Ampol Limited · ASX:ALD
Ampol — H1 2025 Earnings Presentation
47 slides from Ampol's earnings presentation, Aug 18, 2025
Slide 1: 2025 Half Year Results Presentation
AMPOL LIMITED ACN 004 201 307 29-33 BOURKE ROAD ALEXANDRIA NSW 2015 ASX Release 2025 Half Year Results Presentation Monday 18 August 2025 (Sydney): Ampol Limited provides the attached Results Presentation for the half year ended 30 June 2025. 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 4.2 4.3 4.6 6.2 2.2 2.9 3.5 3.8 3.2 1.9 2.5 3.3 3.8 3.1 1.7 2021 2022 2023 2024 1H 2025 2021 2022 2023 2024 1H 2025 2021 2022 2023 2024 1H 2025 Days Away from Work Injury Freque
Slide 5: 1H 2025 performance
5 1H 2025 performance Group financial performance – Growing fuel and convenience earnings Group RCOP1 EBITDA2 of $649 million, Group RCOP EBIT2 of $404 million and Statutory NPAT3 loss of $25 million Total sales volume of 12.45 billion litres Segment results Convenience Retail continued its tr
Slide 6: 1H 2025 key Group metrics
6 1H 2025 key Group metrics Profit metrics Balance Sheet metrics Sales volume Capital management $649 m $2,822 m 12.45 BL 40 cps Group RCOP EBITDA1 Net borrowings Total sales volume Interim dividend declared $404 m 2.8 times 7.35 BL $95 m Group RCOP EBIT1 Leverage ratio Aust. sales volume Interim di
Slide 7: Group financial result
7 Group financial result Greg Barnes CFO
Slide 8: Fuel sales to end customers
8 Fuel sales to end customers Ampol Sales Volumes (BL) Australian wholesale volume 14.17 Ampol’s Australian wholesale volumes down1 2.0% due primarily to third party retail 13.25 12.45 channels 11.05 11.50 9.94 4.65 3.93 3.24 Convenience Retail fuel sales volume 4.21 2.97 4.50 1.99 1.83 1.86 Net
Slide 9: 1H 2025 Group financial performance
9 1H 2025 Group financial performance 1H 2025 1H 2024 % Δ 1H Group Group Group1 Group result underpinned by retail fuel and convenience earnings and ($M) ($M) ($M) resilient commercial businesses in Australia and New Zealand Continued growth in Convenience Retail underpinned by network Group RCO
Slide 10: 1H 2025 GROUP RCOP EBIT result
10 1H 2025 GROUP RCOP EBIT result Resilient Group result through a determined focus on what we can control 1H 2025 v 1H 2024 Group RCOP EBIT1 ($M) 737 1 8 (79) (18) 649 0 234 502 (245) Includes ~$30 million of productivity benefits in the half 404 1H 2024 1H 2024 D&A 1H 2024 RCOP Convenience New Zea
Slide 11: Convenience Retail key metrics
11 Convenience Retail key metrics Total Fuel and Shop Margin and EBIT ($M) Convenience Retail Fuel Volumes (BL) 183 2.05 500 167 175 190 1.99 1.89 1.91 1.82 376 1.74 400 170 414 426 383 396 150 300 342 149 130 200 125 127 110 100 90 0 70 1H 2020 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 1H 2020 1H 202
Slide 12: Convenience Retail result
12 Convenience Retail result Network quality, segmentation strategy, and premium fuel support higher fuel margin 1H 2025 v 1H 2024 Convenience Retail RCOP EBIT (1) 0 (5) 276 268 (3) 35 (19) (93) 93 Net of ~$6 million in productivity 183 175 savings and continuous improvement 1H 2024 CR 1H 2024 1H 20
Slide 13: Z Energy retail key metrics
13 Z Energy retail key metrics Z Fuel and Shop Gross Margin (NZ$M) Z Energy Fuel Retail Volumes2 (BL) 239 0.75 0.73 218 232 0.68 0.71 0.69 206 0.62 189 187 1H 2020 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 1H 2020 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 Z Total Shop Revenue (NZ$M) and Gross Margin (%)
Slide 14: New Zealand result
14 New Zealand result Earnings growth reflects resilience in a challenging environment, underpinned by effective network segmentation 1H 2025 v 1H 2024 New Zealand RCOP EBIT (NZ$M unless otherwise noted) 207 203 7 (2) 2 (3) (66) 65 138 142 1H 2024 NZ 1H 2024 D&A 1H 2024 NZ Integrated Margin from Non
Slide 15: Fuels & Infrastructure (F&I) result
15 Fuels & Infrastructure (F&I) result Resilient F&I Australia performance 1H 2025 v 1H 2024 F&I RCOP EBIT1 ($M) 300 Includes accelerated 74 (79) depreciation of the alkylation unit ahead 226 of 2H25 T&I (2) (17) 203 2 (85) 118 Net of ~$23 million in productivity savings and continuous improvement 1
Slide 16: F&I Australia
16 F&I Australia Diverse customer base supplied through an efficient supply chain that leverages the portfolio of strategic infrastructure assets F&I Australia RCOP EBIT1 ($M) 144 141 139 90 76 79 144 141 139 90 76 79 1H 2020 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 F&I Australia Sales Volumes (BL) 7
