AGL Energy Limited: Investor Day Highlights FY23 & FY24 Guidance and Dividend Policy

AGL Energy Limited (ASX: AGL) hosted its Investor Day to present its strategy, growth plans, operations, and financial performance. The company has provided updates on its FY23 and FY24 guidance, as well as its dividend policy. AGL has narrowed its FY23 underlying earnings ranges, reflecting an improved second half driven by increased generation and higher customer margin.

For FY24, AGL anticipates higher underlying earnings due to sustained periods of higher wholesale electricity pricing, improved plant availability, and the closure of Liddell Power Station. AGL has also revised its dividend policy, targeting a pay-out ratio of 50 to 75 percent of Underlying Profit after tax, while maintaining its credit rating and allowing flexibility for capital deployment. The FY23 dividend will adhere to the existing policy, maintaining a pay-out ratio of 75 percent.

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