Ampol (ALD) H2 2025 earnings summary

Executive summary

• Group RCOP EBITDA rose 20% to AUD 1.44 billion and RCOP EBIT increased 32% to AUD 947 million year-on-year, with RCOP NPAT up 83% to AUD 429 million; statutory NPAT was AUD 82 million, impacted by significant items and inventory losses.

• Convenience Retail EBIT grew 4.8% to AUD 374 million, maintaining a 5%+ CAGR over five years; premium fuels mix increased to 56.5%.

• F&I EBIT more than doubled to AUD 406 million, with Lytton refinery returning to profitability and EBIT at AUD 163 million.

• New Zealand EBIT was AUD 234 million, stable year-on-year despite a weak economy; segment was resilient with retail refresh and loyalty program rollout.

• Board declared a fully franked final dividend of AUD 0.60 per share, bringing total FY2025 dividends to AUD 1.00 per share.

Financial highlights

• Group RCOP EBITDA: AUD 1.44 billion (+20% YoY); RCOP EBIT: AUD 947 million (+32% YoY); RCOP NPAT: AUD 429 million (+83% YoY); statutory NPAT: AUD 82 million, impacted by significant items and inventory losses.

• Net borrowings at year-end were just over AUD 2.9 billion; leverage ratio at 2.3x adjusted net debt to EBITDA.

• Total 2025 dividend: AUD 1.00 per share (60 cps final, fully franked).

• Significant items included AUD 89.9 million non-cash impairment of Seaoil, AUD 65.1 million loss from Energy Solutions simplification, and AUD 12.1 million loss from Cyclone Alfred.

• Shop gross margin increased to 40%, with non-tobacco categories driving growth.

Outlook and guidance

• Net CapEx of around AUD 600 million expected in 2026, reflecting investment in safety, retail growth, and refinery upgrades.

• Targeting further AUD 50 million nominal cost reductions across 2026 and 2027.

• EG Australia acquisition expected to complete by mid-2026, pending regulatory approval, with identified synergies of AUD 65–80 million.

• Lytton Ultra Low Sulfur Fuels project commissioning expected in Q2 2026.

• Expect continued momentum in Convenience Retail and B2B volumes into 2026.