Ampol sits in the Rivkin ASX Growth Portfolio and the ASX Starter Pack. The company reported its half year results for the six months to 30 June 2026 on Monday 24 August.
Refining did the heavy lifting. The Lytton refinery in Brisbane averaged a refiner margin of US$28.26 a barrel across the half, against US$7.44 a year earlier, as Middle East supply disruption and Ukrainian strikes on Russian refineries tightened regional product markets. Lytton alone contributed $533.4 million of RCOP EBIT, up from $1.1 million. Production rose 8.7% to 2,945 million litres. Group sales volumes reached 12.3 billion litres, up 1.5%.
Convenience Retail added $204.5 million of RCOP EBIT, up 12%, with shop gross margin at 40.1%. New Zealand went backwards, with retail volumes down 2.5% on softer demand and slower cost recovery.
| Metric | Actual | Comparison |
| RCOP EBIT | $1,391.7m | $403.8m in H1 2025 |
| RCOP EBITDA | $1,637.1m | $648.9m in H1 2025 |
| RCOP NPAT | $857.2m | $180.2m; consensus approx. $840m |
| RCOP EPS | approx. 360c | approx. 76c in H1 2025 |
| Statutory NPAT | $1,363.4m | $25.3m loss in H1 2025 |
| Interim dividend | 185c fully franked | 40c in H1 2025 |
Statutory profit included a $527.6 million after-tax inventory gain. Ampol does not lead with a revenue line at the half, and none appeared in the release commentary.
The interim dividend of 185 cents fully franked costs $441 million, more than four times last year’s payout. Net borrowings rose to $3,523 million after the $1,165 million cash settlement of the EG Australia acquisition on 30 June and $148 million tied up in a federal government fuel inventory arrangement. Leverage sits at 1.8 times adjusted net debt to RCOP EBITDA, below the 2.0 to 2.5 times target range. Management expects to return to that range during 2027. Ampol also secured a $400 million delayed-draw subordinated notes facility. No buyback accompanied the result.
Guidance points to roughly $600 million of net capital expenditure in 2026, easing toward $450 million a year once the low sulphur fuels project starts up at the end of 2026. The Lytton FCC turnaround runs to October, holding throughput near 70% of capacity. EG Australia should deliver $65 million to $80 million of annual synergies within two years.
Chief executive Matt Halliday said: “The conflict in the Middle East has created unprecedented disruption across global energy markets, reinforcing just how critical the supply of liquid fuels and the preservation of a domestic refining capability are to our economy.”
Shares closed 4.32% higher at $41.57.
