Ampol Limited · ASX:ALD
Ampol — H1 2026 Earnings Presentation
46 slides from Ampol's earnings presentation, Aug 24, 2026
Slide 1: 2026 Half Year Results Presentation ASX Release
AMPOL LIMITED ACN 004 201 307 29-33 BOURKE ROAD ALEXANDRIA NSW 2015 ASX Release 2026 Half Year Results Presentation Monday 24 August 2026 (Sydney): Ampol Limited provides the attached Results Presentation for the half year ended 30 June 2026. Authorised for release by: the Board of Ampol Limited INV
Slide 2: Important Notice
2 Important Notice This presentation for Ampol Limited is designed to provide: • an overview of the financial and operational highlights for Ampol Limited and its controlled entities, and their interests in associates and jointly controlled entities, (Group) for the six-month period ended 30 June 20
Slide 3: Welcome and overview
3 Welcome and overview Matt Halliday Managing Director & CEO
Slide 4: Safety performance
4 Safety performance Fuels and Infrastructure personal safety Convenience Retail personal safety Z Energy personal safety¹ 6.2 4.2 3.8 4.5 4.6 3.8 3.8 4.7 2.9 3.5 3.2 3.3 3.5 3.3 3.1 1.9 2.2 2.5 2021 2022 2023 2024 2025 1H 2026 2021 2022 2023 2024 2025 1H 2026 2021 2022 2023 2024 2025 1H 2026 Days A
Slide 5: Our integrated platform creates opportunities
5 Our integrated platform creates opportunities A leading Asia-Pacific physical fuel optimisation platform, leveraging infrastructure, logistics, trading capability and market intelligence to generate resilient earnings through the cycle Integrated value chain The value of integration becomes more e
Slide 6: 1H 2026 performance
6 1H 2026 performance Earnings reflect both favourable market conditions and years of investment in the structural benefits from trading, supply and risk management capabilities RCOP1 EBITDA RCOP NPAT1,2 $1.64B $0.86B RCOP EBIT1 Statutory NPAT2 $1.39B $1.36B Notes: 1. Replacement Cost Operating Prof
Slide 7: 1H 2026 key Group metrics
7 1H 2026 key Group metrics Earnings converted to strong cash flow underpinning balance sheet strength and disciplined capital allocation Total fuel sales volume Leverage1 12.30BL 1.8Times Net borrowings Interim dividend2 $3.52B 185cps Notes: 1. Calculated as Adjusted net debt/Last twelve months RCO
Slide 8: For the benefit of our stakeholders
8 For the benefit of our stakeholders Supply reliability and earnings strength have delivered for our customers, communities, shareholders and people Customers Uninterrupted supply to customers Price conscious offer, U-GO, saw volume growth1 of 64% 12.30BL Volumes in regional markets up 30% in
Slide 9: Group financial result
9 Group financial result Greg Barnes CFO
Slide 10: Fuel sales to end customers
10 Fuel sales to end customers Ampol’s supply chain readiness and flexibility maintained supply to its customers Ampol Sales Volume by Segment (BL) Ampol Sales Volume by Product (BL) 12.45 12.30 12.45 12.30 International 1.64 1.29 Other 3.24 3.28 Z Energy 3.12 Petrol 3.12 1.86 1.82 Net-sell Jet 0.70
Slide 11: 1H 2026 Group financial performance
11 1H 2026 Group financial performance Broad-based result demonstrates the earnings power of the integrated fuels platform 1H 2026 1H 2025 % Δ FY Lytton earnings reflects the sharp increase in the price of Group Group Group1 ($M) ($M) ($M) the equivalent imported product and reliable production Gr
Slide 12: Fuels & Infrastructure (F&I) result
12 Fuels & Infrastructure (F&I) result Broad based earnings growth year on year, underpinned by Lytton improvement 1H 2026 v 1H 2025 Group RCOP EBIT ($M) 1,222 9 (88) 1,135 174 305 531 203 118 85 1H 2025 F&I 1H 2025 F&I D&A 1H 2025 RCOP Lytton F&I International F&I Australia Energy Solutions 1H 2026
Slide 13: Lytton key metrics
13 Lytton key metrics Lytton benefitted from tight regional supply. Supports domestic fuel security and can generate significant cash flow when conditions are favourable Total refinery production (ML) Lytton Refiner Margin (US$/bbl) 2,992 2,977 2,974 2,945 60.00 56.14 2,802 2,709 50.00 41.12 40.00 U
Slide 14: Lytton refinery result
14 Lytton refinery result Lytton’s earnings benefitted from elevated regional margins and strong operational performance 1H 2026 v 1H 2025 Lytton RCOP EBIT ($M) 567 17 (12) (34) 533 526 36 1 35 1H 2025 RCOP EBIT 1H 2025 D&A 1H 2025 RCOP AUD LRM Volume Opex & other 1H 2026 RCOP 1H 2026 D&A 1H 2026 RC
Slide 15: F&I International
15 F&I International Established capabilities and market insights from supplying our system provide value creation opportunities F&I International RCOP EBIT1 ($M) Middle East conflict. Largest oil 308 market disruption in history. Russia-Ukraine conflict and Sale of FCCU feed and benefit of Benefit
