APA Group (ASX:APA) Achieves Revenue and EBITDA Growth in FY24, Sets Positive Outlook for FY25

Highlights

• FY24 revenue of APA increased by 9.73% YoY to AUD 2,582 million, and underlying EBITDA grew 9.74% YoY to AUD 1,893 million.
• New Zealand shareholders to receive NZD 0.298215 per share; DRP shares priced at AUD 6.70 per share.
• FY25 underlying EBITDA expected between AUD 1,960 million – AUD 2,020 million.

APA Group Limited (ASX:APA) is an ASX-listed energy infrastructure business that has reported growth across revenue, EBITDA, and free cash flow in the financial year 2024 (FY24).

During the reported period, segment revenue increased by 9.73% YoY to AUD 2,582 million, up from AUD 2,353 million in FY23, and underlying EBITDA rose by 9.74% YoY, reaching AUD 1,893 million, compared to AUD 1,725 million in the previous year.

In FY24, free cash flow saw a slight increase of 0.28% YoY, amounting to AUD 1,073 million.

The revenue and EBITDA growth in FY24 were supported by performance of APA's east coast gas expansion and contributions from Pilbara Energy. The company’s statutory net profit after tax (NPAT) stood at AUD 998 million in FY24, significantly higher than AUD 287 million in FY23, driven by the remeasurement of APA’s 88.2% interest in the Goldfields Gas Pipeline, which was fully acquired under the Pilbara Energy transaction.

Dividend Update and Earnings Announcement

Last month, APA Group announced that New Zealand-domiciled shareholders will be entitled to receive NZD 0.298215 per share as a dividend (equivalent to AUD 0.27) based on an AUD/NZD exchange rate of 1.1045. The dividend, covering the six months ended 31 December 2024, is slated to be paid on 17 March 2025. Shareholders opting for the Dividend Reinvestment Plan (DRP) will receive DRP shares at AUD 6.70 per share.

In addition, APA will release its half-year earnings results for the period ended 31 December 2024 (H1FY25) on 24 February 2025.

FY25 Outlook: Expansion and Stability

The company aims to strengthen its presence in contracted power generation, electricity transmission, and gas infrastructure. The Pilbara acquisition is expected to be a major growth driver, as APA targets an addressable market of AUD 90 billion. FY25 underlying EBITDA is forecasted between AUD 1,960 million and AUD 2,020 million.

APA expects to increase its FY25 distribution to AUD 0.57 per share, reflecting a 1.8% rise from FY24.

Share performance of APA

APA shares closed 0.74% lower at AUD 6.72 per share on 12 February 2025. Over the past year, APA’s share price has dropped by almost 17.97% and in the last three months, it has increased by 0.45%.

52-week high of APA is AUD 8.90, recorded on 16 May 2024 and 52-week low is AUD 6.62, recorded on 13 November 2024.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 12 February 2025. The reference data in this report has been partly sourced from REFINITIV.

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