#1V-Power Power Macquarie Australia Conference 3 May 2023 VIVA EnergyAustralia. coles express save 49 Shell V-Power For what you love V-Power E#2Important notice and disclaimer This presentation has been prepared by Viva Energy Group Limited, ACN 626 661 032 ("Company" or "Viva Energy"). The information provided in this presentation should be considered together with the financial statements, ASX announcements and other information available on the Viva Energy website www.vivaenergy.com.au. The information in this presentation is in summary form and does not purport to be complete. This presentation is for information purposes only, is of a general nature, does not constitute financial advice, nor is it intended to constitute legal, tax or accounting advice or opinion. It does not constitute in any jurisdiction, whether in Australia or elsewhere, an invitation to apply for or purchase securities of Viva Energy or any other financial product. 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This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of Viva Energy. Viva Energy is a Shell Licensee and uses Shell trademarks under licence. The views expressed in this release or statement, are made by Viva Energy and are not made on behalf of, nor do they necessarily reflect the views of, any company of the Shell Group of companies. VIVA EnergyAustralia. 2#31Q2023 Trading Update Strong start to 2023 with continued momentum in our core Retail and Commercial businesses All financials in $M unless noted otherwise 1Q2023 Group Results Sales volumes 1Q2023 Change 1Q2022 (%) (#) 3,780 ML 292.9 3,288 ML 15% 492 ML 172.8 70% 120.1 EBITDA (RC) Retail, Fuels & Marketing (RFM) Group EBITDA of $293M in 1Q2023, +70% y/y1 • • Commercial EBITDA (RC) increased by 65% to $132.7M, driven by higher sales volumes and favourable product/margin mix. Retail EBITDA (RC) lifted 8% to $71.1M, driven by ongoing retail margin strength and higher sales volumes. The Geelong Refinery delivered EBITDA (RC) of $97.1M, with an intake of 10.1MBBLS and a GRM of US$14.7/BBL for the quarter. Refining operating costs remained elevated due to high freight rates and increased shipping activity to support planned major maintenance turnaround in 2Q2023. 1Q2023 Change 1Q2022 (%) (#) Sales volumes 3,780 ML 3,288 ML 15% 492 ML Retail 1,135 ML 1,086 ML 5% 49 ML Commercial 2,645 ML 2,202 ML 20% 443 ML EBITDA (RC)^ 203.8 146.4 39% 57.4 Retail 71.1 66.0 8% 5.1 Commercial 132.7 80.4 65% 52.3 Corporate costs (4.0) (3.0) 32% (1.0) • Refining 1Q2023 1Q2022 Change (%) (#) Geelong Refining Margin (US$/BBL) 14.7 8.3 77% 6.4 Refining intake (MBBL) 10.1 10.5 (4%) -0.4 EBITDA (RC)^ 97.1 32.5 199% 64.6 Corporate costs (4.0) (3.0) 32% (1.0) 1. Unaudited 1Q2023 financial results. VIVA EnergyAustralia. 3#4Convenience & Mobility Accelerating our strategy to become a leading convenience retailer OTR OTR GUZMAN YGOMEZ +DRIVE TIRU ADVANTAGE BUARTO besor OTR Mount Barker ADELAIDE RD und the c e Get every Drinks VIVA EnergyAustralia GUZMAN YEEZ Mexican Kitchen OTR No Entry 5 Stepsis Cedral Codral#5Transition and Growth Strategy Four steps to becoming a leading Convenience & Mobility retailer, and a one-stop destination for our customers EnergyAustralia. Retail branded network and fuel supplier • 1 Take full control of the network Coles Express acquisition completed on 1 May 2023 (>700 stores). 2 Acquire capability to extend offer OTR acquisition expected to complete in 2H20231. 3 Transform and grow the network Extend OTR offer to Coles Express network. 1. Subject to regulatory approvals. • . Acquired the store and retail capability Extends offer to quick service restaurants (QSRs). . to grow. coles express Accelerates growth plans. OTR Add new stores in great locations. Acquire Liberty Convenience¹. Liberty 4 Further extend the offer • Extend to other convenience offers. • Create more reasons to visit our stores as a one- stop convenience destination. Leading Convenience & Mobility Retailer 5#6OTR Group Acquisition Transaction highlights Viva Energy to acquire OTR Group for $1.15bn. Completion expected in 2H20231. Contributes $165M to EBITDA (post synergies) on a pro-forma basis². A best-in-class convenience and QSR capability that generates $3.9M of sales per store (versus Coles Express at $1.6m)³. Further earnings upside from transforming suitable stores in Viva Energy's national network to the 'full-service' OTR offer. Growth pipeline of 90+ OTR stores (mostly outside South Australia). Conservative synergy estimates ($60M p.a. realised in 3 years), with procurement benefits not yet quantified. 