Earnings release
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Origin Energy Limited ABN 30 000 051 696 • Level 32, Tower 1, 100 Barangaroo Avenue, Barangaroo, NSW 2000 GPO Box 5376, Sydney NSW 2001 • Telephone (02) 8345 5000 • Facsimile (02) 9252 9244 • www.originenergy.com.au To Company Announcements Office Facsimile 1300 135 638 Company ASX Limited Date 31 October 2025 From Helen Hardy Pages 26 Subject September 2025 Quarterly Report Please find attached a release on the above subject. Regards Authorised by: Helen Hardy Company Secretary 02 8345 5000 For personal use only
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1 Quarterly Report September 2025 ASX/Media Release 31 October 2025 Quarterly Report September 2025 Origin Energy Limited (Origin) has released its Quarterly Report for the period to 30 September 2025 covering the performance of its Integrated Gas, Energy Markets and Octopus Energy segments. INTEGRATED GAS - AUSTRALIA PACIFIC LNG: • September quarter production was steady compared to the prior quarter at 169.9 PJ. • Revenue for the September quarter was 5 per cent lower than the prior quarter, at $2,124 million, predominantly driven by lower LNG volumes and prices, partially offset by higher domestic volumes. • September quarter realised average LNG price was US$10.08/mmbtu and the average domestic price was A$8.99/GJ (legacy and short term). ENERGY MARKETS: • Electricity sales volumes were steady on the prior corresponding quarter, with 3 per cent growth in retail more than offset by a 6 per cent reduction in business volumes. • Gas volumes declined by 12 per cent on the prior corresponding quarter primarily due to trading sales contracts ending. • Approximately 90 per cent of anticipated coal volumes for FY26 fully contracted or hedged at prices broadly in line with FY25. • Works continue to integrate the Eraring battery into existing dispatch and monitoring systems, while our onsite team undertakes operational training. OCTOPUS ENERGY: • Octopus Energy's retail business added approximately 560,000 customer accounts in the quarter, 230,000 in the UK and 330,000 outside the UK. • Octopus now has approximately 1 million customer accounts in Germany, with 100 per cent growth in the last 12 months. Origin CEO Frank Calabria said, “Australia Pacific LNG delivered steady production compared to the prior quarter and remains one of the largest sources of reliable gas supply to customers in Australia’s east coast market, including retailers, power generators and manufacturers. “In Energy Markets, our generation assets continued to deliver strong operational performance in the quarter. Planned major maintenance outages commenced at our Eraring and Mortlake Power Stations and are scheduled to be completed in the current quarter, ahead of the summer peak. “We continued to progress construction and integration works on our grid-scale Eraring and Mortlake batteries. We also maintained focus on expanding our offerings for customers, helping them electrify their homes and businesses. Octopus Energy continued to grow its customer base adding around 560,000 new customer accounts across its UK and international retail businesses. It recently announced an intention to formally separate the Kraken Technologies business, which we support, to facilitate the continued growth and global expansion of the market-leading Kraken technology platform,” Mr Calabria said. For personal use only
