Rubis

Rubis reported H1 2025 EBITDA up 3% year over year and flat on a comparable basis. Net income group share rose 26% to EUR 163 million, while cash flow from operations came in at EUR 276 million for the first half. Marc Jacquot said corporate net debt stayed at 1.4x, total net debt was EUR 1.4 billion, and corporate debt was EUR 910 million, with more than EUR 180 million available under RCF plus EUR 530 million cash on balance sheet. CapEx was EUR 73 million for the distribution business and EUR 85 million for renewables; on a broader basis, he also cited total CapEx of EUR 164 million. For renewables, power EBITDA was EUR 22 million, up 38% year over year, and consolidated renewable EBITDA was EUR 10 million. For full-year 2025, management confirmed EBITDA guidance of EUR 710 million to EUR 760 million, assuming the same hyperinflation impact as 2024 and noting the H1 performance should offset part of the less favorable dollar environment in H2.

Clarisse Gobin-Swiecznik described H1 as a demonstration of Rubis’s diversified model, saying growth in volumes and margins was broad-based across regions and product lines. She highlighted strong LPG momentum in Europe, improving Kenya retail economics, and a pickup in Nigerian bitumen demand, while saying Photosol remains on track toward its 2027 objectives. Her tone was confident and steady, emphasizing resilience, execution, and consistent cash generation through the cycle.

Marc Jacquot emphasized that the business delivered solid operating performance and strong financial discipline, with EBITDA up 3%, net income up 26% to EUR 163 million, and operating cash flow up 11% to EUR 390 million before working capital effects. He said lower FX losses, better local debt levels, and reduced FX exposure supported earnings, while interest costs fell thanks to lower debt in Kenya and better rates. On the balance sheet, he pointed to EUR 1.4 billion of total net debt, 1.4x corporate leverage, over EUR 180 million under RCF, and EUR 530 million cash, and he linked rising renewable CapEx to the ramp-up of Photosol investments.

Analysts asked why EBITDA was only stable on a comparable basis despite 5% volume growth; management pointed to stable LPG margins, a 1% decline in fuel distribution unit margin driven mainly by normalized conditions in Jamaica, and lower bitumen margins due to a 2024 devaluation basis effect. Questions on FX and hyperinflation led Marc Jacquot to say the guidance assumes the same hyperinflation impact as 2024, but that there is uncertainty and the final number will only be known at closing; he also noted the stronger euro against the dollar should make H2 less favorable, though H1 performance provides some offset. Management also said Rubis is largely insulated from U.S. tariffs and that SAF is something they can distribute where demand exists, but supply is still limited.