Ampol (ALD) H1 2026 earnings summary

Executive summary

• Delivered record first half 2026 results, with RCOP EBITDA of $1.64 billion, EBIT of $1.39 billion, and statutory NPAT of $1.36 billion, driven by strong market conditions, higher crude and product prices, and inventory gains.

• Completed EG Australia acquisition, expanding the retail network, accelerating U-Go rollout, and supporting future growth and synergies.

• Maintained uninterrupted fuel supply and national inventories, leveraging integrated supply chain, trading, and risk management capabilities.

• Declared an interim fully franked dividend of 185 cents per share, the largest ever, totaling $441 million.

• Revenue rose 33% year-over-year to $20,407.0 million, reflecting higher sales prices and stable volumes.

Financial highlights

• RCOP EBITDA up 152% year-over-year to $1.64 billion; RCOP EBIT up 245% to $1.39 billion.

• RCOP NPAT (excluding significant items) was $857 million, up 376% year-over-year; statutory NPAT was $1.36 billion.

• Total sales volume rose 1.5% to 12.3 billion liters; convenience retail volumes up 2.4%, Australian wholesale up 2.9%.

• Net borrowings increased to $3.52 billion due to the EG Australia acquisition; leverage at 1.8x net debt/EBITDA.

• Interim dividend payout ratio at 51% of underlying RCOP NPAT.

Outlook and guidance

• Strong start to the second half; Lytton refinery margins and production remain robust, with ULSF project start-up expected by year-end.

• EG Australia to contribute to retail earnings in 2H 2026, targeting $65–80 million in annual synergies by FY 2027.

• Net capex for FY 2026 expected at ~$600 million, stepping down in 2027.

• Oil product markets expected to remain tight due to global conflicts and low inventories, supporting refining margins.

• Confident in future earnings potential, with tailwinds from market dynamics and structural platform benefits.