Ampol (ALD) Q3 2025 TU earnings summary

Executive summary

• Group earnings for 3Q 2025 were ahead of the 1H 2025 quarterly average and showed a material improvement compared to 3Q 2024, driven by stronger margins and improved refinery results.

• The $50 million nominal cost out program remains on track, with further details to be provided at full year results.

Financial highlights

• 3Q 2025 Lytton Refiner Margin (LRM) rose to US$10.64 per barrel, with September reaching US$12.85 per barrel, benefiting from global refinery outages and Russian sanctions.

• Group RCOP EBIT for the quarter exceeded the 1H 2025 quarterly average.

• Total group sales volume for 3Q 2025 was 6,028 ML, down 7.6% year-over-year.

• Convenience Retail shop network sales grew 1.8% year-over-year (excluding tobacco and U-GO conversions), with gross margins up 295 basis points.

Outlook and guidance

• Refiner margins have continued to strengthen since September, supported by global outages and new sanctions on Russian oil.

• October trading in Australian Convenience Retail is strong, with both fuel volumes and shop sales performing well.

• New Zealand margins are stabilizing as fuel input costs normalize.