Quarterly Report - June 2025

Integrated Gas

Oil and LNG Markets

Japan customs-cleared crude (US$/bbl)

APLNG's realised oil price in the Jun-25 quarter, prior to Origin hedging, was US$78/bbl (A$122/bbl), down from US$80/bbl (A$128/bbl) in the Mar-25 quarter. Compared to the Jun-24 quarter, APLNG's realised oil price is down from US$87/bbl (A$134/bbl).

JKM (US$/mmbtu)

North Asian LNG market prices (JKM) delivered in the quarter averaged ~US$13/mmbtu, down from ~US$15/mmbtu in the Mar-25 quarter and up from ~US$10/mmbtu in the Jun-24 quarter.

FX (AUD/USD)

Average AUD/USD FX rate was 0.64 for the Jun-25 quarter, up from 0.63 the Mar-25 quarter and down from 0.66 in the Jun-24 quarter.

Production down 2% on prior year

Quarterly production and sales volumes (APLNG 100%) (PJ)

The chart shows quarterly production and sales volumes for Mar-25 QTR and Jun-25 QTR, broken down into Production and Sales, with categories like Spring Gully, Reedy Creek, Combabula and Peat, Condabri, Talinga and Orana, and Sales.

Financial year production and sales volumes (APLNG 100%) (PJ)

The chart shows financial year production and sales volumes for FY24 and FY25, with similar categories as the quarterly breakdown.

Key points:

• Production up 1% in Jun-25 quarter primarily reflecting one more day in the quarter and higher field performance in Reedy Creek and Spring Gully. This was partially offset by major maintenance in non-operated fields during the quarter.
• Higher Jun-25 quarter sales reflect higher production and higher purchases.
• FY25 production down 2% compared to FY24: Lower performance at Condabri, Talinga and Orana due to cumulative impacts of turndown events including unplanned outages, and lower than expected benefits from well optimisation activities to manage natural field decline in some fields.
• Lower production in some non-operated fields due to field underperformance and unplanned facility maintenance.
• Partially offset by prior year turndown from LNG vessel power outage incident, improved Reedy Creek performance due to less cyclical maintenance in FY25, base optimisation activities and new wells.
• Higher FY25 sales volume reflect higher purchases with the first full year of the gas purchase agreement with QCLNG project mitigating the impact of lower production.

APLNG revenue¹ stable on prior year

Jun-25 vs Mar-25 QTR (APLNG 100%) ($m)

This chart shows a comparison of revenue components for the Jun-25 and Mar-25 quarters, including LNG revenue and Domestic revenue.

FY24 vs FY25 (APLNG 100%) ($m)

This chart shows a comparison of revenue components for FY24 and FY25.

Key points:

• APLNG revenue down 3% in Jun-25 quarter vs Mar-25 quarter: LNG revenue down 6% mainly driven lower realised average LNG prices. Domestic revenue up 35% primarily driven by higher short-term contract volumes.
• APLNG revenue steady from FY24 to FY25: LNG revenue up 2% mainly driven by higher LNG volumes as the plant operated well above nameplate capacity following the LNG vessel power outage incident in the prior year, partially offset by lower realised LNG prices and the completion of the price review with Sinopec effective from January 2025.
• Domestic revenue down 15% driven by lower domestic volumes delivered under short term contracts, partially offset by higher market linked short-term contract prices.

APLNG capital expenditure

Quarterly APLNG¹ capex (APLNG 100%)

This chart shows quarterly capital expenditure for Mar-25 QTR and Jun-25 QTR, broken down into Sustain and Other, and Exploration and Appraisal.

Financial Year APLNG¹ capex (APLNG 100%)

This chart shows financial year capital expenditure for FY24 and FY25, with the same breakdown.

Key points:

• Capex in Jun-25 quarter increased $25 million driven by an increase in operated well delivery activity and higher operated exploration spend reflecting phasing of the program. Additionally, there has been greater investment in development infrastructure related to water gathering and processing and optimisation projects.
• Capex FY25 decreased $53 million driven by lower operated well delivery spend in line with planned activity levels and reduced operated exploration spend reflecting phasing of program.

APLNG strategy remains unchanged

Energy Markets

Electricity and natural gas markets

Electricity price ($/MWh)

The chart shows the average NEM spot electricity price for Jun-25 quarter was $141/MWh, up from $76/MWh in Mar-25 quarter due to higher electricity demand coupled with increased baseload outages particularly in NSW and VIC. It is also up from $134/MWh in Jun-24 quarter reflecting increased volatility driven by baseload outages and periods of low wind.

Gas price ($/GJ)

The chart shows the average domestic spot gas price for Jun-25 quarter was $12/GJ, down from $13/GJ in Mar-25 quarter reflecting lower gas generation demand driven by higher wind generation. It is also down from $14/GJ in Jun-24 quarter reflecting lower weather driven demand and higher storage levels in the prior period.

Energy Markets - Electricity sales volumes

Jun-25 vs Jun-24 QTR (TWh)

Retail volumes decreased 2% or 0.1 TWh on Jun-24 quarter with higher customer numbers offset by the impact of a warmer winter and lower usage from solar uptake and energy efficiency. Business volumes flat.

FY25 vs FY24 (TWh)

Retail volumes flat on prior year with higher customer numbers offset by lower usage from solar uptake and energy efficiency. The impact of weather was negligible with the higher demand from warmer summer offsetting the lower demand from warmer winter. Business volumes increased 1% or 0.2 TWh on prior year driven by net customer wins.

