ORIGIN ENERGY LIMITED — Annual Report 2021

Aug 18, 2021

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To	Company Announcements Office		Facsimile	1300 135 638
Company	ASX Limited		Date	19 August 2021
From	Helen Hardy		Pages	60
Subject	Presentation to Analysts and Financial	Markets

Please find attached a release on the above subject.

Authorised for lodgement by:

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Helen Hardy Company Secretary 02 8345 5000

Origin Energy Limited ABN 30 000 051 696 • Level 32, Tower 1, 100 Barangaroo Avenue, Barangaroo, NSW 2000 GPO Box 5376, Sydney NSW 2001 • Telephone (02) 8345 5000 • Facsimile (02) 9252 9244• www.originenergy.com.au

Origin Energy 2021 Full Year Results Year ended 30 June 2021

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Frank Calabria , CEO & Lawrie Tremaine , CFO 19 August 2021

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Outline

1. Introduction

2. Frank Calabria

3. Financial Review

4. Lawrie Tremaine

5. Operational Review - Frank Calabria

6. Strategy and Outlook - Frank Calabria

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2021 Full Year Results Announcement

2

19 August 2021

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Introduction Frank Calabria, CEO

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3 19 August 2021 2021 Full Year Results Announcement

FY2021 financial results impacted by lower commodity prices

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Statutory Profit/(Loss) Underlying Profit Underlying EBITDA
$(2,291) $318 $2,048
million million million
(-130.2 cps) (18.1 cps)
Reflecting $2.2 billion impairments in Energy Down $705 million primarily reflecting lower Down from $3,141 million in FY2020
Markets and deferred tax liability oil, gas and electricity prices
Operating Cash Flow Adjusted Net Debt Final dividend
$964 $4.6 7.5cps
million billion unfranked
Up $13 million with lower working capital Down $519 million from June-2020 20.0cps FY2021 total (FY2020: 25.0 cps)
requirements and lower tax paid ($4.2 billion excluding lease liabilities) 31% of FY2021 Free Cash Flow
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All comparisons relate to FY2020 unless stated otherwise. 4 19 August 2021 2021 Full Year Results Announcement

4

Continued strong operational performance across both businesses

Integrated Gas

Energy Markets

• 94% 2P reserves replacement in FY2021

• Delivered $110 million retail cost savings since FY2018

• APLNG operational flexibility, responding to changes in market demand

• Deal announced to boost gas supply to southern markets

• 30k growth in customer accounts

• Record low unit cost, matched with sustained high production at APLNG

• Cash distribution from APLNG of $709 million

• 250k customer accounts migrated to Kraken

• Material value uplift in Octopus Energy, a rapidly growing global renewable energy, services and technology business

2021 Full Year Results Announcement

19 August 2021

5

Delivering good energy in FY2021

Getting energy right

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Our Customers
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• COVID-19 support

• NPS score +6

• Spike (demand response) growing to ~56k customers

• Lowered electricity prices for most customers

• APLNG supplying ~30% of east coast gas demand

• Customer-first approach to energy reform

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Our Communities

• Regional procurement increased from 14% to 18%

• $10 million Indigenous supplier spend

• 8,400 hours of employee volunteering

• $3 million contributed by the Origin Energy Foundation

• Beetaloo Native Title Holder engagement report

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Our Planet
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• 8% decrease in Scope 1 & Scope 2 equity emissions

• Solar installations increased by 21% to 74 MW

• Progressing renewable hydrogen and ammonia opportunities

• Launched Origin 360 EV Fleet solution

• Updating emission reduction targets to a 1.5 ⁰ C scenario

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Our People
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• TRIFR 2.7[1] , enhanced focus on preventing serious harm

• 74% staff engagement – top quartile ANZ

• Achieved target of 33% women in senior roles

• Signatory of 40:40 Vision, targeting gender balance in executive leadership

• Certified Great Place to Work[2]

• 1) Rolling 12 months at June 2021; compared to 2.6 at June 2020 2) by the Great Place to Work Institute, the global authority on workplace culture 6 19 August 2021 2021 Full Year Results Announcement

Climate change - working to a 1.5 degree emissions reduction pathway

Commitments and targets[1]

Actions

• Updating emissions reduction targets to 1.5°C pathway

• Support ‘ Say on Climate ’ and intend to put our climate reporting to a non-binding, advisory shareholder vote in 2022

• Short-term target to reduce Scope 1 emissions[2] by 10% on average over FY2021-23 (linked to executive remuneration)

• Current science-based emissions reductions targets

• 8% reduction in Scope 1 and scope 2 GHG emissions[2] in FY2021 from 17.8 Mt C02-e to 16.4 Mt C02-e

EOI for 700MW battery at Eraring, progressing plans for 300MW solar & storage at Morgan, SA

Signed up to EV100; providing charging infrastructure, smart charging and EV fleet solutions to customers

• Reduce Scope 1 & 2 emissions[2] by 50% by 2032

• Reduce Scope 3 emissions[2] by 25% by 2032

Feasibility study for Tasmanian green ammonia export project underway. Contributing financially and with in-house expertise to Australian H2 research centres.

• Ambition to achieve net zero emissions by 2050

Comprehensive review of the climate position of Origin’s industry association memberships

• 1) Emissions targets are from a FY2017 baseline

• 2) Equity emissions

7 19 August 2021 2021 Full Year Results Announcement

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Financial Review Lawrie Tremaine, CFO

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8 19 August 2021 2021 Full Year Results Announcement

Underlying Profit impacted by lower customer tariffs and commodity prices

Movements in Underlying Profit ($m)

(468) 1,023 (390) (19) (75) 83 164 318 FY20 EM IG - Share of IG - Other Corporate Depreciation & Other FY21 EBITDA APLNG profit EBITDA EBITDA amortisation1 Decline in wholesale prices, Lower realised oil Lower interest and Decommissioning higher network charges not price, partially Net hedge gains Primarily reflecting tax expense, recovered through tariffs and offset by lower reflecting lower one-off ERP retail systems, and partially offset gas supply costs, partly offset operating and commodity prices implementation higher generation lower interest by retail cost savings financing costs provisions income on MRCPS

• 1) Includes $34m ITDA relating to Octopus Energy

2021 Full Year Results Announcement

9

19 August 2021

Non-cash charges in FY2021

Energy Markets impairment

• Generation PP&E: Lower wholesale prices expected with new renewable supply, impacting valuation of generation fleet, particularly Eraring

• Goodwill: Lower electricity prices impacting margins on PPAs. Lower near term gas margins with higher procurement costs and subdued C&I demand

Deferred tax liability (DTL) on investment in APLNG

• Improved outlook for APLNG is expected to drive higher distributable cash flow near term

• Expect MRCPS to be fully redeemed by FY2023 and APLNG to begin distributing ordinary dividends in the coming years

• $669 million DTL recognised represents 30% of the dividends expected to be paid in the foreseeable future from existing equity accounted retained earnings

• Accounting issues impacting timing of tax expense recognition

• Discount rate of 9.6-9.8% pre-tax

Carrying value ($m)	Jun-21 (post impairment)	Impairment (pre-tax)	Impairment (post-tax)
Generation PP&E 2,793 (833) (583) EnergyMarkets Goodwill 3,812 (995) (995)
Total 6,605 (1,828) (1,578)

• We expect to receive unfranked dividends from as early as FY2023 with tax payable on these dividends from FY2024

