Rubis (RUI) Q3 2026 TU earnings summary

Executive summary

• Q3 Energy Distribution volumes and margins grew, with total volumes up 7% YoY; FY2026 EBITDA guidance was reaffirmed at €775m–€825m.

• Renewable electricity operations expanded, with Photosol’s secured portfolio reaching 1.5 GWp, up 20% YoY.

Financial highlights

• Q3 revenue was €2,275m, up 44% YoY; nine-month revenue reached €6,342m, up 31%.

• Q3 Retail & Marketing volumes reached 1,737k m³, up 7%, and gross margin rose 10% to €228m; nine-month gross margin increased 14% to €725m.

• Fuel gross margin rose 13% on 2% volume growth; LPG gross margin increased 1% on stable volumes.

• Bitumen gross margin rose 29% on 82% volume growth; excluding Europe, volumes grew 15% and gross margin 11%.

• Photosol Q3 revenue increased 40% YoY to €29m.

Outlook and guidance

• FY2026 EBITDA guidance reaffirmed at €775m–€825m, assuming EUR/USD at 1.13 and IAS 29 hyperinflation impact unchanged from 2025.

• H2 outlook includes Haiti recovery, tourism-led Caribbean growth, improving African conditions and bitumen volume growth across most geographies; high oil prices are expected to weigh on demand.

• Northwest European bitumen volumes are expected to remain strong as margins build with scale; mature-market LPG growth is expected to be moderate or gradually erode.