• Earnings lower in Energy Markets, higher in APLNG and LNG trading
• Leading the energy transition through differentiated assets and capabilities
• Octopus UK Retail and Kraken continue to exceed expectations

Origin Energy Limited reported its half-year results for the period ended 31 December 2024. Earnings were lower in the Energy Markets business in line with guidance expectations, while earnings were up 14% in APLNG and underlying EBITDA for LNG trading increased by 270% to $285 million. The company is leading the energy transition through its differentiated assets and capabilities, including a leading retail position and tech platforms, a flexible wholesale portfolio, and the APLNG asset which continues to generate strong cash flow. Octopus, Origin's UK retail business, is now the largest energy retailer in the UK with 13.3 million accounts, and the Kraken software platform is closing in on its target of 100 million customer accounts ahead of plan. Origin is focused on maintaining a strong balance sheet to fund investment in the energy transition, with debt/EBITDA expected to increase across FY25 and FY26 before improving in FY27. The company is targeting an ordinary dividend payout of a minimum of 50% of adjusted free cash flow.

Underlying EBITDA is expected to increase across FY25 and FY26 as Origin invests in growth projects, including battery storage, before improving in FY27.

Origin is focused on leading the energy transition through its differentiated assets and capabilities, including its leading retail position, flexible wholesale portfolio, and the APLNG asset. The company is also investing in growth projects such as battery storage to support the transition to renewable energy.