Jefferies expects strong Q1 performance for Australian fuel refiners

Ampol

12/04/2026 21:30

** Brokerage Jefferies says fuel refiners Ampol Ltd ALD.AX and Viva Energy VEA.AX are expected to post strong Q1 updates benefiting from Middle East conflict

** Says strong volume growth expected on fuel stockpiling by consumers & commercial customers

** Sees market share gains helped by increased volumes from independent service stations & distributors

** Disciplined capital use, strong fuel retail and performance of ALD's unmanned fuel station, U-GO sites bolster scope for further upside, Jefferies says

** Says confidence in VEA's convenience strategy has weakened after a sharp drop in EBITDA from the OTR group acquisition in 2024 but modest improvements in retail margins provides a scope for upside

** Jefferies has set a PT of A$36.50 on ALD with a "buy" rating; PT of A$2.20 on VEA and "hold" rating

** YTD as of last close, VEA up 22.4% & ALD up 3.4%

 (Reporting by Sruthi Narasimha Chari in Bengaluru; Editing by Chris Reese)

 ((Sruthinarasimha.chari@thomsonreuters.com))