Rubis SCA

RUI

Equity

ISIN FR0013269123 / Valor 37544234

Euronext - Euronext Paris (2026-09-25)

EUR 34.58-1.20%

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

EBITDA & net income

Reported EBITDA: €741m (+3% vs 2024). At constant EUR/USD and excluding hyperinflation EBITDA would be €772m (+7%). Net income, Group share: €309m (‑10% reported vs 2024; +19% yoy when excluding the 2024 Rubis Terminal disposal gain).

Dividend

Management proposes a DPS of €2.07 for FY2025, +2% vs 2024 and marking the 30th consecutive year of dividend growth; payable in 2026.

Cash flow and balance sheet

Cash flow from operations: €735m (+10% yoy). Total Net Financial Debt: €1,166m (‑10% yoy). Corporate net financial debt (excluding non‑recourse project debt): €602m (‑30% yoy) and corporate NFD/EBITDA of 0.9x (vs 1.4x at Dec‑2024).

Capex and Photosol (renewables)

Total capex: €376m (+52% yoy). Renewable Electricity Production capex: €190m (vs €82m in 2024). Photosol: assets in operation 633 MWp (+21%), production 558 GWh (+21%), revenue €62m (+26%). Photosol EBITDA €23m (‑11%) as development costs accelerate; Power EBITDA €46.7m (+32%).

Commercial performance & bitumen expansion

Retail & Marketing volume sold: 6,350k m3 (+6%). Bitumen volumes +28% yoy (548k m3) and gross margin +18% yoy. Strategic moves in bitumen: increased Angola stake (35%→95%), start of operations in Libya, strengthened logistics in South Africa, and exclusive 5‑year renewable lease to operate 60,000‑ton Antwerp ATPC bitumen storage (operational from 1 Jan 2026).

FX, hyperinflation and one‑offs

Results were achieved despite an unfavourable EUR/USD. IAS 29 hyperinflation impacts reduced reported EBITDA by €8m and EBIT by €4m; net income Group share saw a €13m hyperinflation effect. 2024 included an €89m pre‑tax equity gain from the Rubis Terminal disposal, which affects yoy comparatives.

Corsica sanction

The French Competition Authority fined Rubis SCA and Rubis Énergie €64.7m for alleged anti‑competitive practices in Corsica. Rubis denies the findings and has appealed (appeal filed 9 Feb 2026). The appeal is non‑suspensive and the Group expects to be required to pay around mid‑2026; the fine was not provisioned.

Outlook for 2026

Rubis targets Group EBITDA of €740m–€790m for 2026 at constant EUR/USD (1.13) and assuming IAS 29 impact unchanged. Management expects continued momentum in the Caribbean and Africa, progressive ramp‑up of European bitumen, and higher development costs in renewables as Photosol scales. The Group confirms a disciplined capital allocation approach (maintenance capex, dividend and selective growth/M&A).

Summarized from source with an LLMView Source

Key figures

8.88%1Y

58.3%3Y

15.5%5Y

Performance

22.1%1Y

27.1%3Y

27.8%5Y

Volatility