Key Highlights

  • Ampol Limited (ASX:ALD) shares will trade ex-dividend on 4 September 2026, with the interim Dividend to be paid on 30 September 2026.
  • The company declared a fully franked Interim Dividend of 185 cents per share, more than four times the prior year's interim payout.
  • Group RCOP EBITDA for the first half of 2026 rose to $1,637 million from $648.9 million in the prior corresponding period.
  • Net borrowings increased to $3,523 million at 30 June 2026 from $2,903 million at 31 December 2025, reflecting the EG Australia settlement.

Ampol Limited, listed on the Australian Securities Exchange under the ticker ASX:ALD, is scheduled to go ex-dividend on 4 September 2026. Shareholders who hold the stock before this date will be entitled to receive the declared interim dividend, while purchases made on or after the ex-dividend date will not carry this entitlement. The interim dividend has been set at 185 cents per share, fully franked, with the Record Date and payment date falling on 7 September 2026 and 30 September 2026 respectively.

This interim dividend represents a substantial increase from the prior corresponding period, when Ampol declared a comparatively smaller interim payout. The company noted that the increase is in line with its dividend policy, which links distributions to underlying Earnings performance across its integrated fuel Supply chain.

Half-Year Financial Performance

For the six months ended 30 June 2026, Ampol reported Group Replacement Cost Operating Profit (RCOP) EBITDA of $1,637 million, compared with $648.9 million in the same period last year. RCOP EBIT for the half came in at $1,391.7 million, up from $403.8 million in the prior corresponding period. RCOP Net Profit After Tax attributable to the parent, excluding significant items, was $857.2 million, compared with $180.2 million previously.

Statutory profit after tax attributable to the parent reached $1,363.4 million for the half, a marked turnaround from a statutory loss of $25.3 million in the prior corresponding period. This statutory result includes an inventory gain after tax of $527.6 million, compared with a loss of $145.0 million in the same period last year, reflecting the movement in crude and refined product prices during the period.

The Lytton refinery was a significant contributor to the half-year result, with RCOP EBIT of $533.4 million compared with just $1.1 million in the prior corresponding period. The Lytton Refiner Margin for the half was US$28.26 per barrel, and total refinery production increased by 8.7 per cent. Management attributed the improvement to the tightening of global refining supply linked to the Middle East conflict, which elevated product cracks during the period.

Segment Performance

Fuels and Infrastructure Australia (excluding Lytton) delivered RCOP EBIT of $309.3 million, up from $138.6 million, supported by a 2.9 per cent increase in Australian wholesale volumes excluding net-sell activity. Fuels and Infrastructure International reported RCOP EBIT of $307.5 million, compared with $2.8 million in the prior period, while Energy Solutions reduced its EBIT loss to $15.6 million from a loss of $24.1 million previously.

Convenience Retail RCOP EBIT rose to $204.5 million, a 12 per cent increase on the prior corresponding period, with fuel volumes up 2.4 per cent and shop gross margin improving to 40.1 per cent. The New Zealand segment, however, recorded a decline, with RCOP EBIT of $103.8 million versus $122.9 million previously, as the market was slower to pass through rising input costs and fuel sales volumes fell by 2.5 per cent.

Balance Sheet and Capital Position

Net borrowings increased to $3,523 million at 30 June 2026 from $2,903 million at 31 December 2025. This increase reflects the $1,165 million payment to settle the Acquisition of EG Australia, together with $148 million directed towards Export Finance Australia-related cargoes under an arrangement with the Federal Government to bolster fuel inventories. Leverage, measured as Adjusted Net Debt to RCOP EBITDA excluding significant items over the last twelve months, stood at 1.8 times. The company stated its Liquidity position remains supported by committed facilities of $5.8 billion.

During the period, the Board also elected to cash-settle the scrip component associated with the EG Australia acquisition, valued at $315 million, a decision intended to allow existing shareholders to retain the full benefit of future value generated by the transaction.

Outlook Commentary

Ampol stated that since the end of June, Volatility in crude and product markets has continued, driven by the ongoing conflict in the Middle East and disruptions affecting shipping routes including the Strait of Hormuz and the Bab-el-Mandeb Strait. The company noted that global refined product inventories remain at or near historic lows ahead of the usual Northern Hemisphere winter Demand build.

For July 2026, the Lytton Refiner Margin was recorded at US$27.11 per barrel with production of 524 megalitres. The company confirmed that a Turnaround and Inspection program at Lytton commenced on 30 July 2026, with start-up expected during October. Net Capital Expenditure for FY2026 is expected to be approximately $600 million, covering the Lytton Ultra Low Sulfur Fuels Project and the turnaround activity.

Conclusion

Ampol's first-half 2026 results reflect a period in which global fuel market disruption translated into a sizeable increase in refining and trading earnings across the group, alongside the completion of the EG Australia acquisition. The fully franked interim dividend of 185 cents per share, going ex-dividend on 4 September 2026, follows a period in which RCOP EBITDA more than doubled and statutory profit swung from a loss to a substantial gain, while net borrowings rose in step with acquisition-related and inventory funding activity.