Refined fuel retailer Viva Energy reported a fivefold increase in first-half 2026 underlying NPAT to AUD 371 million. Underlying EBITDA more than doubled to AUD 773 million. The refining result, boosted by the Middle East conflict, is the strongest since Russia's invasion of Ukraine in 2022.
Viva boasts significant refined fuel distribution, supplying around 30% of Australia's national
requirement; second only to Ampol.
Bears
As technology improves, highly fuel-efficient vehicles, electric vehicles, and other alternative fuel vehicles will further detract from retail fuel demand.
Viva is Australia's second-largest vertically integrated refined transport fuel supplier. We rate Viva as the second-most-significant pipeline owner, and at approximately 1,155 locations, Viva supplies the third-largest number of retail sites in Australia behind Ampol at approximately 1,985 and BP at 1,400.Vitol bought Shell's Australian downstream operations in 2014, and renamed them Viva Energy. Viva subsequently bought Shell's Australian aviation operations and a 50% investment in Liberty Oil. In 2016, Viva sold (and leased back) a portfolio of its retail sites to Viva Energy REIT and listed Viva Energy REIT on the ASX. It has since sold its entire REIT stake for AUD 734 million.Viva acquired OTR Group in 2024 for AUD 1.2 billion, bringing over 200 South Australian stores.