APA GROUP — Investor Presentation 2021

Aug 24, 2021

Australian Pipeline Ltd ACN 091 344 704 | Australian Pipeline Trust ARSN 091 678 778 | APT Investment Trust ARSN 115 585 441 Level 25, 580 George Street Sydney NSW 2000 | PO Box R41 Royal Exchange NSW 1225 Phone +61 2 9693 0000 | Fax +61 2 9693 0093 APA Group | apa.com.au

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25 August 2021

ASX ANNOUNCEMENT

APA Group (ASX: APA)

FINANCIAL RESULTS PRESENTATION

APA Group provides the attached financial results presentation for the full year ended 30 June 2021.

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Authorised for release by Nevenka Codevelle

Company Secretary Australian Pipeline Limited

For further information, please contact:

Investor enquiries: Mark Ley General Manager, Investor Relations Telephone: +61 2 8044 7045 Mob: +61 419 491 712 Email: Mark.Ley@apa.com.au

Media enquiries: Ben Pratt General Manager, External Affairs & Reputation Telephone: +61 2 9228 8300 Mob: +61 419 968 734 Email: Ben.Pratt@apa.com.au

About APA Group (APA)

APA is a leading Australian Securities Exchange (ASX) listed energy infrastructure business. We own and/or manage and operate a diverse, $21 billion portfolio of gas, electricity, solar and wind assets. Consistent with our purpose to strengthen communities through responsible energy, we deliver approximately half of the nation’s gas usage and connect Victoria with South Australia and New South Wales with Queensland through our investments in electricity transmission assets. We are also one of the largest owners and operators of renewable power generation assets in Australia, with wind and solar projects across the country.

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APT Pipelines Limited is a wholly owned subsidiary of Australian Pipeline Trust and is the borrowing entity of APA Group.

For more information visit APA’s website, apa.com.au.

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Results for the full year ended 30 June 2021

25 August 2021

disclaimer

This presentation has been prepared by Australian Pipeline Limited (ACN 091 344 704) as responsible entity of the Australian Pipeline Trust (ARSN 091 678 778) and APT 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 Australian Pipeline Limited is not licensed to provide financial product advice in relation to securities in the 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. 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' and other similar expressions and include, but are not limited to, forecast EBIT and EBITDA, operating cash flow, distribution guidance and estimated asset life.

APA Group believes that there are reasonable grounds for these forward looking statements and due care and attention have 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.

Investors should form their own views as to these matters and any assumptions on which any forward-looking statements are based. APA Group assumes no obligation to update or revise such information to reflect any change in expectations 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 nonIFRS financial measures include 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 "nonGAAP 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 nonGAAP 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.

Acknowledgement: Certain icons used in the presentation were designed by Freepik, Icongreek26, Nikita Golubev, Eucalyp and Srip from Flaticon.

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APA FY21 Results Investor Presentation

Solid financial and operational performance

• Solid financial performance in challenging market conditions, confirming APA’s resilient business model

• Revenue up 0.7%, underlying EBITDA down 1.3%*

• Profit after tax of $3.7m, driven by significant items including the $249.3 million non-cash Orbost impairment charge and $148.0 million in finance costs associated with bond note redemptions

• Free Cash Flow down 5.7% largely as a result of non-recurring items in the prior period

• Distribution growth reflects positive long term growth outlook

• FY21 distribution of 51 cps, 2% increase on FY20

• FY22 distribution guidance of 53 cps, 3.9% increase on FY21

• Debt refinancing activities have strengthened the balance sheet and lowered ongoing interest costs

• Improved our safety performance and maintained reliable operations

• Refreshed our strategy in pursuit of our vision to be world class in energy solutions

• Launched our Sustainability Roadmap and ambition to achieve Net Zero operational emissions by 2050

• Significant growth in the organic development pipeline , now in excess of $1.3 billion, including East Coast Grid expansion, up from $1.0 billion at 1H21

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Note: *Revenue excluding pass-through and underlying EBITDA excludes significant items

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APA FY21 Results Investor Presentation

Relentless focus on safety and proven reliability in operations

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99.9%
Reliable
Gas transmission
Infrastructure
nominations delivery
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>97% Gas transmission compressors average reliability

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~98% Availability factor with 810 GWh of renewable energy

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30% reduction
Safety
in Total Recordable
forefront of
Injury Frequency
our focus
Rate (TRIFR)
Improvements in contractor safety
16
12
8.8 Contractor
8
6.3 APA overall
4 4.6 Employee
0
FY17 FY18 FY19 FY20 FY21
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APA FY21 Results Investor Presentation

Strong progress executing strategy

• Gas, electricity and Growth pipeline in excess of $1.3b renewables infrastructure • Achieved $600m FID in FY21,

• in Australia and North 4 times more than FY20

• America

• East Coast Grid expansion providing energy security to the Australia's largest industry and community markets

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• Technology to manage supply alternatives during maintenance

Respond to the changing needs of our customers and communities

• Support during COVID with flexible terms, fee relief and no disconnections program

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• Launched Stakeholder Advisory Panel to help inform business initiatives

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Next generation energy technologies (Pathfinder Program)

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Disciplined investments and maintaining a strong balance sheet

