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FY26 full year results 6 August 2026 beach
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Disclaimer This presentation contains forward-looking statements, including statements of current intention, opinion and predictions regarding the Company’s present and future operations, possible future events and future financial prospects, and new energy initiatives and emissions intensity reduction targets. While these statements reflect expectations at the date of this presentation, they are, by their nature, not certain and are susceptible to change. Beach makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilling of such forward looking statements (whether expressed or implied), and except as required by applicable law or the ASX Listing Rules, disclaims any obligation or undertaking to publicly update such forward-looking statements. It should be noted that no universally accepted framework (legal, regulatory, or otherwise) currently exists in relation to ESG reporting. The inclusion or absence of information in Beach’s ESG statements should not be construed to represent any belief regarding the materiality or financial impact of that information. ESG statements may be based on expectations and assumptions that are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many ESG matters. Furthermore, no assurance can be given that such a universally accepted measurement framework or consensus will develop over time. Although there are regulatory efforts to define such concepts, the legal and regulatory framework governing sustainability is still under development. Calculations and statistics included in ESG statements may be based on historical estimates, assumptions and projections as well as assumed technology changes and therefore subject to change. Beach’s ESG statements have not been externally assured or verified by independent third parties. Underlying EBITDAX (earnings before interest, tax, depreciation, amortisation, evaluation, exploration expenses and impairment adjustments), underlying EBITDA (earnings before interest, tax, depreciation, amortisation, evaluation and impairment adjustments), underlying EBIT (earnings before interest, tax, and impairment adjustments) and underlying profit are non-IFRS financial information provided to assist readers to better understand the financial performance of the underlying operating business. They have not been subject to audit or review by Beach’s external auditors. The information has been extracted from the audited or reviewed financial statements. Free cash flow is defined as net cash flow before debt repayments, dividends, transaction adjustments and foreign exchange movements. Pre-growth free cash flow defined as operating cash flows, less investing cash flows excluding acquisitions, divestments and major growth capital expenditure, less lease liability payments. It has not been subject to audit or review by Beach’s external auditors. The information has been extracted from the audited or reviewed financial statements. The Board will have the discretion to adjust free cash flow for individually material items. All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated. References to “Beach” may be references to Beach Energy Limited or its applicable subsidiaries. References to planned activities in FY27 and beyond FY27 may be subject to finalisation of work programs, government approvals, joint venture approvals and board approvals. Due to rounding, figures and ratios may not reconcile to totals throughout the presentation. Assumptions Guidance is uncertain and subject to change. Production and capital expenditure guidance and other forecasts, projections, estimates and targets in this presentation are subject to change and have been estimated on the basis of the following economic assumptions: 1. Brent oil price of US$76.0 per barrel for FY27, US$74.0 per barrel for FY28 and FY29, 2. AUD/USD exchange rate of 0.69 for FY27, 0.68 for FY28 and FY29, 3. various other economic and corporate assumptions, 4. assumptions regarding drilling results, and 5. expected future development, appraisal and exploration projects being delivered in accordance with their current expected project schedules. These future development, appraisal and exploration projects are subject to approvals such as government approvals, joint venture approvals and Board approvals. Beach expresses no view as to whether all required approvals will be obtained in accordance with current project schedules. Reserves disclosure Reserves and resources estimates are prepared in accordance with the 2018 update to the Petroleum Resources Management System (SPE-PRMS). Storage resources are prepared in accordance with the 2025 CO2 Storage Resources Management System (SPE-SRMS). Both systems are sponsored by the Society