TL;DR: Australia's major energy retailers, Origin Energy and AGL, released their FY26 full-year financial results in August 2026. The reports show strong financial performances, rapid growth in digital and customer accounts, and massive corporate shifts toward renewable energy, grid-scale storage, and consumer electrification.
Origin Energy's FY26 Financial and Operational Performance
On August 13, 2026, Origin Energy released its full-year financial results for the period ending June 30, 2026, reporting a solid overall performance characterized by strong cash generation. The utility achieved a statutory profit of $1,574 million for FY26, representing an increase from the $1,481 million reported in FY25.
However, Origin's underlying profit fell to $1,159 million, down from $1,490 million in FY25. This expected reduction was driven by lower commodity-linked earnings from its Integrated Gas division (impacted by lower realized oil prices and reduced LNG trading gains) and higher depreciation and amortisation costs. This decrease was partially offset by major improvements in Origin's Energy Markets division. The company's underlying EBITDA stood at $3,220 million, compared to $3,411 million in FY25.
Despite the decline in underlying profit, Origin generated strong adjusted free cash flow, which increased by $867 million to a total of $2,074 million. This cash flow was driven by strong performances in Energy Markets and Australia Pacific LNG, alongside lower tax payments. This leaves Origin with a healthy balance sheet, showing an Adjusted Net Debt to Adjusted Underlying EBITDA ratio of 1.6x. In response to these results, the Board determined a fully franked final dividend of 30 cents per share, bringing the total dividend for FY26 to 60 cents per share, fully franked.
Within its Energy Markets segment, underlying EBITDA rose to $1,701 million, up from $1,404 million in FY25, supported by:
- Electricity Gross Profit: $1,608 million, compared to $1,429 million in FY25.
- Natural Gas Gross Profit: $612 million, compared to $593 million in FY25.
- Customer Growth: Origin added 243,000 retail customer accounts, bringing its total base to 4.94 million accounts, while maintaining its retail cost-to-serve within its targeted range and keeping churn at a low 15 percent.
Origin's Technology and Customer Growth: Kraken and Loop
Under CEO Frank Calabria, Origin Energy is focusing heavily on digital technology and customer orchestration. A key driver of this strategy is Kraken, a highly scalable utility management software. Kraken Technologies formally separated from Octopus Energy and completed a major US$1 billion standalone equity raise in July 2026, valued at a US$8.65 billion look-through valuation. Kraken grew its contracted accounts by 21 million to a total of 95 million, while Octopus Energy increased its customer accounts by 2.2 million to 19 million.
This software capability supports Origin's consumer electrification strategy. Key products include:
- Origin Loop: The company's virtual power plant, which continues to sign up customers who connect their home solar and battery systems to help balance grid load.
- EV Power Up: An smart energy plan designed for electric vehicle owners that shifts energy consumption to the most optimal, low-cost times of the day.
- Visualisation Features: Advanced application tools that provide customers with detailed energy usage statistics and improved visibility over their household energy costs.
On the supply side, Origin is transitioning its portfolio to support renewable generation, with 1.3 GW / 4.1 GWh of large-scale batteries brought into commercial operation as of August 2026, out of a total 1.8 GW storage development pipeline.
AGL's FY26 Strategic Direction and Climate Transition Commitment
On August 12, 2026, AGL Energy also released its Full Year Results for the period ending June 30, 2026, to the Australian Securities Exchange. AGL's operational updates highlight a steady shift toward clean energy, in line with its Climate Transition Action Plan.
AGL's current generation portfolio consists of traditional coal-fired facilities alongside a diverse mix of wind, hydro, utility-scale batteries, and flexible gas-powered generation. Managing Director and CEO Damien Nicks emphasized that AGL is committed to contributing to Australia's decarbonization journey. The company's core focus is on helping households and businesses electrify and decarbonize how they live, work, and move, while building on its history as a major private investor in Australian renewable projects.
AGL's annual reporting suite, including the 2026 Annual Report and Corporate Governance Statement, highlights integrated ESG (Environment, Social, and Governance) practices across its energy portfolio. Like Origin, AGL is prioritizing customer electrification services, home batteries, and EV integration programs to connect consumers to a more sustainable energy future.
Key Takeaways
- Strong Profit Results: Origin Energy recorded a statutory profit of $1,574 million for FY26, with energy markets performing strongly enough to offset weaker gas revenues.
- Dividend Yields: Origin's healthy adjusted free cash flow of $2,074 million supported a total fully franked dividend of 60 cents per share for the financial year.
- Major Tech Valuation: The Kraken Technologies software platform completed a landmark US$1 billion equity raise in July 2026, valuing the company at US$8.65 billion.
- AGL's Transition Commitment: AGL's FY26 results reinforce its Climate Transition Action Plan, focusing on integrating wind, hydro, and battery storage to replace traditional thermal generation assets.
