Slide 1: 2025 Full Year Results Presentation ASX Release
AMPOL LIMITED ACN 004 201 307 29-33 BOURKE ROAD ALEXANDRIA NSW 2015 ASX Release 2025 Full Year Results Presentation Monday 23 February 2026 (Sydney): Ampol Limited provides the attached Results Presentation for the full year ended 31 December 2025. 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 Dece
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 3.8 4.6 6.2 2.9 3.5 3.8 5.7 1.9 2.2 3.2 3.3 3.3 3.8 3.1 2.5 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Days Away from
Slide 5: FY 2025 performance
5 FY 2025 performance High quality earnings mix and broad based growth Group Financial Performance Group RCOP1 EBITDA of $1.4 billion, Group RCOP EBIT of $947 million, RCOP NPAT2 of $429 million Statutory NPAT of $82 million Total sales volume of 25.2 billion litres Segment results Continued
Slide 6: 2025 key Group metrics
6 2025 key Group metrics Ampol Sales Volumes Mix Profitability Capital Management $1,438 m $2,903 m International 3 Group RCOP EBITDA1 Net borrowings 27% $947 m 2.3 times Leverage ratio Group RCOP EBIT1 44% Australian wholesale $429 m 100 cps 25.18BL Total 2025 dividend4 Group RCOP NPAT1,2 $82 m 60
Slide 7: Group financial result
7 Group financial result Greg Barnes CFO
Slide 8: Fuel sales
8 Fuel sales Total fuel sales of 25.2 BL, underpinned by diesel and growing jet demand Australian wholesale volume Ampol Sales Volumes (BL) 27.94 27.27 Australian wholesale volumes (ex net-sell) slightly down due to third party retail channels 25.18 24.33 – Positive momentum from Q4 continued year
Slide 9: FY 2025 Group financial performance
9 FY 2025 Group financial performance Strong Group RCOP earnings growth year on year across all key businesses FY 2025 FY 2024 % Δ FY Group Group Group1 32% growth in Group RCOP EBIT ($M) ($M) ($M) 3.5% growth in non-refining3 earnings Group RCOP EBITDA 1,438.2 1,199.4 20% 4.8% growth in Conve
Slide 10: FY 2025 Group RCOP EBIT result
10 FY 2025 Group RCOP EBIT result FY 2025 v FY 2024 Group RCOP EBIT ($M) 1,438 25 (15) 17 5 10 (7) 204 1,199 (491) 947 484 715 FY 2024 FY 2024 D&A FY 2024 Lytton F&I Australia F&I Convenience New Zealand Energy Corporate FY 2025 FY 2025 D&A FY 2025 RCOP EBIT RCOP (Ex-Lytton) International Retail Sol
Slide 11: Convenience Retail key metrics
11 Convenience Retail key metrics In-store execution and segmentation strategy underpin greater than 5% average annual growth in EBIT over last 5 years Convenience Retail EBIT ($M) Shop Gross Margin1 Percentage (%) 357 374 40.0 347 355 37.3 34.9 36.1 287 32.0 254 29.5 FY 2020 FY 2021 FY 2022 FY 2023
Slide 12: Convenience Retail result
12 Convenience Retail result FY 2025 v FY 2024 Convenience Retail RCOP EBIT ($M) 7 (16) 562 545 28 4 (3) (3) (188) 188 374 357 FY 2024 CR FY 2024 D&A FY 2024 CR Fuel income1 Shop income Tobacco Cost of doing P&L on Other one-offs FY 2025 CR FY 2025 D&A FY 2025 CR RCOP EBIT RCOP EBITDA ex-tobacco bus
Slide 13: New Zealand retail key metrics
13 New Zealand retail key metrics New Zealand demonstrating resilient performance, supported by retail refresh program Z Fuel & Shop Gross Margin (NZ$M) Includes NZ$21m New Zealand Retail Fuel Volumes2 (BL) one-off benefit 1.41 1.41 1.45 1.41 500 1.38 1.38 400 475 467 442 451 448 416 386 300 200 100
Slide 14: New Zealand result
14 New Zealand result FY 2025 v FY 2024 New Zealand RCOP EBIT (NZ$M unless otherwise noted) 396 383 18 (3) (3) 1 (136) 130 Ampol received $3.4m FY 2024 final dividend in March prior to the sale of 253 260 Channel Infrastructure holding FY 2024 NZ FY 2024 D&A FY 2024 NZ Integrated Margin from Channel
Slide 15: Lytton refinery result
15 Lytton refinery result Strong 2H 2025 refiner margins and operational performance supported by site-wide productivity initiatives FY 2025 v FY 2024 Lytton RCOP EBIT ($M) 227 6 18 8 (64) 163 172 23 66 (42) FY 2024 FY 2024 D&A FY 2024 USD LRM Impact of Volume Opex & other FY 2025 FY 2025 D&A FY 202
Slide 16: F&I Australia
16 F&I Australia 8.2% RCOP EBIT uplift reflecting portfolio remix F&I Australia RCOP EBIT1 ($M) 280 272 252 184 136 111 134 94 110 84 34 5 144 141 139 90 76 79 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 1H 2H F&I Australia Sales Volumes (BL) 15.59 15.40 14.68 13.58 13.05 14.05 3.78 3.65 3.49 4.
