Viva Energy Group Limited (VEA) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

I would now like to hand the conference over to Mr. Scott Wyatt, Chief Executive Officer. Please go ahead. Good morning and thank you all for joining us to discuss our 2025 full year results. With me on the call this morning is Carolyn Pettich, our Financial Officer and Jan Gray, our CEO of Convenience Mobility. Carolyn and I will share the group results and Jennifer will provide more commentary on our Convenience Chantel business. After a challenging first half, it's been encouraging to see the improvements in all parts of our business over the last rest of the year. From an operational standpoint, our performance has been solid. Our focus in improving safety culture within retail and maintaining strong discipline across the rest of our business has driven a year-on-year improvement in personal safety performance. This is a particularly good result given the level of construction and maintenance activity within our refining operations. Group sales were in line with last year, with commercial delivering another record year underpinned by growth in aviation, but with all segments performing well. Retail fuel sales were relatively strong, taking account of the impact of store closures to support conversion. While convenience sales continued to be impacted by illicit tobacco, gross margins increased slightly to 39% during the year. Refining margins rebounded during the final quarter, lifting LGRM to $9.50 per barrel for the year, supported by the start-up of ultra-low sulfur gasoline production from November. Second half EBITDA was $396 million, up 33% on the same period last year, contributing to group EBITDA of $701 million for the full year. We remain very focused on capital discipline with CapEx in line with guidance and actions underway to reduce gearing over the n...