Highlights

  • FY26 sales Revenue was about A$1.8 billion, while underlying EBITDA was about A$1.04 billion and underlying net profit after tax was A$355 million.
  • Waitsia reached its nameplate capacity of 250 terajoules per day, making plant reliability a key Factor for FY27 production delivery.
  • Beach ended FY26 with 2P reserves of 156 million barrels of oil equivalent and net gearing of 10.6 per cent.
  • FY27 production guidance is 19.5 to 23.0 million barrels of oil equivalent, with Capital Expenditure of A$600 million to A$700 million.

Beach Energy Limited (ASX:BPT) is an ASX-listed oil and gas exploration and production company headquartered in Adelaide, with producing Assets across Australia and New Zealand. It supplies domestic gas, oil and Natural Gas liquids, with a strategic focus on East Coast and West Coast Australia. FY26 combined lower Earnings and reserves with the ramp-up of the Waitsia gas project and a sizeable FY27 Investment programme.

FY26 earnings and cash flow

For the year ended 30 June 2026, Beach reported sales revenue of about A$1.8 billion and underlying EBITDA of about A$1.04 billion, with an EBITDA Margin of 58 per cent. Underlying net profit after tax was A$355 million and operating Cash Flow was A$890 million. Pre-growth free cash flow was A$458 million. Production totalled 19.4 million barrels of oil equivalent, while sales volumes were 22.9 million barrels of oil equivalent. The average realised gas price was A$11.5 per gigajoule. These figures show that pricing provided some support even as earnings were under pressure during the year.

Waitsia becomes central to FY27 delivery

A major operational milestone was the Waitsia gas plant reaching nameplate capacity of 250 terajoules per day. Waitsia is expected to be a key source of production growth, but the company also identified compressor and valve reliability issues that require ongoing maintenance. This makes sustained plant availability an important measure for FY27. Beach also reported the sale of the VIC/L35 asset for about A$130 million and said 1.3 million tonnes of carbon dioxide equivalent were stored through carbon capture activity at Moomba .

Reserves, Liquidity and capital position

Beach reported proved and Probable Reserves of 156 million barrels of oil equivalent at year end. The Perth Basin accounted for 41 per cent of reserves, followed by the Cooper Basin joint venture at 27 per cent, the Otway Basin at 18 per cent and the Western Flank at 8 per cent. Capital expenditure was A$734 million, including A$312 million directed to growth projects. Cash was A$213 million and undrawn facilities were A$770 million, providing liquidity of A$983 million. Net gearing was 10.6 per cent. The board declared a fully franked final Dividend of 2.0 cents per share.

FY27 guidance and operating priorities

For FY27, Beach guided to production of 19.5 to 23.0 million barrels of oil equivalent. Capital expenditure is expected to be A$600 million to A$700 million, with up to 65 per cent allocated to growth. Depreciation and Amortisation guidance is A$500 million to A$550 million, while abandonment expenditure is expected to be A$100 million to A$140 million. The wide production range leaves room for operating variability, which places additional attention on Waitsia reliability, basin performance and project execution as the year progresses.

Key Insights

Beach enters FY27 with greater operating capacity at Waitsia but also with lower FY26 earnings and a smaller reserve base. It retains liquidity and net gearing below its stated target level, giving it room to fund its planned investment programme. The main operational questions are whether Waitsia can sustain output, whether reserves can be replenished through development or exploration activity, and whether the higher proportion of growth capital can translate into production within the company’s FY27 guidance range.