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• Gruyere Hybrid Energy Microgrid

• Parmelia Hydrogen Project phase 1 complete

• NSW Hunter Hydrogen project

• Raised $2.2 billion of new debt facilities, lowered cost and extended the tenor of our debt

• Refreshed distribution policy, delivering sustainable returns whilst maintaining capital to fund growth

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APA FY21 Results Investor Presentation

Growing organic growth pipeline supporting energy security needs

East Coast Grid Expansion

Northern Goldfields Interconnect

Kurri Kurri Lateral Pipeline

• Increasing winter peak capacity up to 25% through two-staged expansion

• Delivering energy security for southern gas markets ahead of forecast supply risks

• Capital investment up to $270 million

• A new 580km pipeline that increases capacity to the Goldfields region

• Deliver double the capacity compared to the same cost of expanding GGP

• Capital investment of ~$460 million

• Development of gas supply to the Hunter Power Project including lateral pipeline, compressor station and storage pipeline

• Improving energy security and helping reduce emissions

• FID for APA’s scope expected by Q4 CY22

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APA FY21 Results Investor Presentation

Gas continuing to play a critical role in supporting the energy transition

2021 CEDA keynote address

• ….Gas firming is currently invaluable , since it can be called on for short periods or long. It’s incredibly flexible ……

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Critical energy source

• High heat source for hard-to-abate industrial sectors

• Essential for energy security

• Preferred source of fuel for residential heating and cooking

• Perfect companion for renewables

• …..dispatchable generation like this unlocks many multiples of low-cost renewable

• generation capacity into the market, by

providing the security for when the sun isn’t shining, the wind isn’t blowing, and other storage can’t bridge the gap …..”

Daniel Westerman, AEMO CEO

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Flexible dispatchable generation to support renewable generation and energy system requirements

Gas powered generation can ramp up quickly and support gaps in the energy network

• South Australia: renewables drought during mid May 2021

• Victoria: flooding of Yallourn Power Station and production issues at Longford gas plant

• Queensland: failure of one of the generation units at Callide Power Station

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APA FY21 Results Investor Presentation

APA investing in the energy transition

Gruyere Hybrid Energy Microgrid

• Combined gas, renewable energy and battery storge energy solution

• Providing energy security whilst lowering emissions

• Capital investment ~$38 million

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Mica Creek Solar Farm

• Active engagement with customers to develop a solar farm of capacity

• Further strengthening the energy security of the Mt Isa region

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Parmelia Hydrogen Project

• Phase 1 testing confirms technical viability of the pipeline to transport hydrogen

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Materials Hydrogen
testing testing
Operational
Commercialisation
testing
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8

APA FY21 Results Investor Presentation

Strengthening communities through responsible energy development

Case study: Gibson Island Rehabilitation Project

Stakeholder Advisory Panel

APA contributed to the introduction of over 1,000 native plants

Community engagement sounding board, including:

• Council of Small Business of Australia

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• St Vincent de Paul

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• National Native Title Council

• Australian Energy Council

• Clean Energy Finance Corporation

• Energy Users Association of Australia

• Chamber of Minerals and Energy of Western Australia

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APA FY21 Results Investor Presentation

Supporting a sustainable future, including a Net Zero 2050 ambition

Net Zero ambition

Social Performance

• Announced ambition for net zero operations emission by 2050

• Development of interim targets underway (to be announced in FY22)

• Launched Sustainability Roadmap, setting the framework for our sustainability direction and focus until 2024

• Developed a Climate Change Management Framework

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Positive active engagement with First Nations' communities, with mutually beneficial outcomes including:

• Embedding social performance KPIs in our Northern Goldfields Interconnects supplier agreements

• Returned more than 2,200 cultural heritage artefacts to their ancestral locations on the Victorian Northern Interconnect Expansion Project

• Our first school-based traineeship with Clontarf at Toowoomba

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APA FY21 Results Investor Presentation

Investing in the community and our people

Community engagement

• A more flexible approach to landholder engagement during COVID-19 increased total landholder contact visits to over 10,000

• Community Investment Program contributed over $700,000 supporting communities in times of need including:

• Red Cross Natural Disaster Fund

• Rural Aid

• Biz Rebuild

• Fred Hollows Foundation Indigenous Australia Program

People

• Increased senior leadership female representation by almost 7% and launched our Inclusion and Diversity Strategy for 2020 – 2025

• An employer of choice:

• Ranked 8th Most Popular Intern Employer

• Recognised as a Top 100 Graduate Employer

• Progressed our second cohort through APA’s Ignite program to build capability in our emerging leaders

• Launched our national Apprenticeship Program

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APA FY21 Results Investor Presentation

Our people are the key to our success

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12

APA FY21 Results Investor Presentation

Financial performance Adam Watson Chief Financial Officer

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APA FY21 Results Investor Presentation

FY21 financial summary

Solid financial performance in challenging market conditions, confirming APA’s resilient business model

• Revenue up 0.7%, underlying EBITDA down 1.3% and FCF down 5.7%*

$2.1 billion

Revenue excluding pass-through up 0.7%

• Higher resources customer demand in the West Coast

• Lower industrial and commercial demand in the East Coast

• Softer recontracting in challenging market conditions

• Operating cost growth in line with inflation

• Corporate cost growth driven by investment in strategic growth opportunities, investment in capability and higher insurance / compliance costs

