Viva Energy Group (VEA) Q4 2025 TU earnings summary

Executive summary

• Total group sales volumes in 4Q2025 increased by 1.1% year-over-year, driven by growth in Commercial & Industrial, especially aviation, offsetting weaker marine performance.

• Convenience & Mobility fuel sales volumes declined due to store conversions and divestment of 15 Liberty Convenience stores; adjusted, volumes were down 1.5% year-over-year.

• Convenience sales dropped 11.4% year-over-year, mainly from a 33.6% fall in tobacco sales due to illicit trade, though tobacco sales stabilized in 2H2025.

• Gross margin on convenience sales improved by 4.5 percentage points to 42.2% in 4Q2025.

• 35 new OTR stores opened in FY2025, with 5 Liberty conversions in 4Q2025.

Financial highlights

• Commercial & Industrial fuel volumes rose 3.7% year-over-year in 4Q2025, while Convenience & Mobility fuel volumes fell 4.5%.

• Convenience sales for 4Q2025 were $431M, down from $486M in 4Q2024.

• Geelong Refining Margin (GRM) surged 80.9% to US$12.1/bbl in 4Q2025.

• Refining intake was 9.4 million barrels, up 1% year-over-year.

Outlook and guidance

• Ultra Low Sulphur Gasoline plant was delivered on time, ahead of new fuel standards effective 15 December 2025.