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EBITDA: $1.4 billion, up more than 30% year-on-year. EBIT: $947 million, up 32% year-on-year. Net Profit After Tax (NPAT): $429 million, up 83% year-on-year, excluding significant items. Convenience Retail EBIT: $374 million, up 4.8% year-on-year. Premium Fuels Volume: 56.5% of retail fuel volumes. Shop Gross Margin: Increased to 40% post waste and shrink. Dividend: Final dividend of $0.60 per share, bringing total 2025 dividends to $1.00 per share, fully franked. Leverage Ratio: 2.3 times adjusted net debt to EBITDA. Australian Wholesale Volumes: Down 2.6% for the year, but up 3.2% in Q4 year-on-year. New Zealand EBIT: $234 million, broadly in line with the prior year. Litton EBIT: $163 million, returning to profitability. Net Borrowings: Just over $2.9 billion. Net CapEx: $563 million for the year. Significant Items: $210 million after tax, including a $90 million non-cash impairment in the Philippines.

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Release Date: February 22, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Ampol Ltd (CTXAY) reported a significant increase in EBIT, up more than 30%, and NPAT, up more than 80% compared to the previous year. Convenience retail continued its growth trajectory, with EBIT up 4.8% year-on-year, demonstrating the strength of Ampol Ltd (CTXAY)'s retail model. The company's focus on premium fuels has been successful, with premium fuels now representing 56.5% of retail fuel volumes, supporting higher fuel margins. Ampol Ltd (CTXAY) has returned leverage to within its target range, positioning the company well for strategic priorities, including the proposed acquisition of EG Australia. The board declared a final dividend of $0.60 per share, fully franked, reflecting confidence in the sustainability of earnings and the balance sheet.

Negative Points

Australian wholesale volumes were down 2.6%, primarily in third-party retail sales channels, indicating a potential loss of market share. The company faced significant inventory losses, with $136 million in after-tax inventory losses due to adjustments in refined product prices. Ampol Ltd (CTXAY) recognized a non-cash impairment of $90 million on its investment in Sea Oil, reflecting tempered growth expectations in the Philippines market. The company is experiencing increased geopolitical uncertainties, leading to significant volatility and impacting risk and margin management. CapEx remains high, with a forecast of $600 million for 2026, driven by investments in safety, reliability, and growth opportunities, which may pressure cash flow.

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Q & A Highlights

Q: Can you provide more details on the earnings uplift from the Hugo sites and the impact on retail fuel margins? A: Greg Barnes, CFO: We are pleased with the performance of Hugo sites, which take about six months to settle post-conversion. The $350,000 earnings uplift is an annualized figure post-ramp-up. The uplift comes from removing store labor costs and improved fuel margins due to increased volume. The strategy competes effectively in the second-tier market, focusing on base-grade petrol volumes.

Q: Why did the debt come in higher than expected, and are there any temporary factors affecting this? A: Matthew Halliday, CEO: The higher debt is due to extended supply chains and the second stage of the Minimum Stock Obligation (MSO), which increased working capital. Additionally, after a period of limited tax payments, the company is now in a tax payable situation.

Q: Can you explain the strategy behind the volume decline in Australian wholesale fuel sales? A: Matthew Halliday, CEO: The decline is due to repositioning the portfolio and focusing on profitability over volume. Despite a 2.6% decline in wholesale volumes, we saw growth in B2B volumes in Q4, indicating positive momentum. The strategy includes the proposed acquisition of EG Australia to enhance market position.

Q: How does the CapEx to depreciation ratio reflect future growth, and what is the outlook for CapEx? A: Greg Barnes, CFO: In a normal year, CapEx would be around $450 million. The current higher CapEx is due to highway site investments and the low sulfur fuels project, which will conclude in 2026. Post-project, CapEx is expected to return to normal levels, supporting future growth.

Q: What is the outlook for international trading, and how does it impact earnings? A: Greg Barnes, CFO: International trading is opportunistic, capturing arbitrage opportunities. While the second half of 2025 showed improvement, geopolitical events create volatility. We remain cautious but expect the business to recover over time, contributing significant value across the supply chain.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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