#1For personal use only VIVA EnergyAustralia 3 May 2023 Macquarie Australia Conference Presentation ASX Release Viva Energy Chief Executive Officer, Scott Wyatt, will today present at the Macquarie Australia Conference. A copy of the presentation is attached. Authorised for release by: the Company Secretary of Viva Energy Group Limited Further enquiries: Media Enquiries Michael Cave T: E: +61 409 647 910 [email protected] About Viva Energy Investor Relations David Gilmour T: +61 3 8823 3110 E: [email protected] Viva Energy (ASX: VEA) is one of Australia's leading energy companies and supplies approximately a quarter of the country's liquid fuel requirements. It is the exclusive supplier of high-quality Shell fuels and lubricants in Australia through an extensive network of 1,330 service stations across the country. Viva Energy owns and operates the strategically located Geelong Refinery in Victoria, and operates bulk fuels, aviation, bitumen, marine, chemicals, polymers and lubricants businesses supported by more than 50 terminals and 55 airports and airfields across the country. www.vivaenergy.com.au Viva Energy Group Limited Level 16, 720 Bourke Street, Docklands, Victoria, 3008 ABN 74 626 661 032#2For personal use only V-Power V-Power Macquarie Australia Conference 3 May 2023 Shell V-Power For what you love coles express save 49 V-Power VIVA EnergyAustralia E#3Important 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 ①1) only, is of a general nature, does not constitute financial For personal use only 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. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Investors must rely on their own examination of Viva Energy, including the merits and risks involved. Each person should consult a professional investment adviser before making any decision regarding a financial product. In preparing this presentation the authors have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which has otherwise been reviewed in preparation of the presentation. All reasonable care has been taken in preparing the information and assumptions contained in this presentation, however no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. The information contained in this presentation is circumstances and the underlying assumptions to this current as at the date of this presentation (save where a different date is indicated, in which case the information is current to that date) and is subject to change without notice. Past performance is not a reliable indicator of future performance. achievements expressed or implied by these forward-looking statements. Such prospective financial information contained within this presentation may be unreliable given the information may materially change in the future. Any forward- looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. presentation and any reliance on information in this presentation will be entirely at your own risk. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of Viva Energy. Neither Viva Energy nor any of its associates, related entities or directors, give any warranty as to the accuracy, reliability or You should rely on your own independent assessment of any completeness of the information contained in this presentation. information, statements or representations contained in this Except to the extent liability under any applicable laws cannot be excluded and subject to any continuing obligations under the ASX listing rules, Viva Energy and its associates, related entities, directors, employees and consultants do not accept and expressly disclaim any liability for any loss or damage (whether direct, indirect, consequential or otherwise) arising from the use of, or reliance on, anything contained in or omitted from this presentation. Any forward-looking statements or statements about 'future' matters, including projections, guidance on future revenues, earnings and estimates, reflect Viva Energy's intent, belief or expectations as at the date of this presentation. Such statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Viva Energy's actual results, performance or achievements to differ materially from any future results, performance or 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#41Q2023 Trading Update Strong start to 2023 with continued momentum in our core Retail and Commercial businesses All financials in $M unless noted otherwise Sales volumes EBITDA (RC) 1Q2023 Group Results Change 1Q2023 1Q2022 (%) (#) 3,780 ML 292.9 3,288 ML 15% 172.8 70% Retail, Fuels & Marketing (RFM) For personal use only 492 ML 120.1 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 10.1 MBBLS and a GRM of US$14.7/BBL for the quarter. Refining operating costs remained elevated due to high freight rates and increased shipping activity to support planned major maintenance turnaround in 2Q2023. Change 1Q2023 1Q2022 (%) (#) Sales volumes Retail Commercial EBITDA (RC)^ Retail Commercial Corporate costs 3,780 ML 3,288 ML 15% 492 ML 1,135 ML 1,086 ML 5% 49 ML • 2,645 ML 2,202 ML 20% 443 ML 203.8 146.4 39% 57.4 71.1 66.0 8% 5.1 132.7 80.4 65% 52.3 (4.0) (3.0) 32% (1.0) Refining 1Q2023 1Q2022 Change (%) (#) Geelong Refining Margin (US$/BBL) 14.7 8.3 77% 6.4 Refining intake (MBBL) 10.1 10.5 (4%) -0.4 EBITDA (RC)^ Corporate costs 97.1 32.5 199% 64.6 (4.0) (3.0) 32% (1.0) 1. Unaudited 1Q2023 financial results. 3 VIVA EnergyAustralia#5Convenience & Mobility Accelerating our strategy to become a leading convenience retailer TR App OTR OTR GUZMAN GOMEZ DRIVE THRU ADVANTAGE BURRITO OTR Mount Barker ADELAIDE RD und the co Get every For personal use only com e SMOKEMART 60007 D Drinks VIVA EnergyAustralia GUZMAN YEEZ Mexican Kitchen OTR No Entry Sepsis Strepsis Codral Codral#6For personal use only 1. Transition and Growth Strategy Four steps to becoming a leading Convenience & Mobility retailer, and a one-stop destination for our customers VIVA EnergyAustralia Retail branded network and fuel supplier 1 Take full control of the network • Coles Express acquisition completed on 1 May 2023 (>700 stores). Acquired the store and retail capability to grow. 2 Acquire capability to extend offer • • OTR acquisition expected to complete in 2H20231. coles express Extends offer to quick service restaurants (QSRs). Accelerates growth plans. OTR 3 Transform and grow the network • Extend OTR offer to Coles Express network. 