Ampol’s EG acquisition has been approved by the ACCC on condition of divesting 41 sites. Even with this, the EG deal is compelling. The EG stores enable a faster rollout of U-GO sites and cost savings in buying and overheads. We see value creation from this deal with further synergy upside. Ampol is positioned for a very strong year of earnings given higher refining margins in FY26e. However, the more enduring upside will come from the EG acquisition.