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2 Quarterly Report September 2025 Unit Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change Integrated Gas - APLNG 100% Production PJ 169.9 169.2 0% 173.5 (2%) 169.9 173.5 (2%) Sales PJ 161.3 163.6 (1%) 174.1 (7%) 161.3 174.1 (7%) Commodity Revenue $Am 2,124 2,241 (5%) 2,638 (19%) 2,124 2,638 (19%) Average realised LNG price US$/ mmbtu 10.08 10.26 (2%) 11.95 (16%) 10.08 11.96 (16%) Average realised Domestic gas price $/GJ 8.99 7.73 16% 9.59 (6%) 8.99 9.59 (6%) Energy Markets Electricity sales TWh 9.2 8.8 4% 9.3 (1%) 9.2 9.3 (1%) Natural gas sales PJ 51.9 50.0 4% 58.9 (12%) 51.9 58.9 (12%) Origin consolidated Capex $m 199 288 (31%) 504 (61%) 199 504 (61%) Investments $m (0) 183 (100%) 8 (104%) (0) 8 (104%) For further information: MEDIA INVESTORS Anneliis Allen Liam Barry Ph: +61 2 8345 5119 Ph: +61 2 9375 5991 Mobile: +61 428 967 166 Mobile: +61 401 710 367 For personal use only
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Quarterly Report SEPTEMBER 2025 For personal use only
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2 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Integrated Gas For personal use only
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3 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Oil and LNG markets Japan customs-cleared crude (US$/bbl) Q1 JCC Realised oil price (quarterly) Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 60 70 80 90 100 Source: Petroleum Association of Japan and Bloomberg forward pricing • APLNG’s realised oil price in the Sep-25 quarter, prior to Origin hedging, was US$77/bbl (A$118/bbl), down from US$78/bbl (A$122/bbl) in the Jun-25 quarter. • Compared to the Sep-24 quarter, APLNG's realised oil price is down from US$86/bbl (A$129/bbl). JKM (US$/mmbtu) Q1 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 0 5 10 15 20 Source: ICE • North Asian LNG market prices (JKM) delivered in the quarter averaged ~US$12.5/mmbtu, compared to ~US$12.5/ mmbtu in the Jun-25 quarter and ~US$12.4/mmbtu in the Sep-24 quarter. FX (AUD/USD) Q1 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 0.62 0.64 0.66 0.68 0.70 • Average AUD/USD FX rate was 0.65 for the Sep-25 quarter, up from 0.64 in the Jun-25 quarter and down from 0.67 in the Sep-24 quarter. For personal use only
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4 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Production steady from prior quarter Quarterly production and sales volumes (APLNG 100%) (PJ) 163.6163.6163.6 161.3161.3161.3 169.2169.2169.2 169.9169.9169.9 21.221.2 21.321.3 48.048.0 48.648.6 70.070.0 68.068.0 30.030.0 32.032.0 Spring Gully Reedy Creek, Combabula and Peat Condabri, Talinga and Orana Non-operated Sales Jun-25 QTR Production Jun-25 QTR Sales Sep-25 QTR Production Sep-25 QTR Sales • Production was steady in Sep-25 quarter primarily reflecting one more day in the quarter and major maintenance in non-operated fields during the prior quarter, partially offset by lower field performance in Condabri, Talinga & Orana from natural field decline and planned maintenance. • Lower Sep-25 quarter sales largely reflecting lower volumes from use of gas banking arrangements and movements in LNG inventory. Financial year production and sales volumes (APLNG 100%) (PJ) 174.1174.1174.1 161.3161.3161.3 173.5173.5173.5 169.9169.9169.9 21.321.3 21.321.3 46.846.8 48.648.6 71.671.6 68.068.0 33.833.8 32.032.0 Spring Gully Reedy Creek, Combabula and Peat Condabri, Talinga and Orana Non-operated Sales FYTD-25 Production FYTD-25 Sales FYTD-26 Production FYTD-26 Sales • FYTD-26 production down 2% compared to FYTD-25: – Lower performance at Condabri, Talinga and Orana due to natural field decline in some fields, partially offset by ongoing well optimisation and new wells – Lower production in some non-operated fields due to natural decline – Partially offset by improved Reedy Creek performance due to less unplanned maintenance , continued focus on base optimisation activities and new wells • Lower FYTD-26 sales volume reflect lower production, lower volumes from use of gas banking arrangements and movements in LNG inventory. For personal use only
