• Strong earnings result in line with expectations
• Continued momentum in growing customer services
• Transitioning energy portfolio with 7 GW development pipeline

AGL Energy Ltd reported a strong half-year financial performance, with Underlying EBITDA broadly flat on the prior period due to increased earnings and value captured from the flexibility in the generation portfolio, offset by lower expected Consumer customer margin and increased operating costs. Underlying profit after tax was 7% lower, mainly driven by higher depreciation and amortisation from continued investment in asset availability and flexibility. The company continued to grow its customer services, with good growth across energy, telecommunications, and Netflix. Customer satisfaction and strategic NPS remained strong, and the Retail Transformation Program is delivering benefits. AGL is supporting customers through the ongoing cost-of-living pressures, with $75 million of a $90 million Customer Support Package delivered. The company's development pipeline has grown to 7 GW, with new firming options added, and the 500 MW Liddell Battery is on track for early 2026 commencement. Flexible fleet capacity has increased to 7.6 GW, and AGL is targeting 1.4 GW of grid-scale battery FIDs in the next 12-18 months. The company has narrowed its FY25 financial guidance ranges, and current forward wholesale electricity price curves for FY26 and FY27 remain strong.

FY25 Underlying EBITDA between $1,935 million and $2,135 million, and Underlying NPAT between $580 million and $710 million.

AGL continues to execute on its strategy of connecting every customer to a sustainable future and transitioning its energy portfolio. The company has a clear strategy in place and has made significant progress on its delivery, with a 7 GW development pipeline and plans to add 1.4 GW of grid-scale battery capacity in the next 12-18 months.