Investor Presentaiton

Non-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

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