• AGL's underlying earnings were in line with guidance and market expectations
• Statutory earnings impacted by non-cash items, not a focus for analysts
• No material variance from market expectations prior to results announcement

AGL Energy Ltd has responded to an ASX Aware Letter regarding its full-year results for the period ended 30 June 2025. The company states that its underlying earnings, including Underlying EBITDA and Underlying NPAT, were in line with its published earnings guidance and the consensus estimates of sell-side analysts. AGL uses a 'consensus estimate' approach to determine market expectations, based on the average of Underlying NPAT and Underlying EBITDA across the published reports of its 10 sell-side analysts. The company's estimate of market expectations was within 3% of the Earnings Information disclosed in the results announcements. AGL explains that its statutory performance, including Statutory NPAT, is subject to large year-on-year variances due to non-cash items such as movements in the fair value of financial instruments and provisions. As a result, AGL does not consider Statutory NPAT to be a meaningful earnings indicator for analysts and investors, and it does not publish guidance on this metric. The company confirms that it was operating well within its published earnings guidance and materially in line with market consensus at all relevant times, and that it did not consider there to be a variance between its expected earnings and market expectations of such a magnitude that would require disclosure under Listing Rules 3.1 and 3.1A.