Rubis (RUI) Q4 2024 earnings summary

Executive summary

• Operations span three continents and 50 countries, with strong positions in Africa, the Caribbean, South America, and Europe.

• Delivered resilient 2024 results with net income of €342m, down 3-4% year-over-year but within guidance, and strong cash flow.

• Energy Distribution volumes grew 5% year-over-year, with Caribbean and Europe offsetting African headwinds.

• Photosol renewable portfolio expanded by 22%, with 88MW commissioned and 1.1GW secured.

• Proposed dividend per share of €2.03 for 2024, up 2.5% year-over-year, marking the 29th consecutive year of dividend growth.

Financial highlights

• EBITDA reached €721m, down 3% year-over-year on a comparable basis, at the high end of guidance.

• Cash flow from operations increased 18% to €665m, with free cash flow strong at €320m.

• Corporate net financial debt/EBITDA stable at 1.4x; total net financial debt/EBITDA at 1.9x.

• Capex at €248m, with €82m allocated to renewables.

• Exceptional interim dividend of €0.75 per share paid from Rubis Terminal sale capital gains.

Outlook and guidance

• 2025 Group EBITDA guidance set between €710m and €760m, assuming stable hyperinflation impact.

• Caribbean growth to normalize, Europe to maintain positive momentum, Africa remains volatile.

• Renewables division to see higher development costs in 2025, supporting future growth.

• Dividend policy of annual increases to continue.

• Continued application of OECD global minimum tax and close FX monitoring in Kenya and Nigeria.