APA Group Limited ACN 091 344 704 | APA Infrastructure Trust ARSN 091 678 778 | APA 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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9 May 2024

ASX ANNOUNCEMENT

APA Group (ASX:APA)

APA Presentation – Macquarie Australia Conference

APA Group (ASX:APA) provides the attached presentation to be delivered by APA at the Macquarie Australia Conference today.

A copy of the presentation will be available on APA’s website at https://www.apa.com.au/investors/reports-andpresentations/

END

Authorised for release by Amanda Cheney Company Secretary APA Group Limited

For further information, please contact:

Investor enquiries: Media enquiries: Kynwynn Strong Michael Cox General Manager Investor Relations & Capital Head of Media Relations & Financial Communications Telephone: +61 3 9463 8408 Telephone: +61 2 8044 7002 Mob: +61 410 481 383 Mob: +61 429 465 227 Email: [email protected] Email: [email protected]

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, $27 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, Tasmania with Victoria and New South Wales with Queensland through our investments in electricity transmission assets. We also own and operate renewable power generation assets in Australia, with wind and solar projects across the country. APA Infrastructure Limited is a wholly owned subsidiary of APA Infrastructure Trust and is the borrowing entity of APA Group. For more information visit APA’s website, apa.com.au.

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Macquarie Australia Conference 9 May 2024

APA Macquarie Conference Presentation 2024 1

Disclaimer

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: 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 your objectives, financial situation or needs. Before making an investment decision, you 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 forward looking information, including about APA Group, its financial results and other matters, 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 sustainability and 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 or estimates.

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, whether as a result of new information or future events. To the maximum extent permitted by law, APA and its officers do not accept any liability for any loss arising from the use of the information contained in this presentation.

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 reviewed financial statements.

Not an offer: This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security.

APA Macquarie Conference Presentation 2024 2

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Acknowledgement 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.

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Safety share: the Pilbara Energy System integration has allowed a sharing of best practice between the teams to strengthen our safety practices

Pilbara Energy System

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Driver safety

Pilbara Energy System adopting the APA approach to driver safety

Safety signage

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APA is looking to standardise signage that leverages the approach in the Pilbara to their safety signage

APA Macquarie Conference Presentation 2024

APA is Australia’s leading ASX-listed energy infrastructure operator and developer

ASX listed

→ $27bn portfolio of assets[(1)]
→ Market cap of $11bn[(2)]
→ EBITDA of $1.7bn in FY23

Gas infrastructure

→ >15,000 km transmission pipelines[(3)]
→ 12,000 tonnes LNG and 18 PJ of gas storage
→ 29,500 km gas mains and pipelines and >1.5 million gas customers[(4)]

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Power generation[(3)]

→ 342 MW Wind
→ 311 MW Solar
→ 39 MW BESS
→ 884 MW gas fired generation

Electricity infrastructure

→ >800 km high voltage electricity transmission[(3)]
→ 290 km deep-sea electricity cable
Total assets under management as of 1H24

2. $10.97bn as of 7 May 2024

Includes 100% of assets operated and/or under construction by APA Group, which form part of Energy Investments segment, including SEA Gas, EII and EII2 (each partially owned)
Includes 100% of assets operated by APA Group in Queensland, New South Wales, Victoria and South Australia

APA Macquarie Conference Presentation 2024

Investment thesis: Attractive distributions and significant near and long-term growth opportunities

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01 02 03 04 05
Stable business FY24 EBITDA of Attractive distribution Strong pipeline $100bn+ addressable
with over 90% [(1)] of ~$1.9bn [(2)] with high yield of 6.5% [(3)] of FY24-26 growth market for long-term
revenues inflation- EBITDA margins >70% opportunities >$1.8bn [(4)] growth opportunities [(5)]
linked
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1. As of 1H24

EBITDA guidance as per 1H24 is $1,870-$1,910m. FY24 Underlying EBITDA guidance has been provided by APA in light of the recent Pilbara Energy acquisition. APA’s Market Disclosure Policy states that APA does not ordinarily provide earnings guidance or interest guidance, however the ongoing provision of guidance will be considered by the Board at a future time. Underlying EBITDA guidance is subject to asset performance, macroeconomic factors and regulatory changes. It does not take into account the impact of any potential acquisitions or divestments by APA. For further information regarding revenue and cost considerations please reference the 1H24 Results presentation released on ASX on 22 February 2024. Underlying EBITDA guidance is not a predictor or guarantee of future performance and is subject to uncertainties and risks – please see the Disclaimer on page 2.
As per 7 May 2024 security price of $8.55 and distribution guidance of 56c/security for FY24
Estimated 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.
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 Macquarie Conference Presentation 2024