Slide 17: F&I International
17 F&I International Reduced discretionary activity with near term focus on supplying Ampol’s Australian and New Zealand supply chain F&I International RCOP EBIT1 ($M) 79 67 22 23 20 3 1H 2020 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 F&I International Sales Volumes (BL) 4.50 4.65 4.21 3.93 3.24 2.97
Slide 18: Balance sheet and cash flow
18 Balance sheet and cash flow Movement in net borrowings1 ($M) (12) (201) 355 (57) (120) (21) Net proceeds from Channel Infrastructure Inclusive of RCOP Includes capitalised divestment ($87m) inventory losses and interest of $19m Significant Items (2,766) (2,822) Dec-24 opening Operating cashflow T
Slide 19: Strategy update
19 Strategy update Matt Halliday Managing Director & CEO
Slide 20: We are delivering on our 2025 priorities
20 We are delivering on our 2025 priorities We have made substantial progress in our priorities for 2025 Purpose Powering better journeys, today and tomorrow Strategy • Progressed the Ultra Low Sulfur Fuels (ULSF) project to deliver 10ppm gasoline MAXIMISE LYTTON VALUE • Improved Lytton reliability
Slide 21: EG acquisition highlights
21 EG acquisition highlights Opportunity to acquire a large COCO network for a headline price of $1.1 billion, subject to ACCC clearance. Delivers benefits to customers, employees and shareholders Grows Ampol’s earnings mix towards more predictable retail earnings Expands Ampol’s national COCO footp
Slide 22: Our key priorities for 2H 2025
22 Our key priorities for 2H 2025 We are clear on our priorities for 2H 2025 to deliver near term earnings improvement and longer-term growth Purpose Powering better journeys, today and tomorrow Strategy • Complete the Ultra Low Sulfur Fuels (ULSF) project for startup towards the end of 2025, with i
Slide 23: Outlook and closing remarks
23 Outlook and closing remarks Matt Halliday Managing Director & CEO
Slide 24: Current trading conditions and outlook
24 Current trading conditions and outlook Current trading conditions and outlook Medium term Since the end of June we have seen an improvement of product cracks Ampol is in active discussions with the Government and relevant Department as part of a formal review of the Fuel Security Services Pay
Slide 25: Why invest in Ampol
25 Why invest in Ampol Evolution of earnings mix – RCOP EBITDA, $B Earnings underpinned by high-quality earnings mix — Growing Fuel and Convenience earnings in Australia and New Zealand — Commercial businesses serve more than 110,000 B2B and SME customers ~0.03 — Serving ~4 million retail customer
Slide 26: Q&A
26 Q&A
Slide 27: Appendix
27 Appendix Our unique competitive strengths 28 Our integrated platform creates opportunities 29 Product sales volumes 30 Fuels and Infrastructure – Financials 31 Lytton refinery key metrics 32 Lytton refinery result 33 Convenience Retail – Financials 34 EG Australia key metrics 35 New Zealand (incl
Slide 28: Our unique competitive strengths
28 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 29: Our integrated platform creates opportunities
29 Our integrated platform creates opportunities The integrated value chain of the traditional fuels business provides fuel security for today and provides a pathway to pursue mobility energy for tomorrow B2B Integration benefits Earnings are diversified by participation across the full supply cha
Slide 30: Product sales volumes
30 Product sales volumes F&I (Australia) Volumes F&I (International) Volumes CR Fuels Volumes Z Energy Fuels Volumes1 BL BL BL BL 10.00 5.00 3.00 4.65 3.00 4.50 9.00 4.50 4.21 3.93 2.50 8.00 4.00 2.50 7.53 7.50 7.35 1.33 1.89 6.97 3.50 1.21 1.99 2.05 7.00 6.55 6.68 1.27 1.18 1.24 3.24 2.00 1.89 1.91
Slide 31: Fuels & Infrastructure – Financials
31 Fuels & Infrastructure – Financials 1H 20255 1H 20245 Change (%)6 Notes Total Sales Volumes (BL) (excluding Z Energy) 10.58 11.42 (7.4%) Australian Sales Volumes (BL) 7.35 7.50 (2.0%) 1. F&I Australia (Ex-Lytton) includes all earnings and costs associated International Sales Volumes (BL) 3.24 3.9
Slide 32: Lytton refinery key metrics
32 Lytton refinery key metrics Lytton Refiner Margin1 Operational performance LRM (US$/bbl and Acpl) BL High Value Production Volumes, Production Utilisation (%) 29.0 4.00 84 87 86 86 83 79 % Impacted by 76 77 FCCU outage 65 80 Impacted by 3.00 55 19.0 Reformer T&I 43 60 14.2 13.7 2.00 40 9.7 9.232.