of Petroleum Engineers (SPE), World Petroleum Council, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers, Society of Exploration Geophysicists, Society of Petrophysicists and Well Log Analysts and the European Association of Geoscientists & Engineers. The statement presents Beach’s net economic interest estimated at 30 June 2026 using a combination of probabilistic and deterministic methods. Each category is aggregated by arithmetic summation. Note that the aggregated 1P category may be a conservative estimate due to the portfolio effects of arithmetic summation. Reserves are stated net of fuel, flare and vent at reference points generally defined by the custody transfer point of each product. Waitsia reserves include 9.5 PJ of fuel used for LNG processing through the NWS facilities in Karratha. Conversion factors used to evaluate oil equivalent quantities are oil - 1 boe per bbl, condensate - 1 boe per bbl, sales gas - 171,940 boe per PJ, LPG - 8.458 boe per tonne, and LNG - 9.531 boe per tonne. From 1 July 2025, condensate is convertedon a volumetric basis of 1 boe per bbl. The change from the previous condensate factor of 0.935boe per bbl has been updated to reflect standard industry practice. This change has had an immaterial effect on production (~0.5%)and reserves (<0.2%). The estimates are based on, and fairly represent, information and supporting documentation prepared by, or under the supervision of, Qualified Petroleum Reserves and Resources Evaluators (QPRRE) employed by Beach. The QPRRE is Mark Sales who is a member of SPE. Authorisation This presentation has been authorised for release by the Beach Energy Board of Directors. Compliance statements 2
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19.4 MMboe PRODUCTION SALES REVENUE $1.8 billion UNDERLYING EBITDA $1.0 billion Continued performance across key metrics, strengthened liquidity to pursue growth FY26 headline results 1. Pre-growth free cash flow defined as operating cash flows less investing cash flows excluding acquisitions, divestments and major growth capital expenditure, less lease liability payments 22.9 MMboe SALES VOLUMES $11.5/GJ AVERAGE REALISED GAS PRICE PRE-GROWTH FREE CASH FLOW1 $458 million FULLY FRANKED FINAL DIVIDEND DECLARED 2.0 cps $983 million TOTAL LIQUIDITY 3
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4 Core Hubs Sustainable Growth High Margins ✓ Waitsia Gas Plant online, nameplate 250 TJ/day achieved ✓ Supplied 19% of total East Coast Domestic gas demand ✓ >18-months recordable injury free across all assets ✓ Moomba CCS safely captured and stored ~1.3 Mt CO2e (~2.3 Mt CO2e injected since commissioning) ✓ VIC/L35 asset sale for implied ~$130 million, >$500 million in near-term capital for redeployment ✓ New Acreage awarded in the Otway Basin, Taroom Trough and Cooper Basin (Queensland) ✓ Nine Western Flank wells drilled with 100% success rate, Equinox rig campaign materially progressed ✓ Strong Balance sheet to pursue further organic and inorganic growth opportunities ✓ FCF breakeven oil price less than US$30/bbl target ✓ Average realised gas price increased 7% to $11.5/GJ, reflecting targeted commercial strategy ✓ Six LNG cargoes shipped delivering revenue of $343 million ✓ Total field operating expense improved 3% to $244 million, including addition of Waitsia Gas Plant operations in FY26 FY26 milestones Operational excellence and disciplined execution against our strategic objectives
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Health, safety and environment Achieving exceptional HSE outcomes Key highlights ▪ Outstanding HSE performance across all operations o 18-months recordable injury free across Beach operations in FY26, achieving record TRIFR1 of 0.0 o >1.5 million work hours safely executed o Safe execution of the Cooper Basin and offshore Equinox rig campaigns o No Process Safety Tier 1 events, one Tier 2 event 4.4 2.4 3.4 0.8 0.0 FY22 FY23 FY24 FY25 FY26 TRIFR Personal safety performance Process safety performance 1. Total Recordable Injury Frequency Rate is the frequency of recordable injuries for each one million hours worked (12-month rolling) 5 2 1 0 1 1 FY22 FY23 FY24 FY25 FY26 Process Safety Tier 1 Tier 2
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8.9 9.5 10.7 11.5 H1FY24 FY24 FY25 FY26 284 253 244 FY24 FY25 FY26 Non-Operated Operated • 14% reduction in total field operating costs, inclusive of new Waitsia Gas Plant operations • Continued cost discipline across the Beach- operated portfolio • Unit operated field opex of $11.40/boe in FY26, impacted by Western Flank flooding • Outstanding HSE performance maintained across all operations Total field operating costs ($ millions) Average realised gas prices ($/GJ) Free cash flow breakeven <US$30/bbl Sustaining capex of <$450 million maintained Operational and HSE excellence across operated assets Ongoing operational efficiency and production optimisation across all operated assets • Commercial strategy driving improvement in average realised pricing • Strategy to deliver gas for power generation, manufacturing and emerging demand 14% 29% An owner’s mindset ingrained in our operations Cost discipline and commercial strategy unlocking increased margins Disciplined domestic focused operator 6 18% reduction in operated field costs
