Announcement PDF FY26 Half Year Results | 1 ASXSTX FY26 HALF YEAR RESULTS 26 February 2026 FY26 Half Year Results | 2 Summary information This presentation contains summary information and statements about Strike Energy Limited (ASX:STX) (Strike), its subsidiaries and their respective activities, which is current as at the date of this presentation (unless otherwise indicated). The information in this presentation is general in nature and does not purport to be exhaustive. For example, this presentation does not purport to contain all of the information that investors may require in evaluating a possible investment in Strike . It has been prepared by Strike with due care but no representation or warranty, express or implied, is provided by Strike in relation to the currency, accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this presentation. This presentation should be read in conjunction with Strike’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available on the ASX website (at www.asx.com.au) and the Strike website (at www.strikeenergy.com.au). No person other than Strike has authorised or caused the issue, release, submission, distribution or provision of this presentation, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this presentation. Strike, to the maximum extent permitted by law, expressly excludes and disclaims all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or for any costs or expenses, arising from the use of this presentation or its contents or otherwise arising in connection with it. Strike does not make any representations or warranties (express or implied) to you about the currency, accuracy, reliability or completeness of the information, opinions and conclusions in this presentation (including, without limitation, any financial information, any estimates or projections and any other financial information). Not an offer, and not investmentor financial product advice This presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or other offering document under Australian law or any other law. This presentation has not been lodged with the Australian Securities and Investments Commission. This presentation, and the information contained in it, is provided for information purposes only and is not an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities of Strike, or any other financial products or securities, in any place or jurisdiction. This presentation may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The securities referred to in this document have not been, and will not be, registered under the US Securities Act of 1933 (US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice (nor tax, accounting or legal advice) or a recommendation to acquire any securities of Strike. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Any investment decision, should be made based solely upon appropriate due diligence and other inquiries. Before making any investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). Strike is not licensed to provide financial product advice in respect of an investment in securities, and do not purport to give advice of any nature. An investment in any listed company, including Strike, is subject to risks of loss of income and capital. Past performance Past performance metrics and figures, as well as pro forma financial information, included in this presentation are given for illustrative purposes only and should not be relied upon as (and are not) an indication of Strike’s views on Strike's future financial performance or condition or prospects (including on a consolidated basis). Investors should note that past performance of Strike, including in relation to the historical trading price of shares, production, reserves and resources, costs and other historical financial information cannot be relied upon as an indicator of (and provide no guidance, assurance or guarantee as to) future performance, including the future trading price of shares. The historical information included in this presentation is, or is based on, information that has previously been released to the market. Investmentrisk As noted above, an investment in shares in Strike is subject to investment and other known and unknown risks, some of which are beyond the control of Strike. