Ampol Limited reports a robust fourth quarter Lytton Refiner Margin of US$15.14 per barrel, underpinning a strong preliminary FY25 earnings update with an expected EBIT of approximately $945 million.
- Q4 Lytton Refiner Margin jumps to US$15.14 per barrel
- Preliminary FY25 Group RCOP EBIT around $945 million
- Australia Convenience Retail delivers mid-single digit EBIT growth
- New Zealand segment EBIT stable despite economic headwinds
- F&I Australia posts high single digit EBIT growth amid lower wholesale volumes
Strong Refinery Margins Drive Earnings
Ampol Limited has revealed a significant uplift in its Lytton Refiner Margin (LRM) for the fourth quarter of the 2025 financial year, reaching US$15.14 per barrel. This marks a substantial increase from the previous year’s US$4.60, reflecting a favourable market environment characterised by stronger product cracks, particularly in middle distillates. The margin boost was further supported by a combination of planned and unplanned global refinery outages and additional sanctions on Russian oil supplies, tightening product availability.
Operationally, the Lytton refinery capitalised on these conditions, increasing production by 1.0% to 1,558 million litres in Q4. This performance underscores Ampol’s ability to leverage market dynamics effectively, translating into improved profitability.
Preliminary Full Year Financial Performance
For the full 2025 financial year, Ampol anticipates delivering a Group Replacement Cost Operating Profit (RCOP) EBIT of approximately $945 million and an RCOP EBITDA of around $1,435 million. These figures, while preliminary and subject to audit, indicate a solid financial footing amid a complex operating environment.
The Australia Convenience Retail segment was a standout performer, achieving mid-single digit EBIT growth, signalling resilience and steady demand in the domestic retail fuel market. Meanwhile, the New Zealand segment managed to maintain EBIT levels comparable to the prior year despite facing economic challenges, suggesting effective cost management and operational discipline.
Fuel & Infrastructure (F&I) Australia also contributed positively, posting high single digit EBIT growth despite a decline in wholesale volumes excluding net sell. This points to improved efficiency or margin management offsetting volume pressures. F&I International recorded a modest profit, focusing primarily on supplying the Australian and New Zealand markets rather than expanding sales volumes.
Looking Ahead
Ampol’s full audited results are scheduled for release on 23 February 2026, which will provide a more comprehensive view of the company’s financial health and operational performance. Investors will be keen to see how the preliminary strong margins and segment performances translate into final numbers, especially in light of ongoing market volatility and geopolitical factors affecting global oil supply chains.
Bottom Line?
Ampol’s robust refinery margins and steady retail growth set a positive tone, but final audited results will confirm if momentum can be sustained.
Questions in the middle?
- Will Ampol sustain its elevated refinery margins amid evolving global supply dynamics?
- How will economic pressures in New Zealand impact the segment’s future profitability?
- Can F&I Australia maintain EBIT growth despite declining wholesale volumes?