AMPOL LIMITED
ACN 004 201 307
29-33 BOURKE ROAD
ALEXANDRIA NSW 2015
ASX Release
Macquarie Conference Presentation
7 May 2025 (Sydney): Ampol Limited provides the attached presentation for the
Macquarie Australia Conference 6-8 May 2025
Authorised for release by: the Board of Ampol Limited
INVESTOR CONTACT MEDIA CONTACT
Fran van Reyk Matt Paterson
GM Investor Relations and External Communications
Sustainability Manager
+ 61 419 871 138 +61 402 140 757
[email protected] [email protected] 2
Our 2025 priorities
We are clear on our priorities for 2025
Purpose Powering better journeys, today and tomorrow
Strategy
• Complete the Ultra Low Sulfur Fuels (ULSF) project for startup towards the end of 2025. Historically
10ppm sulfur gasoline has traded at a higher premium to current Australian grades
MAXIMISE LYTTON VALUE
• Improve Lytton reliability performance
ENHANCE • Focus on productivity and Fuel Security Services Payment Government re-engagement
the core business • Commitment to initial $50m (nominal) cost reduction target for 2025 includes by way of example:
‒ Drive productivity, asset reliability and integrity in the supply chain for the longer term
PRODUCTIVITY PROGRAM
‒ Efficiency of technology, digital and data spend
‒ Focus on on-the-go e-mobility and the feasibility of a renewable fuels1 industry in Australia
• Progress building of the NSW M4 highway sites at Eastern Creek including QSR
GROW AUSTRALIAN • Continue to explore premium store pilots (5 + 5) with a refreshed store design, ranging and elevated
CONVENIENCE RETAIL customer experience
EXPAND OFFER • Expand product innovation trials including pilot of rejuvenated food service offer for hot kitchens
from rejuvenated fuels • Explore opportunities to further segment the retail offer
platform
ACCELERATE SEGMENTED • Continue premium updates with a further ~25 retail site refreshes planned for 2025
RETAIL OFFER IN NEW • Continue to explore opportunities to accelerate the retail segmentation strategy
ZEALAND • Launch digitally based Z loyalty capability in 2025
EVOLVE BUILD FOUNDATIONS FOR
• Extend EV public charging bay networks in Australia and New Zealand
energy offer for our • With IFM and GrainCorp, progressing pre-FEED and feasibility assessment and policy levers to
ENERGY TRANSITION
customers establish an integrated renewable fuels1 industry in Australia
Notes:
1. Renewable Fuels is an industry term used for liquid hydrocarbons made from non-petroleum based renewable feedstocks such as purpose grown biomass, or from waste material such as tallow or used cooking
oil. It captures Sustainable Aviation Fuel (SAF) and Renewable Diesel
3
Global refining market and Lytton update
Global refining conditions remain volatile Ampol priorities
• In 1Q 2025, international trade tensions impacted sentiment in relation • Improving operational reliability
to the outlook for demand
• Focus on productivity and future
• In last few weeks product cracks improved US$3/bbl, largely driven by: capital requirements
– Walk-back of US tariffs • Complete Ultra Low Sulfur Fuels
– Weakness in crude with OPEC+ announcing 2 rounds of accelerated project by end of 2025
tapering – Expecting to capture higher
– Spain / Portugal energy issues margin on production of new
– Tighter inventories amidst global refinery major maintenance gasoline specification
period • Scheduled meeting with Government
• China has continued to operate consistently with its two-pillar strategy: to review Fuel Security Services
Payment mechanism to ensure
– Reduce strategic vulnerability to imported crude downside risk is appropriately
– Drive consolidation into more efficient State Owned Enterprises mitigated
…but remains a watch point • Expect to provide a further update at
1H 2025 results
4
Our 2025 priorities
We are clear on our priorities for 2025
Purpose Powering better journeys, today and tomorrow
Strategy
• Complete the Ultra Low Sulfur Fuels (ULSF) project for startup towards the end of 2025. Historically
10ppm sulfur gasoline has traded at a higher premium to current Australian grades
MAXIMISE LYTTON VALUE
• Improve Lytton reliability performance
ENHANCE • Focus on productivity and Fuel Security Services Payment Government re-engagement
the core business • Commitment to initial $50m (nominal) cost reduction target for 2025 includes by way of example:
‒ Drive productivity, asset reliability and integrity in the supply chain for the longer term
PRODUCTIVITY PROGRAM
‒ Efficiency of technology, digital and data spend
‒ Focus on on-the-go e-mobility and the feasibility of a renewable fuels1 industry in Australia
• Progress building of the NSW M4 highway sites at Eastern Creek including QSR
GROW AUSTRALIAN • Continue to explore premium store pilots (5 + 5) with a refreshed store design, ranging and elevated
CONVENIENCE RETAIL customer experience
EXPAND OFFER • Expand product innovation trials including pilot of rejuvenated food service offer for hot kitchens
from rejuvenated fuels • Explore opportunities to further segment the retail offer
