Ampol Limited ($ALD)

Good morning, and welcome to the 2026 Annual General Meeting of Ampol Limited. My name is Steve Gregg, and it's an honor to be your Chairman. As a result of the proxies I hold as Chairman, we have a quorum present, so I declare this meeting open. I'd like to begin by welcoming and inviting Mr. Ron West to the stage for an acknowledgment of country. Welcome, Ron.

Good morning, everyone. My name is Ron West, and I'm incredibly proud to say I've been part of the Ampol team for over 2 decades. It's a privilege to stand before you today. Before we begin, I would be honored to acknowledge the Gadigal people of the Eora Nation, the traditional custodians of the land on which we gather today. I pay my deepest respects to elders past and present and acknowledge their enduring connection, care and commitment to this country. As a visitor on Gadigal land, I also proudly carry the strength and spirit of my own people, the Wiradjuri. I extend my respect to all First Nations people joining us here today. For me, firstly, being able to share this acknowledgment is something I hold very close to my heart. It means a great deal to be given this opportunity to recognize the history, culture and continuing contribution of our First Nations communities. I sincerely hope you enjoyed today's AGM that the conversations are meaningful and that you all have a fulfilling and successful day. Thank you for the honor of allowing me to acknowledge our First Nations here today. Thank you.

Thank you, Ron. Very well spoken. -- done. I will now outline the technology and procedural matters for the meeting. Today's meeting is being held in person at the Mint in Sydney and online via the MUFG online platform. The MUFG online platform allows shareholders, proxy holders and guests to attend the meeting virtually. In addition to receiving votes and taking questions from the room here in Sydney, shareholders and proxy holders joining through the MUFG online platform also have the ability to ask questions and submit votes. Our virtual meeting online guide for today's meeting is available on the Ampol Investor Center on the Ampol website. For online attendees, please note that only shareholders and proxy holders can submit questions via the online platform at any time. To ask a written question, click on the Ask a Question button either at the top or bottom of the web page. Select general business or a specific resolution for your question. click in the question section and type your question and click submit. For questions online, Jeff Edrington, our Deputy CFO, is here with us today and will read out the name of the shareholder and their question. We will undertake best efforts to honor and address all questions. However, in the interest of limited time we have, we may choose to merge some online questions together where there is a duplication in the subject matter. If you are participating via the online platform and would like to ask an audio question, click on the button and type in your name and hensmptak. If we do run out of time, we will look to provide direct responses to outstanding questions and post these responses on our website. Voting today will be conducted by way of a poll on all items of business. And in order to provide you with enough time to vote, I will shortly open voting for all resolutions. For those shareholders participating in the meeting via the online platform, you can cast your direct vote using the electronic voting card that you received when you validated the registration. If you have any questions about casting your vote online, please refer to the virtual online platform guide or call us on the help number set out in the guide or on the screen in front of you. You do have the ability to change your vote up to until the time that I declare the voting is closed. If we experience any technical issues today, a short recess or an adjournment may be required depending on the number of shareholders being affected. If this occurs, I shall advise accordingly. If you are attending the meeting in person, you would have been given an attendance card when you registered on arrival. If you have a yellow voting card, you are a voting shareholder, proxy holder or corporate representative, and we vote by filling out a paper voting card. You are also entitled to speak at this meeting. If you have a blue card, you are a nonvoting shareholder, while you are entitled to ask questions and make comments, you're not entitled to vote at this meeting. If you have a red card, you're a visitor and are not entitled to speak or vote at the meeting. At the conclusion of the meeting, please return the completed paper voting card to an MUFG share registry team member. If anyone with a yellow or blue card wishes to speak, please raise your hand for the microphone at the appropriate time and identify yourself to me before asking the question. I'll consider the questions