Slide 16: F&I Australia
16 F&I Australia Resilient physical supply and outperformance relative to import parity pricing during a period of significant market dislocation Resilient supply chain drove growth in Australian wholesale F&I Australia RCOP EBIT1 ($M) fuel sales as less reliable supply chains faltered ꟷ Particula
Slide 17: Energy Solutions
17 Energy Solutions The investment case for EV charging infrastructure in Australia is strengthening with growing BEV new car sales translating into charging session and energy sold growth in the public network. Australia New Zealand BEV share of new car sales (%)1 20.8% 356 bays 217 bays 8.9% 9.3%
Slide 18: Convenience Retail key metrics
18 Convenience Retail key metrics Track record of 5%+ CAGR over last 6 years. Benefit this period from fuel availability and responsiveness to supply disruption and increased scale of U-GO Retail fuel volume Shop KPIs Growth in fuel volumes largely in base grade fuels 1,778 ML 619 ꟷ Reflects U-GO
Slide 19: Convenience Retail key metrics
19 Convenience Retail key metrics In-store execution and segmentation strategy underpin 12% earnings uplift. Average basket value growing Convenience Retail EBIT ($M) Shop Gross Margin1 Percentage (%) 205 39.9 40.1 175 183 35.9 37.0 167 34.3 149 31.8 127 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 1H 20
Slide 20: Convenience Retail result
20 Convenience Retail result U-GO contributed more than one third of the EBIT growth through fuel sales and cost savings from no shop 1H 2026 v 1H 2025 Convenience Retail RCOP EBIT ($M) 299 (2) (7) 11 276 21 (95) 93 204 183 1H 2025 CR 1H 2025 D&A 1H 2025 CR Fuel income1 Shop income Cost of doing P&L
Slide 21: New Zealand retail key metrics
21 New Zealand retail key metrics Z Energy remains a strong business platform with a broad channel mix to market, strong brand positions and opportunities to improve earnings as market conditions stabilise Z Fuel and Shop Gross Margin (NZ$M) Z Energy Retail Fuel Volumes2 (BL) 239 232 218 223 0.75 0.
Slide 22: New Zealand result
22 New Zealand result Slow to pass on input costs increases at the commencement of the Middle East conflict 1H 2026 v 1H 2025 New Zealand RCOP EBIT (NZ$M unless otherwise noted) (8) 199 (6) 3 (7) 189 66 (68) 142 121 1H 2025 NZ 1H 2025 D&A Exited businesses 1H 2025 NZ RCOP Integrated Other non- Opex
Slide 23: Balance sheet and cash flow
23 Balance sheet and cash flow Strong cash flow generation supported cash settlement of EG Australia acquisition while maintaining leverage below the target range Movement in net borrowings1 ($M) (148) (1,136) 1,254 (143) (174) (59) (136) (3,523) (78) Includes: (2,903) $850m initial cash considerati
Slide 24: Disciplined approach to capital allocation
24 Disciplined approach to capital allocation Focus on getting the balance right Capital Allocation Framework Ampol remains committed to its Capital Allocation Framework and is focused on Capital management since 2015 (A$m) “getting the balance right” between shareholder returns, core business opt
Slide 25: Strategy update
25 Strategy update Matt Halliday Managing Director & CEO
Slide 26: A larger transport energy platform
26 A larger transport energy platform Consistent strategic execution has built a broader platform for through-cycle value creation 2019 2020–2021 2022 2023–2024 2025–2026 Core platform Rebrand and reset Regional expansion Optimisation and Scale and earnings transition quality Australian fuels, retai
Slide 27: Our 2026 priorities
27 Our 2026 priorities We are clear on our priorities for 2026 to build on our structural advantages Purpose Powering better journeys, today and tomorrow Strategy • Ultra Low Sulfur Fuels (ULSF) project start up expected towards the end of the year ‒ Regional scarcity of revised gasoline specificati
Slide 28: EG Australia update
28 EG Australia update Took ownership from 30 June 2026. The EG acquisition advances Ampol’s strategy to grow the Australian retail business through an expanded Ampol Foodary brand and a value-oriented U-GO branded offer at scale Strategic rationale recap Transaction Metrics3 Strengthens Ampol’s i
Slide 29: Outlook and closing remarks
29 Outlook and closing remarks Matt Halliday Managing Director & CEO
Slide 30: Current trading conditions and outlook
30 Current trading conditions and outlook Current trading conditions and outlook kb Diesel stocks1 Since the end of June there has been significant volatility in crude and product 175,000 markets: deferral of Russian diesel exports and product inventories are at or near 165,000 historical lows A
Slide 31: Why invest in Ampol
