Origin Energy
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Origin Energy (ORG) investor relations material

Origin Energy H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary11 Feb, 2026

Executive summary

  • Statutory profit for HY26 was $557 million, down 45% year-over-year; underlying profit was $593 million, down 36%, and underlying EBITDA fell 17% to $1,589 million, mainly due to lower Integrated Gas and Octopus Energy earnings, partially offset by higher Energy Markets performance.

  • Energy Markets EBITDA rose to $860 million, exceeding expectations due to strong operational performance and cost reductions.

  • Customer accounts increased by 96,000, with growth across electricity, gas, and internet segments, and cost to serve reduced by $32 million.

  • Octopus Energy reported an EBITDA loss of $89 million, reflecting seasonality, regulatory costs, and ongoing investment in customer growth; Kraken platform contracted accounts reached 90 million.

  • Major overhaul and extension of Eraring Power Station operations to April 2029 announced, with Stage 1 battery online and Stage 2 expansion committed.

Financial highlights

  • Revenue for HY26 was $7,993 million, down from $8,771 million in HY25.

  • Adjusted free cash flow increased to $705 million from $518 million in HY25.

  • Adjusted net debt/EBITDA at 2.0x, at the bottom of the 2-3x target range.

  • Interim dividend of 30cps, fully franked, maintained, with a 5.3% yield before franking.

  • Dividend payout policy targets a minimum of 50% of adjusted free cash flow.

Outlook and guidance

  • FY26 Energy Markets EBITDA guidance raised to $1,550–$1,750 million, reflecting improved electricity performance.

  • Integrated Gas production guidance for FY26 updated to 645–680 PJ (APLNG 100%), with cash distributions to Origin expected at $700–950 million.

  • Total FY26 capex expected at $900–$1,100 million, mainly for battery projects and Eraring battery expansion.

  • Octopus Energy EBITDA guidance unchanged at $0–150 million, with continued investment in growth and technology.

  • Battery earnings and lower coal costs expected to be tailwinds in FY27, partly offset by weaker wholesale prices.

APLNG reversion litigation impact on cash flow
Kraken valuation rationale for Origin's equity
Eraring extension: GEPA non-trigger financial impact
Energy Markets' long-term earnings strategy
APLNG's Taroom Trough development timeline
Octopus/Kraken capital structure post-separation
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Frequently asked questions

Origin Energy Limited is an integrated energy company with operations spanning across the exploration and production of natural gas, electricity generation, and the wholesale and retail sale of electricity and gas. It also engages in the sale of liquefied natural gas both within Australia and internationally. Origin's electricity generation assets include a mix of coal, wind, solar, and pumped water storage, among others. It offers a variety of energy solutions to its customers, including GreenPower and green gas products, as well as electric and gas hot water systems, air conditioners, and heating solutions. The company is headquartered in Barangaroo, Australia, and its shares are listed on the ASX.

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