#1apa ap op SYZMTK apa Powering Tomorrow FY23 Full Year Results 23 August 2023 1#2Disclaimer apa This presentation has been prepared by APA Group Limited (ACN 091 344 704) as responsible entity of the APA Infrastructure Trust (ARSN 091 678 778) and APA Investment Trust (ARSN 115 585 441) (APA Group). The information in this presentation does not contain all the information which a prospective investor may require in evaluating a possible investment in APA Group and should be read in conjunction with the APA Group's other periodic and continuous disclosure announcements which are available at www.apa.com.au. All references to dollars, cents or '$' in this presentation are to Australian currency, unless otherwise stated. Not financial product advice: Please note that APA Group Limited is not licensed to provide financial product advice in relation to securities in APA Group. This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire APA Group securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek professional advice if necessary. Past performance: Past performance information should not be relied upon as (and is not) an indication of future performance. Forward looking statements: This presentation contains certain forward looking information, including about APA Group, which is subject to risk factors. "Forward-looking statements" may include indications of, and guidance on, future earnings and financial position and performance, statements regarding APA Group's future strategies and capital expenditure, statements regarding estimates of future demand and consumption and statements regarding APA's climate transition plans and strategies, the impact of climate change and other sustainability issues for APA, energy transition scenarios, actions of third parties, and external enablers such as technology development and commercialisation, policy support, market support, and energy and offsets availability. Forward-looking statements can generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', 'outlook', 'guidance', 'goal', 'ambition' and other similar expressions and include, but are not limited to, forecast EBIT and EBITDA, free cash flow, operating cash flow, distribution guidance and estimated asset life.. At the date of this presentation, APA Group believes that there are reasonable grounds for these forward looking statements and due care and attention has been used in preparing this presentation. However, the forward looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions and are subject to risk factors associated with the industries in which APA Group operates. Forward-looking statements, opinions and estimates are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of APA Group, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not materially differ from these forward-looking statements, opinions and estimates. A number of important factors could cause actual results or performance to differ materially from such forward-looking statements, opinions and estimates. These factors include: general economic conditions; exchange rates; technological changes; the geopolitical environment; the extent, nature and location of physical impacts of climate change; changes associated with the energy market transition; and government and regulatory intervention, including to limit the impacts of climate change or manage the impact of Australia's transitioning energy system. There are also limitations with respect to climate scenario analysis, and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis is not an indication of probable outcomes and relies on assumptions that may or may not prove to be correct or eventuate. Investors should form their own views as to these matters and any assumptions on which any forward-looking statements, estimates or opinions are based. APA Group assumes no obligation to update or revise such information to reflect any change in expectations, contingencies or assumptions. Investment risk: An investment in securities in APA Group is subject to investment and other known and unknown risks, some of which are beyond the control of APA Group. APA Group does not guarantee any particular rate of return or the performance of APA Group. Non-IFRS financial measures: APA Group results are reported under International Financial Reporting Standards (IFRS). However, investors should be aware that this presentation includes certain financial measures that are non-IFRS financial measures for the purposes of providing a more comprehensive understanding of the performance of the APA Group. These non-IFRS financial measures include FCF, EBIT, EBITDA and other "normalised" measures. Such non-IFRS information is unaudited, however the numbers have been extracted from the audited financial statements. Not an offer: This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. Securities may not be offered or sold, directly or indirectly, in the United States or to persons that are acting for the account or benefit of persons in the United States, unless they have been registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act), or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable state securities laws. Non-GAAP financial measures: Investors should be aware that certain financial data included in this presentation are "non-GAAP financial measures" under Regulation G of the U.S. Securities Exchange Act of 1934, as amended. These measures are EBITDA, normalised EBITDA and statutory EBITDA. The disclosure of such non-GAAP financial measures in the manner included in the presentation may not be permissible in a registration statement under the U.S. Securities Act. These non-GAAP financial measures do not have a standardised meaning prescribed by Australian Accounting Standards and therefore may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Although APA Group believes these non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non- GAAP financial measures included in this presentation. APA FY23 Results Investor Presentation 2#3Acknowledgement of Country At APA, we acknowledge the Traditional Owners and Custodians of the lands on which we live and work throughout Australia. We acknowledge their connections to land, sea and community. We pay our respects to their Elders past and present, and commit to ensuring APA operates in a fair and ethical manner that respects First Nations peoples' rights and interests. apa APA FY23 Results Investor Presentation 3#4Customer Share Ensuring gas supply in WA through Mondarra and the new Northern Goldfields Interconnect . • Multiple gas supply outages, unrelated to APA, in early 2023 resulted in ~25% drop in Western Australia's (WA) gas supply APA's Mondarra storage and processing facility played a critical role in supporting WA's energy network with safe, efficient and reliable power: • Mondarra has storage capacity of 18 PJ and a maximum withdrawal rate of 150 TJ/day ⚫ The storage capacity is equivalent to 11,000 Victorian Big • Batteries At the peak of the market shortfall, APA delivered over 1,000TJ of gas to customers over a 10 day period The completion of APA's Northern Goldfields Interconnect (NGI) pipeline in FY23 creates a 'west coast grid', delivering greater flexibility and security to help meet the State's long-term energy needs . Connecting the Goldfields Gas Pipeline to Mondarra and the Perth basin apa Mondarra Gas Storage and Processing Facility APA FY23 Results Investor Presentation 4#5Diamantina Power Station HAC-HP FEEDWTR> HAC-LP FEEDWTR> apa FY23 highlights 01#6In FY23, we continued to strengthen communities through responsible energy Diamantina Power Station apa Delivered another year of solid EBITDA and distribution growth Completed infrastructure projects critical to delivering reliable energy supply for our customers and communities Refreshed our strategy and have the Executive Leadership Team in place to capture the growth opportunities that the energy transition presents APA FY23 Results Investor Presentation 60#7A solid FY23 result and growth in distributions in line with FY23 guidance Segment Revenue¹ +5.1% to $2,353m Driven by a solid Energy Infrastructure performance and inflation Underlying EBITDA² +2.0% to $1,725m Up 3.5% excluding Orbost; includes investment in capability to support growth ambitions and business resilience Free Cash Flow (FCF)³ -1.0% to $1,070m Impacted by higher stay-in-business capex Balance Sheet FY23 DPS4 10.6% FFO/Net Debt Funded $1.2bn of investment from cash flow and debt 55.0 cps In-line with guidance; up 3.8% on FY22 FY24 DPS guidance5 56.0 cps Up 1.8% on FY23, reflecting desire to accommodate ongoing investment 1. Segment Revenue excluding pass-through. Pass-through revenue is offset by pass-through expenses within EBITDA. Any management fee earned for the provision of these services is recognised within total revenue. Reported increase is against FY22. 2. Underlying earnings before interest, tax, depreciation, and amortisation ("EBITDA") excludes recurring items arising from other activities, transactions that are not directly attributable to the performance of APA Group's business operations and significant items. Reported increase is against FY22. 3. Free Cash Flow is Operating Cash Flow adjusted for strategically significant transformation projects, less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. Reported decrease is against FY22. 