Ampol (ASX:ALD): H1 2026 Earnings, Retail Expansion and Refining Exposure

Aditi Sarkar

10 November 2026 07:44 PM AEDT

Ampol (ASX:ALD): H1 2026 Earnings, Retail Expansion and Refining Exposure

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Highlights

Ampol (ASX:ALD) reported H1 2026 statutory profit after tax of AUD 1,363.4 million.
H1 2026 Revenue from ordinary activities reached AUD 20,407.0 million.
The Acquisition of EG Australia was completed on 30 June 2026.
Refining margins, retail integration and balance-sheet commitments remain important monitorables.

Ampol Limited (ASX:ALD) supplies, imports, refines and markets transport fuels and lubricants, operates convenience retail networks, and is expanding electric vehicle charging services in Australia and New Zealand. Ampol Limited (ASX:ALD) shares closed at AUD 36.75 on 10 November 2026. Its half-year results for the six months ended 30 June 2026 reflected unusual fuel-market conditions alongside the completion of a major retail acquisition.

Half-year financial performance

Ampol (ASX:ALD) reported revenue from ordinary activities of AUD 20,407.0 million in H1 2026, compared with AUD 15,295.0 million in H1 2025. Statutory profit after tax attributable to shareholders was AUD 1,363.4 million, compared with a loss of AUD 25.3 million in the corresponding period. Replacement Cost Operating Profit, or RCOP, net profit after tax excluding significant items was AUD 857.2 million. RCOP is a non-IFRS measure designed to adjust for certain inventory-price effects and other external factors; it is not interchangeable with statutory earnings. The company attributed substantial Earnings strength to conditions across its integrated fuel Supply chain, including elevated regional refining margins during market disruption.

Refining and supply chain contribution

Ampol (ASX:ALD) reported Lytton refinery RCOP EBIT of AUD 533.4 million for H1 2026, compared with AUD 1.1 million in H1 2025. Its Lytton refiner Margin averaged USD 28.26 per barrel during the period, while refinery production increased 8.7% year on year. These figures illustrate the sensitivity of refinery earnings to global product markets and operational reliability. Fuels and Infrastructure Australia, excluding Lytton, delivered RCOP EBIT of AUD 309.3 million. International Fuels and Infrastructure RCOP EBIT was AUD 307.5 million. The company’s results therefore included contributions from refining as well as trading, shipping and fuel supply activities. Such margins can change materially between reporting periods.

Retail acquisition and operating mix

The acquisition of EG Australia was completed on 30 June 2026, expanding Ampol’s company-controlled retail network. Ampol (ASX:ALD) reported Convenience Retail RCOP EBIT of AUD 204.5 million for H1 2026, up 12% from AUD 182.7 million in H1 2025. The acquisition is expected to contribute to subsequent periods, but integration benefits and cost savings remain execution-dependent. Ampol identified annual synergy ambitions of AUD 65 million to AUD 80 million by two years after completion, with benefits expected to begin in FY 2027. These amounts are management expectations, not realised savings at 30 June 2026. The group also continued its rollout of public charging infrastructure, reporting 356 AmpCharge bays in Australia during the half.

Balance sheet and forward considerations

Ampol (ASX:ALD) reported net borrowings of AUD 3,523 million at 30 June 2026, up from AUD 2,903 million at 31 December 2025, with the acquisition settlement among the contributing items. The board declared a fully franked H1 2026 Interim Dividend of AUD 1.85 per share. The company expected FY 2026 net Capital Expenditure of approximately AUD 600 million as of its August results release, including refinery-related work. This was guidance rather than a completed annual outcome. Future results will depend on refining margins, reliability, retail integration, fuel Demand and financing costs. Ampol’s earnings mix may change as market conditions normalise after the exceptional first half.

Key Insights

Ampol (ASX:ALD) recorded stronger H1 2026 statutory and replacement-cost earnings, with a substantial contribution from refining and fuel infrastructure. The key questions for subsequent periods are the durability of margins, retail acquisition integration and capital commitments.

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