Slides
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2026 Half Year Results Half Year ended 30 June 2026
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Important notice and disclaimer Viva Energy Group Limited – 1H26 Results Presentation 2 This presentation has been prepared by Viva Energy Group Limited, ACN 626 661 032 (“Company” or “Viva Energy”). The information provided in this presentation should be considered together with the financial statements, ASX announcements and other information available on the Viva Energy website www.vivaenergy.com.au. The information in this presentation is in summary form and does not purport to be complete. This presentation is for information purposes only, is of a general nature, does not constitute financial advice, nor is it intended to constitute legal, tax or accounting advice or opinion. It does not constitute in any jurisdiction, whether in Australia or elsewhere, an invitation to apply for or purchase securities of Viva Energy or any other financial product. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Investors must rely on their own examination of Viva Energy, including the merits and risks involved. Each person should consult a professional investment adviser before making any decision regarding a financial product. In preparing this presentation the authors have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which has otherwise been reviewed in preparation of the presentation. Reasonable care has been taken in preparing the information and assumptions contained in this presentation, however no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. The information contained in this presentation is current as at the date of this presentation (save where a different date is indicated, in which case the information is current to that date) and is subject to change without notice. Past performance is not a reliable indicator of future performance. Neither Viva Energy nor any of its associates, related entities or directors, give any warranty as to the accuracy, reliability or completeness of the information contained in this presentation. Except to the extent liability under any applicable laws cannot be excluded and subject to any continuing obligations under the ASX listing rules, Viva Energy and its associates, related entities, directors, employees and consultants do not accept and expressly disclaim any liability for any loss or damage (whether direct, indirect, consequential or otherwise) arising from the use of, or reliance on, anything contained in or omitted from this presentation. Any forward-looking statements or statements about ‘future’ matters, including strategy, plans, projections and guidance on future revenues, earnings and estimates, reflect Viva Energy’s intent, belief or expectations as at the date of this presentation. Such statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors many of which are beyond Viva Energy’s control that may cause Viva Energy’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Such prospective financial information contained within this presentation may be unreliable given the circumstances and the underlying assumptions to this information may materially change in the future. Any forward looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. You should rely on your own independent assessment of any information, statements or representations contained in this presentation and any reliance on information in this presentation will be entirely at your own risk. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of Viva Energy. Viva Energy is a Shell Licensee and uses Shell trademarks under licence. The views expressed in this release or statement, are made by Viva Energy and are not made on behalf of, nor do they necessarily reflect the views of, any company of the Shell Group of companies.
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Viva Energy Group Limited – 1H26 Results Presentation 3 1H26 Group Performance Strong performance across all segments has strengthened the balance sheet 1.3%Group Fuel Sales C&M fuel sales up 2.0% 8.5BL 156%GRM Middle East conflict elevating regional refining margins US$21.1/bbl 0.1%2Shop Margin Stable margins and execution of new supply chain on track 37.7% -21%Safety Improving personal safety performance 5.5 TRCF1 124 122 74 139 231 238 238 305 23 112 18 354 1H23 1H24 1H25 1H26 E&I C&I C&M Corporate $362M $452M $305M 1H EBITDA 3 Strong performance driven by refining and higher sales $774M EBITDA3 Net Capex Reaffirm FY26 capex to be $350M - $400M $123.0M Net Debt Strong conversion of earnings to cash $1.7B Total 1H26 Dividends 70% of C&M and C&I 1H26 NPAT (RC) (top end of policy) 7.73 CPS 1. Number of injuries requiring medical treatment beyond first aid or work restrictions per million hours worked (employees and c ontractors) 2. Prior period shop margins in FY23 and F24 restated reflect adjustments to C&M (refer to slide 29) 3. EBITDA and NPAT are stated on an underlying RC basis. Refer to Glossary for definition. $774M 1H NPAT 3 Higher EBITDA flowed through to NPAT $371M +$470M +$308M -$355M