4. DPS Distribution per security 5. Distribution guidance is subject to asset performance, macroeconomic factors, regulatory changes as well as timing of distributions from non-100% owned assets, with distributions to be determined at the Board's discretion. It does not take into account the impact of any potential acquisitions or divestments by APA and any associated funding arrangements, other than the acquisition of Alinta Energy Pilbara and the associated Placement and Security Purchase Plan announced today. apa APA FY23 Results Investor Presentation 7#8Safe, reliable operations; delivering energy solutions for our customers; investing in capability; progressing our sustainability agenda Operational excellence enhancements • Establishment of a new Integrated Operations Centre Implementation of a new Field Mobility system . • GRID solutions program underway Invested in capability Enhanced capability across business development, technology and business resilience, regulatory, risk and compliance, sustainability and corporate affairs • • Progressed our sustainability agenda Established a methane reduction target of 30% by 20301 Reconciliation Action Plan developed Deployed our 'Being Heritage Aware' training Delivered critical infrastructure Northern Goldfields Interconnect (NGI) • East Coast Grid Expansion Stage 1 Dugald River Solar Farm Refreshed our strategy A customer driven strategy Focussed on being a partner of choice in select asset classes where we have a competitive advantage Solidified the ELT necessary to execute our strategy Executing our strategy • Acquired Basslink . Early agreements with Tamboran Resources and Empire Energy for the Beetaloo Basin and Arafura for a cogeneration plant MoU with WesCEF to assess the viability to produce and transport green hydrogen via the PGP 1. Operational methane emissions across APA's gas infrastructure, compared to the FY21 baseline. Baselines under our Climate Transition Plan may need to be adjusted from time to time to the extent necessary/appropriate to reflect acquisitions or divestments undertaken by APA or other factors apa APA FY23 Results Investor Presentation 8#9A customer driven strategy to be the partner of choice in delivering infrastructure solutions for the energy transition An effective transition requires energy that is... apa Reliable Affordable Low emissions We are supporting Australia's energy transition through investment in 宮 Contracted Renewables and Firming Electricity Transmission Gas Transportation Future Energy APA FY23 Results Investor Presentation 6#10We are executing our refreshed strategy and responding to the changing needs of our customers and communities Executing our strategy to be the Partner of Choice 甘 Basslink Beetaloo 11.10 Kurri Kurri Lateral Pipeline 1. Investing in our foundations Technology Investing in systems and processes to drive efficiency, scalability and strengthen customer and employee experience Investing in capability Corporate and Operating Costs Investing in our people and growth including: business development; technology and business resilience; regulatory, risk and compliance; sustainability and corporate affairs Hydrogen MoU with Wesfarmers Arafura and other joint agreements to progress VRE and firming in the resource sector Internally funded organic growth of over $1.6b in the last 3 years alone Business Resilience Continuing to invest in our existing assets and strengthen our business resilience Net Zero Delivering our Net Zero operational commitments (1) Dugald River Solar Farm Further information in relation to APA's climate targets, goals and commitments can be located in the Climate Transition Plan 2022. Baselines under our Climate Transition Plan may need to be adjusted from time to time to the extent necessary/appropriate to reflect acquisitions or divestments undertaken by APA or other factors ара APA FY23 Results Investor Presentation 10#11To pursue the significant opportunities presented by the energy transition, we will strike the right balance between distributions and investing for growth >$1.4bn¹ Identified pipeline of growth capex opportunities FY24-26 食 骂 Contracted Renewables and Firming Electricity Transmission Gas We expect our FY24 DPS to be 56cps² The expected FY24 distribution represents growth of 1.8% on FY23 and aims to balance distribution growth with the funding of our growth ambitions. In particular, this rate of distribution growth: • ⚫ acknowledges the funding requirements of our organic growth opportunities • accommodates foundation investments including technology, emissions reduction and physical asset security • anticipates the resumption of cash tax payments for FY24 and later periods Transportation • maintains our investment grade (BBB/Baa2) credit ratings This approach aims to maximise our ability to participate in the significant opportunities presented by Australia's energy transition. Future Energy We will continue to monitor future distributions in the context of the level of success in executing our growth strategy. 1. 2. Estimated aggregate organic growth capital expenditure pipeline for FY24 to FY26 reflects management's current expectations based on project design and is subject to change up to final investment decision and agreement on definitive documents. Actual expenditure in each year will depend on project commitments and timing, and may differ from estimates as a result of increased costs, delays or other factors. Distribution guidance is subject to asset performance, macroeconomic factors, regulatory changes as well as timing of distributions from non-100% owned assets, with distributions to be determined at the Board's discretion. It does not take into account the impact of any potential acquisitions or divestments by APA and any associated funding arrangements, other than the acquisition of Alinta Energy Pilbara and the associated Placement and Security Purchase Plan announced today. apa APA FY23 Results Investor Presentation 11#12Delivery of our strategy being led by a highly experienced and diverse Executive Leadership Team Adam Watson Chief Executive Officer and Managing Director Petrea Bradford* Group Executive Operations Amanda Cheney Group Executive Legal and Governance Ross Gersbach Group Executive Strategy and Corporate Development Kevin Lester Group Executive Infrastructure Delivery Elizabeth McNamara Group Executive Sustainability and Corporate Affairs Darren Rogers Group Executive Energy Solutions * To commence on 28 August 2023 **To commence in October 2023 apa Garrick Rollason** Chief Financial Officer Jane Thomas Group Executive People, Safety and Culture Vin Vassallo Group Executive Electricity Transmission APA FY23 Results Investor Presentation 12#13apa FY23 in review Emu Downs Solar Farm 02#14We are building momentum across our business with a relentless focus on three priority areas apa Our People Operational Excellence Creating Value apa apa ара always powering APA FY23 Results Investor Presentation 14#15Our People We are embedding a culture that drives engagement through the safety, wellbeing and diversity of our people Safety of our people Gender diversity Engagement Continued improvement in contractor injuries, offset by an increase in employee injuries compared to FY22 Total Recordable Injury Frequency Rate (TRIFR)1 18 16 14 12 10 8 6 4 +2 3.4 2.3 4.5 APA Overall Employees Contractors 2 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Contractor Employee Overall Continued focus on improving our female representation Implementation of APA's Culture Plan Goo LEPP 31.8% Total female representation increased from 29.5% in FY22 31.4% Senior female leadership representation (2) increased from 30.4% in FY22 ÅÅÅ +7% Strong improvement in our employee Engagement Score of 71% (3) Our engagement score is now above the Gartner Benchmark 1. TRIFR is measured as the number of lost time and medically treated injuries sustained per million hours worked. Data includes both employees and contractors. TRIFR data in this presentation has been independently assured by Deloitte as part of APA's limited assurance of its FY23 safety performance metrics. 2. Senior Leaders comprises "Other executives/general managers" and "senior managers" as reported to WGEA 3. Increase in the FY23 Engagement score against FY22 Engagement Score. The Engagement score tells us that our people are confident in the future performance of APA; they are committed and willing to put in discretionary effort to achieve our objectives. apa APA FY23 Results Investor Presentation 15#16Our People Targeted programs and initiatives are building our brand as an employer of choice Industry Recognition We are proud to be recognised as a top employer of young talent through our Graduate Program Employee Benefits We are committed to providing competitive employee benefits and opportunities for our people and ensuring our people feel safe, valued and motivated to do their very best every day Leader Growth Continued investment in leader capability ככלללל, TOP GRADUATE EMPLOYERS 2023 Australian Association of Graduate Employers #1 In the Oil, Gas, Energy and Resource sector in 2023 Hybrid@APA Gender equity Wellbeing care and support Leadership capability development TOP10 FINALIST 2023 AFR GradConnection #34 Top 100 graduate employers in 2023 Promoting Flexible Ways of working Comprehensive Gender Pay Equity Review Enhanced parental leave entitlements の Sonder Available on demand for all employees, contractors and their families INSEAD Partnering with industry leaders INSEAD apa APA FY23 Results Investor Presentation 16#17Operational Excellence A solid FY23 financial result as we continue to invest to support Australia's energy transition 3000 --- Solid growth in EBITDA and distributions Segment Revenue¹ +5.1% to $2,353m Driven by a solid Energy Infrastructure performance and inflation Underlying EBITDA² +2.0% to $1,725m Up 3.5% excluding Orbost, which was divested during the period Cost growth reflects the investments to support growth initiatives and business resilience Free Cash Flow (FCF)³ -1.0% to $1,070m Impacted by higher stay-in-business capex Capital Investment $1.2bn total investment Included $845m of organic growth capex and $110m to complete Basslink acquisition4 Balance Sheet 10.6% FFO/Net Debt Used cash and debt to fund growth projects and Basslink in FY23 DPS5 +3.8% to 55.0cps Consistent with guidance, payout ratio of 60.6% Northern Goldfields Interconnect 1. Segment Revenue excluding pass-through. Pass-through revenue is offset by pass-through expenses within EBITDA. Any management fee earned for the provision of these services is recognised within total revenue. Reported increase is against FY22. 