Inline first-half result with solid earnings growth and guidance was maintained, important given the ongoing backdrop of rate uncertainty and regulatory sensitivity.
- Underlying EBITDA $1.09bn, +7.6% y/y, in line with consensus
- Interim distribution 27.5cps, FY26 guidance unchanged at 58cps
- Reaffirmed FY26 underlying EBITDA $2.12–2.20bn
The result was consistent with what we look for from APA — stable cash generation, incremental earnings growth, and reliable distributions. In a market increasingly focused on valuation and certainty, the stocks defensive earnings profile keeps it comfortably positioned in MM’s Active Growth and Active Income portfolios.
MM remains long and bullish APA
Add To Hit List