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Geelong Refinery Fire Viva Energy Group Limited – 1H26 Results Presentation 4 Professional response and recovery minimised the impact to people and assets • Geelong experienced a significant process safety incident in April which resulted in a fire in the Mogas Alkylation complex • All personnel were accounted for and the fire was contained to the Alkylation unit (consumes gas to produce Alkylate used in production of high-octane fuels) • Preliminary findings indicate incident was due to a failure of a section of piping. Full investigation continues • Production initially reduced but restored following inspection and repairs to units adjacent to the fire zone which enabled the restart of RCCU • Refinery expected to maintain production above 90% of normal operating capacity until Alkylation unit is repaired or replaced (beyond 2027) 1 • Viva continues to work with its insurers to progress the insurance claim as part of normal claims assessment process ADD IMAGE Refinery or emergency-response image Landscape crop 1. Refer to ‘Residue Catalytic Cracking Unit Restart at Geelong Refinery’ released to the ASX on 23 June 2026 Inspection of adjacent equipment undertaken to support restoration of production
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Energy - Commercial and Industrial - Energy and Infrastructure Scott Wyatt 5Viva Energy Group Limited – 1H26 Results Presentation
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1H26 Achievements Viva Energy Group Limited – 1H26 Results Presentation Advantaged energy infrastructure underpinning significant earnings growth in E&I and C&I 6 Response to Middle East • Maintained supply to customers despite significant disruption to global energy supply chains • Deep engagement with customers and governments • Supported Federal Government wit h ~ 250ML contingency fuel cargoes Advantaged infrastructure Government Fuel Security • Refining benefited from elevated global r efining margins while providing critical diversified supply • Vitol international term supply agreements provided protection from volatile international markets • Completed commissioning of Ultra Low Sulphur Gasoline (ULSG) production unit at Geelong Refinery on time and on budget • FSSP updated to better reflect current operating costs and enhance downside protection for domestic refiners • With Arena funding, commissioned Sustainable Aviation Fuel (SAF) facility in Brisbane; Melbourne project progressing Elevated refining margins and supply arrangements supported earnings during a period of significant market disruption
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1H26 Commercial and Industrial Performance Continued strong performance through period of substantial disruption to international supply chains C&I Sales Volumes (ML) • Strong demand across all sectors despite impacts to Aviation from disruption to air travel through the Middle East • Advantaged term supply arrangements with Vitol provided protection through period of significant price and supply volatility • Close management of supply and price volatility delivered further earnings uplift 1. Before corporate cost allocation C&I EBITDA ($M)1 7Viva Energy Group Limited – 1H26 Results Presentation 336 277 299 310 379 2,922 3,150 3,326 3,199 3,213 805 1,232 1,569 1,613 1,606571 677 682 682 667 4,634 5,336 5,876 5,804 5,865 1H22 1H23 1H24 1H25 1H26 Petrol Diesel Jet Other 237.9 11.8 54.1 1.7 305.4 1H25 Growth Allocated Supply Benefits & Margin Management Operating Costs 1H26
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1H26 Energy and Infrastructure Performance Exceptional performance underpinned by strong regional refining margins Refining Production 1. Before corporate cost allocation E&I EBITDA ($M)1 • Maintained crude supply through period of disruption to global crude flows • Significant uplift in regional refining margins driven by disruption to oil supply from Middle East and reduced regional refining capacity • Measures to stabilise operations and recover from the loss of the Alkylation unit drove higher operating costs during the half 1H22 1H23 1H24 1H25 1H26 Intake (MBBLs) 21.5 16.2 20.6 18.8 19.7 GRM (US$/BBL) 19.9 10.8 10.8 8.2 21.1 Availability 97% 81% 97% 92% 81% Operating cost (A$/BBL)1 9.5 12.9 9.7 10.5 10.9 8Viva Energy Group Limited – 1H26 Results Presentation 37% 38% 41% 44% 32% 41% 29% 38% 36% 36% 5% 10% 9% 9% 8% 17% 23% 12% 11% 24% 1H22 1H23 1H24 1H25 1H26 Gasoline Diesel Jet Other 18.4 21.5 323.4 6.9 -24.2 7.8 353.7 1H25 Jan-25 Power Outage Net Margin Energy Operating Costs Other 1H26
