Ampol reported a 32% jump in replacement cost operating profit (RCOP) EBIT for 2025 as improved refining margins and retail resilience drove earnings growth across its core businesses.
The company posted RCOP EBITDA of $1.44 billion and RCOP EBIT of $947 million for the year ended December 31, 2025, up from $715 million a year earlier. RCOP net profit after tax attributable to shareholders rose 83% to $429 million, while statutory NPAT fell to $82 million due to significant items and inventory effects.
The standout was the Lytton refinery in Queensland, which returned to profitability after a weak 2024. Lytton delivered RCOP EBIT of $163 million compared to a $42 million loss the prior year, supported by a stronger Singapore benchmark margin and improved operational reliability. Ampol’s Lytton refiner margin averaged US$10.34 per barrel in 2025, up sharply from US$7.08/bbl in 2024.
Fuels and Infrastructure (F&I) earnings more than doubled year-on-year, with segment RCOP EBIT exceeding $400 million. F&I Australia ex-Lytton rose 8%, reflecting improved margins and customer mix, while international earnings softened as the company prioritized supplying its Australian and New Zealand networks over third-party trading activity.
Convenience Retail remained a key earnings pillar, delivering 4.8% EBIT growth to $374 million and extending its five-year compound annual growth rate above 5%. Shop gross margin expanded to 40%, up nearly 3 percentage points year-on-year, even as total retail fuel volumes declined 4.4% amid softer industry demand and calendar impacts. Premium fuel penetration increased to 56.5% of volumes.
In New Zealand, which includes Z Energy, RCOP EBIT rose modestly to NZ$260 million. The business navigated a weak macro backdrop, offset by growth in jet fuel volumes and margin expansion.
Total group fuel sales reached 25.2 billion liters, with diesel and jet accounting for more than 70% of transport fuel volumes. Australian fuel demand hit record highs in 2025, driven by diesel and aviation recovery, reinforcing Ampol’s integrated supply chain strategy.
Balance sheet metrics improved, with net borrowings at $2.9 billion and leverage at 2.3x adjusted net debt to EBITDA—within the company’s 2.0x–2.5x target range. Ampol declared a fully franked final dividend of 60 cents per share, bringing total 2025 dividends to 100 cents per share, a 56% payout ratio of RCOP NPAT.
Capital expenditure totaled $563 million on a net basis, including progress on the Ultra Low Sulfur Fuels (ULSF) upgrade at Lytton, which is expected to begin commissioning in the second quarter of 2026. The upgrade is designed to enhance product quality premiums and support long-term refinery competitiveness amid tightening fuel standards.
