Rubis SCA

RUI

Equity

ISIN FR0013269123 / Valor 37544234

Euronext - Euronext Paris (2026-07-28)

EUR 32.62-0.18%

Rubis SCA
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About company

Rubis SCA is an independent French company operating within the energy sector, focusing on a range of services including storage, retail distribution, supply, and international logistics. As a key player in the energy market, Rubis specializes in the downstream segment, ensuring the efficient distribution and supply of energy products to various markets. The company's operations extend beyond the borders of France, indicating a significant presence in international logistics, which facilitates its global reach in energy supply and distribution. While the company places a strong emphasis on data protection and the secure storage of personal data, as evidenced by its commitment to hosting such data on secure servers within the European Union, this aspect is only a fraction of its broader operational focus. Rubis's core business activities underscore its pivotal role in the energy supply chain, from storage solutions to the direct distribution of energy products to consumers and businesses alike, positioning it as a critical intermediary in the global energy market.

Summarized from source with an LLMView SourceSector: Energy

Headline financials

EBITDA €741m (+3% vs 2024; €772m at constant EUR/USD and excluding hyperinflation effects). Net income Group share €309m (up +19% yoy when excluding 2024 RT disposal gain). Diluted EPS €2.98 (excl. RT gain). Revenue €6,534m (-2%). Cash flow from operations €735m (+10%).

Balance sheet & liquidity

Total Net Financial Debt €1,166m (-10% yoy). Corporate net financial debt (excl. non‑recourse) €602m (-30% yoy) giving corporate NFD/EBITDA of 0.9x (vs 1.4x at Dec‑2024). Strong liquidity and lower cost of net financial debt (cost down ~19%).

Capital allocation & capex

Capex rose to €376m ( +52%), split ~€185m in Energy Distribution and €190m in Renewable Electricity (Photosol) as the Group converts development into operating assets while keeping a disciplined allocation between maintenance, dividends and growth/M&A.

Operating performance by product & region

Volumes and gross margin increased across key segments: total Retail & Marketing volumes +6% to 6,350k m3; LPG +2%; Fuel +4%; Bitumen +28% (notably Nigeria, Angola and Libya). Regional gross‑profit momentum in Europe (+6% EBITDA), Africa (+10% EBITDA) and resilient Caribbean performance.

Bitumen expansion

Significant strategic build‑out: stake in Angola increased from 35% to 95%, operations launched in Libya, strengthened logistics in South Africa, and from 1 Jan 2026 Rubis Asphalt operates a 60,000‑tonne bitumen storage at Antwerp under a five‑year lease — European ramp‑up to be gradual in 2026.

Renewables — Photosol

Photosol assets in operation reached 633 MWp (+21% yoy) with 2025 sales €62m (+26%). Secured portfolio 1.4 GWp and pipeline 5.7 GWp. Photosol EBITDA down to €23m (investment/development costs accelerating), with clear medium‑term ambitions for much larger secured and power EBITDA by 2027.

One‑off / risks

The French Competition Authority fined Rubis SCA and Rubis Énergie €64.7m related to Corsica fuel practices. Rubis denies the findings and has appealed (appeal filed 9 Feb 2026); the fine has not been provisioned and will likely be payable around mid‑2026 unless overturned.

Accounting & macro items

Hyperinflation (IAS 29) and FX translation impacted comparability: hyperinflation reduced reported EBITDA by ~€8m and EBIT by ~€4m in 2025; reported figures also reflect unfavourable EUR/USD but the Group reports stronger underlying performance at constant FX.

Outlook & guidance

For 2026 Rubis targets Group EBITDA of €740–790m at constant EUR/USD (1.13) and assumes IAS 29 impact unchanged vs 2025. Management expects continued regional momentum (Caribbean, Africa) and progressive ramp‑up of European bitumen activity while renewable development costs weigh near‑term EBITDA.

Summarized from source with an LLMView Source

Key figures

16.3%1Y

44.8%3Y

-3.69%5Y

Performance

22.0%1Y

27.1%3Y

27.7%5Y

Volatility