Origin Energy Limited (OGFGF) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. I would like to extend a warm welcome to our shareholders here in Sydney, those joining us online and to all my Origin colleagues. My name is Scott Perkins, and I'm the Chair of Origin Energy Limited. It's my privilege to chair Origin's 26th Annual General Meeting. Before I formally declare the meeting open, I would like to acknowledge the Gadigal people of the Eora Nation, the traditional owners of the land and pay my respects to their elders, past and present. I would also like to pay my respects to the traditional custodians of those various lands from which many are watching the webcast. I would like to provide you with some important information to start with about safety procedures that we all need to know and follow in the event of an unlikely event of an emergency. You will note the emergency exits in the ballroom. Should there be an emergency situation, await directions from the hotel staff. If you hear the evacuation tone, you should move to the nearest exit. For any medical matters, please contact any of the staff members available. Security will then be notified and provide first aid assistance. Thank you. As it's now 10:00 a.m. and as there is a quorum of shareholders present, I formally declare the meeting open. I'm pleased to welcome all shareholders and visitors here today. In addition to those present, the holders of approximately 1.23 billion shares or approximately 71.61% of the issued capital are here represented by proxy. I will take the notice of meeting as read. The minutes of the 2024 AGM have been signed and copies are available on request from the Company Secretary. Please also note that this meeting is being webcast live, and a copy of its recording will also be available on our website after the meeting. Before commencing formal proceedings, I would like to introduce the Board and members of senior management who are here today. From your left are Dr. Nora Scheinkestel, Non-Executive Director; Mr. Deion Campbell, Non-Executive Director; Ms. Fiona Hick, Non-Executive Director; Mr. Greg Lalicker, Non-Executive Director; Ms. Ilana Atlas, Non-Executive Director; and Mr. Frank Calabria, CEO and Managing Director. Then there is Ms. Helen Hardy, Company Secretary; Dame Joan Withers, Non-Executive Director; Mr. Stephen Mikkelsen, Non-Executive Director; and Mr. Mick McCormack, Non-Executive Director. In front of the room are other members of Origin's senior management: Jon Briskin, Executive Manager, Retail; Kate Jordan, General Counsel and Executive General Manager, Risk, HSE and Governance; Tony Lucas, our Chief Financial Officer; James Magill, Executive General Manager, Origin Zero; Samantha Stevens, Executive General Manager, Corporate Affairs; Sharon Ridgway, Executive General Manager, People and Culture; Andrew Thornton, Executive General Manager, Integrated Gas; Also, Mr. Ryan Fisk of EY, the company's auditor, is also present. The order of business today will commence with my address, following which Frank will discuss our results and prospects for the coming year. Finally, we will consider the formal business and resolutions set out in the notice of meeting. Refreshments will be served at the end of the meeting, which will also give you an opportunity to meet with directors and management. I will now move to my address to today's meeting. Today, we will reflect on Origin's performance over the past year and provide you with an update on our strategy and our ambition to lead the energy transition through cleaner energy and customer solutions. 2025 was a year where across nearly all metrics, customer, operations, financial and shareholder return, Origin performed well. The benefits of long-term investments in our retail operating platform in operational reliability and productivity and in the Octopus Energy and Kraken Technologies businesses delivered results and are now more clearly understood and appreciated in the broader investment market. So too is the embedded value of our portfolio, ideally suited to the tailwinds provided by the energy transition, a large customer base, a trusted brand, the nation's largest fleet of gas peaking plants, a scaled-up and technologically advanced and secure virtual power plant and the reliable supply of competitively priced gas from APLNG. Origin continues to play a central role in providing affordable, reliable energy for Australian households and businesses. We are also actively investing into the energy transition, notably with approximately $1.7 billion of battery investments, which when combined with contract arrangements will mean that we have large-scale batteries in all of the Eastern Seaboard states. We also secured transmission access rights for our 1.46 gigawatt Yanco Delta Wind Farm development project. At the same time, our retail business delivered strong organic growth in customer accounts, supported by high customer happiness scores and trust scores while reducing costs by $50 million. Octopus Energy, the U.K. business in which we have a 22.7% interest, continued to deliver impressive customer growth across its retail and Kraken Technologies businesses. Our achievements occurred against the backdrop of a rapidly changing energy landscape, which is creating new opportunities as well as some challenges to navigate. The operating environment this past year was notable for the contrast between an increase in announced renewable projects and the realities of further delays in project delivery driven by regulatory approvals, cost inflation and the timing of enabling infrastructure. The level of investment activity and also change is creating additional complexity in the energy market, affecting communities and putting some upward pressure on energy and network costs to consumers. It has become clear that the energy transition will neither be easy nor linear, and it will be a multi-decade challenge with the hardest part of the journey ahead. Now let me turn to the financial results. Origin's FY '25 financial performance reflects the strength of our diverse portfolio. On a statutory basis, we have recorded a profit of $1.48 billion, up from $1.40 billion in the prior year, and our underlying profit rose to $1.49 billion, up $307 million on the prior year. Origin also received $797 million in fully-franked dividends from Australia Pacific LNG with a further $335 million fully-franked dividend received on 3rd of July relating to cash generated in FY '25. This compares to partly franked distributions of $1.38 billion in FY '24. This performance allowed us to increase shareholder dividends with total fully franked dividends of $0.60 per share for FY '25, up from $0.55 in FY '24. Origin share price has continued to grow strongly over the past three years, achieving top quartile performance when compared to the ASX 50. When Frank Calabria, our Managing Director, addresses you shortly, he will provide a more detailed review of Origin's financial outcomes and the outlook for our company for FY '26. Today, we are also presenting to you our second Climate Transition Action Plan, or CTAP, following on from our initial plan that did achieve widespread support when we launched it in 2022. Since then, our management team has dedicated significant effort to progress our strategy, ambitions and emissions targets. In our second CTAP, we reported on the progress Origin has made in preparing our business for a lower carbon future. We affirmed our commitment to our 2030 emissions reduction targets and long-term ambition to be Net Zero by 2050 as well as outlining the actions we will continue to take towards decarbonizing our business. We have been progressing the execution of our strategy, including growing renewable energy and storage in our portfolio, progressively exiting upstream gas exploration permits in the Beetaloo, Canning and Cooper-Eromanga Basins, continuing to invest in and develop new products and services to support the delivery of cleaner, smarter energy solutions to customers that allow them to unlock value from their own energy use as well as progressing community batteries, electric vehicle subscriptions, acquiring the solar quotes business to support adoption of behind-the-meter solutions and continued growth in our virtual power plant. In 2024, we announced an agreement with the New South Wales government for the planned and progressive closure of the Eraring Power Station in August 2027. That agreement remains unchanged. Meanwhile, we continue to invest in the maintenance of Eraring to maximize its availability given the very important role it plays in supplying and stabilizing the New South Wales power system. Under the agreement, we engage regularly with the New South Wales government on Eraring. We will continue to assess the market requirements over time. And ultimately, the closure of Eraring will materially contribute to our emissions reductions plans. We believe our second CTAP remains appropriately ambitious and pragmatic. Your Board recommends that you vote in support of this plan today. Alongside our emissions reduction plan, Origin continues to focus on initiatives that support our customers, our communities and contribute to a well-functioning energy system that benefits everyone. This year, as cost of living pressures continue to affect many Australians, we provided more than $38 million in targeted assistance to help customers in financial hardship to manage their energy costs. Our philanthropic foundation, the Origin Foundation contributed more than $4 million to community initiatives with a cumulative $45.2 million contributed since 2010. We have continued to support communities around existing assets and extended support to new regions, including near our Yanco Delta Wind Farm project, committing $31 million in contributions over the life of the project, including an initial $5 million for a new medical center in Jerilderie and another $5 million to Edward River Council. Our Eraring Power Stations $5 million fund has supported local initiatives with 400,000 committed in FY '25 and $1.3 million spent to date. APLNG invested $2 million in FY '25 to back community and environmental projects in Queensland. Through both the essential service provided by our operations and the wider contributions we make to the communities in which we operate, Origin is unquestionably playing a positive role as Australia navigates this tricky energy transition. During the year, we also recruited two new independent nonexecutive directors who are up for election at this year's AGM. We're delighted to welcome Fiona Hick and Stephen Mikkelsen to the Board. They bring deep and relevant experience in the energy industry. We also recommend the reelection of two outstanding directors, Greg Lalicker and Nora Scheinkestel. In addition, we marked the retirement of Maxine Brenner, who served for 12 years on the Board, including as Chair of the Risk and Safety and Sustainability Committees. Maxine has made a significant contribution to Origin. On behalf of the Board, we sincerely thank Maxine for her dedication and wish her the best for the future. Our achievements this year would not have been possible without the dedication and hard work of our CEO and our management team and the entire Origin workforce. Through their collective efforts, we have navigated an increasingly complex environment in global and local energy markets and focused on executing our strategy at speed. We recognize the trust placed in us by our stakeholders and are committed to navigating this period of immense change with care and responsibility. We are confident that Origin has the strategy, assets and capabilities to navigate the energy transition and benefit from the opportunities it presents with our shareholders, customers and communities all standing to benefit. Thank you all for your continued support. I now invite Chief Executive, Frank Calabria, to address the meeting.

