Ampol’s 3Q25 trading update showed weak volumes across all divisions, but the improvement in margins more than offsets the volume decline. Refining margins have lifted by 22% from 2Q25 to 3Q25 and is above the long-term average. In Convenience, shop gross margins increased by 295bp while fuel volumes dropped. We are mindful that the dynamic of falling volumes and rising margins will at some point be difficult to sustain. The approval of the EG acquisition remains a key share price catalyst.