Rubis (RUI) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 delivered strong operating performance, with significant growth in energy distribution volumes and margins across all geographies, driven by operational excellence and agility.

• Bitumen activities, especially in Europe and Africa, delivered exceptional results, with the launch of new operations in Antwerp and continued expansion in Africa and India.

• Renewable electricity portfolio increased by 6% since December 2025 and 32% year-over-year, with Photosol's secured portfolio at 1.5 GW and the Creil PV plant in France set for full commissioning by end of Q2.

• No direct or material negative impact from the Middle East conflict, as operations are not present in the region and supply chains are diversified.

Financial highlights

• Total retail & marketing volumes rose 12% year-over-year to 1,768,000 m³; gross margin up 13% to €247m.

• Bitumen volumes rose 44% and gross margin 49% year-over-year, driven by European ramp-up and African expansion.

• LPG volumes up 5% and gross margin up 9% year-over-year, with strong performance in Europe and Africa.

• Fuel volumes up 10% and gross margin up 8% year-over-year, though margin growth lagged volume growth due to price pressures.

• Renewable electricity assets in operation reached 666 MWp, up 24% year-over-year; Photosol revenue up 14% to €12m.

Outlook and guidance

• 2026 EBITDA guidance reaffirmed at €740–790m, assuming constant EUR/USD rate and unchanged hyperinflation impact.

• Caribbean expected to maintain strong momentum, especially in Haiti, Jamaica, Guyana, and Barbados, with robust aviation demand.

• Africa retail, bitumen, and lubricants to remain key growth drivers; LPG and renewables also performing strongly.

• Retail margin and volume improvement expected in Africa; high volume growth but lower margins in European bitumen.

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