Thank you, Scott. Good morning, and a warm welcome to our shareholders attending in Sydney and those joining via the webcast. Over the past year, Origin has continued to navigate a dynamic and rapidly evolving energy landscape. We are pursuing our ambition to lead Australia's energy transition through cleaner energy and also through customer solutions. We believe this work will enable Origin, our shareholders, communities and customers to share in the benefits of this once-in-a-generation transformation of our energy system. Against this backdrop, in the 2025 financial year, we made steady progress against our strategic priorities. Construction advanced on our Eraring and Mortlake batteries, and we secured transmission rights for our Yanco Delta Wind Farm project. Operational performance across our gas and generation assets remained strong, and we significantly increased our customer accounts. We built on our existing customer offerings by acquiring solar quotes and continue to support customers to electrify their homes while also broadening our community battery offering. As cost pressures persisted for Australian households, we delivered practical support to help customers manage their energy expenses. Origin provided more than $38 million in targeted assistance for those experiencing financial hardship, including protecting them from price increases. We've invested in technology to make it easier for customers to track and manage their energy usage via our world-class app and to help our people get customers the right support at the right time. Origin's financial and operational performance in the 2025 financial year highlights the strength of our portfolio. As anticipated, lower earnings from Energy Markets and Octopus Energy were balanced by higher earnings from Integrated Gas from Origin LNG trading. Solid cash flow and a strong balance sheet allowed us to increase shareholder returns and reinvest capital in renewables and storage. Underlying EBITDA for the Energy Markets division was at $1.40 billion, below the 2024 financial year result of $1.66 billion due to lower electricity and natural gas gross profit. In retail, we saw significant customer growth and strong performance across customer happiness and trust scores. We're starting to reap the benefits of the replatforming of our retail business to Kraken, demonstrated by our leading customer experience, lower levels of churn in the broader market and a significantly lower cost to serve, which decreased by $50 million during the year. We continue to focus on increasing the breadth of our offerings for customers. As Australians' uptake of distributed energy services like rooftop solar and batteries continue to grow, connection to our virtual power plant, which is now 1.5 gigawatts across more than 393,000 connected services provides opportunities to unlock value for our customers and also benefits to the grid. We saw strong growth in both battery sales and electric vehicle subscriptions in the 2025 financial year. Our gas and generation assets continue to deliver strong operational performance, supporting reliable energy supply to customers and the grid. In Integrated Gas, despite slightly lower production and commodity prices, Origin LNG trading activities delivered strong earnings growth. Australia Pacific LNG grew its reserves position and delivered reliable cash generation to Origin. Importantly, Australia Pacific LNG remains one of the largest sources of reliable gas supply for the Australian East Coast market, delivering around 1/4 of its total sales volumes to domestic customers, including retailers, power generators and manufacturers. Octopus Energy, the U.K. business in which Origin owns an approximately 23% interest, continued to achieve its strong customer growth, both across the Kraken business and its retail businesses in the past year. Octopus added 800,000 U.K. customers to reach a total of 7.6 million and nearly doubled international accounts to 2.7 million. Kraken contracted customer accounts were up 45% to $74 million. U.K. retail and Kraken were profitable. However, this was more than offset by increased investment to scale non-U.K. retail and its energy services business. Origin's share of Octopus Energy underlying EBITDA was a loss of $88 million for the year. Origin notes the recent announcement regarding the intention to formally separate the Octopus Energy and Kraken Technologies businesses, an action Origin supports to facilitate the continued growth and global expansion of Kraken. As Scott already noted, today, we are also presenting to shareholders Origin's second Climate Transition Action Plan. This highlights our plans to progressively decarbonize the business and reviews the progress we have already made, including laying a strong foundation in customer leadership, secure and reliable energy and a path to growth of renewables and storage. Origin will continue to take a prudent approach to achieving emissions reduction while balancing security, reliability and affordability for supply to our customers. We believe our refreshed plan remains appropriately ambitious and pragmatic. I reiterate the Board's recommendation that shareholders vote in favor. Looking ahead to the 2026 financial year, the outlook is positive. We remain focused on executing our strategy at speed across our three pillars: unrivaled customer solutions, growing renewables and storage and providing reliable energy supply to Australian homes and businesses through the transition. Today, I am pleased to reaffirm the 2026 financial year guidance at full year results in August. Origin expects Energy Markets underlying EBITDA to be between $1.4 billion and $1.7 billion. Cost to serve is expected to improve by a further $50 million to $100 million, in line with the target to achieve total savings of $100 million to $150 million by this financial year 2026. Australia Pacific LNG in 2026 financial year, production is expected to be between 635 and 680 petajoules, while gains from Origin LNG trading are expected to be between $100 million and $150 million. Origin's share of Octopus Energy's underlying EBITDA is expected to improve to be in a range of $0 to $150 million for the year. Turning to the important matter of energy policy. Origin continues to be a leading voice on energy policy, advocating for stable, long-term frameworks that encourage necessary investment in supply, achieve climate goals and minimize the cost for the transition for customers. Supportive and coordinated government policies and targets are essential. They're essential to optimally structure the energy system and provide the market with the confidence to invest and advance the transition to net zero by 2050. Current policy settings in both electricity and gas markets are no longer delivering the required outcomes for the market or customers and reform is urgently needed. There are a number of key policy reviews currently underway, including the gas market review and the National Electricity Market review. We believe these are crucial opportunities for governments to establish enduring frameworks that provide the right signals to invest and unlock supply, minimize the cost burden on customers and facilitate the achievement of emissions goals. To that end, with the cost of the energy transition in stark focus amid persistent cost of living pressures across the economy, we have strongly supported electrification programs that help to reduce energy bills and emissions for both households and businesses. It is essential these initiatives now consider how renters, low-income households and regional communities can also access the benefits of electrification, ensuring no one gets left behind in the transition. I would now like to acknowledge our people who are crucial to Origin's success now and also in the future. We remain dedicated to fostering a workplace where everyone at Origin feels valued, respected and safe and can perform at their best. From a safety perspective, our total recordable injury frequency rate increased from 4.1 to 4.4 in the last financial year. While our aim is always for zero harm to our workforce, the trend reflects a combination of factors, including increased operational activity and improved reporting practices. We conducted reviews on all serious actual and potential incidents to identify learnings and are focused on implementing changes that strengthen the safety well-being of our workforce. In closing, Origin's portfolio strengths, customer leadership, expanding renewables and storage and investment in Octopus Energy position us to seize emerging opportunities and support our growing customer base through change. Our strong gas production and cash flows from Australia Pacific LNG further support reliable energy delivery. We believe the breadth of Origin's business makes us unique among Australian energy companies and gives us an important opportunity to contribute to the energy transition in Australia and champion the benefits it will bring to homes and businesses. Your management team and I are energized by the challenges and possibilities ahead, confident that our strategy will deliver lasting growth for our shareholders and also positive outcomes for customers, communities and the planet. I'd like to take the opportunity to thank you all for attending today and also for your continued support of Origin. Thank you very much.