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0 50 100 150 200 250 300 350 400 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Existing and Committed Supply Anticipated Supply Flow from North Step Change Demand Domestic Gas Reservation Policy must support long-term reliable supply at affordable prices East Coast gas outlook (PJ)1 7 1. AEMO 2026 Gas Statement of Opportunities (March 2026): Projected annual adequacy in southern regions, Step Change scenario; supply includes LNG flow from northern regions Beach Actions / Response ❑ Value protection and creation through strategic pivot: ▪ Sale of VIC/L35, monetizing Artisan discovery and enables >$500 million in near term capital to be redirected into high margin projects ▪ Pivot to low-cost onshore development projects targeting all in development costs below $8/GJ ▪ Targeting high margin, large scale offshore opportunity ❑ Strategic marketing for value capture: ▪ Working closely with customers and the market to tailor supply to their specific requirements ▪ Contracting mix enables strategic expansion of routes to market, including potential LNG export and emerging demand Gas Market Review ▪ Beach supports a prospective reservation for new supply from 2030-32 on a ‘must-offer’, not a ‘must-sell’ basis to avoid forced structural oversupply ▪ Engaging government for a rules- based scheme over ministerial discretion, with obligations tied to a published adequacy test ▪ Must deliver sustainable, long-term solutions that give investment certainty and unlock new supply ▪ Prioritise domestic supply close to customers and infrastructure
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Reserves and resources MMboe 30-Jun-25 30-Jun-26 1P reserves 93 82 2P reserves 173 156 3P reserves 253 227 2C contingent resources 179 174 2P CO2 storage (Mt) 4.1 3.6 41% 27% 18% 8% 4% 2% 156 MMboe Perth Basin Western Flank Taranaki Basin Bass Basin Cooper Basin JV Otway Basin 173 156 3 (19) Focus to build the resource base for the next phase of growth 2P reserves at 30 June 2026 2P reserves movements (MMboe) ▪ Western Flank Oil: successful oil appraisal and development drilling and improved performance across operated fields ▪ Cooper Basin JV: reflecting improved reservoir performance, exploration success and additional undeveloped projects 8 Reserve revisions Reserve and resource strategic growth opportunities Exploration & appraisal • Western Flank eight-well oil exploration campaign • Cooper Basin two-well Granite Wash campaign • Taroom Trough two-well exploration campaign • Waitsia two-well exploration campaign • Nearshore Otway two-well campaign targeting FID in H1 FY27 Organic growth prospects • Otway offshore T30/P & T50/P prospects • Perth Basin tight gas backfill opportunities
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Financial results FY26 full year results
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$ million (unless otherwise indicated) FY25 FY26 Change Production (MMboe) 19.7 19.4 (2%) Sales volumes (MMboe) 24.7 22.9 (7%) Sales revenue 1,997 1,801 (10%) Average realised oil price ($ per bbl) 124 126 2% Average realised gas price ($ per GJ) 10.7 11.5 7% Underlying EBITDA1 1,136 1,040 (8%) Underlying EBITDA1 margin (%) 57% 58% 1% Underlying NPAT1 451 355 (21%) Statutory NPAT (44) 281 nm Operating cash flow 1,133 890 (21%) Pre-growth free cash flow2 657 458 (31%) All-in free cash flow3 329 146 (56%) Net debt4 368 387 5% 49% 16% 19% 16% $1.8 billion Gas liquids Oil LNG Gas Headline financial metrics Diverse revenue stream and cost discipline facilitates increased margin capture 1. Underlying results in this presentation are categorised as non-IFRS financial information provided to assist readers to better understand the financial performance of the underlying operating business. They have not been subject to audit or review by Beach’s external auditor 2. Pre-growth free cash flow defined as operating cash flows, less investing cash flows excluding acquisitions, divestments and major growth capital expenditure, less lease liability payments 3. All-in free cash flow defined as operating cashflows, less investing cash flows excluding acquisitions and disposals, less lease liability payments 4. Net debt / (cash) defined as interest bearing liabilities less cash and cash equivalents 10 FY26 sales revenue: $1.8 billion
