Origin Energy 2022 Half Year Results

1 Origin Energy 2022 Half Year ResultsHalf year ended 31 December 2021 Frank Calabria, CEO & Lawrie Tremaine, CFO17 February 2022217 February 20222022 Half Year Results Review-Lawrie Review-Frank Calabria317 February 20222022 Half Year Results AnnouncementIntroductionFrank Calabria, CEO417 February 20222022 Half Year Results AnnouncementHY2022 financial summaryStatutory Profit/(Loss)$(131) million( ) cpsReflecting impairment and capital gain tax expense associated with 10% sale of APLNGU nderlying ProfitUp $41 million reflecting higher oil, partly offset by impact of lower electricity retail tariffsFree Cash FlowDown $320 million with lower earnings and higher working capitalUnderlying EBITDAA djusted Net DebtUp $494 million from June-2021, driven by Octopus equity payments and working capitalInterim dividendunfranked$335 million$268 cps$ cps(HY2021: cps)66% of HY2022 Free Cash FlowAll comparisons relate to HY2021 unless stated from $1,154 million in HY2021$1,099 million517 February 20222022 Half Year Results AnnouncementShaping Our Business for a Transforming Energy Landscape Positive outlook for Energy Markets: Tailwinds from higher wholesale electricity prices, partially offset by higher Energy procurement costs Improving gas margins off the back of higher domestic gas prices in the second half 2022 Continuing to transform the Retail business to deliver low cost, market leading customer experience Strategic investment in Octopus continues to create value Continued outperformance of APLNG: Strong field and operating performance Record revenues and cash generation with higher commodity prices, and low development costs Well positioned to lead in a rapidly changing Energy market Accelerating our exit from coal-fired power Origin Zero.

2 Partnering with our customers to decarbonise their Energy >200MW VPP connected assets and >100,000 connected services Balance sheet flexibility post 10% APLNG sell down 617 February 20222022 Half Year Results AnnouncementShaping our business for a changing Energy landscapeSale of 10% interest in APLNGC rystalise value and strengthen balance sheet Octopus EnergyExposure to global Energy retailer & technology companyEraring/batteryDecarbonise and position Energy supply for the futureOrigin ZeroTailored customer decarbonisation solutionsSay on ClimateOngoing decarbonisation commitment linked to strategy RetailSuperior customer service modelCleaner Energy portfolio -Customer led -Convergence of Energy and technology717 February 20222022 Half Year Results AnnouncementSale of 10% interest in APLNG opportunity to crystalise value Agreement executed to sell 10% of APLNG for net proceeds of ~$2 billion ConocoPhillips exercised its pre-emption rights on the same terms Transaction completion expected in the first half of CY2022 Retain existing two APLNG board seats and upstream

3 Operatorship Retain upside to further value creation through a continuing shareholding817 February 20222022 Half Year Results AnnouncementNotice provided to potentially close Eraring from 2025-51015202530354020222023202420252026 2027202820292030 TWhNSW Roadmap -EnergyEraring GenerationAEMO Estimated Roadmap Renewables BuildNSW Renewables Legislated Minimum Growth in renewable Energy challenges Eraring s financial viability Assuming any closure, Eraring Energy expected to be replaced by lower cost renewable generation under the NSW Roadmap by 2025-26. New capacity additions should more than cover the firm capacity provided by Eraring Closure timing of all four units will be determined closer to 2025 Source: AEMO IIO Report December 2021 Source: AEMO NSW Energy Security Target Report November 2021, and Origin Analysis1) 33,600 GWh is the NSW Consumer Trustee s estimate of the renewable generation required to meet the NSW Roadmap s minimum objective of 12 GW of renewables by 31 December 2029; the estimate of the new renewable generation by year is the renewable generation resulting from the NSW Consumer Trustee s proposed Development Pathway 2) Derated renewables are calculated from expected NSW Roadmap capacity, derated using the NSW Energy Security Target MonitorReport (EST) methodology of renewable firmness.

