Ampol’s 1H25 earnings showed a small improvement in Convenience earnings, cost savings and a good exit run-rate for refining margins. We expect Ampol’s Convenience EBIT to rise in 2H25e despite another drop in fuel and tobacco volumes. The company’s 1H25 gearing was 2.8x, but gearing should reduce with lower capex and better margins over the next two years. The recently announced EG acquisition needs ACCC approval, which will be long-dated and there may be some contention around the number of sites to be divested given the geographic overlap.