Slide 1: 2024 Full Year Results Presentation
AMPOL LIMITED ACN 004 201 307 29-33 BOURKE ROAD ALEXANDRIA NSW 2015 ASX Release 2024 Full Year Results Presentation Monday 24 February 2025 (Sydney): Ampol Limited provides the attached Results Presentation for the full year ended 31 December 2024. Authorised for release by: the Board of Ampol Limit
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 twelve-month period ended 31 Decem
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 10.1 4.6 4.2 4.6 6.2 2.9 3.5 3.8 5.7 1.9 2.2 3.2 3.3 3.8 3.1 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Days Away from Work Injury Frequency Rate
Slide 5: FY 2024 performance
5 FY 2024 performance Group Financial Performance Group RCOP1 EBITDA2 of $1.2 billion, Group RCOP EBIT2 of $715 million, Statutory NPAT4 of $123 million Total sales volume of 27.3 billion litres Segment results Continued growth in earnings from Convenience Retail; 6% CAGR3 since 2020 In New
Slide 6: 2024 key Group metrics
6 2024 key Group metrics Profit metrics Balance Sheet metrics Sales volume Capital management $1,199 m $2,766 m 27.27 BL $572 m Group RCOP EBITDA1 Net borrowings Total sales volume Dividends paid to shareholders4 $715 m 2.6 times 15.40 BL 65 cps Group RCOP EBIT1 Leverage ratio Aust. sales volume Tot
Slide 7: We have delivered on our 2024 priorities
7 We have delivered on our 2024 priorities Purpose Powering better journeys, today and tomorrow Strategy • Progressing Ultra Low Sulfur Fuels (ULSF) project for startup towards the end of 2025. Historically MAXIMISE LYTTON VALUE 10ppm sulfur gasoline has traded at a higher premium to current Austral
Slide 8: Group financial result
8 Group financial result Greg Barnes CFO
Slide 9: Fuel sales
9 Fuel sales Total fuel sales of 27.3 BL Australian wholesale volume Ampol Sales Volumes (BL) 27.94 27.27 Ampol’s Australian wholesale volumes down1 slightly (0.5%) driven primarily by exiting low- 24.33 3.90 3.75 margin Defence sales (jet) 22.04 20.09 2.76 Convenience Retail fuel sales volume 8.4
Slide 10: FY 2024 Group financial performance
10 FY 2024 Group financial performance FY 2024 FY 2023 % Δ FY Group Group Group1 Group result underpinned by retail Fuel and Convenience earnings ($M) ($M) ($M) and resilient commercial businesses in Australia and New Zealand Group RCOP EBITDA 1,199.4 1,755.5 (32%) Continued growth in Convenienc
Slide 11: FY 2024 Group RCOP EBIT result
11 FY 2024 Group RCOP EBIT result Resilient retail performances. A challenging year in terms of global refining markets and Lytton operations FY 2024 v FY 2023 Group RCOP EBIT ($M) 1,756 459 (400) 1,297 (27) (112) 1,199 7 (21) (3) 1 (484) 715 FY 2023 FY 2023 D&A FY 2023 Lytton RCOP F&I Australia F&I
Slide 12: Convenience Retail key metrics
12 Convenience Retail key metrics Continued growth in earnings is underpinned by network quality and scale with CAGR of 6% since 2020 Total Fuel & Shop Margin and EBIT ($M) Convenience Retail Fuel Volumes (BL) 1000 355 357 375 347 4.76 800 4.10 3.90 811 801 830 844 325 3.84 3.78 3.65 600 702 730 275
Slide 13: Convenience Retail result
13 Convenience Retail result A focus on premium service offer reflected in fuel mix and margins. Resilient shop performance despite softer consumer sentiment FY 2024 v FY 2023 Convenience Retail RCOP EBIT ($M) 538 (2) (7) 545 23 (7) 183 (188) Reflects lower year on year 355 357 divestments of assets
Slide 14: Z Energy retail key metrics
14 Z Energy retail key metrics Includes NZ$21m one- Z Fuel & Shop Gross Margin (NZ$M) Z Energy Retail Fuel Volumes2 (BL) off benefit. 500 See slide 15 1.57 1.38 1.41 1.41 1.45 1.41 475 400 442 451 448 416 386 300 200 100 0 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY2024 FY 2019 FY 2020 FY 2021 FY 202
Slide 15: New Zealand result
15 New Zealand result Resilient performance of the underlying business in difficult economic climate FY 2024 v FY 2023 New Zealand RCOP EBIT (NZ$M unless otherwise noted) 406 (21) 384 3 (1) (3) 120 (130) 285 253 Includes favourable purchase price allocation adjustments in 2023 FY 2023 NZ FY 2023 D&A
Slide 16: Fuels and Infrastructure (F&I) result
16 Fuels and Infrastructure (F&I) result FY 2024 v FY 2023 F&I RCOP EBIT ($M) 891 155 Includes ~$25 736 million flow-on impact from (400) Lytton production shortfall (27) (112) 349 (3) Includes ~$140 million impact due (163) to T&I and 186 operational issues FY 2023 F&I FY 2023 F&I D&A FY 2023 F&I L
Slide 17: F&I Australia