Our strategy is unchanged: we remain focused on the four market segments where we have a competitive advantage

Priority areas

APA's competitive advantages in priority markets

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Remote grid – Contracted Renewables $27bn and Firming Electricity Transmission $57bn Gas Transmission $8bn Carbon Capture & Storage (CCS) $21bn Transmission

Australia's leading independent, Australian listed, energy infrastructure operator and developer

Trusted owner and operator of complex energy infrastructure solutions

Unique ability to bundle energy solutions with support from an extensive gas pipeline network Deep, in-house operational and project delivery expertise

Strong track record in developing linear infrastructure

Existing national footprint with an expansive labour force

Strategic development sites, adjacent to existing infrastructure and customer operations Proven community and landholder engagement capability

Deep customer relationships

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 Macquarie Conference Presentation 2024

Creating securityholder value through the deployment of capital in markets where we can generate attractive financial returns

Indicative returns above our post tax WACC[(1)]

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5%+
0%
Contracted Electricity Gas
Renewables Transmission Transmission
and Firming
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Capital allocation foundations

01 Execute on value accretive growth opportunities with disciplined investment hurdles

02 Allocate capital based on maximising premium to risk adjusted WACC relative to alternatives

03 Maintain investment grade BBB / Baa2 credit ratings

04 Deliver sustainable distributions to securityholders

The returns over post tax WACC are what is targeted when making any Final investment Decision for a particular project.

APA Macquarie Conference Presentation 2024 8

We deliver value through our robust capital allocation framework that drives disciplined prioritisation of initiatives

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Productivity improvements
Investment Organic growth
Strategic acquisitions
Free Cash Flow
(FCF)
Distribution target
60-70% of FCF
Return to
securityholders
Other returns to securityholders
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APA Macquarie Conference Presentation 2024

Focus of today

Growth opportunities

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Timing of growth opportunities

02 Regulatory considerations

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Regulatory review of South West Queensland Pipeline (SWQP)

APA Macquarie Conference Presentation 2024 10

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Growth opportunities

Port Hedland Power Station

We have four large levers for near-term growth

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Electricity Pilbara Transmission

Connecting renewable energy zones to consumers in NSW and Victoria

Decarbonising mining in the Pilbara with renewables, firming and electricity transmission

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Beetaloo

Bringing critical new supply to the Northern Territory and East Coast markets

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Other
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Remote grids, pipeline expansions and gas powered generation

APA Macquarie Conference Presentation 2024 12

Sequencing of growth opportunities supporting the funding of major construction projects

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Illustrative timing: FY2025 FY2030+
Cash flows
Pilbara Construction
Construction Cash flows
Other [ (1)] Construction Cash flows
Electricity Cash
Construction
Transmission flows
Cash
Beetaloo Early works Construction
flows
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Other includes gas power generation and gas transmission

APA Macquarie Conference Presentation 2024

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Regulatory considerations

Badgingarra Wind farm South West Queensland Pipeline

The AER is reviewing the form of regulation for the South West Queensland Pipeline

In FY23, the SWQP contributed 12% to APA’s revenues[(1)]

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SWQP
12%
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The AER now has the power to initiate a process to review the form of regulation applied to major pipelines

Mar 2023: Changes to National Gas Law

Feb 2024: AER initiates a form of regulation review on the SWQP, given its significance to the East Coast Grid

Mar 2024: Public submissions to the AER

Nov 2024: Final decision expected on form of regulation review

If the AER decides to change the form of regulation on SWQP

The current review process moves into an access arrangement process
Any access arrangement process is unlikely to be completed until FY28 at the earliest
Total revenue excluding passthrough

APA Macquarie Conference Presentation 2024 15

We believe we have a strong case for maintaining the status-quo, with published submissions supporting a no change position for the SWQP regulatory framework

Returns on the SWQP are not excessive

No exercise of market power
Detailed price information published

Strong customer relationships

Current form of regulation is working
Customers are supportive of current regulatory regime
No customer has sought to use arbitration regime (that has been in place since 2017)

Existing arrangements support investment

Customer concern that additional regulatory intervention may stifle investment
This could impact future supply of domestic gas

All the published submissions support APA’s view that regulatory uncertainty is having a chilling effect on investment

No published submissions recommended that the AER should change the regulatory framework that applies to the SWQP

APA Macquarie Conference Presentation 2024 16

The regulatory review occurs at time when urgent investment in the East Coast Grid is required to prevent capacity shortfalls

Substantial shift in the recognised role of gas

When the legislation was being drafted the role of gas was uncertain. Today the role of gas and the need for investment is widely recognised to address security of supply issues and keep costs low for consumers.