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5 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 APLNG revenue down 5% on prior quarter Sep-25 vs Jun-25 QTR (APLNG 100%) ($m) 2,2412,2412,241 2,1242,1242,124 251251 116116 55 372372 1,9901,990 (187)(187) (51)(51) 1,7521,752 Domestic LNG revenue Jun-25 QTR LNG volume LNG price Domestic volume Domestic price Sep-25 QTR • APLNG revenue down 5% in Sep-25 quarter vs Jun-25 quarter: – LNG revenue down 12% driven by lower sales volumes due to LNG inventory movements and timing of contracted cargoes, as well as lower realised oil prices – Domestic revenue up 48% primarily driven by higher short-term contract volumes FYTD-25 vs FYTD-26 (APLNG 100%) ($m) 2,6392,6392,639 2,1242,1242,124 403403 (21)(21) (10)(10) 372372 2,2362,236 (208)(208) (276)(276) 1,7521,752 Domestic LNG revenue FYTD-25 LNG volume LNG price Domestic volume Domestic price FYTD-26 • APLNG revenue lower from FYTD-25 to FYTD-26: – LNG revenue down 22% driven by lower spot LNG volumes and lower LNG prices reflecting lower realised oil prices and the completion of the price review with Sinopec effective 1 January 2025 – Domestic revenue down 8% driven by lower domestic volumes and prices under short term contracts For personal use only
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6 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 APLNG capital expenditure Quarterly APLNG1 capex (APLNG 100%) 166166166 219219219 148148 183183 1818 3636 Sustain and Other Exploration and Appraisal Jun-25 QTR Sep-25 QTR (1) APLNG capex is reported on an accrual basis • Capex in Sep-25 quarter increased $53 million driven by greater investment in well optimisation projects and timing of capital program as well as higher operated exploration spend reflecting a larger program. Financial Year APLNG1 capex (APLNG 100%) 161161161 219219219 149149 183183 1212 3636 Sustain and Other Exploration and Appraisal FYTD-25 (Sep-24 QTR) FYTD-26 (Sep-25 QTR) (1) APLNG capex is reported on an accrual basis • Capex FYTD-26 increased $58 million driven by greater investment in well optimisation projects, development infrastructure related to water gathering and processing, and operated exploration spend reflecting a larger program. Partially offset by lower operated well delivery activity in line with plan. For personal use only
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7 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Energy Markets For personal use only
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8 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Electricity and natural gas markets Electricity price ($/MWh) Q1 Sep-25 Q1 Sep-24 Q1 Sep-23 QLD NSW VIC SA Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 0 50 100 150 200 250 300 Source: AEMO • Average NEM spot electricity price for Sep-25 quarter was $85/MWh: – Down from $141/MWh in Jun-25 quarter due to higher renewable generation, and baseload outages in the prior period not repeating. – Down from $120/MWh in Sep-24 quarter reflecting reduced volatility driven by fewer baseload outages and reduced interconnector constraints. Gas price ($/GJ) Q1 Sep-25 Q1 Sep-24 Q1 Sep-23 Brisbane Sydney Victoria Adelaide Wallumbilla Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 0 5 10 15 20 Source: AEMO • Average domestic spot gas price for Sep-25 quarter was $12.62/GJ: – Up from $12.39/GJ in Jun-25 quarter reflecting higher wind generation in the prior period, partly offset by lower gas fired generation volumes due to seasonal warmer temperatures. – Down from $12.70/GJ in Sep-24 quarter reflecting lower gas fired generation demand due to higher contribution from batteries. For personal use only