17 F&I Australia Diverse customer base supplied through an efficient supply chain that leverages the portfolio of strategic infrastructure assets F&I Australia RCOP EBIT1 ($M) 313 280 252 153 184 136 111 94 110 84 160 34 5 144 141 90 76 79 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 1H 2H F&I Au
Slide 18: F&I International
18 F&I International Business that leverages Ampol’s Australian and New Zealand market positions to create additional value F&I International RCOP EBIT1 ($M) 139 114 60 47 44 34 79 26 21 12 21 67 6 15 22 23 20 5 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 1H 2H F&I International Sales Volumes (B
Slide 19: Balance sheet and cash flow
19 Balance sheet and cash flow Movement in net borrowings1 ($M) Net borrowings Net borrowings of $2.8 billion as at 31 December 2024 $286 m 2023 Final Leverage of 2.6 times Adj. Net Debt2 / EBITDA3 $143 m 2023 Special (572) $143 m 2024 Interim Focus on return to target leverage range of 2.0 to
Slide 20: Strategy update
20 Strategy update Matt Halliday Managing Director & CEO
Slide 21: Resilient Australian and New Zealand fuel demand
21 Resilient Australian and New Zealand fuel demand Australian and New Zealand fuel demand continues to grow Australian fuel demand growth New Zealand fuel demand growth Domestic fuel demand at all time high New Zealand fuel demand has reached its highest level since COVID Outstripped pre-COVI
Slide 22: Australian and New Zealand passenger EV market update
22 Australian and New Zealand passenger EV market update Ampol is growing its position in on-the-go EV charging. Customers continue to transition to BEVs and we maintain flexibility to adjust to the pace of the transition. BEV share of new car sales (%) Ampol’s electric vehicle public charging netwo
Slide 23: Our 2025 priorities
23 Our 2025 priorities We are clear on our priorities for 2025 Purpose Powering better journeys, today and tomorrow Strategy • Complete the Ultra Low Sulfur Fuels (ULSF) project for startup towards the end of 2025. Historically MAXIMISE LYTTON VALUE 10ppm sulfur gasoline has traded at a higher premi
Slide 24: Outlook and closing remarks
24 Outlook and closing remarks Matt Halliday Managing Director & CEO
Slide 25: Positive drivers of global refining outlook
25 Positive drivers of global refining outlook1 China exports stable despite softer domestic demand Global Refining (Ex-China) looks positive China exports (MT) CDU capacity growth vs demand2 growth(mbpd) 3.0 60,000 2.5 40,000 CDU capacity 2.0 growth 20,000 1.5 Refined product demand growth 0 1.0 Cu
Slide 26: Current trading conditions and outlook
26 Current trading conditions and outlook Current trading conditions and outlook Medium term $50m (nominal) cost reduction program to benefit 2025 Geopolitical disruption likely to be a feature for some time Convenience Retail commenced the year solidly, albeit in a rising fuel price ‒ Integra
Slide 27: Why invest in Ampol
27 Why invest in Ampol Operating divisions RCOP EBIT ($m) Earnings underpinned by high-quality business mix +26% — Growing Fuel and Convenience share of Group earnings — An attractive fuel outlook well into the 2030s1; maintain flexibility to adapt as the 362 pace of the transition evolves 687 — R
Slide 28: Q&A
28 Q&A
Slide 29: Appendix
29 Appendix Our unique competitive strengths 30 Our integrated platform creates opportunities 31 Product sales volumes 32 Z Energy volume reconciliation 33 Fuels and Infrastructure – Financials 34 Lytton refinery key metrics 35 Lytton refinery result 36 Convenience Retail – Financials 37 New Zealand
Slide 30: Our unique competitive strengths
30 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 31: Our integrated platform creates opportunities
31 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 32: Product sales volumes
32 Product sales volumes F&I (Australia) Volumes (BL) F&I (International) Volumes (BL) 18.00 16.29 15.59 15.40 10.00 8.99 8.45 8.12 13.58 14.05 0.04 0.06 7.52 15.00 2.68 13.05 2.72 8.00 0.01 0.08 2.37 6.51 2.50 1.19 0.08 1.15 1.87 12.00 0.32 2.02 3.69 2.99 5.14 4.38 4.29 4.23 6.00 4.79 3.97 4.06 2.3
Slide 33: Z Energy volume reconciliation
33 Z Energy volume reconciliation Million litres 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1H 2023 2H 2023 FY2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1H 2024 2H 2024 FY2024 Reported Total sales volume 1,091 1,107 1,052 1,139 2,198 2,191 4,389 1,107 864 906 1,018 1,971 1,924 3,895 Supply adjustment1 (117) (94) (13
Slide 34: Fuels and Infrastructure – Financials
