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% year-over-year, with stable or improved margins across most segments.

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

• Renewable electricity portfolio grew 22% year-over-year to 1.1 GWp, with Photosol assets in operation up 19% and new capacity commissioned.

• No direct exposure to global trade tariffs; business remains resilient in a challenging environment.

Financial highlights

• Group sales reached €1,697m in Q1 2025, up 2% year-over-year; gross margin trends varied by segment.

• Support & Services revenue rose 2% to €266m; margin down 4% due to lower bitumen trading activity.

• Renewable Electricity Production revenue increased 28% to €11m, reflecting portfolio expansion and higher load factor.

• Bitumen volume up 35% year-over-year, with margin normalization after FX-driven distortion in 2024.

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

Outlook and guidance

• 2025 EBITDA guidance reaffirmed at €710-760m, assuming stable hyperinflation impact.

• Moderate LPG growth and continued acceleration in renewables expected in Europe; progressive margin recovery in Kenya and stable activity in the Caribbean.

• Bitumen volumes expected to continue developing, with Angola consolidated after a 60% stake acquisition.

• Photosol targets a secured portfolio above 2.5 GWp by 2027 and consolidated EBITDA of €50-55m.

• FX volatility in Kenya and Nigeria closely monitored; no further degradation in Haiti assumed.