Half Year 2026 Origin Energy Ltd Earnings Call Transcript
Key Points
- Origin Energy Ltd (OGFGF) reported a solid half-year performance, leading to an upgrade in full-year guidance for energy markets.
- The company achieved an EBITDA of $860 million for both Energy Markets and Integrated Gas, with strong operational performance.
- Origin Energy Ltd (OGFGF) grew its customer base by 96,000 and reduced its cost to serve by $32 million.
- The Eraring battery Stage 1 was brought online on time and on budget, generating revenue since December.
- The company declared a $0.30 fully franked interim dividend, supported by strong cash flow and balance sheet strength.
- Octopus Energy recorded an EBITDA loss of $89 million, reflecting seasonality and regulatory costs in the U.K.
- The Integrated Gas business faced lower realized prices and volumes at APLNG, impacting earnings.
- The company experienced higher bad and doubtful debts due to the non-repeat of energy bill relief.
- There is uncertainty around future investments due to ongoing government reviews and market conditions.
- The extension of the Eraring Power Station operations to April 2029 raises concerns about long-term maintenance without major outages.
Good morning, everyone, and welcome to the 2026 half year results for Origin Energy. It's Frank Calabria here, and I'm joined by my executive leadership team. I'll provide a brief overview of the performance and outlook. Tony Lucas will also provide an overview of the financial results, and we'll follow that with questions and answers. And you may already be aware, but you'll see that we've got additional detail included in the appendices.
Okay. So then turning to the highlights. I think the overall message for Origin in this half is the half year results that have been solid, allowing an upgrade to the full year guidance for energy markets. Our retail performance continued to strengthen. Grid-scale batteries added further portfolio flexibility.
Gas production was steady, and we continue to maintain cost management discipline. Turning to the summary of the financial result. Overall, we've got EBITDA of $860 million for Energy Markets, which is higher than expected with continued strong
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