Ampol reported 1H26 EBIT of $1,392 million, which is more than it has made in any entire year. The positive impacts of the Iran war shock boosted earnings in refining and its fuel wholesale operations significantly. The glide path lower for refining and wholesale earnings should still result in outsized margins over 2H26e and FY27e. We set a long-term refiner margin at $12.50 (prev $11.90) by FY28e. The Convenience segment result showed modest dollar margin growth of 4.7%. The addition of EG from 2H26e onwards will distort margin metrics given the thinner margins in EG, but therein lies the upside in synergies.