Viva Energy Group Ltd. · ASX:VEA
Viva Energy — 1H 2025 Earnings Presentation
38 slides from Viva Energy's earnings presentation, Aug 25, 2025
Slide 1: Half Year Results
Half Year Results Half Year ended 30 June 2025 Helping people reach their destination
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation has been prepared by Viva Energy Group Limited, fairness, accuracy, completeness or correctness of the information, information contained within this presentation may be unreliable given ACN 626 661 032 (“Company” or “Viva Energy”). opinions and conc
Slide 3: Group Highlights
Group Highlights Scott Wyatt Viva Energy Group Limited – 1H2025 Results Presentation 3
Slide 4: Health, Safety and Environment
Health, Safety and Environment Improving performance across retail business as common standards and processes are applied Injury frequency rates1 Loss of primary containment Process safety events1 (>100KG)1 Total Recordable Injuries2 7.6 7.1 6.6 6.0 4 28 2 24 19 1 9 1 1 1 1 FY22 FY23 FY24 1H25 FY22
Slide 5: 1H2025 Group Metrics
1H2025 Group Metrics Leading convenience retailer and supplier of energy and specialties to commercial sectors Group Convenience Commercial Energy 8.4 BL 2.6 BL 5.8 BL 18.8 MBBLs Sales volumes Sales volumes Sales volumes Crude intake $305M $835M 682ML US$8.2/BBL EBITDA Convenience sales Speciality v
Slide 6: Financial Performance
Financial Performance Carolyn Pedic Viva Energy Group Limited – 1H2025 Results Presentation 6
Slide 7: 1H2025 Financial Performance by Segment
1H2025 Financial Performance by Segment Challenging trading conditions for Refining and Retail offset by continued strength in Commercial Figures are in $M unless stated Change 1H2025 1H2024 otherwise (%) (#) • Convenience & Mobility delivered a stronger performance in 2Q2025, EBITDA (RC) 304.9 451.
Slide 8: 1H2025 Cash Flow
1H2025 Cash Flow Free cash flow impacted by a period of significant investment Group net cash flow bridge ($M) 141.2 317.0 304.9 (35.0) (94.1) 195.0 43.5 (225.3) (134.2) (78.5) (0.9) (121.9) (29.6) EBITDA (RC) Net Changes Other 1 Operating Capex 2 Investments Finance Income FCF before Dividends Draw
Slide 9: Capital Expenditure
Capital Expenditure On track for ~$500M in FY2025, before reducing to $350M – $450M p.a. from FY2026 onwards 1H2025 actual ($M) FY2025 FY2026 FY2027 Convenience & Mobility 75.8 Commercial & Industrial 45.3 Sustaining ~$250M – 300M p.a. (on average) Energy & Infrastructure 45.4 Capital3 Base Capital
Slide 10: Balance Sheet
Balance Sheet Focused on reducing gearing including RCF towards 2.0x by end-FY2027 Change in net debt (debt) ($M) • Gearing at 1.66x2 (expected peak level) just above target range (1.0 – 1.5x term debt / 12-month trailing EBITDA (RC)) 195.0 1.5 1,946.5 • Net debt including revolving credit facility
Slide 11: Dividends
Dividends Determined interim fully franked dividend of 2.83 CPS in 1H2025 1H2024 1H2025 • Determined interim fully franked dividend of 2.83 cps, representing a 50% payout ratio of C&M and C&I NPAT (RC) All financials in $M unless Group C&M C&I E&I Group and 73% of the Group noted otherwise • No divi
Slide 12: Convenience & Mobility
Convenience & Mobility Jevan Bouzo Viva Energy Group Limited – 1H2025 Results Presentation 12
Slide 13: Retail Strategy
Retail Strategy Building a convenience led retail business with a world class offer Where we started Where we are going • Approximately 700 petrol and convenience sites operated by Coles • Over 1,000 petrol and convenience sites with 150+ quick service restaurants (QSRs) • 98% of the gross profit de
Slide 14: Retail Strategy – Progress Achieved in 1H2025