• Remaining unrecognised DTL at 30 June 2021 is $810 million which may be partly or fully recognised in the future

2021 Full Year Results Announcement

10

19 August 2021

Large-scale Generation Certificates (LGC) strategy

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LGC spot and forward prices ($/certificate)
60
50
40
30
20
10
-
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25
LREC Spot Price LREC FY21 avg spot
LREC CY21 FPC LREC CY22 FPC
LREC CY23 FPC LREC CY24 FPC
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• Deferred surrender of 2.5 million CY2020 certificates, accounting impacts recorded in H1 FY2021

• Incurred shortfall charge of $65/certificate

• ~2.4 million purchased to date (CY2023 forwards) at average price of $19/certificate

• Estimated ~$50 million benefit locked in

• We plan to repeat this by deferring ~3.1 million CY2021 LGCs, accounting impacts in H2 FY2021 and H1 FY2022

• $262 million refundable shortfall charge included in FY2021 Statutory Loss

• $64 million cost included in Underlying Profit, based on estimated future cost

• Refer to Appendix slide 43 for further details

Source: High Voltage Brokers, as at 30 June 2021

2021 Full Year Results Announcement

19 August 2021

11

Cash generation and free cash flow yield remained strong in FY2021

Operating cash conversion[1]

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93% 96%
85%
69%
FY20 FY21
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Cash conversion Cash conversion excl futures collateral

Free Cash Flow ($m)

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1,644
21%
1,140
15%
5%
5%
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FY20

FY21

Free Cash Flow Free Cash Flow Yield (ORG) 2 Free Cash Flow Yield (ASX200)

($m)	FY21	FY20	Change
Underlying EBITDA 2,048 3,141 (1,093) Non cash items (primarilyAPLNG EBITDA) (1,039) (1,753) 714
Underlying EBITDA adj for non-cash items 1,009 1,387 (378) Working cap excl futures collateral (42) 118 (160) Electricity futures exchange collateral 110 (340) 450 Other (primarily impact of LGC shortfall charge) (144) - (144) Tax (paid)/refunded 31 (215) 246
Cash from operating activities 964 951 13

($m)	FY21	**FY20 **	Change
Cash from operating activities 964 951 13 Cash distributions from APLNG 709 1,275 (566) Capital expenditure (339) (500) 161 Acquisitions/disposals (154) 69 (223) Net interestpaid (231) (292) 61
Free Cash Flow incl majorgrowth 949 1,503 (554)
Majorgrowth (Octopus Energy) 191 141 50
Free Cash Flow 1,140 1,644 (504)

1) Calculated as cash from operating activities / Underlying EBITDA adjusted for non-cash items. 2) Based on 30 day VWAP of $4.40 per share as at 16 August 2021. 12 19 August 2021 2021 Full Year Results Announcement

APLNG cash flow expected to increase in FY2022

APLNG estimated distribution and Origin oil hedging

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$1 billion
1,200 (Net of hedging) 110
100
1,000
90
800
80
600 70
400 60
50
200
40
- 30
(200) FY19 FY20 FY21 FY22 Estimate1 20
A$102/bbl A$101/bbl A$58/bbl A$91/bbl
Origin oil hedging APLNG distribution Realised oil price (RHS)
$m
A$/bbl
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• In FY2021, APLNG distributed $709 million cash to Origin at a realised oil price of US$43/bbl (A$58/bbl)

• FY2022 APLNG estimated to distribute >$1 billion[1] , net of Origin oil hedging

• ~31mmboe (or 50%) of APLNG’s FY2022 oil exposure priced at ~US$68/bbl before hedging, as at 28 July 2021

• In addition to shareholder distributions, APLNG repaid US$494 million of project debt in FY2021

• 1) Assuming realised JCC oil price of US$68/bbl, an average AUD/USD rate of 0.75 and assuming all APLNG debt serviceability tests are met. Origin hedges losses estimated to be $134 million 13 19 August 2021 2021 Full Year Results Announcement

13

Focused on capital discipline as well as cost and risk management

• Adjusted Net Debt to EBITDA at 2.9x at June 2021 • Targeting Adjusted Net Debt to EBITDA of 2-3x and net debt below $4 billion over the medium term Capital discipline • Continued debt reduction - Adjusted Net Debt down $519 million to $4.6 billion • Lower interest expense - estimated reduction of $40 - $60 million in FY2022 • Oil hedging to protect capital structure through commodity cycles Risk management • Maintain strong liquidity position • Shareholder distribution policy 30-50% of free cash flow[1] • Final unfranked dividend of 7.5 cps determined for FY2021 Dividend • 20cps total for FY2021 - 31% of Free Cash Flow[1] , annualised dividend yield of 4.5%[2] • Expect low levels of franking to FY2023 • Disciplined approach to expenditure Cost management • Growth funded from cash flow

• 2) Calculated based on past 12 months declared dividends and 30 day VWAP of $4.40 per share as at 16 August 2021 14 19 August 2021 2021 Full Year Results Announcement

1) Excluding major growth

Actively managing underlying operating costs and capital expenditure

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Origin controllable support costs ($m) Origin capex ($m)
450 600
500
400
400
350 300
200
300
100
-
250
FY18 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 Guidance
estimate mid-point
Generation sustain Other sustain Productivity/growth E&A
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• Controllable support costs: 19% reduction expected FY2018 to FY2022

• Managing sustaining capex on key assets: Eraring major overhaul, ash dam and Shoalhaven power station

• Cost reduction achieved despite higher insurance costs, and ERP project costs

• Other sustaining capital reducing with completion of ERP and regulatory market reforms (5 minute settlement)

• Productivity/growth Octopus Energy licensing, Kraken implementation costs, and CES

• Exploration and appraisal: Beetaloo and Canning

2021 Full Year Results Announcement

19 August 2021

15

Managing oil price exposure

Oil hedging program designed to protect capital structure through commodity cycles

FY2022

• Origin share of APLNG JCC oil price exposure is ~23 mmboe

• As at 28 July 2021, 11.7 mmboe priced at US$66/bbl based on LNG contract lags and hedging outcomes

• 5.6 mmbbl remaining hedge position via a combination of swaps, puts and producer collars, and 2.8 mmbbl purchased calls to increase upside participation

• $26 million premium spend

FY2023

• 4.4 mmbbl hedged at US$54/bbl, with upside participation above US$63/bbl and capped at US$78/bbl

• 1.6 mmbbl hedged at floor of US$35/bbl, with upside participation up to US$90/bbl

• $20 million premium

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FY2022 Full Year Oil Price Sensitivity
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80
70
60
50
40
30
20
20 30 40 50 60 70 80
Oil price (US$/bbl) for balance of FY2022 – Aug 2021 to Jun 2022
FY2023 Full Year Oil Price Sensitivity
80
70
60
50
40
30
20
20 30 40 50 60 70 80
Oil price (US/bbl)
Effective Oil Price (US$/bbl)
Effective Oil Price (US$/bbl)
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Effective price after contract lags Effective price after contract lags & hedging

2021 Full Year Results Announcement

16

19 August 2021

Energy Markets Underlying EBITDA down 32%

Movements in Underlying EBITDA ($m)