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9 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Energy Markets – sales volumes Electricity sales volumes (TWh) 9.39.39.3 9.29.29.2 4.44.4 0.10.1 (0.2)(0.2) 4.54.5 4.94.9 4.74.7 Retail Business Sep-24 QTR Retail Business Sep-25 QTR • Retail volumes increased 3% or 0.1 TWh on Sep-24 quarter with higher customer numbers and a colder winter partially offset by lower usage from solar uptake and energy efficiency. • Business volumes decreased 6% or 0.2 TWh on Sep-24 quarter driven by net customer losses. Natural gas sales volumes (PJ) 58.958.958.9 51.951.951.9 14.714.7 0.30.3 15.015.0 33.933.9 (7.0)(7.0) 26.826.8 10.310.3 (0.3)(0.3) 10.010.0 Retail Business Internal Generation Sep-24 QTR Retail Business Internal Generation Sep-25 QTR • Retail volumes up 2% or 0.3 PJ on Sep-24 quarter with impact of colder winter and higher customer numbers partly offset by declining usage mainly in Victoria. • Business volumes down 21% or 7.0 PJ on Sep-24 quarter primarily driven by lower trading volumes with the ~35 PJ p.a. contract with GLNG ending in May 2025. Origin Zero (large business customers) were down 0.4 PJ. • Gas to generation down 3% or 0.3 PJ on Sep-24 quarter due to higher Eraring Power Station availability. For personal use only
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10 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Capital Expenditure For personal use only
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11 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Origin consolidated – capital expenditure Quarterly capex and investments ($m) 471471471 199199199 288288 199199 183183 Capex Investments Jun-25 QTR Sep-25 QTR • Sep-25 capex primarily includes growth spend on the Eraring and Mortlake Battery projects ($75 million), generation plant overhauls and maintenance ($55 million) and electric vehicle purchases ($15 million). • Sep-25 had no material investment spend. Jun-25 quarter included the final payment for the Yanco Delta Wind Farm development project. Financial year capex and investments ($m) 512512512 199199199 504504 199199 Capex Investments FYTD-25 FYTD-26 • FY26 capex is lower than the prior year primarily due to lower growth spend on the Eraring and Mortlake Battery projects. For personal use only
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12 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Data Tables For personal use only
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13 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 APLNG Unit Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change Total production PJ 169.9 169.2 0% 173.5 (2%) 169.9 173.5 (2%) Total sales PJ 161.3 163.6 (1%) 174.1 (7%) 161.3 174.1 (7%) LNG Production PJ 123.2 132.4 (7%) 132.6 (7%) 123.2 132.6 (7%) LNG contract sales PJ 119.9 127.5 (6%) 121.0 (1%) 119.9 121.0 (1%) LNG spot sales PJ 0.0 3.6 (100%) 11.2 (100%) 0.0 11.2 (100%) Total LNG Sales PJ 119.9 131.1 (9%) 132.1 (9%) 119.9 132.1 (9%) Commodity revenue $m 1,752 1,990 (12%) 2,236 (22%) 1,752 2,236 (22%) Average realised price US$/mmbtu 10.08 10.26 (2%) 11.95 (16%) 10.08 11.95 (16%) Domestic gas (100%) Sales PJ 41.4 32.5 27% 42.0 (1%) 41.4 42.0 (1%) Commodity revenue $m 372 251 48% 403 (8%) 372 403 (8%) Average realised price $/GJ 8.99 7.73 16% 9.59 (6%) 8.99 9.59 (6%) APLNG capex E&A $m 36 18 100% 12 200% 36 12 200% Sustain and Other $m 183 148 24% 149 23% 183 149 23% Integrated Gas – APLNG 100% For personal use only
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14 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Production volumes Units Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change Operated Spring Gully PJ 21.3 21.2 0% 21.3 0% 21.3 21.3 0% Reedy Creek, Combabula and Peat PJ 48.6 48.0 1% 46.8 4% 48.6 46.8 4% Condabri, Talinga and Orana PJ 68.0 70.0 (3%) 71.6 (5%) 68.0 71.6 (5%) Total operated production PJ 137.9 139.2 (1%) 139.7 (1%) 137.9 139.7 (1%) Non-operated GLNG PJ 10.2 10.1 1% 10.7 (5%) 10.2 10.7 (5%) QGC PJ 21.8 19.9 10% 23.1 (6%) 21.8 23.1 (6%) Total non-operated production PJ 32.0 30.0 7% 33.8 (5%) 32.0 33.8 (5%) Total upstream production PJ 169.9 169.2 0% 173.5 (2%) 169.9 173.5 (2%) Natural gas purchases / swaps PJ 6.9 9.6 (28%) 9.4 (27%) 6.9 9.4 (27%) Changes in Upstream gas inventory/other PJ (3.0) (4.0) (25%) 1.8 (267%) (3.0) 1.8 (267%) Total sources of natural gas PJ 173.8 174.8 (1%) 184.8 (6%) 173.8 184.8 (6%) APLNG sources of gas – APLNG 100% For personal use only