Slide 17: F&I International
17 F&I International Team focused on risk mitigation and supporting owned supply chains, reducing discretionary activity F&I International RCOP EBIT1 ($M) 139 114 60 47 44 34 79 26 12 21 67 6 11 22 23 20 8 3 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 1H 2H F&I International Sales Volumes (BL) 8
Slide 18: Balance sheet and cash flow
18 Balance sheet and cash flow Back within target leverage range ahead of proposed acquisition of EG Australia Movement in net borrowings1 ($M) Net borrowings Net borrowings of $2.9 billion as at 31 December 2025 (107) Leverage of 2.3x times Adj. Net Debt4 / EBITDA5 (563) Shareholder returns 848
Slide 19: Strong funding platform
19 Strong funding platform Underpinned by a strong investment grade credit rating of Baa1 (stable) from Moody’s Committed debt maturity profile (A$m) Prudent debt maturity profile to minimise refinancing risk and maintain financial flexibility (as at 31 December 2025) ꟷ $5.5 billion of committed d
Slide 20: Strategy update
20 Strategy update Matt Halliday Managing Director & CEO
Slide 21: We have delivered on our 2025 priorities
21 We have delivered on our 2025 priorities Purpose Powering better journeys, today and tomorrow Strategy • Progressed the Ultra Low Sulfur Fuels (ULSF) project MAXIMISE LYTTON VALUE • Fuel Security Services Payment engagement with Government ongoing, Phase 1 review expected to be finalised in 1Q 20
Slide 22: Successful U-GO rollout with further opportunity
22 Successful U-GO rollout with further opportunity A value-oriented fuel offering with strong financial returns U-GO Offer Key success metrics4 Delivering competitive fuel pricing through a value-oriented AUSTRALIA fuel offer >50% uplift in fuel volumes2 at sites operating 12 months; takes appr
Slide 23: EG Australia acquisition update
23 EG Australia acquisition update Strategic rationale recap Strengthens Ampol’s investment case through improved business mix and a clear pathway to scale U-GO and other convenience retail formats Attractive returns, with high single digit EPS1 accretion and double digit FCF2 per share accretio
Slide 24: Growing Australian and New Zealand fuel demand
24 Growing 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 high1 New Zealand fuel demand has reached its highest level since COVID Growth in jet and die
Slide 25: Our 2026 priorities
25 Our 2026 priorities We are clear on our priorities for 2026 Purpose Powering better journeys, today and tomorrow Strategy • Expect to commence commissioning of the Ultra Low Sulfur Fuels (ULSF) project in 2Q 2026. Regional MAXIMISE LYTTON VALUE scarcity of revised gasoline specification expected
Slide 26: Outlook and closing remarks
26 Outlook and closing remarks Matt Halliday Managing Director & CEO
Slide 27: Current trading conditions and outlook
27 Current trading conditions and outlook Current trading conditions and outlook FSSP Update Strong start to the year Finalisation of Phase 1 of the review expected in the first quarter. Seeking revisions to reflect current operational and market dynamics (scheme first implemented 5 years ‒ Conv
Slide 28: Why invest in Ampol
28 Why invest in Ampol Evolution of earnings mix – RCOP EBITDA4, $B Earnings underpinned by high-quality earnings mix — Growing Fuel and Convenience earnings in Australia and New Zealand — Commercial businesses serve ~110,000 B2B and SME customers ~0.03 — Serving ~4 million retail customers per we
Slide 29: Q&A
29 Q&A
Slide 30: Appendix
30 Appendix Our unique competitive strengths 31 Our integrated platform creates opportunities 32 Product sales volumes 33 Fuels and Infrastructure – Financials 34 Lytton refinery key metrics 35 Convenience Retail – Financials 36 Convenience Retail key metrics 37 EG Australia key metrics 38 New Zeala
Slide 31: Our unique competitive strengths
31 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 32: Our integrated platform creates opportunities
32 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 the mobility energy for tomorrow B2B Integration benefits Earnings are diversified by participation across the full supply
Slide 33: Product sales volumes
33 Product sales volumes F&I (Australia) Volumes (BL) F&I (International) Volumes (BL) 18.00 15.59 15.40 10.00 8.99 14.68 8.45 8.12 13.58 14.05 0.04 0.06 7.52 15.00 13.05 0.05 8.00 0.01 0.08 2.72 2.37 2.44 6.51 2.50 6.75 1.19 0.08 1.15 1.87 12.00 0.32 2.02 3.69 2.99 4.38 4.06 4.29 4.23 4.03 6.00 9.0
