• Statutory profit of $557M, down from $1,017M in HY25
• Underlying profit of $593M, down from $924M in HY25
• Underlying EBITDA of $1,589M, down from $1,926M in HY25
• Adjusted free cash flow of $705M, up from $518M in HY25

Origin Energy Limited (Origin) reported a statutory profit for the half year ended 31 December 2025 of $557 million, compared to $1,017 million in the prior first half. Underlying profit was $593 million compared to $924 million in HY25, and Underlying EBITDA was $1,589 million, compared to $1,926 million in HY25. Higher than expected earnings in Energy Markets was offset by expected lower earnings in Integrated Gas and a lower contribution from Octopus Energy. Adjusted Free Cash Flow increased by $187 million to $705 million, driven by strong cash generation in Energy Markets and less tax paid. Origin received $542 million in fully franked dividends from Australia Pacific LNG. The Board determined a fully franked interim dividend of 30 cents per share, in line with HY25. The company's Energy Markets business saw an increase in underlying EBITDA, driven by higher electricity gross profit and continued savings in cost to serve, though natural gas gross profit declined. Integrated Gas reported lower underlying EBITDA due to lower realised LNG prices and volumes at Australia Pacific LNG, as well as lower Origin LNG trading gains. Octopus Energy's share of underlying EBITDA was a loss of $89 million, as the profitability of Kraken Technologies was offset by continued investment to scale the non-UK Retail and Energy Services businesses.

Energy Markets Underlying EBITDA guidance has increased and is expected to be $1,550 - $1,750 million compared to previous guidance of $1,400 - $1,700 million. Australia Pacific LNG production is expected to be 645 - 680 PJ (APLNG 100 per cent), with unit capital expenditure and operating expenditure of $4.3 - $5.0/GJ. Gains from LNG trading are expected to be $100 - $150 million. Origin's share of Octopus Energy Underlying EBITDA is expected to be $0 - $150 million.

Origin's Energy Markets business is expected to deliver improved performance, with cost to serve improvements on track to deliver the mid-point of the targeted $100 -$150 million savings by FY26. The company continues to see significant upside in both Octopus Energy and Kraken Technologies as they enter their next phases of growth as standalone businesses.