Thank you, Frank. Ladies and gentlemen, I now turn to the formal business of today's meeting. It is my duty as Chair to ensure that shareholders as a whole have a reasonable opportunity to ask questions about or comment on the management of the company, the remuneration report and other items of business before the meeting today. To achieve this, the following procedures for this meeting will be adopted. First, please note that as this is a shareholders' meeting only, only holders of Origin shares, their attorneys, proxies and authorized corporate representatives are entitled to vote and to speak. If you are here as a proxy and have been instructed how to vote, I ask you to ensure that any vote you cast is in accordance with those instructions. Second, you may ask questions or make comments on the management and operations of the company. You may also ask questions of the auditor on the conduct of the audit, the preparation and the conduct of the auditor's report, accounting policies adopted by the company and on any matter relating to the independence of the auditor. If there are any questions of that nature raised today, Mr. Ryan Fisk, EY, is available to answer them. I may also direct questions of a more detailed nature to the Chief Executive Officer, Frank Calabria; or the Chief Financial Officer, Tony Lucas, or another lucky member of the management team. However, in the first instance, all questions are to be addressed to me as Chair. I can confirm that the external auditor did not receive any written questions from shareholders prior to the meeting. Third, I ask that you defer any questions or comments on a specific resolution until that resolution is put to the meeting. Fourth, if you have any questions relating to your personal dealings with Origin as a customer, I ask that you speak with the company's representative, [ Vanja Pantin ], after the meeting. Vanja, may I please ask that you identify yourself. There we go. Vanja is over there. Fifth, if you wish to speak today, please come to the microphone, identify yourself and state whether you are here as a shareholder or proxy holder. There are microphones in each aisle, and I'll ask you to put your questions in turn. In order to allow a reasonable opportunity for all shareholders to speak, I will limit shareholders to no more than two questions or comments at a time. If you have more than one question or comment, please ask them together upfront, and I'll respond to both. If you have additional questions, there will be an opportunity for you to ask them once the other shareholders have had a chance to speak. I would like to stress that it's not in the best interest of this meeting nor respectful of all shareholders attending for questions to be repeated nor for individual shareholders to dominate proceedings with large numbers of questions. I would like to give all shareholders wishing to ask a question the opportunity to do so, and therefore, won't permit repeated questioning on essentially the same matters. Finally, please ask your questions or raise your comments in a courteous and respectful manner. I now move to the first item on the Notice of Meeting, being the financial report and the reports of the directors and auditor for the year ended 30 June 2025. These are now laid before the meeting for consideration. Please note, this item of business does not require any shareholder vote. I now open the floor for discussion.

Are there any questions? Natasha, welcome back.

Thank you, Mr. Chairman. Scott, it's good to see you. Firstly, I'd like to congratulate you and the Board for very outstanding performance this year. The first question, just looking at my notes. You've mentioned the amount you spent on, on maintenance, generation maintenance. And I note there was sort of $258 million spent with $166 million on Eraring. I also noted in the report that you said the generator engagement project agreement concerning the closure of Eraring has not been triggered as yet, and there's a question on whether it be triggered in 2027. So the two are sort of related. Are -- is any of that money you're spending on the maintenance refundable by the government? And what are the particular circumstances for triggering the agreement?

Yes. Thank you for your question, Natasha. It's a very good one. So under the terms of the agreement we have with the New South Wales government, we have to trigger the various financial mechanisms that might compensate Origin under certain operating conditions. Those have not yet been triggered. As Frank and I both mentioned in our earlier addresses to the meeting, we are continuing to operate Eraring consistent with that agreement. And as you know, that agreement has a potential stop date in August '27 and a hard stop date in April 29, and we remain in discussions with the New South Wales government around broader market considerations and how -- and what the role that Eraring needs to play. So therefore, given that range, we need to continue to maintain the station. There are four units at Eraring. Pretty much one unit comes up for repairs and maintenance every year. So over the next few years, we will be obviously synchronizing our maintenance and capital expenditure with an anticipated closure date of the station. And that remains a topic, an ongoing topic of discussion with the government. But at this point, that date range remains in place.

So, just to be clear, because you're still in discussion, you're not asked for any reimbursement of those maintenance costs at this stage?

No, there's no specific case for that at this point. We haven't triggered the compensation mechanism.

Yes, that's what I wanted to clarify. The other question, yes, concerning risk and demand for energy, there's mention about AI and data centers. And there's been quite a bit of concern about the amount of electricity and water, which these facilities consume and thing is the demand seems to be exponential. So, how are you managing that risk? And have you taken that into account of future demands given that it's not likely to be linear?

Yes. Again, a very good question. Thank you. The data -- you're absolutely right. Data centers do represent a significant opportunity as well as somewhat of a challenge for the energy system. The opportunity being it's a new customer segment and one that we're very close to and working, I think, on some very exciting projects with a number of the major data center developers because their real challenge is security of energy supply. And in order to get the right kind of planning approvals and financial viability, they need a reliable partner to provide increasingly a renewable solution to those facilities and one that doesn't jeopardize overall system security. So we think we can play an important role working with data center developers to provide that sort of energy security in a way that truly complements and strengthens the system on the way through.

Thanks, Chairman. My name is Partha Sarathy. I represent the Australian Shareholders' Association.

Partha, nice to see you.

Nice, thanks you. Following on from the earlier question in terms of security of supply and energy transition, would Origin consider what kind of baseload power options would Origin consider? Does it include gas as an example? And my second question is in relation to APLNG project debt. I note from your statements that the debt will be fully paid by 2030. What is their distribution policy? And given that debt would be fully paid, does it mean that there will be greater possibility for dividends from them to you to Origin and in turn to the shareholders?

Thank you for the question. So as we outlined, and Frank mentioned this in his address, we outlined in our annual report and also in our CTAP, Origin is investing heavily into the next generation of renewable energy sources that will provide a balanced and reliable energy source in order to look after our customers, whether they be both retail or C&I customers. And there are a mix of energy solutions that will contribute to that. We've talked about our very significant investment in batteries. We've also mentioned the existing gas-fired peaking fleet that we have, the largest in the country and one that is being increasingly utilized to provide the sort of system security and balance that an increasingly renewably penetrated system requires. But we're also looking carefully at other larger scale renewable development projects such as Yanco Delta and we'll have more to say on that in the future. Combine that with our virtual power plant, which is effectively a form of battery, a way of shifting energy supply around as we have control over those devices that amount to 1.5 gigawatts of load. And various PPA contracts that we have existing ones and will acquire in the future. That mix will provide the kind of quality, low cost, reliable energy in order to meet our customers' needs going forward. Your second part of your question is, again, it's a very good one. You're absolutely right. APLNG's very strong performance has enabled it to meet all of its debt refinancing requirements to date and has been a progressive paydown of the project finance. And that's a topic that you would expect us to be looking at. And Tony Lucas and the team are engaging in some analysis on that at the moment. Clearly, we're only one shareholder in APLNG, but it's performing extremely well and rest assured that that's being under active consideration. Can I also just take this moment to just pass on our best wishes to your colleague, Mr. Gomes, who has been -- I think this year, the last year that Lewis is stepping down from covering Origin. He's done a tremendous job for the ASA and keeping us honest with some very, very penetrating questions over a long period of time. So could you please pass on our best wishes to Lewis and the ASA for all of your diligence and hard work. Thank you.