$1.6 billion

Underlying EBITDA down 1.3%

• Free Cash Flow impacted by non-recurring FY20 distribution received from subsidiaries, higher tax payments and costs associated with the scheduled Diamantina Power Station overhaul

Reported results impacted by accounting changes and significant items

• $249 million non-cash pre-tax impairment for the Orbost Processing Plant

• $148 million of finance costs associated with bond note redemptions

$902 million

Free Cash Flow down 5.7%

• $18 million non-cash mark to market movements for renewables business

• $8 million of cloud based technology costs now reported as operating costs

Strengthened balance sheet and capacity to fund growth

• $2.2 billion debt refinanced, lowering ongoing interest costs and extending debt tenor

• Increased funding flexibility with refreshed distribution policy

51.0 cents

Distribution per security up 2.0%

Note: *Revenue excluding pass-through, underlying EBITDA excludes significant items.

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APA FY21 Results Investor Presentation

FY21 results summary

Results $ million	FY21	FY20(1)	Change	Key Drivers
Revenue(2)	2,144.5	2,129.5	0.7%	Moderaterevenue growth
				Softer recontracting, higher investment in strategic development
Underlying EBITDA(3)	1,633.0	1,653.9	(1.3%)	opportunities and capability, higher insurance and compliance
				costs
Fair value and other adjustments	10.0	2.1	376.2%	Higher non-cash mark-to-market movements for renewable assets,SaaS costs now expensed but consistentyear-on-year
Total reported EBITDA(3)	1,643.0	1,656.0	(0.8%)
Depreciation and amortisation	(674.4)	(650.8)	3.6%	Larger depreciable asset base
Total reported EBIT(3)	968.7	1,005.2	(3.6%)
Net interest expense	(504.8)	(507.8)	(0.6%)	Lower average interest costs in 4Q21
Profit before tax excludingsignificant items	463.9	497.4	(6.7%)
Income tax expense(3)	(182.1)	(185.6)	(1.9%)	Consistent average tax rate
Profit after tax excludingsignificant items	281.8	311.7	(9.6%)
Significant items after tax(4)	(278.1)	-		Impairment in relation to Orbost Gas Processing Plant and finance costs associatedwithbondnoteredemptions
Profit after tax includingsignificant items	3.7	311.7	(98.9%)
Free Cash Flow(5)	901.9	956.6	(5.7%)	One-off SEA Gas distribution and shareholder loan interest of $39million in FY20
Distributionper security (cents)	51.0	50.0	2.0%	66.7% payout ratio in line with 60% to 70% target

• 1) FY20 is restated as a result of a change in the APA Group's accounting policy following the IFRIC Agenda Decision published in April 2021 related to accounting for SaaS arrangements. 2) Excludes pass-through revenue on which no margin is earned.

• 3) Excluding significant items

• 4) $249.3 million non-cash pre-tax impairment in relation to Orbost Gas Processing Plant and $148.0 million one-off finance costs associated with bond note redemptions. Total pre-tax impact $397.3 million.

• 5) Free Cash Flow is Operating Cash Flow less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs.

15

APA FY21 Results Investor Presentation

FY21 EBITDA

Key Drivers

• Tariff escalation impacted by lower CPI during FY21

• Operational revenue reduction consistent with 1H21:

• Softer contract renewals and reduced industrial and commercial volumes across the East Coast

• Positive operational revenue from West Coast mining regions and Diamantina Power Station

• New assets contribution from Orbost Gas Processing Plant

• Improved Asset Management contribution driven by major projects in Northern Territory and Western Australia

• Cost analysis provided on Slide 17

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$1,653.9m $22.2 m $1.4m ($41.4m) $21.4 m $ 17.0 m ( $4.8m ) ($ 10.8 m) ($25.9m) $1,633.0m
FY20 Underlying Tariff escalation FX rate - revenue Operational New assets Asset Mgt Energy Operations and Corporate costs FY21 Underlying
EBITDA - revenue revenue Investment maintenance EBITDA
costs
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16

APA FY21 Results Investor Presentation

FY21 operating expenditure

Key Drivers

• New assets contribution from Orbost Gas Processing Plant since August 2020

• Operations and maintenance cost growth consistent with inflation

• Asset Management costs favourable following system upgrades in FY20

• Greater investment in development opportunities and strategic capability, including the Pathfinder Program, project evaluation costs and investments in sustainability, community engagement and cyber security.

