Viva Energy Group (VEA) H1 2026 earnings summary

Executive summary

• Record first half earnings and significant profit growth across all business units, driven by elevated refining margins, robust retail and commercial performance, and improved operational efficiency.

• Net profit after tax (RC) rose to $371.1M, up 492.8% year-over-year, and EBITDA (RC) reached $774.4M, up 154%.

• Net debt reduced from $2.1B to $1.7B at June 30, supported by strong cash conversion and disciplined capital management.

• Interim fully franked dividend of 7.73 cps declared, representing a 70% payout ratio for C&M and C&I segments.

• Major fire at Geelong Refinery in April was contained; production restored to over 90% of normal capacity while repairs continue.

Financial highlights

• Revenue increased 10.2% year-over-year to $16,487.5M; group EBITDA (RC) rose to $774.4M, and NPAT (RC) to $371.1M.

• Underlying free cash flow was $449M, and operating free cash flow before capex was $603.9M.

• Net debt reduced by $354.8M to $1,720M; gearing improved to 1.5x net debt/EBITDA.

• CapEx for 1H26 was $123M–$127.2M; FY26 guidance reaffirmed at $350–400M, below FY25.

• Interim dividend at 70% payout ratio, top end of policy.

Outlook and guidance

• Refining margins expected to remain elevated through FY26 due to global supply disruptions; C&I earnings to moderate but remain above 2H25.

• Retail and convenience segments positioned for growth with supply chain transformation and new store formats.

• CapEx for FY26 remains disciplined and focused on high-return opportunities.

• Ongoing engagement with government on fuel security, refining retention, and infrastructure development.

• No major maintenance planned for the rest of FY26; focus on production optimisation and network growth.