Retail Strategy – Progress Achieved in 1H2025 Significant progress on establishing foundations for delivering consistent offer and growth Technology Stores Trade • ERP with new Microsoft Dynamics 365 built • Completed Coles Express de-branding milestone of 80% • Consolidated OTR Group organisations,
Slide 15: 1H2025 C&M Result
1H2025 C&M Result Challenging trading conditions through a period of significant transition 1H2025 C&M EBITDA (RC) bridge ($M)1 • Fuel margins impacted by lower sales and market margins in 1Q2025 143.3 (0.7) • Tobacco sales down 27% on prior year due to packaging changes and growth of illicit tobacc
Slide 16: Convenience Performance
Convenience Performance Focus on offer and margin management to drive improved performance Tobacco & SMGB performance ($M) Convenience & QSR performance (ex-tobacco) Improved margins post excise increase Packaging law changes 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Fuel & Conveni
Slide 17: C&M Synergies & Cost-Out Program
C&M Synergies & Cost-Out Program Driving efficiencies and reducing operating costs as businesses are consolidated 1H2025 progress FY25 estimated net synergies & cost-out ($M) ~65 Fuel supply successfully transitioned from BP to Viva Energy Stood up stand-alone ERP and transitioned off Coles TSA
Slide 18: 2Q2025 C&M Result
2Q2025 C&M Result Improved trading conditions and early delivery of synergies and cost reductions drove recovery in 2Q2025 2Q2025 EBITDA (RC) bridge ($M) • Fuel margins improved in 2Q25 from a disrupted 1Q25 in key markets 21.8 0.5 • Acquisition of remaining 50% share of Liberty (0.1) (0.2) 46.4 bol
Slide 19: Network Segmentation
Network Segmentation Liberty acquisition provides the opportunity to further segment both Store and Fuel propositions Fuel offering OTR store proposition • Product range ~4X a typical Express store, range of successful home brands Number • Opportunity to roll out company-operated QSRs integrated int
Slide 20: Network Conversion Program
Network Conversion Program Building pipeline and capability to deliver 20 to 25 store conversions per quarter Store conversion/NTI program 15 OTR stores opened YTD1 • Building pipeline and capability to deliver 20 to 25 stores per quarter, to convert ~50% of Express network by end 2028 New-To-Indust
Slide 21: Store Conversion Performance
Store Conversion Performance Early results in line with expectations, with performance improving the longer stores are trading as an OTR 4Q24 conversions performance (last 3 mths vs pre-closure)1 • 4Q24 conversions (open ~30 weeks) delivering strong sales and margin growth compared to declines in Ex
Slide 22: Retail Strategy – Summary and Priorities
Retail Strategy – Summary and Priorities Significant progress on foundations for a world class retail convenience business Achievements Convenience Completed network acquisitions (Coles Express, OTR, Liberty Convenience) Extend a world-class convenience offering to Completed re-branding to targe
Slide 23: Commercial and Industrial
Commercial and Industrial Viva Energy Group Limited – 1H2025 Results Presentation 23
Slide 24: 1H2025 Commercial and Industrial Performance
1H2025 Commercial and Industrial Performance Consolidating position after strong growth in prior periods C&I sales volumes (ML) 1H25 C&I EBITDA (RC) bridge ($M)1 5,876 5,804 5,336 237.9 8.7 237.9 682 682 4,634 677 (6.9) (1.8) 571 1,569 1,613 1,232 805 2,922 3,150 3,326 3,199 336 277 299 310 1H2024 A
Slide 25: Commercial and Industrial Highlights
