Ampol Ltd reported a record first-half profit for 2026, driven by strong refining margins and retail volume growth, as the Australian energy company completed its acquisition of EG Australia. Underlying profit after tax rose to AUD 857 million from AUD 333 million a year earlier, while statutory net profit after tax reached AUD 1.36 billion, including inventory gains and acquisition-related items.
Refining and marketing earnings before interest, tax, depreciation and amortisation (RCOP EBITDA) surged 152% to AUD 1.64 billion, with RCOP EBIT up 245% to AUD 1.39 billion. The Lytton refinery's average margin improved to USD 28.26 per barrel from USD 7.44 a year earlier, contributing to the gains. Managing Director Matt Halliday noted the half-year earnings exceeded any full-year result in Ampol's history.
Total sales volumes increased 1.5% to 12.3 billion litres, with convenience retail volumes up 2.4% and Australian wholesale volumes up 2.9%. Jet fuel demand rose more than 10% year-over-year, while middle distillates accounted for over 70% of transport fuel sales. The company's U-Go discount fuel brand expanded to 47 sites, with fuel volumes up 64%, and management indicated potential for up to 185 sites within two years following the EG Australia integration.
Ampol's interim dividend was set at AUD 1.85 per share, the largest in its history, following the AUD 3.52 billion acquisition of EG Australia completed on June 30. Net borrowings stood at AUD 3.52 billion, with leverage at 1.8 times net debt to EBITDA. The company expects leverage to improve below 1.8 times in the second half before stabilizing in a target range of 2.0 to 2.5 times on a mid-cycle basis in 2027.
Shares in Ampol rose 4.32% to AUD 41.57, within 0.6% of the 52-week high of AUD 41.83. The company also highlighted progress in its low-sulfur fuels project, expected to commence by the end of 2026, and its electric vehicle charging network, which now includes 79 public bays across Australia and New Zealand. Ampol aims to break even on energy sold through its charging network by 2028, with EVs representing 20% of new car sales in the second quarter.