1. Subject to regulatory approvals. 2. 3. Earnings contribution is calculated using OTR Group's pro forma FY2023 (June-end) forecast period including synergies. Estimated run-rate synergies of approx. $60M p.a. are anticipated in three years following completion. Average sales per store calculated in FY2021-2022 (June-end). CONTHERN operto oporto. COFFEE Loporto VIVA EnergyAustralia VCK & DEPREZ 2MYCKE HEAL BOX SNACKS & DESSERTS Bay BONDI BOX $10 oporto. 6#7Strategic Rationale Establish a pathway to build a nationwide network of more than 1,000 stores with a market leading convenience and mobility offering in Australia EnergyAustralia. Fuel and convenience network Company controlled stores¹ Fridge ATM Shell Coles Express 706 Hally dest Ampol TARQ 1. Sources: company reports, public data, AACS State of Industry 2022 report. VE A company controlled network with a pathway to 1,000+ stores • More than 700 Coles Express stores transitioned to Viva Energy on 1 May 2023. 7-Eleven EG Australia United BP Puma Mobil OTR 205 • • On completion, OTR brings an additional 205 stores with 92 including quick service restaurants. OTR Group has a growth pipeline of ~90 stores which will be developed for Viva Energy. Store footprint (and pipeline) provides opportunities to optimise Coles Express network (~10% leases expiring p.a. from 2026). 7#8Strategic Rationale Greater earnings diversification to convenience and the broader retail sector 1. Diversifies earnings Convenience & Mobility (C&M) gross profit ($M)¹ FY2022 (incl. Coles Express) Post OTR Group 2. In an attractive sector Australian convenience sales ($BN)² 3.6% CAGR 250 10.1 9.2 9.4 8.3 8.4 8.8 8.6 7.6 7.9 200 53% 68% 150 32% ■Shop ■Fuel 47% . Gross profit from convenience sales increases from ~30% (including Coles Express) to ~50%. 100 50 VIVA EnergyAustralia 3. With significant further growth potential Addressable market by category ($BN)³ OTR has diversified across multiple sectors 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Fuel retailing Coffee shop Convenience Tobacco QSR Supermarkets Addressable & grocery market. • Convenience sector has generated 9+ yrs of consecutive sales growth, highlighting solid and defensive growth characteristics. • • Expands addressable market by ~5x to more than $200BN. Creates opportunity to grow on a combined basis from $12.8BN of retail sales (at ~6% of market)4 through network and existing retailing capability. 1. • Food & Beverage has been the key growth driver (+16.7% to $5.4BN in 2022), more than offsetting a decline in tobacco sales. Increase in gross margin from non-fuel sales based on OTR FY2023 June-end relative to Viva Energy's pro forma FY2022 (Dec-end) period, including Coles Express. 2. Source: AACS State of Industry 2022 report. 3. 34 Sources: Australian Bureau of Statistics (2022), IBISWorld Reports, Australia, 2022-2023, Australasian Association of Convenience 2022 State of the Industry Report. Combined sales based on Convenience & Mobility pro forma FY2022 result (including Coles Express) and OTR Group FY2023 (June-end) forecast. 8#9The OTR offer OTR is disrupting the fuels business by creating a one-stop true convenience destination, reducing the reliance on fuel and increasing exposure to the fast-growing convenience sector Home brands OTR making life easy • Licensed brands EAT SUBWAY CCOFFEE WOKEBOX MOE'S DOG & SHAKE Krispy Kreme DOUGHNUTS OTR Supermarket GUZMAN YGOMEZ Happy Wash HUNGRY JACKS OhJ! HappyDogWash OTR CHILL MOVE YOURSELF SA Lotteries A sophisticated offer, outstanding customer service and renowned brands drives: • Convenience sales per store average of $3.9M (compared with Coles Express at $1.6M). More than 70% of gross profit from non-fuel sources¹. In-store innovation provides substantial sales and efficiency benefits: • • . Centred on "Making Life Easy" with an occasion-led range of products and services 24/7 network of stores that set the benchmark for quality and aesthetics. A leader in food (#1 growth category in convenience), supported by rigorous testing and innovation at its on-site test facilities at Adelaide headquarters. 