• Significant investment in growth with ~$900 million deployed towards battery developments and strategic investments
• Continued growth in customer services and strong customer satisfaction in heightened competitive environment
• Targeting stronger thermal fleet availability in FY26 after a challenged second half in FY25

AGL Energy Limited has delivered strong FY25 results in line with guidance, with Underlying EBITDA down 9% to $2,010 million and Underlying NPAT down 21% to $640 million. The decrease in earnings was due to lower wholesale electricity prices resetting through contract positions, consumer margin compression, and higher depreciation and amortisation from continued investment in asset availability and flexibility. However, the breadth of AGL's flexible asset fleet helped mitigate the earnings impact of outages in thermal plants. The company continued to execute on its business strategy and decarbonisation pathway, deploying approximately $900 million towards battery developments and strategic investments. This included the acquisition of South Australia's Virtual Power Plant from Tesla and progress on the 500 MW Liddell Battery and 500 MW Tomago Battery. AGL also delivered strong customer outcomes, with growth in customer services, high customer satisfaction, and the launch of AGL Community Power to increase accessibility to the benefits of consumer energy resources. Safety performance, employee engagement, and community support also remained strong. Looking ahead, AGL aims to more than offset any earnings impact of coal and gas recontracting with earnings from its significant investment in flexible assets and the broader delivery of its strategy.

FY26 Underlying EBITDA guidance between $1,920 million and $2,220 million, and Underlying NPAT guidance between $500 million and $700 million.

AGL is targeting stronger thermal fleet availability in FY26 after a challenged second half in FY25. The company is also aiming to more than offset any earnings impact of coal and gas recontracting with earnings from its significant investment in flexible assets and the broader delivery of its strategy.