Viva Energy Group (VEA) Q2 2026 TU earnings summary

Executive summary

• 1H26 Group EBITDA (RC) expected at $770–780 million, up from $305 million in 1H25, driven by strong refining margins, commercial sales growth, and improved retail performance.

• Geopolitical disruptions led to elevated regional refining margins and tested supply chains, but production and supply were maintained.

• Domestic refining reduced dependency on international refineries, supporting fuel supply security.

Financial highlights

• Net debt at 30 June 2026 was approximately $1.7 billion, down from $2.1 billion at 31 December 2025, due to strong cash conversion.

• Geelong Refining Margin (GRM) rose to US$21.1/bbl in 1H26 from US$8.2/bbl in 1H25.

• Convenience sales were $803 million in 1H26, down 3.8% year-over-year.

• Convenience gross margin held steady at 37.7% in 1H26.

Outlook and guidance

• Regional refining margins expected to remain above long-term averages for the rest of FY26.

• Favourable hedging and supply arrangements in C&I are expected to be less supportive in 2H26.

• Company plans to open 20–25 new OTR stores and convert 10–15 Reddy Express stores in FY26.