Key highlights

  • Origin reported Underlying Profit of $1,159 million and statutory profit of $1,574 million for FY26 on 13 August 2026.
  • Adjusted free Cash Flow rose by $867 million to $2,074 million, and total FY26 dividends were 60 cents per share fully franked.
  • FY27 Energy Markets EBITDA guidance is $1,550 million to $1,850 million.

Origin Energy Limited (ASX:ORG) released its full year results for FY26 on 13 August 2026. The announcement described lower commodity-linked Earnings in Integrated Gas, improvements in Energy Markets and Octopus Energy, higher free cash flow and guidance for FY27.

About Origin Energy

Origin is an Australian energy company with retail electricity and gas customers, power generation including the Eraring power station, a battery development program, and an interest in Australia Pacific LNG within its Integrated Gas segment. It also holds an interest in the UK-based Octopus Energy and its Kraken Technologies software business.

FY26 earnings

Statutory profit was $1,574 million, up from $1,481 million. Underlying profit was $1,159 million compared with $1,490 million, reflecting an expected reduction in commodity-linked earnings from Integrated Gas and higher Depreciation and amortisation, partly offset by improvements in Energy Markets. Underlying EBITDA was $3,220 million compared with $3,411 million, as lower realised oil prices and lower LNG trading gains in Integrated Gas outweighed improvements in Energy Markets and Octopus Energy.

Adjusted free cash flow rose $867 million to $2,074 million, and adjusted net Debt to adjusted underlying EBITDA was 1.6 times. The final Dividend was 30 cents, fully franked, bringing the total to 60 cents.

Retail, batteries and Octopus

Origin’s retail Business added 243,000 customer accounts, with cost-to-serve within its target range. A total of 1.3 GW and 4.1 GWh of large-scale batteries were operational as at August, out of a 1.8 GW development program. Octopus Energy grew customer accounts by 2.2 million to 19 million.

Kraken Technologies reported Revenue growth of 19% and an increase in contracted accounts of 21 million to 95 million. It formally separated from Octopus Energy and completed a US$1 billion standalone Equity raise in July 2026 at a US$8.65 billion look-through valuation.

FY27 guidance

FY27 Energy Markets EBITDA guidance is $1,550 million to $1,850 million, with the impact of lower wholesale prices noted. Total Origin Capital Expenditure for FY27 is expected to be $450 million to $650 million, with lower growth capital as the battery program progresses. Kraken Technologies revenue is expected to grow by more than 20%.

Risks to consider

Integrated Gas earnings depend on oil and LNG prices, and the company described a reduction in FY26. Energy Markets guidance reflects lower wholesale prices and is provided on the basis of market conditions and the regulatory environment staying as assumed.

Battery and generation projects involve construction and market risk. Octopus Energy and Kraken operate in the UK and global markets, where growth targets may not be met, and underlying profit was lower than in FY25.

Catalysts to watch

Items to watch include the FY27 Energy Markets EBITDA range, progress on the remaining batteries within the 1.8 GW program, Octopus Energy customer growth, Kraken Technologies revenue growth above 20%, and the Eraring Future Directions program.