Ampol (ALD) Q3 2026 TU earnings summary

Executive summary

• RCOP EBIT grew vs the 2H 2025 quarterly average, supported by integrated supply chain performance, favourable operating conditions and continued Convenience Retail earnings growth.

• Fuel market conditions remained net favourable, though the distinctive trading environment that supported H1 did not recur.

Financial highlights

• 3Q 2026 Lytton Refiner Margin (LRM) was US$23.92/bbl, up 125% YoY from US$10.64/bbl, despite the planned turnaround and inspection.

• YTD 2026 LRM was US$27.05/bbl, up 220% YoY from US$8.45/bbl.

• Refinery production was 1,137 ML in 3Q, down 9.2% YoY, reflecting the planned turnaround and inspection.

Outlook and guidance

• FCCU restart is expected in mid-November; 4Q production of petrol, diesel and jet fuel is expected to be ~150 ML lower than previously anticipated.

• Ultra Low Sulfur Fuels project commissioning is now expected in 1Q 2027; no material earnings impact is expected and capex outlook is unchanged.

• Customer supply is not expected to be affected by the additional Lytton maintenance work.