Slide 34: Fuels and Infrastructure – Financials
34 Fuels and Infrastructure – Financials 20255 20245 Change (%) Notes Australian Sales Volumes (BL) 14.68 15.40 (4.7%) 1. F&I Australia includes all earnings and costs associated (directly or International Sales Volumes (BL) (excluding Z Energy) 6.75 8.12 (17%) 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 (%) 4.00 79 84 87 86 86 83 79 % 29.0 Impacted by 78 76 77 77 FCCU outage 65 80 Impacted by 3.00 55 19.0 Reformer T&I 43 60 14.2 14.5 2.00 13.7
Slide 36: Convenience Retail – Financials
36 Convenience Retail – Financials 2025 2024 Change (%) Period end COCO sites (#)1 622 628 (1.0%) Notes U-GO sites included in COCO network 46 19 >100% 1. Includes diesel stops Total sales volumes (BL) 3.49 3.65 (4.4%) Total sales volume growth (%) (4.4%) (3.5%) (0.9 ppt) 2. Excludes GST and excise
Slide 37: Convenience Retail key metrics
37 Convenience Retail key metrics Strong growth in fuel margin and continued strong shop performance Retail fuel volume Network KPIs Income from fuels increased due to favourable mix of premium fuels, up1 1.1 ppts 3,489 ML 622 Strong shop performance despite material decline in tobacco sales (do
Slide 38: EG Australia key metrics
38 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 / $1,050m Post-AASB 16 Transaction EV / EBITDA multiple pre / post-synergies3 7.8x / 5.
Slide 39: New Zealand (incl Z Energy) – Financials
39 New Zealand (incl Z Energy) – Financials 2025 2024 Change (%) Retail sales volume (ML)1 1,379 1,408 (2.0%) Notes Commercial sales volume (ML) 2,336 2,337 0.0% 1. Retail sales volume includes sales through Z Energy, Caltex, U-GO Supply terminal and export sales (ML) 34 9 >100% and Foodstuffs brand
Slide 40: Our assets – Retail infrastructure
40 Our assets – Retail infrastructure Ampol Australian retail network Ampol Australian retail network Leased- Dealer Dealer Site rationalisation continues with site count down from 1,740 at 31 Owned Leased Total APT2 Agency owned December 2024 to 1,708 at 31 December 2025 Company operated1 68 215
Slide 41: Capital allocation framework
41 Capital allocation framework Continued focus on operating and capital efficiency, governed by a well-defined Capital Allocation Framework Capital Allocation Framework1 Ampol is committed to maintaining a strong investment grade credit rating; currently Baa1 (stable) from Moody’s Stay-in-busines
Slide 42: Disciplined approach to capital allocation
42 Disciplined approach to capital allocation Capital management since 2015 (A$m) Capital Allocation Framework Ampol remains committed to its Capital Allocation Framework and is focused on “getting 655 655 the balance right” between shareholder returns, core business optimisation and appropriately
Slide 43: Capital Expenditure and Depreciation & Amortisation
43 Capital Expenditure and Depreciation & Amortisation Capital Expenditure RCOP Depreciation & Amortisation 2025 2024 2025 2024 ($M) ($M) ($M) ($M) Lytton 437.3 322.9 Convenience Retail 188.4 188.0 Fuels and Infrastructure (Ex-Lytton and Energy Solutions) 65.9 68.2 Fuels and Infrastructure (Ex-Energ
Slide 44: Significant Items
44 Significant Items 1. Software-as-a-service: In the current period, the Group has recognised an expense of $23.7 million (2024: $26.9 million) FY 2025 FY 2024 relating to multi-year projects for IT customisation costs for software-as-a-service solutions which are not able to be ($M) ($M) capitalis
Slide 45: Transition strategy growth remains steady
45 Transition strategy growth remains steady Public Charging Network (as at 31 December 2025)1 Progress EV Charging • Continued growth of the on-the-go EV charging networks including destination sites through partnerships with third parties. At the end of 2025, there are 16 destination sites2 live i
Slide 46: Informed EV Infrastructure Investment
46 Informed EV Infrastructure Investment The investment case for EV charging infrastructure in Australia remains strong with BEV new car sales translating into charging sessions and energy sold growth in the public network. New Zealand BEV sales remain subdued, supporting steady rather than accelera
Slide 47: Glossary
47 Glossary $ - 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 bbl – Barrel (equivalent of approximate
Slide 48: Thank you
VA AMPOL Thank you