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Government “Strengthening Australia’s Fuel Security and Resilience” Program 9Viva Energy Group Limited – 1H26 Results Presentation 01 Refining Retention 02 Australian Fuel Reserve 03 Minimum Stockholding Obligations • Policy to support domestic refineries to continue operating beyond 2030 • Recognises important role of domestic refining in energy security and resilience • Contemplates mechanism which provides long-term investment certainty and evolving market conditions • Government has proposed a government-controlled 1 billion litre strategic fuel reserve, focused on diesel and jet fuel • Infrastructure supported by long term (ten year) Government commitments • Integrated with existing supply chains to effectively manage inventory and provide access to markets • Government has proposed increasing MSO requirements 10 days for each diesel, petrol and jet fuel • Equates to Viva Energy holding approximately 300ML additional inventory (mostly Diesel) Government $14.8B fuel security reforms provides opportunity to strengthen Geelong Energy Hub and Supply Chains • Long term investment certainty underpinned by more certain returns • Government led investment in infrastructure which could support and strengthen refining operations • Opportunity to improve supply chain capability and competitiveness
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Convenience Retail Jennifer Gray
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1H26 Convenience and Mobility Performance Viva Energy Group Limited – 1H26 Results Presentation Improving fuel sales and retail margins driving strong EBITDA1 growth 11 1. Before corporate cost allocation 2. 1H24 sales include pro-forma contribution from OTR from 1 Jan 2024 to allow like-for-like comparison 3. Includes fuel uplift from prior period acquisitions and normalised industry conditions 4. Includes Wages and Rents C&M EBITDA ($M)1 • Results reflect allocated benefit from advantaged term fuel supply arrangements • Growth in retail fuel margins reflects increasing sales and improved retail margins, partly offset by impact of one-off fuel excise reduction • Shop Margin includes inventory write-down of $6M and year-on-year decline in tobacco sales which we do not expect to repeat now that tobacco sales have stabilised. Ex-tobacco sales were up 1.3% on prior period. • "Other Costs" includes the year-on-year impact from the expiration of legacy electricity contracts in 2025 C&M Fuel Sales (ML) C&M Convenience Sales ($M) 321 235 195 611 600 608 933 835 803 1H24 1H25 1H26 Tobacco Ex tobacco 2 1,357 1,430 1,401 1,044 1,143 1,225 2,401 2,574 2,626 1H24 1H25 1H26 Petrol Diesel 1H25 Fuel Margin Normalisation3 Normalised 1H25 Allocated Supply Benefits Shop Margin Other Costs 1H26Inflationary Costs4 Fuel Margin Fuel Excise 74 31 105 56 53 (29) (20) (16) (11) 139
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1H26 Achievements Viva Energy Group Limited – 1H26 Results Presentation Progressing key retail growth initiatives which sets platform for future growth 12 Retail Excellence • Appointed a new Retail CEO; broader leadership capability continues to build • Maintained strong retail fuel supply through significant demand and uncertainty Efficient supply chain Right network and format Curation of offerTeam & Customer Obsessed • Promptly passed through the full excise reduction to provide relief from high fuel prices • Rolled out Flybuys across OTR, aligning loyalty and customer data across Reddy Express and OTR • Established distribution centres across the Eastern Seaboard • Supply chain rollout remains on track to support PSA 1 exit by end of November 2026 • Initiated product range review to simplify and improve the customer offer • Sourced private label products ahead of launch in 2H26, starting with milk and water • Encouraging trials of unattended self- service format • FY26 network program to focus investment on higher-return opportunities 1. Product Supply Agreement with Coles Group RETAIL GROWTH PRIORITIES Progress across all five priorities is strengthening retail execution and supporting earnings growth
