• Energy Markets Underlying EBITDA guidance increased to $1,300 - $1,400 million
• Octopus Energy FY25 Underlying EBITDA guidance revised to a loss of $0 - $100 million
• Warm weather in the UK and one-off impacts from the 2022 energy crisis affected Octopus Energy earnings

Origin Energy Limited has provided an update on its FY25 guidance. For the Energy Markets business, Origin now expects FY25 Underlying EBITDA to be in the range of $1,300 - $1,400 million, compared to the previous guidance of $1,100 - $1,400 million. This improvement is attributed to operational efficiencies, favorable wholesale portfolio benefits, and stronger generation performance and electricity volumes. For the Octopus Energy business, Origin now expects its share of FY25 Underlying EBITDA to be a loss in the range of $0 - $100 million, compared to the previous guidance of a positive contribution of up to $100 million. The key factors driving the lower FY25 guidance for Octopus Energy include unseasonably warm weather across March and April in the United Kingdom, as well as one-off impacts under discussion relating to the government's price guarantee subsidy from the energy crisis of 2022. The warm weather resulted in a significant decrease in electricity and gas volumes, adversely affecting earnings by approximately $50 million (Origin's share). Despite the FY25 earnings impacts, Origin continues to see rapid growth across many of Octopus Energy's segments, including a 10% organic growth in UK retail to 7.5 million customers, a doubling of non-UK retail to 2.5 million accounts, and Kraken securing its first major customer in the United States with National Grid.

Origin Energy expects FY25 Energy Markets Underlying EBITDA to be $1,300 - $1,400 million. Origin's share of Octopus Energy FY25 Underlying EBITDA is expected to be a loss in the range of $0 - $100 million.