Viva Energy FY2025 Results: CEO & CFO Live Briefing

Refining Recovery Meets Retail Headwinds

Viva Energy Group Limited (ASX: VEA) operates Australia's largest refinery at Geelong and dominates downstream fuel supply through branded service stations and convenience outlets. The full-year 2025 results, covering the period to December 2025, follow a January 2026 quarterly update that showed total sales volumes up modestly at 4,408 million litres, led by aviation and industrial fuels.

Yet the same update exposed weakness in the convenience arm, with sales dropping to $431 million and tobacco revenues plunging 33.6%, even as margins in that segment improved. This divergence reflects broader pressures: global refining crack spreads have supported the Geelong refinery, but domestic petrol demand faces long-term decline from electric vehicle adoption and efficiency gains.

The results carry high stakes for fuel security and pricing in Australia, where Viva supplies a substantial share of transport fuels. Weak performance could accelerate concerns over refinery viability, especially after years of global refining rationalisation. For shareholders, the briefing follows a share price trajectory marked by double-digit declines in recent periods, amplifying focus on capital allocation, dividends, and strategic shifts.

Less-noticed angles include the interplay between regulatory curbs on tobacco/vaping products and convenience profitability, alongside efforts to reposition mobility offerings. The appointment of a new Convenience and Mobility CEO signals intent to address these structural challenges, but success remains uncertain against macroeconomic oil price swings and Australia's accelerating energy transition.