Good morning, Chair. Good morning, everyone. My name is Jacqui Mills. I'm from the Nature Conservation Council of New South Wales. I have a proxy this morning and a question against this item for the Board. So, in reviewing the 2025 full year results presentation, the CEO said that over the course of the past financial year that Origin's accelerated its strategy in support of our ambition to lead the energy transition through cleaner energy and customer solutions. Yet there is not a single solar or wind project in Origin's portfolio. There is one wind farm that's received planning approval but has not yet commenced development. So the 2025 annual report makes it clear that 78% of Origin Energy's generation remains nonrenewable, only 22% is renewable. Renewable energy generated or purchased constitutes only 1.7 gigawatts of a 7.6 gigawatt energy generation portfolio. So this means there's a need to increase Origin's renewable energy generation around threefold before 2030 to meet its own climate transition action plan target of 4 to 5 gigawatts of renewable energy generation. However, the same plan states that development of further opportunities in the pipeline will depend on returns. Can the Board explain whether the achievement of the Climate Transition Action plan is a threat from Origin Energy's slow pace of change?

Thank you, shareholder, for the question. Look, I think the underlying point you make is probably one that we would be in violent agreement with, which is Origin is in the middle of a significant transition from a mix of power generation sources oriented towards thermal to a renewable one. I would take issue with the comment in respect of the speed of our execution. You don't wake up overnight and decide to spend $1.7 billion on batteries across the state without having done a lot of work. That's a very significant project and is being executed in real speed. Unfortunately, I also correct in respect of any renewable projects that currently contribute to our energy supply. We do have some renewable PPAs that we've contracted that also contribute to our overall energy mix. But the overall point you make is the right one. The absolute commercial reality is the lowest cost new electrons to enter the NEM in Australia will be renewable. That is our conviction. We've made it very clear. Of course, we need to execute that plan in a way that preserves both the reliability and the affordability of energy for our customers, whether they be retail or C&I customers. So, clearly, we are balancing the need to replace Eraring with investment opportunities that deliver not only a more renewable and lower carbon energy mix for Origin, but one that also delivers enables us to be competitive in a very competitive marketplace with low cost of energy. We've got a full agenda of projects that we are progressing at the moment. And as the CTAP outlines, there's a clear pathway for us to substitute the energy coming from Eraring, which at the moment, Eraring is profitable. There's an unusual disparity between coal prices and energy prices at the moment. But rest assured, over the medium term, operating a coal-fired power station in normal market conditions, we've got very high levels of renewable penetration at the middle of the day with negative prices is economically very, very challenging. That remains the case. Hopefully, I think that's answered your question, Shareholder.

Thank you. Yes, I was aware of the PPAs in addition to that. So is the Board confident that, that target of the 4 to 5 gigawatts of renewable energy generation can, in fact, be achieved within the five-year period?

We are. And we set that out in detail project by project in our CTAP. Thank you. Natasha?

Thank you, Mr. Chairman. Natasha Lee again. Just hopefully, a fairly simple question. There was a comment concerning the Australia Pacific LNG saying that you get the wording right. There was a lower output due to the natural field decline. So what is the profile, I suppose, in the short to medium term? Is that going to is that going to impact the company and your expected requirements for LNG?

Yes. Thank you, Natasha. You're absolutely right. And as we restated this morning, the production guidance around 635 to 680 petajoules out of APLNG. APLNG production probably peaked around about 700 a few years ago, where we had phenomenal field performance. So we're always going to be encountering some midlife field, natural decline field issues, and the team is very focused on implementing initiatives to continue to restore production. So there are a range of things that Andrew Thornton and his team are working in field at the moment as it relates to workovers and other downhole technologies to address pressure issues that we remain confident will respond to current field conditions. But we still -- those are in trial, and we'll continue to report on those. Shareholder? Take your time.

Good morning. My name is Mark Grass. I'm a shareholder. I just heard that there's a pipeline that runs from North Queensland down into New South Wales. I heard it's at full capacity. And I was wondering, is there any plans to build another pipeline down this way?

You're here right. There is critical pieces of infrastructure that transport gas from the North and a significant amount from the LNG producers and a significant amount from APLNG. We provide -- have provided on average about 24% of all East Coast gas demand, and that goes from Queensland, South and where the supply pinch point is forecast by the independent authorities, AEMO and others is really to get gas into the south in the southern states. And in peak periods of high gas demand, that pipeline is constrained. So one of the things that we are doing to address that is looking at various gas storage investments, Golden Beach being one opportunity that we have talked about in the past, which remains under review at the moment to address that situation to enable peak gas to be supplied to our customers in the South. Any more detailed questions on this should be directed to Mick McCormack, who was, I think, the CEO of APA when they actually built the pipeline. So he probably knows -- he knows a lot more about it than any of the rest of us in the room. So...

I'd just like to ask if you could answer quickly, if you compare the price of gas in Western Australia to the price of gas over here, I heard it's about 3x higher than the cost over there. And I was wondering why that is -- if it's correct?

I think I have to take that question on notice. Mr. Andrew Thornton here down the front, who runs our Integrated Gas business, I'd encourage you, shareholder to have that discussion with them. But obviously, those markets aren't connected. They're very different supply dynamics...

Definitely.

One would be more conventional. We've also got Fiona Hick on the Board here. I'm sure Fiona would be a distinguished career at Woodside would be able to also address any questions you've got on the dynamics between West and East Coast gas. Between those two, you pretty much got it covered.

Yes. Because the cheap gas in Western Australia makes it much easier for manufacturing to survive.

That's right. That's right. Any other comments or questions on the financial report or the management of the company? Thank you, shareholder.

Good morning. My name is Worthington, Brian Worthington. I'm a shareholder. This is not really a financial matter, but I'll -- if you don't mind, I'll raise it now. As well as being a shareholder of Origin, my family has been a customer of Origin for many years. Last year, Origin offered us a good deal to sign up our gas and electricity at home with Origin. That was fine. And there was a warning that it was for probably for a limited time. Well, the limited time has come up a few months ago. And Origin not only removed the discount that they offered us, but they increased our prices. The result being that if we stayed with Origin, we would have been paying 40% more for our gas and electricity at home. Now I wasn't happy with that. I didn't think it was fair. And I had numerous conversations with conversations over the web with Origin. And none of them gave any ground about offering a better deal. So I spoke to my family, and they said, let's go somewhere else. So I've taken three of my accounts, including another property to other companies. Now as soon as that happened, Origin came back to me. And because I'd actually moved, then they said, oh, we can do better than that. And that's a joke. You said earlier that you can trust Origin. In my case, I can't trust Origin. And I didn't -- I haven't gone back to Origin because I know that if I did, your salespeople would rip me off next year when the discount is up for renewal. Now I don't think that's right. And I think you should do better for customers. Even though I'm a shareholder, I don't believe in ripping people off to get higher profits. I think you should be fair to people.

Shareholder, can you -- can I just thank you for raising this in the very professional way you've done. We don't want to lose your business, and I'm obviously very disappointed that we did lose those accounts, not only you as a customer, but as a shareholder as well. I can't comment on the individual nature of the plan, and I am aware that conventional market practice does have these sort of lower price periods and then repricing periods. It's something that we actually have talked to our retail team about to make sure that we're actually very clear in our advertising. And every single Board meeting, we are laser sharp to ensure that we are competitive in those markets. So I'm surprised to hear that in your circumstance, we were so out of market. That sounds dissonant to me, and I apologize if there's been any communication with you has been less than straightforward. What I would like to do is invite you to speak to Jon, Jon Briskin, who runs all of our retail business afterwards, and we will take a look at just what has happened here because this doesn't sound like the Origin that we're all proud of nor the way that Origin reacts in the marketplace. But I don't have the facts, and I'd like, if you wouldn't mind, just to spend some time with Jon and Jon will come back to Frank and I and report on that matter. Thank you for raising that.

