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Results Highlights and Business Update 1 Brett Redman, Managing Director & CEO Financial Results 2 Damien Nicks, Interim CFO Market Update and Outlook 3 Brett Redman, Managing Director & CEO Results Highlights and Business Update Brett Redman Managing Director & CEO Safety Customers People Total Injury Frequency Rate Quarterly Net Promoter Score Employee Engagement Index (per million hours worked) (advocates less detractors) (%) Jun-15 Jun-16 Jun-17 Jun-18 Dec-18 10.9 76 70 62 6.2 5.5 3.8 5.4 4.7 4.3 3.1 3.1 4.1 2.4 No 3.3 (16.9) survey (18.2) (18.1) taken 2.0 1.2 1.8 (22.5) FY15 FY16 FY17 FY18 1H19 (25.4) FY15 FY16 FY17 FY18 1H19 Employees Contractors Combined AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 4 Reduced electricity prices for household and small business customers across all states Assisting customers Standing offer discounts rewarding loyalty; debt relief program helping the vulnerable Ongoing investment in key AGL assets for efficient and reliable generation and supply Building trust Emphasis on key customer and regulatory processes amid rising community expectations $1.9b of new energy supply projects under construction; further $1.5b subject to feasibility Enhancing energy supply Securing pumped hydro options; new residential battery offering ready July 2019 Increase operating expenditure across fleet to support performance and capture value Optimising performance Revised total operating cost targets, retain plan for year-on-year nominal reductions Customer Experience Transformation and ERP upgrade investments nearing completion Investing in systems Benefits beginning to flow with further upside expected from FY20 onwards Tracking to mid-point of Underlying Profit after tax guidance range of $970m to $1,070m FY19 guidance retained Subject to normal trading conditions and ongoing energy policy uncertainty Opportunities to invest in growth at scale under development following fundamental review Allocating capital to growth $650m hybrid available to call in June; flexibility retained for further capital management AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 5 1H19 1H18* Change Statutory Profit after tax ($m) 290 616 ▼ 53% Negative fair value movement of net sold electricity derivatives due to rising Statutory EPS (cents) 44.2 93.9 ▼ 53% forward electricity prices Underlying EBITDA ($m) 1,157 1,084 ▲ 7% Higher wholesale electricity Underlying EPS (cents) 81.9 74.3 ▲ 10% prices underpin strong earnings growth Underlying Profit after tax ($m) 537 487 ▲ 10% Margin calls increase as Net cash provided by operating activities ($m) 678 801 ▼ 15% forward electricity prices rise Strong earnings support Dividend per share (cents) 55 54 ▲ 2% dividend growth Rising returns reflect profit Return on equity (%, rolling 12 months) 13.1 11.7 ▲ 1.4 ppts growth * Figures restated on adoption of AASB 9 Financial Instruments and AASB 16 Leases. Refer to slide 34 for further information. AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 6 FY19 STRATEGIC PRIORITIES Growth Transformation Social Licence Accelerate growth to meet Reposition, refresh and Meet and exceed rising evolving customer needs reinvigorate AGL community expectations ~$1.9b of new energy supply projects ~$400m of digital transformation Actions to support vulnerable customers under construction programs undertaken FY17 to FY19 Critical review of delivery of commitments ~$1.5b of additional projects subject to Ongoing focus on adoption of best in to customer and community feasibility class technology Committed to Energy Charter to embed Fundamental review of additional Embedding smarter data analysis in all customer-centric culture across the growth options completed aspects of operations energy supply chain FY19 OPERATIONAL GOALS Safety Customers People Financial Combined employee/ NPS ranking vs. other Improve engagement Per guidance and contractor TIFR reduction tier-1 retailers towards FY16 levels LTIP targets AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 7 1. Optimise existing 2. Evolve and expand 3 . Create new portfolio for performance core energy market opportunities with and value offerings connected customers BROWN COAL BLACK COAL GAS RENEWABLES & DISTRIBUTED ENERGY+ DATA STORAGE ENERGY DELIVERING FOR OUR CUSTOMERS Solar, wind, Upgrades for LNG import, Home Data value pumped security, storage, batteries, streams (e.g. hydro, efficiency, flexible orchestration, broadband, grid-scale flexibility peakers e-mobility smart home) batteries AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 8 Winning the battery build-out Securing the best options in pumped hydro Live and proposed government battery schemes present opportunity for rapid growth AGL capability