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(30) (38) (185) 451 74 41 34 8 355 FY25 Cash costs Tax Other income Other DD&A Inventory movements Revenue FY26 1. Underlying results in this presentation are categorised as non-IFRS financial information provided to assist readers to better understand the financial performance of the underlying operating business. They have not been subject to audit or review by Beach’s external auditors, however, have been extracted from the audited or reviewed financial statements 2. Cash costs include Field operating costs, tariffs and tolls, royalties, carbon costs and third-party purchases 3. Includes corporate costs, FX and other revaluations, and exploration expense ($20 million), partly offset by higher net financing expense ($12 million) 4. Reflects change in accounting policy for carbon from a net liability approach to a government grant approach, under which carbon credits are recognised as government grant income at fair value when received and as an intangible asset. 2 Underlying NPAT down 21% due to ▪ Lower sales revenue, largely volume driven from flood impacted Cooper Basin and Victoria Otway field decline and plant availability ▪ Inventory movements, including overlift facilitated Waitsia LNG Cargoes ▪ Higher DD&A, following commencement of Waitsia production Partially offset by: ▪ Lower field operating costs reflecting cost discipline, includes start up of Waitsia ▪ Lower third-party purchases reflecting commencement of Waitsia production ▪ Recognition of carbon credits generated (ACCUs) from Moomba CCS in Other income4 3 $ million Underlying NPAT movements1 Earnings supported by structural operating cost reduction and commercial execution 11
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Cash reserves movements $458 million of pre-growth free cash flow1 (422) (160) (10) (5) 172 890 60 213 (312) 30-Jun-25 Operating Debt Capital Expenditure Dividends Leases Other 30-Jun-26 Growth capital expenditure 1. Pre-growth free cash flow defined as operating cash flows, less investing cash flows excluding acquisitions, divestments and major growth capital expenditure, less lease liability payments. $ million ▪ Operating cash flow down 21% to $890 million, reflecting: o Restoration payments up 166% to $125 million reflecting decommissioning of four offshore wells in FY26 o Income tax payments up 176% to $180 million on strong FY25 profit o Net operating receipts down 3% to $1,226 million largely reflecting lower sales ▪ $734 million capital expenditure payments o Major growth project expenditure of $312 million o Lease liability payments of $10 million per AASB 16 – Leases 12
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Strong financial position Balance Sheet strength provides foundation for next phase of growth 172 213 480 770 (540) (600) 30-Jun-25 30-Jun-26 Available Liquidity ($ million) Cash reserves Undrawn debt Drawn debt 652 983 1. Net gearing defined as Net Debt / (Net Debt + Equity) 13 Available liquidity up 51% to $983 million ▪ Successful refinance and upsize of 2025 and 2026 maturities capturing competitive terms ▪ $300m Asian Term Loan secured with strong lender support ▪ Net gearing1 of 10.6% o well below target <15% or up to 25% through the cycle as required ▪ FCF breakeven well below US$30/bbl o approximately +$65-85 million FCF for every US$10/bbl increase in Brent oil pricing above breakeven target ▪ Fully-franked final dividend of 2.0 cents per share declared; Full year dividends declared of 3.0 cents per share
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Capital Management Framework Strengthening the Balance sheet to deliver growth in reserves and returns in line with disciplined hurdles 14 Sustaining capital Organic growth Inorganic growth Balance sheet strength (target gearing <15%, up to 25% through the cycle) EXCESS CASH FLOW Debt reduction Dividend payout Share buy-backs TSR GROWTH NET CASH FLOW FROM OPERATIONS Capital allocation criteria Privileged assets Onshore expansion Operational excellence Offshore scale Disciplined hurdles TSR growth
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Outlook FY26 full year results
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FY27 guidance Waitsia output to support step-up in production 9% 83% 8% Oil Gas Gas liquids 26% 8% 23% 34% 9% Cooper Basin JV Otway Basin Perth Basin Bass Basin & NZ Western Flank 1. Growth capital expenditure: Spend on major infrastructure projects and development projects, offshore drilling and exploration drilling in the Perth Basin and new acreage. FY27 includes Moomba Central Optimisation project, Perth Basin inlet compression project and two-well exploration campaign, Taroom Trough two-well exploration campaign and early-stage activities for the nearshore Otway Basin exploration campaign 2. Waitsia Gas Plant nameplate capacity of 250 TJ/day 3. FY27 largely reflects Equinox rig campaign