APA Group on Wednesday reported AUD 129 million ($82.87 million) in net profit after tax (NPAT) for financial year 2025, up 8.4 percent from AUD 119 million for the prior year.
NPAT including “significant items” was down 87.1 percent year-on-year due to FY 2024’s “remeasurement of APA’s 88.2 percent interest in Goldfield Gas Pipeline in accordance with accounting standards partly offset by Pilbara Energy acquisition costs”, the Australian natural gas and power utility reported on its website. There were no significant items recognized for FY 2025.
The year ended June “was underpinned by a strong performance from APA’s gas transmission and storage business, a full year contribution from the Pilbara Energy System business, contributions from newly commissioned assets, inflation-linked tariff escalation and improved underlying EBITDA margins reflecting robust asset performance and targeted cost reduction initiatives”, APA said.
Statutory revenue excluding pass-through revenue rose 4.7 percent to AUD 2.71 billion. Segment revenue excluding pass-through revenue climbed 5.2 percent to AUD 2.72 billion.
Underlying EBITDA increased 6.4 percent to AUD 2.02 billion while reported EBITDA gained 9.1 percent to AUD 1.89 billion.
“Underlying EBITDA margins increased to 74.2 percent, reflecting strong asset performance and cost reduction initiatives”, APA said.
It expects underlying EBITDA for FY 2026 to grow to AUD 2.12-2.2 billion, “representing growth at the mid-point of 7.2 percent on FY25, ahead of inflation and supported by contribution from new assets and cost reduction initiatives”.
Free cash flow inched up 0.9 percent to AUD 1.08 billion, “reflecting strong EBITDA growth partly offset by higher interest costs and tax payments”, it said.
APA declared a final distribution of 30 cents per security for FY 2025, bringing the total distribution for the year to 57 cents per security, up 1.8 percent.
For FY 2026, the company expects to increase distributions by another 1.8 percent to 58 cents per security. “APA’s guidance on distributions growth balances the need to fund APA’s organic growth pipeline, while maintaining our investment grade credit ratings”, it said.
Chief executive and managing director Adam Watson said, “We are confident in the long-term critical role gas will play across Australia. Our East Coast Gas Grid Expansion Plan, early works in the Beetaloo, opportunities in gas-powered generation and ongoing growth in remote power generation in the Pilbara demonstrate how we expect our core business will underpin our growth for years to come”.
“Across FY25… We have taken steps to simplify our business, delivering corporate cost growth below inflation and announcing a cost-out target of approximately AUD 50 million for FY26”, Watson added.
APA ended FY 2025 with AUD 2.4 billion in cash and undrawn debt facilities.
To contact the author, email jov.onsat@rigzone.com
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