to deliver residential battery solutions to be in place at 1 July 2019 AGL offering will assist customers in extracting value from storage systems Ramp up offering alongside government schemes to capture out-size market-share Apply learnings from Australia’s largest retail-led virtual power plant in Adelaide Current market size ~50,000 batteries based on SA and Victoria schemes alone Bells Mountain, NSW 250 MW/8hrs Potential ~$450m project could be completed FY26 Option secured for upper reservoir site AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 9 Price reductions, customer Reduction in customers on Focused on listening and assistance and new offerings non-discounted standing offers improving customer processes Customer affordability Electricity customer accounts Ombudsman complaints by offer (%) Reduced Consumer electricity tariffs across all 20000 29% 28% 30% states amid continued increasing input costs 5 18000 15 13 8 18 24% 25% 3 6 16000 23% Extended loyalty discounts to all Standing 1 Offer customers with AGL for a year 14000 20% $50 million debt relief package for Staying 12000 Connected customers 10000 18.9 15% 82 84 86 89 89 8000 14.2 10% 6000 12.3 Market-leading products & services 11.4 4000 6.2 5% AGL Essentials expanded into all states, 2000 currently represents 34% of internal sales 0 0% New products Business Essentials and Solar FY15 FY16 FY17 FY18 1H19 FY15 FY16 FY17 FY18 1H19 Savers launched Market offer Loyalty discount Complaints ('000s) Standing offer Market share of complaints AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 10 Churn spread to rest of market Customer acquisitions and Customer accounts up slightly increased to 6.4 ppts retentions remain elevated despite intense market activity Customer churn Acquisitions and retentions Consumer customer accounts ('000) ('000) 30% 26.0% 23.8% 24.0% 20.1% 20.2% 1,117 1,113 994 20% 868 920 18.9% 19.6% 17.5% 750 758 3,661 3,639 3,658 3,626 3,646 15.9% 16.4% 623 555 607 10% 313 313 367 355 371 0% 1H17 2H17 1H18 2H18 1H19 1H17 2H17 1H18 2H18 1H19 1H17 2H17 1H18 2H18 1H19 AGL Rest of market Acquisitions Retentions AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 11 Core investment starting to Transitioning from Continual focus on customer deliver real value analogue to digital experience and engagement Digital registrations ('000) Foundational capability digital sales increase 1,185 92% since 1H17 Built reliable foundations scalable for 1,074 growth and operational efficiency 833 of customers receive 746 52% Digital adoption 665 a digital bill Driving customers to engage digitally for sustainable reductions in cost to serve Energy Insights 314k customers Customer experience Digital Net Promoter Simplifying customers’ lives to give more FY15 FY16 FY17 FY18 1H19 +38 Score control over energy usage and spend AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 12 Thermal plant outages and availability Generation mix (GWh) (capacity weighted) Increased investment to reduce future outages, increase Increased output from hydro and wind reflects resilience of AGL availability, improve flexibility and deliver more value in future portfolio 25,000 100% 20,000 80% 60% 15,000 40% 10,000 20% 5,000 0% - 1H16 1H17 1H18 1H19 1H16 2H16 1H17 2H17 1H18 2H18 1H19 Available Derating Unplanned outage Planned outage Solar Wind Hydro Gas Coal AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 13 Energy policy impasse holding back pace and scale of investment decisions Coopers Gap Wind Farm * 453 MW | $850m Completion FY20 Under development Feasibility Bells Mountain Pumped Hydro Bayswater Power Station upgrade Offtake agreements 250 MW / 8hrs | ~$450m 100 MW | $100m Potential completion FY26 Completion FY23 Generation Newcastle Power Station Gas firming Barker Inlet Power Station Silverton Wind Farm* 252 MW | ~$400m 210 MW | $295m 200 MW | $450m Coal upgrade Potential completion FY22 Completion FY20 Completion FY19 Wind Wellington North Solar Farm 300 MW | ~$450m Solar Potential completion FY23 Pumped hydro Sunraysia Solar Farm* Dalrymple Battery* 100 MW offtake | part of $275m project Large scale battery 30 MW | Operated by AGL Financial close reached FY19 Completed FY19 Gas supply Crib Point LNG Import Jetty Loy Yang Power Station turbine upgrade Gas import Up to 100PJ/a | ~$250m 15 MW | $25m Potential first gas FY21 Completion FY21 (stage 1) * Projects funded by third parties on which AGL is operator and/or offtaker (including PARF) AGL Energy 2019 Half Year Investor Presentation | 7 February 2019 14 Financial Results Damien Nicks Interim CFO Body($m) text goes here 1H19 1H18* Change • Second level Statutory Profit after tax 290 616 (326) • Third level Adjust• forFourth the followinglevel
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