Optimisation of liquidity position and proactive early repayment of debt with Note Tender Offer of US144A notes maturing in July 2027, with a buy-back acceptance of USD403m ($526m) • Renewal of $200m bilateral facilities maturing in FY26 to new maturity of FY29, with an incremental increase in facility limit of $50m to further support liquidity position • Maintained Distribution Reinvestment Plan (DRP), with a 1.5% discount, with strong investor support • Ongoing program to hedge USD revenues relating to WGP; materially hedged up to end of calendar year 2028 For personal use only
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1H26 Results Investor Presentation 41 1,000 750 500 828 1331,038 928 1,018 774 1,328 742 452583 1,577 752 70 24 300 325 550 250 500 25 Syndicated Term Loan EUR Hybrid⁵⁰ JPY MTN EUR MTN GBP MTN⁵¹ US144A⁵² NAIF ARENA Bilateral Term Loan Corporate liquidity facilities (undrawn) Corporate liquidity facilities (drawn) FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY42 FY45 FY47 500 1,000 1,500 2,000 2,500 Diversity of funding sources and maturities as at 31 December 2025 Average interest rate (annualised) n.a. 4.51% 5.29% 5.94% 4.66% 3.87% 4.87% 5.09% 6.56% 5.82% 4.24% 2.25% 7.02% 0.0% For personal use only
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1H26 Results Investor Presentation 42 FY26 Underlying EBITDA guidance is unchanged, with current expectation to exceed the midpoint of the range FY25 Underlying EBITDA Inflation- linked tariff escalation New assets Cost reduction initiatives Sale of Networks assets FY26 Underlying EBITDA guidance FY26 Distribution guidance* 58.0¢ growth of 1 cps on FY25 FY26 Underlying EBITDA guidance* $2,120m-$2,200m $2,120m $2,200m Key assumptions • Earnings contribution from new assets includes Kurri Kurri lateral pipeline, Port Hedland Solar and Battery Energy System, Atlas to Reedy Creek pipeline and Sturt Plateau pipeline • Strong progress with $50m cost reduction target for FY26 • Sale of Networks assets reflects loss of earnings following the agreement to divest this non-core business (~$15m) • Basslink Underlying EBITDA assumed in line with FY25. Uncertainty of Basslink earnings as a traded asset is reflected within the guidance range $2,015m *Disclaimer: Underlying EBITDA and distribution guidance are subject to asset performance, macroeconomic factors and regulatory changes. In particular, Basslink is expected to be traded as an uncontracted market provider during the reporting period and earnings associated with that asset may be subject to potentially material variability and fluctuations. Guidance is not a predictor or guarantee of future performance and is subject to uncertainties and risks - please see Disclaimer on page 2 Drivers of FY26 Underlying EBITDA $2,160m midpoint For personal use only
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1H26 Results Investor Presentation 43 Domestic gas supply remains sufficient to meet rising East Coast demand, with Northern basins providing the lowest-cost, lowest-emissions option Surat / Bowen Beetaloo Cooper Gippsland Otway $6.10 $11.51 Gippsland $7.00 Beetaloo Surat / Bowen $9.19 Cooper $12.51Otway Note: 2025 reserouce for Beetloo assumes a reserves based on the pilot development program. APA estimates AEMO 2025 GSOO 2C resource size by basin and supply cost53 For personal use only
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1H26 Results Investor Presentation 44 Rystad Energy GasMarketCube (January 2026) North-East Asia Spot LNG price (USD/MMBtu) LNG prices are expected to remain at US$8-12/MMBtu making LNG imports uncompetitive relative to domestic gas Historical Northeast Asian spot LNG (USD/MMBtu)Forecast Northeast Asian spot LNG (USD/MMBtu) 2010 2015 2020 2025 2030 2035 2040 $0 $10 $20 $30 $40 $50 $60 Asian spot LNG (USD/MMBtu) Note: Historical prices in nominal terms, Forecast prices in Real 2025 terms For personal use only
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1H26 Results Investor Presentation 45 The most efficient and effective way to decarbonise Australia’s energy system is to retire coal and build out renewables supported by gas AEMO’s Draft 2026 Integrated System Plan (ISP) ‘Step Change' scenario forecasts approx. 15GW of coal generation will close by 2035 (~70% of current capacity) for the NEM 56 The Australian Electricity Market: Generation supply mix by fuel types Wholesale electricity market (West Coast) 55 National electricity market (East Coast) 54 Black Coal: 38% Wind: 16% Grid Solar: 8% Hydro: 6% Rooftop solar: 13% Biomass + Batteries + Liquid Fuel: 1% Gas: 5% Brown Coal: 13% Gas: 32% Coal: 28% Rooftop solar: 19% Wind: 17% Grid solar: 2% Biomass + Hybrid: 1% Battery: 1% New South Wales Queensland Victoria South Australia 2009-10 2014-15 2019-20 2024-25 2029-30 2034-35 2039-40 2044-45 2049-50 0 5 10 15 20 25 30 35 Historical Step Change 2024 ISP Step Change Announced retirements (2024 ISP) Announced retirements (2026 Draft ISP) Coal Capacity (GW) For personal use only