2. Underlying earnings before interest, tax, depreciation, and amortisation ("EBITDA") excludes recurring items arising from other activities, transactions that are not directly attributable to the performance of APA Group's business operations and significant items. Reported increase is against FY22. 3. Free Cash Flow is Operating Cash Flow adjusted for strategically significant transformation projects, less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. Reported decrease is against FY22. 4. Total consideration for the acquisition of Basslink was $758m excluding cash balances acquired of $25m Distribution per security 5. DPS apa APA FY23 Results Investor Presentation 17#18Operational Excellence Strong progress against our FY23 sustainability objectives Build Accelerate Climate Transition Plan Progressed our Scope 3 pathways Completed Dugald River Solar Farm Achieved 100% renewable electricity procurement by procuring large-scale generation certificates Methane Target Targeting a 30% reduction in our operational methane emissions by 20301 Target aligned with the Global Methane Pledge Reconciliation Action Plan (RAP) Developed APA's inaugural RAP that will embed reconciliation actions into our core business Launched our new cultural awareness training module Supporting our Communities $8 Prioritising rural and regional communities, First Nations People, climate transition and natural environment protection Environment Improvement Program Continued to uplift our 8 environmental risk areas including spill preparation & response, pests, weeds & diseases and contaminated land 37% of the program now complete Heritage Management Refreshed our HSEH policy 區 Developed and commenced the roll- out of our 'Being Heritage Aware' training module 11,271 landholder interactions during the year Emu Downs Wind Farm 1. Operational methane emissions across APA's gas infrastructure, compared to the FY21 baseline. Baselines under our Climate Transition Plan may need to be adjusted from time to time to the extent necessary/appropriate to reflect acquisitions or divestments undertaken by APA or other factors apa APA FY23 Results Investor Presentation 18#19Operational Excellence Case study – Establishment of APA's methane reduction target - • Strong progress on Climate Transition Plan initiatives Achieved FY23 target of 100% renewable electricity procurement by procuring large-scale generation certificates Established a new methane reduction target, incorporating the Methane Guiding Principles to reduce methane emissions across the natural gas supply chain: • Commitment to a ≥30% methane reduction target by FY301 • Active Methane Guiding Principles member • Improving accuracy of methane emissions data through aerial surveys and site based measurements 1. Operational methane emissions across APA's gas infrastructure, compared to the FY21 baseline. Baselines under our Climate Transition Plan may need to be adjusted from time to time to the extent necessary/appropriate to reflect acquisitions or divestments undertaken by APA or other factors apa APA FY23 Results Investor Presentation 19#20Creating Value Creating value as the partner of choice, delivering infrastructure solutions for the energy transition A customer-focused strategy... Resource Industry Energy Supply and Wholesale Government ...meeting the needs of our customers where we have a competitive advantage... Resource companies are decarbonising - majority have CO2 reduction goals Reliability of energy supply with a trusted operator / partner Levelised cost of energy remains key for global competitiveness Significant opportunity exists in North West Minerals Province, Pilbara, Goldfields Mt Isa and Gruyere showcases our capability Ability to provide flexible and responsive services to changing market demands Reliability of supply with a trusted partner Requiring innovative ways to respond to the energy transition Opportunity across both East and West coasts Core operating business with a proven track record Require trusted partner to support accelerating transition Reliability and social license are key Cost is important, but timely delivery drives outcomes Opportunity estimated to be $54bn including REZs and subsea cables with a focus on NSW, Victoria, Tasmania Basslink, Murraylink, Directlink illustrates our capability ...across various asset classes. • Large Commercial and Industrial Levelised cost of energy remains key Flexibility to respond to changing supply sources Reliability of service remains high Opportunity across both East and West coasts Leverage current assets along with incremental learning and execution A Asset class and total estimated addressable market size 1 .T. T $25bn Remote grid - Contracted VRE and firming $206bn On grid - Contracted VRE and firming (NEM) $54bn Electricity Transmission (including Subsea Cables) $8bn Gas Pipelines $13bn CO2 Transmission $260bn Hydrogen apa 20 APA FY23 Results Investor Presentation 1. Estimated addressable market sizes in Australia. Estimates are based on a number of key assumptions, including in relation to macroeconomic factors, future technology advancements and costs, market demand, regulatory requirements and government policies and there can be no assurance the estimates are accurate. The actual addressable market sizes may differ materially from the estimates because events frequently do not occur as projected.#21Creating Value Case study: Facilitating our resources customers' decarbonisation efforts with bundled energy solutions $25bn¹ Market opportunity for remote energy infrastructure Customer Drivers Why APA expects to be the partner of choice for the resource industry 81% of ASX 200 companies in the Metals and Mining sector have a scope 1 and 2 net zero target² Majority of Australia's ASX200 resource companies now have net zero commitments - Reliable electricity supply is key small interruptions can result in large financial impacts and safety implications Customers are increasingly seeking integrated renewable solutions through microgrids (e.g. solar and wind firmed by battery storage and gas) • Strong track record in developing, delivering and operating reliable and cost effective integrated energy solutions • Trusted and competent operator with field support crews spread nationally • Ability to bundle solutions, supported by an extensive pipeline network Existing relationships with resource customers and communities Case study Queensland North West Power System • • Bundled solution 88MW solar farm Electricity transmission and substations 324MW gas power generation Lateral gas pipeline 1. Estimated addressable market size in Australia. Estimate is based on a number of key assumptions, including in relation to macroeconomic factors, future technology advancements and costs, market demand, regulatory requirements and government policies and there can be no assurance the estimate is accurate. The actual addressable market size may differ materially from the estimate because events frequently do not occur as projected. 2. Climateworks Centre, 2022, '1.5°C climate goal: How does the ASX200 stack up in 2022?' Analysis covers the 187 companies listed on the ASX200 which have operations in Australia. Of the 26 Metals and Mining companies analysed in the report, 21 have a scope 1 and 2 net zero target. apa APA FY23 Results Investor Presentation 21#22Creating Value Case study: Substantial electricity transmission required to facilitate the accelerating renewable energy buildout across Australia $54bn¹ of new transmission investment required across Australia² Includes 35 REZS identified across eastern Australia3 Customer Drivers Why APA expects to be the partner of choice in electricity transmission 125GW Additional VRE capacity by 20504 * Significant electricity transmission development required to connect Renewable Energy Zones to end-users Sub-sea electricity transmission cables required to connect off-shore wind farms and support Australia's renewable generation ambition Electrification of mining operations and development of new industries such as hydrogen and green ammonia production will require new electricity transmission connections • Trusted owner and operator of complex energy infrastructure An established Electricity Transmission team with deep operational and project delivery expertise Extensive experience working and engaging with communities in the development and delivery of linear energy infrastructure Operations synergies and relationships with energy market operators Case study Basslink • 370 km subsea electricity interconnector connecting Tasmania to the mainland • Integration of Basslink well underway, nearing completion . Consolidation of Basslink's Operations and Maintenance within APA's existing operations • • 99.95% customer availability since ownership 1. Estimated addressable market size in Australia. Estimate is based on a number of key assumptions, including in relation to macroeconomic factors, future technology advancements and costs, market demand, regulatory requirements and government policies and there can be no assurance the estimate is accurate. The actual addressable market size may differ materially from the estimate because events frequently do not occur as projected. 2. Includes sub-sea electricity transmission cables. 3. AEMO 2022 ISP Appendix 3. 