submitted online and via the web phone after I've taken questions from the floor. I now declare voting open on all items of business today. For online attendees, please submit your votes at any time. I'll give you a warning before I move to close the voting. Let me start the meeting today with some introductions. Here with us today is our Managing Director and CEO, Matt Halliday, and Matt will soon join me on the stage. Also joining me in the room today are nonexecutive Directors, Simon Allen, Betsy Donaghey, Mike Ihlein, Helen Nash, Stephen Pearce, Gary Smith and Guy Templeton. We also have our general Counsel and Company Secretary Faith Taylor and Company Secretary, Evan song. Melinda Conrad has informed the Board that she is retiring from the Board effective at the close of today's meeting. On behalf of the Board, I would like to thank Melinda for her significant contribution to the development and organization on the Board since 2017. She has been a valued Chair of the People and Culture Committee and a member of the Audit Committee and the Nominations Committee. We thank Melinda for her service and wish her all the best in the future. Given this, Helen Nash succeeds Melinda as Chair of the People and Culture Committee. Helen has been a member of the committee since joining the Board and brings a wealth experience of more than 20 years in industries, including consumer packaged goods, publishing and media and quick service restaurants. Given Melinda's retirement, we are acutely aware of the gender balance of the Board and have set in motion a process to appoint a new female director. Today, Simon Allen is seeking reelection as a director of Ampol. Also here today are members of the Ampol leadership team as well as a representative of our external auditor, KPMG. Before we move to the formal items of business, I will briefly reflect on our performance in 2025 as well as the current strategic context in which Ampol is operating. I will then hand over to our Managing Director, Matt Halliday, who will take you through the operational drivers of the '25 result and our trading performance year-to-date. I'll begin with safety. Safety is a fundamental to Ampol's license to operate and to our long-term value creation. It is the Board's first priority. In 2025, Ampol continued to deliver strong personal safety performance across much of the group with our convenience retail and Z Energy businesses operating at close to historic best levels. We experienced some personal safety incidents during the year, including in our fuels and infrastructure business. In each case, management responded promptly, decisively reinforcing our safety management processes. Our commitment is to ensure every team member goes home safely every day. The Board remains deeply focused on the management of process safety risk, particularly in complex facilities such as our Lytton refinery. Our role is to ensure the right governance capability and discipline are in place so that our teams are safe, environmental risk is managed and our operations run as intended. Turning to our financial performance in 2025, and I'll keep this brief as I acknowledge there is much to cover on the events that have occurred within this year-to-date. 2025 was characterized by geopolitical volatility, challenging economic conditions and the impact of Cyclone Alfred. In that context, the Board is pleased with the actions management took and are impressed with how management continues to respond to ongoing disruption. Group earnings improved materially on the prior year. Group RCOP EBITDA was at $1.4 billion and group RCOP EBIT was at $947 million, up more than 30% compared to 2024. Group RCOP net profit after tax was $429 million, excluding significant items, up more than 80% on the prior year. And our total fuel sales volume was 25.2 billion liters. Statutory net profit after tax was $82.4 million, down approximately 33%, and this was largely driven by one-off significant items, including a noncash impairment to the carrying value of our investment in SeaOL. We maintained a strong balance sheet, returned leverage within our target range and delivered a fully franked dividend of $0.00 per share, representing a 56% payout ratio of RCOP NPAT, excluding significant items and reflecting our commitment to shareholder returns. The Board commends management for its disciplined execution across the business in a very difficult year. 2025 performance has stood the company in good stead as we navigate the current period of heightened geopolitical uncertainty and disruption. Matt will step through the operational drivers of the results and our first quarter trading performance shortly. Ampol is a proudly Australian-owned company with a long history of supporting Australians and more recently, New Zealanders with safe and reliable fuel supply. Ampol is not just a fuel retailer, however. We are Australia's own fuel company