34 Fuels and Infrastructure – Financials 20245 20235 Change (%) Notes Australian Sales Volumes (BL) 15.40 15.59 (1.3%) 1. F&I Australia includes all earnings and costs associated (directly or International Sales Volumes (BL) (excluding Z Energy) 8.12 8.45 (4.0%) apportioned) for fuel supply to Ampol
Slide 35: Lytton refinery key metrics
35 Lytton refinery key metrics Lytton Refiner Margin1 Operational performance LRM (US$/bbl and Acpl) BL High Value Production Volumes, Production Utilisation (%) 29.0 4.00 79 84 87 86 86 83 79 % Impacted by Impacted by 78 76 FCCU outage 65 80 Reformer T&I 3.00 55 19.0 43 60 14.2 13.7 2.00 40 9.7 9.2
Slide 36: Lytton refinery result
36 Lytton refinery result FY 2024 v FY 2023 Lytton RCOP EBIT ($M) 424 61 362 Includes ~$70 million due to volume impact from T&I and (286) operational issues Includes ~$10 million additional maintenance 2 spend due to operational issues (86) Includes ~$60 million LRM impact due to T&I and operationa
Slide 37: Convenience Retail – Financials
37 Convenience Retail – Financials 2024 2023 Change (%) Notes Period end COCO sites (#)1 628 632 (0.6%) Period end CORO sites (#) - 4 (100%) 1. Includes diesel stops Total sales volumes (BL) 3.65 3.78 (3.5%) 2. Excludes GST and excise (as applicable) - Total Fuel Revenue Total sales volume growth (%
Slide 38: New Zealand (incl Z Energy) – Financials
38 New Zealand (incl Z Energy) – Financials 2024 2023 Change (%) Retail sales volume (ML)1 1,408 1,446 (2.6%) Notes Commercial sales volume (ML) 2,337 2,280 2.5% 1. Retail sales volume includes sales through Z Energy, Caltex and Supply terminal and export sales (ML) 9 171 (95%) Foodstuffs branded si
Slide 39: Our assets – Retail infrastructure
39 Our assets – Retail infrastructure Ampol Australian retail network Ampol Australian retail network Leased- Dealer Dealer Site rationalisation continues with site count down from 1,790 at 31 Owned Leased Total APT2 Agency owned December 2023 to 1,740 at 31 December 2024; all franchise sites now
Slide 40: Disciplined capital allocation
40 Disciplined capital allocation Continued focus on operating and capital efficiency, governed by a well-defined Capital Allocation Framework Capital Allocation Framework1 Ampol is committed to maintaining a strong investment grade credit rating; currently Baa1 (stable) from Moody’s Stay-in-busin
Slide 41: A disciplined approach to capital allocation
41 A disciplined approach to capital allocation Capital management since 2015 (A$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 and 119 143 app
Slide 42: Capital Expenditure and Depreciation & Amortisation
42 Capital Expenditure and Depreciation & Amortisation Capital Expenditure RCOP Depreciation & Amortisation 2024 2023 2024 2023 ($M) ($M) ($M) ($M) Lytton 322.9 218.2 Convenience Retail 188.0 183.4 Fuels and Infrastructure (Ex-Lytton and Energy Solutions) 68.2 64.3 Fuels and Infrastructure (Ex-Energ
Slide 43: Strong funding and liquidity platform
43 Strong funding and liquidity platform Underpinned by a strong investment grade credit rating of Baa1 (stable) from Moody’s Committed debt maturity profile (A$m) (as at 31 December 2024) - Prudent debt maturity profile to minimise refinancing risk and maintain financial flexibility 100 ꟷ $5.6 bi
Slide 44: Significant Items
44 Significant Items FY 2024 FY 2023 Notes ($M) ($M) 1. Software-as-a-service: In the current period the Group has recognised an expense Software-as-a-service1 (26.9) (17.8) of $26.9 million (2023: $17.8 million) relating to multi-year projects for IT Commercial settlements and other projects2 11.8
Slide 45: Group financial performance by halves
45 Group financial performance by halves 1H 2024 1H 2023 % Δ 1H 2H 2024 2H 2023 % Δ 2H FY 2024 FY 2023 % Δ FY Group Group Group1 Group Group Group1 Group Group Group1 ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) Group RCOP EBITDA 736.5 798.0 (7.7%) 462.9 957.5 (52%) 1,199.4 1,755.5 (32%) Group RCOP
Slide 46: Global inventories remain below historical average
46 Global inventories remain below historical average OECD total products commercial stocks (mb) 1600 1550 1500 1450 1400 1350 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Minimum Range 2015-2019 Average 2015-2019 2024 2025 Forecast Source: IEA, FGE
Slide 47: Glossary
47 Glossary $ - Australian Dollar k – Thousand 1H – The period from 1 January to 30 June in any year kb/d – Thousand barrels per day 2H – The period from 1 July to 31 December in any year kWh – Kilowatt hour bbl – Barrel (equivalent of approximately 159 litres) LFL – Like-for-like BEV or EV – Batter
Slide 48: Thank you
VA AMPOL Thank you