Ampol Limited (ASX: ALD) is heading into 2026 with real momentum. Australia’s leading transport energy Company has delivered a meaningful lift in earnings across every segment of its business. The result reflects better refinery performance, disciplined cost management and steady retail growth.
   
Figure 1: Ampol brand signage [Ampol Limited]
ALD 2025 revenue totalled $31,365.5 million for the year ended 31 December 2025. RCOP EBITDA reached $1.4 billion, while RCOP EBIT rose to $947 million. Total fuel sales volumes for the year were 25.2 billion litres.
ALD Profit Growth Powered by Lytton Refinery Turnaround
ALD annual financial results reveal Fuels and Infrastructure segment led the charge. RCOP EBIT for Fuels and Infrastructure reached $405.6 million, up 118% on FY2024. The Lytton refinery was the primary driver. Production climbed to 5.5 billion litres, supported by improved reliability and stronger refiner margins through the second half of the year.
Figure 2: Underlying RCOP net profit after tax attributable to parent (FY2021–FY2025) [Ampol Limited]
ALD profit growth at the Group level was equally significant. Underlying RCOP net profit after tax attributable to parent rose to $429.2 million, up from $234.8 million in FY2024. On a statutory basis, after-tax profit was $82.4 million, which includes a Significant Item loss of $210.4 million after tax.
ALD Annual Financial Results Reflect Retail and New Zealand Strength
ALD annual financial results underline consistent retail and New Zealand performance:
- Convenience Retail RCOP EBIT reached $374 million, delivering mid-single-digit growth
- In-store execution and segmentation strategy continued to improve margins
- Declining tobacco sales were offset by stronger shop margin performance
- New Zealand (Z Energy) RCOP EBIT rose to $233.9 million, up 0.9% YoY
- 580,000 customers joined Z Rewards by year-end, supporting loyalty-led growth
- 27 U-GO sites across New Zealand helped sustain volumes amid a tougher second half
Dividend Rises as Ampol Maintains Capital Discipline
The Board declared a final ordinary dividend of 60 cents per share, fully franked. Full-year ordinary dividends total 100 cents per share, fully franked. This represents a 56% payout ratio of 2025 underlying RCOP net profit after tax attributable to the parent. The record date is 09 Mar 2026, with payment on 02 Apr 2026.
Figure 3: Statement of financial position as at 31 December 2025 compared with 2024 [Ampol Limited]
ALD annual financial results show net borrowings of $2.9 billion as of 31 December 2025. Improved earnings brought leverage back within the Company’s target range at 2.3 times adjusted net debt to RCOP EBITDA, against a target of 2.0 to 2.5 times. Total equity stood at $3,452.4 million as on 31 December 2025.
Ampol Refocuses Energy Solutions on EV Charging and Lower Carbon Fuels
Ampol made a deliberate strategic decision in 2025 to simplify its Energy Solutions business. The Company divested its retail electricity operations in both Australia and New Zealand, selling the Australian business to AGL and the New Zealand business to Meridian Energy. This sharpened focus reduced operational losses and freed up resources for higher-conviction opportunities.
Figure 4: Ampol’s integrated value chain across refining, distribution, retail and energy solutions [Ampol Limited]
By 31 December 2025, Ampol had 290 AmpCharge EV charging bays live across 88 sites in Australia. In New Zealand, Z Energy had 204 charging bays across 60 sites. The Company also welcomed the Federal Government’s $1.1 billion Cleaner Fuels program as a starting point for building a domestic lower-carbon liquid fuels supply chain. Commissioning of the Ultra Low Sulfur Fuels Project at Lytton remains on track for the second quarter of 2026.
ALD 2025 Revenue Outlook Shaped by EG Australia and Energy Transition Strategy
Managing Director and CEO Matt Halliday said: “We have the right strategy in place and remain confident in our capability to deliver attractive returns for our shareholders in 2026.”
Figure 5: Managing Director and CEO Matt Halliday [Ampol Limited]
Ampol’s proposed acquisition of EG Australia, pending ACCC approval, is expected to add approximately 500 company-owned and operated sites. The Company also delivered its cost reduction target of more than $50 million (nominal) for 2025. The Ultra Low Sulfur Fuels Project is on track, with commissioning expected in the second quarter of 2026. The Federal Government’s Cleaner Fuels program adds further support for lower-carbon liquid fuels development.
Share Price Performance
Ampol Limited (ASX: ALD) last traded at $27.980 per share. The 52-week range is $19.530 to $33.140 per share. Market capitalisation is approximately $6.90 billion.
Figure 6: Ampol Limited (ASX: ALD) one-year share price performance [ASX]
Investor Outlook
The ALD annual financial results for 2025 mark a genuine step up for Ampol. Lytton’s recovery, retail consistency and disciplined capital allocation make a credible case for continued shareholder returns. Key watchpoints heading into 2026 include:
- ACCC outcome on the EG Australia acquisition
- Refiner margin sustainability at Lytton
- Ultra Low Sulfur Fuels Project commissioning progress
- U-GO network expansion across Australia and New Zealand
- Leverage management as the EG Australia transaction closes
Frequently Asked Questions
Q1. What was Ampol’s RCOP EBIT for FY2025?
Ans. Ampol’s RCOP EBIT for the year ended 31 December 2025 was $947 million, excluding Significant Items.
Q2. What is the ALD 2025 revenue figure?
Ans. ALD 2025 revenue totalled $31,365.5 million for the year ended 31 December 2025.
Q3. What dividend did Ampol declare for FY2025?
Ans. Ampol declared full-year ordinary dividends of 100 cents per share, fully franked, including a final dividend of 60 cents per share.
Q4. What drove ALD profit growth in 2025?
Ans. ALD profit growth was primarily driven by a strong recovery at the Lytton refinery, where RCOP EBIT for Fuels and Infrastructure rose 118% on the prior year.
