Ampol (ALD) Investor presentation summary

Market and operational environment

• Global refiner margins remain strong due to ongoing Middle East conflict, with a net loss of 10mbd crude volumes impacting supply chains and supporting higher margins, especially in Asia where mitigation efforts are underway.

• Domestic refining and integrated supply chains have proven critical for fuel availability and resilience during international disruptions, with essential fuel demand, particularly diesel, remaining robust.

Financial and strategic highlights

• Lytton Refiner Margin reached US$25.45/bbl in 1Q26, expected to stay strong into Q2, supported by the Fuel Security Services Payment (FSSP) which reduces downside risk and may be extended to 2030.

• Convenience retail saw 3.2% network shop sales growth and 3.5% retail fuel volume growth in 1Q26, with U-GO contributing 75% of volume growth.

• The proposed acquisition of EG Australia is expected to deliver $65-80m in cost synergies and improve business mix, with high single-digit EPS accretion and double-digit free cash flow per share accretion.

Strategic positioning and outlook

• Integrated supply chain, domestic refining, and national distribution network position the business to support Australia’s fuel resilience and security.

• Strategic clarity includes disciplined M&A, focus on efficient supply chain, and transition to lower-carbon solutions, with over $4.0b returned to shareholders since 2015.

• Scenario analysis supports a robust fuel outlook into the 2030s, with continued investment in infrastructure and mobility solutions.