Energy Markets - Natural gas sales volumes

Jun-25 vs Jun-24 QTR (PJ)

Retail volumes down 6% or 0.8 PJ on Jun-24 quarter with impact of warmer winter partly offset by higher customer numbers. Business volumes down 13% or 4.0 PJ on Jun-24 quarter due to lower trading sales volumes and customer losses. Gas to generation down 7% or 0.8 PJ on Jun-24 quarter reflecting lower volumes due to the Pelican Point contract roll-off, lower weather driven electricity demand and higher renewable generation, partly offset by higher Darling Downs Power Station availability.

FY25 vs FY24 (PJ)

Retail volumes down 1% or 0.3 PJ on prior year with the impact of warmer winter largely offset by higher customer numbers. Business volumes down 2% or 2.9 PJ on prior year due to net customer losses, partly offset by higher trading sales volumes. Gas to generation down 5% or 1.9 PJ on prior year reflecting lower volumes due to the Pelican Point contract roll-off, lower weather driven electricity demand and higher renewable generation, partly offset by higher Darling Downs Power Station availability.

Capital Expenditure

Origin consolidated - capital expenditure

Quarterly capex and investments ($m)

This chart shows quarterly capex and investments for Mar-25 QTR and Jun-25 QTR.

Financial year capex and investments ($m)

This chart shows financial year capex and investments for FY24 and FY25.

Key points:

• Jun-25 capex primarily includes growth spend on the Eraring and Mortlake Battery projects (~$177 million).
• Jun-25 investments includes the final payment for the Yanco Delta Wind Farm development project.
• FY25 capex is higher on the prior year primarily due to higher growth spend on the Eraring and Mortlake Battery projects (~$927 million). FY25 capex is below guidance of $1.5 - 1.7 billion largely due to timing of payments around year end.
• FY25 investments include the milestone payment for the Yanco Delta Wind Farm development project, investments in Retail platforms and funding of the Golden Beach project. FY24 investments include $540 million for investment in Octopus Energy.

Data Tables

Integrated Gas - APLNG 100%

This table provides a detailed breakdown of APLNG's production, sales, LNG, domestic gas, and capex data for Jun-25 QTR, Mar-25 QTR, Jun-24 QTR, FY25, and FY24, including percentage changes.

APLNG sources of gas – APLNG 100%

This table details APLNG's production volumes from operated and non-operated sources, natural gas purchases, and inventory changes.

Operated development drilling and production

This table shows APLNG operated production wells, average daily production, wells drilled, and wells commissioned for Jun-25 QTR and FY25, categorized by Spring Gully, Reedy Creek, Combabula and Peat, and Condabri, Talinga and Orana.

APLNG uses of gas - APLNG 100%

This table outlines APLNG's natural gas usage, including LNG feed gas, domestic sales, LNG production, sales, and commodity revenue, along with realised prices.

Integrated Gas - Origin share

This table presents Origin's share of APLNG's production, sales, LNG, domestic gas, commodity revenue, and realised prices, as well as integrated gas other data including capex, lease costs, and hedging activities.

Energy Markets

This section includes tables detailing sales volumes for electricity and natural gas across different regions and customer types, as well as capex and investments.

Conversion factors and abbreviations

This section provides conversion factors for LNG and lists abbreviations used throughout the report, such as APLNG, BBL, E&A, GJ, JCC, JOULE, KT, LNG, MMBBL, MMBTU, MMSCF/D, MWH, N/M, PJ, T, TJ, TJ/D, TWH.

Analyst notes

CASH TAX PAID

Origin previously guided to cash tax paid being around $1.0 billion in FY25. In April 2025, with increased confidence in the FY25 tax position (including franking percentage of APLNG's FY25 dividends), Origin varied down the PAYG instalment rate and received a partial refund, resulting in cash tax paid of $767 million. In FY26, the company expects tax paid to be significantly lower, reflecting the lagged effect of both lower Energy Markets earnings from FY25 and fully franked Australia Pacific LNG dividends received in FY25.

DIVIDENDS FROM AUSTRALIA PACIFIC LNG

On 3 July, Origin received A$335 million in fully franked dividends from Australia Pacific LNG. Adding to the $797 million received in FY25, is a total of $1,132 million (fully franked).

CUSTOMER ACCOUNTS

The definition of customer accounts has been changed to only include accounts that are individually accessible, such as electricity, natural gas, internet, and LPG. Previously included Home Assist and VOIP are now under Other products/services.

Directory

REGISTERED OFFICE

Level 32, Tower 1, 100 Barangaroo Avenue, Barangaroo NSW 2000. GPO Box 5376, Sydney NSW 2001. T (02) 8345 5000, F (02) 9252 9244. originenergy.com.au, enquiry@originenergy.com.au

SECRETARY

Helen Hardy

SHARE REGISTRY

Boardroom Pty Limited, Level 8, 210 George Street, Sydney NSW 2000. GPO Box 3993, Sydney NSW 2001. T Australia 1300 664 446, T International (+612) 8016 2896, F (02) 9279 0664. boardroomlimited.com.au, origin@boardroomlimited.com.au

AUDITOR

EY

About our reporting

Unless otherwise stated, in this report a reference to ‘Origin', ‘Origin Energy', ‘Group', ‘Origin Group', 'Company’, ‘we', and ‘our' is to Origin Energy Limited and its controlled entities and joint venture arrangements as outlined in our 2024 Annual Report.