I've reached the conclusion that a lot of your sales staff are not out to benefit customers. They're out to rip customers off.

Well, I think that's totally wrong. I have to say that, that is not the case at all. In fact, the metrics that we are we track very, very carefully is customer happiness, and you're not one of them. So customer happiness which is our consistent performance for customers when they interact with us, our pricing and our plans. This is hardwired into the way we measure success and track the underlying health of our retail business. So I do -- I would refute that. But clearly, we've disappointed you and let you down, and we need to follow up and see what's happened. If you wouldn't mind giving us the time to do that, and we'll take a good look at it. Okay. Shareholders, I think we can now move on as there are no more questions. Excuse me, sorry, I think, your pardon, sorry. please. This shareholder first and then you, sir.

Good morning. Paul Barry is my name, [indiscernible] Paul Barry. Very briefly. The previous question about the difference in cost of gas between the East and West Coast, I thought it was quite an interesting one and no offense to you, but I thought that was a side step that any one of you would be very proud of. But I think there's -- I would speculate there's a number of people here who would quite like to hear that explanation. If you can spare two minutes just to give us a quick rundown, please.

Look, we don't have any significant operations in West Australia. So that's the reason why we're not experts on West Australian gas. Our gas operations are principally located on the East Coast and LNG. So they are very different, very different technical process. Yes, they end up in the same LNG markets, but they're a very different production process. Rather than take time up in this meeting shareholder, I think the best approach was as I suggested, we have got expertise here. This is of a more detailed nature. And just given our operations, I would invite you to take that up with Andrew after the meeting.

Okay. Well, I'll do that fair enough. Many people have been told that the -- a lot of gas was sold, contracts were confirmed -- to sell gas overseas when they couldn't fulfill those orders some years ago. I know there's another gas supplier who's been in the press lately that, definitely that's part of their situation. Is that Origin's situation as well?

Not at all. So, as I'm sure you followed through our various annual reports over the years, we've got a very sizable reserve position on the East Coast in Queensland supporting AP LNG and our overall integrated gas position. That enables us to do two things to meet our contractual commitments. We've got two key customers there, Sinopec and Kansai. And that LNG goes up to China, competing with Woodside LNG from the West Coast to China and largely is defraying emission -- more emissions intensive coal electricity generation. So at all points we have -- we carefully assess that our reserves position is sufficient to do, number one, look after our contracted customers, but also importantly, supply the domestic market. And as I mentioned in the earlier shareholder question, we have been a consistent reliable supplier into that East Coast market to our domestic customers, both through APLNG and also through Origin and supplied nearly 1/4 of that supply over a reasonably long period of time. So we do think that the reform measures that are being considered as part of the gas market review that will require suppliers like ourselves to source from their own reserves or from other reserves rather than drawing on the domestic market and then reselling it into it would be a reform that would enhance the functioning of the market and remove artificial upward pressure on prices from those suppliers who are purchasing from the market, which we, as APLNG, as a shareholder of APLNG do not do. We supply from our own reserves. So, the export permitting idea, I think, would address that, I think, structural inadequacy in the current market. Thank you, shareholder. I think we've got one more over here.

Thank you, Mr. Chairman, William Prentis, shareholder. I just wanted to speak to was the gentleman that talked about his account. I had a very, very similar experience to him. I had four accounts with Origin. And after I went, I was bombarded, but you know what, they could have gave it to me for nothing, and I wouldn't have gone back to you guys. I'll be honest about that. I'm the new supplier that I get, and I'm not sure whether it's the same with Origin, they put on there that whether or not I'm getting the most beneficial scheme that they have on that. I'm not sure whether you guys put that on there, but that was my experience with Origin, and it was very, very similar to that other person there. So, maybe it's just two of us, I don't know, but I just thought I'd bring that up.

Thank you, shareholder. And again, I extend to you the same offer to speak to Jon to get a better understanding of that.

Okay. We're noting that a vote to receive or adopt these accounts is not required. I will now move to the remaining items of business. Voting on each of the remaining items of business for consideration at today's meeting will be determined by means of a poll. Boardroom, the company's share registrar, will be the returning officer for the purpose of the poll. The persons who are entitled to vote on this poll are all shareholders, representatives and attorneys of shareholders and proxy holders, except those precluded by operation of law or listing rule as set out in the notice of meeting and explanatory notes. Like we have in prior years, we'll be using electronic devices to vote on all resolutions. While many of you may have used these devices before, I will now come to provide some instructions to you on how to vote. First, please ensure that the smart card you received on registering today is inserted correctly into the device. Place your smart card into the top of the handset, making sure that the arrows at the bottom of the smart card are inserted and facing towards you. A welcome message and your name will appear when the card is inserted correctly. When I open voting shortly, your device will become active and instructions will appear on the device screen. You may use the blue, green and red buttons to navigate through the screens. Voting options will appear on the screen. Select button one to vote for, button two to vote against or select button three to abstain and withhold your vote. Once you have voted, confirmation that your vote has been received will also appear on the screen. You can also cancel or change your vote on any of the items by following the prompts on the screen. If you are here as a proxy holder, you should vote using the handset device in respect of any open votes that are available to you. If you are voting in more than one capacity, for example, as a shareholder and proxy holder, you can use the same handset. Your smart card will contain all eligible voting shares in each capacity. If you wish to abstain from voting, you should select the abstain option on your handset. I advise that subject to the voting exclusions set out in the Notice of Meeting, on a poll, every member who is present in-person or by proxy, attorney or representative will have one vote for each share held by him or her. As set out in the Notice of Meeting, I intend to cast any available undirected proxies held by me as Chair in favor of all resolutions. If you require assistance in submitting your vote, please raise your hand and the staff from Boardroom will come to assist you. I will now open the poll for voting and move to the remaining items of business. Your handsets should now be activated, and you may submit your votes at any time in case you need to leave the meeting early, but we encourage you all to stay for the discussion and to ask any questions. If you wish to leave early, please submit your votes on the electronic device and return it to the registry staff as you leave the room. As we move through the relevant items of business, I will give you an opportunity to cast your votes using the handset. I will also give you a final opportunity to cast your votes if you haven't already done so before I close the poll towards the end of the meeting. The next items of business are the election and reelection of directors. The process for nomination of directors standing for election and reelection involves an assessment by the Board of the relevant directors' skills, expertise and his or her performance and contribution to the work of the Board during their term and in particular, over the last 12 months. The results of this assessment form the basis of the Board's recommendation to shareholders. Let me move to Resolution 2, the election of Fiona Hick. Fiona was appointed by directors in August 2025 and accordingly seeks election by shareholders under the ASX listing rules and the company's constitution. Prior to Fiona's appointment, the company took all requisite background checks and concluded that it was appropriate to appoint Fiona to the Board. It is proposed that following this meeting, Fiona will join the company's Remuneration, People and Culture Committee and the Safety and Sustainability Committee. Fiona's executive career has spanned across the energy, mineral and resource sectors. Fiona has extensive experience and skills across strategy, operations, people and culture and technology implementation. Her appointment has strengthened the Board and complements the skills of the existing directors. Fiona is considered an independent director by the Board. Details of Fiona's biographical information are set out in the Notice of Meeting. The Board, with Fiona absent, unanimously recommends her election. I will now ask Fiona to speak to her election.