73 quick-service restaurants (QSRs) integrated within the store, often behind the same counter. ATM Fresh produce COFFEE 1. Based on non-fuel gross margin contribution in FY2021-2022 (June-end). EnergyAustralia. 9#10Commercial & Industrial Strength in diversity TET YALEE Allianc EnergyAustralia#11Transition and Growth Strategy Deliver reliable and attractive cash flow by outperforming in our core business while progressing a focused diversification and extension strategy EnergyAustralia. Commercial Fuels Supplier 1 Outperform in core business Value led recovery of aviation and cruise sectors. Expand regional coverage in transport and agriculture sectors. Optimise infrastructure position and supply chain costs. 2 Grow Specialty Products & Services • • Expand commercial services offering beyond resource and transport customers. Specialty products contribution comprises -50% of Commercial EBITDA in FY2022. Expanded carbon solutions offer (diesel, marine fuel, unleaded petrol, solvents and bitumen). 3 Acquire adjacent industrial businesses Viva Polymers acquisition provides access to new markets in Australia and New Zealand. Other adjacent commercial businesses, that leverage our core business to business sales and supply chain capabilities. • Grow hydrocarbon solutions. Commercial & Industrial Services & Solutions 11#12Commercial & Industrial: Strength in Diversification Supported by long-standing relationships with customers, leading market positions in more products and services than competitors and a nationwide supply chain backed by the international capability of Vitol EnergyAustralia Commercial EBITDA (RC) versus fuel volume 11.1BL $186M $156M 2019 • $335M $217M 9.7BL . 8.6BL 8.9BL 2020 EBITDA (RC) 2021 2022 Fuel volume EBITDA (RC) has increased by 80% between 2019 and 2022, even as product volumes remain 13% lower Highlights strategy to diversify towards higher margin specialty products and services, which operate at different cycles compared to traditional fuels • Main fuels business (petrol, diesel, jet) is diversified by customer and commodity and supported by superior infrastructure position . • Sophisticated supply chain and procurement processes (commodity prices, freight, foreign exchange) hard to replicate. Vitol offers security of supply, deep access to markets (representing 7% of global oil flow), flexibility and pricing certainty (back-to-back contracts with customers). Leading positions in more products and services than competitors enables ability to cross-sell (e.g. lubricants, carbon solutions), supporting a high customer retention rate. Long-standing customer relationships, with 14 out of top 20 having worked with us for more than 10 years 12#13Diversified both within Main Fuels and towards Specialty Products Specialty products comprise ~50% of Commercial EBITDA VIVA EnergyAustralia Main Fuels (Petrol, Diesel, Jet) Specialty Products Resources • Diversified by customer, commodity Transport Marine Commercial Jet • Buses, rail freight, logistics Majority back-to-back Carbon solutions . ⚫ Diesel supply diversified by cruise, oil & gas customers • Diversified by domestic, international, freight carrier contracts/w Vitol offering Agriculture Supported by extensive regional infrastructure network Wholesale • Offers secure supply, greater pricing certainty Supported by leading infrastructure, sophisticated supply chain and procurement processes and deep customer relationships J¦L H Bitumen Marine (Other) • Only producer and supplier in Australia Only supplier of VLSFO in Melbourne and Sydney to container, coastal vessels Regional aviation Chemicals Lubricants • Only manufacturer of avgas in Australia • Only producer and supplier of • Macro distributor Supply >60 regional airports hydrocarbon solvents in Australia Polymers • Only of Shells branded lubricants (#1 brand worldwide) manufacturer of polypropylene in Australia 13#142023 Outlook & Conclusion VIVA EnergyAustralia#151. 