4. VRE = Variable Renewable Capacity; AEMO 2022 ISP Step Change Scenario. apa APA FY23 Results Investor Presentation 22#23Creating Value Case study: Gas transportation to enhance system capacity, reliability and security of supply for Australia's energy system $8bn¹ 宮 Customer Drivers Market opportunity for gas pipelines Why APA expects to be the partner of choice in gas transportation >15,000km APA's existing transmission pipeline network across Australia 宮 Increased need for gas transportation from northern producers to southern markets Ongoing need for gas to support Australia's manufacturing industry Accelerating build out of renewables and exit of coal placing high demand on gas firming Ability for gas transmission pipelines to act as storage facilities ° Well positioned with an extensive pipeline network, a track record of developing linear infrastructure, and established landholder relationships Demonstrated appetite to invest ahead of anticipated demand to meet future customer needs Trusted and competent operator with field support crews spread nationally Existing relationships with energy supply, wholesale, large commercial and industrial customers Case study East Coast Grid Expansion Stage One has increased Wallumbilla to southern markets capacity by 12%, helping to mitigate the forecast 2023 southern state winter supply risk identified in the 2022 AEMO GSOO Stage Two will add a further 13% of capacity APA's decision to begin Stage 2 expansion is driven by strong confidence in Stage 1 contracting and continuing customer demand for transportation capacity APA FY23 Results Investor Presentation 1. Estimated addressable market size in Australia. Estimate is based on a number of key assumptions, including in relation to macroeconomic factors, future technology advancements and costs, market demand, regulatory requirements and government policies and there can be no assurance the estimate is accurate. The actual addressable market size may differ materially from the estimate because events frequently do not occur as projected. apa 23 23#24Creating Value Case Study: Momentum building for the transportation and storage of future fuels such as hydrogen and CO2 $260bn¹ Market opportunity for Hydrogen $13bn¹ Market opportunity for CO2 transmission 宮 Customer Drivers D Hydrogen is expected to be an important future energy source, as a feedstock for industry, and for power generation, heating, transport and export CO2 transmission pipelines are expected to be required for the development of a Carbon Capture Utilisation and Storage (CCUS) industry Both hydrogen and CCUS will be important to achieve meaningful emissions reductions Why APA expects to be the partner of choice in future energy APA has an extensive pipeline network proximate to existing and proposed renewable energy zones, linking to major industrial centres and ports Potential for significant parts of APA's existing pipeline network to be repurposed for hydrogen transportation Capability to design, build and operate new future fuels transmission infrastructure APA is actively pursuing opportunities for CO2 pipeline transportation, both greenfield pipelines and repurposing of existing assets Ability to bundle services for customers Track record of working with communities to deliver linear infrastructure Case study Parmelia Gas Pipeline (PGP) Hydrogen Project Project aimed to test Australia's first potential conversion of a gas transmission pipeline to carry up to 100% hydrogen Phase two testing now complete, confirming technical feasibility of converting 43km section of the PGP to transport hydrogen Phase three to progress and will include detailed safety studies and conversion plans A Pipeline Screening Tool has been developed to provide a high-level assessment of the hydrogen readiness of our existing gas pipelines 1. Estimated addressable market sizes in Australia. Estimates are based on a number of key assumptions, including in relation to macroeconomic factors, future technology advancements and costs, market demand, regulatory requirements and government policies and there can be no assurance the estimates are accurate. The actual addressable market sizes may differ materially from the estimates because events frequently do not occur as projected. apa APA FY23 Results Investor Presentation 24#25apa FY23 financial performance Kynwynn Strong Acting CFO Dugald River Solar Farm 03#26FY23 delivering growth in EBITDA and distributions Financial summary FY23 FY22 % Change(1) Revenue (excluding pass through)(2) $m 2,401 2,236 7.4% Key points Segment revenue (excluding pass-through)(3) $m 2,353 2,238 5.1% Underlying EBITDA(4) $m 1,725 1,692 2.0% Underlying EBITDA (excluding Orbost) (5) $m 1,726 1,667 3.5% Non operating items(6) $m (39) (62) 37.1% Reported EBITDA(7) $m 1,686 1,630 3.4% Depreciation and amortisation $m (750) (735) -2.0% • Net interest expense (8) $m (459) (483) 5.0% Income tax expense (excluding significant items) $m (190) (172) -10.5% NPAT (excluding significant items) $m 287 240 19.6% Significant items after tax $m 20 • n.m. Solid result driven by the Energy Infrastructure segment Underlying FY23 EBITDA margin of 73%, lower than 76% in FY22 with continued investment in capability, emissions reduction costs and lower margin Asset Management activity The loss from non-operating items declined, with higher technology transformation costs offset by the Basslink debt revaluation gain and the Basslink AEMC market compensation receipt Depreciation and amortisation increased with the acquisition of Basslink Net interest expense was lower largely due to higher interest income Statutory NPAT (including significant items) $m 287 260 10.4% • Statutory NPAT (including significant items) up 10% Free Cash Flow(9) $m 1,070 1,081 -1.0% • FCF down 1% due to higher SIB capex Distribution per security cents 55.0 53.0 3.8% • FY23 DPS up 4% with a payout ratio of 61% Cash and undrawn debt facilities $m 2,111 2,190 -3.6% (1) (2) (3) (4) (5) (6) Refer to slide 30 for further detail (7) (8) Positive/negative changes are shown relative to impact on profit or other relevant performance metric; n.m. = not meaningful. Statutory revenue excluding pass-through. Pass-through revenue is offset by pass-through expenses within EBITDA. Any management fee earned for the provision of these services is recognised within total revenue. Segment revenue excludes: pass-through revenue; Wallumbilla Gas Pipeline hedge accounting unwind; income on Basslink debt investment; Basslink AEMC market compensation and other interest income. Underlying earnings before interest, tax, depreciation, and amortisation ("EBITDA") excludes recurring items arising from other activities, transactions that are not directly attributable to the performance of APA Group's business operations and significant items. Underlying FY23 EBITDA excluding the earnings from Basslink and the Orbost Gas Processing Plant was up 1.8% to $1,697m (FY22: $1,667m). Earnings before interest, tax, depreciation, and amortisation ("EBITDA") including non-operating items. Excluding finance lease and investment interest income, any gains or losses on revaluation of derivatives included as part of EBIT for segment reporting purposes. (9) Free Cash Flow is Operating Cash Flow adjusted for strategically significant transformation projects, less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs apa APA FY23 Results Investor Presentation 26 26#27Revenue growth driven by Energy Infrastructure and inflation linked tariffs Key drivers $2,238m $114m| FY22 Tariff Segment Escalation Revenue¹ $10m $23m $1m $5m $2,353m . Inflation linked tariff escalation was the key driver of higher revenue $6m FX rate revenue Operating Change in Asset Mgt net assets Energy FY23 Investments Segment Revenue¹ • • . East Coast gas transmission assets contributed to higher operating revenue Change in net assets driven by sale of Orbost Gas Processing Plant (July 2022), partly offset by Basslink (acquired October 2022) Asset Management broadly flat compared to prior year Decline in Energy Investments with restructured customer contracts from SEAGas FY24 revenue considerations² Revenue growth from inflation linked tariff escalation expected to continue • Full year contribution from Basslink in FY24 • ECG expansion (Stage 1 and 2) to provide capacity for winter peaks with expectation of lower utilisation in non-peak periods NGI expected to ramp up gradually over the coming years (1) Segment revenue excludes: pass-through revenue; Wallumbilla Gas Pipeline hedge accounting unwind; interest on Basslink debt investment; Basslink AEMC market compensation and other interest income. (2) The revenue considerations on this slide reflect management's current expectations. They are based on management's view of the current and anticipated needs of APA Group in the relevant financial years. They are subject to review and change from time to time. See the disclaimer in slide 2 of this presentation for further details regarding forward-looking statements. apa APA FY23 Results Investor Presentation 27#28Targeted investment in capability and responding to the changing needs of our customers and communities $546m $35m $16m $7m $7m $31m $628m FY22 Costs Operating Young- Costs Lithgow repair Change in net assets Asset Mgt Capability FY23 Costs and corporate • • • • • Key drivers Operating costs higher, with approximately one third of the increase due to 2H23 investment in Electricity Generation & Transmission business development capability, as well as implementation of our emissions reduction program. The balance largely relates to inflation related cost increases over the year Costs associated with the Young-Lithgow repairs Movement in cost base associated with net asset movements – largely relating to the acquisition of Basslink and sale of Orbost Increased Asset Management costs due to a higher proportion of low margin projects Capability and corporate costs increased 27% in FY23 with higher investment across key areas including: technology and business resilience; regulatory, risk and compliance; sustainability and corporate affairs FY24 cost considerations¹ In the Energy Infrastructure segment, FY24 is expected to see annualisation and further growth in costs associated with Electricity Generation & Transmission business development capability, as well as our emissions reduction program. Capability and corporate costs in FY24 expected to grow at around half the growth rate of FY23 with ongoing investment in capability. This growth rate is expected to taper in FY25 before expected stabilisation in FY26. (1) The cost considerations on this slide reflect management's current expectations. They are based on management's view of the current and anticipated needs of APA Group in the relevant financial years. They are subject to review and change from time to time. See the disclaimer in slide 2 of this presentation for further