• Strong financial performance and delivery against commitments
• Compelling growth outlook underpinned by confidence in the long-term role of gas
• Strong balance sheet to support funding of organic growth pipeline

APA Group reported a strong financial performance in the first half of FY26, with Underlying EBITDA increasing by 7.6% to $1,092 million and a 280bps expansion in Underlying EBITDA margin to 77.3%. This was driven by the contribution from newly commissioned assets, inflation-linked tariff escalation, and enterprise-wide cost reduction initiatives, including a 13.6% reduction in corporate costs. The company also made strong progress towards its $50 million cost reduction target for FY26. APA's balance sheet remains robust, with ample capacity from existing sources to comfortably fund the higher FY26-FY28 organic growth pipeline of around $3 billion, which includes a more than $1 billion increase in debt funding capacity from an S&P threshold modification. The company's growth outlook remains compelling, underpinned by confidence in the long-term role of gas well beyond 2050. Key growth initiatives include the East Coast Gas Grid expansion, the Sturt Plateau Pipeline supporting the Beetaloo Basin development, the Brigalow Peaking Power Plant, and progress with the Pilbara development pipeline. APA remains focused on sustainable ongoing distribution growth.

FY26 Underlying EBITDA guidance of $2,120 million to $2,200 million, with the current expectation to exceed the midpoint of the range. FY26 Distribution Per Security (DPS) guidance of 58.0 cents per security, a 1 cent increase on FY25.

APA's strategy to be the partner of choice in delivering infrastructure solutions for the energy transition remains unchanged. The company is prioritizing growth in markets where it has clear competitive advantages and attractive returns, including gas transmission and storage, contracted power generation, and decarbonizing mining in the Pilbara with renewables, firming, and transmission.