4 This is based on a POE90 expected output of for wind and for solar at time of maximum demand01,0002,0003,0004,0005,0006,0007,0 008,0009,000 EraringStorageGasSnowy 1SA-NSWI nterconnectorDeratedRenewablesEraringBat terySnowy 2 DeratedRenewablesRoadmapStorageCapacity MWNSW Capacity OutlookCommitted and expected by Summer of 2026 Committed and expected by Summer of 2027 Legislated prior 2030 Online by 2026 if required122917 February 20222022 Half Year Results AnnouncementOur priority is to support our people and local communities A transition planforour people will focus on: Training, skills and career planning Redeployment opportunities Funding the completion of all currentapprenticeships and traineeships Health and wellbeingsupport Also committed to: Prioritisingsite employees forfuture long-term site operational roles Working with contractors, suppliers andvendors as part of any long-term transition plan. Continuing our community supportto 2032 with a$5 million commitment over 10 years.

5 Keeping local, state and federal governments informed1017 February 20222022 Half Year Results Announcement12:30 AM3:30 AM6:30 AM9:30 AM12:30 PM3:30 PM6:30 PM9:30 PM3:00 AM6:00 AM9:00 AM12:00 PM3:00 PM6:00 PM9:00 PM12:00 AM2:30 AM5:30 AM8:30 AM11:30 AM2:30 PM5:30 PM8:30 PM11:30 PM$/MWhTime of DayNSW Average Half Hourly Prices202220252030 Battery storage proposed for Eraring siteSource: Origin analysis As coal retires and is replaced by renewable generation we expect increased frequency of low or negative prices (similar to South Australia) Battery storage, pumped hydro and gas peaking portfolios are well placed to support renewables generation growth Progressing plans for a 700MW battery storage at Eraring with excellent transmission access. Phase 1 is 460 MW Will actively participate in the NSW Government Electricity Infrastructure Roadmap auction for long-duration storage development We remain disciplined on capital investment in replacement capacity Current restoration and rehabilitation provision for Eraring site is ~$240 million expenses expected to be incurred over several years post closureBatteryPrice Arbitrage1117 February 20222022 Half Year Results AnnouncementDelivering on our emissions goals In 2021, the International Energy Agency (IEA)

6 Recommended advanced economies phase out coal fired power plants by 2030 Origin has always recognised we have an important contribution to help Australia decarbonise First Australian company to set independently verified science-based emissions targets Committed to shareholder vote on climate change reporting at 2022 AGM, including plan to update emissions reduction targets consistent with a C pathway Potential Eraring closure is a significant step in progressing the decarbonisation of our business and achieving our long-term ambition to be net-zero emissions by 2050, and the Australian government s net-zero ambition02468101214162017201820192020202 1202220232024202520262027202820292030203 12032million tonnes of CO2eEraring EmissionsHistoric EmissionsForecast Emissions1217 February 20222022 Half Year Results AnnouncementDelivering for our stakeholders in HY2022 Our CustomersOur CommunitiesOur PeopleOur Planet spike (demand response) growing to ~69k customers APLNG supplying ~30% of east coast gas demand Over 850k customers now migrated to Kraken platform Supporting customers through Power On hardship program VPP assets grown from 98 MW to 205 MW over last 13 months TRIFR , up from at June 2021 with a higher level of major maintenance works Focus on preventing serious harm through HSE learning 35% women in Senior Leadership roles Continued COVID support.

7 Embracing hybrid working Named in Australia s Top 3 best workplaces to Give Back2 Shareholder vote on climate change reporting at 2022 AGM Updating emissions targets to a C pathway Accelerating exit from coal Progressing battery proposal Progressing hydrogen and ammonia opportunities Signed our first Origin 360 EV Fleet customers Regional procurement increased to 19% total procurement spend >$ million Indigenous supplier spend Ongoing engagement with Native Title holders and support of local community in the Beetaloo >23% of employees participated in volunteering $ million contributed by the Origin Energy Foundation1)Rolling 12 months at Dec 2021; compared to at June 20212)In GoodCompany s list of the Top 40 Best Workplaces to Give Energy right1317 February 20222022 Half Year Results AnnouncementFinancialReviewLawrie Tremaine, CFO1417 February 20222022 Half Year Results AnnouncementStrong commodity prices drive higher underlying profitLower wholesale electricity tariffs, higher cost of Energy and gas procurement costs, partly offset by recovery of network cost and repricing of customer tariffsPrimarily reflecting non repeat of unfavourable FX movements and lower ERP spendOil hedge position moved to loss from gain on higher commodity prices, explorationwrite-off in Cooper-Eromanga and Canning Lower tax expense on lower Energy Markets earnings and Origin oil hedge loss Higher realised oil prices and spot LNG prices.