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Right Network and Format Viva Energy Group Limited – 1H26 Results Presentation FY26 program adapted to evolving market conditions while maintaining disciplined growth 13 Other 30 97 251 255 635 FY26 Expected New Stores and Conversions 20-25 New OTR stores 10-15 Conversions from Reddy Express to OTR and Liberty 25-30 Conversions from Reddy Express to Unattended format Network Snapshot (Jun’26) New Store and Conversion Program • Network development plan adapted to evolving market conditions, directing capital to the highest-return opportunities • Program continues to be led by opening new OTR stores from the development pipeline, but a smaller number of conversions will also be completed Unattended Self-Service Fuel Outlets • Following successful trials, the company also expects to convert 25 to 30 stores to an unattended self-service format • Offers profitable format for stores where store sales are below thresholds to support ongoing investment • Customer acceptance in trial stores has been strong with significant sales increase and improved performance • Smaller store format includes kiosk, vending machines, and collection points. • FY26 conversions expected to reduce total network operating costs by approximately $10M per annum from FY27
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Efficient Supply Chain Independent supply-chain establishes critical platform for convenience growth from FY27 14Viva Energy Group Limited – 1H26 Results Presentation Implementation Progress Q1 NSW August VIC & TAS March QLD May WA On track November SA/NT Established supply chain Benefits • Consolidated convenience supply chain which supports OTR, Reddy Express and S24 range and offers. • Greater control over the development of customer offer, product range and in-store execution, and waste reduction • Improved sourcing, inventory management and logistics, supporting higher-margin and private label product growth • Faster product ranging to respond to changing market trends • Exit Coles Group Product Supply Agreement Q2 Q3 Q4 LEGEND Completed in prior year Completed in 2026 Scheduled
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Optimise supply chain to improve efficiency and reduce costs Retail earnings growth roadmap | FY26–FY27 Viva Energy Group Limited – 1H26 Results Presentation Complete the FY26 operating platform, then scale range, buying and network benefits through FY27 3Q26 4Q26 1Q27 2Q27 New leadership, systems and processes to improve execution, efficiency and customer experience Open 30–40 OTR and Liberty stores through new sites and conversions in FY26 Complete supply chain rollout and exit PSA1 by end of November 2026 Convert 25–30 stores to unattended formats in FY26 Expand private label & improve buying terms Embed conversion learnings to lower capex per store Progress product range review to improve customer offer Retail Excellence Efficient supply chain Right network and format Curation of offer Team & Customer Obsessed Utilise active customer data to personalise offers 15 Reset promotion cadence to drive basket growth Review customer feedback to refine offer 1. Product Supply Agreement with Coles Group
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Financial performance Carolyn Pedic Viva Energy Group Limited – 1H26 Results Presentation 16
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1H26 Financial Performance by Segment Earnings growth across all business segments supported the reduction in net debt 1H26 1H25 Change (%) EBITDA (RC) 774.4 304.9 154.0% EBIT (RC) 616.1 176.0 250.0% NPAT (RC) 371.1 62.6 492.8% Capex1 123.0 225.4 (45.4%) Underlying FCF 437.2 41.5 953.6% Dividend (CPS) 7.73 2.83 173.1% Net debt 1,720.0 1,946.5 (11.6%) Convenience & Mobility EBITDA (RC) 138.7 74.4 86.4% EBIT (RC) 75.7 9.5 696.6% Capex 60.4 101.4 (40.4%) Commercial & Industrial EBITDA (RC) 305.4 237.9 28.4% EBIT (RC) 257.3 195.4 31.7% Capex 19.4 45.3 (57.2%) Energy & Infrastructure EBITDA (RC) 353.7 18.4 1,822.2% EBIT (RC) 283.1 (28.9) 1,079.4% Capex1 43.2 78.7 (45.1%) Corporate EBITDA (RC) (23.4) (25.8) (9.4%) 1. Capex after receipt of government contributions 17Viva Energy Group Limited – 1H26 Results Presentation • Convenience & Mobility delivered stronger performance from higher fuel sales, improved retail fuel margins and full-period contribution from Liberty Convenience • Commercial & Industrial benefited by robust sales despite impacts to some sectors (Aviation in particular) and advantaged term supply arrangements • Energy & Infrastructure benefited from higher regional refinin g m argins, but offset by lower production rates following the fire in April • Increase in D&A largely associated with commissioning of Ultra Low Sulphur Gasoline unit
