Highlights

  • Statutory net profit after tax of AUD 94 million in recent half; underlying EBITDA of AUD 1,092 million.
  • Interim dividend declared at 24 cents per share, fully franked.
  • FY26 underlying EBITDA guidance narrowed to AUD 2,020–AUD 2,180 million.

AGL Energy Limited (ASX:AGL) has reported its financial results for the six months ended 31 December 2025, posting a statutory net profit after tax of AUD 94 million. The result was influenced by fair value losses and significant items, while underlying earnings remained broadly in line with the prior corresponding period. The company also narrowed its FY26 earnings guidance, citing first-half performance, cost management outcomes and revised depreciation assumptions.

AGL shares were trading 9.04% higher at AUD 9.65 per share at the time of writing on 11 February 2026.

First-Half Financial Performance

AGL recorded statutory profit after tax of AUD 94 million for 1H26. The result included a AUD 143 million loss on the fair value of financial instruments and significant items totalling AUD 116 million. These items comprised AUD 45 million in Retail Transformation costs and a AUD 42 million increase in onerous contract provisions.

Underlying EBITDA reached AUD 1,092 million, unchanged from 1H25. Underlying net profit after tax was AUD 353 million, representing a 6% decline compared with the prior corresponding period.

The Board declared a fully franked interim dividend of 24 cents per share.

Operational Update and Strategic Progress

Total generation volumes declined 2.8% to 15.4 TWh, while the Fleet Equivalent Availability Factor improved by 2.6 percentage points to 80.1%. Customer services increased to 4.7 million, up 108,000 from FY25, with customer satisfaction rising to 83.8.

AGL’s development pipeline expanded to 11.3 GW. The company signed 15-year power purchase agreements (PPAs) for Palmer Wind Farm 1 in South Australia (123 MW) and Waddi Wind Farm 2 in Western Australia (105 MW). A 600 MW Hexham Wind Farm project in Victoria received a Capacity Investment Scheme (CIS) contract.

Construction commenced on the 500 MW Tomago Battery, while the first 250 MW of the Liddell Battery is targeted for the third quarter of FY26, with full 500 MW operations expected in the fourth quarter.

AGL also secured a 40 PJ gas supply agreement with Esso Australia from 2028 over five years and agreed to divest its 19.9% equity interest in Tilt Renewables for AUD 750 million.

Narrowed FY26 Outlook

AGL narrowed its FY26 guidance ranges:

  • Underlying EBITDA is expected between AUD 2,020 million and AUD 2,180 million (previously AUD 1,920–AUD 2,220 million).
  • Underlying net profit after tax is forecast between AUD 580 million and AUD 680 million (previously AUD 500–AUD 700 million).

The revised outlook reflects first-half earnings driven by consumer margins, lower operating costs, and updated depreciation assumptions linked to rehabilitation pricing at Loy Yang. Earnings are expected to remain weighted toward the first half due to seasonal gas and electricity demand patterns and the roll-off of legacy gas contracts.

AGL is targeting AUD 50 million in sustainable net operating cost reductions in FY27. Guidance remains subject to regulatory developments, trading conditions and plant availability.

AGL’s 1H26 results highlight stable underlying earnings, dividend continuity and disciplined cost outcomes. With narrowed FY26 guidance and ongoing investment across wind, battery storage and gas supply, the company has provided greater clarity around its near-term financial expectations while progressing key energy transition projects.

Frequently Asked Questions (FAQs)

  1. What was AGL’s net profit for 1H26?
    AGL reported a statutory net profit after tax of AUD 94 million for the six months ended 31 December 2025.
  2. What dividend did AGL declare?
    The company declared a fully franked interim dividend of 24 cents per share.
  3. What is AGL’s updated FY26 earnings guidance?
    AGL expects FY26 underlying EBITDA between AUD 2,020 million and AUD 2,180 million, and underlying net profit after tax between AUD 580 million and AUD 680 million.

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