Thank you for standing by, and welcome to the Ampol Limited Half Year 2026 Results Briefing. All participants are in a listen-only mode. Thank you very much, and good morning, everyone. My name's Matt Halliday. I'm the Managing Director and CEO of Ampol. Welcome to our 2026 half year results call. Draw your attention to the important notice on Slide two. As usual, today's presentation does include forward-looking statements and non-IFRS measures. I encourage you to read the notice outcome and reflects the continued embedding of our integrated operational risk management framework. On personal safety, the picture is more mixed. Turning now to the integrated platform on Slide five. Ampol has built the leading Asia Pacific physical fuel optimization platform that really demonstrated the value of Ampol's integrated supply chain and trading capability. While the market conditions were certainly exceptional, the result also Lytton risk management and our retail networks. Therefore, the strength of the first half result is the demonstration of our integrated platform working as intended. AUD 1.39 billion, EBIT of AUD 1.39 billion, and NPAT of AUD 860 million. Statutory NPAT was AUD 1.36 billion. Were further strengthened and our trading and shipping capabilities supported supply security, and therefore earnings, during a period of major market disruption. Decision to cash settle the scrip component of the consideration. Even with that acquisition funding, leverage remained below our target range at around 1.8. Given the important role that Ampol plays in the communities where we operate, a financially strong Ampol benefits all our stakeholders. We're increasing by 30% in March, and we have expanded our partnership with Rural Aid for three years, backing farming families and the regions more generally. I'm proud to say that our people worked safely and tirelessly in the midst of the crisis, showing tremendous commitment to keeping Australia and New Zealand moving. This reflects the extraordinary disruption that took place and our team's ability to navigate this and keep fuel flowing to our customers. I will take you through the group level result which will move around from period to period. Convenience retail volumes increased 2.4%, supported by product availability and the continued impacted demand and the ability to pass through higher fuel costs to customers. Looking at product mix, middle distillates continue to be AUD 1.6 billion. That is up 152% on the prior corresponding period, and RCOP EBIT was AUD 1.4 billion, up 245% and this is reflected in a high quality and broad-based result. I am going to step through each segment in a moment, but before doing so, if we look at RCOP. Lower interest expense was a result of lower debt levels prior to the acquisition of EG, which took place on 30th of June, and was net including costs associated with the acquisition of EG. If we turn to each business, Slide 12 shows you the hard yards of the team, led by Michele Bardy and Stuart Symons, and what they have put in to improve reliability over the period. Likewise, our optimization across markets, and price risk management all played their part in delivering a very strong operating result and ensuring that our customers got the fuel in the graph on the right-hand side. On the left-hand side, you can see that the Lytton Refiner Margin averaged US$28.26 per barrel to the major maintenance efforts in August. While we are on this slide, I just wanted to remind people of the government's revision to the fuel security services to AUD 0.10 per liter. As the red line on that graph on the left-hand side shows, this moves the cap to be broadly in line with the average. Frankly, I have touched on the refining margins and production, which were the key drivers already, so I am just going to move to Slide 15. Of refined products into our Australian and New Zealand businesses, as well as crude oil to the Lytton Refinery. The benefits of these activities is sell of fuel to third parties, fuel blending and storage, managing time charters, or capitalizing on pricing dislocation between markets. It is a source of significant outperformance in periods like what we have just seen. While the source of the result might vary year to year, possessing the capabilities to leverage these may result. The business delivered a very strong first half with RCOP EBIT increasing to AUD 309 million. In a period where the Australian market. If we turn to energy solutions on Slide 17. I think it is fair. Energy sold continue to grow, particularly in Australia. We are keeping a close eye on this market, and we are positive about the potential for EV charging demand to and by the availability of more affordable Chinese vehicles. Noting that EVs represented 20% of new car sales during the and assets in the years ahead. Moving now to our Australian convenience retail business on Slide eight. We ended the half with 47 U-GO sites, and U-GO fuel volume growth was 64%. Shop sales up 0.4 of 1%. Excluding tobacco and sites converted to U-GO, network shop sales grew 3.5%. Slide 19 really highlights the long-term trend of the retail performance. You can see the improvement in shop gross. This provides a clear pathway to scale for the U-GO format while extending the network and improving customer experience at Ampol Foodary. Disciplined cost management