Highlights

  • Lytton Refiner Margin increased to USD 10.64 per barrel, supported by higher global refining spreads.
  • Group earnings for 3Q 2025 exceeded the first-half quarterly average.
  • Progress continued on the EG Australia acquisition and ultra-low sulfur gasoline project.

Ampol Limited (ASX:ALD) has released its trading update for the third quarter of 2025, reporting improved group earnings and improved refinery margins despite lower fuel volumes across several segments. The Lytton Refiner Margin (LRM) rose significantly, while the company maintained progress on its EG Australia acquisition and refinery upgrade plans.

At the time of writing on 30 October 2025, Ampol shares were trading 2.41% lower at AUD 30.31 per share.

Refinery Margin and Production

Ampol reported a 3Q 2025 Lytton Refiner Margin of USD 10.64 per barrel, compared to USD 1.48 in the same quarter last year. The improvement was driven by Singapore refined product cracks and the impact of global refinery outages and additional Russian sanctions.

Refinery production totalled 1,252 million litres for the quarter, reflecting the planned Alkylation Unit Turnaround and Inspection. The company noted that refining margins continued to improve into October, supported by tight supply conditions and low inventory levels globally.

Group Earnings and Divisional Performance

Group RCOP EBIT for the quarter exceeded the 1H 2025 quarterly average, driven by improved refinery performance and higher margins for Fuels and Infrastructure excluding Lytton.

Australian wholesale volumes declined 4.7% year-on-year to 2,771 million litres due to temporary changes in the buy/sell balance during the refinery turnaround. Convenience Retail volumes were 864 million litres, down 5.8% year-on-year, as inclement weather in August affected sales in New South Wales and Queensland.

Despite lower fuel volumes, Ampol’s retail network achieved 1.8% growth in shop sales (excluding tobacco and U-GO conversions), and gross margins increased by 295 basis points.

International volumes fell 17% year-on-year to 1,492 million litres, while New Zealand volumes were stable at 901 million litres. Economic pressures and earlier soft margins in New Zealand improved towards September as fuel costs stabilised.

Corporate and Strategic Updates

Ampol continues to progress integration planning for the EG Australia acquisition, with its submission to the Australian Competition and Consumer Commission lodged on 10 October 2025.

The company remains on track with its AUD 50 million cost-out program, with further details expected in the full-year results.

Ampol is also preparing for the introduction of the ultra-low sulfur gasoline (10ppm sulfur) specification, which takes effect on 15 December 2025. Construction delays have reduced near-term compliant gasoline production, leading to the export of non-compliant product at an estimated cash cost of AUD 7.5 million per month from October 2025. Commissioning of the upgrade is expected in the second quarter of 2026.

Current Trading and Outlook

Ampol stated that refiner margins have continued to improve since September due to global refinery disruptions and new restrictions on Russian crude processing.

In October, Convenience Retail performance improved, with improvement in fuel volumes and shop sales, while New Zealand operations benefited from more stable fuel input costs and margins.

ALD shares were trading 2.54% lower at AUD 30.27 per share at the time of writing on 30 October 2025.