FY26e Result Straw Poll – Australian Energy, Utilities, Infrastructure

Research evidence excerpt

FY26e Result Straw Poll – Australian Energy, Utilities, Infrastructure

Idea

July 28, 2026 11:00 PM GMT

Morgan Stanley Australia Limited+MAustralia Macro+ Meets Micro Podcast | Asia Chris Nicol

Pacific Equity Strategist

Chris.Nicol@morganstanley.com +61 3 9256-8909

Rob Koh

Equity AnalystFY26e Result Straw Poll – Rob.Koh@morganstanley.com +61 3 9256-8932

Australian Energy, Utilities,

Infrastructure

Australia Energy

In this podcast, Chris Nicol is joined by Rob Koh to discuss the Asia Pacific

key issues for the Australian Energy, Utilities and Infrastructure Industry View In-Line

Australia Utilities & Infrastructure

sectors heading into FY26 results. The oil price, falling power Asia Pacific

Industry View In-Line

prices, refining margins, and the interest-rate agnostic energy

Related Research:

build frame the discussion.

Australia Macro+: 2026 August Reporting

Season Calendar (27 Jul 2026)

Key Takeaways

Australia Infrastructure: Moving Down Under:

Highest Conviction: STO (OW) – strong DPS and FCF yields, buyback capacity, a Vic↑? (27 Jul 2026)

potential Papua LNG FID, & now rising oil prices; CWY (OW) with FOGO Australia Utilities: Billing Down Under: Churn↑?

tailwinds. (27 Jul 2026)

Least Preferred: AGL & ORG (UW) – falling power prices drive earnings and Australia Infrastructure: August 2026 Results

consensus downside risk, focus on first-time guidance heading into the results. Preview (27 Jul 2026)

Australia Oil & Gas: Drilling Down Under: Tax↑? Most Topical Result, STO: Oil price dominates: US$90-100/bbl Brent masks

(21 Jul 2026) stock-specific issues. Beetaloo looms as a large new resource with downstream

Australia Macro+ Week Ahead: The Age Of upside.

Earnings (19 Jul 2026)

Key Debates: Positive on refining margins – a golden age of tight supply;