• Statutory profit increased to $1,017 million
• Underlying profit increased to $924 million
• Interim dividend of 30 cents per share, fully franked

Origin Energy Limited (Origin) reported statutory profit for the half year ended 31 December 2024 of $1,017 million, an increase from $995 million in the prior corresponding half. Underlying profit increased to $924 million from $747 million in the prior corresponding half, as improved earnings from Integrated Gas and lower tax expenses more than offset lower earnings from Energy Markets and Octopus Energy. Underlying EBITDA was lower at $1,926 million, compared to $1,995 million. Origin received fully franked dividends from Australia Pacific LNG of $612 million for the period. Free cash flow was a net outflow of $552 million for the period, reflecting increases in capital expenditure associated with Origin's battery investment program. The Board determined a fully franked interim dividend of 30 cents per share. Origin CEO Frank Calabria said the company has delivered a strong first half result, with increased earnings from Integrated Gas largely offsetting lower earnings from Energy Markets and Octopus Energy. He noted that good cash generation from the businesses and a strong balance sheet enabled Origin to increase returns to shareholders and invest in the energy transition. The improved performance in Integrated Gas was primarily driven by gains in LNG trading and strong LNG sales volumes and commodity prices at Australia Pacific LNG. In Energy Markets, earnings were lower in line with expectations, as lower wholesale prices flowed through to customer tariffs and coal supply costs increased. At Octopus Energy, the UK retail and Kraken licensing businesses recorded another period of outstanding growth. Origin remains well-placed to benefit from the energy transition given its diverse portfolio, leading customer position and access to international growth through its investment in Octopus Energy.

Australia Pacific LNG production is expected to be 670-690 PJ in FY25. Capital and operating costs are expected to be steady at $2.7-$2.9 billion. Gains from LNG trading are expected to be towards the upper end of the $400-$450 million range in FY25, and $50-$150 million in FY26. Origin's share of Octopus Energy FY25 Underlying EBITDA is expected to be a positive contribution of up to $100 million.

Origin remains well-placed to benefit from the energy transition given its diverse portfolio, leading customer position and access to international growth through its investment in Octopus Energy. Continued execution of its strategy, while remaining focused on cost reduction initiatives, positions Origin to create sustained value for its shareholders and good outcomes for its customers, communities, and planet.