Highlights

• Ampol's 1H 2026 RCOP EBIT rose 245% to $1,391.7m on a Lytton Refiner Margin averaging US$28.26 per barrel.

• The board declared a fully franked interim dividend of 185 cents per share, payable on 30 September 2026.

• Ampol completed the EG Australia acquisition, paying $1,165m in cash and targeting $65m to $80m of annual synergies.

• Net borrowings rose to $3,523m, leaving leverage at 1.8 times, while committed liquidity facilities total $5.8bn.

The Lytton refinery did the heavy lifting for Ampol Limited (ASX:ALD) in the first half of 2026. Its refiner margin averaged US$28.26 per barrel, against US$7.44 a year earlier, and the refinery's earnings before interest and tax jumped from $1.1m to $533.4m. Shares were trading at A$39.20 on 23 October 2026, down 1.71%.

Refining Windfall Drives the Half

Group RCOP EBITDA, excluding significant items, reached $1,637.1m, up 152%. EBIT rose 245% to $1,391.7m, and RCOP net profit after tax attributable to shareholders climbed to $857.2m from $180.2m. Statutory net profit was $1,363.4m, helped by an after-tax inventory gain of $527.6m, compared with a loss of $25.3m in the first half of 2025.

Ampol attributed the margin surge to constrained crude supply from the Strait of Hormuz closure, which curtailed regional refinery runs and lifted product cracks, particularly for diesel, jet and premium gasoline. Lytton production rose 8.7% to 2,945 ML.

Elsewhere, the picture was steadier. Convenience Retail EBIT rose 12% to $204.5m as fuel volumes grew 2.4%, and the unstaffed U-GO discount format expanded from 34 to 47 sites. New Zealand EBIT slipped 16% to $103.8m, with fuel volumes down 2.5%. Energy Solutions recorded an EBIT loss of $15.6m, narrower than a year earlier.

The company also supplied about 250 ML of extra refined fuels for the Australian Government's inventory initiative, while its Z Energy business secured about 90 ML of diesel for the New Zealand Government.

EG Australia Closes, Balance Sheet Stretches

Ampol completed the EG Australia acquisition on 30 June 2026, so it contributed no earnings to the half. The company paid $1,165m in cash before working capital adjustments, and its board chose to cash-settle the $315m scrip component as well. Management expects annual synergies of $65m to $80m within two years of completion, with benefits beginning to flow in FY2027.

The purchase shows in the accounts. Net borrowings stood at $3,523m, up from $2,903m at 31 December 2025, and leverage was 1.8 times adjusted net debt to RCOP EBITDA. Committed liquidity facilities totalled $5.8bn.

Shareholders received a fully franked interim dividend of 185 cents per share, more than four times the prior-year interim. The record date was 7 September and payment fell on 30 September 2026.

Maintenance Season and Projects to Watch

The outlook in the August results was specific. Ampol said July 2026 earnings were ahead of the prior corresponding period, supported by strong refinery earnings, with a July Lytton Refiner Margin of US$27.11 per barrel on production of 524 ML.

A turnaround and inspection at Lytton began on 30 July, with start-up expected in October. In its 30 July update, Ampol estimated the maintenance would affect production by about 300 ML and said its diversified supply sources can maintain product availability. The Lytton Ultra Low Sulfur Fuels project is expected to start up toward the end of 2026.

Retail fuel margins in Australia and New Zealand tightened as landed costs rose faster than board prices, a squeeze management expects to be temporary. FY2026 net capital expenditure is expected to be about $600m, including the sulfur project, net of government grants, and the turnaround.

Ampol's calendar lists full-year 2026 results and the dividend announcement for 22 February 2027.