Energy generator and retailer Origin Energy has posted a 2% increase in statutory net profit to A$1.017 billion in the first half of the 2025 financial year (FY25).
Origin said underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell 3% to $1.926 billion on revenue which rose 10% to $8.771 billion in the six months to 31 December 2024.
But the company highlighted the 24% increase in underlying profit to $924 million as improved earnings from the Integrated Gas business and lower tax expenses more than offset lower earnings from Energy Markets and Octopus Energy.
The Origin Board determined that a fully franked interim dividend of 30 cents per share, up from 25 cents in the first half of FY24, would be paid on 28 March to shareholders registered on 5 March.
CEO Frank Calabria said Origin delivered a strong first half result.
“Good cash generation from our businesses and a strong balance sheet enabled Origin to increase returns to shareholders and invest in the energy transition,” Calabria said in a statement.
The improved performance in Integrated Gas was primarily driven by gains in liquefied natural gas (LNG) trading and strong LNG sales volumes and commodity prices at 37.5%-owned Australia Pacific LNG.
Energy Markets earnings were down as lower wholesale prices flowed through to customer tariffs and coal supply costs increased. Output from Eraring Power Station was relatively stable, while the gas peaking fleet lifted its output.
Origin said Energy Markets' FY25 underlying EBITDA guidance remained at $1.1 billion to $1.4 billion as electricity gross profit was expected to fall as a result of lower regulated tariffs and higher coal costs, and gas gross profit was expected to be lower mostly due to lower market prices.
Rival energy retailer AGL Energy (ASX: AGL) on Wednesday cited heightening competition for a 1% fall in half-year underlying EBITDA.
Origin (ASX: ORG) shares closed on Wednesday at $10.26, up six cents (0.59%), which capitalises the company at $17.7 billion.