31 Why invest in Ampol Ampol exits 1H 2026 with a structurally stronger earnings base and more cash generative business than at any point in the last decade High quality earnings platform Structural base Cyclical upside Growth platforms Expected to persist through the cycle Supply side tightness lik
Slide 32: Q&A
32 Q&A
Slide 33: Appendix
33 Appendix Our unique competitive strengths 34 Product sales volumes 35 Fuels and Infrastructure – Financials 36 Lytton refinery key metrics 37 Convenience Retail – Financials 38 New Zealand (incl Z Energy) – Financials 39 Our assets – Retail infrastructure 40 Capital allocation framework 41 Strong
Slide 34: Our unique competitive strengths
34 Our unique competitive strengths Ampol possesses qualities that are unmatched in the Australian and New Zealand transport fuels industries Strategic assets Supply chain expertise Deep customer base Iconic brands Decarbonisation Portfolio of privileged One of the largest Trans- Significant B2B and
Slide 35: Product sales volumes
35 Product sales volumes F&I (Australia) Volumes (BL) F&I (International) Volumes (BL) 5.00 4.50 4.21 4.65 9.00 3.93 7.53 7.50 7.35 7.21 3.24 3.28 6.55 6.68 1.33 1.21 1.89 0.02 0.03 0.03 0.03 1.24 0.05 0.06 1.27 1.18 1.14 1.26 3.00 0.08 0.08 6.00 0.52 0.82 0.78 0.05 0.15 1.25 2.09 1.19 1.11 1.60 2.0
Slide 36: Fuels and Infrastructure – Financials
36 Fuels and Infrastructure – Financials 1H 20265 1H 20255 Change (%) Notes Australian Sales Volumes (Ex net-sell) (BL) 6.83 6.65 2.8% 1. F&I Australia includes all earnings and costs associated (directly or Net-sell (BL) 0.37 0.70 (46%) apportioned) for fuel supply to Ampol’s Australian market oper
Slide 37: Lytton refinery key metrics
37 Lytton refinery key metrics Lytton Refiner Margin1 Operational performance LRM (US$/bbl and Acpl) BL High Value Production Volumes, Production Utilisation (%) 29.0 4 86 86 83 79 84 % Impacted by 76 77 77 27.4 65 80 FCCU outage Impacted by 3 22.9 19.0 Reformer T&I 60 14.2 13.7 14.5 2 32.96 11.3 10
Slide 38: Convenience Retail – Financials
38 Convenience Retail – Financials 1H 2026 1H 2025 Change (%) Notes Period end COCO sites (#)1 619 625 (1.0)% U-GO sites included in COCO network 47 34 38% 1. Includes diesel stops. Prior to the acquisition of 511 sites from EG Australia on 30 June 2026 Total sales volumes (BL) 1.78 1.74 2.4% Total
Slide 39: New Zealand (incl Z Energy) – Financials
39 New Zealand (incl Z Energy) – Financials 1H 2026 1H 2025 Change (%) Retail sales volume (ML)1 655 686 (4.5%) Notes Commercial sales volume (ML) 1,114 1,170 (4.8%) 1. Retail sales volume includes sales through Z Energy, Caltex, U-GO Supply terminal and export sales (ML) 48 8 >100% and Foodstuffs b
Slide 40: Our assets – Retail infrastructure
40 Our assets – Retail infrastructure Ampol Australian retail network Leased- Dealer Dealer Ampol Australian retail network Owned Leased Total APT2 Agency owned Company operated1 67 215 264 - - 546 Site rationalisation continues with site count down from 1,708 at 31 December 2025 to 1,705 at 30 Ju
Slide 41: Capital Allocation Framework
41 Capital Allocation Framework Continued focus on operating and capital efficiency, governed by a well-defined Capital Allocation Framework Capital Allocation Framework1 Ampol is committed to maintaining a strong investment grade credit rating; currently Baa1 (stable) from Moody’s Stay-in-busines
Slide 42: Strong funding platform
42 Strong funding platform Underpinned by a strong investment grade credit rating of Baa1 (stable) from Moody’s Committed debt maturity profile2 (A$m) Prudent debt maturity profile to manage refinancing risk and (as at 30 June 2026) maintain financial flexibility ꟷ $5.8 billion of committed debt f
Slide 43: Capital Expenditure and Depreciation & Amortisation
43 Capital Expenditure and Depreciation & Amortisation Capital Expenditure RCOP Depreciation & Amortisation 1H 2026 1H 2025 1H 2026 1H 2025 ($M) ($M) ($M) ($M) Lytton 101.0 168.4 Convenience Retail 94.5 93.2 Fuels and Infrastructure (Ex-Lytton and Energy Solutions) 29.5 26.1 Fuels and Infrastructure
Slide 44: Significant Items
44 Significant Items 1H 2026 1H 2025 1. Unrealised derivative gains/(losses): During the period, an unrealised net gain of $14.1 million was recognised ($M) ($M) following the mark-to-market of the Group’s electricity derivative contracts and contracts for difference (‘CFDs’) relating to fuel secure
Slide 45: Glossary
45 Glossary $ or A$ - Australian Dollar k – Thousand 1H – The period from 1 January to 30 June in any year kWh – Kilowatt hour 2H – The period from 1 July to 31 December in any year Lower carbon liquid fuels (LCLF) - Lower carbon liquid fuels and renewable fuels are B or b – Billion interchangeable
Slide 46: Thank you
VA AMPOL Thank you