helps support overall earnings outcomes. Turning to New Zealand on Slide 21. Prices lagged the rising cost of refined fuels. The underlying retail platform performed well. Average basket value increased to NZD 15. Flick Energy and dividends from Channel Infrastructure. The underlying business performance highlights the demand and temporary fuel margin impacts. As a result, the translation to Aussie dollars was impacted by approximately AUD 6.5 million year on year, given the supply chain challenges our industry was facing. It is important to note, however, that these cash flows did not include the tax on earnings generated. For June, added approximately AUD 1.1 billion to net debt. The timing of the EG acquisition was fortuitous, and given the strength of our fuel reserves in Australia, Ampol takes no price risk on these categories or these cargoes, I should say, and will be compensated for the cost of carry. Dollars and leverage or net debt to EBITDA was 1.8 turns, reflecting the strong earnings result. Lastly from me, cash out of the EG script consideration during the period, which you could argue is akin to a buyback. More broadly, we are committed to our. Where we do not, as the chart on the left-hand side illustrates, we have a strong track record of doing this, and you should expect the same from us in the future. Of the group. The first half result shows the value of the platform we have been building and strengthening over several years that represents a larger transport energy. In 2019, we have progressively strengthened the core, restored the Ampol brand, expanded regionally through Z Energy, built capability in retail segmentation, product, greater supply chain capability, and that means more optionality as customer energy needs evolve. The future earnings profile will be increasingly support. First half result and our priorities for the remainder of the year. Turning now to our 2026 priorities. The framework is consistent. Under enhance, the focus is on maximizing Lytton value. We expect to start up the low sulfur fuels project towards the end of the year, having completed the aiming to address the conditions required to secure the refinery operations for the longer term. Acknowledging that oil markets remain tight and volatile, we are targeting a further AUD 50 million of nominal cost reduction across 2026 and 2027, including annualized benefits from energy solutions simplification. In New Zealand, the priorities are to grow the convenience store business, leveraging the Z Rewards loyalty program, which will also provide learnings for us in Australia. Increasingly important part of the charging solution with attractive margins in the right locations. We will also continue to participate in shaping the policy. We elected to cash settle the scrip component of consideration. The final cash consideration was approximately AUD 1.165 billion. In the AUD 65 million - AUD 80 million per annum synergy opportunity, which are largely cost related and expected to be delivered within two years post-completion. We have been pursuing for several years. We also have confidence in execution because EG builds on capabilities Ampol has already demonstrated. Retail today with a view of current trading conditions and the outlook. The first half was clearly a very strong result, but we are focused on what it means for the business going forward. The earning of rising landed costs, which tend to lag through to retail board pricing. The store is performing well with tobacco having stabilized and in fact growing from late July, with startup expected in October. Lytton will produce at approximately 70% of normal levels during this period. The low sulfur our integrated value chain in navigating geopolitical disruption. We have earnings catalysts at Lytton through low sulfur fuels and the FSSP phase II review. Resorted to gasoline imports and a diesel export ban due to intensified and increasingly capable Ukrainian drone attacks. The Atlantic basin to temporarily replenish their inventories. All of this is compounding very low product inventory levels for middle distillates in particular, with limited in the strategic reserves. This will take some time given the tightness of the available refinery capacity and the level of current inventories. Also a positive market dynamic for the trading and shipping capability that we have built over many years. Given these factors, we are confident 31, and I would like to close out with why we believe Ampol remains a compelling investment proposition. We are not suggesting that the exceptional market conditions supply chain, trading platform, customer relationships, retail strategy, all contributed to that outcome. The first point is that Ampol's trading and infrastructure capability we have built supports customers, protects supply, generates cash, and creates value through the cycle. In renewable fuels over time. In addition, there are further potential catalysts from supportive policy shifts for fuel resilience and the energy toward of returning capital to shareholders, while also investing in the core business and value accretive growth. A strong earnings backdrop as the business moves beyond its create additional value when markets are tight and disrupted. As conditions normalize over time, we believe investors should focus less on whether individual supply and trading capability and strong cash generation with multiple pathways to growth and value creation. Thank you. That concludes the presentation. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. To the outlook that you present on slide 30. The positive or continuation of positive conditions in refining, I guess, is fairly obvious, or the trading and shipping business as well as F&I Australia, given they have clearly benefited from this dynamic in the first half as well. Yeah, thanks, Mart. Convey in delivering this result is it is obviously strong. The trading and shipping capability that Ampol has into this market is really through periods of market disruption. But as markets remain tight going forward, I think that capability equally comes to the fore. And normally turnaround periods are pretty horrible for earnings, but given the dynamic, you are still going to be making very good profits during this turnaround period. Should we just- As I mentioned in the comments, we will be producing at about 70% of normal levels of capacity, and obviously margins remain very strong, including How strong economics and early performance appears to be. Can you just remind us, how do you actually evaluate sites for conversions? What do you think the total size of the opportunity set could be in all Seeing economics that are that or more favorable. It got a bit of a tailwind, as you can imagine, when fuel prices were higher, consumers were very price sensitive. Take about two years to deliver, and that was our commitment over that two year timeframe. I have to say, when we look at U-GO, we are probably more integration of EG in two years' time. I might just see if Kate, anything you want to build on that No from a U-GO point of view? We are really happy with the pro. Margin foregone tends to be a positive, and then we would then expect fuel growth from a more aggre. Yeah, we have certainly seen, and as we mentioned in our comments, tobacco not only stabilize, but move it back into growth on the back of some stronger enforcement be quite effective. So that is certainly playing through the numbers in the first half, and certainly more recently over the recent. New capital framework. Just wondering if you could just guide a range on where you expect Ampol's leverage might finish the year, perhaps with a sensitivity for us if current product prices do hold? As a steer, a couple of things to note. We are sitting on a reasonable amount of inventory, both price and volume at the half. A show below the 1.8 turns notwithstanding the dividend. That would be the first steer I would give you. I think when you then cast forward to 20 refining margins, and with the charts you have seen on slide 30, I think it is, or yeah, slide 30 that Matt talked to, 27. All that drops to the bottom line. Of course, we are coming to the end of our low sulfur fuels project, so you should see CapEx start to step back. Thanks, Greg. Appreciate that. That is clear. Perhaps just as we interpret whether or not there is a basis there for conservative. Phase I support level under the FSSP, and that turns on when refining margins average AUD 15.90 a barrel in Australian dollar terms. You can see consensus estimates are mechanisms for that, and even if there were potential for more investment in an expansion at Lytton, and what it might look like? Yeah. Maybe I will make a couple of comments to kick us off. A step up in where the entry point is into that mechanism. It also included a revision to the calculation of the marker itself. When we now roll into FSSP2, I will not get into the specifics of that engagement, and the government has put some consultation papers out there on bodies at strength. You are interested in the tenor of that agreement, you are interested in what you can achieve from. You want to make sure there is a level of protection on that basis, and ultimately, make refining as investable as possible. The government are well aware of our views on these things. We are having very constructive dialogue and I dare say I think there is an absolute commitment to build out more MSO and establish a national fuel reserve. I think Ampol's infrastructure is really well-positioned from that point of view, and we will continue to engage with the government through that consultation process. But do you see the business as being positioned for volatility in both directions? How should we judge sword now of managing risk and downside exposure, and being able to position to capitalize on market opportunities. Inventory levels and the context in refined product markets at the moment, it looks pretty tight and the curve is pricing that. Just ask you for any observations on that question. Yeah, I will add just a little bit. Obviously, the role in managing inside the market means you need to. As the presentation today says, focusing on efficient delivery and management to supply our customers is our goal. stabilizing. We often get into the detail of the gross margin ex tobacco, and I have calculated it might have been down slightly, maybe just a broader question on that. Associated with U-GO or any other mix effects? Yeah. Thanks, Craig. Kate? Yeah. Margin is broadly flat. We have seen some benefits from, there will be benefits that we can realize in EG as well. The only other thing I'd build on that, Craig, is sort of, and in the outlook, look, in