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328.1 (307.1) (191.6) (119.3) (72.1) (25.1) (31.0) (285.1) 774.4 603.9 387.4 71.3 EBITDA (RC) Net inventory gain Changes in WC & non-cash items Other Operating FCF Capex Finance costs Income tax FCF before div & cptl mgmt Dividends paid & cap mgt. Repayment of borrowings Net cash flow 1H26 Cash Flow Strong cashflow through the period Underlying free cash flow ($M) Group cash flow bridge ($M) 21 1. Other is comprised of Realised loss on FX & derivatives costs of $(199M), payment for treasury shares of $(5M); partially offset by other non-cash adjustments of $12M 2. Capex after receipt of government contributions 3. Business as usual excludes acquisition integration capex and one-off, multi-year capex projects to meet fuel security package (FSP) obligations (Ultra Low Sulphur Gasoline and Aromatics) Largely related to revaluation loss on FX & derivatives 3 18Viva Energy Group Limited – 1H26 Results Presentation 17.8 (5.3) (116.5) (72.1) (161.1) 774.4 786.9 437.2 EBITDA (RC) Non-cash items Treasury shares Underlying operating FCF Capex (BAU) Finance costs Income tax (RC) Underlying FCF (RC)
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452 491 494 350 - 400 FY23 FY24 FY25 FY26e Capital Expenditure Focus on reducing capital expenditure following a period of heavy investment in the refining business 1H26 Capex $M Convenience and Mobility 60.4 Commercial and Industrial 19.4 Energy and Infrastructure & Energy Hub Projects1 43.2 Net capital expenditure2 123.0 1. Compliance costs associated with Ultra Low Sulphur Gasoline and Aromatics 2. Capex after receipt of government contributions FY26 Capex reaffirmed to be between $350M and $400M Capex ($M) 19Viva Energy Group Limited – 1H26 Results Presentation
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Balance Sheet Strong 1H26 earnings and timing of capex and tax payments lowered net debt Highlights • Balance sheet strengthened in 1H26 supported by strong earnings conversion and capex program weighted to 2H26 • Gearing (Net debt to EBITDA (RC)) of 1.5x at 1H26 • Gearing benefited from elevated earnings and is expected to normalise as market conditions moderate. The group maintains gearing target of approximately 2x through the cycle 1 1. Gearing is defined as total net debt / 12-month trailing EBITDA (RC). Target assumes capital management initiatives take effect and market conditions are supportive Net Debt ($M) 20Viva Energy Group Limited – 1H26 Results Presentation $354.8M Net debt reduction $603.9M Operating free cash flow 1.5x Gearing at 1H26 (603.9) 72.1 25.1 119.3 32.6 2,074.8 1,720.0 Opening net debt Operating FCF Finance costs Income tax Capex Dividend & other Closing net debt
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Capital Management Framework Disciplined priorities to strengthen the balance sheet and create long-term shareholder value Cash flow from operating activities Sustaining Capital Maintain safe and reliable operations Maintaining Strong Balance Sheet Target Term Debt to EBITDA (RC) 1.0x – 1.5x Targeting total Net Debt to EBITDA (RC) towards 2.0x1 Reliable Dividends 50% - 70% NPAT (RC)payout ratio Priorities • Lower levels of capital expenditure during FY26 (~$100M to ~$150M lower than FY25) • Reduction in net working capital – focus on inventory even with new convenience Supply Chains and inventory management systems being stood up (underway) • Renegotiate refining FSSP to reduce earnings volatility • Improved earnings in Convenience Retail as integration is completed and store conversions deliver expected results • Review and divest surplus land assets to unlock value • Targeting gearing to reduce towards 2x by end FY27 1 • No large-scale M&A or new energy projects unless underpinned by Government policy and minimum customer backed return 21Viva Energy Group Limited – 1H26 Results Presentation 1. Assuming capital management initiatives take ef fect and market conditions improve Cash for investing activities Net interest & lease payments Core cash flow Additional capital allocation options Growth projects (organic & minor M&A) Surplus cash returns to investors Maximising value for shareholders
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Priorities Progress update Lower FY26 capex by ~$100–150M vs FY25 • FY26 capex guidance reaffirmed at $350-400M, materially below FY25 expenditure of $494M. Reduce net working capital through inventory optimisation and as convenience supply chains are established • Improved inventory management saw ~$0.3B reduction in Convenience Retail inventory Renegotiate refining FSSP to reduce earnings volatility • FSSP Phase 2 discussions progressing with Government • Updated FSSP arrangements already provide greater protection against periods of lower refining margin Drive retail earnings growth through store productivity, network development and operational execution • Supply chain rollout supporting improvement in store productivity, with revised network development plan focused