2023 Outlook Trading conditions remain supportive as we progress our strategic objectives Refining margin cracks, GRM, Crude Premia¹ (US$/bbl) 60 50 50 40 40 Convenience & Mobility • • • VIVA EnergyAustralia Convenience sales to support earnings growth following successful completion of Coles Express acquisition. Fuel demand expected to remain robust, despite changes to working modes. OTR acquisition expected to complete in 2H2023². Commercial & Industrial Earnings growth likely to moderate following exceptionally strong 1Q2023, but full- year outlook remains positive. 30 20 10 0 -10 • Growth across both specialties products and main fuels business supported by solid economic activity, diverse customer base, lower freight. Refining Regional refining margins have weakened in April, driven by: OPEC+ crude oil cuts, lower global diesel demand, minimal impacts from sanctions on Refined products and higher than expected exports from China. Refinery currently undergoing major planned cyclical maintenance outage for CDU#4, Platformer#3, HDS#2 and associated units, to be completed by June-end. Jun-19 Mar-20 Dec-20 Sep-21 Jun-22 Mar-23 • Gasoline Diesel Jet GRM Crude Premia Longer-term outlook remains positive with periods of volatility: shortage of refining capacity globally with new, large-scale refineries hard to justify. Cracks are calculated by Viva Energy by taking the finished product prices and deducting the quoted crude price (100% dated Brent). Original data source: Bloomberg, Platts - source changed end-2019. GRM calculated as average for each respective financial year period. Crude premia are calculated by Viva Energy by taking the quoted tapis crude prices less the 100% dated Brent crude price. Original data source: Bloomberg, Platts - source changed end-2019. 2. Subject to regulatory approvals. 15#16Conclusion Create three increasingly separate businesses, each with their own distinct pathways for growth VIVA EnergyAustralia. MOE'S COFFEE 29 Within Convenience & Mobility, the Coles Express and OTR acquisitions represent major steps forward in our vision to become a leading convenience retailer that sells fuel, rather than a fuel retailer with a convenience offering. Commercial & Industrial to drive earnings growth through opportunities in specialty products and industrial services, supported by superior infrastructure and supply chain. Energy & Infrastructure seeks to optimise advantages of Refinery through a broader energy hub (green H2 station, ultra-low sulphur gasoline (ULSG) project, strategic storage, co- processing, on-site solar, LNG gas terminal) and national infrastructure. 16#17Appendix VIVA EnergyAustralia#18Glossary Replacement Cost ("RC") Viva Energy reports its performance on a "replacement cost" (RC) basis. RC is a non-IFRS measure under which the cost of goods sold is calculated on the basis of theoretical new purchases of inventory instead of historical cost of inventory. This removes the effect of timing differences and the impact of movements in the oil price. From 1 January 2021, RC measures also include lease expense, and exclude lease interest and right-of-use amortisation, in effect reporting RC in line with the previous leasing standard. The financial statements provide a reconciliation of NPAT (RC) to NPAT (HC) EBITDA (RC) Profit before interest, tax, depreciation and amortisation adjusted to remove the impact of one-off non-cash items including: • • Net inventory gain/loss Share of net profit of associates; gains or losses on the disposal of property, plant and equipment; and gains or losses on derivatives and foreign exchange (both realised and unrealised) Earnings Per Share (RC) Underlying NPAT (RC) divided by total shares on issue VIVA EnergyAustralia. 18#19VIVA EnergyAustralia