terms of how we've started the second half and had in place and continues to progress very well. Your next question comes from Mark Wiseman with Macquarie Group. Please go ahead. sales that those customers are engaging in while their vehicle's charging as part of that? Or when you talk about break even, are you simply talking Little bits to that. But we definitely see upside on Ampol sites from charging over time. That dwell time drives. Just charging, remembering, of course, our network and the potential here for EV charging extends well beyond our own convenience retail network, and we have PPA arrangements and things like that where we source power for the group through there as well. There's some modest benefit from that, but essentially what we're referring is in the sector. I wonder if we could just unpack the next phase of growth for the company. It sounds like having done Z, need to adjust. Do you think we are heading into a period where you can run a little bit more debt and a higher payout? Yeah. Thanks, Mark. It is Greg again. I am probably exemplifies that. What I would say is, if we can secure the FSSP2, in a way that could be a catalyst. I think your underlying or overarching point is the right one. We are coming through in the middle of a significant. Having said all that, this business, in an environment where refining margins are higher and your trading business is well positioned to capitalize on some of the. Below the range, and that looks sustainable, and we are not sitting on an attractive investment opportunity, then that tends to find its way back to shareholders. To Metro, is there any update on the status of that buyer? Is there an alternative that could be lined up? To work through, and our expectation is that that divestment process will conclude towards the end of this year. Of that, and help us adjust for current period? That's a trickier one to do without diving into our cargoes across different products. It really does vary a bit year to year, depending on market conditions. But, really meet the market. For those that were more reliant on traded and spot volumes, we did. And we have deep relationships with supplier factors that drive the outsized result in the period, and I think you've seen a fair degree of consistency prior to the conflict, in that part of the business. Going the last six months, if I could, please. Yeah. So it's, performed okay. I would say it's performed in line with our. Which is, we believe there's an opportunity to both upgrade and deliver a more consistent proposition through Ampol Foodary. And those smaller sites, and tend to be low AmpolCard sites, they can be a really attractive proposition to U-GO. But that business is You talked about high single-digit EPS, double-digit free cash increase in the time of deal. I think you have changed the wording slightly. I do not know if that is me looking into it too much, or From Gordon Ramsay with RBC Capital Markets. Please go ahead. Thank you very much, and a great result, gents and ladies. To your last point first, no, under the arrangement, we effectively act, if you like, as a, for want of a better term, the government to release that inventory. You want it close to your infrastructure so it can reach market. We are not taking price risk. They, I would describe them as standing ready to go, if the need arises. And it is always a trade-off with a number of the government departments to just keep them abreast of what is happening with regional fuel supply and flows. They would agree. The two remaining refineries are absolutely critical. They need to be investable for the long term. Getting FSSP2 locked away Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Scott Ryall with Rimor Equity Research. Please go ahead. You are saying, what do you actually think investable means, from your perspective, please? From where we are, I think there is clear alignment that the refineries are going to be required for the longer term. That means we need to be invest. It sounds simple. There are different ways you can achieve that, but I think there is good alignment on that being the context that we are trying to solve for. I cannot be more specific than that at this stage, but I would say there is very good alignment on that is what we are trying to solve for here. Okay, great. In prepared remarks, Matt, you commented on the likelihood of longer-term disruption, and maybe it is not as severe. Has an opportunity to earn. You are thinking about the fact that higher levels of earnings than what we saw in 2024 and 2025 Capability, which has been built up over quite a long period of time, is quite distinctive in our sector and certainly in our market at a baseline level, and Brent alluded to that. When markets are tight, those conditions are absolute. Those charts on slide 43, I think it was, for product inventories indicate things are tight. That is what the market is pricing, and both in the Middle East and in Russia, you can see that product stocks have drawn down to tight levels. That is hard to rebuild quickly. As a result of, I think, capability and investment that has been made in the business over a long period of time, and I think the business now is really well set strategically to continue to build on that platform, as we have mentioned. Thanks for joining. Look forward to talking to you also.