Rubis (RUI) H1 2025 earnings summary

Executive summary

• EBITDA rose 3% year-over-year to €369m, with net income Group share up 26% to €163m, reflecting strong operational performance and effective FX management in a volatile market.

• H1 2025 saw growth in volumes and margins across all regions and product lines, supported by a diversified business model and disciplined financial management.

• Cash flow from operations remained steady at €276m, supporting a healthy balance sheet and stable leverage ratio (corporate NFD/EBITDA at 1.4x).

• Photosol renewables business progressed on track, contributing to group EBITDA growth and aligning with 2027 objectives.

• Guidance for 2025 reaffirmed, with confidence in meeting full-year targets despite global economic uncertainty.

Financial highlights

• Revenue: €3,275m (-2% yoy); EBITDA: €369m (+3% yoy); Net income Group share: €163m (+26% yoy); EPS (diluted): €1.58 (+26% yoy).

• Cash flow from operations: €276m (-3% yoy); CapEx: €164m (+59% yoy), with €91m dedicated to Renewable Electricity Production.

• Power EBITDA from renewables reached €22m, up 38% year-over-year.

• Corporate net financial debt stable at €910m, representing 1.4x EBITDA; total net financial debt at €1.4bn.

• Free cash flow reached €70m; cost of net financial debt decreased to €32m from €44m.

Outlook and guidance

• 2025 guidance reiterated, targeting Group EBITDA of €710–760m, assuming unchanged hyperinflation impact and stable macroeconomic conditions.

• Guidance assumes similar hyperinflation impacts as 2024, with positive EBITDA effect of €25m and EBIT effect of €22m.

• Photosol 2027 ambitions unchanged: secured portfolio above 2.5 GWp, consolidated EBITDA €50–55m, power EBITDA €80–85m.

• Expect continued low single-digit growth in LPG in Europe, improved retail margins and bitumen volume in Africa, and stable high activity in the Caribbean.

• Working assumptions for 2025 remain unchanged despite an unfavorable EUR/USD context.