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(288)
1,459
(297) 36
81
991
FY2020 Electricity Gas Cost to serve Octopus, S&ES, FY2021
LPG, Future Energy
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	FY21	FY20	Change
Underlying EBITDA ($m)	991 1,459 (468)
Electricity Volumes sold (TWh) Gross profit ($m) Gross Profit($/MWh)	33.5 33.5 - 899 1,187 (288) 26.8 35.4 (8.6)
Gas External volumes sold (PJ) Gross profit ($m) Gross Profit ($/GJ)	193 204 (11) 447 744 (297) 2.3 3.7 (1.3)

Electricity gross profit down $288 million or 24% to $899 million:

• Margin impacts (-$296 million)

• Lower wholesale electricity and LGC prices flowing into tariffs (net -$220 million impact)

• Network (-$42 million) and metering (-$13 million) costs not recovered in regulated tariffs

• Ongoing customer support and competition (-$21 million)

• Volume (+$8 million): Higher residential demand, partially offset by lower business volumes due to COVID 19

Gas gross profit down $297 million or 40% to $447 million:

• Margin impact (-$272 million)

• Lower prices to customers, including oil-linked sales (-$105 million)

• Higher JKM linked procurement costs in second half (-$51 million)

• − Roll-off of long term supply and transport capacity contracts (-$78 million) and impact of supply contract price reviews (-$38 million)

• Volume (-$25 million): COVID impacts and expiry of business contracts, partly offset by higher customer numbers and retail demand

Delivery of $110 million savings on FY2018 baseline, $81 million achieved in FY2021

2021 Full Year Results Announcement

19 August 2021

17

Integrated Gas Underlying EBITDA down 35%

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Movements Underlying EBITDA ($m)
80
(945)
17
147
(71)
1,741 1,741 166
1,118 1,135
971
876 805 805 Integrated
Share of APLNG Gas - Other
(-$770 million) (+$164 million)
FY2020 LNG volume LNG price Domestic revenue Opex/other income Oil & LNG hedging Origin costs FY2021
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	FY21	FY20	Change
Share of APLNG ($m) Integrated Gas - Other ($m) Underlying EBITDA ($m)	1,145 1,915 (770) (10) (174) 164 1,135 1,741 (606)

Share of APLNG EBITDA down $770 million to $1,145 million:

• Realised oil prices of US$43/bbl (A$58/bbl) vs US$68/bbl (A$101/bbl) in FY2020

• Lower royalties, tariffs, gas purchases as well as reductions in non-operated and downstream operating costs

APLNG 100%

Sales volumes (PJ) Domestic Gas LNG Realised price (A$/GJ) Domestic Gas LNG	158 187 (29) 498 481 17 4.24 4.61 (0.37) 7.79 12.86 (5.07)

Integrated Gas – Other costs reduced $164 million to net loss of $10 million:

• Commodity hedging and trading: $55 million net gain compared to a $92 million net loss in FY2020

• $92 million oil hedging gain, offset by $37 million LNG trading loss

• Other Origin only costs of $65 million, down $17 million reflecting one off payments to reduce share of overriding royalty in the Beetaloo in the prior period

18 19 August 2021 2021 Full Year Results Announcement

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FY2021 Operational Review Frank Calabria, CEO

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19 19 August 2021 2021 Full Year Results Announcement

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Energy Markets

20 19 August 2021 2021 Full Year Results Announcement

Lower wholesale prices flowed through to tariffs in FY2021

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NSW electricity forward price LGC spot price
($/MWh) ($/certificate)
100 90
80
90
70
80
-$10/MWh 60
70 50
60 40
50 30 -$15/cert flowing into customer tariffs
20
40
10
30 -
Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Jul-18 Jul-19 Jul-20
FY20 Swap FY20 Avg FY21 Swap FY21 Avg LGC Spot Price FY19 average spot FY20 average spot
Source: AEMO/Bloomberg Source: High Voltage Brokers
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• Lower wholesale electricity and large-scale generation certificate (LGC) prices flowed through into retail and business tariffs in FY2021, reducing the margin on both ~16TWh of relatively fixed cost energy supply and ~3 million relatively fixed cost LGCs

• Energy supply costs decreased driven by lower net pool and swap costs, lower green scheme costs and lower capacity hedge costs

• We continue to optimise our swap and short positions to capture the benefit of lower prices and increasing intervals of negative prices

• Eraring and our gas peaking fleet provides cover during peak periods, such as the recent volatility experienced in May and June 2021

2021 Full Year Results Announcement

21 19 August 2021

Eraring provided value in peak periods in FY2021

Eraring output compared with pool price

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GWh $/MWh • Eraring able to respond to lower demand, as well
as seasonal and intra-day swings
3,000 180
Lower generation –
Covering peak pricing FY2021 realised price $76/MWh (NSW
during period of mild
weather and high by increasing output as 160 average pool price of $65/MWh)
market tightened
2,500 baseload availability –
140 30% minimum generation with ramp capability
of >10 MW/minute/unit
2,000 120
•
Eraring cash cost ~$55/MWh on average over
100 recent years (~$40 fuel, ~$15 opex and capex)
1,500 •
80 FY2022 coal supply
–
~4mt legacy contract to end of FY2022
1,000 60
–
~1mt procured under short term contracts
40
500 • Contracting beyond FY2022 ongoing,
20 requirements based on pool price outlook
0 0 • Eraring typically procures closer to 5500 index
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun coal and has diversity of supply via conveyor and
rail
FY21 GWh NSW pool price Eraring Cash Cost1 Eraring volume-weighted price
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• Eraring able to respond to lower demand, as well as seasonal and intra-day swings

• 30% minimum generation with ramp capability of >10 MW/minute/unit

• Eraring typically procures closer to 5500 index coal and has diversity of supply via conveyor and rail

1) Eraring cash costs include fuel, opex and maintenance capex

2021 Full Year Results Announcement

22

19 August 2021

Domestic gas prices rebounding and supply price reviews complete

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

LNG netback and domestic gas prices (A$/GJ) Gas gross profit movement ($m)
20
(25)
18
Prices begin to fall
16 from 2018 based on (105)
linkage to international
14 prices Prices fall 744 (51)
significantly as (78)
12 COVID-19 impacts
demand (38)
10
8 Market impacts: Subdued demand, Impacts as legacy
lower prices in customer tariffs and contracts rolled off or
6 higher JKM linked supply costs repriced (next price 447
review FY2024)
4
2
-
Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 FY2020 Gas Volumes Wholesale H2 JKM Contract roll Price reviews FY2021 Gas
gross profit prices offs gross profit
JKM netback price - Wallumbilla (ACCC) Wallumbilla spot price
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Source: ACCC, AEMO

• Lower JKM linked supply costs were a benefit in FY2020 and H1 FY2021

• East Coast forward prices temporarily disconnected from JKM due to a temporarily oversupplied domestic market and a tight international market

• This led to lower volumes and prices on C&I sales and increased supply costs linked to JKM in H2 FY2021 and flowing through into FY2022

• We expect this to correct from FY2023, with domestic prices more closely reflecting the forward JKM netback given domestic supply outlook

• JKM exposure largely closed out for FY2022 and gas supply price reviews have now completed with no further reviews until FY2024

