Key findings

• Integrated power delivered a 9.7% returns (ROACE) in the last 12 months. Includes renewables, flexible gas generation, storage, EV charging, electricity trading. Adjusted operating income reached US$506 m, a quarterly record, up 114% from 3Q22.

• The company has provided a vision for energy sales mix by FY50, on an adjusted basis this equates to ~47% fossil fuels compared to the IEA NZE at ~22%. 

• We see an opportunity for the company to quantify the path to achieve its NCI targets given its growth ambitions.