on highest-return opportunities Review and divest surplus land assets to unlock value • Portfolio review continues, with surplus land sale opportunities being reassessed against evolving fuel security obligations and opportunities from the Federal Government's recent fuel security package announcements Targeting gearing 1 to reduce towards 2x by end FY272 • Gearing supported by strong 1H26 earnings and capex program weighted to 2H26. Ongoing focus on maintaining ~2x through the cycle No large-scale M&A or new energy projects unless underpinned by Government policy and minimum customer backed return • No change Capital Management Framework Progress on priorities to lower capital intensity and improve cash generation 22Viva Energy Group Limited – 1H26 Results Presentation 1. Gearing is defined as total net debt / 12-month trailing EBITDA (RC). Target assumes capital management initiatives take effect and market conditions are supportive 2. Assuming capital management initiatives take effect and market conditions are supportive
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Dividends Determined interim fully franked dividends of 7.73 cps in 1H2026 1H25 1H26 $M unless noted otherwise Group C&M C&I E&I Group EBITDA (RC) 1 304.9 130.9 297.6 345.9 774.4 NPAT (RC) 62.6 181.3 189.8 371.1 Payout ratio 73% 70% -- 29% Dividend 2 45.7 126.9 -- 126.9 Dividend (cps) 2.83 7.73 -- 7.73 1. EBITDA (RC) for C&M, C&I and E&I includes corporate costs 2. The Group’s dividend policy targets a payout ratio of between 50% and 70% of C&M and C&I NPAT (RC) on an interim and full-year basis, and 50% to 70% of the E&I NPAT (RC) at the end of each financial year • Determined interim fully franked dividend of 7.73 cps, representing a 70% payout ratio of C&M and C&I 1H26 NPAT (RC), top end of policy • Dividend attributed with E&I NPAT(RC) will be assessed annually in line with dividend policy • Interim dividend is payable to registered shareholders on the record date of 7 Sep 2026, with a payment date of 30 Sep 2026 • Dividend Reinvestment Plan (DRP) remains activated at 1.5% discount. The last date for receipt of election notices is 8 September 2026 23Viva Energy Group Limited – 1H26 Results Presentation
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Outlook Viva Energy Group Limited – 1H26 Results Presentation 24 Outlook Scott Wyatt
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Outlook Viva Energy Group Limited – 1H26 Results Presentation Positive outlook with clear initiatives in place driving growth across all businesses Convenience (C&M) • Retail fuel margins have softened following rising international oil prices and removal of excise, but expected to lift as we enter seasonally stronger period • Tobacco sales have stabilised and expect total Convenience sales to begin cycling growth. Improved retail execution and business improvement initiatives are expected to drive sales and margin growth across both channels • Delivery of new store and conversion program, with focus on new stores from growth pipeline and unattended self-service format to support sales growth and reduce operating cost leverage • Supply chain rollout expected to be completed by the end of November 2026, providing platform for improved store margins, reduced waste, and range optimisation 25 Energy (E&I and C&I) • Continued tightness in oil and fuel supply from ongoing conflicts in the Middle East and Ukraine. Refining margins expected to remain elevated through FY26, with July GRM of US$20.7/bbl • Programs to optimise production following loss of Alkylation unit and assessment of long-term technology options underway. No major maintenance programs planned for remainder of FY26 • Engaging with Federal Government on fuel security reforms, including Australian Fuel Security Reserves, Minimum Stockholding Obligations and Refining Retention to maintain operations at Geelong refinery through the next decade Investor Day is planned for 9th November in Sydney
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Conclusion Viva Energy Group Limited – 1H26 Results Presentation Focused on disciplined execution, earnings growth and sustainable balance sheet strength Key drivers of shareholder value • Improve retail execution, complete transition activities, reduce operating cost, and drive top-line convenience growth and support margin uplift • Progress reworked retail network development plan, adapting to evolving market conditions and prioritising the highest return opportunities • Optimise production to capture regional refining margins which remain supportive. Improve long-term outlook for Geelong Refinery through Refining Retention policy development • Maintain balance sheet discipline and sustainably keep Net Debt to EBITDA at approximately 2x through the cycle 1, supported by earnings growth and disciplined capital allocation world class convenience retailer leading supplier of energy and specialities unrivalled strategic infrastructure assets 26 1. Assuming capital management initiatives take effect and market conditions are supportive