• Other corporate costs impacted by increases in insurance premiums, higher compliance costs and costs associated with the development of APA’s new leadership team

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$508.7m
$9.0m
$10.8m ($12.8m) $16.9m
$472.9m $11.9m
FY20 Underlying Opex New asset Operations and Asset Management Strategic development Other corporate costs FY21 Underlying Opex
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FY20 Underlying Opex New asset Operations and
operating costs maintenance
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Asset Management Strategic development
and capability investment
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17

APA FY21 Results Investor Presentation

FY21 Free Cash Flow and distributions

Key Drivers

• Non-recurring distribution and interest income from SEAGas in FY20

• Higher tax payments due to increased taxable income

• Higher interest paid impact with Orbost interest no longer capitalised

• Favourable working capital management including construction capital contribution received

• Higher Stay-In-Business (SIB) capex due primarily to the scheduled Diamantina Power Station overhaul

FY21 distributions

• FY21 final distribution of 27.0 cps

• FY21 total distributions of 51.0 cps, up 2%

• Payout ratio of 66.7%

$956.6m ~~($~~ 39.0m) $917.6m $42.0m $901.9m ~~($~~ 20.9m ~~) $6.0m (~~ $13.4m ~~) ($~~ 11.2m ~~) (~~ $18.1m ~~)~~ FY20 one-off Underlying Underlying Equity Tax Paid Interest Working SIB Capex FY21 FCF FCF distribution FY20 EBITDA Income and Paid (net) Capital FCF Distributions Normalised received (net)

Distribution policy

• Payout ratio of 60-70% of Free Cash Flow

• • Fully funds maintenance capex

• • Supports appropriate level of funding for organic growth capex

• • Comfortably supports BBB / Baa2 credit ratings

Note: Free Cash Flow is Operating Cash Flow less SIB capex (SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs)

18

APA FY21 Results Investor Presentation

FY21 capital expenditure

$ Million	FY21	FY20(1)
Growth Capex
Regulated	50.2	46.5
Non-Regulated
East Coast Gas	47.9	184.2
West Coast Gas	106.5	8.3
Power Generation	51.0	34.0
Other	27.9	14.7
Total growth capex	283.5	287.7
Stay-In-Business (SIB) capex	134.6	109.5
IT capex	14.4	21.4
Total capital expenditure	432.5	418.6

Key drivers:

Major growth capex projects:

• Western Outer Ring Main project

• Wallumbilla Hub capacity upgrade

• Orbost Gas Processing Plant improvements

• Northern Goldfields Interconnect project

• Eastern Goldfields Pipeline capacity expansion

• Lake Way Gas Lateral for Salt Lake Potash

• Karlawinda Gas Lateral for Capricorn Metals

• Thomson Power Station construction

• Gruyere Power Station expansion including Hybrid Energy Microgrid

Major stay-in-business Capex:

• Scheduled overhaul on the Diamantina Power Station

Notes:

• 1) FY20 is restated as a result of a change in the APA Group's accounting policy following the IFRIC Agenda Decision published in April 2021 related to accounting for SaaS arrangements.

19

APA FY21 Results Investor Presentation

Growing organic growth pipeline, now in excess of $1.3 billion

	FY22	FY23	FY23	FY24
Select major growth projects
Northern Goldfields Interconnect Gruyere Hybrid Energy Microgrid ECG Expansion stage 1 & 2 Western Outer Ring Main Kurri Kurri Pipeline		$460m $167m		$270m
	$38m

Notes: *East Coast Grid expansion stage 2 and Kurri Kurri Pipeline subjected to final investment decision

20

APA FY21 Results Investor Presentation

Strong balance sheet to support growth

Benefits of the $2.2bn debt refinance in March 2021:

• Issued at an average tenor of 11 years and all-in cost of 3.5%

• Annualised FY22 interest cost reduced to 4.8% from 5.2%[(1)]

• Average term to maturity of APA's drawn debt portfolio increased to 7.8 years from 6.4 years

• Interest rate exposure fully fixed or hedged

• $148m one-off refinance cost associated with bond note redemptions

• Balance sheet strength and $1.9bn in cash and undrawn facilities provides the capacity for strategic acquisitions

• Commitment to investment grade credit ratings - S&P: BBB (Stable), Moody’s Baa2 (stable)

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Undrawn committed facilities DCM bonds
Bank borrowings USD DCM bonds
536
50
650
1,428 1,396
1,109 1,140
500 879 928 1,018
735 742 774
133 452
381
200
50
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
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Note: 1) Assumed the liability management exercise of refinancing $2.2 billion of debt in March 2021 has a full 12-month impact and excludes one-off interest charge, Average interest rate applying to drawn debt excluding one-off interest charge was 5.08% in FY21

21

APA FY21 Results Investor Presentation

Strong long-term outlook supporting ongoing distribution growth

Near term growth in Free Cash Flow

Distribution policy supporting growth

Ongoing investment to drive growth

• Lower ongoing interest costs following execution of Liability Management exercise in March 2021

• Tax deductibility of bond note redemption costs benefitting FY22 tax paid

• Immediate tax write-off for investments in assets ready-for-use before 30 June 2023

• Recent above the trend inflation will improve earnings and cash flows

• Recent growth in organic development capex to benefit earnings and Free Cash Flow from FY23

• Targeted payout ratio of 60-70% of Free Cash Flow

• Fully funds SIB maintenance capex

• Supports appropriate level of funding for organic growth capex

• Supports BBB / Baa2 credit ratings

• FY22 distribution guidance of 53 cents per security, up 3.9% on FY21

• Ensuring growth is enduring and sustainable

• Building high performance capability within APA

• Supporting business development opportunities with investment in project evaluation costs and in-house

capability

• Strengthening our commitment to sustainability and our ambition to achieve net zero operations emissions by 2050