platform
ACCELERATE SEGMENTED • Continue premium updates with a further ~25 retail site refreshes planned for 2025
RETAIL OFFER IN NEW • Continue to explore opportunities to accelerate the retail segmentation strategy
ZEALAND • Launch digitally based Z loyalty capability in 2025
EVOLVE BUILD FOUNDATIONS FOR
• Extend EV public charging bay networks in Australia and New Zealand
energy offer for our • With IFM and GrainCorp, progressing pre-FEED and feasibility assessment and policy levers to
ENERGY TRANSITION
customers establish an integrated renewable fuels1 industry in Australia
Notes:
1. Renewable Fuels is an industry term used for liquid hydrocarbons made from non-petroleum based renewable feedstocks such as purpose grown biomass, or from waste material such as tallow or used cooking
oil. It captures Sustainable Aviation Fuel (SAF) and Renewable Diesel
5
Convenience Retail strategy (Australia)
The Convenience Retail business has undergone significant change over the past 7 years with further growth in earnings expected over
time
Continuation of the strategy in the near-
Strategy execution
future
2017 - 2018 2019 – 2022 2023 - 2024
Company ownership Rebrand and format pilots Embedding gains Network growth
Focus on highway and premium sites
Converting network
Network rationalisation Network rationalisation
to company ownership
Improved fuel and shop tiering of offering
Building retail Investment in highway
Rebrand to Ampol Defined clear segmentation to target and
capability sites
tailor micro-market offer, example includes
Operating and capital
trialling a low-cost fuel offer
Labour enhancements spend discipline
Grow food service offering
Woolworths wholesale Positioning for transition
of wholesale supply Grow Boost and HJ’s sites, explore other
implementation
brands and enhance hot kitchens
Regained control of
MetroGo pilot premium network
development
EV customer opportunity
Commenced QSR trial Target improved conversion of EV customer
with HJ’s
6
Australian Retail Network – Segment Overview
Highway Premium Mainstream Discount Regional Centre
Destination Site Food to Go Core Offer Core Offer Localised
• Flagship and • High income area / • Outer suburbs / • Competitive fuel • Regional location
Typical Foundation Highway position regional located • Value driven • Hub for local
Site locations • Inner city locations • Low food service mix • Low shop sales community
Descriptor • Truck stop facility / • High food service mix • High tobacco mix • Low overheads
service centres • Low tobacco mix • Avg sales / customer
• High sales / customer base
base
Key Focus Area Key Focus Area Key Focus Area
• Pheasants Nest & M1 sites • Pilots underway • Scaling network
complete
• M4 sites under
construction
7
Introducing U-GO – Unmanned offer
Competitive Quick and easy to operate
“Best price in the area” “Love how quick it is to pay and
pump. ”
Available 24/7
“Thank you for providing such an easy fuel
service for those working odd hours”
8
U-GO EBITDA uplift ~$30m+ run rate by end 2026
Completed comprehensive pilot case study U-GO opportunity
• 19 Ampol sites converted and rebranded during 2024 Australia
• Each site has been in operation for at least 4 months • 28 sites currently converted
Strong financial returns • 40 sites by end 2025
• ~50% uplift in fuel volumes (skewed to base grade) • 60+ sites by end 2026
• ~$300k per annum average site EBITDA improvement1 New Zealand
• ~$300k capex per site; rapid conversion • 4 sites launched
• Rapid payback of approximately one year • ~25 sites by end 2025
Leveraging Ampol’s network and site selection • 40+ sites by end 2026
• Attractive catchment, high mix of target demographic
• Under-performing store vs labor costs to operate Total Group EBITDA uplift run rate of $30+
• Appropriate leasing arrangements and remaining tank life million by end 2026
• Other micro-market competitive considerations
Notes:
1. EBITDA improvement includes increased net fuel margin contribution, loss of store contribution, and labor and other site overhead savings
9
Australian network evolution
The U-GO offer will be scaled up as part of our retail segmentation strategy to compete with independents in Australia
Australian Retail Site Count1 Premiumisation and rationalisation of network 55% higher average fuel volume
removed underperforming tail per site2
7,981 8,093 8,114 5.1
7,794 7,919
7,490 7,653
7,222 2019
Investing in highway sites
Distribution of site EBIT ($M)
2024
4,990
Pilot of low capex upgrades to Premium 3.3
4,839 4,847 5,010
4,955
4,866 sites
4,898
4,824
Mainstream sites Scaling up
– core offer conversion
to U-GO
1
2,928 3,080 3,134 3,083 3,124
2,398 2,592 2,698
Ampol Industry
2017 2018 2019 2020 2021 2022 2023 Sep-24
Ampol base grades
Independents Major brands (Including Ampol core)
Number of sites Ampol premium grades
Notes:
1. Source: Ampol analysis based on site counts at December unless otherwise noted