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Viva Energy Group Limited – 1H26 Results Presentation 27 Appendix
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Health, Safety and Environment Viva Energy Group Limited – 1H26 Results Presentation Improved HSE performance across the broader business, notwithstanding the major Geelong Refinery incident Injury frequency rates1 • Material reduction in injuries across C&M businesses (35% improvement on 1H25) • More than 50% reduction in serious injuries year to date • Significant process safety incident at Geelong which resulted in a fire within the Gasoline complex • Professional response to incident minimised impact to people and the rest of the plant Loss of primary containment (>100KG)1 Process safety events1 6.6 7.6 7.0 5.5 FY23 FY24 FY25 1H26 19 28 29 9 FY23 FY24 FY25 1H26 1 1 1 1 2 1 2 0 FY23 FY24 FY25 1H26 Tier 1 Tier 2 1. Excludes Liberty Rural and OTR Group prior to FY24. Process safety events measured as Tier 1 or 2 incidents as defined by the American Petroleum Institute 2. Number of injuries requiring medical treatment beyond first aid or work restrictions per million hours worked (employees and contractors) Total Recordable Injuries2 • Strong performance in 1H26, consistent with 1H25 • Lower instances of LOPCs across Group, in particular Distribution operations 28
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C&M Operating Metrics and Financials Viva Energy Group Limited – 1H26 Results Presentation Note: Table includes OTR Group and Coles Express Convenience Retailing since acquisition completion (28 March 2024 and 1 May 2023 respectively) 1. OTR branded convenience-only stores, stand-alone QSRs and car washes 2. Restated to reflect correction of inventory (refer FY2025 presentation released 24 February 2026) 3. Prior periods reclassified to conform with current period classifications Metric 1H22 FY22 1H23 FY23 1H24 FY24 1H25 FY25 1H26 Company-operated stores # - - 706 706 1,200 1,200 1,293 1,298 1,268 Company-operated F&C stores # - - 706 706 890 890 979 984 983 Express # - - 706 706 680 676 663 643 635 OTR F&C # - - - - 210 214 224 246 251 Integrated QSR # - - - - 88 88 89 89 88 Stand-alone stores1 # - - - - 31 30 30 30 30 SMGB # - - - - 279 280 284 284 255 Liberty Convenience stores # 93 94 95 101 103 110 92 95 97 Dealer Owned stores (C&M only) # 268 265 250 248 283 275 266 255 250 Diesel sales ML 928 1,898 944 1,915 1,044 2,221 1,143 2,327 1,225 Petrol sales ML 1,260 2,618 1,324 2,641 1,357 2,842 1,430 2,819 1,401 Total fuel sales ML 2,188 4,515 2,268 4,556 2,401 5,062 2,574 5,146 2,626 Premium petrol penetration (Express, OTR) % 35 35 36 36 36 36 37 37 36 Convenience sales (incl. QSR) $M - - 169 763 730 1,664 835 1,658 803 Convenience gross margin (incl. QSR)2 % - - 33 34 37 38 38 39.1 38 C&M gross margin $M 374 864 519 1,204 822 1,817 964 2,010 1,087 Lease costs $M (137) (276) (143) (290) (177) (389) (225) (465) (242) Overheads3 $M (49) (113) (72) (175) (113) (248) (129) (233) (123) EBITDA (RC) $M 89 250 123 232 122 231 74 197 139 29
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Refinery – Margin Analysis and Key Drivers Viva Energy Group Limited – 1H26 Results Presentation Note: All historical information presented on a pro forma basis. Refer to the financial section of the prospectus dated 20 June 2018 (lodged with ASX on 13 July 2018) for details of the pro forma adjustments, a reconciliation to statutory financial information and an explanation of the non-IFRS measures used in this presentation Metric FY21 FY22 FY23 FY24 FY25 1H25 1H26 A: A$/US$ FX 0.75 0.70 0.67 0.66 0.64 0.63 0.70 B: Crude and feedstock intake mbbls 41.2 41.9 31.6 40.1 37.1 18.8 19.7 C: Geelong Refining Margin US$/bbl 7.1 17.1 9.8 8.7 9.6 8.2 21.1 D: Geelong Refining Margin = C / A A$/bbl 9.4 24.5 14.6 13.2 14.9 13.0 30.0 E: Geelong Refining Margin = B x D A$M 389.4 1,026.5 460.8 530.6 552.3 244.0 588.9 F: Less: Energy costs A$/bbl (1.7) (2.5) (2.8) (2.1) (2.8) (2.8) (2.3) G: Less: Energy costs = B x F A$M (71.6) (105.8) (87.4) (85.6) (102.0) (51.7) (44.8) H: Less: Operating costs (excl. energy costs) A$/bbl (5.5) (8.4) (10.7) (7.9) (8.1) (7.7) (8.6) I: Less: Operating costs (excl. energy costs) = B x H A$M (227.3) (350.7) (337.8) (315.4) (302.2) (145.5) (169.8) J: Less: Supply and corporate allocation A$/bbl (1.0) (1.2) (1.6) (1.4) (1.5) (1.5) (1.2) K: Less: Supply and corporate