Slide 33: Lytton refinery result
33 Lytton refinery result 1H 2025 v 1H 2024 Lytton RCOP EBIT ($M) 115 (9) 26 89 (73) (4) 36 7 (35) 1 1H 2024 1H 2024 D&A 1H 2024 RCOP Volume USD LRM Impact of Opex & other 1H 2025 RCOP 1H 2025 D&A 1H 2025 RCOP EBIT EBITDA AUD on LRM EBITDA RCOP EBIT
Slide 34: Convenience Retail – Financials
34 Convenience Retail – Financials 1H 2025 1H 2024 Change (%) Notes Period end COCO sites (#) 625 629 (0.6%) Period end CORO sites (#) - 4 NM 1. Excludes GST and excise (as applicable) – Total Fuel Revenue relates to all sites within the Ampol Retail business including both Total sales volumes (BL)
Slide 35: EG Australia key metrics
35 EG Australia key metrics1 Number of sites ~500 EG Australia Network Sites identified for U-GO 125 Annual fuel volume, currently supplied by Ampol ~2.3BL Headline purchase price / net acquisition price2 $1,100m / $1,050m Post-AASB 16 Transaction EV / EBITDA multiple pre / post-synergies3 7.8x / 5.
Slide 36: New Zealand (incl Z Energy) – Financials
36 New Zealand (incl Z Energy) – Financials 1H 2025 1H 2024 Change (%) Retail sales volume (ML)1 686 705 (2.7%) Notes Commercial sales volume (ML) 1,170 1,124 4.1% 1. Retail sales volume includes sales through Z Energy, Caltex, U-GO Supply terminal and export sales (ML) 8 - NM and Foodstuffs branded
Slide 37: Successful U-GO performance
37 Successful U-GO performance Leveraging a bifurcating market to deliver a value-oriented fuel offering with strong financial returns U-GO Offer Key success metrics Delivering competitive fuel pricing through a value-oriented fuel offer $300K p.a. 50% uplift in $300K Capex average site Fuel Volum
Slide 38: Our assets – Retail infrastructure
38 Our assets – Retail infrastructure Ampol Australian retail network Ampol Australian retail network Leased- Dealer Dealer Site rationalisation continues with site count down from 1,740 at 31 Owned Leased Total APT2 Agency owned December 2024 to 1,725 at 30 June 2025 Company operated1 70 215 278
Slide 39: Disciplined capital allocation
39 Disciplined capital allocation Continued focus on operating and capital efficiency, governed by a well-defined Capital Allocation Framework Capital Allocation Framework1 Ampol is committed to maintaining a strong investment grade credit rating; currently Baa1 from Moody’s Stay-in-business capex
Slide 40: A disciplined approach to capital allocation
40 A disciplined approach to capital allocation Capital management since 2015 (A$m) Capital Allocation Framework 655 655 Ampol remains committed to its Capital Allocation Framework and is focused on “getting the balance right” between shareholder returns, core business optimisation, growth 119 143
Slide 41: Capital Expenditure and Depreciation & Amortisation
41 Capital Expenditure and Depreciation & Amortisation Capital Expenditure Depreciation & Amortisation 1H 2025 1H 2024 1H 2025 1H 2024 ($M) ($M) ($M) ($M) Lytton 168.4 71.0 Convenience Retail 93.2 93.2 Fuels & Infrastructure (Ex-Lytton & Energy Solutions) 26.1 28.1 Fuels & Infrastructure (Ex Energy
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 profile (A$m) Prudent debt maturity profile to minimise refinancing risk and maintain (as at 30 June 2025) financial flexibility ꟷ $5.1 billion of committed debt
Slide 43: Significant Items
43 Significant Items 1H 2025 1H 2024 Notes ($M) ($M) 1. In 1H 2025 the Group has recognised an expense of $7.6 million (1H 2024: $11.7 million) relating to multi- Software-as-a-service1 (7.6) (11.7) year projects for IT customisation costs for software-as-a-service solutions which are not able to be
Slide 44: Transition strategy is mobility-focused and customer led
44 Transition strategy is mobility-focused and customer led Progress Public Charging Network (as at 30 June 2025) EV Charging • Continued growth of the on-the-go EV charging networks including destination sites through partnerships with third parties. As at end July 2025, there are 7 destination sit
Slide 45: Australian and New Zealand passenger EV market update
45 Australian and New Zealand passenger EV market update BEV share of new car sales (%)2 2024 Fast Charger Ratio (EV : Charge Point)1 Australia 15% Mexico Colombia Brazil 10% Costa Rica Belgium Canada USA 5% United… Netherlands New Zealand The investment case for EV charging 0% Israel Norway infrast
Slide 46: Glossary
46 Glossary $ - Australian Dollar F&I – Fuels and Infrastructure 1H – The period from 1 January to 30 June in any year FCCU – Fluidised Catalytic Cracking Unit 2H – The period from 1 July to 31 December in any year FSSP – Fuel Security Services Payment bbl – Barrel (equivalent of approximately 159 l
Slide 47: Thank you
VA AMPOL Thank you