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AGL Energy statutory profit jumps as asset sale offsets weaker earnings
Underlying net profit fell 2% to A$631 million, weighed by softer wholesale electricity prices and higher gas costs.
AGL Energy reported a sharp rise in FY26 statutory profit, driven largely by gains tied to an asset sale and valuation movements, even as underlying earnings weakened.
For the year ended June 30, the Australian utility said statutory profit after tax reached A$756 million versus A$112 million in FY25. The increase included a A$268 million post-tax gain from selling its 19.9% stake in Tilt Renewables, along with a A$179 million positive fair value movement in financial instruments and a A$67 million gain from revaluing onerous contracts.
Those gains were partially offset by A$227 million in post-tax impairments related to generation assets and development projects, and A$69 million in Retail Transformation costs. On an underlying basis excluding significant items and fair value movements, AGL said net profit fell 2% to A$631 million, while underlying EBITDA rose 2% to A$2.1 billion.
AGL attributed improvements to better generation fleet availability and flexibility, with fleet availability up 4.3 percentage points to 83.4% and total generation down 3.4% to 31.8 TWh. For FY27, the company expects underlying EBITDA of A$1.9 billion to A$2.2 billion and underlying net profit of A$470 million to A$670 million, reflecting lower wholesale electricity prices flowing through contracted positions and higher gas costs, partly offset by cost reductions and a full year contribution from the 500-MW Liddell Battery.