AGL Energy shareholders are staring down the barrel of a corporate disaster if they don’t support the proposed split of their company into a “green” retail and renewables business called AGL Energy Australia, and a coal-fired generator, Accel Energy.

Full-year financial results released on Thursday were worse than the market expected, with underlying earnings before interest, tax, depreciation and amortisation down 18 per cent to $1.66 billion, and a forecast for a decline in earnings of almost 30 per cent in 2022.