• Group profit up 164% to $222.3 million
• Sales revenue up 5% to $989.8 million
• Waitsia Stage 2 project on track for first gas in Q4 FY25

Beach Energy has reported a strong financial performance for the first half of FY25, with group profit up 164% to $222.3 million and sales revenue increasing 5% to $989.8 million. The increase in sales revenue was driven by higher Otway and Bass basin production, an additional Waitsia LNG swap cargo, and higher gas prices, partly offset by lower third party sales and unfavourable liquids prices. Cost of sales were down 5% from H1 FY24, mainly due to lower third party purchases and field operating costs, partly offset by higher tolling expenses. The Waitsia Stage 2 project reached mechanical completion during the period and is now in the commissioning phase, with first sales gas targeted for Q4 FY25 despite some delays related to quality issues at the Xyris to Waitsia flowline valve station. Beach has seconded 20 senior personnel to the project and identified early initiatives to streamline commissioning. The company also completed its offshore Otway development program, with the Thylacine West 1 and 2 development wells brought online in October 2024, restoring deliverability at the Otway Gas Plant to nameplate capacity.

Beach Energy has not provided any high-importance, price-sensitive forward-looking financial metrics in this announcement.

Beach Energy has not provided any forward-looking outlook statements in this announcement.