Ampol Limited reported unaudited results for the first half of the 2025 financial year, with Group Replacement Cost Operating Profit (RCOP) EBITDA estimated at around US$640 million and RCOP EBIT at approximately US$400 million. The company’s performance was bolstered by growth in its Convenience Retail division and in New Zealand, even as volumes across several segments showed mixed trends. Convenience Retail sales volumes fell by roughly 4.6% compared to the prior year, while Australian wholesale volumes declined marginally by 1.2%. International volumes, however, experienced a sharper drop of 17.5%, contributing to a total group sales volume decrease of about 6.1%. The technical indicators reveal that the Lytton Refiner Margin (LRM) for the second quarter of 2025 was US$8.71 per barrel—a slight dip from the US$8.81 achieved in the corresponding quarter last year—with the overall half-year LRM coming in at US$7.44 per barrel, down 28% from the previous year’s figure. Total refinery production for the second quarter was recorded at 1,406 million litres. In addition, market dynamics have affected some segments, with the Fuel & Infrastructure Australia division delivering EBIT in line with the prior year and the international F&I segment operating at breakeven levels, as focus shifted toward supporting supply into the Ampol system in Australia and New Zealand. The trading update indicated that the growth in the convenience sector was driven in part by an improved mix of premium fuels and the continued expansion of the U-GO, value-oriented brand to 34 sites across Australia. The New Zealand segment managed modest EBIT improvements—mitigating some challenges posed by weaker sea-freight conditions—while the Lytton refinery’s EBIT was maintained at breakeven, following a profitable second quarter brought on by improved refining margins. The company expects interest expense and effective tax rates during the period to remain broadly in line with earlier performance, taking into account capitalised interest on major projects and one-off tax outcomes. Bullish sentiment highlights Ampol Limited’s strong foothold in the convenience and New Zealand markets, the resilience of its integrated retail network, and the potential for further expansion driven by its U-GO brand. On the other hand, concerns remain regarding the notable decline in international sales volumes and the drop in overall refinery margins on a half-year basis, suggesting that ongoing market volatility and input cost pressures could dampen near-term performance. Overall, while strategic segments show promise, variability in key technical indicators urges cautious optimism for the future.