RUBIS: H1 2025 Results - Robust performance underscoring path to 2025 targets

Paris, 09 September 2025, 5:45pm

• EBITDA at €369m, +3% yoy(flat on a comparable basis¹) reflecting an overall stable level of activity in a volatile market environment
• Net income Group share of €163m, +26% yoy(+18% on a comparable basis) in a context of stable local currencies, after a H1 2024 severely hampered by FX losses
• Steady cash flow generation – cash flow from operations at €276m in H1 2025 after €286m in H1 2024
• Corporate Net Financial Debt to EBITDA ratio² of 1.4x at Jun-2025, stable vs Dec-2024, attesting to the robustness of Rubis balance sheet - Total Net Financial Debt³ of €1,405m down from €1,491m in Jun-2024 (-6%)
• 2025 Guidance reiteratedwithin an unfavourable EUR/USD context since June 2025 and assuming constant hyperinflation impact vs. 2024
  
  

H1 2025 KEY FIGURES⁴

On 9 September 2025, Clarisse Gobin-Swiecznik, Managing Partner, commented: “In the first half of 2025, Rubis delivered a robust performance in a market environment that remains volatile. The growth in both EBITDA and net income reflects the relevance of our diversified business model and growth strategy, making us strong amid macroeconomic and currency volatility. Steady cash flow generation underlines the soundness of our operations, enabling us to continue our disciplined investments. With a healthy balance sheet and a stable leverage ratio, we move into the second half of the year with confidence, reaffirming our 2025 guidance while remaining attentive to macroeconomic and geopolitical developments. "

H1 2025 FINANCIAL PERFORMANCE

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2025

H1 2025 saw a +3% increase in EBITDA to €369m (0% on a comparable basis). EBITreached €253m (-2% yoy, -5% on a comparable basis), reflecting an overall stable level of activity in a volatile market environment. Product and geographical diversification proved efficient, driving volume growth.

At Group level, cost of net financial debt reached €32m from €44m in H1 2024, driven by decreasing interest rates, notably in Kenya despite a higher debt at Photosol in line with its expanded operational capacity. Other financial items reached -€2m in H1, from -€33m in H1 2024, reflecting more stable currencies and robust FX management since 2024, particularly in Kenya and Nigeria.

Profit before tax increased by 21% to €216m and Net income Group share rose by 26% to €163m. This improvement is mainly driven by the significant decrease in FX losses.

Taxes reached €50m in H1 2025 vs €45m in H1 2024, in line with the increase in profit before tax and include a OECD Global Minimum tax component of €13m.

The strong cash flow from operating activities at €276m, slightly down from H1 2024 (-3%), illustrates the strength of operations.

Capex reached €164m, of which €91m were dedicated to Renewable Electricity Production (up from €35m in H1 2024). The remaining €73m are split between maintenance (80%) and growth and energy transition investments (20%) in the Energy Distribution business line.

Impact of IAS 29: Hyperinflation (non-cash impacts)

Rubis has applied IAS 29 in hyperinflationary countries (Haiti, Suriname), as defined in IFRS. Application of IAS 29 in hyperinflationary countries requires their non-monetary assets and liabilities and their income statement to be restated to reflect the changes in the general purchasing power of their functional currency, leading to a gain or loss included in the net income. Moreover, their financial statements are converted into euros using the closing exchange rate of the relevant period.

H1 2025 COMMERCIAL PERFORMANCE

1.   ENERGY DISTRIBUTION - RETAIL & MARKETING

Volume sold and gross margin by product in H1 2025

Volume sold and gross margin by region in H1 2025

H1 2025 was another half-year of volume and gross margin increasing in all regions and products from an already high comparable basis.

LPG demand was slightly up over the first-half. Most of this performance was driven by France and South Africa. Autogas in Europe maintains its strong momentum, as well as the bulk segment in France, underpinned by strong commercial dynamics. In South Africa, both packed and bulk segments grew, benefitting from the cold winter, and new customer wins. Morocco resumed with volume growth over the second quarter, but margins remain under competitive pressure. Overall, gross margin grew in line with volume, thereby maintaining a stable unit margin.

As regards fuel:

• Theretail business (service stations representing 50% of fuel volume and 53% of H1 fuel gross margin) performed particularly well in Africa.Total volume grew by 5% and gross margin by 8%. This strong achievement is explained by:
  • Kenya, where a first step in the adjustment of the pricing formula took place mid-March 25. This led to an increase of unit margins by +3% over H1;
  • Madagascar, where the market continued to be very dynamic, and the improving attractiveness of service stations and convenience stores boosts traffic;
  • Jamaica continuing to perform well in terms of volume, although margins were a bit tighter due to a less favourable supply context this first-half.
• TheCommercial and Industrial business (C&I, representing 29% of fuel volume and 25% of H1 fuel gross margin) increased by 8% in volume. Margins decreased by 8% yoy mainly explained by the intense pricing competition in Guyana ahead of September elections.
• Theaviation segment (representing 17% of fuel volume and 16% of fuel gross margin) was down -9% in volume, and -2% in gross margin, thereby improving unit margin by +8%.This performance is two-fold. Kenya aviation business is under an increased pricing pressure. In this context, the Company arbitrates to the benefit of margins rather than volume. On the other hand, this first-half was dynamic in the Eastern Caribbean region, with a sustained pace in airlines frequencies.

Bitumen volume was up 36% yoy, mainly driven by Nigeria where demand for product resumed over the first-half and activity benefited from supply difficulties for one of Rubis competitors. Angola entry into the perimeter also drove volume growth. Gross margin increased by 3% yoy. The subsequent decrease in unit margin is a basis effect, driven by the H1 24 devaluation of Nigerian Naira, which inflated margins over that period.