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Strike in the future. Strike does not guarantee any particular rate of return or the performance of Strike, nor guarantee the repayment of capital from Strike, or any particular tax treatment. When making any investment decision, investors should make their own enquires and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operationsSyntax Warning: Invalid Font Weight of Strike, and the impact that different future outcomes may have on Strike. Refer to the risk factors starting on page 31 of the 2025 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy. DISCLAIMER AND IMPORTANT NOTICES FY26 HALF YEAR RESULTS 1H 2026 FINANCIAL SUMMARY FY26 Half Year Results | 4 1H FY26 SUMMARY $69.5 m CASH BALANCE as at 31 Dec 2025 $104.8 m AVAILABLE LIQUIDITY 2 as at 31 Dec 2025 FINANCIAL POSITION $108.8 m DRAWN DEBT as at 31 Dec 2025 REVENUE UNDERLYING EBITDA1 NET DEBT UNDERLYING NPAT OPERATING CASH FLOW 1. Refer to Appendix A on slide 19 for underlying EBITDA reconciliation 2. Cash and undrawn committed debt facilities. Includes $30 million of debt subject to satisfaction of customary conditions precedent $14 m $36 m $39 m $3 m ($12 m) 3.8 PJe TOTAL PRODUCTION ▼ 18% vs 1H FY25 $7.37 /GJ AVG REALISED GAS PRICE ▲ 3% vs 1H FY25 $99.5 m TOTAL CAPITAL EXPENDITURE ▲ 113% 1H FY25 1H FY26 RESULTS ▲ 1% vs 1H FY25 ▼ 82% vsSyntax Warning: Invalid Font Weight 1H FY25 ▲ 1% vs 30 June 2025 ▼ 10% vs 1H FY25 ▲ 20% vs 1H FY25 FY26 HALF YEAR RESULTS OPERATIONS REVIEW FY26 Half Year Results | 6 OPERATIONS OVERVIEW West Erregulla & Erregulla Deep South Erregulla Exploration Walyering STX 50%, Operator  Pre-FID status  Midstream development options being advanced  Strike’s independent certification update of reserves and resources targeted by end March 2026  Planning and long lead procurement for West Erregulla-6 and West Erregulla-2 & 4 workovers1 STX 100%, Operator  85 MW integrated peaking gas power  Under construction  On budget and on target for online 1 October 2026  Overall completion at 77%  Engine hall construction complete with all engines in place and installed  Connection works commenced, all overhead power poles installed and line stringing nearing completion STX 100%, Operator  Online  Producing at 10 TJ/day  Purchasing 10TJ/day on market whilst prices are soft to mitigate firm gas supply shortfall  CompressorSyntax Warning: Invalid Font Weight installation underway, targeting online Q2 CY26 inline with operational requirements  Walyering West-1 NFE expected to spud mid-April 2026 STX 100%, Operator  Highly prospective exploration targets inc. Ocean Hill & Kadathinni  Newly acquired 3D & 2D seismic shows significant prospectivity with drill targets identified  Ocean Hill independent certification complete 1. Activities are subject to Joint Venture approval FY26 Half Year Results | 7 WEST ERREGULLA OVERVIEW A strategically located, forecast-critical gas resource for WA Strike Energy 50% (Operator) | Hancock Energy 50%  Included in AEMO GSOO as required future WA gas supply1  Material, high-quality conventional resource with the ability to support long-term WA domestic supply  Strike’s Independent Reserve & Resource estimate targeted end-March 2026 expected to reinforce scale  Attractive, value-accretive development options being advanced 1. https://www.aemo.com.au/energy-systems/gas/gas-forecasting-and-planning/wa-gas-statement-of-opportunities-wa-gsooSyntax Warning: Invalid Font Weight 0 5 10 km Lockyer Waitsia Beharra Springs Trigg West Erregulla Erregulla Deep L 25 L 26 Kadathinni DBNGP PGP Legend Gas Processing (Online) Gas Processing (Proposed) Gas to Power (In construction) Gas Field (STX 100%) Gas Field (STX 50%) Gas Field (3rd Party) STX Prospect (100% equity) Gas Pipeline Major Powerline South Erregulla Perth ~300 Km 250 TJ/day (210 TJ/day) 26 TJ/day 85 MW 25 & L26 Production Licence “The Precinct” Project Name: West Erregulla Status: Pre-FID Location: Perth Basin (L25 & L26) Reserves: Under Review Strike owned freehold land FY26 Half Year Results | 8 SOUTH ERREGULLA OVERVIEW  Critical firming infrastructure supporting renewable growth and coal retirement in WA  On budget and on track for first power by 1 October 2026  Capacity-market-backed revenues strengthened by rising Benchmark Reserve Capacity Price2  Ownership of a near-complete, 100%-owned infrastructure asset provides balance-sheet flexibility and future capital recycling optionality 1. Refer to slide 20 forSyntax Warning: Invalid Font Weight important information relating to reserves and resources estimates. 