• Ensuring systems and processes are safe, reliable, efficient and scalable

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APA FY21 Results Investor Presentation

Capital strategy complements strong investment fundamentals

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Stable business operations
and solid cash flow
conversion
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Enhanced investor
Strong distributions (60% to
engagement and
70% of free cash flow)
communication
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High level of liquidity reflects prudent treasury policies and supports growth funding

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Low cost of capital and Strong balance sheet
strong demand for APA enhanced by recent liability
credit management exercise
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APA FY21 Results Investor Presentation

Summary and Outlook

Rob Wheals CEO and Managing Director

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APA FY21 Results Investor Presentation

Results summary and outlook

FY21 Summary

• Solid FY21 financial performance in challenging market conditions, confirming APA’s resilient business model

• Improved our safety performance and maintained reliable operations

FY22 Outlook

• FY22 distribution per security 53.0 cps, a 3.9% increase on FY21

• Backdrop:

  • Changing energy market dynamics

• Secured $600 million of organic growth opportunities in FY21, 4 times more than FY20

• $2.2 billion refinancing activity delivering sustainable Free Cash Flow accretion and further strengthening our balance sheet

• Ambition to achieve Net Zero operations emissions by 2050

• Increasing demand for flexible supply arrangements

• Lower organic growth capex in prior years

• Continued investment in areas such as development, process automation and governance

• Organic growth capex expected to exceed $1.3 billion over FY22-24, up from $1.0 billion at 1H21

.

25

APA FY21 Results Investor Presentation

Strategy and capability to deliver our vision

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Strategy Growth opportunities Technology and innovation
Aligned with purpose and vision Pipeline growing and now Pathfinder Program
and targeted at energy in excess of $1.3 billion, up delivering new energy
infrastructure growth markets from $1.0 billion at 1H21 infrastructure solutions
Strengthening capability Strong balance sheet Strengthening communities
Ongoing investment to Strong balance sheet having Net Zero 2050 ambition
ensure the business is recently extended the tenor of
Responsible energy solutions
highly efficient and scalable debt and lowered interest costs
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26

APA FY21 Results Investor Presentation

Supplementary information

27

APA FY21 Results Investor Presentation

APA overview

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APA FY21 Results Investor Presentation

Proven success as a leading Australian energy infrastructure business

The drivers of our success to date

Diverse energy infrastructure portfolio

• Consolidated pipeline assets across Australia over the past 20 years

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over the past 20 years Gas infrastructure Power Generation
−
Built the East Coast Grid
Transmission [(1)] Renewable energy [(1)]
− Acquired Wallumbilla Gladstone Pipeline 15,425 km transmission 342 MW Wind
pipelines 149 MW Solar
•
Diversified into other energy asset classes (solar
and wind) Gas fired [(1)]
Storage
440 MW
• Highly contracted and regulated revenues 12,000 tonnes LNG
18 PJ gas
• Electricity transmission
Skills and capability in infrastructure operations
and development
Processing
243 km high voltage lines [(1)]
•
Low cost of capital 90 TJ/day processing plants
Distribution [(2)] US
>29,500 km gas mains and
pipelines Entry: regulated gas or
integrated gas and electricity
>1.4 million gas customers
utilities
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(1) Includes 100% of assets operated by APA Group, which form part of Energy Investments segment, including SEA Gas and EII (partially owned)

(2) Includes 100% of assets operated by APA Group in Queensland, New South Wales, Victoria and South Australia

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APA FY21 Results Investor Presentation

Existing APA operational footprint diversified across a range of energy infrastructure assets

Assets

Gas pipelines, processing & storage Gas-fired generation Renewables generation Electricity transmission

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Customers Servicing ~100 wholesale and >1.4 million network customers

Operations >1,200 employee spread across more than 50 locations in Operations & Maintenance, Engineering, Health, Safety & Environment and Networks operations

Note: Gruyere Hybrid Energy Microgrid is under construction

30

APA FY21 Results Investor Presentation

Low risk business model

• Solid risk management processes in place

• Continue to manage counterparty risks by:

• Diversification of customers and industry exposures

• Assessment of counterparty creditworthiness

• Entering into stable contracted revenue to support major capital spend

Energy Infrastructure revenue by

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Revenue type 10.7% Capacity charge
2.6%
Regulated
7.8%
~88% Contracted fixed
Take or Throughput & other variable
pay/ Flexible short term
regulated Other
77.8%
Customer 9.0%
A- rated or better
credit rating
11.9% BBB to BBB+ rated
Investment grade
~91% 43.3%
Not rated
Investment
Grade Sub-investment grade
35.5%
Customer Energy
industry 23.9% Utility
Diverse Resources
48.3% Industrial & Others
Source of
revenue
24.6%
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31

APA FY21 Results Investor Presentation

Group 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:

• Australian Pipeline Trust (ARSN 091 678 778)

• APT Investment Trust (ARSN 115 585 441) is a pass-through trust

• Australian Pipeline Limited (ACN 091 344 704) is the responsible entity of APT and APTIT

Group Structure

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Australian Pipeline Trust APT Investment Trust
(APT) (APTIT)
Australian Pipeline Limited
(Responsible Entity)
APT Pipelines Ltd 100%
Operating assets
Passive investments
and investments
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• The units of APT and APTIT are stapled and must trade and otherwise be dealt with together