details regarding forward-looking statements. apa APA FY23 Results Investor Presentation 28#29EBITDA by segment Energy Infrastructure East Coast $m 645 646 -0.2% East Coast (excluding Orbost) $m 646 621 4.0% West Coast $m 305 289 5.5% Wallumbilla Gladstone Pipeline(2) $m 620 578 7.3% Electricity Generation and Transmission $m 223 194 14.9% Total Energy Infrastructure $m 1,793 1,707 5.0% Asset Management $m 56 73 -23.3% $m 23 28 -17.9% Corporate Costs $m (147) (116) -26.7% EBITDA growth driven by Energy Infrastructure segment Energy Investments FY23 FY22 % Change(1) • FY23 Key drivers Underlying EBITDA up 2% (up 4% excluding Orbost) East Coast broadly flat (up 4% excluding Orbost) benefitting from inflation linked tariffs, the new VTS access arrangement and some favourable short-term contracting. This was offset by the divestment of Orbost, Young Lithgow repairs and growth in other costs including those associated with our emissions reduction program WGP up 7% driven by inflation, partly offset by FX Electricity Generation and Transmission up 15% driven by a $29m contribution from Basslink (acquired October 2022). Inflation benefits were offset by lower operating revenue from Diamantina Power Station and Badgingarra Renewables as well as costs associated with business development capability Asset Management down 23% driven by lower customer contributions and a higher proportion of lower margin activities • Energy Investments down 18% due to a lower SEAGas contribution Underlying EBITDA (3) $m 1,725 1,692 2.0% Orbost EBITDA (sale completed 28 July 2022) $m (1) 25 n.m. Corporate costs up 27% with investment in capability to support growth initiatives and business resilience Underlying EBITDA (excluding Orbost)(4) $m 1,726 1,667 3.5% (1) Positive/negative changes are shown relative to impact on profit or other relevant performance metric; n.m. = not meaningful. (2) Wallumbilla Gladstone Pipeline is separated from East Coast Grid in this table as a result of the significance of its revenue and EBITDA in the Group. It is categorised as part of the East Coast Grid cash-generating unit for impairment assessment purposes. (3) Underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) excludes recurring items arising from other activities, transactions that are not directly attributable to the performance of APA Group's business operations and significant items. (4) Underlying FY23 EBITDA excluding the earnings from Basslink and the Orbost Gas Processing Plant was up 1.8% to $1,697m (FY22: $1,667m). apa APA FY23 Results Investor Presentation 29#30Non-Operating Items $ million FY23 FY22 % Change Underlying EBITDA (1) 1,725 1,692 2.0% Fair value gains/losses on contracts for difference (2) 12 (30) n.m. Technology transformation projects (3) (67) (22) n.m. Wallumbilla Gas Pipeline hedge accounting unwind (4) (37) (15) n.m. Basslink debt revaluation, interest and integration costs(5) 47 12 n.m. Basslink AEMC Market Compensation (6) 15 n.m. Payroll Review(7) Total Non-Operating Items Reported EBITDA (8) (9) (7) -28.6% (39) (62) 37.1% 1,686 1,630 3.4% n.m. not meaningful. (1) (2) (3) (4) (5) 56 (6) (7) (8) (9) Earnings before interest, tax, depreciation, and amortisation ("EBITDA"). Net gain/(loss) arising from electricity contracts for difference that economically hedge the future cash flows of the electricity contracts for which hedge accounting is not applicable. Costs associated with technology and transformation projects to develop and uplift organisation capabilities, including SaaS customisation and configuration costs incurred during implementation. In February 2022, following the entry into a series of forward exchange contracts, hedge accounting was discontinued for WGP revenues to be generated from early calendar year 2022 to late calendar year 2025 that were hedged by USD denominated 144A notes. WGP hedge accounting discontinuation reflects the non- cash amortisation of the amount deferred in the hedging reserve over the same period relating to the discontinued hedge relationship. Income including accrued interest and the revaluation gain up until the date of acquisition of Basslink Pty Ltd and its subsidiary on 20 October 2022, net of integration costs of $3 million incurred in the full year to 30 June 2023. On 15 December 2022, the Australian Energy Market Commission (AEMC) approved Basslink's compensation claim of $15 million for direct costs following the application of the administered price cap during an administered price period in Queensland, New South Wales, Victoria and South Australia in June 2022. Estimated payment shortfalls for the year ended 30 June 2023 are included within underlying EBITDA. Interest and other related costs are included within reported EBITDA. EBITDA including non-operating items. The non-operating items considerations on this slide reflect management's current expectations. They are based on management's view of the current and anticipated needs of APA Group in the relevant financial years. They are subject to review and change from time to time. See the disclaimer in slide 2 of this presentation for further details regarding forward-looking statements. apa FY23 Key drivers Electricity contracts for difference are non-cash and will remain volatile from period to period Technology transformation costs increased with the investment in key foundational projects, particularly the ERP and Secure Energy, as well as ongoing SaaS implementation costs (FY23 $9m) Ongoing non-cash amortisation of the discontinued WGP hedge Upon acquisition of Basslink, realised accrued interest and a revaluation gain on Basslink debt, net of $3m integration costs AEMC approved Basslink's compensation claim for direct costs following the application of a price cap during an administered price period Interest and other related costs associated with payroll review FY24 non-operating items considerations⁹ Technology transformation costs expected to peak in FY24 at ~$100m, largely driven by ERP and Secure Energy (technology) projects. These costs are expected to moderate in FY26. Included in this are ~$20m of ongoing SaaS implementation costs which will continue into the future, aligned with our cloud strategy. APA FY23 Results Investor Presentation 30#31Small decline in Free Cash Flow with growth in underlying EBITDA and lower cash tax offset by higher capex Key drivers of Free Cash Flow (FCF)(1) $1,081m $33m $4m $21m $1m $2m $63m . $1,070m FY22 FCF Underlying EBITDA Equity Income and Tax Paid Interest paid (net) Working capital and other SIB Capex FY23 FCF • Higher underlying EBITDA Reduced distributions from investments, mainly SEAGas, due to lower contracted revenues and pending refinancing Lower cash tax due to accelerated depreciation allowance on new projects through to 30 June 2023 Working capital and other change due to general movements period over period Stay in Business (SIB) capex higher than last year with increased spend on: Pipeline reliability, integrity and cathodic protection works, especially on the Moomba - Sydney, Roma - Brisbane and Goldfields Gas Pipelines; Moomba facility upgrade works on SWQP; National customer systems. distributions (net) (1) Free Cash Flow (FCF) is Operating Cash Flow adjusted for strategically significant transformation projects, less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. FCF supports APA's operations and the maintenance of capital assets. apa APA FY23 Results Investor Presentation 31#32Significant investment in FY23 to drive longer term growth $1,070m Regulated Growth Capex $242m Non Regulated Growth Capex SIB Capex Foundational capex • FY23 Key drivers Growth capex on regulated assets: • • Western Outer Ring Main project Winchelsea Compressor Station Growth capex on Non Regulated assets included: . East Coast Grid capacity expansion $689m $68m $603m • Kurri Kurri Gas Lateral • Northern Goldfields Interconnect • Gruyere Hybrid Energy Microgrid • Dugald River Solar Farm $456m $193m $130m $35m FY22 $32m FY23 (1) Total consideration for the acquisition of Basslink was $758m excluding cash balances acquired of $25m (2) The capex considerations on this slide reflect management's current expectations. They are based on management's view of the current and anticipated needs of APA Group in the relevant financial years. They are subject to review and change from time to time. See the disclaimer in slide 2 of this presentation for further details regarding forward-looking statements. (3) SIB capex comprises both Asset and IT lifecycle maintenance The capital expenditure shown in this table represents payments for property, plant and equipment, and intangibles as disclosed in the cash flow statement, and excludes accruals brought forward from the prior period and carried forward to the next period. • • Foundation capex includes technology investments and corporate real estate FY23 also saw $110m invested in the Basslink acquisition¹ which was completed in 1H23 FY24 capex considerations² Total SIB capex³ expected to peak in FY24 at ~$200m. This includes Basslink, gas transmission pipeline integrity works across the portfolio, and a maintenance program at Diamantina Power Station. SIB capex is expected to taper over the following two years. Foundation capex expected to peak in FY24 at ~$150m, which includes our Grid Solutions Program implementation (hydrocarbon accounting system), emissions reduction program and Secure Energy (physical assets). This investment is required to meet our legislative, regulatory and environmental requirements. apa APA FY23 Results Investor Presentation 32#33Balance sheet has internally funded significant growth whilst maintaining investment grade credit ratings Solid balance sheet FY24 to FY26 pipeline of capex opportunities >$1.4b(3) FY23 FY22 Net debt $10.7b $10.2b Average cost of debt(1) 4.4% 4.4% Average duration of debt 5.7yrs 6.7yrs FFO/Net debt(2) FFO/Interest (times) 10.6% 11.1% $288m $284m 3.3x 3.6x • No material debt refinancing obligations until FY25 • Drawn debt is 100% hedged/fixed • BBB/Baa2 ratings with stable outlook . Liquidity of $2.1bn (cash and undrawn liquidity facilities), with ~$1.6bn required to meet our Treasury Liquidity Risk policy $845m Organic growth pipeline includes: East Coast Gas Grid expansion Stage 2 • $523m Kurri Kurri Lateral • >$1.4b(3) Beetaloo Basin energy • FY20 FY21 FY22 FY23 FY24-FY26 infrastructure Arafura Nolans Rare Earth Project energy supply Gabanintha Pipeline 1. 