with the capability of independently sourcing, refining and distributing fuel products to Australian consumer and economy. We are also an enabler of economic activity and security across transport, mining, agriculture, defense, emergency services and regional communities in both Australia and New Zealand. Recent geopolitical events, particularly ongoing conflict in the Middle East, have reinforced a clear reality. Traditional fuels remain essential now and for many years ahead, particularly where scalable alternatives have not yet emerged. Safe and reliable supply remains a strategic priority for the Board. Lytton is 1 of only 2 oil refineries operating in Australia capable of playing a central role in national fuel security. Its integration with Ampol's broader supply chain supports government confidence that fuel can continue to reach customers and regional communities during periods of disruption. We have worked constructively with the Australian government on fuel security settings, including the minimum stockholding obligation and Fuel Security Services payment or the FSSP. Phase 1 of the FSSP review has now been completed with the outcome recognizing the importance of maintaining a viable domestic refining capability and providing greater clarity for support framework for Lytton. We appreciate the government has continued to work with us to enable ongoing investment in an essential national asset. Phase 2 of the review is set to commence soon. It will consider the broader refining and Australian energy system and fuel security framework over the longer term. The events of the last few months have reinforced just how critical that role is in Australia. As you'd all be aware, the ongoing conflict in the Middle East has created significant disruption in global energy markets. During this period, the Board has worked closely with management to prioritize safety, fuel availability and resilience. The Board is acutely aware of the pressures on our customers at this time and the economy more generally. Ampol's integrated supply chain, including the Lytton refinery, international trading capabilities based in Singapore and Houston and our domestic distribution and retail network has enabled the company to continue supplying Australia and New Zealand, including to regional areas despite uncertain global conditions. Matt will speak to the detail of how Ampol has been effectively navigating this from an operational perspective. But I want to reiterate the Board is carefully monitoring the situation and supporting management during this critical time. Now on to other matters. The proposed acquisition of EG Australia represents a strategically compelling opportunity to strengthen Ampol's Australian retail network. And this is, of course, subject to regulatory approval. It aligns with our core capabilities, enhances scale and resilience and supports long-term earnings quality. The ACC process is ongoing, and we continue to engage constructively with them. And Matt will again cover the operational benefits of this transaction in more detail. On the energy transition side, the Board remains pragmatic in its approach. While we remain committed to supporting and investing in the energy transition, we have been equally clear about where Ampol should focus its capital and its spend. This has meant making deliberate choices, including to ensure capital is allocated to opportunities that align with our capabilities and can deliver appropriate returns. We continue to advocate for the right policy settings that are essential to develop a competitive local manufacturing capability for low-carbon liquid fuels. Progress in this area requires partnership between industry and government and management continues to engage constructively with both state and federal governments around the country to ensure the policy settings are right to enable scalable uptake of low-carbon liquid fuels. The Board also recognized the growing role of e-mobility in the energy transition with electric vehicle uptake increasing across Australia and New Zealand. Ampol is making measured progress in its EV charging rollout, leveraging the strength of the retail network while balancing the place -- sorry, the pace of investment with customer demand and disciplined capital management. Looking ahead, the Board remains confident in Ampol's strategy and in management's capability to execute in a complex global environment. The Board also remains focused on maintaining strong governance and continuity with thoughtful planning and Board renewal and succession. On behalf of the Board, I'd like to thank Matt, the entire Ampol leadership team and all our people for their commitment and resilience. It's been a massive effort. I'd also like to thank our customers, our partners and particularly you, our shareholders, for your continued support. I'll now hand over to Matt to take us through his address. Thank you.