• Long term 50-60PJ of supply is fixed price and positively exposed to a rebound

23 19 August 2021 2021 Full Year Results Announcement

Transformation of our retail business

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Leading customer Low-cost retailer Growing future revenue Retail X
experience streams
Strategic NPS Retail cost base ($m) Gross profit ($m)
75% >850k
~$200-250m Customer happiness index accounts
140 83% growth
800
250k
6 120 accounts
2 600 100 >100k
accounts
80
400
$110m achieved 60 MVP 50k
accounts
(6) 200 40
20 On track to migrate all
customers by 2H 2022
(13) - -
FY18 FY19 FY20 FY21 FY18 FY21 FY24 FY18 FY19 FY20 FY21 Dec-20 Apr-21 Jun-21 Dec-21
Target target
Total Retail capex Community Energy Services Solar
Other addressable opex Leases
Cost to serve
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• Improving customer experience - Rated 4.5 stars on TrustPilot, with more 5 stars than any other energy Tier 1 retailer in Australia

• Delivering a material reduction in our cost base (targeting further $100-$150 million[1] by FY2024)

• Earnings growth from solar and CES, and growing our VPP with >159MW and >79k connected services

• Implementing next-gen retail business (Retail X) designed to embed Octopus’ operating model, tech platform and distinctive culture

1) From FY2018 baseline: ~1/3[rd] capex (some saving achieved already); ~2/3[rd] opex (savings expected over FY2023-24) 24 19 August 2021 2021 Full Year Results Announcement

Strong customer loyalty and growing scale

Customer churn (monthly %)

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Customer accounts (‘000)
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4,181 4,200 4,236 4,266
30% 4,300 8 20 33
25% 4,000 370 362 365 359
20%
3,700
15%
3,400
10%
3,100 3,811 3,830 3,851 3,874
5%
- 2,800
2,500
FY18 FY19 FY20 FY21
FY18 FY19 FY20 FY21
Electricity and gas LPG Broadband
Origin Market
Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May
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• Origin churn 4.8% lower than market at 12.5% for FY2021

• Optimising customer value through products and channels, continuing to reduce cost to serve and competing to grow share in a competitive environment

2021 Full Year Results Announcement

25 19 August 2021

Our digital capability is a competitive strength

Extending our leadership in technology to drive premium customer experience at low cost

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Technology enhancements New products and services Partnerships & Alliances Origin’s platform-based model
159 MW VPP Gamified demand Customer first, data driven proven technology
developed in-house response Origin 360 EV 20% investment in global
energy and tech business
Unique operating model
Cloud-based Origin Internet Connected Home
applications
Orchestration optimising customer and
wholesale value
Data & analytics Low carbon Usage insights
capability and control
Empowered digital engagement
26 19 August 2021 2021 Full Year Results Announcement
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20% stake in Octopus, a global renewable energy, services & technology business

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Exponential customer growth Outstanding performance
Customer accounts (‘000, LHS) % customer churn after one year
and revenue growth (£bn, RHS) 30%
TG 9.7%
25%
10,000 investment 2,500
8,000 Origin 20% 2,000 20%
investment
6,000 1,500
15%
4,000 1,000
25%
2,000 500 10%
- - 5% 9%
Jun-17 Jun-18 Jun-19 Jun-20 Jun-21
Licensed Kraken customer accounts migrated -
Ofgem Average Octopus Energy
Octopus Energy customer accounts
FY revenue
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Global reach increasing
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• Present in 7 countries and actively targeting international markets

• Partnership with Tokyo Gas in Jan-21, represents material uplift in valuation since our initial investment

• £3.4 billion renewable energy assets under management as a result of Octopus Renewables acquisition in Jul-21

• 4.2 million energy customer accounts across UK, US, Germany (7.5% UK market share)

• 4.7 million licensed customer accounts, ~£250 million licensing revenue over next 3 years

• Targeting 100 million customer accounts on Kraken by 2027

27 19 August 2021 2021 Full Year Results Announcement

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Integrated Gas

28 19 August 2021 2021 Full Year Results Announcement

APLNG reserves and production continued to perform at or above expectations

APLNG 100% 2P reserves movements in FY2021 (PJ)

11,381		564	(163)	95	11,339
	(537)
Jun-20

• 94% APLNG 2P reserves replacement during FY2021 (operated and non-operated)

• Operated 2P reserves replacement ~105% during FY2021 (~90% since Jun-17)

  • Strong operated field performance resulting in an increase in estimated recovery

  • Maturation of resources to reserves through successful appraisal

• Reserve base significantly de-risked: 1P now ~60% of 3P

• 2P reserve life of 16 years as at 30 June 2021, based on FY2021 annual production of 701 PJ

• 1) Reserves are 100% APLNG as reported in Origin’s FY2021 Reserves Report released to the ASX on 19 August 2021

• 2) Some of APLNG’s CSG reserves and resources are subject to reversionary rights and ongoing interest in favour of Tri Star. Refer to Section 7 of the Operating and Financial Review released to the ASX on 19 August 2021 for further information

• 29 19 August 2021 2021 Full Year Results Announcement

Strong field performance and resource maturation resulted in improved reserves

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Higher estimated ultimate recovery
Indicative life of field production: Talinga and Orana
FY2021
~35 years
Cumulative production (PJ)
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Actuals / current estimate Estimate at FID Actuals / FY2020 estimate

Maturation of resources to reserves

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Peat Flank
Spring
Gully
North East
Flank
Ramyard South
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• Talinga/Orana fields exhibit strong production, higher estimated ultimate recovery and reduced near term costs

• Near term production acceleration via pipeline infrastructure optimisation

• New areas matured from appraisal to development in recent years

• Peat Flank

• Ramyard South

• Spring Gully North East Flank

19 August 2021 2021 Full Year Results Announcement

30

APLNG sustained strong production with record low costs in FY2021

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Quality resource and assets Record low cost Breakeven
APLNG Production (100%) (PJ) A$m APLNG Capex + Opex (100%) [1] A$/GJ Distribution Breakeven [2] ($US/bbl)
800 3,000 4.5 80
700 2,500 70
4.0
600 60
2,000
500 3.5 50
400 1,500 40
300 3.0 30
1,000
200 20
2.5
500
100 10
- - 2.0 -
FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21
Operated production Non-operated production Breakeven opex excl. purchases Capex $/GJ (RHS) Distribution breakeven Realised oil price
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Stable production underpinned by strong field performance

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Reduced activity and costs enabled by strong field performance

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Record low distribution breakeven provides resilience to low oil price

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Daily operated record of 1,614 TJ/day achieved twice

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Record low cost at A$2.8[1] /GJ, 19% improvement vs FY2020

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Recent high oil prices expected to improve revenue in FY2022

• 1) Opex excludes purchases and reflects royalties at the breakeven oil price. 2) FY2021 AUD/USD rate 0.75 (FY2020: 0.67, FY2019: 0.70)

31 19 August 2021 2021 Full Year Results Announcement

APLNG operational performance continued to improve

Reduced activity and costs

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Well activity (# of wells)
300
250 266 267 260
251
200
150
141
100
86
50
-
FY19 FY20 FY21
Commissioned Drilled
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Outstanding facility reliability

Flexibility to adapt to market

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APLNG (100%) average production (TJ/day) Gas Processing Facility Reliability [1]
2,100 Productionflexibilty Qtly record 182 PJ maintenanceManaging
2,000
1,900
1,800 99.6%
99.5%
1,700
1,600 98.9%
1,500
FY19 FY20 FY21
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• Lower development costs in FY2021:

• 67% reduction in wells drilled with fewer rigs

• 47% reduction in wells commissioned

• Strong field capability enables flexibility:

• Production curtailed in Q1 in response to lower demand

• Ramp up to record levels as market demand increased

• Continuous improvement in facility reliability through operational enhancements