AEMO’s 2020 GSOO

“Supply from existing and committed gas developments will be sufficient to meet forecast gas demand across eastern and southeastern Australia until at least 2023.”[(1)]

AEMO’s 2024 GSOO

“New investment [in gas infrastructure] is urgently needed if gas supply from 2028 is to keep up with demand from homes and businesses, and for gas-powered electricity generation.”[(2)]

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Kurri Kurri Lateral Pipeline
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2020 GSOO 2. 2024 GSOO

APA Macquarie Conference Presentation 2024 17

If LNG import terminals are the alternative to domestic gas supply, we are likely to see increased energy costs and emissions, leaving Australian gas users exposed to global prices

Relying on LNG imports to address winter supply shortages is expected to significantly increase energy prices

If LNG imports set the price of gas all year, industrial customers along the East Coast could see prices double[(2)]

If LNG imports set the price for gas in winter, it is estimated:

That the median residential gas bill for a Victorian consumer would increase by circa $143 per annum (7% increase)[(1)]
An industrial customer’s gas bill will increase by 14% in Victoria, and 25% in NSW

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$25
55% 101%
$20
$15
$10
$5
$-
Melbourne Sydney
Domestic Production LNG Imports
($/GJ)
Gas Price
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Frontier Economics: LNG Imports on End User Prices using AEMO GSOO pipeline tariffs (15 Mar 24)
$143 per annum is APA”s estimate that references the median bill as per the Essential Services Commission Victoria, Victorian Energy Market Report, September 2023

APA Macquarie Conference Presentation 2024

A dependency on LNG imports would put us back to 2021 when global LNG export prices were driving the price of domestic wholesale gas

Comparison of east coast gas market, NEM and LNG netback prices[(1)]

AER State of the energy report 2023

“ Following a noticeable increase from late March, when prices are usually subdued before winter, spot market prices from May 2022 reached record highs . This reflected a series of overlapping factors, including:

high international gas prices and changes to global supply and demand conditions, strengthening the incentive for producers to export LNG rather than supply into the domestic market
significant demand from gas-powered generators due to other supply-side constraints in the NEM
demand pressures arising from residential heating demand in southern states following a particularly cold start to winter.”

“We… observed a substantial jump in the price of offers, with prices in international markets translating into higher contract prices sooner than users had expected.

Users also told us that they faced increased risk of closure and long-term demand destruction due to much higher prices for contract offers and record high spot prices. ”

AER State of the energy market 2023

ACCC Chair, 7 Sep 2023[(2)]

Speech on “The new Gas Market Code: industry's responsibilities and the ACCC's role”; Energy and Resources Law Association Conference, ACCC Chair address, 7 September 2023

APA Macquarie Conference Presentation 2024 19

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& A Q

Directlink

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Appendix

Badgingarra Wind Farm

APA’s operational footprint is across a range of energy infrastructure assets

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APA Macquarie Conference Presentation 2024 22

Diversified business model

Characteristics of APA’s Energy Infrastructure (EI) revenue:

Risk management policies and processes
Manage counterparty risks by:
Diversification of customers and industry exposures
Assessment of counterparty creditworthiness
Stable contracted revenue to support major capital spend

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1% 1H24 Energy Infrastructure 3% 1H24 Energy Infrastructure
12%
1% by Revenue Type Revenue by Customer Industry
5% Capacity charge revenue 26% Segment
7% ~87% Regulated revenue Diverse 44% Energy
Take or pay / Contracted fixed revenue Source Utility
regulated Throughput charge & other of revenue Resources
variable revenue Industrial & Others
Flexible short term services
75%
Other 26%
7% 1H24 Energy Infrastructure Revenue
10% by Counterparty Credit Rating [(68)]
A- rated or better
7% ~83% 44% BBB to BBB+ rated
Investment Investment Grade
grade Not rated
Sub-investment grade
32%
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Total in the chart may not add to 100% due to rounding