abandonment expenditure and minor regular onshore abandonment activities Up to 65% Up to 35% 50% 13% 11% 22% 4% Sustaining Growth1 Cooper Basin JV Otway Basin Perth Basin Other Western Flank FY27 outlook Production Capital expenditure Cooper Basin JV Targeting flat production Continued drilling activities targeting ~70 wells; commencement of Moomba Central Optimisation project Western Flank Targeting +15% with progressive flood recovery and new well connections Completion of remaining three-well oil appraisal and development campaign and an eight-well exploration campaign Otway Basin Planned 28-day statutory shutdown in Q2 FY27 and expected field decline of ~10% Early-stage planning activities for the nearshore Otway campaign Perth Basin Planned 24-day statutory shutdown in Q1 FY27, 90% plant utilisation2 on average for remainder of FY27 Waitsia inlet compression, two-well exploration program and potential tie-ins Taroom Trough N/A Two-well exploration campaign 16 Production: 19.5 – 23.0 MMboe Capital expenditure: $600 – 700 million Other items FY26 Actual FY27 D&A (excludes corporate D&A) $470 million $500 – 550 million Abandonment expenditure3 $139 million $100 – 140 million
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Active work programs across core hubs Investing in the base business to grow production Privileged infrastructure Maturing the next phase of growth Building the resource base 17 Multiple drilling campaigns planned • Western Flank: complete remaining three- oil development wells and commence eight-well oil exploration campaign • Cooper Basin JV: ongoing exploration, appraisal and development drilling including Granite Wash appraisal • Taroom Trough: two exploration wells • Nearshore Otway: two well exploration campaign targeting FID H1 FY27 • West Coast: two near-field exploration wells (L1/L2 permit area) Upgrading and simplifying infrastructure • Moomba Central Optimisation: modernised infrastructure, centralised facilities and power generation • targeting >$400 million (net) field operating and sustaining capital savings over field life • Otway Gas Plant: 28-day planned integrity shutdown (6-yearly previously 4-yearly cycle) • Waitsia Inlet Compression: targeting FID early FY27; progressing long lead procurement and detailed engineering Organic growth prospects targeting scale • West Coast: resource growth and backfill • Perth Basin broader basin tight gas backfill opportunities • East Coast: targeting high margin offshore scale • Progress T/50P and T/30P offshore exploration prospects Balance sheet strength to enable inorganic growth
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Cooper Basin Western Flank 18 Cooper Basin JV 18 • 12-well oil appraisal and development campaign commenced December 2025, 100% success rate from nine wells drilled to date (connections underway) • Remaining three wells to be drilled in H1 FY27 • Fit for purpose onshore rig, with 20% reduction in man-hours and ~30% decrease in horizontal drilling costs per metre compared to prior campaigns • Recycling existing surface equipment and flowlines to reduce development costs and spud to online timing • Eight-well oil exploration campaign to commence in H1 FY27, aiming to: • Expand exploration play horizons and extend field life; and • Unlock the next phase of drilling opportunities • Optimised three rig schedule targeting ~70 wells per annum • Includes multiple Granite Wash wells supporting development of significant 2C resource • Moomba Central Optimisation project • $250 million (net) expenditure over three years, to be managed through prioritizing of Cooper Basin JV sustaining capital expenditure • Modernise, debottleneck and simplify upstream infrastructure, lower operating and sustaining upstream costs and unlock future production recovery and growth potential from the Central Fields Inventory refresh delivering quality drilling prospects
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Taroom Trough 19 2 B-9 B-10 B-12 B-8 Wallumbilla Gas Hub Australia’s most exciting exploration and appraisal oil and gas province B-7 ATP 2081 marks Beach entry into this emerging province • Large strategic domestic gas and liquids opportunity close to existing infrastructure • Beach Energy (25%), Omega Oil and Gas (45% and Operator) and Tri-Star Group (30%) awarded ATP 2081 in February 2026 • ATP 2081 located adjacent to Omega’s Canyon project and is prospective for the northerly extension of the emerging liquids-rich Canyon Sandstone Play • Near term catalysts: • Accelerated two-well program in Q2 FY27 (well-pad construction underway) • Option to drill lateral, stimulate and conduct extended well test • Potential 2D seismic survey in FY27/28 • Existing Taroom Trough AMI with Omega Oil and Gas and Tri-Star Group offers options to extend and grow the Taroom footprint • Currently booked contingent and prospective resources of >10 Tcf1 reported for adjacent third-party fields 1. As per Elixir Energy Limited ASX Announcement “24% Increase in Taroom Trough Gas Resources” dated 24 April 2026, Omega Oil and Gas Limited ASX Announcement “Omega Raise A$60.0 million to Fund Upgraded 2026/27 Taroom Trough Program” dated 23 April 2026, and QGC Pty Ltd Potential Commercial Area application 309 dated 29 March 2021