• Majority of facilities producing above design targets

• 1) Upstream operated electrified facilities

• Production managed within maintenance schedules

32 19 August 2021 2021 Full Year Results Announcement

Maximise value of the existing business

APLNG

Continued strong upstream performance

• Strong field performance enabling reduced development activity medium term

• Targeting average total capex + opex¹ <$3.50/GJ to FY2024

• Focus on value accretion through improving well/workover unit rates, and production optimisation

Prospective acreage

Beetaloo Basin

• Kyalla 117 flowed liquids-rich gas to surface with unassisted gas flow rates of 0.6–0.9 TJ/d

• Preparing for extended production test. Operations paused in July to investigate downhole flow restriction

• Velkerri 76 well spudded in August and production test at Amungee commenced

Canning Basin

• Investing in infrastructure to optimise production and processing capacity

• Competitive farm-in to 20,000 km[2] prospective acreage with potential short timeline to value

• Currajong 1 well drilled in August with options for a production test being developed

• Adjacent exploration across multiple play types passively de-risks acreage

Cooper-Eromanga Basin

• Drilled Obelix-2 vertical well in Dec-20 to test maturity – evaluating log and core data to inform further exploration

1) Opex excludes purchases and reflects royalties at the breakeven oil price. 33 19 August 2021 2021 Full Year Results Announcement

33

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Strategy and Outlook Frank Calabria, CEO

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34 19 August 2021 2021 Full Year Results Announcement

Key commodity markets rebounding but the benefit will be lagged

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

Oil price LNG netback and domestic gas prices NSW electricity forward price
80 (US$/bbl) (A$/GJ) ($/MWh)
25 100
70
20 80
60
15 60
50
10 40
40
30 5 20
20 - -
Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21
FY21 Swap FY21 Avg FY22 Swap
Realised oil price (FY) JCC JKM netback price - Wallumbilla (ACCC)
Brent forward price 1 Brent Wallumbilla spot price FY22 Avg FY23 Swap FY23 Avg
Source: Petroleum Association of Japan, Refinitiv Source: ACCC, AEMO
Source: AEMO/Bloomberg
• Recent higher prices will • Majority of APLNG domestic sales are • Headwinds in FY2022 as ~$20/MWh
predominantly flow through into under long term contracts drop flow through into customer tariffs
Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23
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• Recent higher prices will predominantly flow through into FY2022

• Energy Markets gas margin impacted by timing of tariff repricing compared to supply costs

• Margins expected to rebound in FY2023 provided current forward electricity prices continue and flow through into customer tariffs

• APLNG’s low cost structure underpins robust returns during low oil price environment

• East coast domestic customer prices and JKM index expected to reconnect

1) Based on forward prices as at 13 August 2021 35 19 August 2021 2021 Full Year Results Announcement

35

Our strategic priorities are clear

Maximising value of the existing businesses

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1
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• Disciplined capital and cost management – Low cost operator, reducing capital, operating and finance costs

• Retail transformation to differentiate on both customer experience and cost

• Managing commodity price risk with portfolio of contractual and physical positions well placed for energy transition

• Delivering value from APLNG - Targeting average total capex + opex¹ <$3.50/GJ to FY2024

• Unlocking value in upstream - exploration and appraisal and farm down opportunities

Pursuing growth in customer value 2 and low carbon solutions

• Growing integrated customer solutions

• Grow customer scale and breadth of offerings via low cost platform model delivering connected customer solutions

• 20% investment in Octopus Energy - targeting 100 million accounts globally by 2027

• Accelerating renewables and clean energy

• Potential to partner with government and others on renewables and battery investments

• Progressing domestic and export opportunities in renewable Hydrogen and Ammonia

• Reducing emissions from existing operations

• 1) Opex excludes purchases and reflects royalties at the breakeven oil price.

• 36 19 August 2021 2021 Full Year Results Announcement

Connecting customers to the energy and technologies of the future

Market leading assets & capabilities

Preferred position for energy transition

• Large domestic retail customer base

• Low-cost, digital-first retailer

• Leading energy wholesale & trading capability

• Short energy, covered for peak demand

• Largest Australian CSG to LNG project

• Capabilities to lead in renewable fuels

• Low cost operator

Robust capital framework

• Strong, diversified cash generation

• Reducing opex and capex

• Moderate near term capex requirement

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Strategic focus

• Maximise value through the transition

• Grow integrated customer solutions

• Accelerate renewables and clean energy

• 15% FCF yield (FY2021)

2021 Full Year Results Announcement

37

19 August 2021

FY2022 Guidance

Provided on the basis that market conditions and the regulatory environment do not materially change, adversely impacting operations. Considerable uncertainty exists relating to potential ongoing impacts of COVID-19 and this guidance is subject to any further material impact on demand and customer affordability.

		FY21	FY22 guidance
Origin Energy – Underlying EBITDA1 2,048 1,850-2,150 Energy Markets Underlying EBITDA A$m 991 450-600 Integrated Gas & Corporate UnderlyingEBITDA A$m 1,057 1,400-1,550
Origin Energy – Capex and Investments Capex (excluding investments) A$m (339) (370-410) Investments2 A$m (161) (210-220)
Integrated Gas - APLNG 100% Production PJ 701 685-710 Capex and opex, excluding purchases3 A$b 2.0 2.1-2.3 Unit capex + opex, excluding purchases3 A$/GJ 2.8 3.0-3.4 Distribution breakeven4 US$/boe 22 20-25

1) Assumes realised oil price of US$68/bbl and AUD/USD rate of 0.75 and includes Energy Markets, Share of APLNG, Integrated Gas – Other costs (hedging, trading and other opex) and Corporate costs

2) FY2022 investments includes ~$135 million (£70 million) consideration, for the 20% in Octopus Energy, brought forward from FY2023 due to a 6 month lagged average Brent price of >US$50/bbl from August 2021 3) Opex excludes purchases and reflects royalties at the breakeven oil price.

• 4) FY2022 AUD/USD rate 0.75 (FY2021: 0.75)

2021 Full Year Results Announcement

38 19 August 2021

Guidance continued

Origin - consolidated

Energy Markets

Integrated Gas (APLNG)

• Underlying FY2022 EBITDA relatively stable - increased earnings in Integrated Gas largely offset headwinds in Energy Markets

• Assumes realised oil price of US$68/bbl and AUD/USD rate of 0.75

• ~50% of APLNG’s FY2022 oil exposure priced at US$68/bbl based on long-term LNG contract lags, as at 28 July 2021

• +/-$US10/bbl for remaining 50% oil exposure estimated to impact Origin Underlying EBITDA by +/-~$A120million, net of hedging.

• Capex estimate of $370-410 million includes $75–$85 million E&A spend

• Investments estimated at $210–$220 million - primarily Octopus Energy[1]

• Interest expense is estimated to reduce by $40-60 million in FY2022.

