Rubis

Rubis said H1 2026 EBITDA increased 18% to EUR 434 million and net income group share rose 17% to EUR 191 million. Energy Distribution volumes were up 9% and gross margin up 16%; LPG volumes were up 1% and gross margin up 9%; fuels volumes up 6% and gross margin up 13%; bitumen volumes up 44% and gross margin up 54%. Photosol’s secured portfolio reached 1.5 GWp, up 22% year-on-year, Power EBITDA increased 13% to EUR 25 million, and assets in operation rose 32% with electricity production up 28%. Cash flow from operating activities was EUR 223 million in Clarisse’s remarks and EUR 159 million in Marc’s cash flow discussion, with the difference explained by the Corsica fine and working capital presentation; Marc said adjusted free cash flow was EUR 75 million after EUR 90 million of CapEx, and corporate net financial debt was EUR 885 million with leverage at 1.3x EBITDA. Full-year 2026 EBITDA guidance was raised to EUR 775 million-EUR 825 million from the prior range.

Management framed the quarter as evidence that Rubis’ diversified model is working well across geographies, products, and customer segments. Clarisse Gobin-Swiecznik emphasized execution quality in a volatile environment, saying growth was driven by strong demand, favorable mix, pricing discipline, and efficient inventory management. Jean-Christian Bergeron highlighted that the company is expanding new growth engines such as lubricants, non-fuel retail, and customer-driven energy solutions while staying disciplined on returns in renewables and bitumen.

Marc Jacquot said the H1 operating momentum translated directly into the accounts, with EBITDA of EUR 434 million and net income group share of EUR 191 million. He pointed to higher working capital needs from oil prices and the EUR 64 million Corsica fine as the main reasons cash flow from operations was lower, while noting that cash generated before working capital was up more than 15% year on year. He also said adjusted free cash flow was EUR 75 million after EUR 90 million of CapEx, corporate net financial debt was EUR 885 million, leverage was 2x at the corporate level and 1.3x EBITDA on a leverage basis, undrawn RCF was EUR 333 million, and full-year Rubis Énergie CapEx should be in the EUR 180 million-EUR 200 million range.

Analysts focused on working capital, Nigeria bitumen, Photosol’s 2027 roadmap, development costs, CapEx phasing, margins, interest-rate sensitivity, and M&A. Management said working capital in H2 will depend mainly on oil prices, with a barrel around $100 potentially still negative, $90 broadly flat, and lower prices positive; they also noted the Corsica fine is included in the cash flow statement. On Nigeria, Jean-Christian said volumes remain under pressure and likely will stay weak in H2, but profitability should stay very strong; on Photosol, Marc said the team remains confident in the 2027 EBITDA target, though some CapEx may be pushed out as the company adapts to a more challenging environment.