APA Group sits in Rivkin’s ASX Blue Chip Portfolio. The gas infrastructure owner reported its full year results for the twelve months to 30 June 2026 on Wednesday 20 August 2026.
Underlying EBITDA came in at $2,183 million, up 8.3% on FY25, with the EBITDA margin expanding 370 basis points to 77.9%. Statutory net profit after tax reached $234 million, up 81.4%, landing almost exactly on the Visible Alpha consensus of $233.8 million. The headline profit jump owes much of its size to a low FY25 base rather than a step change in operations.
Statutory revenue excluding pass-through revenue rose 1.9% to $2,764 million from $2,713 million, so the earnings growth came predominantly from the cost line: management removed $80 million of costs against a $50 million target. Free cash flow rose 3.2% to $1,118 million.
| Metric | Actual (FY26) | Comparison |
| Underlying EBITDA | $2,183m | +8.3% vs FY25 |
| Statutory NPAT | $234m | Consensus $233.8m |
| Statutory revenue (ex pass-through) | $2,764m | +1.9% vs FY25 |
| Total distribution | 58.0c | +1.8% vs FY25 |
The final distribution came to 30.5 cents per security, taking the full year total to 58.0 cents, up from 57.0 cents. That marks the twenty-second consecutive year of distribution growth.
For FY27, APA guided to underlying EBITDA of $2,260 million to $2,340 million, a midpoint implying 5.4% growth, and a distribution of 59.0 cents per security. The company also lifted its organic growth pipeline for FY27 to FY29 to approximately $3.5 billion from $3.0 billion, covering gas transmission, storage and contracted power generation.
Chief executive Adam Watson framed the year around funding capacity, describing it as “another very strong result with strong balance sheet capacity to fund growth and distributions,” and said the result positions APA “to capture value from our ~$3.5 billion organic growth pipeline.” Chief financial officer Garrick Rollason pointed to the cost programme, noting the $80 million reduction “exceeded our target of $50 million.”
APA securities closed at $10.19 on the day, up 0.89%, keeping the stock in the upper half of a 52-week range of $8.445 to $11.10.
