AGL Energy reported FY26 statutory net profit after tax of $756 million, an increase of $644 million on the prior year. Underlying EBITDA grew 2 per cent to $2.1 billion while underlying net profit after tax fell 2 per cent to $631 million.
The shares rose 5.95 per cent on 12 August, making AGL the strongest performer in the ASX 100 that session. The gap between underlying and statutory earnings largely reflects the treatment of hedging positions and one-off items.
Generation reliability improved across the fleet. The equivalent availability factor reached 83.4 per cent, up 4.3 percentage points on FY25, while total generation volume fell 3.4 per cent to 31.8 TWh.
Customer metrics also moved higher. Total customer services rose by 92,000 to 4.6 million and the customer satisfaction rating increased to 84.1 from 81.6.
AGL delivered $30 million of sustainable net operating expenditure reductions during FY26. The company is targeting $50 million of reductions by FY27.
Development activity continued across the generation portfolio. The Liddell battery is now operational, construction of the Tomago battery is progressing, and work has started on the 220MW Kwinana Swift Gas 2 project in Western Australia.
Portfolio changes included the divestment of AGL's 19.9 per cent stake in Tilt Renewables for $750 million before transaction costs. The company is also progressing an investment partnership covering the development of 2GW of wind farm capacity.
Two adjacent businesses shifted during the year. Software business Kaluza, in which AGL holds a stake, signed a global agreement with ENGIE, while the telco business was divested alongside a long-term partnership with Aussie Broadband. Guidance for FY27 underlying EBITDA was set at $1.9 billion to $2.2 billion, a midpoint of $2.05 billion.