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20 2 Nearshore Otway 20 Valuable, low-cost OGP backfill opportunity progressing to FID Key highlights • Nearshore exploration project targeting offshore Enterprise East & Selje prospects drilled from the existing Enterprise well pad • Low risk exploration and tie-back opportunities • Targeting high quality Flaxman and Waarre sandstone reservoirs • Provides backfill opportunity of Enterprise pipeline and Otway Gas Plant • All-in development cost of ~$5/GJ targeted • ~$175 - 200 million (gross) capital for a two-well campaign from exploration through to first gas • FID targeted for H1 FY27 • Success case delivers gas from H1 FY29, targeting >20% IRR
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21 2 Targeting offshore Otway scale 21 • Strategic upstream scale, longevity, high margin and value potential adjacent to core infrastructure ownership and under-supplied market • Timely backfill and potential infrastructure expansion opportunity • Partnership process initiated Next Steps Prospective acreage • Adjacent blocks T/50P (2,552 km2) and T/30P (677km2) • Multiple prospects and leads with scale • Prospects show strong seismic AVO response and are being matured through application of high-end geophysical workflows on very high quality, newly reprocessed 3D seismic data • Prospects lie in 200-1,500m water, approximately 130km offshore, and prospect clusters lie within subsea tie-back distance of the Beach Operated Thylacine Platform Strong emerging exploration inventory in 100% Beach acreage
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Comparing Phoques to Thylacine Field • Interpreted amplitude conformance to structure • Robust Rock Physics and AVO signature from Gathers Seismic direct hydrocarbon signatures Direct seismic calibration to established producing field analogues – demonstrated prospect scale and potential Key points • Inventory de-risked with Advanced Quantitative Interpretation workflows • Amplitude conformance to structure with AVO support indicating enhanced probability of gas presence and working traps • Elastic inversion results at prospects compares favourably with compressibility through multiple field analogues (Thylacine, Geographe, Artisan) 22 THYLACINE FIELD PHOQUES PROSPECT – multi-TCF potential LambdaRho Variance Map: Comparison of the greater Phoques interprete d fluid anomaly to the Thylacine gas Field anomaly
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Multiple trapping geometries – AVO supported Phoques complex - large scale, amplitude supported exploration play Conventional structural traps • Amplitude fit to structure • Segments cluster on sub-regional structural high • Strong AVO signature throughout • High productivity reservoirs anticipated • Geographe/Thylacine analogues Combination structural stratigraphic traps • Up-dip stratigraphic limit • Seismic extraction-supported high quality reservoir potential • Strong AVO signature Greater Phoques Complex Multi Tcf Potential 23 PHOQUES Combined Structural Stratigraphic Trap PHOQUES Conventional Structural Traps
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24 24 Perth Basin backfill Conventional Exploration - targeting ~50 Bcf resource opportunities Tight Gas - targeting multi-100 Bcf Scale • Multiple discovered and low risk, strong margin appraisal and development opportunities2 • Directly overlying and/or very close to Waitsia field • Longer term inventory identified and assessed Conventional exploration and tight gas opportunities • Infill development opportunities at Waitsia to be instructed by production performance, modelling and reservoir management plan • Two-well exploration program planned for FY27 (L1/L2) • Stawellia 1: Kingia primary and Wagina/Dongara secondary • Waitsia South 1: Kingia play on SE flank of Waitsia field with short tie-back • Seismic acquisition proposed1 in FY27 to de-risk inventory and high-grade further drilling opportunity; extensive conventional exploration inventory remains • Multi-well program to follow FY28+ 24 1. subject to final JV FID decision 2. Tight gas resource initially identified by former L1/L2 operator AWE Limited