• APT Pipelines Limited (ABN 89 009 666 700), a company wholly owned by APT, is APA’s borrowing entity and the owner of the majority of APA’s operating assets and investments

Financial reporting segments within APT:

• 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

• Energy Investments: interests in energy infrastructure investments

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Tax Structure
APT APTIT
30% tax 0% tax
~74% ~26%
APA Group
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32

APA FY21 Results Investor Presentation

Note: *Percent of net tangible asset

Financial Metrics

33

APA FY21 Results Investor Presentation

Historical financial performance

Underlying EBITDA

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$1,654 $1,633
$1,574
$1,518
$1,470
FY17 FY18 FY19 FY20 FY21
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Total Asset

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$15,994
$15,046 $15,227 $15,429 $14,743
FY17 FY18 FY19 FY20 FY21
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Free Cash Flow

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$957
$905 $919 $894 $902
FY17 FY18 FY19 FY20 FY21
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Distribution

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50c 51c
47c
45c
44c
FY17 FY18 FY19 FY20 FY21
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APA FY21 Results Investor Presentation

Revenue and underlying EBITDA by business segment

$ Million	FY21	FY20(1)	FY19(1)	FY18(1)	FY17
Revenue
EnergyInfrastructure
East Coast Gas	768.6	771.5	766.9	760.6	764.4
West Coast Gas	328.8	323.2	289.0	263.6	261.4
Wallumbilla Gladstone Pipeline	552.3	541.6	545.3	518.4	490.4
Power Generation	339.6	337.5	297.9	258.7	254.7
Total Energyinfrastructure	1,989.3	1,973.7	1,899.1	1,801.3	1,770.8
Asset Management	113.8	112.4	94.4	108.5	86.4
Energyinvestments	30.9	35.7	28.4	23.1	24.4
Underlying EBITDA(2)
EnergyInfrastructure
East Coast Gas	627.5	648.8	650.4	655.3	643.6
West Coast Gas	270.8	271.5	236.4	214.1	212.3
Wallumbilla Gladstone Pipeline	549.7	538.9	542.4	515.9	488.0
Power Generation	174.6	170.6	143.3	111.8	109.8
Total Energyinfrastructure	1,622.6	1,629.8	1,572.4	1,497.1	1,453.7
Asset Management	80.3	63.3	53.0	66.2	58.7
Energyinvestments	30.9	35.7	28.4	23.1	24.4
Corporate costs	(100.8)	(75.0)	(80.1)	(67.9)	(66.7)

Notes: Numbers in the table may not add up due to rounding.

• 1) Restated as a result of change in the APA Group's accounting policy following the IFRIC Agenda Decision published in April 2021 related to accounting for SaaS arrangements. 2) Excludes significant items

35

APA FY21 Results Investor Presentation

Underlying EBITDA by state

$ million	FY21	FY20(1)	Change		Key drivers
Queensland	995.0	1007.9	(1.3%)	•	Softer contract renewals
New South Wales	151.5	160.8	(5.8%)	•	Lower contracted capacity
Victoria & South Australia	115.8	104.2	11.1%	•	Orbost Gas Processing Plant contribution started in August 2020
Northern Territory	22.7	19.9	14.3%	•	New gas transportation agreement
Western Australia	337.5	337.1	0.1%	•	Higher Goldfields demand offset by network curtailment
Energy Infrastructure total	1622.6	1629.8	(0.4%)
Asset Management	80.3	63.3	26.8%	•	Higher projects related to pipeline relocations
Energy Investments	30.9	35.7	(13.5%)	•	FY20 benefiting from shareholder loan interest income
Corporate costs	(100.8)	(75.0)	34.5%	•	Investments in strategic opportunities, building capability, higher compliance costs and higher insurance premium
Total underlying EBITDA	1633.0	1653.9	(1.3%)

Notes: Numbers in the table may not add up due to rounding.

1) FY20 is restated as a result of change in the APA Group's accounting policy following the IFRIC Agenda Decision published in April 2021 related to accounting for SaaS arrangements.

