• Ampol well-positioned to navigate global supply disruptions
• Domestic refining plays a critical role in fuel security
• Fuel Security Services Payment (FSSP) supports refining operations
• Convenience retail business performing strongly ahead of EG Australia acquisition

Ampol Limited presented at the Macquarie Australia Conference, providing an overview of its financial and operational highlights for the twelve-month period ended 31 December 2025. The company highlighted that the ongoing Middle East conflict has resulted in a net loss of crude volumes to the global system of approximately 10 million barrels per day (mbd), representing 50% of feedstock consumed by Asian refineries (excluding China). Ampol was well-positioned at the commencement of the conflict, with crude and product secured through Q2 2026, though tightness is expected during Q3. The company emphasized that domestic refining plays a critical role in keeping fuel available when international supply is constrained, and that Ampol's integrated supply chain, with domestic refining, independent trading and shipping capabilities, and a national terminal and distribution network, has made it uniquely positioned to navigate the volatile market conditions. Ampol also noted that the Fuel Security Services Payment (FSSP) has been an important support mechanism, with Phase 1 announced in March 2026 and lifting the collar to 10 cents per litre, reducing downside in softer refining margins. The company is engaged with the government on the FSSP Phase 2 review, targeting completion by the end of 2026, with the aim of extending long-term support for domestic refining. In its convenience retail business, Ampol reported strong performance in the first quarter of 2026, with U-GO sites contributing around 75% of the total retail fuel volume growth, highlighting the resilience of essential fuel demand during periods of stress. The company also provided an update on the proposed acquisition of EG Australia, which is expected to improve its business mix and deliver synergies of approximately $65-80 million, predominantly in cost-related areas.

Ampol expects its Lytton Refiner Margin (LRM) to remain strong through Q2 2026, though noting an increase in landed crude costs for the Lytton refinery. The company's Lytton refinery is scheduled for turnaround and inspection (T&I) in early August 2026.

Ampol highlighted that the ongoing Middle East conflict has resulted in a net loss of crude volumes to the global system, which may result in a longer recovery period. The company is closely engaged with the government on short and long-term fuel resilience, security, and supply outcomes.