Strong Earnings and Customer Growth
AGL reported strong earnings for the half, with a stable underlying EBITDA. The customer markets business recorded good growth in overall customer services across energy, telecommunications, and Netflix, maintaining a strategic NPS score of +3.
Energy Portfolio Transition and Development
AGL's development pipeline has grown to 7 gigawatts, with new firming options added following acquisitions. The 500-megawatt Liddell Battery is on track for early 2026, and flexible fleet capacity increased to 7.6 gigawatts.
Positive Fleet and Energy Market Performance
AGL's flexible asset fleet captured significant value amid market volatility, achieving a premium above average market prices. Battery investments showed strong performance, reinforcing the strategy for growth in grid-scale batteries.
Cost Management and Cash Flow
Operating costs were maintained flat to FY '24 levels despite inflation, supported by productivity initiatives. The operating free cash flow, excluding bill relief timing, was $291 million with a strong cash conversion rate of 86%.