2. 3. The average interest rate is now calculated using period end FX and hedged rates to better reflect actual debt outstanding at period end (comparative year has also been restated). Based on the previous methodology, average interest was 4.59% in FY22. The credit metric ratios are now calculated to be more closely aligned with credit rating agency methodology (comparatives have also been restarted). Based on the previous methodology, FFO/Net debt was 11.5% for the 12 months to 30 June 2022. FFO/Interest is unchanged at 3.6 times for the 12 months to 30 June 2022. Estimated aggregate organic growth capital expenditure pipeline for FY24 to FY26 reflects management's current expectations based on project design and is subject to change up to final investment decision and agreement on definitive documents. Actual expenditure in each year will depend on project commitments and timing, and may differ from estimates as a result of increased costs, delays or other factors. apa APA FY23 Results Investor Presentation 33#34apa Market Dynamics Adam Watson CEO & MD Diamantina Power Station 04#35Australia has an enormous decarbonisation challenge ahead, requiring a significant renewable energy build out by 2030, with gas to play a critical role An effective transition requires energy that is... apa Reliable Affordable Firming the accelerated build out of renewables and exit of coal Approx. 120 TWh per annum of additional renewables is required to meet 82% renewable electricity by 2030 2 Powering essential Australian industry, farming, manufacturing and minerals processing . Without a viable commercial alternative, gas is the only energy solution for high heat industry and feedstock e.g. cement, glass, aluminium, steel, fertilisers Low emissions Powering remote grid systems / industries and displacing higher carbon intensive fuels Significant opportunity to displace diesel with renewables and gas in the immediate term APA FY23 Results Investor Presentation 35#36As a significant amount of intermittent renewables displaces coal, gas generation firming is expected to be required to underpin a reliable, affordable and low emissions energy system Forecast NEM capacity to 2050, Step Change scenario¹ GW 150 125GW Additional VRE capacity by 20501 120 90 90 60 60 30 0 16 Current capacity Total in the chart may not add due to rounding AEMO 2022 ISP Step Change Scenario; VRE = Variable Renewable Energy 1. 2. AER State of the Energy Market 2022; 2021 data apa 141 Wind Utility-scale Solar 70 70 70 2049-50 • The ISP forecasts the need for over 125GW of additional VRE capacity by 2050 to meet demand as coal-fired generation withdraws¹ Coal generation still accounts for 67% of electricity generation in the NEM (excluding South Australia)² More than half of the capacity underpinning this to exit the NEM by 20301 Gas generators will be essential as they can be turned on within minutes to support intermittent renewable energy generation • APA FY23 Results Investor Presentation 36#37Energy reliability under Australia's 2030 renewable energy target is unlikely to be achieved without gas 100% 4% 80% 67% 60% 40% 20% 29% NEM excluding SA(1) 35% 38% 18% Firming generation required 2% 15% 31% 4% 82% 41% 35% Western Australia(2) UK(3) Future Australian Energy Market Note: % of generation output, by fuel source. Percentages may not total 100 due to rounding. (1) AER State of the Energy Market 2022; 2021 data. Eastern Australia includes Queensland, New South Wales (including the Australian Capital Territory), Victoria and Tasmania (excludes South Australia). (2) OpenNEM; 2022 data (3) Statistical Review of World Energy 2023; 2022 data. apa Australian Government Renewable Energy Target 2030 Gas Coal Nuclear Other Renewables APA FY23 Results Investor Presentation 37#38Case Study: Gas power generation (GPG) forecasted demand is increasing in the South West Interconnected System (SWIS) in WA as renewables come online and coal exits 1 Firming the accelerated build out of renewables and exit of coal SWIS gas demand for generation of electricity is now forecast to grow from 127 TJ/day in 2023 to 304 TJ/day in 2032, with scheduled coal retirements replaced with renewables firmed with gas apa 1. Western Australia SWIS forecasted gas power generation consumption¹ TJ/day 350 300 250 200 150 100 MUJA 6 closure 2024 (193MW) Collie closure 2027 (318MW) MUJA 7 & 8 closure 2029 (415MW) 50 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2021 WA GSOO 2022 WA GSOO 2022 AEMO Western Australia Gas Statement of Opportunities December 2022 2022 WA Gas Statement of Opportunities (GSOO) follows accelerated coal retirement announcement 2021 WA GSOO prior to Synergy's accelerated coal retirements APA FY23 Results Investor Presentation 38#39Case Study: Continued demand for gas in Western Australia to support minerals processing and industrial requirements 2 Powering essential Australian industry, manufacturing and minerals processing The 2022 WA GSOO sees continued demand for gas to support minerals processing and industrial requirements in the absence of a commercially or technically viable hydrogen industry 3 Powering remote-grid systems / industries and displacing carbon intensive fuels • Retiring diesel can help industries decarbonise their operations Renewable power generation can be firmed with gas to achieve a reliable and low emissions energy solution Gas demand (TJ/day) 1,400 1,200 1,000 800 600 400 200 Western Australia forecasted gas demand by usage category¹ apa 1. 2022 AEMO Western Australia Gas Statement of Opportunities December 2022 Distribution Industrial Mining Mineral processing Electricity generation 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 APA FY23 Results Investor Presentation 39#40apa Outlook Badgingarra Wind and Solar Farms 05#41The energy transition will present significant growth opportunities driving us to balance distributions with investing for growth and investing in the business APA is pursuing growth opportunities in select asset classes Contracted Renewables and Firming Electricity Transmission We are supporting Australia's energy transition through investment in Gas Transportation Investing in growth • • Opportunities presented by Australia's energy transition Disciplined investments in growth to create value for our securityholders, our customers and our communities Investing in our business • • Maintaining our assets and social licence to operate Improving our foundations to facilitate growth, drive business resilience and deliver our climate objectives Sustainable capital strategy • FY24 DPS guidance of 56.0 cps¹ Future Energy • Striking the right balance between distribution growth and facilitating long-term value-accretive growth • Maintaining investment grade credit ratings 1. Distribution guidance is subject to asset performance, macroeconomic factors, regulatory changes as well as timing of distributions from non-100% owned assets, with distributions to be determined at the Board's discretion. It does not take into account the impact of any potential acquisitions or divestments by APA and any associated funding arrangements, other than the acquisition of Alinta Energy Pilbara and the associated Placement and Security Purchase Plan announced today. apa APA FY23 Results Investor Presentation 41#42apa Q and A Session Diamantina Power Station W 06#43Directlink apa Closing remarks وده 07#44In FY23, we continued to strengthen communities through responsible energy Diamantina Power Station apa Delivered another year of solid EBITDA and distribution growth Completed infrastructure projects critical to delivering reliable energy supply for our customers and communities We refreshed our strategy and have the Executive Leadership Team in place to capture the growth opportunities that the energy transition presents APA FY23 Results Investor Presentation 44#45apa Supplementary Financials 08 Mondarra Gas Storage and Processing Facility#46APA is well positioned to benefit from rising inflation Revenue Drawn debt Majority of APA's fixed revenue is indexed to inflation(1) Fully hedged/fixed with average maturity of 5.7 yrs (2) Inflation escalation (4) CPI linked revenue Other revenue Commentary Drawn debt hedged or fixed at 30 June 2023 Approx. timing of inflation linked revenue escalation • A mix of annual and quarterly inflators in Australia Annual Quarterly Access Arrangements . EBITDA High EBITDA margins(3) Underlying EBITDA as % of revenue Costs as % of revenue WGP US revenue is adjusted for US inflation indices annually from 1 January each year. The adjustment is based on a blend of the US Consumer Price Index (CPI) and US Producer Price Index (PPI) from the previous 12 months to November Notes: (1) Contracts within Australia that contain inflation linked escalations typically apply a formula based on either quarterly, bi annual or annual Australian Consumer Price Index (CPI). (2) As at 30 June 2023 (3) For FY23 excluding passthrough revenue (4) For Australian fixed revenue contracts apa APA FY23 Results Investor Presentation 46#47Historical underlying EBITDA by asset - Energy Infrastructure $ million East Coast Grid Wallumbilla Gladstone Pipeline South West Queensland Pipeline Moomba Sydney Pipeline Victorian Systems Roma Brisbane Pipeline Carpentaria Gas Pipeline Other Qld assets Northern Territory Amadeus Gas Pipeline South Australia SESA Pipeline and other SA assets East Coast total (incl WGP) FY23 FY22 FY21(1) FY20(1) FY19(1) 620 578 550 539 542 262 245 233 254 250 126 136 152 161 149 129 142 113 54 48 35 24 2228 29 2222 102 114 52 57 58 30 37 23 20 14 17 23 20 20 19 1 1 2 2 2 1,265 1,224 1,178 1,188 645 646 628 649 1,191 649 East Coast total (excl WGP) Western Australia Goldfields Gas Pipeline 177 167 