Ampol 1H26 RCOP EBITDA Lifts to About $1.6 Billion

Ampol Limited (ASX:ALD) provided an update on Group trading conditions for the first half of its 2026 financial year and on the second quarter Lytton Refiner Margin. Unaudited Group Replacement Cost Operating Profit (RCOP) EBITDA for the first half was approximately $1,600 million, compared with $649 million in the first half of 2025, and RCOP EBIT was approximately $1,350 million, compared with $404 million. The Lytton Refiner Margin averaged US$28.26 per barrel for the first half, against US$7.44 a year earlier, with total refinery production of 2,945 ML, up 8.7%. The second quarter Lytton Refiner Margin was US$30.93 per barrel, compared with US$8.71 in the second quarter of 2025. First half Australian fuel sales excluding Net-sell were up 2.8% at 6,834 ML, while total Group sales volume was 12,301 ML, down 1.2%. Convenience Retail volumes rose 2.4% for the half to 1,778 ML.

Ampol said the ongoing closure of the Strait of Hormuz continued to constrain the supply of crude oil to the global refinery system, particularly in the Asia region, curtailing regional refinery runs and creating a shortage of refined products that significantly raised product cracks; elevated cracks for diesel, jet and premium gasoline flowed through to the Lytton Refiner Margin, which is linked to import parity pricing. As part of an Australian Federal Government initiative, Ampol purchased approximately 250 ML of additional refined fuels with the assistance of Export Finance Australia, and Z Energy secured approximately 90 ML of diesel to lift New Zealand government inventory levels. The U-GO unstaffed discount offer increased from 34 to 47 sites. Ampol completed the acquisition of EG Australia on 30 June 2026, with no EG Australia earnings included in first half results; it exercised its option to convert the scrip component of consideration to cash, paying $1,165 million before working capital adjustments on 30 June 2026, and expects synergies of $65 million to $80 million per annum within two years of completion. The Lytton refinery will begin a major maintenance programme in August 2026, expected to complete during October 2026, with an anticipated production impact of approximately 300 ML. Audited first half results are scheduled for release on 24 August 2026.