Ampol (ALD) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition of 100% of EG Australia aligns with retail growth strategy and expands branded site network by ~500 locations.

• Builds on existing multi-year relationship, leveraging fuel supply and brand license agreements.

• Enhances convenience retail offering through expanded Foodary and U-GO brands and broader customer reach.

• Supports transition to a higher proportion of earnings from convenience retail and marketing activities.

Financial terms and conditions

• Headline purchase price of $1.1 billion, with ~$800 million in cash and $250 million in shares issued to the vendor.

• Shares issued represent approximately 3.7% of outstanding shares post-issuance; Ampol may opt to cash settle this component.

• Funding from existing debt facilities, working capital release, and proceeds from divestments.

• Targeting high single digit proforma adjusted EPS accretion and double digit proforma free cash flow per share accretion post-synergies.

Synergies and expected cost savings

• Targeted annual synergies of $65-80 million, predominantly cost-related, pre-tax.

• Post-synergy transaction multiple estimated at 5.8x.