Key Highlights

  • Group RCOP EBITDA for 1H26 reached $1,637.1 million, up 152% against the prior corresponding period of $648.9 million.
  • RCOP NPAT (attributable to parent, excluding significant items) rose 376% to $857.2 million from $180.2 million in 1H25.
  • An Interim Dividend of 185 cents per share, fully franked, was declared — more than four times the prior year's interim dividend.
  • The EG Australia Acquisition was completed during the half, adding scale to Ampol's Convenience Retail strategy at an acquisition cost of $1,165 million.

Ampol Limited (ASX:ALD) shares eased 0.24%, or $0.10, to $41.30 in early afternoon trading on 4 September 2026. The company released its 1H26 financial results on 24 August 2026 — a period in which Ampol posted record Earnings driven by Middle East conflict-related Supply chain disruption. The modest sell-off may reflect profit-taking or caution around the durability of the extraordinary refining margins recorded during the half.

Financial Overview: A Record Half

Ampol reported Group Replacement Cost Operating Profit (RCOP) EBITDA of $1,637.1 million for the six months ended 30 June 2026, a 152% increase over the $648.9 million recorded in 1H25. RCOP EBIT reached $1,391.7 million, up 245% from $403.8 million a year earlier. RCOP NPAT attributable to the parent entity (excluding significant items) rose 376% to $857.2 million, compared with $180.2 million in 1H25.

Statutory NPAT attributable to the parent came in at $1,363.4 million for the half, contrasting sharply with a statutory loss of $25.3 million in 1H25. The swing in statutory profit reflects both the underlying earnings improvement and a post-tax inventory gain of $527.6 million, compared with an inventory loss of $145 million in the prior period. The applicable AUD/USD Exchange Rate also moved in Ampol's favour, at 0.7023 for 1H26 versus 0.6340 for 1H25.

Fuels and Infrastructure: The Primary Earnings Driver

Fuels and Infrastructure (F&I) RCOP EBITDA was $1,222.2 million, with RCOP EBIT of $1,134.5 million — representing a 859% increase over the $118.3 million recorded in 1H25. The performance was broadly distributed across segments. Lytton refinery contributed RCOP EBIT of $533.4 million as global refinery supply tightened in the wake of Middle East conflict, resulting in a Lytton Refiner Margin of US$28.26 per barrel. Total refinery production for the half increased by 8.7% on a reliable operating performance.

F&I Australia generated RCOP EBIT of $309.3 million, up 123%, supported by a 2.9% increase in Australian wholesale volumes (excluding net-sell). F&I International contributed RCOP EBIT of $307.5 million, reflecting gains from trading and shipping activities that benefited from the period of supply disruption.

Convenience Retail: Segmentation Strategy Gaining Traction

Ampol's Convenience Retail (CR) segment recorded RCOP EBITDA of $299.0 million and RCOP EBIT of $204.5 million, representing a 12% increase versus the prior half. Fuel volumes increased 2.4%, supported by the U-GO unstaffed discount format. Network shop sales grew 0.4% at the headline level, and 3.5% when excluding tobacco and U-GO conversions.

Shop gross margin improved to 40.1% (post waste and shrink), supported by a more favourable product mix. The acquisition of EG Australia, completed at the end of the half for $1,165 million, is intended to accelerate Ampol's retail segmentation strategy at scale and is expected to contribute to 2H26 earnings. Management has guided to $65–$80 million in annual synergies within two years of completion.

New Zealand Operations and Energy Solutions

The New Zealand segment (including Z Energy) delivered RCOP EBITDA of $160.5 million and RCOP EBIT of $103.8 million, down 16% from the prior year. The decline was attributed to slower pass-through of rising fuel input costs by competitors, which compressed margins in the near term, as well as the absence of earnings from divested businesses including Flick Energy. Currency translation also reduced New Zealand dollar earnings conversion by approximately $6.5 million.

Energy Solutions, Ampol's EV charging and energy transition business, recorded EBITDA and EBIT losses of $12.7 million and $15.6 million respectively — an improvement on 1H25. The Business is tracking towards a breakeven exit run-rate in 2028, with 356 charging bays now operational across the AmpCharge network in Australia.

Balance Sheet, Dividend, and Outlook

Net borrowings at 30 June 2026 were $3,523 million, up from $2,903 million at 31 December 2025, largely reflecting the $1,165 million settlement of the EG Australia acquisition and $148 million deployed under an Export Finance Australia cargo arrangement. Leverage stood at 1.8 times Adjusted Net Debt to RCOP EBITDA (last twelve months). Committed facilities totalled $5.8 billion.

The Board declared an interim dividend of 185 cents per share, fully franked, representing more than a quadrupling of the prior year's interim dividend. The Record Date is 7 September 2026, with payment on 30 September 2026. Management noted that July 2026 earnings were ahead of the prior corresponding period, underpinned by refinery performance, while a turnaround and inspection at Lytton commenced on 30 July with expected restart during October 2026.

Conclusion

Ampol delivered an exceptional set of 1H26 results, driven predominantly by extraordinary conditions in global refining markets that are unlikely to be replicated at the same intensity in subsequent periods. The company's supply chain capabilities, trading operations, and the Lytton refinery all contributed meaningfully to earnings during the Middle East conflict-driven dislocation. The completion of the EG Australia acquisition adds a strategic pillar to the business, though integration synergies will take time to materialise. With the Lytton refinery undergoing its turnaround until October, 2H26 refining contributions may moderate, and investors will be watching whether retail and commercial margins recover as fuel costs stabilise.

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