36

APA FY21 Results Investor Presentation

5 year normalised financials

Financial Performance		FY21	FY20(1)	FY19(1)	FY18(1)	FY17
Revenue	$m	2,605.3	2,590.6	2,452.2	2,386.7	2,326.4
Revenue excluding pass-through(2)	$m	2,144.5	2,129.5	2,031.0	1,941.4	1,888.3
Underlying EBITDA(3)	$m	1,633.0	1,653.9	1,573.8	1,518.5	1,470.1
Total reported EBITDA(3)	$m	1,643.0	1,656.0	1,569.0	1,518.0	1,470.1
Depreciation and amortisation expenses	$m	(674.4)	(650.8)	(611.3)	(578.9)	(570.0)
Reported EBIT(3)	$m	968.7	1,005.2	967.7	939.1	900.1
Net interest expense	$m	(504.8)	(507.8)	(497.4)	(509.7)	(513.8)
Significant items– after income tax	$m	(278.1)	-	-	-	-
Income tax expense	$m	(62.9)	(187.9)	(175.6)	(164.9)	(149.5)
Profit after tax including significant item	$m	3.7	317.1	284.7	264.5	236.8
Financial Position
Total assets	$m	14,742.9	15,994.3	15,429.2	15,226.7	15,045.9
Total drawn debt(4)	$m	9,665.7	9,983.6	9,352.1	8,810.4	9,249.7
Total equity	$m	2,969.2	3,214.9	3,596.1	4,126.5	3,978.2
Cash Flow
Free cash flow(5)	$m	901.9	956.6	893.7	919.0	905.1
Operating cash flow(6)	$m	1,051.0	1,087.5	1,007.3	1,031.1	973.9
Key Financial Ratios
Earnings per security including significant items(7)	cents	0.3	26.4	24.1	23.3	21.2
Free cash flow per security(7)	cents	76.4	81.1	75.7	80.8	80.9
Distribution per security	cents	51.0	50.0	47.0	45.0	43.5
Funds From Operations to Net Debt	%	11.3	12.2	10.7	10.7	10.8
Funds From Operations to Interest	times	3.1	3.3	3.0	3.0	3.0
Weighted average number of securities(7)	m	1,179.9	1,179.9	1,179.9	1,136.9	1,118.5

• (1) Restated as a result of change in the APA Group's accounting policy following the IFRIC Agenda Decision published in April 2021 related to accounting for SaaS arrangements.

(2) Pass-through revenue is revenue on which no margin is earned.

• (3) Excludes significant items

• (4) APA’s liability to repay debt at relevant due dates of the drawn facilities. This amount represents current and non-current borrowings as per balance sheet and is adjusted for deferred borrowing costs, the effect of unwinding of discount, unrealised foreign exchange differences reported in equity and deducting other financial liabilities that are reported as part of borrowings in the balance sheet.

(5) Free cash flow is operating cash flow less SIB capex (SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs)

(6) Operating cash flow = net cash from operations after interest and tax payments.

• (7) On 23 March 2018, APA Group issued 65,586,479 new ordinary securities, resulting in total securities on issue of 1,179,893,848. The weighted average numbers of securities from FY2016 to FY2018 have been adjusted to account for that rights issue

37

APA FY21 Results Investor Presentation

Historical underlying EBITDA by asset – Energy Infrastructure

$ millions	FY21	FY20	FY19	FY18	FY17
East Coast Grid
Wallumbilla Gladstone Pipeline	549.7	538.9	542.4	515.9	488.0
South West Queensland Pipeline	232.8	254.4	250.0	244.3	242.4
Moomba SydneyPipeline (1)	151.5	160.8	149.4	147.1	149.5
Victorian Systems	113.4	101.9	114.0	124.6	123.0
Roma Brisbane Pipeline	51.5	56.9	58.4	60.9	58.6
Carpentaria Gas Pipeline	29.0	29.5	36.8	39.0	35.6
Other Qld assets	24.2	23.1	20.7	14.0	13.5
East Coast Grid Total	1,152.0	1,165.5	1,171.5	1,145.7	1,110.5
Northern Territory
Amadeus Gas Pipeline	22.7	19.9	19.2	22.9	18.8
Western Australia
Goldfields Gas Pipeline	155.1	149.9	125.2	111.8	111.5
Eastern Goldfields Pipeline	50.7	51.0	45.6	37.7	36.3
Mondarra Gas Storage and ProcessingFacility	36.9	36.1	33.8	32.8	33.6
Pilbara Pipeline System	25.7	27.6	28.2	27.8	27.5
Other WA assets	2.4	7.0	3.6	4.0	3.4
South Australia
SESA Pipelineand other SA assets	2.4	2.3	2.1	2.6	2.3
Power Generation
Diamantina Power Station	94.3	89.4	90.9	88.3	87.4
Badgingarra Wind and Solar Farms	32.1	33.5	14.7	0.0	0.0
Emu Downs Wind and Solar Farms	26.7	24.8	23.2	23.6	22.4
DarlingDowns Solar Farm	13.6	15.7	11.0	0.0	0.0
Gruyere Power Station	7.9	7.2	3.5	0.0	0.0
Grand Total	1,622.6	1,629.8	1,572.4	1,497.1	1,453.7

Notes: EBITDA excludes significant items (1) Includes other NSW pipelines

38

APA FY21 Results Investor Presentation

Net Profit Before Tax to Cash Tax Reconciliation FY21

Key Drivers $ millions			Source
APA Group Net Profit Before Tax		66.6	Consolidated statement of P&L
add
Accounting depreciation	491.9		Financial statements note 5
Impairment of property plant & equipment (Orbost)	249.3		Financial statements note 5
Amortisation non current assets	182.5	923.7	Financial statements note 13(predominantlycontract amortisation)
less
APTIT profit	(42.9)		Consolidated statement of P&L
Tax depreciation	(715.3)		Tax Transparency Report FY21 (includes $105m immediately deductible capex)
Capitalised interest	(16.2)	(774.6)	Financial statements note 5
add
Miscellaneous		11.9	See Tax TransparencyReport for more detail
Taxable Income		227.6
Less available fraction losses utilised		(51.0)	Current available fraction approximately23%
Adjusted Taxable Income		176.6
Tax @ 30%		53.0
R&D Offset		(3.7)	Financial statements note 6
Frankingcredits		(1.0)	Financial statements note 7
Final Cash Tax		48.3