Thank you, Scott, and good morning to everyone here in Sydney and online. We all recognize the importance of energy to ourselves as individuals, to families, to businesses and also to the Australian and global economies. So, Origin's purpose to get energy right for customers, communities and the planet, plus the diverse range of assets and great people makes for a company that I believe has a bright future. I was, therefore, pleased to join the Board last month and according to the listing rules and the constitution now stand for election at this meeting. Energy is where I've spent the majority of my career across all parts of the value chain from exploration to projects, to operations right through to customers. I've been fortunate to work in a variety of roles, including at different times, leading strategy, health and safety, environment, engineering and operations. The range of roles that I've had over the last 30 years from site engineer to CEO and a number of roles in between has allowed me to develop a deep understanding of the energy sector from different perspectives and therefore, to bring a wide range of skills and experience to this role. I see opportunities and challenges ahead for Origin, a period of transformation, but with an unwavering focus on safety, customer solutions, decarbonization, operational excellence and strong values. I believe Origin is well placed to deliver this and to deliver sustainable growth. I currently serve as a Non-Executive Director at Evolution Mining, Dyno Nobel, Barrenjoey and Infrastructure WA. I believe my executive and operational skills will bring complementary skills to the Board. And I also confirm I do have the capacity to dedicate the time required. I'm deeply committed to using my experience to support Origin's strategy, governance and results. I appreciate you considering my appointment and if successful, look forward to serving you, our shareholders. Thank you.

Thank you, Fiona. Is there anyone who wishes to speak on the motion? The screen behind me shows how shareholders have directed that proxies be cast. You will see that 99.24% of the votes have been cast in favor of the motion. Undirected proxies held by me as the Chair will be cast in favor of the motion. As indicated earlier, voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Congratulations, Fiona. Let me move to Resolution 3, the election of Stephen Mikkelsen. Stephen was appointed by directors in August 2025 and accordingly seeks election by shareholders under the ASX listing rules and the company's constitution. Prior to Stephen's appointment, the company undertook all requisite background checks and concluded that it was appropriate to appoint Stephen to the Board. It is proposed that following this meeting, Stephen will join the company's Safety and Sustainability Committee. Stephen brings significant executive management and finance experience, including in various senior leadership positions across the energy sector. Stephen has extensive industry knowledge with skills across financial management, business development, sustainability and strategy. His appointment has strengthened the Board and complements the skills of the existing directors. Stephen is considered an independent director by the Board. Details of Stephen's biographical information are set out in the Notice of Meeting. The Board, with Stephen absent, unanimously recommends his election. I will now ask Stephen to speak to his election.

Thank you, and good morning, everyone. Look, I was very much attracted to the idea of joining the Origin Board as my experience in the energy industry spans 21 years. It began at Contact Energy in New Zealand right at the start of the competitive electricity industry in 1996. I was CFO when Contact Energy was privatized in 1999. I subsequently joined Snowy Hydro in the early 2000s as CFO, and this was a fantastic grounding in electricity trading and risk management. Following Snowy Hydro, I spent 12 years at AGL in a range of roles, including CFO, Group General Manager, Retail Energy and Executive General Manager, Energy Markets. Origin was a very strong competitor back then, and it is pleasing to see that it has only gone from strength to strength. In the intervening eight years since I left AGL Limited, I have been at Sims Limited, an ASX-listed global metal recycler, where I'm currently Global Chief Executive Officer and Managing Director. I believe my comprehensive grounding in the energy markets, combined with my experience as an ASX-listed CEO in a heavy industry with trading risks provides me with the necessary background to be an effective contributor to the Origin Board. These are indeed exciting times as we navigate the energy transition, and I'm looking forward to rejoining the industry in which I spent so much of my executive career. If I may, I would like to share an observation that having attended an Origin Board meeting in September, you are fortunate to have a highly capable Board and a very, very effective management team. I confirm that I have the capacity to dedicate the time required to be an effective director of the Origin Board. I thank you in advance for your consideration of my election today.

Thank you, Stephen. Is there anyone who wishes to speak on the motion? Please.

Thanks, Chairman. Mr. Mikkelsen, obviously, as you outlined, you hold an executive position in -- and being a CEO and Managing Director of Sims Group, which is a large ASX-listed business. How will you balance your responsibilities of both the roles, particularly during times when unexpected circumstances arise in either business, example, an M&A transaction. Thank you.

[ Arthur ], I might answer the question on Stephen's behalf. And if there are any follow-ups, please direct them to him and we'll give them the opportunity to speak. Clearly, that was a factor for both us, and I presume both for Sims as well in agreeing to release Stephen to this role. So, there is clearly benefit to Origin by having a sitting Chief Executive with Stephen's long history in the energy industry. And also, we've been mindful of committee workload and how that can be best spread across all the directors, and that's been taken into account in terms of allocation of responsibility. So looking at our entire Board schedule with the support clearly of the Sims Board, we are highly confident that Stephen has both the capacity and the genuine interest and motivation to be fully involved in his Origin duties as a Nonexecutive Director. But an entirely fair question, and thank you for raising it. The screen behind me shows how shareholders have directed that proxy votes be cast. You will see that 99.22% of the votes have been cast in favor of the motion. Undirected proxies held by me as the Chair will be cast in favor of the motion. As indicated earlier, voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Congratulations, Stephen. Let me move to Resolution 4, the reelection of Greg Lalicker. Greg was last reelected in 2022 and accordingly seeks reelection by shareholders under the ASX listing rules and the company's constitution. Greg is a member of the Safety and Sustainability Committee. During his time on the Board, Greg has made an outstanding contribution to Origin. Greg's extensive industry and strategy experience, together with his global knowledge, further strengthens the Board and complements the skills of the existing directors. Greg is considered an independent director by the Board. Details of Greg's biographical information are set out in the Notice of Meeting. The Board, with Greg absent, unanimously recommends his reelection. I will now ask Greg to speak to his reelection.

Thank you, Chairman. Good morning, everyone. I'm Greg Lalicker and pleased to get the opportunity to speak to you for a couple of minutes this morning about my potential reelection. First, by way of background, I've been in the energy industry now for just shy of 50 years. My undergraduate degree is in petroleum engineering. I also have an MBA and a law degree. The first half of my career, I spent working in oil and gas all around the globe, first for BHP Petroleum and then for McKinsey & Company. 20 years ago, I joined Hilcorp Energy as the Executive Vice President of Exploration and Production. And in 2017, was then promoted to CEO there, the position I continue to hold to this day. During that time, Hilcorp has grown from being a $1 billion oil and gas company with 350 employees to a $15 billion to $20 billion oil and gas company with 3,500 employees. Regarding my experience here at Origin, I've been a director now for the last 6.5 years. During that time, the entire Origin management team has successfully navigated a global pandemic, a series of supply chain disruptions, a global commodity price collapse and a series of corporate M&A activities, all of which took place against the backdrop of an ever-evolving energy transition. I truly do believe that through this process, my experience as a successful CEO, my expertise in oil and gas and my perspectives on global energy markets has made a valuable contribution to the team, and I'm certain that it will continue to do so going forward. In summary, I'd just like to say, first off, thank you for considering me for reelection. Second, I'm excited to see what the next three years brings. And last, of course, I'm fully committed to doing all I can to help Origin continue to succeed. So thank you for that. I'll now turn it back over to the Chairman.

Thank you, Greg. Is there anyone who wishes to speak to the motion? The screen behind me shows how shareholders have directed that proxy votes be cast. You will see that 98.87% of the votes have been cast in favor of the motion. Undirected proxies held by the Chair will be cast in favor of the motion. As indicated earlier, voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Congratulations, Greg. Let me move to Resolution 5, the reelection of Nora Scheinkestel. Nora was elected in 2022 and accordingly seeks reelection by shareholders under the ASX listing rules and the company's constitution. Nora is Chair of the Audit and Risk Committee and a member of the Nomination Committee. Nora has almost 30 years of experience as a Nonexecutive Chair and Director of companies across a wide range of industries in the public and private sectors. Nora has extensive experience in highly regulated sectors, including energy, infrastructure and financial services and in companies undergoing major technological and cultural transformation. With that experience, Nora has made an invaluable contribution to the Board. Her membership has strengthened the Board and complements the skills of the existing directors. Nora is considered an independent director by the Board. Details of Nora's biographical information are set out in the Notice of Meeting. The Board, with Nora absent, unanimously recommends her reelection. I will now ask Nora to speak to her reelection.

