Rubis (RUI) AGM 2025 summary

Opening remarks and agenda

• The meeting was held on 12 June 2025, opened with thanks to shareholders, introduction of executive and board members, and confirmation of the public and broadcast nature of the event.

• The agenda included strategy highlights, financial results, sustainability, governance, auditor reports, shareholder Q&A, and voting on resolutions.

• Legal formalities, quorum, and voting procedures were established, with electronic voting devices distributed.

Financial performance review

• 2024 saw 5% volume growth in energy distribution, operating cash flow of EUR 665 million (+18%), and net income group share of EUR 342 million.

• EBITDA reached EUR 721 million, down 3% from 2023 but within guidance, and net debt leverage was maintained at 1.4x.

• The sale of a 55% stake in Rubis Terminal generated EUR 375 million and a capital gain of EUR 85 million.

• Caribbean operations contributed 52% of EBITDA, Africa 31%, with strong volume growth but margin pressure in Africa.

• 2025 outlook projects EBITDA between EUR 710 million and EUR 760 million, with growth in LPG and renewables in Europe, and improved volumes in Africa.

Board and executive committee updates

• Succession plans detailed two new managing partners (Jean-Christian Bergeron and Marc Jacquot) to take office in October 2025, supported by the Supervisory Board.

• The Supervisory Board increased its activity, meeting 11 times in 2024, and is set for significant renewal, expanding to 14 members with 93% independence and 43% women.

• Governance reforms included strengthened board prerogatives, succession planning, and codification of best practices.