• Implementation of asset-based organisational structure and new executive leadership
• $130 million in cost and capital reductions through 18% reduction in unit field operating costs and 20% reduction in sustaining capital expenditure
• Significant reduction in pre-growth free cash flow breakeven oil price to below US$30/bbl

Beach Energy Limited (ASX: BPT, Beach) today announced its FY25 full year results which demonstrated strong progress against strategic review objectives, growth across key financial metrics, major project milestones and outstanding safety and environmental performance. The implementation of the asset-based organisational structure and appointment of new executive leadership, along with $130 million in cost and capital reductions through an 18% reduction in unit field operating costs and a 20% reduction in sustaining capital expenditure, have significantly reduced the company's pre-growth free cash flow breakeven oil price to below US$30/bbl. Beach also achieved its best personal safety performance in 14 years while delivering major organisational change. The company's sales volumes increased 16% to 24.7 MMboe and sales revenue grew 13% to $2.0 billion, supported by five Waitsia LNG cargoes that delivered $352 million in revenue. Underlying EBITDA rose 20% to $1.1 billion and underlying NPAT increased 32% to $451 million, enabling a record final dividend of 6.0 cents per share. Production increased 9% to 19.7 MMboe, with significant growth in the Otway and Bass Basins. The landmark Moomba CCS project was completed and ramped-up ahead of expectations, safely injecting and storing over one million tonnes of CO2e. Beach is well-positioned to pursue organic and opportunistic growth, with the completion of Waitsia Stage 2 expected in Q1 FY26 and the commencement of the Equinox rig campaign in the Otway Basin.

FY26 production guidance of 19.7 - 22.0 MMboe, capital expenditure of $675 - 775 million, and abandonment expenditure of $200 - 250 million.

FY26 will be a pivotal year for Beach, with the completion and ramp-up of the Waitsia Gas Plant, the Equinox rig campaign in the Otway Basin, and a 10-well oil appraisal and development campaign in the Western Flank. The company will also continue oil and gas exploration, appraisal and development drilling in the Cooper Basin JV, and the safe injection and storage of CO2 from the Moomba Gas Plant.