39

APA FY21 Results Investor Presentation

Debt maturity profile

APA maintains diversity of funding sources and spread of maturities

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Undrawn committed facilities
AUD DCM bonds [(2)]
USD DCM bonds [(3)]
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
536
1,109
1,396 (USD 1,100)
1,018
500 928
1,140 (USD 886) 742 774
650
879 (USD 683)
452
50 200 50
133 381 (USD 300)
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Notes:

1. APA debt maturity profile as at 30 June 2021.

2. Debt capital market (DCM) bonds.

3. USD denominated obligations translated to AUD at the prevailing rate at inception (USD144A - AUD/USD=0.7879, Euro and Sterling - AUD/USD=0.7772).

40

APA FY21 Results Investor Presentation

Energy market dynamics and overview

41

APA FY21 Results Investor Presentation

Australian gas market supply source transformation

AEMO forecast suggest shortfall in Eastern Australia gas production vs demand

New Supply required to meet peak southern demand

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2,000 PJ
2,116 PJ 1,943 PJ
Forecast
demand Northern production 17.2%
1,500 PJ
storage 16.3%
Supply Gap [(1)] 62.4%
1,000 PJ Other 7.6%
Moomba 13.4%
500 PJ
Northern production 20.8%
0 PJ Longford 45.4%
Southern production 16.8%
Developed Committed Anticipated LNG imports Jul-20 Jul-35
Southern Production
2021 2023 2025 2027 2029 2031 2033 2035 2037 2039
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Source: Gas Statement of Opportunities 2021, AEMO, gas production includes export LNG, Central scenario, existing, committed, and anticipated developments, 2021-40 (PJ), Figure 25 - Observed gas supply used to meet peak southern demand in 2020 and Figure 31 - Forecast gas supply relative to southern daily demand, Central scenario, 2035 (TJ/d) Note: (1) includes demands that could be met with LNG receipts

42

APA FY21 Results Investor Presentation

Electricity market transition

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----- Start of picture text -----

AEMO Integrated System Plan 2020
50 GW
Solar
40 GW
30 GW
Wind
20 GW
10 GW
Dispatchable [(1)]
0 GW
Coal
-10 GW
-20 GW
Generation Capacity
2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042
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State based support for continued
renewables investment
Category 1NSW 16%
Category 2QLD 11% 50%
Category 3VIC 22% 50%
Category 4SA 50% 100%
TASTAS [(2)] 95%
0% 50% 100%
FY19 renewables 2030 state based
electricity generation renewables generation
percentage target
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Source: AEMO Integrated System Plan, 2020 central scenario; Australian Energy Statistic update 2020 Table O Electricity generation, by fuel type, by state Note: 1) Dispatchable generation includes utility-scale pumped hydro, gas-powered generation and battery storage 2) Tasmania has a renewable generation target of 200% to 2040

43

APA FY21 Results Investor Presentation

Regulation of Australian gas pipelines

APA pipelines by regulation type

• In FY21, 7.8% of Energy Infrastructure revenue was from full regulated assets

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Full regulation pipelines
Light regulation pipelines
Non-scheme pipelines
Partly full regulation/
non-scheme pipelines
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• Gas pipelines are regulated by the Australian Energy Regulator (AER) or, the Economic Regulation Authority of Western Australia (ERA)

• Australia’s economic regulatory regime for gas pipelines is set out in the National Gas Law (NGL) and the National Gas Rules (NGR). Some of APA’s pipelines have been covered by the National Gas Access Regime since it was introduced in the 1990’s.

• There are currently two frameworks under the NGR:

• 1) Scheme pipelines (NGR Parts 8-12) are subject to either:

   - full regulation, where the AER or ERA must approve a full access arrangement that sets out reference tariffs, terms and conditions in a negotiate-arbitrate framework. Pipeline users can opt for non-regulated services on full regulation pipelines; or
  

  • light regulation, where pipeline owners must publish services and prices and comply with information provision requirements to support negotiations or alternatively seek regulatory approval for a limited access arrangement. A regulatory negotiate-arbitrate mechanism is available in the case of access disputes.

• 2) Non-Scheme pipelines (NGR Part 23) – The Part 23 regime came into effect from August 2017 and provides for tariffs and terms to be negotiated, supported by additional information disclosure and a commercial arbitration mechanism in the event of a dispute.

44

APA FY21 Results Investor Presentation

Regulation of Australian gas pipelines (con’t)

Schedule of regulatory reset dates for APA	2022 2023 2024 2025 2026 Current regulatory period Amadeus Gas Pipeline Roma Brisbane Pipeline Victorian Transmission System Goldfields Gas Pipeline
Access arrangement • 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
Reference tariff • 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
Regulated revenue • 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 • Return is now a binding (defined methodology) rate of return as at Dec 2018 for the next 4 years • WACC based on 60:40 debt equity split
Regulated asset base (RAB) • 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

45

APA FY21 Results Investor Presentation

For further information

Mark Ley General Manager, Investor Relations

M: +61 2 8044 7045 E: mark.ley@apa.com.au www.apa.com.au

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