Rubis (RUI) H1 2024 earnings summary

Executive summary

• Solid operating performance in H1 2024, with stable EBITDA on a comparable basis and high activity in the Caribbean, offsetting African headwinds.

• Operating cash flow rose 6% year-over-year to €352m, supporting a healthy balance sheet and controlled leverage.

• Net income Group share at €130m, down 4% on a comparable basis and 24% versus reported numbers.

• Renewable energy portfolio expanded significantly, with solar capacity reaching 1 GW, up 55% year-over-year.

• 2024 guidance reiterated, with confidence in dividend growth and continued renewable energy investments.

Financial highlights

• Group EBITDA at €358m, down 12% reported but stable year-over-year on a comparable basis; renewable electricity EBITDA up 12% to €11m.

• Net income Group share at €130m, down 24% reported and 4% on a comparable basis; diluted EPS at €1.25 (-25% yoy).

• Operating cash flow at €352m, up 6% year-over-year; CapEx at €103m (-22% yoy), with €68m in Energy Distribution and €35m in Renewables.

• Corporate net financial debt at €1,079m, 1.6x EBITDA; total net debt at €1.5bn; average debt maturity extended to 5 years after USPP issuance.

• Foreign exchange losses reduced to €35m from €55m in 2023.

Outlook and guidance

• 2024 guidance confirmed: expected EBITDA between €725–775m, stable net income Group share, and dividend growth.

• Caribbean and Europe expected to maintain strong activity; Africa remains uncertain but is stabilizing.

• Capital gain from Rubis Terminal sale to be recognized in full-year 2024 net income.

• Acceleration of renewable electricity development costs will weigh on 2024–2025 EBITDA but support future growth.

• Net income Group share should remain stable despite a €20–25m impact from the Global Minimum Tax.