Rubis SCA

RUI

Equity

ISIN FR0013269123 / Valor 37544234

Euronext - Euronext Paris (2026-05-26)

EUR 35.90-0.66%

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

Key financials

Revenue €6,534m (-2%); EBITDA €741m (+3% reported, +7% at constant FX); Net income Group share €309m (+19% excl. 2024 RT disposal gain); Cash flow from operations €735m (+10%); Capex €376m (+52%).

Profitability and adjustments

EBITDA at €741m was at the upper end of guidance (€710–760m). Reported EBIT fell to €487m (-3% yoy) with IAS 29 hyperinflation and one‑off 2024 terminal disposal effects impacting comparatives; adjusted/constant‑perimeter metrics show stronger underlying growth.

Balance sheet and leverage

Total net financial debt €1,166m (-10% yoy); corporate net financial debt (ex‑non‑recourse) €602m (-30%); corporate NFD/EBITDA 0.9x (vs 1.4x at Dec‑2024), signalling a strong balance sheet and headroom for investment.

Cash return to shareholders

Proposed dividend €2.07 per share (+2% vs 2024), marking the 30th consecutive year of dividend growth. Management reiterates a disciplined capital allocation policy balancing maintenance capex, dividends and selective growth/M&A.

Operational performance & volumes

Group volumes up: total Retail & Marketing volume +6% (6,350k m3). LPG +2% (1,337k m3), Fuel +4% (4,465k m3), Bitumen +28% (548k m3) with strong margin improvement across regions; Q4 showed continued volume and margin momentum (Retail & Marketing volume +5%, gross margin +8%).

Bitumen expansion

Significant geographic expansion in bitumen: stake increase in Angola (35%→95%), launch in Libya, stronger logistics in South Africa, and a five‑year lease to operate 60,000t storage at ATPC Antwerp (operational from 1 Jan 2026) — European ramp‑up expected gradual through 2026.

Renewables (Photosol)

Photosol assets in operation 633 MWp (+21%); electricity production 558 GWh (+21%); revenue €62m (+26%). EBITDA from renewables €23m (down 11% due to higher development costs); secured portfolio 1.4 GWp, pipeline 5.7 GWp; 2027 ambitions reiterated (secured >2.5 GWp, higher EBITDA targets).

Risks, legal and FX/hyperinflation

Corsica fine: €64.7m fine from French Competition Authority (not provisioned) — appeal filed; unfavourable EUR/USD translation affected comparatives but operating performance offset FX; IAS 29 hyperinflation adjustments modestly reduced reported EBITDA/EBIT.

Outlook

2026 guidance: Group EBITDA €740–790m at constant EUR/USD 1.13 and assuming hyperinflation impact unchanged; management expects continued momentum in Caribbean and Africa, progressive ramp‑up of European bitumen activity and continued renewables investment that will weigh on near‑term EBITDA but support long‑term growth.

Summarized from source with an LLMView Source

Key figures

22.9%1Y

39.5%3Y

-2.92%5Y

Performance

22.1%1Y

27.3%3Y

27.6%5Y

Volatility