ALD: EG Acquisition Completed

Research evidence excerpt

ALD: EG Acquisition Completed

EQUITY RESEARCH QUICK TAKE

Royal Bank of Canada, Sydney Branch

Gordon Ramsay (Analyst)

Alistair Rankin (Analyst)

June 30, 2026

Ampol Ltd

EG Acquisition Completed

ASX: ALD | AUD 32.90 | Outperform | Price Target AUD 39.00

Sentiment: Positive

Ampol has closed its acquisition of EG Australia, as previously guided by the company (July target). The transaction was fully

cash-settled at ~$1,115m net (after a working capital release), following Ampol's decision to exercise its option to convert the

scrip component to cash (improves deal earning metrics).

Our view

Overall, we view this as a meaningful scale-up for Ampol's Convenience Retail business, accelerating the rollout of the Ampol

Foodary premium format and the unstaffed U-GO value format, plus expanding the Woolworths Everyday Rewards footprint. The

cash settlement decision is also a shareholder-friendly move given the EPS uplift expected to be generated (includes synergies). We

view integration risk as low, especially since Ampol knows the assets well; Ampol already has the EG site fuel supply agreement and

the sites are Ampol branded. We see Ampol's synergy target realisation as being highly likely. Ampol points to its highly successful

Z Energy acquisition in 2022 as a precedent.

Regulatory - Good outcome

Australian Competition and Consumer Commission (ACCC) approval was granted on 03 June and conditional on Ampol divesting

41 sites, which it has agreed to sell to Metro Petroleum (Dib Group). We see this as a relatively clean outcome — only ~8% of

the network had to be divested.

Credit rating - Baa1 investment grade credit rating maintained

Ampol expects its leverage to move back to within its target range (Adjusted Net Debt / EBITDA RC of 2-2.5x) by the end of calendar

2027.