Ampol (ALD) Trading update summary

Trading performance and supply chain resilience

• Unaudited RCOP EBITDA for 1H 2026 reached approximately $1,600 million, more than doubling from 1H 2025, with RCOP EBIT at $1,350 million, reflecting strong earnings growth.

• Lytton refinery operated at maximum production, with total output up 8.7% year-on-year, and Lytton Refiner Margin (LRM) averaging US$28.26/bbl for 1H 2026, driven by elevated global product cracks.

• Australian fuel sales (ex Net-sell) increased 2.8% in 1H 2026, supported by supply reliability and the Convenience Retail segmentation strategy.

• Ampol's independent trading and shipping team enabled flexible sourcing and value creation during market disruptions, including inventory builds and hedging gains.

• Additional refined fuels were purchased to bolster national inventories in both Australia and New Zealand, supporting government initiatives.

Market dynamics and operational updates

• Geopolitical tensions in the Middle East, including the closure of the Strait of Hormuz, significantly constrained crude supply and raised product cracks and crude premiums.

• Ampol re-optimized supply through international markets and leveraged hedging positions for upside value as disruptions deepened.

• The New Zealand market was slower to pass through rising input costs, with resolution expected in the second half.

• Ampol completed the acquisition of EG Australia, fully cash-settling the transaction for $1,165 million, with expected annual synergies of $65–80 million within two years.

• Major maintenance at Lytton refinery is scheduled for August–October 2026, with a planned production impact of 300 ML, to be managed via diversified supply sources.