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Perth Basin: tight gas inventory resource evolution Progression of Beach Perth Basin tight gas - Gross 2C A deep exploration and appraisal inventory of proven tight gas play currently under review, as long term backfill supply, in concert with emerging regulatory reform 25 1 2 3 4 5 6 7 2016-2017 2018-2022 2023-2025 2026 Prospective Contingent Moratorium Lattice Deal Key Wells Senecio Field (BPT Contingent Resource) Debooking Inventory Refresh Dongara Wagina Horizontal well target Vertical well target Waitsia 8 Senecio 1 Senecio 3
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Wrap-up and Q&A FY26 full year results
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Strategy in focus SUSTAINABLE GROWTH Pivot to long-life, resilient assets High margin molecules Disciplined capital allocation CORE HUBS Eastern Australia and Western Australia Grow share of East and West Coast gas markets Maximise value from strategic infrastructure HIGH MARGINS Owner’s mindset Onshore, low-cost developments Offshore prospects of scale Optimise routes to market Disciplined capital deployment to high-margin developments and offshore scale opportunities to maximise returns Safety First Culture and Values Organisational Structure Reserve Longevity 27
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SA Otway Basin Beach 70-100% (operated) Katnook Gas Plant 28 Beach value proposition Expanding our domestic footprint through disciplined capital deployment Disciplined capital deployment✓ Operational and Safety excellence✓ Extending reserve / resource life✓ Diverse routes to market✓ Total shareholder return focus✓ Strong Balance Sheet✓ Significant economic contributions1✓ Otway Basin Beach 60% (operated) 205 TJ/day Otway Gas Plant Gas storage potential Gas peaking power potential Bass Basin Beach 100% (operated) Lang Lang Gas Plant Taranaki Basin Beach 50% (operated) Kupe Gas Plant Bowen Basin Taroom Trough Beach 25% (non-operated) ATP 2081 (~750 km2) Cooper Basin Cooper Basin JV Beach various interests (non-operated) 310 TJ/day Moomba Gas Plant 1.7 Mtpa CO2e injection capacity Western Flank Beach 75-100% (operated) 22 TJ/day Middleton Gas Plant Oil infrastructure Perth Basin Waitsia Beach 50% (non-operated) 250 TJ/day Waitsia Gas Plant 30 TJ/day Xyris Gas Plant Beharra Springs Beach 50% (operated) 25 TJ/day Beharra Springs Gas Plant 1. In addition to significant capital investment, Beach is supporting domestic energy security, creating jobs for local communities and has contributed approximately $2.3 billion in taxes and royalties to state and federal governments over the five years to end-FY25
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Appendix FY26 full year results
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Reconciliation of EBITDA and NPAT $ million FY25 FY26 Change Underlying EBITDA 1,136 1,040 (8%) Impairment of non-current assets (674) - Tariffs and tolls related to unutilised NWS capacity (41) (28) Exploration expense - (75) Insurance recoveries 22 21 Legal costs related to shareholder class action (4) (6) Restructuring costs - - Cooper Basin flood costs (6) (17) EBITDA 433 936 117% Depreciation and amortisation (452) (481) Finance expenses (39) (52) Tax 15 (121) Statutory NPAT (44) 281 (742%) Impairment of non-current assets 674 - Tariffs and tolls related to unutilised NWS capacity 41 28 Exploration expense - 75 Insurance and settlement recoveries (22) (21) Legal costs related to shareholder class action 4 6 Restructuring costs - - Cooper Basin flood costs 6 17 Tax impact of the above (208) (31) Underlying NPAT 451 355 (21%)30
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Segment information SA WA Victoria NZ Corporate Total ($ million) FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 Production (MMboe) 8.3 7.4 1.6 3.3 8.2 7.2 1.6 1.4 19.7 19.4 Sales volumes (MMboe) 10.0 8.7 4.8 5.7 8.2 7.2 1.7 1.4 24.7 22.9 Sales revenue 887 773 396 398 605 528 109 102 1,997 1,801 Total revenue 978 872 396 399 623 549 109 102 2,106 1,921 Field operating costs (152) (141) (10) (18) (68) (64) (23) (20) (253) (244) Tariffs, tolls and other (162) (180) (136) (134) (23) (24) (1) (1) (322) (338) Carbon costs - (10) - (2) - (1) (2) (1) (2) (14) Royalties (87) (59) (3) (5) (19) (16) (11) (13) (120) (94) D&A (226) (200) (14) (51) (186) (200) (16) (18) (443) (468) Third party purchases (173) (143) (74) (36) - - - - (247) (178) Change in inventories 0 (0) (31) (69) 0 (0) (2) (1) (33) (71) Gross profit 178 139 129 84 327 244 53 48 687 514 Other income 0 38 - 4 19 10 - - 5 6 24 58 Other expenses (501) (7) (188) 4 (0) (77) (14) (7) (28) (31) (731) (119) Net financing costs (39) (51) (39) (51) Profit / (loss) before tax (323) 170 (59) 92 346 176 39 41 (62) (76) (59) 403 Income tax benefit / (expense) 15 (121) 15 (121) Net profit / (loss) after tax (44) 281 31
