Earnings release
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ASX Release 28 January 2026 4Q 2025 TRADING UPDATE Key points • Lytton Refiner Margin (LRM)1 of US$15.14 per barrel for the fourth quarter of the 2025 financial year • Unaudited Group Replacement Cost Operating Profit (RCOP)2 EBIT for the 2025 financial year of ~$945 million and Group RCOP2 EBITDA of ~$1,435 million Volumes 4Q 2025 4Q 2024 4Q Var (%) FY 2025 FY 2024 FY Var (%) Convenience Retail 889 ML 910 ML (2.4%) 3,489 ML 3,648 ML (4.4%) Australian wholesale (Ex Net-sell) 2,703 ML 2,620 ML 3.2% 10,187 ML 10,460 ML (2.6%) Net sell 107 ML 547 ML (80%) 1,004 ML 1,289 ML (22%) Subtotal Australian volume 3,698 ML 4,077 ML (9.3%) 14,680 ML 15,398 ML (4.7%) International (ex-New Zealand) 2,017 ML 2,399 ML (16%) 6,747 ML 8,116 ML (17%) New Zealand 984 ML 1,018 ML (3.3%) 3,748 ML 3,753 ML (0.1%) Total sales volume (Group) 6,699 ML 7,493 ML (11%) 25,175 ML 27,267 ML (7.7%) LRM (US$/bbl) 15.14 4.60 >100% 10.34 7.08 46% Refinery production 1,558 ML 1,542 ML 1.0% 5,519 ML 5,261 ML 4.9% Ampol Limited (ASX:ALD) today provides an update on the fourth quarter Lytton Refiner Margin and the Group trading conditions for the 2025 financial year. 4Q Lytton Refiner Margin Update LRM for the fourth quarter of the 202 5 financial year was US$ 15.14 per barr el, reflecting stronger product cracks, particularly for middle distillates as global refinery planned and unplanned outages coincided with additional Russian sanctions. Lytton refinery production for the fourth quarter increased by 1.0 per cent to 1,558 million litres, due to strong operational performance at the refinery, which enabled it to capitalise on the favourable margin conditions. Group FY 2025 Preliminary Result Update Ampol expects to deliver Group RCOP EBITDA of ~$1,435 million and Group RCOP EBIT of ~ $945 million for the financial year 2025. This result is preliminary and subject to audit. Looking beyond the refinery, the full year 2025 provisional result reflects: • consistently strong performance from the Australia Convenience Retail business which delivered mid- single digit percentage EBIT growth3 • stronger fourth quarter EBIT result from the New Zealand segment, with full year EBIT expected to be in line with the prior year, despite a challenging economic environment for much of the year • strong performance from F&I Australia which delivered RCOP EBIT percentage growth 3 in the high single digits notwithstanding the lower wholesale volumes sold (Ex-net sell) • F&I International delivering a modest profit for the year as the team focussed mainly on supply into the Ampol system in Australia and New Zealand. For personal use only
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Further details of the audited 2025 financial year results will be provided in the 2025 Full Year Results Release which is scheduled for release on 23 February 2026. Authorised for release by: the Board of Ampol Limited. Notes: 1. Lytton Refiner Margin (LRM) represents the difference between the market value of importing a standard Lytton Refinery basket of products and the cost of importing the crude oil required to make that product basket. The LRM is calculated in the following manner: Weighted Singapore product prices (for a standard Lytton Refinery basket of products) Less: Reference crude price (the Ampol reference crude marker is Dated Brent) Equals: Singapore Weighted Average Margin (Dated Brent basis) Plus: Product quality premium Crude discount Product freight Less: Crude & Feedstock premium Crude freight Other related hydrocarbon costs Yield Loss Equals: Lytton Refiner Margin The Lytton Refiner Margin is converted to an Australian dollar basis using the prevailing average monthly exchange rate. 2. Replacement Cost Operating Profit (RCOP) is an unaudited non-IFRS measure. For definition refer to the 2024 Annual Report. All references to RCOP EBITDA and RCOP EBIT are excluding Significant Items throughout unless otherwise stated. 3. Compared to the same time in the 2024 financial year. ACN 004 201 307 ALEXANDRIA NSW 2015 29-33 BOURKE ROAD AMPOL LIMITED MEDIA CONTACT MATT PATERSON EXTERNAL COMMUNICATIONS MANAGER M +61 417 905914 MEDIA@AMPOL.COM.AU INVESTOR CONTACT FRAN VAN REYK GENERAL MANAGER INVESTOR RELATIONS AND SUSTAINABILITY M +61 419 871138 FRANCES.VANREYK@AMPOL.COM.AU For personal use only