Ampol Limited (ASX:ALD): How Lytton and EG Australia Shaped 1H 2026

Aditi Sarkar

08 October 2026 11:12 PM AEDT

Ampol Limited (ASX:ALD): How Lytton and EG Australia Shaped 1H 2026

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Highlights

Ampol reported 1H 2026 Group RCOP EBITDA of $1,637.1 million and RCOP EBIT of $1,391.7 million.
Lytton RCOP EBIT reached $533.4 million as the half-year Lytton Refiner Margin averaged US$28.26 per barrel.
The company completed the EG Australia Acquisition and expects benefits from targeted annual synergies to begin flowing through from FY 2027.
A fully franked Interim Dividend of 185 cents per share was declared for the half.
Ampol expects FY 2026 net capex of approximately $600 million, including Lytton projects and maintenance activity.

Ampol Limited is an independent Australian company and the nation’s leading transport energy provider. Its 1H 2026 result reflected a period of disrupted global fuel markets, with higher refining margins, broad-based fuel supply-chain Earnings and the completion of the EG Australia acquisition shaping the half-year performance.

1H 2026 Earnings Reflect Supply-Chain Performance

Ampol (ASX:ALD) reported Group RCOP EBITDA of $1,637.1 million for the six months ended 30 June 2026, up 152% from $648.9 million in 1H 2025. Group RCOP EBIT rose 245% to $1,391.7 million, while RCOP NPAT attributable to the parent, excluding significant items, increased to $857.2 million from $180.2 million. Statutory NPAT was $1,363.4 million, compared with a $25.3 million loss in the prior corresponding period. The statutory result included an after-tax inventory gain of $527.6 million.

Lytton and Fuel Supply Chain Drive the Half

Lytton generated RCOP EBITDA of $567.1 million and RCOP EBIT of $533.4 million. The company reported a half-year Lytton Refiner Margin of US$28.26 per barrel as global refining supply tightened during the Middle East conflict. Total Lytton production increased 8.7%. Fuels and Infrastructure Australia, excluding Lytton, produced RCOP EBIT of $309.3 million, while Fuels and Infrastructure International reported RCOP EBIT of $307.5 million. Australian wholesale volumes, excluding net-sell, increased 2.9%.

Retail and Energy Solutions Continue to Develop

Convenience Retail RCOP EBIT increased 12% to $204.5 million, with fuel volumes up 2.4%. Network shop sales increased 0.4% at a headline level and 3.5% excluding tobacco and U-GO conversions, while shop gross margin reached 40.1% after waste and shrink. Energy Solutions reduced its RCOP EBIT loss to $15.6 million from $24.1 million and expanded the AmpCharge network to 356 charging bays in Australia during the half.

EG Australia Adds Scale to Retail

Ampol (ASX:ALD) completed the EG Australia acquisition at the end of the half. The transaction is intended to expand the scale of the company’s convenience retail network and support greater earnings contribution from retail and commercial sales. Management remains confident in delivering $65 million to $80 million of annual synergies by two years after completion, with benefits expected to begin flowing through results from FY 2027. The acquisition contributed to higher net borrowings at 30 June 2026.

Balance Sheet, Dividend and 2026 Outlook

Net borrowings were $3,523 million at 30 June 2026, compared with $2,903 million at 31 December 2025, including the $1,165 million payment to settle the EG Australia acquisition and $148 million related to government-supported fuel inventory arrangements. Committed facilities were $5.8 billion and Leverage was 1.8 times adjusted net Debt to last-twelve-month RCOP EBITDA. The board declared a fully franked interim dividend of 185 cents per share. Ampol expects FY 2026 net capex of approximately $600 million, including the Lytton Ultra Low Sulfur Fuels Project and the Lytton turnaround and inspection.

Key Insights

Ampol’s (ASX:ALD) 1H 2026 performance was shaped by elevated refining margins, fuel supply-chain responsiveness and higher earnings across several operating areas. The completion of EG Australia also changes the group’s retail scale and capital structure, while the second half remains exposed to volatile crude and refined-product markets. Execution of the Lytton turnaround, progress on the Ultra Low Sulfur Fuels Project and the early contribution from EG Australia are among the main operational factors to monitor through the remainder of 2026.

FAQs

Q:What did Ampol (ASX:ALD) report for 1H 2026 RCOP EBITDA?

A:Ampol reported Group RCOP EBITDA of $1,637.1 million for the six months ended 30 June 2026.

Q:What was the Lytton Refiner Margin in 1H 2026?

A:The Lytton Refiner Margin averaged US$28.26 per barrel for the half.

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

A:The board declared a fully franked interim dividend of 185 cents per share.

Q:What synergy target has Ampol set for EG Australia?

A:Management is targeting $65 million to $80 million of annual synergies by two years after completion.

Q:What is Ampol’s FY 2026 net capex expectation?

A:Ampol expects FY 2026 net capex of approximately $600 million.

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