Financial Data and Key Metrics Changes - The company reported a year-over-year revenue growth of 30%, exceeding the guidance of 22% to 26% and significantly higher than the 17% growth in the same quarter last year [5][17] - Adjusted EBITDA reached $32,000,000, surpassing the high end of previously issued guidance [7] - Operating cash flow was $33,000,000, representing 103% of adjusted EBITDA [19] - Free cash flow from operations was $29,000,000, or 91% of adjusted EBITDA [20] - Adjusted diluted EPS was $0.26 for the quarter [20] Business Line Data and Key Metrics Changes - Advertising revenue grew 44% year-over-year to $93,000,000, with e-commerce being the fastest-growing vertical, increasing over 100% year-over-year [6] - Search revenue returned to double-digit growth, up 11% year-over-year to $50,000,000 [6] - The user base for Opera GX reached 33,000,000 MAUs, an 11% increase year-over-year [12] Market Data and Key Metrics Changes - The company noted strong growth in the Western market, particularly in Europe, which contributed to user acquisition [35] - The e-commerce vertical is expected to continue growing, although comparisons will become more challenging in the second half of the year [71] Company Strategy and Development Direction - The company is focusing on AI integration within its browser, positioning itself as a key player in the emerging AI landscape [9][10] - Opera Neon, an AI browser, is set to be released, combining major AI use cases into a single user interface [10][11] - The company is also expanding its presence in the gaming sector with Opera GX and plans to soft launch in South Korea and Japan [12][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of advertising revenue despite macroeconomic volatility [18] - The company anticipates continued growth in search revenue and is optimistic about the broader search landscape evolving with AI [57] - Management acknowledged tariff-related headwinds but noted that global growth has offset these challenges [60][61] Other Important Information - The company has distributed $2.8 in dividends per share since January 2023 and has repurchased 30% of its outstanding stock in the previous three years [21] - MiniPay, a stablecoin wallet, has reached 9,000,000 activated wallets and exceeded 250 million transactions, indicating strong growth potential in the fintech space [15][50] Q&A Session Summary Question: What drove the sequential growth in the Western market user base? - Management indicated that seasonality and marketing strategies played a role, with expectations for more growth in Q3 and Q4 [33] Question: How should we think about the pricing and cost structure of Opera Neon? - Management stated that product marketing is the primary focus, with a combination of advertisement sponsorship and subscription models anticipated for monetization [44] Question: How does MiniPay monetize engagement? - MiniPay is generating revenue through ecosystem partnerships and integrations, leveraging its nature as a fintech product [50] Question: What are the expectations for search revenue growth? - Management expects search revenue to continue performing well, driven by changes in the broader search landscape and user engagement [57] Question: What is the outlook on tariff-related headwinds? - Management noted that while tariffs have created challenges, there is potential for recovery and growth as conditions stabilize [61] Question: How significant is the opportunity in launching Opera GX in South Korea and Japan? - Management sees strong potential in these markets, particularly due to partnerships with popular games like League of Legends [63]

Financial Data and Key Metrics Changes - Total revenue reached RMB 116 billion, up 30.5% year on year, marking the fifth consecutive quarter of record-breaking performance [4][22] - Adjusted net profit was RMB 10.8 billion, up 75% year on year, achieving a new record high for the third consecutive quarter [4][31] - Gross margin improved to 22.5%, an increase of 1.8 percentage points year on year [4][22] Business Line Data and Key Metrics Changes - Smartphone revenue was RMB 45.5 billion, accounting for 39.3% of total revenue, with global smartphone shipments reaching 42.4 million units, marking the eighth consecutive quarter of year-on-year shipment growth [23][22] - AIoT revenue reached RMB 38.7 billion, up 44.7% year on year, with a gross margin of 22.5%, up 2.8 percentage points year on year [24][25] - Revenue from smart large appliances grew 66.2% year on year, with air conditioning shipments exceeding 5.4 million units, up over 60% year on year [25][26] Market Data and Key Metrics Changes - In Mainland China, smartphone market share for devices priced between RMB 4,000 and 6,000 increased by 4.5 and 6.5 percentage points year on year, respectively [12] - Xiaomi ranked first in smartphone activations in Mainland China and maintained a strong presence in Southeast Asia, Europe, and Latin America [7][8] - Global MAUs for Internet services reached 731 million, up 8.2% year on year, with MAUs in Mainland China reaching 185 million, up 12.4% year on year [27] Company Strategy and Development Direction - The company aims to achieve steady annual increases in market share in China and is