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15 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 APLNG operated production wells QTR Avg daily production (100% APLNG) Wells Drilled Wells commissioned Spring Gully 231 TJ/d Sep-25 QTR 7 5 FYTD-26 7 5 Reedy Creek, Combabula and Peat 528 TJ/d Sep-25 QTR 8 23 FYTD-26 8 23 Condabri, Talinga and Orana 740 TJ/d Sep-25 QTR 4 - FYTD-26 4 - Total 1499 TJ/d Sep-25 QTR 19 28 FYTD-26 19 28 Operated development drilling and production For personal use only
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16 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Uses of gas Units Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change LNG feed gas PJ 132.4 142.3 (7%) 143.0 (7%) 132.4 143.0 (7%) Domestic sales PJ 41.4 32.5 27% 42.0 (1%) 41.4 42.0 (1%) Total uses of natural gas PJ 173.8 174.8 (1%) 184.9 (6%) 173.8 184.9 (6%) LNG Units Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change LNG production PJ 123.2 132.4 (7%) 132.6 (7%) 123.2 132.6 (7%) Changes in LNG inventory PJ (3.3) (1.3) 150% (0.6) n/m (3.3) (0.6) n/m Total LNG sales volume PJ 119.9 131.1 (9%) 132.1 (9%) 119.9 132.1 (9%) LNG cargos loaded and shipped # 31 34 (9%) 34 (9%) 31 34 (9%) APLNG commodity revenue Units Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change LNG $Am 1,752 1,990 (12%) 2,236 (22%) 1,752 2,236 (22%) Domestic gas $Am 372 251 48% 403 (8%) 372 403 (8%) Total commodity revenue $Am 2,124 2,241 (5%) 2,638 (19%) 2,124 2,638 (19%) Sales – APLNG realised prices Units Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change LNG $A/GJ 14.62 15.18 (4%) 16.92 (14%) 14.62 16.92 (14%) Domestic gas $A/GJ 8.99 7.73 16% 9.59 (6%) 8.99 9.59 (6%) Average commodity price $A/GJ 13.17 13.70 (4%) 15.15 (13%) 13.17 15.16 (13%) APLNG uses of gas – APLNG 100% For personal use only
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17 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 APLNG (ORG Share) Unit Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change Total production (Origin share) PJ 46.7 46.5 0% 47.7 (2%) 46.7 47.7 (2%) Total sales (Origin share) PJ 44.4 45.0 (1%) 47.9 (7%) 44.4 47.9 (7%) LNG (Origin share) Production PJ 33.9 36.4 (7%) 36.5 (7%) 33.9 36.5 (7%) Sales PJ 33.0 36.1 (9%) 36.3 (9%) 33.0 36.3 (9%) Commodity revenue $m 482 547 (12%) 615 (22%) 482 615 (22%) Average realised price US$/ mmbtu 10.08 10.26 (2%) 11.95 (16%) 10.08 11.95 (16%) Domestic gas (Origin share) Sales PJ 11.4 8.9 27% 11.5 (1%) 11.4 11.5 (1%) Commodity revenue $m 102 69 48% 111 (8%) 102 111 (8%) Average realised price $/GJ 8.99 7.73 16% 9.59 (6%) 8.99 9.59 (6%) Integrated Gas Other Unit Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change Origin only capex and lease costs $m 1 0 164% 15 (93%) 1 15 (93%) Origin oil and LNG hedging/trading Hedge premium expense $m 0 0 0% 0 0% 0 0 0% Gain / (Loss) on oil hedging $m (10) (8) 27% (15) (35%) (10) (15) (35%) Gain / (Loss) on LNG trading $m 47 36 32% 146 (67%) 47 146 (67%) Total oil and LNG hedging/trading $m 38 28 33% 131 (71%) 38 131 (71%) Integrated Gas – Origin share For personal use only