allocation = B x J A$M (40.1) (52.0) (50.1) (54.2) (55.1) (27.6) (24.1) L: Less: Production Grant / FSSP / Insurance Recovery A$/bbl 1.5 - 2.5 0.6 0.0 0.0 0.2 M: Less: Production Grant / FSSP / Insurance Recovery = B x L A$M 53.0 - 80.0 25.2 1.1 0.0 3.1 N: Less: Carbon cost (safeguard mechanism) A$/bbl - - - (0.2) (0.0) (0.0) 0.0 O: Less: Carbon cost (safeguard mechanism) A$M - - - (6.3) (1.1) (0.8) 0.5 EBITDA (RC) A$/bbl 2.5 12.4 2.1 2.4 2.5 1.0 18.0 P:Refining EBITDA (RC) = B x (D + F + H + J + L+ N) A$M 103.4 517.9 65.4 94.3 93.0 18.4 353.7 Q: Less: Corporate Cost allocation A$M (12.0) (13.5) (10.8) (15.6) (7.8) (8.6) (7.8) Depreciation A$M (63.3) (72.6) (80.2) (89.8) (62.8) (38.7) (62.8) Finance costs A$M (2.7) (5.3) (8.4) (19.4) (10.9) (12.0) (10.9) Income tax expense A$M (7.6) (128.0) 9.7 8.8 (82.4) 12.2 (82.4) NPAT (RC): Refinery A$/bbl 0.4 7.1 (0.8) (0.5) (1.9) (1.5) 9.6 NPAT (RC): Refinery = P – Q A$M 17.8 298.6 (25.9) (21.7) (70.9) (28.7) 189.8 30
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Financial Results Adjusted for Lease Accounting Effects Viva Energy Group Limited – 1H26 Results Presentation 31 1H26 Reported figures Lease Adjustments 1H26 Adjusted reported figures 1H25 Reported figures Lease Adjustments 1H25 Adjusted reported figures Total EBITDA (RC) 774.4 256.2 1,030.6 304.9 241.6 546.5 Share of (loss)/profit from associates - - (2.4) (2.4) Net loss on disposal of assets (1.8) (1.8) (0.7) (0.7) Depreciation and amortisation (156.4) (156.7) (313.2) (125.8) (180.4) (306.3) Net finance costs (83.9) (106.5) (190.3) (86.6) (108.8) (195.3) Profit/(loss) before tax (RC) 532.3 (7.0) 525.3 89.4 (47.6) 41.8 Income tax expense (RC) (161.2) 2.1 (159.1) (26.8) 14.2 (12.6) Net profit/(loss) after tax (RC) 371.1 (4.9) 366.2 62.6 (33.4) 29.2 Significant one-off items (26.4) (26.4) (152.7) (152.7) Net inventory gain/(loss) 229.7 229.7 (65.8) (65.8) Revaluation (loss)/gain on FX and oil derivatives (117.5) (117.5) (6.1) (6.1) Non-cash lease adjustments (4.9) 4.9 - (33.4) 33.4 - Net profit/(loss) after tax (HC) 452.0 - 452.0 (195.4) - (195.4)
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Glossary Viva Energy Group Limited – 1H26 Results Presentation Replacement Cost (“RC”) Viva Energy reports its performance on a “replacement cost” (RC) basis. RC is a non-IFRS measure under which the cost of goods sold is calculated on the basis of theoretical new purchases of inventory instead of historical cost of inventory. This removes the effect of timing differences and the impact of movements in the oil price. From 1 January 2021, RC measures also include lease expense, and exclude lease interest and right-of- use amortisation, in effect reporting RC in line with the previous leasing standard. The financial statements provide a reconciliation of NPAT (RC) to NPAT (HC) NPAT (RC) NPAT (RC) adjusted to remove the impact of significant one-off items net of tax EBITDA (RC) Profit before interest, tax, depreciation and amortisation adjusted to remove significant items and the impact of one-off non-cash items including: • Net inventory gain/loss • Share of net profit of associates; • gains or losses on the disposal of property, plant and equipment; and • gains or losses on derivatives and foreign exchange (both realised and unrealised) Distributable NPAT (RC) Prior to 1 January 2021, Distributable NPAT (RC) represented Underlying NPAT (RC) adjusted to remove the impact of for short term outcomes that are expected to normalize over the medium term, most notably non-cash one off items. With the changes made to the calculation of NPAT (RC) from 1 January 2021, Distributable NPAT (RC) and NPAT (RC) are the same measure Historical Cost (“HC”) Calculated in accordance with IFRS Cost of goods sold at the actual prices paid by the business using a first in, first out accounting methodology Includes gains and losses resulting from timing differences between purchases and sales and the oil and product prices Earnings Per Share (RC) Underlying NPAT (RC) divided by total shares on issue Net inventory gain/(loss) Represents the difference between the historical cost basis and the replacement cost basis Geelong Refining Margin The Geelong Refining Margin is a non-IFRS measure calculated in the following way: IPP less the COGS, and is expressed in US dollars per barrel (US$/BBL), where: • IPP: a notional internal sales price which is referrable to an import parity price for the relevant refined products, being the relevant Singapore pricing market and relevant quality or market premiums or discounts plus freight and other costs that would be incurred to import the product into Australia • COGS: the actual purchase price of crude oil and other feedstock used to produce finished product 32