• Lower FY2022 Underlying EBITDA:

• Electricity reduction of $400-$480 million : lower wholesale electricity prices, higher generation fuel costs and lower usage, partially offset by wholesale cost savings

• Gas reduction of up to $50 million: higher procurement costs and lower C&I sales, partially offset by repricing retail tariffs

• Cost to serve expected to be stable: Kraken savings weighted to FY2023-24

• FY2023 Underlying EBITDA expected to rebound by an estimated $150-$250 million[2 ] to $600-$850 million, assuming current forward commodity prices continue and flow through to tariffs, reflecting:

• A $5-10/MWh rebound in electricity forward prices flowing through to tariffs

• Reconnection of JKM netback and east coast domestic customer pricing

• FY2022

• Continued stable production underpinned by strong field performance

• Higher costs associated with increased activity - planned downstream maintenance, higher non-operated development and infrastructure spend, increased workover and E&A activity, and higher power costs

• Breakeven primarily reflects increased activity costs, offset by higher non-oil linked revenue

• Continue to target average total capex + opex[3] <$3.50/GJ to FY2024

• At realised oil price of US$68/bbl, cash flow to Origin is estimated to be greater than $1 billion[4] , net of oil hedging

− Kraken cost to serve savings

• 1) FY2022 investments includes ~$135 million (£70 million) consideration, in relation to our investment in Octopus Energy, brought forward from FY2023 due to a 6 month lagged average Brent price of >US$50/bbl from August 2021.

• 2) Based on current forward prices for key commodities such as electricity, coal and oil. Assuming JKM prices reduce by US$2-US$3/mmbtu from current forward prices, and assuming no material change in sales volumes and other costs. 3) Opex excludes purchases and reflects royalties at the breakeven oil price.

• 4) Assuming an average AUD/USD rate of 0.75 and assuming all APLNG debt serviceability tests are met. Origin hedges losses estimated to be $134 million based on the same assumptions. As at 28 July 2021, ~31 mmboe (or 50%) of APLNG’s FY2022 oil price exposure priced at ~US$68/bbl before hedging.

• 39 19 August 2021 2021 Full Year Results Announcement

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Questions

40 19 August 2021 2021 Full Year Results Announcement

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Appendix

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19 August 2021 2021 Full Year Results Announcement

41

Items excluded from Underlying Profit

Reconciliation from Statutory to Underlying Profit ($m)

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28 318
(123)
259
198
669
(2,291)
1,578
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Statutory Impairment Deferred tax LGC Onerous Fair value Restructure Underlying Profit liability surrender provision and FX and Profit movement movements transaction costs

Non-cash charges (previously announced)

• $1.6 billion post-tax impairment of goodwill and generation assets due to lower wholesale prices and higher gas supply costs

• $0.7 billion deferred tax liability, reflecting the expectation of future distributions from APLNG

Other items

• $198 million relating to a decision to defer ~4.1 million 2020 and 2021 large-scale generation certificates (LGCs). $112 million recognised in H1 FY2021

• $123 million benefit, primarily Cameron LNG onerous provision

• reflecting stronger near term LNG prices and higher US interest rates.

• realised $28 million loss on Cameron LNG contract for FY2021 is included in Underlying Profit

• Non-cash fair value / FX changes in financial instruments valuation

2021 Full Year Results Announcement

42

19 August 2021

Large-scale Generation Certificates (LGC) strategy

		LGC Adjustments to statutory profit	LGC Adjustments to statutory profit	LGC Adjustments to statutory profit	LGC Adjustments to statutory profit
	Statutory Profit ($m)	Reversal of shortfall charge/ (refund) ($m)	Estimated CY20 surrender cost ($m)	Estimated CY21 surrender cost ($m)	Underlying Profit ($m)
FY2021 impact: CY2020 and CY2021 certificate shortfall
Shortfall charge $262m (~4.1m certificates x $65) CY2020 expected surrender cost $46m (~2.5m certificates x $19) CY2021 expected surrender cost $18m (~1.6m certificates x $12) (262)*		262	(46)	(18) (64)
FY2022 impact: Remaining CY2021 certificate shortfall
Shortfall charge $102m (~1.6 million certificates x $65) CY2021 expected surrender cost $18m (~1.6 million certificates x $12) (102)*		102		(18) (18)
FY2024 impact: CY2020 certificate surrender and shortfall refund
CY2020 Surrender $46m (~2.5 million certificates x $19) CY2020 Shortfall refund $160m (~2.5 million certificates x $65) 114		(160)	46	-
FY2025 impact: CY2021 certificate surrender and shortfall refund
CY2021 Surrender $36m (~3.1 million certificates x $12) CY2021 Shortfall refund $204m (~3.1 million certificates x $65) 168		(204)		36 -
Total cost of ~5.6 million certificates (82)		-	-	- (82)

• Recognised in Statutory Profit

• LGC forward curve in backwardation with the Renewable Energy Target met and further renewable supply coming online

• Opportunity to lower LGC costs by deferring surrender – refundable shortfall charge of $65/certificate if surrendered within 3 years

• Deferred surrender of ~2.5 million CY2020 certificates and expect to defer ~3.1 million CY2021 certificates (50% accrued in FY2021)

• Weighted average future cost of certificates recognised in Underlying Profit based on current forward prices and purchases to date

• Future surrender cost will be reassessed each reporting period

• Refund currently tax assessable, however legislative change is before Parliament which would make refunds non-assessable (aligned to treatment of the shortfall charge)

2021 Full Year Results Announcement

43 19 August 2021

Electricity forward price by state (A$/MWh)

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100 NSW 100 QLD
80 80
60 60
40 40
20 20
- -
Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21
100 VIC 100 SA
80 80
60 60
40 40
20 20
- -
Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21
Source: AEMO/Bloomberg as at 16 August 2021
44 2021 Full Year Results Announcement
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44 19 August 2021 2021 Full Year Results Announcement

Energy Markets contracted gas supply

Energy Markets contracted gas (PJ)

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250
200
150
100
50
-
FY21 FY22 FY23 FY24 FY25
APLNG legacy contract Fixed Price Price review/market
Oil-linked JKM-linked Short-term (at market)
Contracted Demand
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• Oil/JKM linked supply largely offset by oil/JKM linked sales and hedging

• Next contract price review in FY2024

• Contracted demand shown is net of gas directed to generation

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45

Reducing interest cost through on-going debt refinancing

Interest paid ($m) and average interest rate

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500 8%
400
6%
300
4%
200
2%
100
- 0%
FY18 FY19 FY20 FY21 FY22
estimate
Net interest paid (LHS) Average interest rate (RHS)
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• Average FY2021 interest rate of 4.3%, down from 4.8%

• More than 36 months committed and undrawn liquidity

• Planned repayment of FY2022 capital market debt maturities with undrawn bank debt are expected to further reduce interest cost

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2.0 Debt maturity profile - excluding lease liabilities
(A$b)
1.5
1.0
0.5
-
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30+
Loans and Bank Guarantees - Undrawn
Loans and Bank Guarantees - Drawn
Capital Markets Debt & Term Loan
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• Estimated FY2022 interest expense saving $40-60 million

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19 August 2021

Capex summary

Origin capex ($m)

600 500 400 300 200 100 - FY19 FY20 FY21 FY22 Guidance mid-point Generation sustain Other sustain Productivity/growth E&A

FY2021 capex

• Generation maintenance and sustaining capital ($63 million) includes major overhauls at Eraring power station, ash dam and Shoalhaven power station

• Other sustaining capital ($136 million) includes ERP replacement, regulatory market reforms and LPG spend

• Productivity/growth ($94 million) relates primarily to Octopus Energy licencing and other Kraken implementation costs, and community energy services

• Exploration and appraisal ($46 million) primarily relates to Beetaloo appraisal

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47

Customer movements

(‘000)	FY21	FY20	Change
Electricity Business 30 29 1 Retail – Residential 2,246 2,261 (15) Retail – SME 259 264 (5) Retail – Community Energy Services 90 77 13 Total 2,625 2,631 (6)
(‘000)	FY21	FY20	Change
Gas Business 1 1 (0) Retail – Residential 972 958 14 Retail – SME 85 80 5 Retail – Community Energy Services 191 180 10 Total 1,249 1,220 29