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18 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Unit Sep-25 QTR Jun-25 QTR % Change Sep-24 QTR % Change FYTD-26 FYTD-25 % Change Sales volumes Electricity – Retail TWh 4.5 4.1 10% 4.4 3% 4.5 4.4 3% Electricity – Business TWh 4.7 4.7 (2%) 4.9 (6%) 4.7 4.9 (6%) Natural gas – Retail PJ 15.0 12.0 25% 14.7 2% 15.0 14.7 2% Natural gas – Business PJ 26.8 27.6 (3%) 33.9 (21%) 26.8 33.9 (21%) Natural gas – Internal generation PJ 10.0 10.5 (5%) 10.3 (3%) 10.0 10.3 (3%) Capex $m 197 285 (31%) 489 (60%) 197 489 (60%) Investments $m (0) 182 (100%) 8 (104%) (0) 8 (104%) Electricity sales volume (TWh) Sep-25 QTR Jun-25 QTR FYTD-26 FYTD-25 Retail Business Retail Business Retail Business Retail Business New South Wales 2.1 2.3 1.8 2.3 2.1 2.3 1.9 2.3 Queensland 1.1 0.7 1.0 0.7 1.1 0.7 1.1 0.8 Victoria 1.0 1.1 0.9 1.1 1.0 1.1 0.9 1.1 South Australia 0.4 0.6 0.4 0.6 0.4 0.6 0.4 0.6 Total volumes sold 4.5 4.7 4.1 4.7 4.5 4.7 4.4 4.9 Natural gas sales volume (PJ) Sep-25 QTR Jun-25 QTR FYTD-26 FYTD-25 Retail Business Retail Business Retail Business Retail Business New South Wales 4.3 6.6 3.4 5.9 4.3 6.6 3.9 7.4 Queensland 1.0 10.0 0.9 13.3 1.0 10.0 0.9 14.9 Victoria 7.9 8.3 6.2 6.6 7.9 8.3 8.3 9.7 South Australia 1.9 2.0 1.5 1.8 1.9 2.0 1.7 1.9 External volumes sold 15.0 26.8 12.0 27.6 15.0 26.8 14.7 33.9 Internal sales (generation) 10.0 10.5 10.0 10.3 Total volumes sold 51.9 50.0 51.9 58.9 Energy Markets For personal use only
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19 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Conversion factors and abbreviations For personal use only
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20 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Conversion factors and abbreviations Conversion factors LNG 0.0554 PJ/ktonnes LNG 1.0551 GJ/mmbtu Abbreviations $ Australian dollars, unless stated otherwise APLNG Australia Pacific LNG Pty Limited – an incorporated joint venture between Origin, ConocoPhillips and Sinopec BARRELS (BBL) an international measure of oil production. 1 barrel = 159 litres E&A Exploration & Appraisal GJ gigajoule = 109 joules JCC Japan Customs-cleared Crude JOULE primary measure of energy in the metric system KT Kilo tonnes = 1,000 tonnes LNG liquefied natural gas MMBBL million barrels MMBOE million barrels of oil equivalent MMBTU million British thermal units MMSCF/D million standard cubic feet per day MWH Megawatt hour = 103 kilowatt hours N/M not meaningful PJ petajoule = 1015 joules T tonnes TJ terajoule = 1012 joules TJ/D terajoules per day TWH Terawatt hour = 109 kilowatt hours For personal use only
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21 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Analyst notes For personal use only
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22 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Analyst notes DEPRECIATION AND AMORTISATION In FY25, depreciation and amortisation was $478 million. In FY26, depreciation and amortisation is expected to increase by over $100 million, primarily due to the factors outlined below. Note there is no change to cash flow as a result of these impacts. • With Eraring Power Station approaching the announced closure date in 2027, annual capitalised maintenance spend is depreciated over a shorter period each year. As a result of this Origin expects an increase in depreciation in FY26 of approximately $50 million. • Eraring battery stages 1 and 3 are anticipated to commence commercial operations from late calendar year 2025. Straight line depreciation will commence at that point based on a 20 year useful life, which translates to an increase in depreciation in FY26 of approximately $20 million. • Depreciation relating to the accounting treatment for battery tolling agreements (see details opposite). • The remaining increase primarily relates to other generation assets and the decision to migrate Origin Zero customers to Kraken, triggering an accelerated amortisation of legacy platform costs. SHARE OF OCTOPUS ENERGY ITDA Origin expects its share of Octopus Energy interest, tax, depreciation and amortisation (ITDA) to be significantly higher in FY26 compared to $81 million in FY25, primarily attributable to higher tax expense from improved earnings, as well as an increase in amortisation related to customer growth and continued investment in Kraken and Energy Services. Octopus Energy capitalise customer acquisition