• Underlying EBITDA up 9.1% to $1,015 million
• Profit after tax excluding significant items down 54.1% to $34 million
• Free cash flow up 3.6% to $552 million

APA Group has reported its 1H25 interim financial results, with total segment revenue (excluding pass-through revenue) increasing 7.2% to $1,363 million and underlying EBITDA increasing 9.1% to $1,015 million. The results reflect strong performance, including underlying EBITDA margin growth, driven by a full six-month contribution from the Pilbara Energy System, inflation-linked tariff escalations, and increased customer demand for additional services. Statutory profit after tax including significant items was down 96.8% to $34 million, primarily due to significant items in 1H24 related to the Pilbara Energy System acquisition. Profit after tax excluding significant items was $34 million, down 54.1% from 1H24. Net interest and other finance costs increased by 58.5% to $412 million, driven by foreign exchange losses and increased debt following refinancing activities. Depreciation and amortisation expenses increased 9.4% to $476 million, while income tax expense decreased 31.0% to $49 million. Free cash flow increased by 3.6% to $552 million, and total assets increased 5.3% to $20,605 million, driven by higher cash and cash equivalents and an increase in the mark-to-market value of cross-currency swaps. Total equity decreased 14.5% to $2,777 million, primarily due to cash distributions and a decrease in the fair value of the hedging reserve.