Rubis (RUI) H1 2024 earnings summary

Executive summary

• Solid operating performance in H1 2024, with robust activity in the Caribbean, stable EBITDA on a comparable basis, and strong cash flow generation despite headwinds in Africa and a high 2023 base.

• EBITDA reached €358m, stable year-over-year on a comparable basis but down 12% versus H1 2023; operating cash flow rose 6% to €352m.

• Net income Group share was €130m, down 4% on a comparable basis and 24% year-over-year, impacted by exceptional items.

• Sale of Rubis Terminal is progressing, with closing and related dividend payment expected in Q4 2024.

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

Financial highlights

• Revenue was €3,339m, flat year-over-year; EBITDA at €358m (-12%), EBIT at €257m (-20%), and net income Group share at €130m (-24%).

• Operating cash flow at €352m, up 6% year-over-year; CapEx at €103m, with €35m dedicated to renewables.

• Corporate net financial debt at €1,079m, 1.6x EBITDA; total net financial debt at €1,491m (2.1x EBITDA).

• EPS (diluted) was €1.25, down 25% year-over-year; adjusted EBITDA down 1% year-over-year.

• 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 momentum; Africa remains challenging 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.

• Upcoming Photosol Day to update mid-term ambitions.