Rubis (RUI) H1 2026 earnings summary

Executive summary

• EBITDA rose 18% year-over-year to €434m, driven by strong demand, disciplined execution, and optimized inventory management amid volatile, high oil prices.

• Net income Group share increased 17% to €191m, with EPS up 17% to €1.85, reflecting operational strength.

• Revenue grew 24% year-over-year to €4,068m, with all geographies and segments contributing.

• Upgraded 2026 EBITDA guidance to €775m–€825m, reflecting confidence in continued growth and execution.

• All regions and business activities delivered solid growth, with disciplined execution and optimized inventory management amid high oil prices.

Financial highlights

• Revenue: €4,068m (+24% yoy); EBITDA: €434m (+18% yoy); EBIT: €307m (+21% yoy); Net income Group share: €191m (+17% yoy); EPS (diluted): €1.85 (+17% yoy).

• Adjusted cash flow from operating activities: €223m, down 19% year-over-year due to higher working capital needs amid high oil prices.

• Free cash flow after CapEx and excluding the Corsica fine was €75m.

• Corporate net financial debt at €885m, with leverage at 1.3x EBITDA; total net financial debt at €1,466m (2x EBITDA).

• Capex: €137m, with €57m for Renewable Electricity Production.

Outlook and guidance

• Upgraded full-year 2026 EBITDA guidance to €775m–€825m (from €740m–€790m), assuming constant EUR/USD and unchanged hyperinflation impact.

• H2 2026 expected to see high oil prices weighing on demand globally, but regional growth anticipated in the Caribbean (tourism, Haiti recovery), Africa (bitumen, market conditions), and Europe (bitumen ramp-up, LPG normalization).

• Renewable electricity development to accelerate in H2.

• LPG growth to moderate in H2; bitumen performance remains project-driven.

• Expect continued recovery in Haiti, growth in East Africa, and ramp-up of bitumen in Europe; Nigeria volumes to remain under pressure but margins steady.