Thank you, Chairman, and good morning, everyone. I want to begin by thanking our teams for how they have performed through the last few months of the Middle East conflict. Their resilience and dedication has meant that Ampol can continue to supply our customers and keep Australia and New Zealand moving despite the global disruption and uncertainty. I'm proud of the team's performance, and it remains a privilege to lead this great Australian company. As the Chairman outlined, I'll run through the operational drivers of our strong 2025 result. I'll then provide some further context around how we have been performing in 2026 year-to-date. 2025 was strategically significant for Ampol. From an operational perspective, our 2025 results reflect disciplined execution across the business with a clear focus on safety, reliability and productivity. We also made tangible progress against our strategic priorities. Underpinning our strong financial results were Ampol's newly refreshed company values, Movers One, make it happen and make it count, which will continue to guide our way forward. A key contributor to results was the Lytton refinery, which returned to profitability in the second half following difficult conditions in 2024. Decisions taken to stabilize operations in late 2024 helped improve reliability and performance in 2025, with production of approximately 5.5 billion liters despite Cyclone Alfred and planned maintenance. 2025 also marks the 60th anniversary for Lytton, a major milestone for one of Australia's most critical strategic assets that will play an important role for many years to come. Outside of refining, the group delivered earnings growth of about 4%, driven by convenience, retail, Fuels & Infrastructure and Z Energy, all performing broadly in line with expectations. In Convenience Retail, growth was driven by network performance, in-store execution and our continued segmentation strategy. We have continued to reduce our exposure to tobacco through a focus on food and food service categories as well as beverages, which performed strongly throughout the year. Results from our premium Foodary sites and the HUGO rollout continue to validate our segmentation strategy. In New Zealand, Z continued to deliver against its acquisition case, progressed premium site upgrades, commenced the rollout of HUGO and successfully launched the Z Rewards loyalty program. Also in New Zealand, the sale of our channel infrastructure shareholding and the Flick Energy customer book unlocked value, releasing capital to support our other investment decisions. In 2025, we delivered more than $50 million in productivity benefits, and we're targeting a further $50 million through 2026 and '27. We also made strong progress on sustainability, safety and people outcomes, including the delivery of our first sustainability report under Australia's new mandatory reporting standards. Turning now to first quarter performance and current trading conditions. Trading conditions in the first quarter were shaped by a significant disruption in global oil markets arising from the conflict in the Middle East. This disruption has driven higher fuel prices globally, including in Australia and New Zealand and reinforced the importance of secure and reliable fuel supply as well as the strength of Ampol's integrated supply chain. The Lytton refiner margin for the first quarter was USD 25.45 per barrel compared to USD 6.07 per barrel in the prior corresponding period. Refining production was up 10% on the prior corresponding period to about 1.4 billion liters in the quarter. The exceptionally strong financial performance continued in April, particularly at the Lytton refinery and in Trading and Shipping. This has resulted in the year-to-date Lytton refiner margin increasing further from the first quarter result. Refinery production was also solid for the month of April as the team focused on optimizing refinery production to support domestic fuel supplies. Similarly, trading and shipping was again able to capitalize on the market volatility and global supply dislocation during April to deliver another outstanding performance. This was similar to what was achieved in March when the Iran conflict began and reflects the unique insights and position that our trading and shipping team occupy in the region and within the Ampol value chain. Refinery production was also solid for the month of April as the team continued to focus on operating safely and reliably at the refinery. The recent elevated refiner margins reflect tight global product supply conditions that have arisen following the conflict in the Middle East, which also contributed to strong earnings from the trading and shipping operations, as I just mentioned. The flow-on effects in the Middle East to Australian and New Zealand fuel supply is a stark reminder of the importance of preserving Australia's domestic refining industry. And while returns have been very strong at the refinery during this period of dislocation, our domestic refining capability preserves both physical fuel supply and associated profits onshore. It also requires investment in reliability to ensure we are operating effectively when these events arise. Over the past 3 years alone, Ampol has invested more than $1 billion at Lytton to meet compliance requirements and to improve safety and reliability of operations. Sustaining this investment over the cycle where returns can vary markedly requires policy settings that support returns over the long term. We acknowledge that many Australian and New Zealand people and businesses have been impacted by higher fuel prices. And I want to reiterate that Ampol's focus through this time has been on maintaining safety, reliability and fuel security for our customers and communities. In the meantime, the team remains focused on delivering safe and reliable supply and is delivering good performance during a period of heightened focus on fuel security. We've taken practical measures to support initiatives to bolster supply, including in areas that have been especially tight in the regions as well as through constructive engagement with government. Actions taken included deferring planned maintenance at Lytton, consistent with our detailed technical assessment, increasing domestic supply, thanks to the temporary relaxation of sulfur limits in gasoline and supporting targeted MSO releases to regional areas to ensure essential industries get the fuel they need, particularly in agriculture. We have also worked closely with Export Finance Australia and the New Zealand government to help secure additional fuel supply into both countries, respectively. These steps have helped to demonstrate the strength of Ampol's integrated supply chain during periods of global disruption, which is likely to be in higher focus for customers moving forward. Another key project we are focused on is the proposed acquisition of EG Australia. And as the Chairman noted, this is a compelling opportunity for Ampol, our customers and for you, our shareholders. If approved by the ACCC, the EG Australia acquisition would significantly expand Ampol's retail footprint and accelerate the rollout of our value-oriented HUGO offer that is performing well and that resonates strongly with customers, especially in a challenging economic environment. The transaction is expected to be earnings and free cash flow accretive, supported by identified cost synergies of between $65 million and $80 million per year. The ACCC process continues with Ampol having now lodged a final remedy offer proposing divestment of 41 sites across the combined networks. We believe that this will address any competition concerns and expect a final decision from the ACCC next month. On to the ultra-low sulfur fuels project. The start-up of the ultra-low sulfur fuels project will follow completion of the scheduled major maintenance program of the fluidized catalytic cracking unit at Lytton. This maintenance has been moved from early June to the start of August this year, consistent with the technical assessment outcomes to support fuel security for Australia during the current challenging phase. We have continued to engage constructively with the federal government to temporarily amend the gasoline standard to enable more domestically manufactured fuel to be sold in Australia during a period of tight supply, which helps to demonstrate the critical role Lytton plays as a strategic asset in Australia's liquid fuel and energy security. In closing, our focus remains on safety, reliability and delivering for our customers and communities. I'd like to thank our people for their dedication and our shareholders for their continued trust. I'll now hand back to our Chairman, Stephen Gregg.

