Ampol Limited (ASX:ALD) is an Australian fuel supply, refining and retail company operating across Australia and New Zealand. Its segments include Fuels and Infrastructure (including the Lytton refinery in Queensland and international trading), Convenience Retail, New Zealand (including Z Energy) and Energy Solutions, which includes EV charging.

On 24 August 2026, Ampol released results for the six months ending 30 June 2026, titled Integrated fuel Supply chain delivers during market disruption.

First half 2026 results

Group replacement cost operating profit (RCOP) EBITDA, excluding significant items, was A$1,637.1 million, up 152% from A$648.9 million. RCOP EBIT was A$1,391.7 million and RCOP net profit after tax attributable to the parent was A$857.2 million, up 376%. Statutory profit after tax attributable to the parent was A$1,363.4 million, including an after-tax inventory gain of A$527.6 million.

The company said the Middle East conflict and its effect on global oil and refined product flows affected the half, and that the market dislocation benefited results. Lytton’s RCOP EBIT was A$533.4 million with a refiner Margin of US$28.26 per barrel and production up 8.7%.

Segment performance

Fuels and Infrastructure RCOP EBIT was A$1,134.5 million, compared with A$118.3 million. Convenience Retail RCOP EBIT rose 12% to A$204.5 million, with fuel volumes up 2.4% and shop gross margin of 40.1%. New Zealand RCOP EBIT was A$103.8 million, down 16%, as pass-through of higher fuel costs was slower. Energy Solutions reported an EBIT loss of A$15.6 million and the AmpCharge network reached 356 bays in Australia.

Dividend, Acquisition and balance sheet

The Board declared a fully franked interim Dividend of 185 cents per share, more than four times the prior year’s interim dividend, with a Record Date of 7 September 2026 and payment on 30 September 2026.

Ampol completed the acquisition of EG Australia at the end of the half, paying A$1,165 million, and elected to cash settle a A$315 million scrip component. Net borrowings were A$3,523 million, up from A$2,903 million, including A$148 million for cargoes funded through Export Finance Australia to bolster fuel inventories. Leverage was 1.8 times, and committed facilities were A$5.8 billion.

Sector backdrop

Fuel supply chains in Australia rely heavily on imported refined products, so global refining margins, shipping routes and inventories influence earnings. The release refers to continued Volatility in crude and product markets, including flows through the Strait of Hormuz and the Bab-el-Mandeb Strait.

Refiner margins can move sharply, and RCOP measures exclude inventory timing effects that appear in statutory results.

Risks shareholders should weigh

First-half Earnings were boosted by market dislocation, and the company noted continued volatility, so later periods may differ. Lytton’s margin of US$28.26 per barrel reflects tight global refining supply that may not persist.

Net borrowings rose to A$3,523 million after the A$1,165 million EG Australia payment, and integration of the acquisition carries execution risk. Fuel inventory funding with government-related arrangements adds Balance Sheet use.

New Zealand earnings fell 16%, and Energy Solutions remains loss-making, with a breakeven exit run-rate targeted in 2028. The Interim Dividend of 185 cents is linked to Group policy and earnings that include unusual market conditions.

What’s next

The interim dividend is payable on 30 September 2026. Ampol said current trading shows continued volatility in crude and product markets, with diesel inventories low ahead of the northern winter. Shareholders may wish to watch for EG Australia integration, refiner margins and full-year results.