2. https://www.aemo.com.au/energy-systems/electricity/wholesale-electricity-market-wem/wa-reserve-capacity-mechanism/benchmark-reserve- capacity-price Delivering capacity-backed, critical energy infrastructure for WA Strike Energy 100% (Operator) Power Station Package 99% complete Project Name: South Erregulla Status: In construction 85 MW Peaking Gas Power Plant Reserves: 45 PJ 2P / 37 PJ 2C1 Location: Perth Basin (L24) Target on-line date: 1 Oct 2026 FY26 Half Year Results | 9 SOUTH ERREGULLA OPERATIONAL UPDATE  Overall project completion at 77%  Engineering 99.5% complete, procurement 94% complete and power station package 99% complete  Strong safety performance maintained throughout the period, with no major HSE incidents recorded during sustained construction activity.  52 of 52 overhead power poles installed with line stringing nearing completion.  Mechanical completion and gas introduction forecast in Q2 CY26, with targetedSyntax Warning: Invalid Font Weight commercial operation by 1 October 2026. Pole 52 at KGN Switchyard Structural Steel 100% complete at Western Power Switchyard Relay room arriving onsite at Western Power Switchyard Project Name: South Erregulla Status: In construction 85 MW Peaking Gas Power Plant Reserves: 45 PJ 2P / 37 PJ 2C1 Location: Perth Basin (L24) Target on-line date: 1 Oct 2026 1. Refer to slide 20 for important information relating to reserves and resources estimates. FY26 Half Year Results | 10 WALYERING OVERVIEW  Established Perth Basin gas production supplying the Parmelia Gas Pipeline under firm offtake arrangements  Delivered 3.8 PJe of gas and condensate in HY26  Generated $36.0 million in revenue at an average realised price of ~$7.37/GJ  Low-cost, cash-generating asset underpinning development and exploration activity Established domestic gas production and infrastructure Strike Energy 100% (Operator) Project Name: Walyering Status: Online Location: Perth Basin (L23) Reserves: 14 PJ 2P/ 17 PJ 2C1 Nameplate Capacity:Syntax Warning: Invalid Font Weight 33 TJ/day Current Rate: 10 TJ/day2 1. Refer to slide 20 for important information relating to reserves and resources estimates. 2. As at 26 February 2026, subject to change. FY26 Half Year Results | 11 WALYERING OPERATIONAL UPDATE Established domestic gas production and infrastructure Strike Energy 100% (Operator) Project Name: Walyering Status: Online Location: Perth Basin (L23) Reserves: 14 PJ 2P /17 PJ 2C1 Nameplate Capacity: 33 TJ/day Current Rate: 10 TJ/day2  Additional heat exchanger installed, improving facility efficiency and production reliability  Compression infrastructure delivered; installation progressing toward mid-2026 start-up in line with operational requirements  Currently producing at 10 TJ/day, with improved well and facility performance increasing confidence in the asset’s ability to sustain higher production levels  Walyering West-1 advanced to drill ready, with rig secured and spud targeted for April 2026 1. Refer to slide 20 for important information relating to reservesSyntax Warning: Invalid Font Weight and resources estimates. 2. As at 26 February 2026, subject to change. Compressors onsite at Walyering Gas Processing Facility FY26 Half Year Results | 12 OCEAN HILL OVERVIEW  3D seismic defines multiple exploration and appraisal targets  Improved reservoir continuity vs legacy 2D  Favourable gas quality and proximity to DBNGP and SWIS infrastructure enable multiple low-cost monetisation pathways  Regulatory approvals received, drill-ready 2H CY 2026 Material exploration upside defined by 3D seismic Strike Energy 100% (Operator) Project Name: Ocean Hill Status: Appraisal Location: Perth Basin (EP 495) Resources: 180 2C / 190 2U1 1. Refer to slide 20 for important information relating to reserves and resources estimates. Prospective Resource Estimate Information & Cautionary statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future exploration and development project(s) relate to undiscovered accumulations. This estimate is un-risked, probabilisticallySyntax Warning: Invalid Font Weight determined and has a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. FY26 Half Year Results | 13 KADATHINNI OVERVIEW  Large-scale multi-play frontier prospectivity  2D seismic defines >1,000 km² fairway  Material prospective resource potential  Positioned to backfill basin infrastructure  3D seismic planned for early 2027 Frontier exploration with transformational potential Strike