Thanks, Matt. Well spoken. I would now like to open the meeting to general questions, if I could. There will be an opportunity to ask questions about each resolution later in the meeting before going to the voting outcomes of each resolution. A reminder, we will first take questions here in the room. We will then go to the MUFG online platform for questions. And finally, we will take questions from the web phone if we have any. I would like to invite questions on the general business from the room, if I could, please, Don.

Mr. Chair, I'd like to introduce shareholder, Donald...

Thank you. I'm Don Adams from the Australian Shareholders' Association. And I'm holding 59 proxies today from retail shareholders. I'd like to ask you about the Commonwealth budget, which allowed $10 million to investigate expanded refinery capacity in Australia. Is Ampol involved with this feasibility study? Is that part of the FCCP? Is there any SSP, sorry. Is there any scope for new refineries? And also, is it better to be importing crude or refined products?

Thanks, Tom, for the question. Yes, the $10 billion that they've set aside is an interesting number. And I think the detail is yet to be worked through, and we'll see how that goes when it is worked through. I think it's safe to say that Ampol has been at the forefront of discussions with government. Matt and his team and credit to them have been talking with Minister Bowen about every day. and on not just getting fuel into the country safely and providing it to the country, but also on this minimum storage obligations that they've had and fuel security going forward. So yes, we are involved directly. How that comes back via the government, though, is another matter. And I think what we're going to do is continue those discussions and that dialogue. I think there's quite a way to go before we understand fully and the government comes up with a hard set view on how that will work. But I think there is a general view that we need more storage, and we'll be participating in that. With regard to new refineries, I'd be very surprised if there's a new refinery built in the country. It will probably take 3 or 4 years of feasibility studies. I'd hate to think how many billion dollars to build and the time it takes to build will take it out for a huge number of years. So I'd be very surprised if there was a new refinery capacity. I think you'll find that hopefully, Viva comes back online fully. down in Geelong. We will hopefully manage our refinery well. And I think that's probably where that will end. In terms of crude and product, they both have their place and crude gives us opportunities to mix how we want our product here in the country. But one of the things that Ampol does exceptionally well, and we are the only people who can do it from an Australian perspective is imported out of our 150 people in Singapore that control the sourcing and shipping trading back to Australia from an Australian perspective. So we are in a good position. The guys have done a fantastic job, but it is an ongoing dialogue with government on all those issues.

Mr. Chair, I'd like to introduce shareholder, Ms. Natasha Lee.

Natasha, welcome.

I noticed that the statutory earnings per share dropped last year from 34.6% from the previous year, 51% even though the statutory profits improved. I know that you have said that margins have improved recently. I thought it was sort of a bit interesting that the earnings per share drop even though overall profitability seem better. And I'm sort of looking about long-term sustainability, noting what you said about improving reliability. And so I wouldn't like to see a drop in the future.

Sure. Thanks, Nash. Look, I think you'll find that's an accounting issue, and it comes down to significant items being taken below the line and -- sorry, as a result of the statutory profit put out in the market is low. A lot of those are noncash items. I think you'll find from a cash profitability perspective, it was significantly up on previous years.

Okay. Page 94 is the reconciliation of the ACO results in the statutory results, which showed inventory loss after tax of $134 $136.4 million. What caused it loss? What's the explanation?

We find it to be the most reliable form of measurement of profitability. And it's a function really of inventory gains and losses. It's a very complex environment to import into the country. And depending on the timing and the results and the release, inventory goes up and down, the values are in and out. So that's what RCOP is all about. So we find that the most over a period, the smoothing effect of RCOP is important. That's what that's about.