155 150 125 Eastern Goldfields Pipeline 59 54 51 51 46 Mondarra Gas Storage and Processing Facility 41 36 37 36 34 Pilbara Pipeline System 28 27 26 28 28 Other WA assets 5 2 6 3 Western Australia Total 305 289 271 271 236 Electricity Generation and Transmission Diamantina Power Station Badgingarra Wind and Solar Farms Emu Downs Wind and Solar Farms Darling Downs Solar Farm Gruyere Power Station Basslink & Others Electricity Generation and Transmission Total Total 110 109 35 39 30 27 12 11 12 8 24 223 194 1,793 1,707 1,624 $8h༄°་སྐྱ 94 89 91 32 34 15 27 25 23 14 16 11 7 3 175 171 1,630 143 1,570 (1) The comparative information has been restated as a result of the payroll review. For further information refer to APA Group's FY22 Annual Report. apa APA FY23 Results Investor Presentation 47#48Revenue and EBITDA by geography $ million Revenue Energy Infrastructure Queensland New South Wales Victoria South Australia Northern Territory Western Australia Energy Infrastructure total Asset Management FY23 FY22 Change ($) Change (%) (1) 1,330 1,240 90 7.3% 167 167 - 220 211 9 4.3% 1 2 (1) -50.0% 28 28 462 434 28 6.5% 2,208 2,082 126 6.1% 114 115 (1) -0.9% Energy Investments 23 28 (5) -17.9% Other non-contracted revenue 8 13 (5) -38.5% Total segment revenue 2,353 2,238 115 5.1% Pass-through revenue 512 496 16 3.2% Wallumbilla Gas Pipeline hedge accounting discontinuation (37) (15) (22) -146.7% Interest income on basslink debt investment 50 12 38 316.7% Basslink AEMC Market Compensation 15 - 15 20 1 19 n.m. 2,913 2,732 181 6.6% Unallocated revenue Total revenue Underlying EBITDA Energy Infrastructure Queensland New South Wales Victoria South Australia Northern Territory Western Australia Energy Infrastructure total Asset Management Energy Investments Corporate costs Underlying EBITDA (1) Positive/negative changes are shown relative to impact on profit or other relevant performance metric; n.m. = not meaningful apa 1,121 1,046 75 7.2% 126 138 153 143 1 1 15 17 377 362 1,793 1,707 56 73 དྡྷེ⌘#8, =ཅེ (12) -8.7% 10 7.0% -11.8% 15 4.1% 5.0% (17) -23.3% 23 28 -17.9% (147) (116) 1,725 1,692 (31) 33 -26.7% 2.0% APA FY23 Results Investor Presentation 48#49EBITDA bridge to Free Cash Flow $ million Underlying EBITDA (2) less Equity Accounted Earnings Underlying EBITDA Excluding Associates/JV's Change in Working Capital/other Cash impact of Non Operating Items/Other(3) Gross Operating Cash Flow plus Dividends from Associates and JV's Proceeds from repayment of finance Lease Net Interest Tax Operating Cash Flow SIB CAPEX Material Technology Transformation Projects (4) Free Cash Flow(5) FY23 FY22 % Change(1) 1,725 1,692 2.0% (23) (28) -17.9% 1,702 1,664 2.3% 9 10 -10.0% (64) (21) 204.8% 1,647 1,653 -0.4% 19 27 -29.6% 1 1 (439) (441) -0.5% (22) (43) -48.8% 1,206 1,197 0.8% (193) (130) 48.5% 57 14 307.1% 1,070 1,081 -1.0% (3) €23 (1) (2) Positive/negative changes are shown relative to impact on profit or other relevant performance metric. Excluding non-operating and significant items (4) 45 (5) Represents costs associated with technology transformation projects to develop and uplift the organisation capabilities, including SaaS customisation and configuration costs incurred during implementation, which were previously capitalised prior to the publication of the IFRIC Agenda decision in April 2021. The $64m comprises: $57m of Strategically Significant Transformation Projects, $9m of SaaS implementation costs, as well as other non-operating items including payroll review costs, Basslink integration costs and Basslink AEMC market compensation. Non-operating expenses relating to Strategically Significant Transformation Projects added back to calculate Free Cash Flow Free Cash Flow (FCF) is Operating Cash Flow adjusted for strategically significant transformation projects, less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. FCF supports APA's operations and the maintenance of capital assets. apa APA FY23 Results Investor Presentation 49#50FY23 Capital and investment expenditure $ million Growth capex Regulated Description of major projects FY23 FY22 Western Outer Ring Main (WORM), Winchesea Compressor; Access Arrangement Allowed Expenditure 242 80 68 Non-Regulated - East Coast Gas - West Coast Gas - Electricity Generation and Transmission East Coast Grid Stage 1, Kurri Kurri Gas Lateral 172 129 Northern Goldfields Interconnect 300 217 - - Customer contribution projects and others Dugald River Solar Farm; Gruyere Power Grid VIC estate, road and rail projects 113 76 18 33 845 523 Total growth capex SIB capex - Asset Lifecycle capex - IT Lifecycle capex Total SIB capex Foundation capex - Technology and Other capex - Corporate Real Estate 161 123 32 7 193 130 10 18 22 17 Total Foundation capex 32 35 Total capital expenditure - Acquisitions and Investments Total capital and investment expenditure 1,070 689 110 587 1,180 1,276 The capital expenditure shown in this table represents payments for property, plant and equipment as disclosed in the cash flow statement, and excludes accruals brought forward from the prior period and carried forward to the next period. Represents stay-in- business capital expenditure not recoverable from customers and/or regulatory frameworks. APA FY23 Results Investor Presentation 50 apa#51Solid balance sheet and capital position 536 350 1,544 550 500 500 1,3292 1,0252 1,109 1,018 928 700 742 774 4502 452 200 133 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 Corporate Liquidity AUD Syndicated Loan Australian MTN Sterling MTN EUR MTN JPY MTN US 144a Notes 1) APA debt maturity profile as at 30 June 2023 2) The USD denominated obligations have been translated at the spot USD:AUD FX rate, 0.6664 apa BBB/Baa2 ratings with stable outlook • FFO/Net Debt of 10.6% providing significant headroom to fund growth and support capital management No material debt refinancing obligations until FY25 Average cost of debt in FY23 4.4% Average maturity 5.7 years Drawn debt is 100% hedged or fixed $1.6b of undrawn facilities APA FY23 Results Investor Presentation 51#525 year normalised financials Financial Performance Revenue Revenue excluding pass-through(1) Underlying EBITDA (2) Total reported EBITDA (3) Depreciation and amortisation expenses Reported EBIT(3) FY23 FY22 FY21 FY20 FY19 $m 2,913 2,732 2,605 2,591 2,452 $m 2,401 2,236 2,145 2,130 2,031 $m 1,725 1,692 1,629 1,650 1,570 $m 1,686 1,630 1,639 1,652 1,565 $m (750) (735) (674) (651) (611) $m 936 895 965 1,001 954 Net interest expense(3) $m (459) (483) (505) (508) (497) Significant items - before income tax $m 28 (397) Income tax expense (including significant items) $m (190) (180) (62) (184) (175) Statutory net profit after tax (including significant items) $m 287 260 1 309 282 Significant items - after income tax $m 20 (278) Net profit after tax (excluding significant items) $m 287 240 279 309 282 Financial Position Total assets Total drawn debt(4) Total equity Cash Flow Operating cash flow(5) Free cash flow (6) Key financial ratios $m 15,866 15,836 14,742 15,994 15,429 $m 11,240 11,146 9,666 9,984 9,352 $m 1,910 2,629 2,951 3,200 3,584 $m 1,206 1,197 1,051 1,088 1,007 $m 1,070 1,081 902 957 894 Earnings/(loss) per security including significant items cents 24.3 22.1 0.1 26.2 23.9 Earnings/(loss) per security excluding significant items cents 24.3 20.4 23.7 26.2 23.9 Free cash flow per security cents 90.7 91.6 76.4 81.1 75.7 Distribution per security cents 55.0 53.0 51.0 50.0 47.0 Funds From Operations to Net Debt(7) % 10.6 11.1 11.0 12.1 10.7 Funds From Operations to Interest Times 3.3 3.6 3.1 3.2 3.0 Weighted average number of securities m 1,180 1,180 1,180 1,180 1,180 (1) (2) (3) Pass-through revenue is offset by pass-through expense within EBITDA. Any management fee earned for the provision of these services is recognised as part of asset management revenues. Underlying earnings before interest, tax, depreciation, and amortisation ("EBITDA") excludes recurring items arising from other activities, transactions that are not directly attributable to the performance of APA Group's business operations and significant items Excludes significant items. (4) (5) (6) (7) APA's ability to repay debt at relevant due dates of the drawn debt facilities. This amount represents the actual debt outstanding in Australian dollars at period end. The methodology of calculating debt has changed, for details refer to the Financing Activities section of APA Group's FY23 Annual Report. Operating cash flow = net cash from operations after interest and tax payments. Free cash flow is Operating Cash Flow adjusted for strategically significant transformation projects, less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. The credit metric ratios are now calculated to be more closely aligned with credit rating agency methodology (FY22 comparative has also been restated). Based on the previous methodology, FFO/Net debt was 11.5% for the 12 months to 30 June 2022. FFO/Interest is unchanged at 3.6 times for the 12 months to 30 June 2022. apa APA FY23 Results Investor Presentation 52#53apa Regulatory Dynamics Diamantina Power Station 09#54Regulation of Australian gas pipelines APA pipelines by regulation type Full regulation pipelines Light regulation pipelines Non-scheme pipelines Partly full regulation/non-scheme pipelines During FY23 approximately 8.2% of APA's Energy Infrastructure revenues were subject to regulated outcomes. Gas pipelines in Australia are regulated under the National Gas Law (NGL) and National Gas Rules (NGR) by the Australian Energy Regulator (AER) or the Economic Regulation Authority of Western Australia (ERA). On 2 March 2023, amendments to the NGL and NGR were proclaimed and came into effect across all states except Western Australia. Prior to these amendments (and ongoing in WA), the NGL and NGR established 2 regulatory pipeline frameworks: 1. Scheme pipelines (NGR Parts 8-12) subject to either: - Full regulation with regulator approved tariffs and terms and conditions; or - Light regulation where pipeline owners publish services and prices and comply with information provision requirements. 