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1H26 Results Investor Presentation 46 Group structure Financial reporting segments within APA Infrastructure • Energy Infrastructure: APA’s wholly or majority owned energy infrastructure assets • Asset Management: provision of asset management and operating services for the majority of APA’s Energy Investments • Energy Investments: interests in energy infrastructure investments • APA Group is listed as a stapled structure on the Australian Securities Exchange (ASX:APA) • APA is comprised of two registered managed investment schemes: – APA Infrastructure Trust (ARSN 091 678 778) – APA Investment Trust (ARSN 115 585 441) is a pass-through trust • APA Group Limited (ACN 091 344 704) is the responsible entity of APA Infra and APA Invest • The units of APA Infra and APA Invest are stapled and must trade and otherwise be dealt with together • APA Infrastructure Limited (ABN 89 009 666 700), a company wholly owned by APA Infra, is APA’s borrowing entity and the owner of the majority of APA’s operating assets and investments Group structure APA Infrastructure Trust (APA Infra) APA Investment Trust (APA Invest) APA Group Limited (Responsible Entity) APA Infrastructure Ltd Operating assets and investments Passive investments 100% Tax structure57 APA Infra 30% tax APA Invest 0% tax APA Group 25%75% For personal use only
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1H26 Results Investor Presentation 47 1. Page: 5 Australian Government, Department of Industry, Science and Resources, Future Gas Strategy, May 2024. 2. Page: 5 Development of the project remains conditional and subject to any necessary external and Government approvals, finalisation of several development matters, as well as entry into full form documentation. 3. Page: 5 Statements about ongoing distribution growth are not intended as distribution guidance. Any distribution guidance for periods beyond FY26 will be approved by the APA Board as and when appropriate. 4. Page: 9 Estimated addressable market sizes in Australia. Estimates are based on a number of key assumptions, including in relation to macroeconomic factors, future technology advancements and costs, market demand, regulatory requirements and government policies and there can be no assurance that the estimates are accurate. The actual addressable market size may differ materially from the estimates because events frequently do not occur as projected. 5. Page: 9 AEMO 2024 Final Integrated System Plan (ISP), Griffith University's CAEEPR Report on electrification of gas loads in Australia's National Energy Market, December 2024 and APA analysis. 6. Page: 10 Australian Energy Market Operator (AEMO) Gas Statement of Opportunities (GSOO) 2025. AEMO’s step change scenario is noted as its ‘most likely’ scenario and hence has been used in APA analysis. 7. Page: 11 Argus VIC DWGM and Asian spot, LNG delivered into Australia is an APA estimate which adds $3/GJ to Asian spot prices. 8. Page: 11 Argus Northeast Asian spot price and shipping cost as at 31/07/2025 and APA estimates for tolling charges, costs and long term firm transport. 9. Page: 12 For further details on Stage 3 of APA's East Coast Gas Grid expansion plan as well as the whole expansion plan, refer to the ASX release dated 19 February 2026. 10. Page: 14 Development of the project remains conditional and subject to any necessary external and Government approvals, finalisation of several development matters, as well as entry into full form documentation. 11. Page: 17 Segment revenue excludes: pass-through revenue; Wallumbilla Gladstone Pipeline hedge accounting unwind; legal settlement and other interest income. 12. Page: 18 Wallumbilla Gladstone Pipeline is separated from East Coast Transmission & Storage in this chart as a result of the significance of its revenue and EBITDA to the Group. It is categorised as part of the East Coast Grid cash-generating unit for impairment assessment purposes. 13. Page: 18 The results of Pilbara Energy are included within Contracted Power Generation and the remaining 11.8% of GGP is included within West Coast following the acqusition on 1 November 2023. 14. Page: 18 The Electricity Generation and Transmission sub-segment has been split into Contracted Power Generation and Electricity Transmission to align the segment with the nature of operations post the acquisition of Pilbara Energy. The results of Pilbara Energy are included within Contracted Power Generation and the remaining 11.8% of GGP is included within West Coast following the acqusition on 1 November 2023. 