Ampol (ALD) H2 2025 earnings summary

Executive summary

• RCOP EBITDA rose 20% to AUD 1.44 billion and RCOP EBIT increased 32% to AUD 947 million year-on-year, with RCOP NPAT before significant items 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; New Zealand segment was resilient despite a weak economy.

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

• Total sales volume reached 25.2 billion litres, with diesel and jet fuel driving growth; international sales volumes declined as focus shifted to internal supply.

• 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 reached AUD 1.44 billion, up 20% year-on-year; RCOP EBIT was AUD 947 million, up 32% year-on-year; RCOP NPAT before significant items was AUD 429 million, up 83% year-on-year; statutory NPAT was AUD 82 million, impacted by significant items.

• Net borrowings at year-end were just over AUD 2.9 billion; leverage ratio at 2.3x Adjusted Net Debt/EBITDA.

• CapEx peaked at AUD 563 million in FY2025, expected to normalize to AUD 450 million post-2026.

• Premium fuels now represent 56.5% of retail fuel volumes; shop gross margin increased to 40%.

• 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.

Outlook and guidance

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

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

• Anticipate completion of EG Australia acquisition by mid-2026, with identified synergies of AUD 65–80 million; regulatory decision expected June 2026.

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

• Expect continued momentum in Convenience Retail and B2B volumes into 2026, with higher retail margins and stable volumes in New Zealand.