costs and amortise over a period of between three and five years. They have experienced rapid customer growth, adding ~0.9 million customers in the UK and ~1.3 million customer accounts elsewhere in FY25. Also included in Origin's share of Octopus Energy ITDA is the amortisation of the fair value assigned to assets at the time of Origin's acquisition. In FY25, this was $24 million, and is expected to be broadly similar in FY26. NET INTEREST COSTS Origin capitalises financing costs relating to construction of qualifying assets. In FY25, this amount was $59 million largely related to batteries at Eraring and Mortlake. Refer to note A4 of the FY25 financial statements. This is expected to continue, with a broadly similar amount assumed to be capitalised in FY26. ACCOUNTING FOR THIRD PARTY BATTERY AGREEMENTS The IFRS Interpretations Committee (IFRIC), in a tentative decision in September 2025,1 determined that battery offtake agreements should be accounted for as leases, which differs from the treatment of a wind farm in a gross pool market which are treated as derivatives . Finalisation of IFRIC's position is expected early in 2026, however consistent with this tentative decision, Origin will adopt Lease Accounting for these agreements in its FY26 reporting. An outline of the impacts is noted below. • Prior to commercial operations, a commitment is recognised in the notes to the financial statements, at the undiscounted sum of future lease payments. Based on the three battery tolling agreements Origin has executed, this is expected to be ~$1.6 billion. • At the commercial operations date for the respective projects, a lease liability based on the present value of lease payments will be recognised, and included in Origin's Adjusted Net Debt. This is expected to peak at ~$1 billion once all projects are online in FY27, and subsequently reduce over the life of the agreements (10-12 years). A corresponding right of use asset will be recognised. • There is no change to the treatment of revenue, however, rather than the tolling charge being included as an operating cost, it is reflected via depreciation of the right of use asset and interest expense on the unwind of the liability (effectively resulting in an increase in EBITDA compared to derivative accounting). The cash flow statement will reflect the payment of the tolling charge in interest paid and principal repayment as part of financing cash flows, with no change to overall net cash flow. Given the phasing of the battery agreements, Origin does not expect any material impact to FY26 Energy Markets Underlying EBITDA guidance as a result of adopting Lease Accounting for these agreements and we expect to remain within our target Adjusted Net Debt / Adjusted Underlying EBITDA range of 2 - 3x over FY26 - FY27. 1 https:/ /www.ifrs.org/content/dam/ifrs/meetings/2025/september/ifric/ap3-battery-offtake-arrangement.pdf For personal use only
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23 Integrated Gas Energy Markets Capital Expenditure Data Tables Conversion factors and abbreviations Analyst notes Directory QUARTERLY REPORT SEPTEMBER 2025 Directory REGISTERED OFFICE Level 32, Tower 1 100 Barangaroo Avenue Barangaroo NSW 2000 GPO Box 5376 Sydney NSW 2001 T (02) 8345 5000 F (02) 9252 9244 originenergy.com.au enquiry@originenergy.com.au SECRETARY Helen Hardy SHARE REGISTRY Boardroom Pty Limited Level 8, 210 George Street Sydney NSW 2000 GPO Box 3993 Sydney NSW 2001 T Australia 1300 664 446 T International (+61 2) 8016 2896 F (02) 9279 0664 boardroomlimited.com.au origin@boardroomlimited.com.au AUDITOR EY About our reporting Unless otherwise stated, in this report a reference to ‘Origin’ , ‘Origin Energy’ , ‘Group’ , ‘Origin Group’ , ‘Company’ , ‘we’ , and ‘our’ is to Origin Energy Limited and its controlled entities and joint venture arrangements as outlined in our Annual Report. For personal use only