Highlights

  • Ampol achieved a 4Q Lytton Refiner Margin of USD 15.14 per barrel amid favourable market conditions.
  • FY25 Group RCOP EBITDA and EBIT are preliminarily reported at AUD 1,435m and AUD 945m.
  • Total sales volumes fell 7.7% in FY25, with mixed performance across Australia, New Zealand, and international markets.

Ampol Limited (ASX:ALD) share price is down 3.89% to AUD 29.15 on 28 January 2026 after the release of its trading update. The company reported a 4Q Lytton Refiner Margin (LRM) of USD 15.14 per barrel for the 2025 financial year. This increase reflects favourable product cracks for middle distillates, coinciding with planned and unplanned global refinery outages and additional Russian sanctions.

Production at the Lytton refinery rose 1.0% to 1,558 ML in 4Q, allowing the facility to benefit from the elevated margin environment.

For the 2025 financial year, Ampol expects Group RCOP EBITDA of approximately AUD 1,435m and RCOP EBIT of AUD 945m. These figures are preliminary and subject to audit, with full-year results scheduled for release on 23 February 2026.

Mixed Segment Performance Highlights Regional and Retail Trends

Total Group sales volumes for FY25 decreased by 7.7% to 25,175 ML from 27,267 ML in FY24. Within Australia, convenience retail volumes fell 4.4% to 3,489 ML, while wholesale volumes (excluding net-sell) dropped 2.6% to 10,187 ML. Net-sell volumes fell sharply by 22% to 1,004 ML.

International markets, excluding New Zealand, recorded a 17% decline to 6,747 ML. Sales in New Zealand were broadly stable at 3,748 ML, slightly down by 0.1% from the previous year.

Ampol’s segment results indicate mixed performance across its business units. Convenience Retail Australia delivered mid-single-digit EBIT growth, while New Zealand achieved a favourable 4Q EBIT result, keeping full-year EBIT in line with FY24 despite economic challenges.

F&I Australia reported high single-digit RCOP EBIT growth despite lower wholesale volumes, and F&I International delivered a modest profit, focusing on supplying the Ampol system in Australia and New Zealand.

Investor Takeaway

Ampol’s 4Q trading update indicates the company leveraged elevated refinery margins in 4Q, with steady operational output across the Lytton refinery. While overall sales volumes declined year-on-year, preliminary RCOP EBITDA and EBIT remain substantial, setting the stage for further clarity when audited FY25 results are released in February 2026.