• Origin to invest $210 million in Kraken's first standalone equity raising
• Kraken's valuation at $8.65 billion, Origin's stake remains at 22.7%
• Kraken signs major licensing deal with energy retailer adding 10 million customers

Origin Energy Limited (Origin) has provided an update on a suite of transactions relating to Kraken Technologies Limited (Kraken). The key points are: 1) Kraken will raise US$1 billion in equity in its first standalone raising from new investors and existing shareholders, paving the way for formal separation from Octopus Energy by mid-2026. 2) This investment round values Kraken at US$8.65 billion, with Origin investing US$140 million (approximately $210 million) as part of the process. 3) Kraken has signed a major licensing agreement with a leading energy retailer adding over 10 million customer accounts, and this customer will also participate in the Kraken raising. 4) Origin has agreed to waive its exclusivity to the Kraken platform in Australia in exchange for an additional 1.5% equity interest in Kraken, offsetting dilution from the raising. 5) Post these transactions, Origin's economic interest in Kraken will remain at 22.7%, and it will continue to hold a 22.7% stake in Octopus Energy.

Origin has stated that the transactions put Octopus Energy and Kraken in a strong position to unlock their next phase of growth, underpinned by the appropriate capital structure. Origin looks forward to participating in the ongoing growth of both businesses.