4 Further extend the offer Extend to other convenience offers. Add new stores in great locations. Create more reasons to visit our stores as a one- stop convenience destination. • Acquire Liberty Convenience¹. Liberty Subject to regulatory approvals. Leading Convenience & Mobility Retailer 5#7For personal use only OTR 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. CONTIERN 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). operto COFFEE oporto oporto. 2YCK2 DE22ELE RAPPA & ROLL HEAL BOX SNACKS & DESSERTS VIVA EnergyAustralia Bay BONDI BOX Coca-Cola $10 oporto. 6#8For personal use only Strategic Rationale Establish a pathway to build a nationwide network of more than 1,000 stores with a market leading convenience and mobility offering in Australia VIVA EnergyAustralia OTATO TAROQ VEG 1. Sources: company reports, public data, AACS State of Industry 2022 report. Fuel and convenience network Company controlled stores¹ Fridge Shell Coles Express 706 Ampol 7-Eleven VE EG Australia A company controlled network with a pathway to 1,000+ stores More than 700 Coles Express stores transitioned to Viva Energy on 1 May 2023. United BP Puma Mobil OTR 205 • On completion, OTR brings an additional 205 stores with 92 including quick service restaurants. OTR Group has a growth pipeline of ~90 stores which will be developed for Viva Energy. Store footprint (and pipeline) provides opportunities to optimise Coles Express network (~10% leases expiring p.a. from 2026). 7#9Strategic Rationale Greater earnings diversification to convenience and the broader retail sector 1. Diversifies earnings Convenience & Mobility (C&M) gross profit ($M) 1 FY2022 (incl. Coles Express) Post OTR Group 2. In an attractive sector Australian convenience sales ($BN)2 250 3.6% CAGR 10.1 9.2 9.4 8.3 8.4 8.6 8.8 200 7.9 7.6 VIVA EnergyAustralia 3. With significant further growth potential Addressable market by category ($BN)³ OTR has diversified across multiple sectors For personal use only 53% 68% 32% 47% 150 100 50 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Fuel retailing Coffee shop Convenience Tobacco QSR Supermarkets Addressable & grocery market 1. ■Shop Fuel Gross profit from convenience sales increases from ~30% (including Coles Express) to ~50%. Convenience sector has generated 9+ yrs of consecutive sales growth, highlighting solid and defensive growth characteristics. 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. 1234 3. Sources: Australian Bureau of Statistics (2022), IBISWorld Reports, Australia, 2022-2023, Australasian Association of Convenience 2022 State of the Industry Report. 4. Combined sales based on Convenience & Mobility pro forma FY2022 result (including Coles Express) and OTR Group FY2023 (June-end) forecast. 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. 8#10For personal use only The 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 EAT CCOFFEE MOE'S DOG & SHAKE OTR Supermarket OTR making life easy Licensed brands SUBWAY WOK BOX Krispy Kreme DOUGHNUTS GUZMAN Y GOMEZ Happy Wash HappyDogWash OTR HUNGRY JACKS MOVE YOURSELF OhJ! CHILL 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 Breakfast vorted Fresh produce 39 IN COFFEE VIVA EnergyAustralia 1. Based on non-fuel gross margin contribution in FY2021-2022 (June-end). 6#11For personal use only Commercial & Industrial Strength in diversity VIVA JET THEEY Allianc VIVA EnergyAustralia#12For personal use only Transition and Growth Strategy Deliver reliable and attractive cash flow by outperforming in our core business while progressing a focused diversification and extension strategy VIVA 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. 3 Acquire adjacent industrial businesses • • Viva Polymers acquisition provides access to new markets in Australia and New Zealand. Expanded carbon solutions offer (diesel, marine fuel, unleaded petrol, solvents and bitumen). Other adjacent commercial businesses, that leverage our core business to business sales and supply chain capabilities. Grow hydrocarbon solutions. Commercial & Industrial Services & Solutions 11#13For personal use only Commercial & 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 VIVA EnergyAustralia Commercial EBITDA (RC) versus fuel volume 11.1BL $186M $156M $335M $217M 9.7BL 8.9BL 8.6BL 2019 2020 2021 2022 EBITDA (RC) 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#14For personal use only Diversified both within Main Fuels and towards Specialty Products Specialty products comprise ~50% of Commercial EBITDA Main Fuels (Petrol, Diesel, Jet) Resources Transport Marine Diversified by customer, commodity • Buses, rail freight, logistics • Diesel supply Majority back-to-back contracts/w Vitol • Carbon solutions offering diversified by cruise, oil & gas customers Specialty Products Commercial Jet • Diversified by domestic, international, freight carrier Agriculture • Supported by extensive regional infrastructure network Ε I Wholesale • Offers secure supply, greater pricing certainty Supported by leading infrastructure, sophisticated supply chain and procurement processes and deep customer relationships J¦L JL • Bitumen Only producer and supplier in Australia Marine (Other) Only supplier of VLSFO in Melbourne and Sydney to container, coastal vessels Regional aviation • Only manufacturer of avgas in Australia Supply >60 regional airports Chemicals Lubricants Only producer and supplier of • Macro distributor hydrocarbon solvents in Australia Polymers of Shells branded lubricants (#1 brand worldwide) Only manufacturer of polypropylene in Australia VIVA EnergyAustralia 13#15For personal use only 2023 Outlook & Conclusion VIVA EnergyAustralia#162. For personal use only 1. 2023 Outlook Trading conditions remain supportive as we progress our strategic objectives Refining margin cracks, GRM, Crude Premia¹ (US$/bbl) 60 50 40 30 20 10 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. 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. -10 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. Subject to regulatory approvals. 15#17For personal use only Conclusion Create three increasingly separate businesses, each with their own distinct pathways for growth VIVA EnergyAustralia MOE'S MOE'S COFFEE 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. • 29 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#18For personal use only Appendix EnergyAustralia VIVA#19For personal use only Glossary 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 18 VIVA EnergyAustralia#20For personal use only EnergyAustralia VIVA