• Statutory Profit after tax of $97 million, including significant items of $(245) million
• Underlying EBITDA of $1,068 million, down 1% on 1H24
• Underlying Net Profit after tax of $373 million, down 7% on 1H24
• Interim dividend of 23 cents per share declared

AGL Energy Limited (AGL) has announced its results for the six months ended 31 December 2024 (1H25). The company's Statutory profit after tax was $97 million, including significant items of $(245) million, which included an increase in onerous contract provisions of $(165) million and Retail Transformation costs of $(45) million, and a negative movement in the fair value of financial instruments of $(31) million. Underlying Net Profit after tax, which excludes the movements in the fair value of financial instruments and significant items, was $373 million, down 7% on 1H24. AGL delivered underlying cash from operating activities (before significant items, interest and tax) of $741 million, $99 million lower than 1H24 due to a $381 million prepayment of bill relief received prior to the start of the period. Excluding this prepayment, AGL's operating cash flow was $998 million, an increase of $158 million, largely driven by margin variation inflows of $123 million, reflecting movements of initial and variation margins within AGL's futures book. The company has narrowed its underlying earnings guidance ranges for FY25, with Underlying EBITDA expected to be between $1,935 and $2,135 million (previously between $1,870 and $2,170 million) and Underlying Net Profit after tax between $580 and $710 million (previously between $530 and $730 million). The narrowing of FY25 guidance reflects a strong first half performance, with earnings expected to moderate in the second half due to the ongoing value captured from the flexibility of AGL's generation fleet, ongoing customer competition, and increases in depreciation, amortisation and finance costs.

FY25 Underlying EBITDA guidance range narrowed to $1,935 - $2,135 million (previously $1,870 - $2,170 million); FY25 Underlying Net Profit after tax guidance range narrowed to $580 - $710 million (previously $530 - $730 million).

AGL expects earnings in the second half of FY25 to moderate compared to the strong first half performance, due to the ongoing value captured from the flexibility of its generation fleet, ongoing customer competition, and increases in depreciation, amortisation and finance costs.