Underlying Profit After Tax: $373 million, 7% lower than the prior half.
Interim Ordinary Dividend: $0.23 per share, fully franked.
Net Debt: $2.4 billion, $673 million higher due to higher investing cash flows and timing of energy bill relief.
Operating Free Cash Flow: $291 million, $235 million lower excluding bill relief timing impact.
Thermal Fleet Availability Factor: Lower due to planned outages, with improvement expected in the second half.
Development Pipeline: 7 gigawatts, with new firming options added.
Flexible Fleet Capacity: Increased to 7.6 gigawatts, 200 megawatts higher.
Customer Support Package: $75 million of $90 million delivered.
Total Services to Customers: Increased by 46,000.
Customer Satisfaction: Strategic NPS score of +3.
Safety Metric: Total injury frequency rate down to 2.8 per million hours worked.
Release Date: February 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
AGL Energy Ltd (AGLNF) reported strong earnings results for the half-year, in line with expectations.
The company has made significant progress in its retail transformation program, delivering benefits and simplifying product offerings.
AGL Energy Ltd (AGLNF) has increased its flexible fleet capacity to 7.6 gigawatts, with plans for further expansion in grid-scale battery projects.
The company has maintained a strong cash conversion rate and declared a fully franked interim dividend of $0.23 per share.
AGL Energy Ltd (AGLNF) continues to capture a disproportionate share of the rapidly growing EV market, with innovative plans and partnerships.
Underlying profit after tax decreased by 7% compared to the prior half, mainly due to higher depreciation and amortization.
The thermal fleet availability factor was lower due to planned outages, impacting overall fleet performance.
Operating free cash flow was lower, driven by increased income tax paid and sustaining capital expenditures.
The company faces ongoing customer competition and market activity, leading to reduced consumer margins.
AGL Energy Ltd (AGLNF) anticipates increased depreciation, amortization, and finance costs in the second half of the fiscal year.
Q: Can you provide an update on the returns from operational batteries and how these might evolve in the future? A: We are seeing strong performance, particularly from the Torrens Island battery, with the Broken Hill battery now operational and the Liddell battery about 30% complete. We believe there are great returns in these batteries, currently performing higher than the expected range of 7 to 11%.
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