Commercial and Industrial Highlights Strength underpinned by diverse segments and national infrastructure Highlights • Established marine barge operations in Brisbane, adding to existing barge operations in Sydney and Melbourne. Viva Energy services 22 ports across Australia (barge and pipeline) • S
Slide 26: Energy and Infrastructure
Energy and Infrastructure Viva Energy Group Limited – 1H2025 Results Presentation 26
Slide 27: 1H2025 Energy and Infrastructure Performance
1H2025 Energy and Infrastructure Performance Performance impacted by unplanned January outage, lower margins and higher energy costs Refining production (%) 1H25 E&I EBITDA (RC) bridge (A$M)1 1H22 1H23 1H24 1H25 112.4 17% 12% 11% Other 23% 9% 9% (21.5) 5% 10% Jet 38% 36% 41% 29% 11.1 3.1 18.4 Diesel
Slide 28: Refining Upgrade Program
Refining Upgrade Program Changes in fuel specifications amid tighter demand and supply balance is supportive of GRM ULSG processing capability to commence production in Oct 2025 • ULSG & Low Aromatics to cost ~$270M, net of $150M of funding from Federal Government • Gasoline refining margins (~40% o
Slide 29: Outlook
Outlook Viva Energy Group Limited – 1H2025 Results Presentation 29
Slide 30: Highly Focused on Delivering Convenience Uplift & Strategy
Highly Focused on Delivering Convenience Uplift & Strategy Complete majority of retail transition to focus on accelerated delivery from 2H2025 Strategic priorities 2H25 Outlook • Drive Group business improvement programs to deliver ~$80M C&M: Building on 2Q25 performance to further lift earnings in
Slide 31: Why Invest in Viva Energy
Why Invest in Viva Energy Strategic infrastructure, capability, and diversification provide an enduring competitive advantage Convenience Commercial Energy Extend a world-class convenience offering to Excel in high-touch relationships with Australian Develop strategic infrastructure that creates Str
Slide 32: Appendix
Appendix Viva Energy Group Limited – 1H2025 Results Presentation 32
Slide 33: 1H2025 Significant Items
1H2025 Significant Items Largely concentrated in C&M, reflecting a period of intense transaction and integration activity in challenging conditions 1H25 ($M) • Significant items largely relate to C&M integration and transaction costs including: Labour restructuring-related costs (15.5) • Impairment
Slide 34: Network & Earnings Composition
Network & Earnings Composition Significant uplift opportunity from higher Convenience and QSR gross margin contribution through OTR conversions 1,378 stores nationwide (incl. QSR) Convenience margin net wages C&M gross margin contribution4 (avg p.a. excl QSR)3 P&C network 100% 0.8 -14% 14% 1 663 Jul
Slide 35: C&M Operating Metrics and Financials
C&M Operating Metrics and Financials Convenience and fuel sales2 Metric 1H22 FY22 1H23 FY23 1H24 FY24 1H25 0.9 0.8 4,000.0 1.0 3,500.0 0.8 0.8 0.9 Company-operated stores # - - 706 706 1,288 1,288 1,286 2,571 0.8 2,401 3,000.0 2,188 2,268 0.7 Company-operated F&C stores # - - 706 706 890 890 887 2,5
Slide 36: Refinery – Margin Analysis and Key Drivers
Refinery – Margin Analysis and Key Drivers Metric FY21 FY22 FY23 FY24 1H24 1H25 A: A$/US$ FX 0.75 0.70 0.67 0.66 0.66 0.63 B: Crude and feedstock intake mbbls 41.2 41.9 31.6 40.1 20.6 18.8 C: Geelong Refining Margin US$/bbl 7.1 17.1 9.8 8.7 10.8 8.2 D: Geelong Refining Margin = C / A A$/bbl 9.4 24.5
Slide 37: Glossary
Glossary Replacement Cost (“RC”) EBITDA (RC) Net inventory gain/(loss) Viva Energy reports its performance Profit before interest, tax, depreciation Represents the difference between on a “replacement cost” (RC) basis. and amortisation adjusted to remove the historical cost basis and the RC is a non
Slide 38: VivA
VivA EnergyAustralia