Energy 100% (Operator) Project Name: Kadathinni Status: Exploration Location: Perth Basin (EP503 & EP504) Resources: 385 2U1 1. Refer to slide 20 for important information relating to reserves and resources estimates. Kadathinni (STX 100%) West Erregulla (STX 50%) South Erregulla (STX 100%) The Precinct (STX 100%) Prospective Resource Estimate Information & Cautionary statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future exploration and Syntax Warning: Invalid Font Weight development project(s) relate to undiscovered accumulations. This estimate is un-risked, probabilistically determined and has a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. FY26 HALF YEAR RESULTS OUTLOOK & STRATEGIC PRIORITIES FY26 Half Year Results | 15 WA ENERGY MARKET UPDATE 1. https://www.aemo.com.au/energy-systems/gas/gas-forecasting-and-planning/wa-gas-statement-of-opportunities-wa-gsoo 2. https://www.aemo.com.au/energy-systems/electricity/wholesale-electricity-market-wem/wa-reserve-capacity-mechanism/benchmark-reserve-capacity-price WA GAS SUPPLY & DEMAND FORECAST 1 GSOO 2025 0 500 1,000 1,500 2026 2030 2035 2040 2045 Domestic Gas Demand Supply - anticipated Supply - existing and committed PJ Energy Transition and Supply Decline Driving the Need for Reliable Domestic Gas Investment 0 90 180 270 360 450 Capacity Year SE Online Historical / Actual RCP 2026 2028 2024 2022 2020 2018Syntax Warning: Invalid Font Weight RESERVE CAPACITY PRICE (RCP) 2 ($000s/MW/YEAR)  Near-term domestic gas market remains broadly balanced through 2027  Supply gaps forecast to emerge from 2030, growing towards ~500 TJ/day by 2045 inclusive of “anticipated” supply which includes West Erregulla  Driven by declining production from existing fields and rising power-sector demand  Requirement for urgent new firm capacity reflected in increasing RCP  Pinjar Power Station (576 MW gas fired) will retire units in the early 2030’s  Coal-fired generation modelled to retire between 2027–2029  Collie Power Station & Muja D retiring in Oct 2027 & Oct 2029  Bluewaters Power Station modelled unavailable from October 2028 Historical Benchmark RCP Draft Benchmark RCP (subject to change) FY26 Half Year Results | 16 2026 Q1 2026 Q2 2026 Q3 2026 Q4 2026 NEAR-TERM VALUE INFLECTION POINTS Building Momentum Through 2026 Walyering West-1 Spud South Erregulla 2028/29 Benchmark Reserve Capacity Price Finalised • Draft BRCP proposed at $491,700/MW South Erregulla Peaking Power Plant Practical Completion South Erregulla Peaking Power Plant Online West Erregulla & Erregulla Deep Certified Reserves & Resources Update West Erregulla STX Target Final Investment Decision South Erregulla 2028/29 Reserve Capacity Price Announced Walyering West-1 Test (contingent) All dates are indicative and subject to change. Where they pertain to West Erregulla and Erregulla Deep, are subject to finalisation of West Erregulla downstream arrangements, pre-FID activity procurement timelines, financing and JV processes. 2027 Q1 FY26 Half Year Results | 17 2026 STRATEGIC PRIORITIES Focussed on advancing a multi-asset Perth Basin gas platform to unlock long-term shareholder value Positioning Strike as a trusted independent gas explorer & developer in Western Australia Deliver South Erregulla Power Project on time and on budget Optimise Walyering production profile Maintain disciplined cost base Define West Erregulla Development Pathway Maintain exploration pipeline toSyntax Warning: Invalid Font Weight enable long-term portfolio growth FY26 Half Year Results | 18 ASXSTX POWERING PROGRESS FOR THE ENERGY TRANSITION FY26 Half Year Results | 19 Underlying EBITDA Reconciliation 1H26 $’000 1H25 $’000 Revenue from gas and oil sales 36,002 35,810 Cost of goods sold excluding depreciation and amortisation (D&A) (13,777) (9,392) Other income 778 1,866 Other expenses excluding abandonment expense and D&A (9,024) (12,715) Underlying EBITDA 13,979 15,569 Finance income 782 570 Finance expenses (4,010) (7,542) Depreciation and amortisation (19,027) (23,980) Abandonment expense (3,994) (108) Loss for the period (12,270) (15,491) APPENDIX A: UNDERLYING EBITDA RECONCILIATION FY26 Half Year Results | 20 Reservesand ResourcesEstimates Information in this presentation relating to the Reserve and Resource Estimates for: • the South Erregulla Reserve and Resource estimate is set out in the ASX announcement dated 24th June 2024 entitled “South Erregulla Reserves”. Strike Energy interest