• Group profit attributable to equity holders of Beach was $150.2 million, down 32% from H1 FY25
• Sales revenue decreased 1% to $981.7 million due to lower oil and liquids pricing
• Gross profit decreased 19% to $294.3 million due to higher cost of sales

Beach Energy's net profit after tax for the half year ended 31 December 2025 was $150.2 million, down 32% from the prior corresponding period. Sales revenue decreased 1% to $981.7 million, primarily due to weaker realised oil and liquids pricing and lower volumes in the Cooper Basin JV, Western Flank and Otway Basin, partially offset by two additional Waitsia LNG cargoes and strong realised gas prices. Cost of sales increased 10% to $745.7 million, largely driven by Waitsia product inventory movement, higher third party purchases and tolls to facilitate LNG cargoes, partly offset by lower field operating costs. Gross profit decreased 19% to $294.3 million. Other expenses increased 174% to $79.6 million, mainly driven by the expensing of the unsuccessful Hercules 1 well in the Otway Basin. Beach's underlying net profit after tax, which excludes one-off items, was $219.0 million, down 8% from the prior corresponding period. The company's cash balance increased to $235.2 million, and it will pay a fully franked interim dividend of 1.0 cent per share.

Beach Energy expects to ramp up production from the Waitsia Gas Plant towards nameplate capacity of 250 TJ/day in the third quarter of FY26 as the final sales gas compressors are commissioned.

Beach Energy is focused on optimising the ramp-up of the Waitsia Gas Plant and delivering steady-state operations. The company will also commence the second phase of its Equinox rig campaign in the Otway Basin in late Q3 FY26, which will include a well intervention, drilling, and completing the La Bella 2 development well and the Artisan discovery.