2. Source: Australian Petroleum Statistics. Ampol core network petrol and diesel volume per site compared to industry petrol and diesel volume per site
10
New Zealand network evolution
Z competes in both manned and unmanned segments converting sites with quality real estate but low convenience stores sales to
U-GO. Z is also continuing to invest in the Store Refresh program for manned sites
New Zealand Retail Site Count (# Sites) 1 Z company owned sites (Number of Sites)2 Store Refresh opportunity
199 199 197 196 197 • 25 additional sites by end 2025
2 3 6 7 9
1,380 1,385 1,391
1,323 1,345 1,358 19 29 • ~60+ sites in future program
32
277 303 323 346 358 384 58 • ~NZ$100k EBITDA per site uplift
83
Total New Zealand EBITDA from
194
174 Store Refresh of ~NZ$8-10 million
158
1,046 1,042 1,035 1,034 1,027 1,007 129
85
2019 2020 2021 2022 2023 2024 2021 2022 2023 2024 2025
Forecast
Unmanned Manned Caltex Unmanned Z Sites (Refresh)
U-GO Sites Z Sites (Non-Refresh)
Notes:
1. Source: Company analysis based on estimated site counts at February 2025
2. Z Energy network includes supply to 52 Foodstuffs sites (including unmanned offers) and to Caltex dealers
11
Why invest in Ampol Group RCOP EBIT1 ($m)
Earnings underpinned by high-quality business mix
— Growing Fuel and Convenience earnings in Australia and New Zealand 1,269 1,297
— Commercial businesses serve more than 110,000 B2B and SME customers
— Owning and operating an integrated fuels value chain with an attractive fuel 501
outlook well into the 2030s1
801
— Australian retail network includes ~250 tier 1 sites that have the potential to 715
provide offerings consistent with the extended dwell times of EV charging
560
— Serving ~4 million retail customers per week 520
91 320
203 796
Strategic clarity 731
469 431 468
— Build a stronger, more efficient fuel supply chain 317
— Accelerate fuel and convenience growth through segmented offers
(16)
(111)
— Develop and grow new mobility solutions at an appropriate pace
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Well positioned to navigate the transport energy transition Group (Ex-Lytton & F&L International) Lytton and F&I International
— The integrated fuel supply chain provides fuel security for today
Fuel and Convenience RCOP EBIT ($m)
— Leverage Australian and New Zealand retail networks and B2B market positions
to
o Grow our position in on-the-go charging
o Extend into third party sites 107 160 129
— Uniquely positioned refinery; exploring opportunities in renewable fuels2 48
51
67
Disciplined capital allocation 51
347 355 357
— Pathway back to target leverage range during 2025 and a track record of 287 254
returning surplus capital to shareholders 201
Notes:
1. Based on Ampol’s scenario planning presented in the 2023 Climate Report FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
2. Renewable Fuels is an industry term used for liquid hydrocarbons made from non-petroleum based renewable
feedstocks such as purpose grown biomass, or from waste material such as tallow or used cooking oil. It Convenience Retail Gull (discontinued) Z Energy (retail)
captures Sustainable Aviation Fuel (SAF) and Renewable Diesel
12
Q&A
13
Important Notice
This presentation for Ampol Limited is designed to provide:
• an overview of the financial and operational highlights for Ampol Limited and its controlled entities, and their interests in associates and jointly controlled entities
(Group) for the twelve-month period ended 31 December 2024; and
• a high level overview of aspects of the operations of the Group, including comments about the Group’s expectations of the outlook for 2025 and future years, as at 7
May 2025.
This presentation contains forward-looking statements relating to operations of the Group that are based on management’s own current expectations, estimates and
projections about matters relevant to the Group’s future financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”,
“predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-looking statements.
References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based
on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and
external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to
the future business performance or results of Ampol Limited or the likelihood that the assumptions, estimates or outcomes will be achieved.
While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. Ampol Limited, its
officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation.
All forward-looking statements made in this presentation are based on information presently available to management and Ampol Limited assumes no obligation to
update any forward-looking statements. Nothing in this presentation constitutes investment advice and this presentation does not constitute an offer to sell or the
solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice in Australia
(including financial and legal advice) before making an investment in Ampol Limited shares or in making a decision to hold or sell your shares.
Thank you
