Why did Ampol's statutory profit drop while underlying earnings rose?

The 33% drop in statutory NPAT to $82.4 million was primarily driven by non-cash inventory losses and "significant items" rather than operational failure. In contrast, the RCOP NPAT surged because it reflects the actual manufacturing and retail margins, which benefited from a major turnaround at the Lytton refinery and growth in convenience retail.

What drove the profit turnaround at the Lytton refinery?

The Lytton refinery returned to profitability in FY 2025, contributing an EBIT of $163.1 million compared to previous losses. This operational recovery, combined with a 100% jump in Fuels and Infrastructure EBIT to $405.6 million, acted as the primary engine for the group's earnings growth.

How much is the Ampol (ASX:ALD) dividend for FY25?

Ampol declared a fully franked final dividend of 60 cents per share, bringing the total ordinary dividends for the 2025 fiscal year to 100 cents per share. This payout is supported by the 83% growth in underlying RCOP NPAT and management's confidence in the company's stable growth segments.

What is Ampol’s current acquisition strategy regarding EG Australia?

Ampol is currently progressing the acquisition of EG Australia to expand its retail footprint and scale its convenience and fuel network. This move is part of a broader strategy to increase exposure to stable, non-refining earnings streams like Convenience Retail, which saw EBIT growth in the current period.

Is Ampol’s balance sheet healthy enough to support more debt?

Ampol maintains a leverage ratio of 2.3 times Adjusted Net Debt to RCOP EBITDA, which the company considers a "healthy" position. While the EG Australia acquisition will require capital, the current leverage suggests the company has the capacity to fund strategic growth without overextending its financial stability.

What are the main "bull" points for Ampol (ASX:ALD) shareholders?

The primary bull case rests on the 83% surge in underlying profit and the successful turnaround of the Lytton refinery. Additionally, the 100 cents per share total dividend and the pending EG Australia acquisition provide a narrative of both immediate yield and future scale in the retail sector.

What are the key risks for Ampol (ASX:ALD) moving forward?

The main risks include volatility in global oil prices leading to further inventory losses, which caused the 33% drop in statutory NPAT this year. Investors should also watch execution risk regarding the EG Australia integration and potential cyclical downturns in refining margins that could impact future Lytton EBIT.

Ampol H1 FY26 profit soars 83% on strategic growth

Written by Brie CarterPublished Feb. 22 2026Last Updated Feb. 22 2026

Ampol (ASX:ALD) has delivered a sound financial performance for the fiscal year ended Dec. 31, 2025, characterised by growth in underlying earnings and progress on key strategic acquisitions.

The group reported a replacement cost operating profit EBITDA of $1.44 billion, representing a 20% increase over the previous year.

The growth was largely driven by a turnaround at the Lytton refinery, which returned to profitability with an EBIT of $163.1 million, and solid performances across its Convenience Retail and New Zealand segments.

While the statutory net profit after tax fell by 33% to $82.4 million—impacted by inventory losses and significant items—the RCOP NPAT surged by 83% to $429.2 million.

The underlying strength allowed the board to declare a fully franked final dividend of 60 cents per share, bringing the total ordinary dividends for FY25 to 100 cents per share.

CEO Matt Halliday attributed the "high quality and broad-based result" to the company's increased exposure to stable growth segments.

The fuels and infrastructure EBIT saw a jump of over 100%, totaling $405.6 million.

Ampol continues to strengthen its market position, maintaining a healthy balance sheet with a leverage ratio of 2.3 times adjusted net debt/RCOP EBITDA, while simultaneously progressing the proposed acquisition of EG Australia to further scale its retail footprint.