focused on premiumization and technological advancements [9][10] - Xiaomi plans to enter the European market by 2027 and is committed to enhancing its international market infrastructure [19][20] - The company emphasizes innovation driven by user needs and aims to transform the home appliance industry through intelligent transformation [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the intense competition in the smartphone industry and the need for continuous investment in core technology and product innovation [8][9] - The company expects the smartphone market to remain flat globally, with a target of 175-180 million shipments for the year [81][82] - Management expressed confidence in the long-term growth of the large appliance business despite current market challenges [16][99] Other Important Information - Xiaomi's R&D expenses reached RMB 7.8 billion, up 41.2% year on year, with a record high number of R&D personnel [30] - The company was included in the Fortune 500 list for the seventh consecutive year, ranking 297th, an improvement of 100 places from the previous year [19] Q&A Session Summary Question: Performance of AIoT segment in Chinese and overseas markets - Management noted strong growth rates in both markets, with a focus on expanding offline retail channels to enhance efficiency [34][37] Question: Smartphone gross margin trends - Management indicated that rising costs for components are a concern, but premiumization efforts are expected to help improve margins in the long term [36][44] Question: AIoT gross margin pressure - Management attributed quarter-on-quarter pressure to seasonal factors and promotional activities, but year-on-year growth remains strong [46][55] Question: EV business gross margin and overseas development - Management expressed confidence in maintaining satisfactory gross margins through competitive product offerings and economies of scale [88][90] Question: Brand strength in overseas markets - Management highlighted high brand awareness in Europe and plans to enhance the reputation of Xiaomi EVs before entering the market [90][91]

Financial Data and Key Metrics Changes - Total revenue reached RMB 116 billion, up 30.5% year on year, marking the fifth consecutive quarter of record-breaking performance [6][24] - Adjusted net profit was RMB 10.8 billion, up 75% year on year, achieving a new record high for the third consecutive quarter [6][32] - Gross margin improved to 22.5%, an increase of 1.8 percentage points year on year [6][24] Business Line Data and Key Metrics Changes - Smartphone revenue was RMB 45.5 billion, accounting for 39.3% of total revenue, with global smartphone shipments reaching 42.4 million units, marking the eighth consecutive quarter of year-on-year shipment growth [25][24] - AIoT revenue reached RMB 38.7 billion, up 44.7% year on year, with a gross margin of 22.5%, up 2.8 percentage points year on year [26][24] - Smart large appliances revenue grew 66.2% year on year, with air conditioning shipments exceeding 5.4 million units, achieving over 60% year-on-year growth [27][15] Market Data and Key Metrics Changes - In Mainland China, smartphone market share for devices priced between RMB 4,000 and 6,000 increased by 4.5 and 6.5 percentage points year on year, reaching 24.7% and 15.4% respectively [13] - Xiaomi ranked first in smartphone activations in Mainland China and maintained strong positions in Southeast Asia, Europe, and Latin America [9][10] - Global MAUs for Internet services reached 731 million, up 8.2% year on year, with MAUs in Mainland China reaching 185 million, up 12.4% year on year [29] Company Strategy and Development Direction - The company aims to achieve steady annual increases in market share in China and is focused on premiumization and technological advancements [11][12] - Xiaomi plans to enter the European market by 2027 and is committed to enhancing its brand and product competitiveness [21][85] - The company emphasizes innovation driven by user needs and aims to transform the home appliance industry through intelligent transformation [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the intense competition in the smartphone industry and the need for continuous investment in core technology and product innovation [10][11] - The company expects the smartphone market to show little growth overall, with a target of 175-180 million shipments for the year [81] - Management expressed confidence in the long-term growth of the large appliance business despite current market challenges [17][98] Other Important Information - Xiaomi's R&D expenses reached RMB 7.8 billion, up 41.2% year on year, with a record high of 22,641 R&D personnel [31] - The company was included in the Fortune 500 list for the seventh consecutive year, ranking 297th, an improvement of 100 places from the previous year [21] - The company is committed to corporate social responsibility and has made significant contributions to disaster relief efforts [33] Q&A Session Summary Question: Performance of AIoT segment in China and overseas - Management noted strong growth in both markets, with a focus on expanding the new retail system to enhance AIoT business [36][38] Question: Long-term smartphone gross margin outlook - Management indicated