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Investor Presentaiton

EBITDA 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
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