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Electricity ('000)
10
5
-
(5)
(10)
(15)
(20)
(25)
NSW QLD VIC SA
Retail - residential Retail - SME Retail - Community Energy Services Business
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Gas ('000)
10
5
-
(5)
NSW QLD VIC SA
Retail - residential Retail - SME Retail - Community Energy Services Business
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19 August 2021

APLNG sales mix and legacy domestic contracts

Legacy domestic contracts:

• ~40 PJ p.a. to Origin ending 2034

• 472 PJ over 21 years to Rio Tinto ending 2031

• ~16 PJ p.a. to QAL ending 2041

• ~25 PJ p.a. to QGC ending 2035, oil linked

Contract LNG:

• Flexibility for both the buyer and the seller

• Sellers maintenance flexibility

Sales mix (100%)	FY2021	FY2021	FY2020	FY2020
	PJ	%	PJ	%
Contract LNG	450 69% 449 67%
Legacy domestic contracts	101 15% 126 19%
Short term domestic	57 9% 61 9%
Spot LNG	48 7% 32 5%
Total	656 668

• Buyers Downward Quantity Tolerance option

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19 August 2021

Cost to serve and bad and doubtful debts over time

Cost to serve (adjusted for COVID-19)

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171 169
147 [1]
136
117
114
96
89.5
FY18 FY19 FY20 FY21 FY24 Target
Retail and Business ($m) Wholesale ($m)
Corporate services and IT ($m) Retail and Business cost
per customer account ($/cust)
Total cost to serve per
average customer account ($/cust)
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Bad and doubtful debts ($m)

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1.09%
38 0.87%
0.74%
0.70% 0.71% 0.73%
0.66%
83 80 83
72 75
61
FY16 FY17 FY18 FY19 FY20 FY21
Impacts of COVID-19
Bad and doubtful debts expense
Bad and doubtful debts as a percentage of revenue
Incremental impact of COVID-19
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• 1) Cost to serve per customer adjusted for impacts of COVID-19 ($38 million BDD and $5 million of payment extensions). 50 19 August 2021 2021 Full Year Results Announcement

Segment summary

($m)	Energy Markets	Energy Markets	Integrated Gas	Integrated Gas	Integrated	Integrated	Corporate	Corporate	Total	Total
			- Share of APLNG		Gas - Other
	FY21	FY20	FY21	FY20	FY21	FY20	FY21	FY20	**FY21 **	FY20
Underlying EBITDA Underlying EBIT Underlying Profit/(Loss)	991 1,459 432 974 432 974		1,145 1,915 224 614 224 614		(10) (174)		(78) (59)		2,048 3,141
					(36) (197) 71 (23)		(80) (62) (409) (542)		540 1,329 318 1,023
Operating cash flow	1,018 1,307 (418) (560)		- - - -		(10) (109) 649 1,414		(44) (247) (12) 8		964 951 219 862
Investing cash flow
Interest paid	- -		- -		- -		(234) (310)		(234) (310)
Free cash flow inc major growth	600 747		- -		638 1,305		(289) (549)		949 1,503
Exclude major growth spend	191 141		- -		- -		- -		191 141
Free cash flow	791 888		- -		638 1,305		(289) (549)		1,140 1,644

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51

Underlying ROCE – 12 month rolling

As at	30 June 2021 ($m)	30 June 2020 ($m)	Change ($m)	Change (%)
Capital Employed Net Assets 9,815 12,701 (2,886) (23%) Adjusted Net Debt 4,639 5,158 (519) (10%) Net derivative liabilities 258 588 (330) (56%) Origin's share of APLNG net debt(project finance less cash) 2,608 3,088 (480) (16%)
Capital employed 17,321 21,534 (4,213) (20%)
Origin's Underlying EBIT 540 1,329 (789) (59%) Origin's equityshare of APLNG interest and tax 333 602 (269) (45%)
Adjusted EBIT 873 1,931 (1,056) (55%) Average capital employed - continuingoperations 19,427 21,932 (2,505) (11%)
Underlying ROCE 4.5% 8.8% (4.3%) Energy Markets 4.8% 10.0%1 (5.2%) Integrated Gas 4.8% 8.2% (3.4%)

1) Restated to 10.0% (previously reported as 10.2%) to include Octopus Energy within Energy Markets capital employed 52 19 August 2021 2021 Full Year Results Announcement

Proportionate Free Cash Flow

Free cash flow prepared on the basis of proportionate consolidation of APLNG.

($m)	Energy Markets	Energy Markets	Integrated Gas	Integrated Gas	Integrated	Integrated	Corporate	Corporate	Proportionate Total	Proportionate Total
			- Share of APLNG		Gas - Other
	FY21	FY20	FY21	FY20	FY21	FY20	FY21	FY20	FY21	FY20
Underlying EBITDA Non-cash items in Underlying EBITDA Change in working capital Other (Taxpaid) / refund received	991 1,459 89 137 81 (266) (143) (23) - -		1,145 1,915 3 25 91 24 (4) 2 - -		(10) (174)		(78) (59)		2,048 3,141
					6 11 (2) 29 (4) 24 - -		11 13 (11) 15 3 (1) 31 (215)		109 186 159 (198) (148) 2 31 (215)
Operating cash flow	1,018 1,307		1,235 1,965		(10) (109)		(44) (247)		2,199 2,916
Investing cash flow1	(418) (560) - -		(169) (466) (106) (150)		(60) 140 - -		(12) 8 (234) (310)		(659) (878) (340) (460)
Interestpaid
Proportionate Free Cash Flow including majorgrowth	600 747		960 1,349		(70) 31		(289) (549)		1,201 1,578

Presenting free cash flow on this basis highlights cash generation on an unlevered basis prior to the repayment of APLNG’s project finance debt which is serviced by APLNG prior to shareholder distributions.

1) Cash flow from investing activities has been adjusted to remove cash flows between Shareholders and APLNG.

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Reconciliation of Adjusted Net Debt

	Issue Currency	Issue Notional	Hedged Currency	Hedged Notional	AUD $m	AUD $m	AUD $m
		$m		$m	Jun-21	Jun-21	Jun-21
AUD debt USD Debt left in USD EURdebt swapped toAUD	Interest bearing liabilities2 Debt & CCIRS FV adjustments Adjusted net debt AUD 826 AUD 826 809 - 809 USD 1,130 USD 1,130 1,500 (10) 1,490 EUR 1,550 AUD 2,323 2,455 (137) 2,318
Total LeaseLiabilities	4,765 (147) 4,617 463 - 463
Total (including lease liabilities ) 5,228 (147) 5,081 Cash and cash equivalents less operator cash1 (442) Adjusted Net Debt 4,639

• 1) Excludes $30 million cash held on behalf of APLNG as upstream operator. 2) Includes transaction costs.

54 19 August 2021 2021 Full Year Results Announcement

Energy Markets segment revenue reconciliation

The table below reconciles the difference between segment revenue and customer revenue disclosed in the Electricity, Natural Gas, LPG and Solar & Energy Services tables.