2.   ENERGY DISTRIBUTION- SUPPORT & SERVICES

The Support & Services activity recorded €485m of revenue (stable yoy) in H1 2025.

Trading for third parties volume excluding crude deliveries was up 16% and margins were up 9% vs H1 2024.

In the Caribbean, trading was dynamic with +14% yoy in volume and +18% yoy in gross margin.

In Africa, bitumen shipping activity improved over the first-half (volume +29% after a low H1 2024) with more numerous but shorter routes.

SARA refinery and logistics operations present specific business models with stable earnings profile.

3.   RENEWABLE ELECTRICITY PRODUCTION– PHOTOSOL

Over the first-half 2025, Photosol installed 84MWp,leading its assets in operation to grow by 32% yoy at 607 MWp. The secured portfolio increased by 25% to 1.2 GWp. The pipeline reached 5.7 GWp up +9% yoy. Revenue for H1 2025 stood at €31m, up 27% vs H1 2024 reflecting portfolio expansion.

H1 2025 OPERATING PERFORMANCE

EBITDA breakdown

1.   ENERGY DISTRIBUTION - RETAIL & MARKETING

Looking at the operating performance by region, the dynamics for the first-half 2025 were as follows:

• Europe continues to benefit from its strong LPG positioning (LPG accounts for >90% of regional gross profit) EBITDA increased by 10%, reflecting improved operating efficiency;
• The Caribbean region maintained a normalising level of activity, with the fuel retail segment overall stable and aviation volume and margins improving. EBITDA remained stable yoy;
• Lastly, in Africa, operating conditions improved both in Nigeria and Kenya and local currencies were overall stable. EBITDA increased by 2% yoy.
  
  

2.   ENERGY DISTRIBUTION - SUPPORT & SERVICES

The Support & Services business recorded EBITDA of €114m (stable yoy) in H1 2025, in line with revenue stability.

3.   RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL

EBITDA reached €10m over H1 2025, down 5% from €11m in H1 2024. This variation is explained by the ongoing ramp up of project development, inducing more important development expenditures.

Power EBITDA⁵ reached €22m for H1 2025 vs €16m for H1 2024 representing a +38% increase.

BALANCE SHEET

(1)   Corporate net financial debt – excluding non-recourse debt – see Appendix for further detail.

Rubis corporate net financial debt (corporate NFD) reached €910m at the end of June 2025, leading to a corporate NFD/EBITDA at 1.4x (stable vs end-2024).

OUTLOOK

The working assumptions used to establish the 2025 guidance remain unchanged.

Group EBITDA is expected at €710m to €760m in 2025 (assuming IAS 29 - hyperinflation impact unchanged versus 2024).

As a reminder, the impacts of IAS 29 - hyperinflation accounting treatment on FY 2024 amounted to €24m on EBITDA, €22m on EBIT and -€10m on Net income Group Share.

Reminder: Photosol 2027 ambitions (unchanged)

• Secured portfolio⁶ above 2.5 GWp
• Consolidated EBITDA⁷: €50-55m, of which c.10% EBITDA contribution from farm-down initiatives
  • Power EBITDA⁸: €80-85m
  • Secured EBITDA⁹: €150-200m

NON-FINANCIAL RATING

• MSCI: AA (reiterated in Dec-24)
• Sustainalytics: 29.2 (from 30.7 previously)
• ISS ESG: C (from C- previously)
• CDP: B (reiterated in Feb-25)

Conference for investors and analysts
Date: 09 September 2025, 6:00pm
To access via the audio webcast: https://rubis.engagestream.companywebcast.com/2025-half-year-results
Participants from Rubis:

• Clarisse Gobin-Swiecznik, Managing Partner
• Marc Jacquot, Group CFO

Upcoming events
Q3 & 9M 2025 trading update: 4 November 2025
Q4 & FY 2025 Results: 12 March 2026

appendix

1.   H1 REVENUE BREAKDOWN

2.   Q2 FIGURES

REVENUE BREAKDOWN

RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN Q2

RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN Q2

3.   ADJUSTMENTS AND RECONCILIATIONS:

COMPOSITION OF NET DEBT/EBITDA EXCLUDING IFRS 16

(1)   Corporate net financial debt – excluding non-recourse debt.

KPIS ON A COMPARABLE BASIS

4.   FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

(1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), etc.
(2) Net financial interest paid includes the impacts related to restatements of leases (IFRS 16).
(3) Cash and cash equivalents net of bank overdrafts.

1 On a comparable basis: taking into account non-recurring or exceptional elements – See appendix for further detail.
2 Ratio excluding IFRS 16 – lease obligations. Debt excluding Photosol SPV project non-recourse debt; EBITDA excl. Photosol prod.
3 Debt excluding IFRS 16 – lease obligations and including Photosol SPV project non-recourse debt.
4 The Management Board, which met on 8 September 2025, approved the accounts for the first half-year 2025; these accounts were examined by the Supervisory Board on 9 September 2025. The Statutory Auditors have carried out a limited review of these financial statements, and their report on the interim financial information was issued on the same date.
5 Aggregated EBITDA from operating PV through electricity sales.
6Includes ready-to-build, under construction and in operation capacities.
7EBITDA reported in Rubis Group consolidated financial statements.
8Aggregated EBITDA from operating PV through electricity sales.
9Illustrative EBITDA coming from secured portfolio.

Attachment

• RUBIS: H1 2025 Results - Robust performance underscoring path to 2025 targets

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