that while there are short-term pressures on gross margin, premiumization and product structure adjustments are expected to support future growth [37][45] Question: AIoT gross margin pressure and R&D investment direction - Management explained that the pressure on AIoT gross margin was due to market conditions, and R&D investments are focused on core technologies and product lines [48][52] Question: EV business gross margin and overseas development - Management expressed confidence in maintaining satisfactory gross margins through competitive products and emphasized the importance of brand awareness for EVs in overseas markets [88][90] Question: Robotics opportunities and large appliances strategy - Management is optimistic about robotics opportunities and highlighted the rapid growth of air conditioning sales, with plans to enhance competitiveness further [94][98]

Financial Data and Key Metrics Changes - Operating income reached JPY 5,450,000,000, a year-on-year increase of 22% [28][30] - Net profit for the first half of the year was JPY 550,000,000, reflecting a year-on-year increase of 34% [29][34] - Asset management grew to RMB 112.1 billion, a 12% increase compared to the same period last year [29] Business Line Data and Key Metrics Changes - Automobile financing transactions reached JPY 32,700,000,000, a year-on-year increase of 4% [12] - Used car financing grew by 31% year-on-year, with transaction volume reaching 222,000 units [15] - FinTech business achieved a financing scale of CNY 1,530,000,000, a year-on-year increase of 58% [17] Market Data and Key Metrics Changes - New passenger car sales in China reached 13,530,000 units, a year-on-year increase of 13% [6] - The transaction volume of used passenger cars was 7,570,000 units, a year-on-year increase of 0.5% [6] - New energy passenger cars saw a year-on-year growth of about 33.3% [7] Company Strategy and Development Direction - The company aims to focus on core capacity building and leverage technological advantages to consolidate its leading position in auto finance [11] - Yixin plans to enhance its FinTech capabilities to empower traditional finance and improve customer experience [12] - The company is transitioning to a more lightweight business model to better fulfill its value proposition [46][49] Management Comments on Operating Environment and Future Outlook - Management noted that the industry is expected to return to rational competition due to increased regulatory policies [8] - The company anticipates that its strategic focus on technology and innovation will drive sustainable growth [11] - Management expressed confidence in achieving better performance in the second half of the year compared to the first half [70] Other Important Information - The company has established partnerships with over 100 financial institutions and is focusing on expanding its overseas business, particularly in Southeast Asia [35][40] - The penetration rate of new energy vehicles in new cars is about 54%, indicating strong market demand [18] Q&A Session Summary Question: What is the core reason behind the successful transformation and future plans? - Management emphasized the shift to a lightweight business model and the importance of AI capabilities in enhancing operational efficiency and market competitiveness [46][49] Question: How does the company view its growth in the used car market? - Management confirmed that the company is increasing its market share and highlighted the potential for further growth in the underserved used car market [56][59] Question: Can you elaborate on the impact of anti-evolution policies on the market? - Management stated that these policies promote healthier competition and stability among partners, which is beneficial for the company's long-term growth [66][68] Question: What are the achievements in overseas expansion? - Management reported significant growth in Singapore, with plans to replicate successful models in other Southeast Asian markets [39][40]

Financial Data and Key Metrics Changes - Operating income reached JPY 5,450,000,000, a year-on-year increase of 22% [31] - Net profit for the first half of the year was JPY 550,000,000, reflecting a year-on-year increase of 34% [32] - Asset management grew to RMB 112.1 billion, a 12% increase compared to the same period last year [32] Business Line Data and Key Metrics Changes - Automobile financing transactions reached JPY 32,700,000,000, a year-on-year increase of 4% [14] - Used car financing grew by 31% year-on-year, with transaction volume at 222,000 units [17] - FinTech business achieved explosive growth, reaching CNY 1,530,000,000, a year-on-year increase of 58% [19] Market Data and Key Metrics Changes - New passenger car sales in China reached 13,530,000 units, a year-on-year increase of 13% [7] - The transaction volume of used passenger cars was 7,570,000 units, a year-on-year increase of 0.5% [7] - New energy passenger cars saw a year-on-year growth of about 33.3% [8] Company Strategy and Development Direction - The company aims to focus on core capacity building and leverage technological advantages to consolidate its leading position in auto finance [12] - Yixin plans to enhance its AI capabilities and integrate them into its business