Ampol Ltd. reported first-half 2026 underlying earnings before interest and tax of AUD 1.39 billion, a 245% increase from the prior year, as tight global fuel markets and refinery disruptions in Russia and the Atlantic basin boosted margins. The company’s statutory net profit after tax reached AUD 1.36 billion, while reported net profit after tax was AUD 860 million.
The Lytton refinery in Brisbane averaged a refining margin of USD 28.26 per barrel, reflecting extraordinary market conditions. Middle distillates earnings jumped 152% to AUD 1.6 billion, driven by constrained diesel supplies and gasoline imports replacing lost Russian refining capacity following Ukrainian drone attacks on refinery infrastructure. Ampol’s managing director and CEO Matt Halliday noted the disruption as an "extraordinary cyclical boost" rather than a "new normal."
The company’s integrated supply chain and trading platform contributed to the result, Halliday said, adding that Ampol has built "the leading Asia Pacific physical fuel optimization platform." Shares rose 2.31% to AUD 40.77, near a 52-week high of AUD 41.39.
Ampol’s leverage remained at 1.8 times net debt to EBITDA, below its target range. The EG acquisition, completed on June 30 for approximately AUD 1.165 billion, added about AUD 1.1 billion to net debt. Management expects annual cost reductions of AUD 50 million across 2026 and 2027, with EG integration synergies of AUD 65 million to AUD 80 million per year within two years.
Operational highlights included a 2.4% rise in convenience retail volumes and a 64% increase in U-GO fuel volume growth. Network shop sales in New Zealand grew 3.5%, though total shop sales rose 0.4% after excluding tobacco and converted sites. The average basket value in New Zealand increased to NZD 15. Electric vehicles accounted for 20% of new car sales during the period.
Ampol’s low sulfur fuels project at Lytton is scheduled to start up toward the end of 2026, with the refinery operating at roughly 70% capacity during the turnaround. The company also expects to conclude the divestment of its Metro business by year-end. Analysts forecast fiscal 2026 earnings per share at AUD 3.71, with a P/E ratio of 99.
