AGL Energy (AGL) H1 2026 earnings summary

Executive summary

• Statutory profit after tax was $94 million, impacted by negative fair value movements and significant items, while underlying EBITDA was $1,092 million, flat year-over-year, and underlying NPAT was $353 million, down 6% year-over-year.

• Interim fully franked dividend of 24 cents per share declared, with a payout ratio targeted at 50–75% of annual underlying NPAT.

• Customer services increased to 4.7 million, up 108,000 from FY25, and customer satisfaction rose to 83.8.

• Strategic progress included divestment of the telecommunications business to Aussie Broadband for $115 million, sale of 19.9% equity in Tilt Renewables for $750 million, and new renewable PPAs signed.

• Improved operational performance, customer margin growth, and battery earnings offset lower market volatility.

Financial highlights

• Underlying EBITDA was $1,092 million, flat year-over-year; underlying NPAT was $353 million, down 6% year-over-year.

• Customer Markets EBITDA up 37% to $221 million; Integrated Energy EBITDA down 5% to $1,032 million.

• Battery portfolio contributed $35 million EBITDA, up $10 million from the prior half.

• Net debt increased to $3,249 million, up $0.4 billion, with liquidity at $1,175 million.

• Operating free cash flow rose to $314 million, up $240 million from prior year.

Outlook and guidance

• FY26 underlying EBITDA guidance narrowed to $2,020–$2,180 million; underlying NPAT guidance narrowed to $580–$680 million.

• Targeting $50 million in sustainable net operating cost reductions in FY27.

• Earnings expected to remain skewed to the first half due to seasonality and contract roll-offs.

• Guidance subject to regulatory, market, and plant availability risks.