model to improve efficiency and customer experience [31] - The company is exploring overseas markets, particularly in Southeast Asia, to replicate its successful business model [43] Management's Comments on Operating Environment and Future Outlook - Management noted that the industry is moving towards rational competition, emphasizing technological innovation and improved product quality [9] - The company expects to continue its solid performance in the second half of the year, building on the strong results from the first half [74] - Management highlighted the importance of AI capabilities in driving future growth and enhancing service offerings [55] Other Important Information - The company has established partnerships with over 100 financial institutions and is focusing on expanding its overseas business [38] - The penetration rate of new energy vehicles in financing reached about 52% of the total [18] - The company has applied for 18 new AI invention patents in the first half of the year [47] Q&A Session Summary Question: What is the core reason behind the successful transformation and future plans? - Management emphasized the shift to a lightweight business model to enhance value and quality, leveraging strong partnerships with financial institutions [49][50][52] Question: How does the company view its growth in the used car market? - Management confirmed that the company is increasing its market share and noted that the used car market remains relatively underserved, presenting opportunities for growth [60][62] Question: Can you elaborate on the anti-evolution policies and their impact? - Management stated that the company supports sustainable development and healthy competition, which is expected to stabilize partnerships and improve predictability in performance [70][72] Question: What are the achievements in overseas expansion? - Management reported significant success in Singapore, with plans to replicate this model in other Southeast Asian markets, focusing on new energy vehicles and technology solutions [42][43][80]

Financial Data and Key Metrics Changes - The group reported a 6.4% increase in operating NPAT to AUD 100.8 million, translating to an operating EPS of 12.2 cents per security, and distributions of 10.4 cents per security, both up 4% from the previous year [22][21] - Statutory NPAT was AUD 82.7 million, lower than operating NPAT due to fair valuation impacts of property investments [22] - FY '26 operating EPS guidance is set at 13.4 cents, indicating a significant increase from the current year [22] Business Line Data and Key Metrics Changes - The Property Funds Management segment delivered an operating EBITDA of AUD 59.6 million, up from AUD 57.9 million last year, reflecting resilience despite a subdued transactional environment [24] - The Property Investment segment contributed a consolidated EBITDA of AUD 87.7 million, an increase from the prior year [25] - Centuria Bass Credit generated AUD 27 million in operating EBITDA, with AUM expanding over 21% year-on-year to AUD 2.3 billion [12] Market Data and Key Metrics Changes - Centuria's transactional activity totaled close to AUD 3 billion, including approximately AUD 500 million of acquisitions and AUD 630 million of real estate finance transactions [10] - The group maintained a high portfolio occupancy rate of 95% with a robust average lease term of 5.3 years [10] - The unlisted platform's performance fees amounted to AUD 7 million booked to P&L, with AUD 32 million collected from divestments [11] Company Strategy and Development Direction - The company aims to target over AUD 1 billion in real estate acquisitions in FY '26, focusing on alternative property markets and innovative fund structures [4][35] - The introduction of Reset Data is expected to contribute to earnings growth, with anticipated revenue generation from its AI marketplace and AI factory starting in FY '26 [4][18] - Centuria plans to continue proactive capital management and seek new lower-cost corporate debt sources [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving real estate investment environment due to falling cash rates and increasing transaction volumes [6][35] - The company anticipates a continued increase in investor appetite for real estate funds, driven by lower competing deposit and fixed interest rate returns [7][35] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [29][30] Other Important Information - Centuria's net asset value per security remained steady at AUD 1.79, with operating gearing at 12.3% [29] - The company has raised an additional AUD 100 million in liquidity and expects to repay its secured ASX listed redeemable notes ahead of maturity [30] - The weighted average debt duration has been extended from 2.3 years to 3.2 years, enhancing financial stability [31] Q&A Session Summary Question: Inquiry about payout ratio and DPS guidance - Management acknowledged that their payout ratio has been higher than peers and indicated a minor adjustment to address this, but did not commit to future forecasts [42][44] Question: Clarification on the AUD 1 billion acquisition guidance - The AUD 1 billion figure is a gross number, with approximately AUD 200 million already secured from a recent acquisition [45][46] Question: Potential implications of proportional consolidation of earnings - Management indicated that while there could be implications, they believe the new reporting structure aligns better with peers and enhances transparency [48][50] Question: Guidance on innovative fund structures and potential IPOs - Management confirmed that guidance includes a range of raisings, with ongoing work on new fund structures, but specifics on sectors for potential IPOs are still being developed [51][54] Question: Equity inflows and mix for FY '26 - Management expects a good mix of retail and institutional capital, with a focus on expanding institutional partnerships [58] Question: Competition in the Bass Credit market - Management acknowledged increased competition and margin pressure but noted a recent uptick in market activity [60]

Financial Data and Key Metrics Changes - Total revenue in Q2 reached $34.3 million, up 11% year over year, with GAAP net profit of $1.5 million, more than triple the previous quarter, resulting in a GAAP net margin of 4.3% [2][16] - Core revenues reached $18.2 million in Q2, representing 16.7% year over year growth, while Shenglong revenues grew 6.7% year over year [13][14] - Gross margin for Q2 was 66.8%, with a slight decrease of 1.2% year over year and sequentially [14] Business Line Data and Key Metrics Changes - The conversational AI engine has seen rapid iteration and upgrades, with new features aimed at enhancing user interaction [3][4] - The company reported a dollar-based net retention rate of 97% for Agora and 87% for Shenglong, marking improvements for both businesses [14] Market Data and Key Metrics Changes - The company has observed significant growth in active customers, with approximately 1,900 for Agora and 2,000 for Shenglong, representing a 121% increase year over year [2] - The conversational AI solution is gaining traction in various industries, with successful deployments in call centers, education, and companionship toys [24] Company Strategy and Development Direction - The company is focused on enhancing its conversational AI capabilities, with a strategic emphasis on high-growth verticals such as live shopping and entertainment [13] - The pricing for the conversational AI solution is expected to be significantly higher than standard RTC audio products, unlocking substantial revenue potential [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing to improve GAAP profitability through the remainder of the year, citing strong business momentum and visibility [2][16] - The company anticipates total revenues for Q3 2025 to be between $34 million and $36 million, reflecting a year-over-year growth rate of 7.6% to 13.9% [18] Other Important Information - The company announced the resignation of its CTO due to personal reasons, with operational responsibilities being taken over by the CEO [9] - The company has repurchased $127.2 million worth of shares since the approval of the share repurchase program in February 2025 [17] Q&A Session Summary Question: What application areas will see fast adoption and revenue contribution? - Management highlighted three advanced use cases for conversational AI: call centers, education, and companionship toys, expecting further adoption driven by customer success [24] Question: What are the trends for gross profit margin and net operating margin? - Management indicated that gross margins for the RTC business have been stable, with expectations for continued stability, while new conversational AI products may initially have lower margins but are expected to improve over time [25][26] Question: What is the market reception of the newly launched features? - Management noted positive early adoption trends and client feedback for the advanced attention locking and avatar features, emphasizing their importance in noisy environments and engaging interactions [30]

Financial Data and Key Metrics Changes - The company reported a net profit after tax of over $1.3 billion, with an EBITDA margin of 70%, which remains peer-leading despite lower realized prices and inflationary pressures [6][27] - The interim dividend was set at $0.53 per share, representing a half-year annualized yield of 6.9%, consistent with the company's policy to pay a minimum of 50% of underlying NPAT [5][34] - Unit production costs were reduced by 7%, with the average cost now at $7.7 per barrel of oil equivalent, and guidance for the full year adjusted to $8 to $8.5 per barrel [6][9][48] Business Line Data and Key Metrics Changes - Sangomar's production contributed significantly, achieving an outstanding half-year production of 548,000 barrels of oil equivalent per day, with total production reaching 99.2 million barrels of oil equivalent [5][11] - Marketing and trading activities generated a strong contribution of $144 million, accounting for approximately 8% of total EBIT [6] Market Data and Key Metrics Changes - The global LNG demand is expected to rise by approximately 60% by 2040, with Woodside positioned to meet this demand through projects like Scarborough and Louisiana LNG [14] - Gas hub exposure on produced LNG was 24.2%, realizing a premium of approximately 3% per MMBtu compared to oil-linked sales, indicating the value of price diversity