Viva Energy Group (VEA) Q1 2026 TU earnings summary

Executive summary

• Total group sales volumes increased 5.1% year-over-year to 4,302 ML, driven by strong commercial and industrial demand.

• Geelong Refinery operated at full production with a 6.1% increase in crude intake and a significant rise in refining margins.

• Convenience sales declined 6.1% year-over-year, mainly due to lower tobacco sales, while non-tobacco convenience sales grew 1.2%.

• The company continued to expand its OTR network, opening new sites and converting Express sites.

Financial highlights

• Commercial & Industrial fuel volumes rose 7.1% year-over-year to 3,021 ML.

• Convenience & Mobility fuel volumes increased 0.8% to 1,281 ML.

• Geelong Refining Margin surged 176.6% year-over-year to US$22.0/bbl.

• Convenience gross margin improved from 37.4% to 38.8%.

Outlook and guidance

• Regional refining margins expected to remain elevated in 2Q2026 due to ongoing Middle East conflict.

• Commercial & Industrial sales and margins anticipated to stay robust, though aviation demand may be impacted by geopolitical tensions.

• Company on track to complete supply chain rollout and exit Coles Product Supply Agreement by end of FY2026.