15. Page: 19 Free cash flow is defined as Operating Cash Flow adjusted for certain non-operating items and stay-in-business capital expenditure. Stay-in-business capital expenditure comprises operational asset lifecycle replacement costs and technology lifecycle costs. 16. Page: 19 SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. 17. Page: 20 Costs associated with technology and transformation projects to develop and uplift organisation capabilities, including SaaS customisation and configuration costs incurred during implementation. 18. Page: 20 Net gain/loss arising from electricity contracts for difference that economically hedge the future cash flows of the electricity contracts for which hedge accounting is not applicable and net gain/loss recognised on an investment fund held at fair value. 19. Page: 20 In February 2022, February 2024 and December 2024, following entry into a series of forward exchange contracts, hedge accounting was discontinued for WGP revenues to be generated from FY22 to FY35. The revenues were previously hedged by USD denominated 144A notes and EURUSD cross currency swaps. WGP hedge accounting discontinuation reflects the amortisation of the amount deferred in the hedging reserve over the same period relating to the discontinued hedge relationship. 20. Page: 20 Includes transaction costs relating to the divestment of APA's Networks business. 21. Page: 21 The capital expenditure shown on this page represents payments for property, plant, equipment and intangibles as disclosed in the cash flow statement, and excludes accruals brought forward from the prior period and carried forward to the next period.The cost considerations on this slide reflect management’s current expectations. They are based on management’s view of the current and anticipated needs of APA Group in the relevant financial years. They are subject to review and change from time to time. See the Disclaimer on page 2 of this presentation for further details regarding forward-looking statements. 22. Page: 21 SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. 23. Page: 21 Development of the project remains conditional and subject to any necessary external and Government approvals, finalisation of several development matters, as well as entry into full form documentation. 24. Page: 22 Funds from Operations (FFO) / Net Debt and FFO / Interest calculated in line with S&P methodology. Historical ratios have been revised reflecting S&P's revisions to the historical calculations. Debt capacity is based on the 12 month rolling FFO at the balance date and APA's FFO / Net Debt threshold of 8.5% 25. Page: 22 Forecast sources and uses of cash reflect management’s current expectations. They are based on management’s view of the current and anticipated needs of APA Group in the relevant financial year. They are subject to review and change from time to time. See the Disclaimer on page 2 of this presentation for further details regarding forward-looking statements. 26. Page: 22 Completion of the divestment of the Tamworth distribution network and completion of the GDI divestment are each subject to conditions precedent. 27. Page: 25 Completion of the divestment of the Tamworth distribution network and completion of the GDI divestment are each subject to conditions precedent. 28. Page: 26 Australian Government, Department of Industry, Science and Resources, Future Gas Strategy, May 2024. Endnotes For personal use only
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1H26 Results Investor Presentation 48 29. Page: 26 Estimated addressable market sizes in Australia. Estimates are based on a number of key assumptions, including in relation to macroeconomic factors, future technology advancements and costs, market demand, regulatory requirements and government policies and there can be no assurance that the estimates are accurate. The actual addressable market size may differ materially from the estimates because events frequently do not occur as projected. 30. Page: 26 FFO/Net Debt and FFO/Interest calculated in line with S&P methodology. Historical ratios have been revised reflecting S&P's revisions to the historical calculations. 31. Page: 26 Statements about ongoing distribution growth are not intended as distribution guidance. Any distribution guidance for periods beyond FY26 will be approved by the APA Board as and when appropriate. Distribution yield calculated as at market close 13 February 2026. 32. Page: 28 Statutory revenue excluding pass-through. Pass-through revenue is offset by pass-through expenses within EBITDA. Any management fee earned for the provision of these services is recognised within total revenue. 