		FY21	FY20	Change	Change
		($m)	($m)	($m)	(%)
Energy Markets segment revenue 11,931 12,887 (956) (7) Less pool and other revenue: Internal generation (1,323) (1,495) 172 (11) Renewable PPAs1 (10) (19) 8 (44) Other PPAs1 (3) (14) 11 (77) Pool revenue (1,337) (1,527) 190 (12) Other2 (69) (110) 41 (38) Total customer revenue 10,525 11,250 (725) (6)

1) Gross settled PPAs only. Net settled Renewable PPAs for FY2021 amount to $87 million (FY2020: $127 million) and are presented in cost of sales on a net basis. There were no net settled Other PPAs. 2) Other includes ancillary services, transmission use of system and other items which are partially offset in cost of energy.

55 19 August 2021 2021 Full Year Results Announcement

Financial Instruments and fair value adjustments

				Balance Sheet Impact	Balance Sheet Impact	Balance Sheet Impact		Income Statement Impact	Income Statement Impact	Income Statement Impact
	Financial asset/(liability)			Inc/(dec) in financial instrument	Inc/(dec) in other net assets	Total inc/(dec) in net assets		Gain/(loss) included in Underlying Profit	Pre-tax Gain/(loss) excluded from Underlying Profit	Post-tax Gain/(loss) excluded from Underlying Profit
($m)	30 Jun 2021	30 Jun 2020
Oil and gas derivatives
Oil and gas hedges - Integrated Gas (166) 143				(309) 70 (239)				102 (341) (239)
Oil and gas hedges - Energy Markets 185 (216)				401 (364) 37				25 12 8
Other commodity hedges 15 (9)				24 (22) 2				3 (1) (1)
34 (82)				116 (316) (200)				130 (330) (231)
Electricity derivatives
Electricity swaps and options (134) (227)				93 (396) (303)				(234) (69) (48)
Power purchase agreements1 (9) (2)				(7) (1) (8)				(1) (7) (5)
Environmental derivatives 9 (13)				22 - 22				- 22 15
(134) (242)				108 (397) (289)				(235) (54) (38)
FX and interest rate derivatives
Foreign exchange contracts (92) (174)				82 (74) 8				2 6 4
Foreign currency debt hedges 92 460				(368) 372 4				- 4 3
Interest rate swaps (12) (20)				8 - 8				- 8 6
(12) 266				(278) 298 20				2 18 13
Equity derivatives
Share warrants 1 1				- - -				- - -
Decrease in fair value of derivatives (financial statements Note A1(a))								(366) (256)
Other financial assets/liabilities
MRCPS issued by APLNG 1,296 2,109				(813) 705 (108)				106 (214) (150)
Environmental certificates / surrender obligation (66) (131)				65 (691) (626)				(642) 16 11
Settlement Residue Distribution Agreement units 73 60				13 16 29				12 17 12
Other investments 307 413				(106) 124 18				- 18 13
Net loss from financial instruments measured at fair value (financial statements No				te A1(a))				(163) (114)
Exchange gain on foreign denominated debt (financial statements Note A1(a))								159 111
Total Fair value and foreign exchange movements (financial statements Note A1(a))								(370) (259)

Reconciliation of net derivative liability to financial statements

Derivative assets	1,135	1,158
Derivative liabilities	(1,247)	(1,215)
Net derivative liability	(112)	(57)

• 1) Power Purchase Agreement relates to one small contract that meets the requirements of fair value accounting. The majority of our PPAs are accounted for as zero value leases. 56 19 August 2021 2021 Full Year Results Announcement

Important notices

Forward looking statements

This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. Such statements are not statements of fact and there can be no certainty of outcome in relation to the matters to which the statements relate. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual outcomes to be materially different from the events or results expressed or implied by such statements. Those risks, uncertainties, assumptions and other important factors are not all within the control of Origin and cannot be predicted by Origin and include changes in circumstances or events that may cause objectives to change as well as risks, circumstances and events specific to the industry, countries and markets in which Origin and its related bodies corporate, joint ventures and associated undertakings operate. They also include general economic conditions, exchange rates, interest rates, regulatory environments, competitive pressures, selling price, market demand and conditions in the financial markets which may cause objectives to change or may cause outcomes not to be realised.

None of Origin Energy Limited or any of its respective subsidiaries, affiliates and associated companies (or any of their respective officers, employees or agents) (the Relevant Persons) makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statements. The forward looking statements in this presentation reflect views held only at the date of this presentation.

Statements about past performance are not necessarily indicative of future performance.

Except as required by applicable law or the ASX Listing Rules, the Relevant Persons disclaim any obligation or undertaking to publicly update any forward looking statements, whether as a result of new information or future events.

No offer of securities

This presentation does not constitute investment advice, or an inducement or recommendation to acquire or dispose of any securities in Origin, in any jurisdiction.

2021 Full Year Results Announcement

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57

Important notices

All figures in this presentation relate to businesses of the Origin Energy Group (Origin, or the Company), being Origin Energy Limited and its controlled entities, for the reporting period ended 30 June 2021 (the period) compared with the reporting period ended 30 June 2020 (the prior corresponding period), except where otherwise stated.

Origin’s Financial Statements for the reporting period ended 30 June 2021 are presented in accordance with Australian Accounting Standards. The Segment results, which are used to measure segment performance, are disclosed in note A1 of the Financial Statements and are disclosed on a basis consistent with the information provided internally to the Chief Executive Officer. Origin’s Statutory Profit contains a number of items that when excluded provide a different perspective on the financial and operational performance of the business. Income Statement amounts presented on an underlying basis such as Underlying Consolidated Profit, are non-IFRS financial measures, and exclude the impact of these items consistent with the manner in which the Chief Executive Officer reviews the financial and operating performance of the business. Each underlying measure disclosed has been adjusted to remove the impact of these items on a consistent basis. A reconciliation and description of the items that contribute to the difference between Statutory Profit and Underlying Consolidated Profit is provided in the Operating and Financial Review.

This presentation also includes certain other non-IFRS financial measures. These non-IFRS financial measures are used internally by management to assess the performance of Origin’s business and make decisions on allocation of resources. Further information regarding the non-IFRS financial measures and other key terms used in this presentation are included in the Operating and Financial Review Appendix. Non-IFRS measures have not been subject to audit or review.

Certain comparative amounts from the prior corresponding period have been re-presented to conform to the current period’s presentation.

A reference to Australia Pacific LNG or APLNG is a reference to Australia Pacific LNG Pty Limited in which Origin holds a 37.5% shareholding. A reference to Octopus Energy or Octopus is a reference to Octopus Energy Group Limited in which Origin holds a 20% shareholding. Origin’s shareholding in Australia Pacific LNG and Octopus Energy is equity accounted.

A reference to $ is a reference to Australian dollars unless specifically marked otherwise.

All references to debt are a reference to interest bearing debt only. Individual items and totals are rounded to the nearest appropriate number or decimal. Some totals may not add due to rounding of individual components. When calculating a percentage change, a positive or negative percentage change denotes the mathematical movement in the underlying metric, rather than a positive or a detrimental impact. Measures for which the numbers change from negative to positive, or vice versa, are labelled as not applicable.

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58 19 August 2021

For more information

Peter Rice

General Manager, Capital Markets Email: peter.rice@originenergy.com.au Office: +61 2 8345 5308 Mobile: + 61 417 230 306

Liam Barry Group Manager, Investor Relations Email: liam.barry@originenergy.com.au Office: +61 2 9375 5991 Mobile: + 61 401 710 367 originenergy.com.au

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19 August 2021