Ampol (ASX:ALD) RCOP Profit Jumps More Than Threefold in 1H 2026

Sonal Goyal

24 August 2026 11:41 AM AEST

Ampol (ASX:ALD) RCOP Profit Jumps More Than Threefold in 1H 2026

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Key Highlights

Group RCOP EBITDA rose to $1,637 million from $648.9 million, with RCOP EBIT up to $1,392 million from $403.8 million
RCOP NPAT attributable to parent increased 376% to $857 million, while statutory profit after tax reached $1,363.4 million
Lytton refiner Margin rose to US$28.26 per barrel as the Middle East conflict tightened global refining supply
An Interim Dividend of 185 cents per share, fully franked, was declared, more than quadrupling the prior year's interim dividend

Ampol Limited (ASX:ALD) shares rose 2.66% to $40.91 on 24 August 2026 after the fuel Supply and retail company released its results for the six months ended 30 June 2026 (1H 2026). The result reflected a substantial increase in Earnings across the business, which the company linked to disruption in global oil and refined product markets stemming from the Middle East conflict.

Earnings Driven by Refining Margin Strength

Ampol reported Group RCOP EBITDA of $1,637 million for 1H 2026, compared with $648.9 million in the prior corresponding period, and RCOP EBIT of $1,391.7 million, up from $403.8 million. RCOP NPAT attributable to parent, excluding significant items, rose 376% to $857.2 million. Including an after-tax inventory gain of $527.6 million and a $21.4 million after-tax loss on significant items, statutory profit after tax attributable to parent was $1,363.4 million, compared with a statutory loss of $25.3 million in the prior corresponding period. The company said the Middle East conflict's impact on global oil and refined product flows created market dislocation that benefited its financial results, while its focus during the period was on securing fuel supply and limiting the impact on customers.

Refining and Fuels and Infrastructure Segment

The Lytton refinery generated RCOP EBITDA of $567.1 million and RCOP EBIT of $533.4 million, as tightened global refining supply lifted the Lytton Refiner Margin to US$28.26 per barrel for the half. Total production rose 8.7% on the prior period. Within the broader Fuels and Infrastructure segment, RCOP EBITDA was $1,222.2 million and RCOP EBIT was $1,134.5 million. Fuels and Infrastructure Australia RCOP EBIT rose to $309.3 million from $138.6 million, with wholesale volumes excluding net-sell up 2.9%, while Fuels and Infrastructure International RCOP EBIT increased to $307.5 million from $2.8 million. The Energy Solutions Business reduced its EBITDA and EBIT losses to $12.7 million and $15.6 million respectively, with the company continuing its rollout of the AmpCharge public charging network to 356 bays in Australia.

Convenience Retail and New Zealand

Convenience Retail RCOP EBITDA reached $299.0 million, with RCOP EBIT of $204.5 million, up 12% on the prior corresponding period, supported by fuel Volume growth of 2.4% and network shop sales growth of 3.5% excluding tobacco and conversions to the U-GO unstaffed discount format. Shop gross margin improved to 40.1%. In New Zealand, RCOP EBITDA was $160.5 million and RCOP EBIT was $103.8 million, a segment result affected by a slower pass-through of rising input costs relative to the Australian market, the absence of earnings from exited businesses, and currency movements that reduced the conversion of New Zealand dollar earnings by approximately $6.5 million. Fuel sales volumes in New Zealand were down 2.5%.

Balance Sheet and EG Australia Acquisition

Net borrowings rose to $3,523 million at 30 June 2026 from $2,903 million at 31 December 2025, reflecting the $1,165 million payment to settle the EG Australia Acquisition and $148 million to fund fuel inventory cargoes under an arrangement with the Federal Government. Leverage, measured as Adjusted Net Debt to RCOP EBITDA, was 1.8 times. The company also elected to cash-settle the scrip component of the EG Australia acquisition, valued at $315 million.

Dividend and Outlook

The board declared a fully franked interim dividend of 185 cents per share, more than quadrupling the prior year's interim dividend, in line with the company's dividend policy. Ampol said it has continued to see Volatility in crude and product markets since the end of June, driven by ongoing uncertainty related to the Middle East conflict and shipping disruptions, and noted its physical supply arrangements are in place for the third quarter of 2026. The company said retail fuel margins in Australia and New Zealand have tightened due to a lag in passing through rising landed fuel costs, which it expects to be temporary. Net Capital Expenditure for FY 2026 is expected to be approximately $600 million.

Conclusion

Ampol's 1H 2026 result was shaped substantially by external market conditions, with the Middle East conflict tightening global refining supply and lifting margins across the company's integrated fuel supply chain, from the Lytton refinery through to its wholesale and retail operations. The scale of earnings growth against a relatively weak prior corresponding period reflects this market dislocation as much as underlying operational performance, while the completed EG Australia acquisition and elevated interim dividend point to a company translating a favourable trading environment into both growth Investment and Shareholder returns, even as the company flagged tighter retail margins and continued market volatility heading into the second half.

FAQs

Q: What was Ampol's RCOP NPAT for 1H 2026?

A:RCOP NPAT attributable to parent, excluding significant items, was $857 million, up 376% on the prior corresponding period.

Q: Why did Ampol's earnings increase so significantly?

A:The Middle East conflict disrupted global oil and refined product flows, tightening refining supply and lifting the Lytton Refiner Margin to US$28.26 per barrel.

Q: What dividend did Ampol declare for 1H 2026?

A:Ampol declared a fully franked interim dividend of 185 cents per share, more than quadrupling the prior year's interim dividend.

Q: What is the EG Australia acquisition?

A:Ampol completed the acquisition of EG Australia at the end of the half, a transaction intended to accelerate its retail segmentation strategy, funded partly through a $1,165 million payment reflected in higher net borrowings.

Q: What is Ampol's outlook for the second half of 2026?

A:The company expects continued volatility in crude and product markets, tighter near-term retail fuel margins, and contributions from EG Australia synergies, with net capital expenditure for FY2026 expected at approximately $600 million.

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