in volatile markets [15] Company Strategy and Development Direction - The company aims to position itself as a global LNG powerhouse, focusing on sustainable operations and maximizing value from its core assets [4][19] - The acquisition of operatorship of Bass Strait assets from ExxonMobil is expected to strengthen Australian operations and unlock potential development opportunities [12][62] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of securing reliable and affordable energy supply while reducing emissions, highlighting the role of LNG in achieving these goals [13][14] - The company remains committed to safety and sustainability, with no high-consequence injuries reported during the period [5][39] Other Important Information - The company has made significant contributions to the Australian economy, paying AUD 1.3 billion in taxes, royalties, and levies during the half [40] - The Louisiana LNG project is seen as a game changer, with construction progressing and strong interest from potential partners for equity sell-downs [19][20] Q&A Session Summary Question: Update on Sangomar's performance and Phase two development - Management confirmed positive initial results from the S400 sand units and indicated that further data will inform decisions around Phase two development [45][46] Question: Unit production costs guidance - The guidance was adjusted to $8 to $8.5 per barrel, with Sangomar's strong performance contributing to the reduction [48][49] Question: Louisiana LNG sell-down expectations - Management stated that the project is advantaged, with competitive construction costs, and emphasized the importance of selecting the right partners [51][52] Question: Beaumont Demonia production schedule - The delay in production is due to construction delays managed by OCI, with no cost impact to Woodside [56][57] Question: Bass Strait development opportunities - Management expressed excitement about the operatorship transition and the potential for developing contingent resources [62] Question: Update on MOU with Aramco - Discussions with Aramco are ongoing, focusing on investment opportunities in LNG and low carbon ammonia [71][72] Question: Dividend payout ratio and balance sheet management - Management is confident in maintaining a strong balance sheet and generating strong cash flows to support the high payout ratio [75][78] Question: LNG carrier leasing plans - The company prefers leasing LNG carriers rather than owning them, with ongoing discussions about balance sheet exposure [94] Question: Decommissioning cost challenges - Management confirmed that lessons learned from decommissioning closed sites are being integrated into future planning to avoid similar challenges [96][97]

Financial Data and Key Metrics Changes - The company reported a net profit after tax of over $1.3 billion, with earnings of $0.69 per share, reflecting strong financial performance despite lower realized prices and inflationary pressures [5][27][34] - Unit production costs were reduced by 7%, bringing the average to $7.70 per barrel of oil equivalent, with guidance for the full year set between $8.00 and $8.50 [5][8][49] - The interim dividend was set at $0.53 per share, representing a half-year annualized yield of 6.9%, consistent with the company's policy to pay a minimum of 50% of underlying NPAT [4][34][80] Business Line Data and Key Metrics Changes - Sangomar's production reached 548,000 barrels of oil equivalent per day, contributing significantly to the overall production of 99.2 million barrels of oil equivalent [4][5] - Marketing and trading activities generated a strong contribution of $144 million, accounting for approximately 8% of total EBIT [5][27] - The Louisiana LNG project is 22% complete, with a target for first LNG cargo in 2026, and has secured long-term offtake agreements [19][20][22] Market Data and Key Metrics Changes - The global LNG demand is expected to rise by approximately 60% by 2040, driven by increasing energy consumption in non-OECD Asia Pacific countries [13][14] - Gas hub exposure on produced LNG was 24.2%, realizing a premium of approximately 3% per MMBtu compared to oil-linked sales [15] - The company is well-positioned to meet growing LNG demand with projects like Scarborough and Louisiana LNG in the pipeline [14][15] Company Strategy and Development Direction - The company aims to maximize value through its global marketing and trading business, leveraging its diverse portfolio of high-quality assets [14][15] - The strategic acquisition of operatorship of Bass Strait assets from ExxonMobil is expected to enhance operational capabilities and unlock additional gas resources [11][12] - The company is focused on sustainable operations, with no significant environmental impacts reported and a commitment to reducing greenhouse gas emissions [4][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and navigate the energy transition, emphasizing the importance of safety and sustainability [41][39] - The ongoing exceptional performance of Sangomar and the strategic positioning of Louisiana LNG were highlighted as key drivers for future growth [11][19] - Management acknowledged the challenges in securing federal approvals for the North West Shelf Extension but remains