Origin Energy Limited (ASX: ORG) rose 5.15% to $11.840 on 13 August 2026, following the release of its FY26 results. The energy major reported statutory profit of $1.57 billion, up from $1.48 billion a year earlier. Adjusted free cash flow also strengthened considerably, reaching $2.07 billion, compared with $1.21 billion in FY25.
Underlying profit declined to $1.16 billion, while underlying EBITDA fell to $3.22 billion from $3.41 billion. The reduction largely reflected weaker commodity-linked earnings from Integrated Gas, although stronger performance from Energy Markets provided a meaningful offset.
Energy Markets Delivers a Key Earnings Lift
Energy Markets emerged as a major contributor during FY26, with underlying EBITDA increasing to $1.70 billion from $1.40 billion. Electricity gross profit climbed to $1.61 billion, while natural gas gross profit reached $612 million. Origin also added 243,000 customer accounts, with its 15% churn rate remaining below the 21.7% market average.
Meanwhile, Integrated Gas EBITDA declined to $1.62 billion from $2.20 billion amid lower oil-linked earnings and LNG trading gains. However, Origin received $911 million in fully franked dividends from Australia Pacific LNG, while APLNG’s 2P reserves increased by 332 PJ before production.
Batteries and Octopus Add to Growth Story
Origin reported 1.3 GW/4.1 GWh of large-scale battery capacity operational from its 1.8 GW development program. The company expects its battery portfolio to increasingly support earnings as wholesale electricity prices soften.
For FY27, Energy Markets EBITDA guidance stands at $1.55 billion to $1.85 billion. APLNG production is forecast at 625–670 PJ, while total Origin capital expenditure is expected at $450 million to $650 million.
The Board also declared a fully franked 30 cents per share final dividend, taking total FY26 dividends to 60 cents per share. With strong cash generation, expanding storage capacity and growth across Octopus Energy and Kraken Technologies, investors may now focus on whether Origin can translate its diversified portfolio into sustained earnings growth through FY27.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
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Origin Energy Climbs 5.2% as Strong Cash Flow and Battery Growth Take Centre Stage
Highlights:
Strong Cash Generation Supports Investor Confidence
Origin Energy Limited (ASX: ORG) rose 5.15% to $11.840 on 13 August 2026, following the release of its FY26 results. The energy major reported statutory profit of $1.57 billion, up from $1.48 billion a year earlier. Adjusted free cash flow also strengthened considerably, reaching $2.07 billion, compared with $1.21 billion in FY25.
Underlying profit declined to $1.16 billion, while underlying EBITDA fell to $3.22 billion from $3.41 billion. The reduction largely reflected weaker commodity-linked earnings from Integrated Gas, although stronger performance from Energy Markets provided a meaningful offset.
Energy Markets Delivers a Key Earnings Lift
Energy Markets emerged as a major contributor during FY26, with underlying EBITDA increasing to $1.70 billion from $1.40 billion. Electricity gross profit climbed to $1.61 billion, while natural gas gross profit reached $612 million. Origin also added 243,000 customer accounts, with its 15% churn rate remaining below the 21.7% market average.
Meanwhile, Integrated Gas EBITDA declined to $1.62 billion from $2.20 billion amid lower oil-linked earnings and LNG trading gains. However, Origin received $911 million in fully franked dividends from Australia Pacific LNG, while APLNG’s 2P reserves increased by 332 PJ before production.
Batteries and Octopus Add to Growth Story
Origin reported 1.3 GW/4.1 GWh of large-scale battery capacity operational from its 1.8 GW development program. The company expects its battery portfolio to increasingly support earnings as wholesale electricity prices soften.
For FY27, Energy Markets EBITDA guidance stands at $1.55 billion to $1.85 billion. APLNG production is forecast at 625–670 PJ, while total Origin capital expenditure is expected at $450 million to $650 million.
The Board also declared a fully franked 30 cents per share final dividend, taking total FY26 dividends to 60 cents per share. With strong cash generation, expanding storage capacity and growth across Octopus Energy and Kraken Technologies, investors may now focus on whether Origin can translate its diversified portfolio into sustained earnings growth through FY27.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au