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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Viva Energy Group
Viva Energy Group (VEA) investor relations material
Viva Energy Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary24 Feb, 2026
Executive summary
Operational performance improved in the second half, with strong momentum across all business segments after a challenging first half.
Achieved strong improvement in underlying EBITDA in 2H FY25, with full-year EBITDA (RC) at $700.9M, despite challenging market conditions and integration costs.
Completed major acquisitions (Liberty Convenience, OTR), expanded retail footprint, and commissioned Ultra Low Sulphur Gasoline units.
Major transition activities, including ERP and supply chain independence, were completed, enabling further integration and efficiency.
Leadership transition in retail was seamless, with a focus on execution and capability uplift.
Financial highlights
Group EBITDA (replacement cost basis) was AUD 701 million, down 6% year-over-year, with a strong second half (AUD 396 million, up 33% YoY).
Underlying NPAT (replacement cost) was AUD 184 million, impacted by high depreciation and finance costs from recent acquisitions.
Capex peaked at $494.4M, with FY26 guidance lowered to $350M–$400M.
Net debt increased to $2.1B due to elevated capex and acquisitions; gearing at 3.0x, targeting 2.0x by FY27.
Final fully franked dividend of AUD 0.0394 per share, representing a 60% payout ratio for C&I and C&M NPAT.
Outlook and guidance
2026 expected to build on 2025 momentum, with retail growth and improved refining cash generation.
CapEx to moderate to AUD 350–400 million in 2026, supporting improved net cash flow and balance sheet strength.
Gearing targeted to reduce from 3x to 2x net debt/EBITDA by end of 2027, supported by earnings growth, FSSP renegotiation, and surplus land sales.
Retail conversion program paced for execution quality, with 40–60 OTR store conversions planned for 2026, back-ended to the second half.
Expecting stable operations in refining with no major maintenance planned and strengthening retail performance as integration completes.
Why pause OTR conversions in H1 2026?
FSSP review: What's the immediate impact?
Detail non-operational debt reduction levers
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Viva Energy Group
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Frequently asked questions
Viva Energy Group Limited is an Australian energy company specializing in the production, import, and delivery of petroleum products including fuels, lubricants, hydrocarbon solvents, and bitumen. It serves various industries such as aviation, transport, marine, resources, construction, and manufacturing. Viva Energy operates Geelong Refinery, one of Australia's major fuel refineries, and manages a network of service stations across the country under Shell and Liberty brands, offering additional services like driver lounges, meals, and showers. Viva Energy is headquartered in Melbourne, Victoria, and its shares are listed on the ASX.
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