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Perth Basin Privileged infrastructure to service West Coast domestic gas and global LNG markets 32 ▪ Interest: 50% interest and operator of EP320, L11 and L22 (Mitsui 50%); 50% interest in L1 and L2 (Mitsui 50% and operator) ▪ Assets: Waitsia Gas Plant (250 TJ/day capacity); Beharra Springs Gas Plant (25 TJ/day capacity); Xyris Gas Plant (30 TJ/day capacity); Beharra Springs and Waitsia gas fields; Redback Deep and Tarantula Deep gas discoveries ▪ FY26 production: 3.3 MMboe ▪ First gas from the Waitsia Gas Plant delivered, nameplate 250 TJ/day achieved ▪ $343 million revenue from six Waitsia LNG cargoes lifted ▪ Seven years recordable injury free at Beharra Springs ▪ 97% reliability at the Beharra Springs and Xyris Gas Plants ▪ Optimisation of Waitsia Gas Plant and progress Waitsia inlet compression project ▪ Two-well exploration campaign adjacent to Waitsia (L1/L2 permit area) ▪ Optimisation of greater Beharra area development and exploration ▪ Assess broader basin tight gas backfill opportunities Asset overview: FY26 milestones: FY27 focus:
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Otway Basin Prioritising nearshore backfill and targeting large-scale offshore growth ▪ Interest: 60% interest and operator of (O.G. Energy 40%), 100% interest in T/30P and T/50P ▪ Assets: Otway Gas Plant (205 TJ/day capacity); Black Watch, Enterprise, Geographe, Halladale, Speculant and Thylacine gas fields; La Bella gas discovery ▪ FY26 production: 5.8 MMboe ▪ Completed Equinox rig campaign activities in the Otway Basin ▪ Two years recordable injury free at the Otway Gas Plant ▪ >98% reliability at the Otway Gas Plant ▪ Portfolio optimised via sale of VIC/L35 for implied transaction value of ~$130 million 1. For gas supply from the Geographe, Thylacine, Halladale, Black Watch and Speculant fields 33 Asset overview: FY26 milestones: ▪ Progress assessment of nearshore drilling and development opportunities ▪ Complete three-yearly price review process for the Otway Basin GSA1 ▪ Safely complete six-yearly statutory maintenance shutdown at Otway Gas Plant ▪ Progress development pathway for T/50P and T/30P exploration prospects FY27 focus:
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Cooper Basin JV Delivering critical gas to the East Coast gas market 1. Beach owns non-operated interest in the South Australian Cooper Basin joint ventures (collectively 33.40% in SA Unit and 27.68% in Patchawarra East), the South West Queensland joint ventures (various interests of 30% to 52.5%) and ATP 299 (Tintaburra) (Beach 40%) 34 ▪ Interest: Various non-operated interests (Santos operator)1 ▪ Assets: Moomba Gas Plant (310 TJ/day capacity); Moomba CCS (up to 1.7 Mtpa CO2 injection capacity); ~200 producing oil and gas fields ▪ FY26 production: 5.9 MMboe Asset overview: FY26 milestones: ▪ Participation in 67 wells with an overall success rate of 88% ▪ One oil discovery and five gas discoveries ▪ FID reached on Moomba Central Optimisation project ▪ Moomba CCS safely injected and stored ~1.3 MtCO2e FY27 focus: ▪ Progress Moomba Central Optimisation program ▪ Complete the Midstream simplification project ▪ Continued exploration, appraisal and development drilling ▪ Commence assessment of recently acquired Queensland acreage (~7,000 km2)
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Western Flank Extending exploration play horizons to unlock scale 35 ▪ Interest: 100% interest and operator of PEL 91, PEL 104/111 and PEL 106; 75% interest and operator of PEL 92 (Amplitude Energy 25%) ▪ Assets: Middleton Gas Plant (22 TJ/day capacity); 29 producing oil fields and 10 producing gas fields ▪ FY26 production: 1.5 MMboe Asset overview: FY26 milestones: ▪ Flood recovery efforts restored road access and production from majority of flood-impacted wells ▪ Nine wells drilled with an overall success rate of 100% ▪ Over two years recordable injury free FY27 focus: ▪ Complete oil appraisal and development campaign and connect remaining wells ▪ Complete eight well exploration campaign to refresh inventory for future campaigns ▪ Ongoing optimisation initiatives for sustainable cost savings
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Bass Basin Taranaki Basin Interests: 100% interest and operator of T/L1, T/L5, T/RL5 and G-17-AP Assets: Lang Lang Gas Plant (67 TJ/day capacity); Yolla gas field FY26 production: 1.5 MMboe Interest: 50% interest and operator (Genesis Energy 46%, Echelon Taranaki Limited 4%) Assets: Kupe Gas Plant (77 TJ/day capacity); Kupe gas field FY26 production: 1.4 MMboe ▪ Safety takes precedence ▪ Small, focused operational teams ▪ Target self-sustaining / self-funding operations ▪ Compliant with strict operating principles ▪ Selective capital investment only 36 Non-core asset operating philosophy:
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BEACH ENERGY LIMITED Level 8, 80 Flinders Street Adelaide SA 5000 Australia T +61 8 8338 2833 F +61 8 8338 2336 beachenergy.com.au INVESTOR RELATIONS Adam Stokes, Acting Head of Investor Relations T +61 8 8338 2833