• Energy Markets EBITDA of $860 million, higher than expected
• Integrated Gas EBITDA of $860 million, in line with expectations
• Octopus EBITDA loss of $89 million reflecting seasonality, UK regulatory costs and investment

Origin Energy Limited has announced its results for the half year ended 31 December 2025. The company reported an Underlying EBITDA of $1,589 million, compared to $1,926 million in the prior corresponding period. Energy Markets delivered EBITDA of $860 million, higher than expected due to continued strong operational performance. Integrated Gas, including APLNG and LNG trading, delivered EBITDA of $860 million, in line with expectations. Octopus Energy reported an EBITDA loss of $89 million, reflecting seasonality, UK regulatory costs and investment in smart tariffs to grow connected customers, as well as continued scaling of non-UK retail and Energy Services. The company grew its customer accounts by 96,000 and reduced its cost to serve by $32 million. Eranger battery 1 was brought online in December 2025, and the company committed $80 million to expand the Eranger battery stage 2. APLNG guidance was updated, and the company further committed $25 million to the Golden Beach gas storage project. Octopus Energy and Kraken Technologies also saw significant developments, with Kraken's first standalone equity raise and a major licensing deal.

APLNG guidance updated on 30 January, continues to focus on optimisation and mid term supply options. FY26 tax paid expected to be ~$160m (net refund in H2).