is 100%; • the Walyering Reserve and Resource estimate is set out in ASX announcement dated 19 August 2025 entitled "Walyering Reserves Update and Resulting Impairment". Strike 's equity interest is 100%; • the Ocean Hill 2C Contingent Resource and 2U Prospective Resource is set out in ASX announcement dated 27 August 2025 entitled "Ocean Hill Resource Update". Strike’s equity interest is 100%; • the Kadathinni 2U Prospective Resource estimate is set out in ASX announcement dated 7 May 2025 entitled “Exploration Update". Strike’s equity interest is 100%; The above announcements are available to view on Strike Energy's website at www.strikeenergy.com.au. Strike confirms that, as at the date of this report, it is not aware of any new information or data that materially affects the information contained in the referenced announcements, and that all material assumptions and technical parameters underpinning those estimates continue to apply. These reserves and resources estimates must be read in conjunction with the full text of the ASX releases referred to. The Reserves and Resources are unrisked. Forward looking statements This presentation contains forward looking statements about Strike. Often, but not always, forward looking statements can be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements in this presentation regarding intent, belief, expectations, plans, strategies and objectives of management, indications of and guidance on synergies, future earnings or financial position or performance, future acquisitions, anticipated production rates or construction commencement dates, costs or production outputs for each of Strike and the future operation of Strike. Strike does not make any representation or warranty as to the currency, accuracy, reliability or completeness of any forward-looking statements contained in this presentation. To the extent that this presentation materials contains forward looking information, the forward-looking information is subject to a number of risks, including those generally associated with the gas industry more broadly. Any such forward looking statement inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated. These may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves), political and social risks, changes to the regulatory framework within which Strike operate or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and other environmental issues, the recruitment and retention of key personnel, industrial relations issues, litigation and outbreaks of disease or pandemics (including the continuation or escalation of the global COVID-19 pandemic). Any such forward looking statements are based on assumptions, qualifications and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider any forward-looking statements contained in this presentation in light of such matters (and their inherent uncertainty) and not place reliance on such statements. Forward looking statements are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of Strike. Any forward-looking statements are based on information available to Strike as at the date of this presentation. Refer to the risk factors starting on page 31 of the FY25 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from these statements. Investors should consider the forward looking statements contained in this presentation in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and its directors, officers, employees, advisers, agents and other intermediaries disclaim any obligation or undertaking to provide any additional or updated information, whether as a result of new information, future events or results or otherwise (including to reflect any change in expectations or assumptions). Nothing in this presentation will, under any circumstances (including by reason of this presentation remaining available and not being superseded or replaced by any other presentation or publication with respect to Strike or any other matter the subject matter of this presentation), create an implication that there has been no change in the affairs of Strike since the date of this presentation. Effect of roundingand Financial data A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. All dollar values are in Australian dollars ($ or A$ or AUD) unless stated otherwise. All references to USD or US$ or USD are to the currency of the United States of America. FORWARD LOOKING STATEMENTS AND OTHER INFORMATION