Rubis (RUI) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong operating performance, with diversified business lines and growth in all geographies and segments, notably in energy distribution, bitumen, and renewables.

• Volumes increased by 4% overall, with stable or rising unit margins; notable growth in Europe LPG, Kenya retail, and bitumen segments.

• Bitumen volumes surged 35% year-over-year, led by strong demand in Nigeria, Togo, and South Africa.

• Renewable electricity portfolio expanded by 22% year-over-year to 1.1 GWp, with Photosol assets in operation up 19%.

• No direct impact from global trade tariffs; 2025 guidance reaffirmed.

Financial highlights

• Group sales reached €1,697m in Q1 2025, up 2% year-over-year; gross margin decreased by 6% year-over-year, mainly due to FX effects in Nigeria.

• Group EBITDA guidance for 2025 is set between €710 million and €760 million, assuming normalized hyperinflation impact.

• Support & Services revenue rose 2% to €266m; Photosol revenue increased 28% to €11m, outpacing asset growth due to higher load factors and improved weather.

• Caribbean margins grew by 7% and volumes by 2%, with gross margin rising from €80 million to €85 million year-over-year.

• Retail & Marketing gross margin up 4% to €218m, driven by strong retail momentum in Africa and the Caribbean.

Outlook and guidance

• 2025 guidance reaffirmed, with Group EBITDA expected between €710m and €760m, and expectations of moderate LPG growth in Europe and continued Photosol expansion.

• Africa: improving retail margins, bitumen growth outside Nigeria with lower unit margins.

• Caribbean: activity expected to stabilize at high levels.

• Anticipates progressive recovery in Kenya service station margins as pricing formula adjustments take effect.

• No revision to guidance despite strong Q1, as management prefers to maintain the current range with three quarters remaining.