Thanks, Scott, and good morning, fellow shareholders. My name is Nora Scheinkestel. And as Scott said, I chair the Audit and Risk Committees at Origin. Over the last few years, we've actually spent quite a lot of time refreshing our approach on risk, an essential focus in today's uncertain and rapidly changing environment. Our risk universe is pretty broad. It spans physical, market, regulatory, people, technology, including cyber and climate change risks. We collaborate with the other committees and with the full Board in many of these areas. We are heavily regulated and rightly so because we provide a truly essential service. And so compliance, which is part of our remit is deeply embedded in our DNA. We look at risk through many lenses, how issues affect our customers and our business customers, how we use tools like AI to improve compliance, to provide better accessibility and experience for both our customers and importantly, also our staff. And our internal audit program ensures we deliver on our commitments. My experience, as Scott mentioned, of major companies undergoing similar processes allows me to bring valuable insights to Origin. Looking ahead, as we're adopting new accounting standards in the year coming, including the introduction of sustainability reporting, I will also ensure through my network that our team have access to peers facing similar issues. It's that breadth and depth of experience built up over more than 30 years as a Nonexecutive Director and Chair of listed companies in almost every sector of the economy that I think equips me well for this role. I've worked in companies, as Scott said, undergoing profound disruption in their markets from all sorts of changes, technological business model changes. I've worked in key regulated markets, banking and finance, telecommunications, energy and water. Most importantly, I know how key it is to work as a team, bringing our diverse skills and experiences to bear to ensure that we get the best outcomes for our customers, our shareholders and all our other stakeholders. Should you choose to reelect me today, then I believe I can continue to make a valuable contribution together with our team. Thank you.

Thank you, Nora. Is there anyone who wishes to speak on the motion? The screen behind me shows how shareholders have directed the proxy votes to be cast. You'll see that 96.17% of the votes have been cast in favor of the motion. Undirected proxies held by me as the Chair will be cast in favor of the motion. Congratulations, Nora. Let me move now to Resolution 6, adoption of the remuneration report. The next item of business on the agenda is to adopt the remuneration report of the company. The disclosures in the remuneration report focus on the company's policy for setting director and executive remuneration and the actual amounts paid to directors and key executives for the year just passed. While the vote on the remuneration report is nonbinding and advisory only, as we have done in prior years, we will take into account any comments from shareholders on the outcome of the vote when considering future remuneration arrangements of the company. Our remuneration framework is designed to support the company's strategy and to reward our people for its successful execution. It's designed around three principles of attract and retain the right people, pay fairly and drive focus and discretionary effort. We balance performance metrics which are within management's control and those which are not, but which materially influence our shareholders' experience. We ensure our focus on long-term decision-making is reflected in the choice of short-term metrics and the long-term measures of success, consistent with that focus. We reviewed the balance of fixed versus at-risk remuneration and undertook a comprehensive benchmarking to ensure competitive levels of remuneration opportunity. As our strategy develops, so too will elements of the remuneration framework to ensure alignment. The Remuneration People and Culture Committee continues to test the remuneration framework against these objectives. We review various alternative structures, engage openly with our major shareholders, proxy advisers and remuneration experts and seek to simplify and refine the framework in line with changing industry conditions. The directors recommend that you vote in favor of adopting the remuneration report. I now move that the remuneration report be adopted. Is there anyone who wishes to speak on the motion? On the screen, I show how shareholders have directed that proxy votes be cast. You will see that 97.52% of the votes have been cast in favor of the motion. I will vote available undirected proxies held by me in favor of the motion. Voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Let me move to Resolution 7, equity grants to the Managing Director and Chief Executive Officer, Mr. Frank Calabria. The next item of business involves the granting of performance rights and restricted rights under the company's long-term incentive plan to our CEO and Managing Director, Frank Calabria. If this resolution is passed, the performance rights and restricted rights will be granted shortly after today's meeting but will only deliver value to Frank in future years if service and vesting conditions are achieved as set out in the Notice of Meeting and the remuneration report. These awards are part of the at-risk amounts of Frank's remuneration designed to align his interests with those of shareholders. Further details of these awards and their terms are set out in the Notice of Meeting and the remuneration report. The directors other than Frank recommend that shareholders vote in favor of Resolution 7. I will now put the award of equity incentives to the meeting. The matter is now open for discussion. The screen behind me shows how shareholders have directed that proxy votes be cast. You will see that 98.37% of the votes have been cast in favor of the motion. Undirected proxies held by me as the Chair will be cast in favor of the motion. As indicated earlier, voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Let me move to Resolution 8, Nonexecutive Director share plan. This item of business is the proposed approval for the grant of share rights to nonexecutive directors under the Non-Executive Director share plan or NED share plan for FY '26, '27 and '28 and for the allocation of shares on vesting of those share rights. The NED share plan is a salary sacrifice plan, which allows nonexecutive directors to sacrifice up to 50% of their annual directors' base fees to acquire share rights in the company. Each share right is equivalent to receive a fully paid ordinary share in Origin subject to the terms of the grant. The NED share plan has been introduced to support nonexecutive directors to build their shareholdings in the company and as a means of enhancing the alignment of interest between nonexecutive directors and shareholders generally. The company has set a minimum shareholding requirement for the Chair of 2x the nonexecutive director base fee. And for all other nonexecutive directors, it is 1x the nonexecutive director base fee. Only nonexecutive directors are eligible to participate in the NED share plan. Shareholder approval is required under the ASX listing rules for the issue of share rights to any director unless the shares allocated on vesting of the share rights are required by the terms of the scheme to be purchased on market. The company currently intends to satisfy the vesting of share rights by purchasing shares on market, but wishes to retain the discretion to issue shares if this is ultimately considered in the company's best interests. The Board also recognizes that it is in line with corporate -- good corporate governance practices for equity grants to directors to be approved by shareholders. Further details of the NED share plan are set out in your notice of meeting. Because the directors have a personal interest in the subject of this resolution, they have abstained from making a recommendation to shareholders in relation to this resolution. The matter is now open for discussion. Is there anyone who wishes to speak on the motion? The screen behind me shows how shareholders have directed the proxy votes be cast. You will see that 98.07% of the votes have been cast in favor of the motion. I intend to not vote any undirected proxies held by me as the Chair on this motion. As indicated earlier, voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Let me now move to Resolution 9, increase in the aggregate cap of nonexecutive directors' remuneration. This item of business is the proposed increase in the aggregate cap of nonexecutive director remuneration. Approval is sought to increase the maximum annual aggregate amount available for nonexecutive directors' remuneration from the existing limit of $3.2 million to a new limit of $3.6 million, an increase of $400,000. The company's constitution provides that each director is entitled to fees for his or her service, but the total amount provided to all directors must not exceed in aggregate in any financial year, the amount approved by the company in general meeting. This amount includes directors' fees and statutory superannuation contributions, but does not include other payout payments that may be payable to nonexecutive directors as provided for in the company's constitution. This also excludes remuneration paid to the Chief Executive Officer, who is an Executive Director. The current maximum aggregate amount of $3.2 million was approved by shareholders at the 2017 Annual General Meeting. Non-Executive Director fees are reviewed annually by the Remuneration People and Culture Committee. The remuneration provided to each director for the year ended 30 June 2025 is detailed in the remuneration report. The Chair and nonexecutive director base fees have only had modest increases since the last time the aggregate cap was increased. For FY '26, as noted in Section 61 of the remuneration report, there was an increase to Chair and nonexecutive base director fees of $10,000 and $6,000, respectively, and no change to committee fees. The Board believes it's appropriate to seek shareholder approval to increase the maximum aggregate amount for nonexecutive director fees for the following reasons. The company expects there to be an increase in the number of nonexecutive directors whilst the Board is undergoing renewal, and therefore, more of the maximum aggregate amount will be utilized than previously. Secondly, to continue to attract and retain individuals of the highest caliber to oversee the strategic and operational priorities of the company through the energy transition and to allow for future adjustments in line with market conditions. Because the directors have a personal interest in the subject of this resolution, they have abstained from making a recommendation to shareholders in relation to this resolution. The matter is now open for discussion. Is there anyone who wishes to speak to the motion? The screen behind me shows how shareholders have directed the proxy votes be cast. You will see that 98.73% of the votes have been cast in favor of the motion. I intend to not vote any undirected proxies held by me as the Chair on this motion. As indicated earlier, voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Let me now vote to Resolution 10, the reinsertion of proportional takeover provisions. This item of business considers the reinsertion of the proportional takeover provisions contained in Rule 15 of the constitution. This rule was previously approved by shareholders in 2022 for a period of three years. But that approval, and therefore, the rule ceased to have effect on the 15th of October 2025. The directors consider it in the interest of the shareholders to continue to have a proportional takeover provision in the constitution. And accordingly, shareholders are requested to reinsert the proportional takeover provisions contained in Rule 15 of the constitution with effect from the date of this meeting for a further period of three years. We have made the disclosures required under the Corporations Act and can confirm that at the date of this meeting, there is no proposal for any proportional takeover bid. I will now put the proportional takeover provisions to the meeting. The matter is now open for discussion. Is there anybody who wishes to speak on the motion? The screen behind me shows how shareholders have directed that proxy votes be cast. You will see that 99.16% of the votes have been cast in favor of the motion. I intend to not vote any undirected proxies held to me as the Chair on this motion. As indicated earlier, voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Let me now move to Resolution 11, approval of the 2025 Climate Transition Action Plan. So this next item of business on the agenda is to approve the CTAP, colloquially known CTAP or fully known as our Climate Transition Action Plan. This is the second climate transition action plan we have reported on, and it will report on the progress Origin has made in preparing our business for a lower carbon future and affirms our commitment to our 2030 emissions reduction targets and long-term ambition to be net zero by 2050 as well as outlining the actions we will continue to take towards decarbonizing our business. As a leading Australian energy company with operations spanning gas production, power generation, energy retailing and renewables development, Origin has an important opportunity to contribute to the energy transition in Australia and champion the benefits it will bring to homes and businesses. Origin is also able to play a role in actively managing and mitigating the challenges created by the transition for the energy market and stakeholders. We do not underestimate the challenge ahead to achieve Net Zero emissions for our business. However, we continue to believe that decarbonization is good for our customers and the environment and successful execution of our strategy will continue to support both our emissions reductions targets and value for shareholders. This advisory resolution is not intended in any way to undermine the Board's accountability for setting the company's strategy, which the directors recognize as their responsibility to shareholders. This resolution forms part of the company's ongoing commitment to transparency and dialogue with shareholders and stakeholders, and the Board welcomes the continued engagement, challenge and support. While the advisory vote is not binding on the directors or the company, the Board will take the outcome of the vote and discussion at this meeting into account in determining how Origin progresses, evaluates and looks to improve upon the initiatives set out in the Climate Transition Action Plan. I will now put the 2025 Climate Transition Action Plan to the meeting. This matter is now open for discussion. Is there anybody who wishes to speak on the motion?