APA Macquarie Conference Presentation 2024 23

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:
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

GROUP STRUCTURE

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APA Infrastructure Trust APA Investment Trust
(APA Infra) (APA Invest)
APA Group Limited
(Responsible Entity)
APA Infrastructure Ltd 100%
Operating assets
Passive investments
and investments
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TAX STRUCTURE

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APA Infra APA Invest
30% tax 0% tax
~70% ~30%
APA Group
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APA Macquarie Conference Presentation 2024 24

5-year normalised financials

Financial Performance		1H24	1H23	FY23	FY22	FY21	FY20	FY19
Total revenue	$m	1,516	1,499	2,913	2,732	2,605	2,591	2,452
Total revenue excluding pass-through(1)	$m	1,274	1,232	2,401	2,236	2,145	2,130	2,031
UnderlyingEBITDA(2)	$m	930	879	1,725	1,692	1,629	1,650	1,570
Total reported EBITDA(3)	$m	840	890	1,686	1,630	1,639	1,652	1,565
Depreciation and amortisation expenses	$m	(435)	(356)	(750)	(735)	(674)	(651)	(611)
Reported EBIT(3)	$m	405	534	936	895	965	1,001	954
Net interest expense	$m	(260)	(229)	(459)	(483)	(505)	(508)	(497)
Significant items - before income tax	$m	975	-	-	28	(397)	-	-
Income tax expense(includingsignificant items)	$m	(71)	(114)	(190)	(180)	(62)	(184)	(175)
Statutorynetprofit after tax(includingsignificant items)	$m	1,049	191	287	260	1	309	282
Significant items - after income tax	$m	975	-	-	20	(278)	-	-
Netprofit after tax(excludingsignificant items)	$m	74	191	287	240	279	309	282
Financial Position
Total assets	$m	20,032	15,866	15,866	15,836	14,742	15,994	15,429
Total drawn debt(4)	$m	13,161	11,181	11,241	11,146	9,666	9,984	9,352
Total equity	$m	3,643	1,910	1,910	2,629	2,951	3,200	3,584
Cash Flow
Operatingcash flow(5)	$m	593	554	1,206	1,197	1,051	1,088	1,007
Free cash flow(6)	$m	546	484	1,070	1,081	902	957	894
Key financial ratios
Earnings/(loss) per securityincludingsignificant items	cents	84.2	16.2	24.3	22.1	0.1	26.2	23.9
Earnings/(loss) per securityexcludingsignificant items	cents	6.0	16.2	24.3	20.4	23.7	26.2	23.9
Free cash flowper security	cents	42.6	41.0	90.7	91.6	76.4	81.1	75.7
Distributionper security	cents	26.5	26.0	55.0	53.0	51.0	50.0	47.0
Funds From Operations to Net Debt	%	9.9%	11.3%	10.6%	11.1%	11.0%	12.1%	10.7%
Funds From Operations to Interest	Times	3.3x	3.6x	3.3x	3.6x	3.1x	3.2x	3.0x
Weighted average number of securities	m	1,246	1,180	1,180	1,180	1,180	1,180	1,180

Pass-through revenue is offset by pass-through expenses 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 (“Underlying 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.
EBITDA and EBIT including non-operating items and excluding significant items.
This amount represents the actual debt outstanding in Australian dollars at period end.
Operating cash flow = net cash from operations after interest and tax payments.
Free cash flow (FCF) is Operating Cash Flow adjusted for strategically significant transformation projects, acquisition and integration costs, payroll remediation payments to employees, less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs

APA Macquarie Conference Presentation 2024 25

Historical Underlying EBITDA by asset – Energy Infrastructure

$ million	1H24	1H23	FY23	FY22	FY21(1)	FY20(1)	FY19
East Coast Grid
Wallumbilla Gladstone Pipeline	321	297	620	578	550	539	542
South West QueenslandPipeline	145	132	262	245	233	254	250
Moomba SydneyPipeline	75	73	126	136	152	161	149
VictorianSystems	68	74	129	142	113	102	114
RomaBrisbanePipeline	22	29	54	48	52	57	58
Carpentaria GasPipeline	18	17	35	29	29	30	37
OtherQld assets	14	13	24	28	24	23	20
Northern Territory
Amadeus GasPipeline	7	7	14	17	23	20	19
South Australia
SESA Pipeline and otherSAassets	-	-	1	1	2	2	2
East Coast total (incl WGP)	670	642	1,265	1,224	1,178	1,188	1,191
East Coast total (excl WGP)	349	345	645	646	628	649	649
Western Australia
Goldfields GasPipeline(2)	93	90	177	167	155	150	125
EasternGoldfieldsPipeline	28	28	59	54	51	51	46
Mondarra Gas Storage andProcessingFacility	25	19	41	36	37	36	34
PilbaraPipeline System	14	14	28	27	26	28	28
Other WAassets	5	1	-	5	2	6	3
Western Australia Total	165	152	305	289	271	271	236
Power Generation
North WestPowerSystem	50	62	110	109	94	89	91
Badgingarra Wind and Solar Farms	19	19	35	39	32	34	15
EmuDownsWind and Solar Farms	13	13	30	27	27	25	23
DarlingDowns Solar Farm	6	5	12	11	14	16	11
GruyerePowerStation	6	6	12	8	8	7	3
PilbaraEnergy system	16	-	-	-	-	-	-
Power Generation Total	110	105	199	194	175	171	143
Electricity Transmission
Basslink & Others	17	8	24	-	-	-	-
Electricity Transmission Total	17	8	24	-	-	-	-
Total	962	907	1,793	1,707	1,624	1,630	1,570

The comparative information has been restated as a result of the payroll review. For further information refer to APA Group’s FY22 Annual Report.
100% of GGP owned by APA, with the remaining 11.8% of GGP acquired 1[st] November, 2023

APA Macquarie Conference Presentation 2024 26

For further information

Kynwynn Strong General Manager Investor Relations & Capital Markets

M: +61 410 481 383

E: [email protected]

Michael Cox

Head of Media Relations & Financial Communications

M: +61 429 465 227

E: [email protected]

www.apa.com.au

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AI assistant

APA GROUP — Investor Presentation 2024

64398_rns_2024-05-08_90be5b50-44ae-4f4b-b057-b0f83e5bb96e.pdf

APA Group (ASX:APA)

APA Presentation – Macquarie Australia Conference

END

About APA Group (APA)

Disclaimer

Safety share: the Pilbara Energy System integration has allowed a sharing of best practice between the teams to strengthen our safety practices

Driver safety

Safety signage

APA is Australia’s leading ASX-listed energy infrastructure operator and developer

ASX listed

Gas infrastructure

Power generation[(3)]

Electricity infrastructure

2. $10.97bn as of 7 May 2024

Investment thesis: Attractive distributions and significant near and long-term growth opportunities

1. As of 1H24

Our strategy is unchanged: we remain focused on the four market segments where we have a competitive advantage

Priority areas

APA's competitive advantages in priority markets

Creating securityholder value through the deployment of capital in markets where we can generate attractive financial returns

Indicative returns above our post tax WACC[(1)]

Capital allocation foundations

We deliver value through our robust capital allocation framework that drives disciplined prioritisation of initiatives

Focus of today

02 Regulatory considerations

We have four large levers for near-term growth

Beetaloo

Sequencing of growth opportunities supporting the funding of major construction projects

The AER is reviewing the form of regulation for the South West Queensland Pipeline

We believe we have a strong case for maintaining the status-quo, with published submissions supporting a no change position for the SWQP regulatory framework

Existing arrangements support investment

The regulatory review occurs at time when urgent investment in the East Coast Grid is required to prevent capacity shortfalls

Substantial shift in the recognised role of gas

AEMO’s 2020 GSOO

AEMO’s 2024 GSOO

If LNG import terminals are the alternative to domestic gas supply, we are likely to see increased energy costs and emissions, leaving Australian gas users exposed to global prices

A dependency on LNG imports would put us back to 2021 when global LNG export prices were driving the price of domestic wholesale gas

Comparison of east coast gas market, NEM and LNG netback prices[(1)]

AER State of the energy report 2023

& A Q

APA’s operational footprint is across a range of energy infrastructure assets

Diversified business model

Characteristics of APA’s Energy Infrastructure (EI) revenue:

Group structure

Financial reporting segments within APA Infrastructure

GROUP STRUCTURE

TAX STRUCTURE

5-year normalised financials

Historical Underlying EBITDA by asset – Energy Infrastructure

For further information

Michael Cox

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APA GROUP Investor Presentation 2024