Yes. So Yes, differences in sort of dollar values from the periods rather than -- it's not like fuel evaporation. No, no. Okay. And I know what you said about -- noting that since the conflict in the Middle East, there's been a greater uptake in EVs and the like. And how is that affecting your sort of longer-term projections? I know we've probably talked about like 20 years out. And the refinery does produce other fuels such as aviation, which is less easy. But as far as the petrol for cars and diesel, how has that sort of curtailed your longer-term projections on the demand for those fuels?

I'll let Matt talk to that in a minute, but I think it's just as a general observation, during this crisis, the sale of EVs went up, but you'll find that the sales of EVs go up and down. It's quite volatile. You'll also notice that the government has, I guess, put in their budget, they're going to take out the rebate for EV sales of certain value. So again, that will probably be a hit to it. So what we've got to do is look through the cycle there a bit. We'll continue investing in EV outlets. They're getting more take-up is expensive for us. We don't make much money out of it, if anything. But we -- it's something we've got to invest in the future. It will come. But I think what this crisis in the Middle East has shown is just how reliant we are as a country at all levels on the fuels that we sell. So we have a delicate balance between providing fuel in a safe, secure, cost-effective way today but having to also invest for the future. So we look at this every Board meeting. Any further questions there, folks? Okay. As there are no further questions in the room, we will now go to the online platform. Are there any questions from that platform, please?

Yes, there are. The first question comes from Stephen Mayne. The question is, Rio Tinto has a policy of mandatory audit tenders every 10 years and mandatory audit changes every 20 years. Do we have a similar policy? When did we last tender the external audit? And when are we likely to tender the audit?

Sorry, can you just repeat that, Jeff? I didn't quite hear it, please, sorry.

Okay. So the question is Rio Tinto has a policy of mandatory audit tenders every 10 years and mandatory audit changes every 20 years. Do we have a similar policy? And when did we last tender the external audit? And when are we likely to tender it?

We don't have that policy. We tend to review it regularly, but we don't have that policy. But Matt, do you know?

Rio is a U.K. company, so it is subject to U.K. obligations where there is a mandatory rotation obligation. In Australia, it is a rotation of the lead partner every 5 years. Cameron Slap from KPMG is in the audience, and Cameron has been conducting the audit now for 3 years. So that's what we adhere to.

Okay. The next question is actually for Melinda Conrad. So maybe one to take on notice, but I'll read the question. So thanks. The question comes again from Stephen Mayne. Thank you to Melinda Conrad for her 9 years of service on the Board. It is always helpful for investors to have access to some exit perspectives from retiring directors. In her final contribution as an Ampol director, could Melinda comment on what she regards as best 2 decisions Ampol's made during her time on the Board? And if she had time again, what does she believe Ampol should have done differently? Finally, could the Chair confirm that he won't be seeking a fifth term on the Board when his current term expires in 2028. So perhaps only the last part...

Thanks, Geoff. Look, I'll ask Melinda that she'd like to respond to Stephen, but she's now left the Board. So entirely her choice. And I don't intend to seek a fifth term, but you never know.

Okay. The next question again from Stephen Mayne. Could the CEO please summarize the extent and breadth of engagement he has with analysts, brokers, fund managers and institutional investors after each 6 monthly results release to the ASX. How does that compare with the amount of time and effort Ampol puts into its 34,782 retail shareholders? Also, out of respect for your retail shareholders, could you please disclose the headcount data with today's poll results to show how many of us voted and what the retail sentiment was, particularly on the remuneration items?

Yes. So thank you. Look, we engage heavily with our shareholder base following half year and full year results. Our initial engagement is with the analyst community and with the institutional shareholders. And then we ensure that through retail broker platforms, we provide the opportunity for retail shareholders to engage directly with the company also.

There are no further questions.

Thank you, Jeff. Are there any questions on the web phone, please?

Chair, at this time, there are no phone questions.

Thank you very much. As we have no further questions, we are now going to move to the formal items of business. As notified to the ASX, all resolutions will be decided today by poll. I thank all shareholders for their efforts to submit proxies in advance of this meeting. A number of the shareholders have appointed the Chairman as proxy for today's meeting. Where these proxies are open, I intend to cast the votes in favor of each resolution. The first item of business relates to the '25 financial reports. Ampol's 2025 annual report has been released to the ASX and is available on our website. For the purpose of today's meeting, the financial report, sustainability report directors' report and the auditor's report for the year ended December 2025 are put before the meeting. I would now like to open the meeting to questions on the reports. There will be an opportunity to ask questions of the other items of business a bit later. A reminder that we will first take questions here in the room. We'll then go to the MUFG online platform and finally, to the webphone.