2. Non-Scheme pipelines (NGR Part 23) where tariffs and terms are negotiated between parties. The 2 March 2023 amendments to the NGL and NGR discontinue light regulation and transition to a: • 'heavier' form of regulation, based on the current full regulation for scheme pipelines; or • 'lighter' form of regulation, based on the previous Part 23 (now Part 10) regime for non scheme pipelines. In practice, pipelines currently subject to full regulation are not expected to experience much change. APA's non-scheme pipelines and pipelines previously subject to light regulation will transition to the new 'lighter' form of regulation. Following on from this legislative change, the regulator will now have the power to determine the form of regulation to apply to a particular pipeline. In effect, this means that the AER can decide to apply full regulation to non-scheme pipelines. The AER would then have the role of approving capital and operating expenditure and rates of return under five year access arrangement proposals. APA will also be required to publish actual contracted prices across its pipeline network. Further changes to the information disclosure framework will take place from FY25, under a new Pipeline Information Disclosure Guideline, currently under development. apa 54 APA FY23 Results Investor Presentation#55Regulation of Australian gas pipelines (continued) Schedule of regulatory reset dates for APA Current regulatory period 2023 2024 2025 2026 2027 2028 Vic Transmission System(1) Goldfields Gas Pipeline Amadeus Gas Pipeline Roma Brisbane Pipeline (2) Access arrangement Reference tariff Regulated revenue Regulated asset base (RAB) . Apply for a term, generally 5 years Set out the terms and conditions of third party access, including At least one reference service that is commonly sought by customers for pipelines, this is generally firm forward-haulage services A reference (benchmark) tariff for the reference service Provides a default tariff for customers seeking the reference service but tariffs can also be negotiated for other services Determined with reference to regulated revenue, capacity and volume forecasts Determined using the building block approach to recover efficient costs including: Forecast operating and maintenance costs Regulatory asset depreciation and Return on value of regulated assets (regulated asset base) based on WACC determination Current rate of return guideline was released in February 2023 WACC based on 60:40 debt equity split Opening RABS have been settled with the regulator; there are no reassessments for approved RABS RABS adjusted every access arrangement period Increased by capital invested into the asset and reduced by regulatory depreciation costs (1) Victorian Transmission System access arrangement from 1 January 2023 to 31 December 2027 (2) Roma Brisbane Pipeline access arrangement from 1 July 2022 to 30 June 2027 ара APA FY23 Results Investor Presentation 55#56apa Appendix Badgingarra Wind Farm 10#57APA is a leading Australian energy infrastructure business playing a key role in the transition of Australia's energy system Delivering secure, reliable and affordable energy Diverse energy infrastructure portfolio • Operating critical infrastructure to deliver energy to • residential and commercial users, generators and industrial customers Progressing the expansion of the East Coast Grid to bring gas to southern markets ahead of forecast shortfalls Gas infrastructure Power Generation H Transmission(1) • Building new energy solutions such as the NGI to support resources and industrial growth in WA IIII >15,000 km transmission pipelines Decarbonising our energy system • • Investing in electricity transmission and REZS to support decarbonisation Supporting customer decarbonisation via renewable energy solutions and microgrids Participating in hydrogen projects via our Pathfinder program Creating value Storage 12,000 tonnes LNG 18 PJ gas A Renewable energy (1) 342 MW Wind 251 MW Solar Gas fired (1) 440 MW Electricity Transmission • Earnings stability from highly contracted and regulated operations Maintaining investment discipline, a competitive cost of capital and a strong balance sheet to fund growth Distribution (2) >29,500 km gas mains and pipelines >1.5 million gas customers >600 km high voltage electricity transmission(1) including 290 km deep-sea cable (1) Includes 100% of assets operated and/or under construction by APA Group, which form part of Energy Investments segment, including SEA Gas, Ell and Ell2 (each partially owned) (2) Includes 100% of assets operated by APA Group in Queensland, New South Wales, Victoria and South Australia apa APA FY23 Results Investor Presentation 57#58Existing APA operational footprint diversified across a range of energy infrastructure assets APA PORTFOLIO OF ASSETS AND INVESTMENTS Pipeline Gas Processing and Storage Wind Farm 3 Amadeus Gas Pipeline (inc laterals) 27 Dandenong (680TJ/12000) 44 Badgingarra (130 MW) 13 Berwyndale Wallumbilla Pipeline 18 Kogan North (12T.J/d) 42 Emu Downs (80 MW) 1 Bonaparte Gas Pipeline 46 O Mondarra (18PJ) 32 North Brown Hill (132 MW) 9 Carpentaria Gas Pipeline (inc laterals) 22 Central Ranges Pipelines Gas Distribution Key 23 Central West Pipeline 16 Allgas Gas Network APA Group asset 37 Eastern Goldfields Pipeline 50 Australian Gas Networks 47 Goldfields Gas Pipeline 38 Kalgoorlie Kambalda Pipeline 40 Mid West Pipeline 24 Tamworth Gas Network Electricity Transmission 20 Moomba Sydney Pipeline (inc laterals) 19 Directlink 21 Moomba to Sydney Ethane Pipeline 31 Murraylink 28 Mortlake Gas Pipeline 53 Basslink 39 Northem Goldfields Interconnect APA Group distribution network asset APA Group investment Investment distribution network APA Group managed asset (not owned Managed distribution network Other natural gas pipelines 45 Parmelia Gas Pipeline Generation 48 Pilbara Pipeline System 17 12 Reedy Creek Wallumbilla Pipeline 6 Daandine (30 MW) Diamantina (242 MW) 15 Roma Brisbane Pipeline (inc Peat lateral) 33 Gruyere (47 MW) 30 SEA Gas Pipeline 7 Leichhardt (60 MW) 29 SESA Pipeline 5 10 South West Queensland Pipeline 4 X41 (41 MW) 49 Telfer/Nifty Gas Pipelines and lateral 35 25 Victorian Transmission System 14 Wallumbilla Gladstone Pipeline (inc laterals) Solar Farm 2 Wickham Point Pipeline 43 36 Yamarna Gas Pipeline 11 Badgingarra (19 MW) Darling Downs (108 MW) 51 Kurri Kurri Lateral Pipeline (KKLP) 41 Emu Downs (20 MW) 52 Western Outer Ring Main (WORM) 34 Gruyere Solar Farm (13.2 MW) 8 Thomson (22 MW) Gruyere Battery Station (4.4 MW/MWh) Dugald River Solar Farm (88 MW) * Acquired October 2022. Under construction Wind farm Solar farm LNG plan Battery storage Gas storage facility Gas processing plant Gas power station Integrated Operations Centre apa 2 Darwin 1 Katherine 3 48 49 Mount Isa 4 8 Karratha 47 ២៥ 35 34 Gruyere Yarmana 36 33 40 46 39 Tropicanal 37 43 38 Kalgoorlie 44 45 41 Perth 42 Alice Springs 50 Gladstone 13 14 17 Romal 10 12- Wallumbilla Brisbane Ballera 11 Moomba 15 16 18 IOC 19 20 21 32 24 22-> Tamworth 51 23 Lithgow Kurri Kurri Sydney Griffith 31 30 25 Adelaide Canberra Bendigo 52 29 Ballarat Albury 27 28 Melbourne Airport Melbourne Melbourne 53 Hobart APA FY23 Results Investor Presentation 58#59Diversified business model Characteristics of Energy Infrastructure (El) revenue: • Solid risk management processes in place Manage counterparty risks by: Diversification of customers and industry exposures -88% Take or pay/ regulated FY23 Energy Infrastructure by Revenue Type Capacity charge revenue ⚫ Regulated revenue ⚫ Contracted fixed revenue Throughput charge & other variable revenue ⚫ Flexible short-term services • Other Assessment of counterparty creditworthiness Entering into stable contracted revenue to support major capital spend 77% 8% 10% pe de de de de de 3% 1% 1% FY23 Energy Infrastructure Revenue by Counterparty Credit Rating 1 ● A-rated or better 44% ~85% investment grade BBB to BBB+ rated Investment grade 34% 7% ● Not rated 10% ● Sub-investment grade 5% FY23 Energy Infrastructure Revenue by Customer Industry Segment ● Energy 46% Diverse source of revenue ⚫ Utility ⚫ Resources 25% 25% ●Industrial & other 4% APA FY23 Results Investor Presentation 59 1. An investment grade credit rating from either S&P (BBB- or better) or Moody's (Baa3 or better), or a joint venture with an investment grade average rating across owners. Ratings shown as equivalent to S&P's rating scale. ара#60Group structure • • APA Group is listed as a stapled structure on the Australian Securities Exchange (ASX:APA) APA is comprised of two registered managed investment schemes: - APA Infrastructure Trust (ARSN 091 678 778) - APA Investment Trust (ARSN 115 585 441) is a pass-through trust APA Group Limited (ACN 091 344 704) is the responsible entity of APA Infra and APA Invest The units of APA Infra and APA Invest are stapled and must trade and otherwise be dealt with together • APA Infrastructure Limited (ABN 89 009 666 700), a company wholly owned by APA Infra, is APA's borrowing entity and the owner of the majority of APA's operating assets and investments Financial reporting segments within APA Infrastructure • Energy Infrastructure: APA's wholly or majority owned energy infrastructure assets Asset Management: provision of asset management and operating services for the majority of APA's investments, legacy operating agreement for AGN distribution networks, and incidental services on behalf of third parties Energy Investments: interests in energy infrastructure investments ара APA Infrastructure Trust (APA Infra) I Group Structure APA Group Limited (Responsible Entity) APA Infrastructure Ltd 100% Operating assets and investments APA Infra 30% tax -70% Tax Structure APA Group APA Investment Trust (APA Invest) Passive investments -30% APA Invest 0% tax APA FY23 Results Investor Presentation 60#61For further information Andrew Gibson General Manager, Investor Relations M: +61 437 169 292 E: [email protected] www.apa.com.au Michael Cox Head of Media Relations & Financial Communications M: +61 429 465 227 E: [email protected] www.apa.com.au apa boo