optimistic about a positive outcome [10][10] Other Important Information - The company has maintained a strong liquidity position with $8.4 billion available, and gearing remains within the targeted range of 10% to 20% [36][37] - Significant contributions to the Australian economy were noted, with $1.3 billion paid in taxes, royalties, and levies during the half [40] - The company is actively managing its decommissioning operations, with lessons learned from past challenges being integrated into future planning [26][68] Q&A Session Summary Question: Update on Sangomar's performance and Phase two development - Management confirmed positive initial results from the S-four 100 sand units and indicated that further data will inform decisions around Phase two development [46][48] Question: Insights on unit production cost reductions - Management attributed the reduction in unit production costs to strong performance at Sangomar and ongoing cost control measures across the business [49][50] Question: Status of Louisiana LNG equity sell-down negotiations - Management stated that the project remains advantageous, with competitive construction costs and a disciplined approach to selecting partners [52][54] Question: Update on Beaumont Demonia's production schedule - Management clarified that delays were due to construction issues managed by OCI, with no cost impact to Woodside, and emphasized the focus on marketing efforts [56][58] Question: Development opportunities in Bass Strait - Management expressed excitement about the operatorship transition and the potential for developing long-standing gas discoveries [64][65] Question: Update on MOU with Aramco - Management confirmed ongoing constructive discussions with Aramco regarding investment opportunities in LNG and low carbon ammonia [73][74] Question: Dividend payout and balance sheet management - Management reassured that the strong performance and disciplined capital management support the decision to maintain a high payout ratio [77][80] Question: Update on LNG carrier plans - Management indicated a preference for leasing LNG carriers rather than owning them, with ongoing evaluations of balance sheet exposure [98][99]

Financial Performance - The company reported an FY '25 EBITDAF of $786 million, down from the originally guided $820 million, reflecting a 10% reduction in hydro production [4][11][12] - The NPAT was impacted by fair value adjustments on non-hedged accounted derivatives, while dividends increased by 3%, marking the seventeenth consecutive year of dividend growth [12][13] - Operating expenditure remained flat year-over-year, with a focus on reducing costs to $370 million in the future [11][16] Business Line Performance - The company achieved a total of 906,000 customer connections, benefiting from a multi-product offering and integration synergies [4] - The telecommunications segment added over 30,000 connections, contributing positively to margins despite slight yield reductions [14] Market Conditions - The company faced significant challenges due to low hydrology and high gas prices, which led to increased electricity spot prices [20][21] - The market responded with demand-side gas deals and increased thermal generation, which helped maintain energy security [21][22] Strategic Direction - The company is focused on a refreshed strategy that emphasizes productivity and execution of its build program, targeting significant growth in renewable energy generation by 2030 [2][3][6] - The company plans to accelerate generation development, with a goal of delivering 3.5 terawatt hours of new generation by 2030 [6][24] Management Commentary - Management acknowledged the challenges faced in FY '25 but expressed confidence in the company's ability to manage volatility and improve performance moving forward [20][42] - The company is committed to building a robust sales pipeline and executing long-term contracts to support future growth [24][30] Other Important Information - The company has a disciplined approach to balance sheet management, with $600 million in undrawn facilities and a dividend reinvestment plan in place [37][38] - Guidance for FY '26 includes an EBITDAF of $1 billion and a dividend of 25 cents per share, reflecting confidence in earnings growth [5][40] Q&A Summary Question: Update on geothermal opportunity - Management confirmed that updates on geothermal prospects will be provided as progress is made, emphasizing the priority of this initiative [46][47] Question: Concerns about government interventions - Management noted limited information from the government but expressed support for collaborative industry efforts to address energy challenges [49][50] Question: Guidance details - The guidance for FY '26 includes $7 million in yield growth, with expectations aligned with CPI for price increases [61][64] Question: Operational expenditure targets - Management explained that the target of $370 million in OpEx is based on restructuring and careful cost management, with significant savings already in place [82][84] Question: Battery capacity and economic viability - Management highlighted the importance of making smart investment decisions regarding battery projects, ensuring they are economically viable [78][80]