Ampol 1H 2026 slides: profit surges on fuel crisis, warns of normalization

Ampol Limited (ASX:ALD) reported a significant surge in profit for the first half of 2026, driven by the largest oil market disruption in history. The company's replacement cost operating profit (RCOP) EBIT grew by an extraordinary 245% year-over-year to $1.39 billion, with statutory net profit after tax (NPAT) reaching $1.36 billion.

This exceptional performance was attributed to supply disruptions caused by the Middle East conflict and Ukrainian drone attacks on Russian refinery infrastructure, which created margin opportunities across Ampol's integrated platform. Despite the strong earnings, management emphasized that the growth was largely temporary and not indicative of a new sustainable earnings baseline.

The company maintained a leverage ratio of 1.8 times adjusted net debt to EBITDA, below its target range of 2.0-2.5 times, and declared an interim dividend of 185 cents per share.

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