If I heard you correct, you've said that you're taking questions on the 3 reports rather than each individually. That's okay. It was concerning reelection of directors, and I noted your comment that you will be looking to address the gender balance in the Board. Look, I'm happy with Simon and support, but I do ask that the Board be mindful of maintaining -- we're looking at improving the overall diversity and lived experience of Board members. So I just ask that you bear that in mind in the selection of the next replacement.

Good. Yes, absolutely. We're fully aware of that. And I think what's very important on the Board is to have diversity of opinions and thought as well as diversity of gender and race and the like. So we'll be going through this in the next few months. And hopefully, we'll come with a fantastic new director to replace Melinda. Thank you. -- as there are no further questions in the room, we'll go to the online platform. Are there any questions from the online platform, Jeff?

There are no questions.

Thank you. As there further questions any questions from the web phone, please?

Chair, no questions from the phone at this time.

Thank you. I can see we have no further questions on this item of business. We will now move on to the following matters to be voted on by shareholders today. The adoption of the '25 remuneration report, the reelection of Simon Allen as a director and the grant of the 26 performance rights to the MD and CEO. The proxy results of the poll on each resolution will be displayed on the screen before we move to the next item of business. The final number of votes will be advised to the ASX and will also be available on our website after the meeting. The next item of business is the remuneration report. The vote on this resolution is advisory and does not bind the directors or the company. I'll now answer questions on this item of business from the floor, please. Don?

Yes. You had -- we've already had commentary on how replacement cost net profit was up by 80-odd percent and net profit down by 30%. And the difference is, of course, inventory losses and significant items. Do you think that focusing on replacement cost profit for short-term incentive purposes means that management may take the eye off the ball regarding those items. For example, the losses on the sale of the electricity retail business and the write-down of the Sea oil assets might have been mitigated had management a direct incentive to do so?

Don, I think these 2 items, which comprise the bulk of the significant items this year are quite unusual. I mean sea oil we've had for a number of years. It's been a great investment for us. But we felt that in the prudent conservative fashion that Ampol operates, it was time to take an impairment there. And on the electricity write-down, again, one of the things I don't want management to do is not be incentivized to try things when we think there's a credible business plan. And in this particular case, we tried it. We felt that it didn't have a future -- and therefore, we're going to take an impairment and a write-off of that business. But if we don't give our management the right to go ahead and do things, then they won't try. And I just felt that it was unfair to penalize them this year for what has otherwise been a stellar year for what the Board has given them right to do. So normally, I don't like significant items of any scale. This was too big last year. I admit that. But I felt that it really shouldn't have impacted the rem for the guys. So I'm quite happy with that. Okay. As there are no further questions in the room, we'll now go to the online platform. Jeff, any questions there, please?

There are no questions.

Thank you, Jeff. Any questions from the web phone, please?

Chair, no questions from the phone at this time.

Okay. As there are no further questions, please now select for, against or abstain next to the resolution 2 on your electronic voting card or your paper voting card. Proxy results for the voting are now on the screen. Thank you. The next item of business for the meeting is the election of Simon Allen as a director of Ampol. Simon was appointed as a Director for the company in September 2022. He's a member of the Safety and Sustainability Committee and the Nominations Committee. He has over 40 years of commercial and governance experience in Australia and New Zealand and the capital markets and was the Chief Executive of Investment Bank, BZW ABN AMRO in New Zealand for 21 years. He is currently a Chair of IAG New Zealand and a Director of IAG Limited. He's a former trustee of the New Zealand Antarctic Heritage Trust, a former Chair of Z Energy Limited. as Chair of Channel Infrastructure New Zealand, previously known as the New Zealand Refining Company. Simon is also the inaugural Chair of New Zealand Stock Exchange Financial Markets Authority, Auckland Council, Investment, it goes on, Infrastructure Partners Limited, et cetera. I've got to say the Board unanimously supports Simon's reelection as a Non-Executive Director, and I'll ask Simon now to speak to his reelection. Thank you.

