AGL underlying profit down 55% YoY in H1 2023

The results reflected the outages during the period.

AGL Energy recorded a 55% year-on-year (YoY) decline in underlying net profit after tax to around $60.5m (A$87m) in the first half of the financial year 2023 ending on 31 December 2022, due to the plant outages during the period.

In a statement, AGL said its earnings before interest, tax, depreciation and amortisation (EBITDA) after tax was down 16% YoY to $420.2m (A$604m). Its statutory loss after tax was around $747.9m (A$1.1b), including the around $491.2m (A$706m) impairment charges due to its accelerated decarbonisation plan.

“Our first half result reflects the impact of plant outages during challenging energy market conditions in July, the prolonged Loy Yang Unit 2 major outage caused by a generator rotor defect, and the closure of Liddell Unit 3 in April 2022, as we indicated in our FY23 financial guidance update in late-September 2022,” said AGL Managing Director and CEO Damien Nicks.

“Importantly, as units have returned to service, we’ve seen a significant improvement in portfolio performance at the end of the first half. We expect to have higher earnings in the second half of FY23, in line with guidance, and continued positive momentum into FY24,” he added.

AGL has narrowed its outlook for underlying net profit after tax in the financial year to between $139m (A$200m) and $194.8m (A$280m), from the previous guidance of between $139m (A$200m) and $222.6m (A$320m).

Its underlying EBITDA was also narrowed to between $869.6m (A$1.25b) and $956.6m (A$1.4b), from between $869.6m (A$1.25b) and $1b (A$1.45b).

$1 = A$1.44

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