Again, Jacqui Mills from Nature Conservation Council, New South Wales. As we meet here today, Unit 4 at Eraring coal-fired Power Station is offline and not producing energy, and it's been this way for the past seven weeks. During this time, Unit 3 within the power station suffered an unplanned outage or breakdown, resulting in half of the power station being unavailable for 10 days straight. In fact, for 60% of the time over the past 12 months, at least one of Eraring's four units were unavailable. Yet in the 2025 full year results briefing, the CEO said that strong availability across our generation fleet allowed us to maintain good operational performance. How can Origin defend this claim that Eraring coal-fired power station is providing reliable energy given it has been offline so extensively over the past year? And I note we had a question from a shareholder earlier on the cost to the company of maintaining Eraring as it ages and what it means for the bottom line. Given the risk to shareholders of Origin holding on to this aging coal-fired power asset and the incompatibility of the coal-fired power with the targets within this climate transition action plan, how can the Board justify keeping the door open to another extension to Eraring?

Thank you, shareholder. So let's go back to basics on this. Until there is sufficient renewable generation with the completion of large projects like Snowy and the considerable pipeline of renewable projects that are under review, some of which have gone to Fed, some others haven't. Eraring is playing a vital role not only in the stability and security of the New South Wales energy system, but also to the affordability of the millions of customers. Our intention is to retire Eraring. We've been very clear on that. And furthermore, we're spending billions to replace the energy that would ultimately do that for us following the retirement of Eraring. Meanwhile, we need to maintain Eraring. Your overall point is an entirely fair one in as much as the coal fleet in Australia is aging, is less reliable. And to some extent, some of that lack of reliability is reflected in pricing as well. In respect of Eraring's overall performance reliability, it has been strong. One of the units that you referred to being out is out for planned maintenance. I'm not sure you mentioned that point. It's planned maintenance. Periodically, there will be other performance-related reasons for units at Eraring to be taken offline and repaired. And we do that responsibly under the terms of the agreement we have with the New South Wales government in order that Eraring can during this transition period, play the important role it needs to play. But from a medium-term perspective, for the reasons both Frank and I have outlined, operating a large, reasonably inflexible coal-fired power station when prices are negative in the middle of the day as they will be today as they are in most solar hours is very challenging. And that's why our medium-term objective, consistent with the agreement we have with the New South Wales government and entirely consistent with our CTAP remains to retire Eraring. Frank, did you have anything you wanted to add to that?

Okay. Just one further point, which is that having -- energy demand is not consistent throughout the year. And therefore, when we talk about actually being available at critical times of the year, that's where Eraring really does stand out. And particularly as you watched through the winter period and the summer period, Eraring's performance was very strong at a time when the market needed it, and that's what sits behind the statement about strong performance, and that's what's recognized by the New South Wales government. In a highly variable energy market, that's becoming more challenging, but it's an asset that performs very well for the state and plays a critical role, as Scott said, until we can bring the suite of technologies forward, which are dependent also on transmission projects being built as well. So we're very focused on getting that right. But thank you very much for the question.

Thank you, shareholder. The screen behind me shows how shareholders have directed that proxy votes be cast. You will see that 93.87% of the votes have been cast in favor of the motion. I intend to not vote any undirected proxies held by me as Chair on this motion. As indicated earlier, voting on this resolution will be by means of a poll. Please now vote on your electronic device. [Voting]

Has everyone who wishes to vote entered their selection? If you have not yet entered your vote, then please do so now as we will be closing the poll shortly. If you're having any difficulty casting your votes, please raise your hand and a member of Boardroom will assist and come to you. [Voting]

I now declare the poll closed. I will shortly display the results of all the resolutions put to the meeting today. These are just being compiled. The results of this poll will also be announced to the ASX. Here we go. Please see on the screen, shareholders, the results of all matters put to poll today. That concludes the formal part of the AGM. I would like to thank all of my Board colleagues and Frank and the executive leadership team and the thousands of employees and contractors for their dedication and commitment in the past year. Finally, I would also like to thank you, shareholders, for your ongoing support of Origin and for attending today's meeting. I declare the meeting closed. Refreshments will be served outside. Thank you.