Origin Energy (ASX:ORG): FY26 Earnings, Battery Expansion and Gas Outlook

Aditi Sarkar

20 October 2026 07:04 PM AEDT

Origin Energy (ASX:ORG): FY26 Earnings, Battery Expansion and Gas Outlook

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Highlights

Origin Energy (ASX:ORG) reported FY26 statutory profit of AUD 1,574 million.
Underlying EBITDA declined to AUD 3,220 million, while adjusted free cash flow rose to AUD 2,074 million.
Energy Markets added 243,000 customer accounts during FY26.
Origin reported 1.3 GW of large-scale battery capacity operational in August 2026.

Origin Energy Limited supplies electricity, natural gas and related energy services in Australia, and participates in gas production and international energy retail and technology businesses. On 20 October 2026, Origin Energy (ASX:ORG) was quoted at AUD 12.05, down 0.08% during the trading session, according to the market figures for that date. Its latest full-year results show higher statutory profit but lower underlying earnings, alongside continued investment in energy storage and customer services.

Company Business

Origin operates through Energy Markets, Integrated Gas and interests in Octopus Energy and Kraken Technologies.

The company also holds interests in Octopus Energy, an energy retailer with operations in multiple countries, and Kraken Technologies, a software platform used by energy suppliers. These businesses create exposure to customer growth and technology expenditure beyond Australia. Origin Energy (ASX:ORG) therefore reports results influenced by electricity retail margins, domestic gas demand, international LNG prices and its share of associates’ performance.

Recent Development

In August 2026, Origin reported that 1.3 gigawatts of large-scale batteries, representing 4.1 gigawatt-hours of storage, were operational within a broader 1.8-gigawatt development program. In September, the company marked completion of the 300-megawatt, 650-megawatt-hour Mortlake battery in Victoria. These facilities add dispatchable storage capacity to Origin’s Australian portfolio.

The company added 243,000 retail customer accounts during FY26, taking its customer base to 4.94 million accounts. Origin Energy (ASX:ORG) also reported that Octopus Energy customer accounts reached 19 million, an increase of 2.2 million during the year.

Origin held its 2026 annual general meeting on 14 October.

Financial Performance and Sector Context

For the year ended 30 June 2026, statutory profit was AUD 1,574 million, compared with AUD 1,481 million in FY25.

Energy Markets underlying EBITDA increased to AUD 1,701 million from AUD 1,404 million.

Integrated Gas underlying EBITDA decreased to AUD 1,620 million from AUD 2,202 million, reflecting lower realised oil-linked prices and LNG trading gains. Australia Pacific LNG produced 668 petajoules during FY26 on a 100% project basis. Origin received AUD 911 million in fully franked dividends from the project. Origin Energy (ASX:ORG) reported adjusted free cash flow of AUD 2,074 million, up AUD 867 million, and an adjusted net debt to adjusted underlying EBITDA ratio of 1.6 times.

The board declared a fully franked final dividend of AUD 0.30 per share, bringing FY26 dividends to AUD 0.60 per share.

Risks to Consider

Commodity-linked earnings remain sensitive to realised LNG and oil prices, while natural field decline affects gas output. Origin has also disclosed ongoing work following a customer data security incident, including support for affected customers and a continuing criminal investigation. Battery development and integration carry construction, cost and operating risks; regulatory requirements, retail customer churn and changes in domestic energy demand can also affect performance. Origin Energy (ASX:ORG) has exposures spanning several markets, so results need to be assessed by segment rather than solely through consolidated profit.

What to Watch Next

Origin expects Australia Pacific LNG production of 625–670 petajoules in FY27, with project capital and operating expenditure of AUD 3.0–3.3 billion on a 100% basis.

For Origin Energy (ASX:ORG), other monitoring points include energy retail costs, progress in integrating batteries, Octopus Energy customer growth, Kraken contract implementation and the financial impact of gas price movements.

Key Insights

Origin’s FY26 results showed a rise in statutory profit and cash flow alongside a fall in underlying profit and EBITDA. Retail performance improved, while commodity-linked Integrated Gas earnings declined. Battery commissioning, LNG production and international retail technology activities remain distinct elements of its operations. Subsequent disclosures will establish how these components develop during FY27.

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