8 Partly offset by higher operating expenseLower depreciation charge reflects lower asset base following FY2021 generation asset impairment22726822259156367HY22HY21EM EBITDAIG -Share of APLNG profit408IG -other EBITDA8 Corporate EBITDAD epreciation & amortisationOtherMovements in underlying Profit ($m)11)Includes $10m ITDA relating to Octopus February 20222022 Half Year Results AnnouncementMajor accounting adjustmentsStatutory Loss of $131 million for HY2022 was driven primarily by the impacts of the divestment of the 10% share of APLNGAPLNG Sale Non-cash impairment of APLNG ($193 million): Recognised to reduce the carrying value of the assets sold to the expected net proceeds of $1,998 million No impairment of remaining This charge will be partially offset by a release of $105 million from the foreign currency translation reserve on completion(expected Q3 FY2022) Net capital gains tax ($173 million): Reflecting tax expense on the divestment. No significant cash tax payment is expected as a result of offsetting tax deductionsDeferred tax liability recognition Non-cash net deferred tax liability ($39 million): Reversal of booked deferred tax liability associated with 10% interest being divested ($178 million) Increased deferred tax liability reflecting the expectation of higher future distributions from APLNG ($217 million)1617 February 20222022 Half Year Results AnnouncementStrong APLNG cash flow1)Cash generation (APLNG 100%) is calculated as operating cash flow plus investing cash flow.

9 2)Assuming realised JCC oil price of US$73/bbl before hedging, an average AUD/USD rate of and assuming all APLNG debt serviceability tests are met. Origin hedges losses estimated to be $155 > $ billion(Net of hedging)APLNG estimated distribution to Origin and Origin oil hedging2 $ billion1 cash generated in HY2022,reflecting strong commodity prices and lower capex APLNG held $ billion of cash at December 2021 $555m cash distribution to Origin from APLNG in HY2022 > $ billion2 distributions estimated to Origin in FY2022, net of Origin oil hedging ~19 mmboe (or 97%) of FY2022 oil exposure priced at ~US$73/bbl before hedging, as at January 202220406080100120(200) 200 600 1,000 1,400 FY19A$102/bbl FY20A$101/bbl FY21A$58/bbl FY22A$100/bblA$/bbl$mAPLNG distributionOrigin oil hedgingRealised oil price before hedging (RHS)Forecast FY2022 realised oil price before hedging (RHS)1717 February 20222022 Half Year Results AnnouncementFree Cash Flow down $320 million($m)HY22HY21 ChangeCash from operating activities (79)669 (748)Cash distributions from APLNG555 265 290 Capital expenditure(215)(172)(43)Acquisitions/di sposals(261)

10 (47)(214)Net interest paid(112)(122)10 Free Cash Flow incl major growth(112)594 (706)Major growth (Octopus Energy )29761236 LNG Cargo Adjustment150-150 Free Cash Flow 335 655 (320) Lower earnings from Energy Markets ($367 million) Higher working capital due primarily to timing of LNG cargo delivery ($150 million inflow in January) Oil hedging and LNG trading losses compared with prior period gains ($175 million) Capital spend higher due to Eraring outage ($42 million) and increased E&A activity ($23 million) Includes Kraken implementation ($37 million) Deferred and contingent consideration for Octopus ($188 million) Follow-on investment in Octopus ($72 million) Positive adjustments for the purpose of dividend payout1817 February 20222022 Half Year Results AnnouncementBalance sheet flexibility restored Committed to maintain Baa2 rating Expected to be at lower end of Adjusted Net Debt/EBITDA 2-3x range post 10% sale in APLNG Financial resilience to commodity cycle and capital management flexibility Estimated FY2022 net interest saving $45-65 million1 Unfranked dividend of cps determined 66% of H1 FY2022 Free Cash Flow2and annualised dividend yield of Partial franking expected to be restored in FY2023 Continue to target 30-50% Free Cash Flow payout1)Settlement of 10% sale in APLNG assumed Q3 FY20222)Free Cash Flow is defined as cash from operating activities and investing activities (excluding major growth projects), less interest paid3)Calculated based on past 12 months declared dividends and 30 day VWAP of $ per share as at 15 February - Net Debt / EBITDA Adj.