Ampol Limited

Thank you for standing by and welcome to the MPOL Limited half-year 2026 results briefing. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Matt Halliday, Managing Director and CEO. Please go ahead.

Thank you very much and good morning everyone.

My name is Matt Halliday. I'm the Managing Director and CEO of Ampol and welcome to our 2026 half-year results call. During the presentation, we'll be referring to the documents lodged with the ASX this morning, including our results presentation and supporting materials. Before we begin, I draw your attention to the important notice on slide two. As usual, today's presentation does include forward-looking statements and non-IFRS measures, and I encourage you to read the notice carefully. I'm joined today by our group CFO, Greg Barnes, who will take you through the financial result in more detail, and after the prepared remarks, Greg and I will take your questions. Also joining us on the call are members of the executive team who will support the Q&A. I'll start, as always, with safety. Across the group, we had no Tier 1 or Tier 2 process safety incidents in the first half of 26 and none since July 25. That is an important outcome and reflects the continued embedding of our integrated operational risk management framework. On personal safety, the picture is more mixed with total recordable injury frequency rate increasing. However, we have also introduced a serious case frequency rate to better capture cases that result in more than a week away from work, including musculoskeletal and psychosocial matters. This gives us a clearer view of where we need to focus. Turning now to the integrated platform on slide five. Ampol has built the leading Asia-Pacific physical fuel optimisation platform that leverages our infrastructure, logistics and trading capabilities and market intelligence to generate resilient earnings through the cycle. The first half of 26 really demonstrated the value of Ampol's integrated supply chain and trading capability. While the market conditions were certainly exceptional, the result also reflected the strength of our supply position, our risk management capability, our customer relationships and our ability to optimise product flows throughout the value chain. The important takeaway is that this capability has been built over many years. It comes from investment in supply optimization, terminals, glitton, risk management, and our retail networks. Therefore, the strength of the first half result is the demonstration of our integrated platform working as intended, maintaining fuel security for customers and creating value for shareholders, especially when markets are tight and disrupted. Turning to the performance overview on slide 6, Ampol delivered a very strong first half result on an ARCOP basis, with EBITDA of $1.64 billion, EBIT of $1.39 billion, and NPAT of $860 million. Statutory NPAT was $1.36 billion, including inventory gains and significant items. The result reflects both favourable market conditions and the structural benefits of our integrated platform. with underlying performance improved across multiple segments. Convenience retail continued to grow, commercial and wholesale customer relationships were further strengthened, and our trading and shipping capabilities supported supply security and therefore earnings during a period of major market disruption. Turning now to the key group metrics. Total sales volume was resilient at 12.3 billion litres and up X net sales. Net borrowings increased to $3.52 billion, principally reflecting the completion of the Easy Australia acquisition on 30 June, including our decision to cash settle the script component of the consideration. Even with that acquisition funding, leverage remained below our target range at around 1.8 times, supported by the very strong ARCOF EBITDA outcome and inventory gain. That balance sheet strength, together with the cash generated in the half, underpins the board's decision to declare an interim dividend of 185 cents per share. Now on slide eight. Given the important role that Ampol plays in the communities where we operate, a financially strong Ampol benefits all our stakeholders. We are able to maintain uninterrupted supply to customers and dealers through wholesale and retail supply chains. This includes the YouGo discount brand, which provided lower cost fuel to customers during the face of the crisis each and every day. We had a clear focus on supply to the regions with supply volume 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. We played a key role in Australia and New Zealand in building additional national inventory levels with the support of the governments of both countries. And I'm proud to say that our people work safely and tirelessly in the midst of the crisis, showing tremendous commitment to keeping Australia and New Zealand moving. I'll now hand over to Greg to take you through the detail of the group and segment financial performance.