Thank you, Chair, and good morning, fellow shareholders. I've served as a director, as Steve said, of Ampol since September 2022 and today seeking your reelection. In addition to Ampol, I do currently serve and only serve as a Director of Insurance Australia Group in Australia and as Chair of IAG New Zealand. By way of background, as discussed, I was the Chief Executive of an investment bank in New Zealand for which I set up for 21 years. We've held a wide range of governance and advisory roles over more than 35 years across both Australia and New Zealand. The roles have spanned government entities, corporations and charities. And one such recent role directly applicable to here is as Chair of Refining New Zealand, now known as Channel Infrastructure. I really enjoy being a director of Ampol. It's a great company operating in complex times. I have the energy, time and commitment to devote to Ampol. Thank you for the opportunity to offer myself for reelection.

Well spoken, made, and we are very supportive of your reelection. You make a great contribution. Thank you. I'll now answer questions on this item from the floor, please. Okay. As there are no questions on the room, I'll go to the online platform, Geoff.

So there is a question again from Stephen Mayne. The question is, why won't Simon embrace remuneration report voting as Chair of Channel Infrastructure in New Zealand? Doesn't he agree it works well at IAG and Ampol.

Can you repeat that, please?

Why won't Simon embrace remuneration report voting as Chair of Channel Infrastructure in New Zealand? Doesn't he agree it works well at IAG and Ampol?

I do agree it works well at IAG and Ampol. I'm no longer the Chair of Channel Infrastructure in New Zealand. So that would need to be addressed to that Chair. Sorry.

Yes, that's the appropriate answer. It's not really for Simon to comment on that at this meeting. Thank you.

There are no further questions.

No. Okay. Thank you. As there are no questions -- further questions, we'll move ahead. Thank you for that. Any questions from the web phone? No?

Chair, no questions from the phone.

Thank you. As there are no further questions, please now select for, against or abstain next to the Resolution 3A on your electronic voting card or your paper voting card. The proxy votes results now are on the screen. Well done, Simon, overwhelming support. It's clear to see from that you'll be reelected. Well done. Okay. The next item of business is the grant of performance rights to the Managing Director. Ampol is seeking shareholder approval for the grant of performance rights to Matt Halliday, Ampol's MD and CEO under the Ampol equity incentive plan and his long-term incentive award for 2026. And the current intention that the performance rights awarded to Matt Vest will be satisfied with the shares purchased on market, which does not require shareholder approval under the ASX listing rules. However, the Board considers it appropriate to seek shareholder approval as a matter of best practice. The key terms relating to the grant of the performance rights are set out in the Notice of Meeting. I will now answer questions on this item of business, please, from the floor. Okay. There doesn't seem to be any questions from the floor. So we'll move on. Thanks to the online platform, Jeff.

Okay. The first question is from Stephen Mayne. The question is, thank you for disclosing the proxies early to the ASX and also for achieving strong voting support on all items, something that has happened for many years. Thank you also for following the agenda and calling for questions individually on each item, something the Chair doesn't do at Westpac. You didn't answer the headcount question before. Will you voluntarily disclose how many shareholders vote for and against this and all items? If you do this, you'll be at AGM best practice along with Tabcorp, Helia, Suncorp, Myer and Stockland.

Thanks for that question, Jeff. And I'll be happy to talk about Westpac with Stephen at Westpac and as we did last year in an extended fashion. I think we do it best practice here at Ampol in terms of how we disclose voting rights, voting trends and voting results. So I'm very pleased with how we're doing it. I don't think we intend to change.

No further questions.

Thank you, Jeff. Any questions from the web phone, please? Thank you very much no questions. Thank you. If there are no further questions, please now select for, against or abstain next to the Resolution 4 on your electronic voting card or your paper voting card. The proxy results for votes are now on the screen. You've squeaked in Matt. It's clear from those numbers that the performance rights will be granted to Matt, and we're very grateful for that as I'm sure Matt is. Congratulations. Thank you for all your participation in today's AGM. On behalf of the Ampol Limited Board and management, I sincerely thank everyone here today and all our shareholders, employees, customers and partners for your continued support of our wonderful company. We look forward to updating you as we continue to execute our strategy. I wish you all safe and well. Thank you.