33. Page: 28 Segment revenue excludes: pass-through revenue; Wallumbilla Gladstone Pipeline hedge accounting unwind; legal settlement and other interest income. 34. Page: 28 Excluding finance lease and investment interest income, any gains or losses on revaluation of derivatives included as part of EBIT for segment reporting purposes, but including other interest income. 35. Page: 28 For a reconciliation of Statutory NPAT to Underlying net profit, refer to Note 6 to the Consolidated Financial Statements for the half year ended 31 December 2025. 36. Page: 28 FFO/Net Debt and FFO/Interest calculated in line with S&P methodology. Historical ratios have been revised reflecting S&P's revisions to the historical calculations. 37. Page: 29 Segment revenue excludes: pass-through revenue; Wallumbilla Gladstone Pipeline hedge accounting unwind; legal settlement; and other interest income. 38. Page: 30 The comparative information has been restated as a result of the payroll review. For further information refer to APA Group’s FY22 Annual Report. 39. Page: 30 100% of Goldfields Gas Pipeline (GGP) owned by APA, with the remaining 11.8% of GGP acquired 1st November, 2023. 40. Page: 31 SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. 41. Page: 31 Free cash flow is defined as Operating Cash Flow adjusted for certain non-operating items and stay-in-business capital expenditure. Stay-in-business capital expenditure comprises operational asset lifecycle replacement costs and technology lifecycle costs. 42. Page: 32 The capital expenditure shown in this table represents payments for property, plant and equipment and intangibles as disclosed in the cash flow statement, and excludes accruals brought forward from the prior period and carried forward to the next period. SIB capex represents capital expenditure not recoverable from customers and/or regulatory frameworks. 43. Page: 35 Includes assets operated and/or under construction by APA Group, which form part of Energy Investments segment, including SEA Gas EII and EII2 (each partially owned). 44. Page: 37 An investment grade credit rating from either S&P (BBB- or better) or Moody’s (Baa3 or better). Where applicable, the investment grade credit rating of the ultimate parent entity of the customer has been applied and for joint ventures an investment grade credit rating is applied if at least half of its owners are investment grade. Ratings shown as equivalent to S&P's rating categories. 45. Page: 38 Contracts within Australia that contain inflation linked escalations typically apply a formula based on either quarterly or annual Australian Consumer Price Index (CPI). 46. Page: 38 For 1H26 excluding passthrough revenue. 47. Page: 38 Excludes short term bilateral facility drawings. 48. Page: 40 Funds from Operations (FFO) / Net Debt and FFO/Interest calculated in line with S&P methodology. Historical ratios have been revised reflecting S&P's revisions to the historical calculations. Net debt includes full value of hybrid capital securities ($828m) with 50% removed for FFO / Net Debt calculation. 49. Page: 40 Drawn debt maturities excludes short-term bilateral facility drawings. 50. Page: 41 Hybrid security which has a 60-year maturity. However, for the purposes of this chart we show it as maturing at the first call date in 2029. 51. Page: 41 GBP MTN in FY30 is swapped into USD and translated at the spot USDAUD FX rate as at 31 December 2025. 52. Page: 41 USD 300m 144a in FY35 has been translated at the spot USDAUD FX rate as at 31 December 2025. 53. Page: 43 Australian Energy Market Operator (AEMO) Gas Statement of Opportunities (GSOO) 2025, reserves and resources cost assumptions and APA analysis. The Beetaloo resource size and Production Cost referenced in the 2025 GSOO represents the pilot projects only, APA estimates the resource base to be a significantly larger scale development, which in turn is expected to reduce the Production Cost. 54. Page: 45 AEMO Fact Sheet: The National Electricity Market. Generation supply mix by fuel type as at December 2025. Total may not add to 100% in the charts due to rounding. 55. Page: 45 AEMO Fact Sheet: The Wholesale Electricity Market. Annual generation by fuel type from 1 July 2024-30 June 2025. Total may not add to 100% in the charts due to rounding. 56. Page: 45 AEMO 2026 Integrated System Plan and Open Electricity (current coal generation capacity as February 2026). 57. Page: 46 Tax structure based on net asset value split between APA Infra and APA Invest. Endnotes For personal use only
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Andrew Nairn General Manager Investor Relations M: +61 437 166 497 E: ir@apa.com.au Megan Taylor Head of Media Relations & Financial Communications M: +61 450 640 305 E: megan.taylor@apa.com.au www.apa.com.au For personal use only