Rubis (RUI) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with strong performance across all regions and business lines despite unfavorable EUR/USD exchange rates and geopolitical uncertainty.

• Net income Group share up 19% year-over-year, excluding the 2024 Rubis Terminal sale gain, and EBITDA up 7% at constant FX and hyperinflation, reaching €772m.

• Record operating cash flow of €735m, up 10% year-over-year, supporting a robust balance sheet.

• Proposed dividend of €2.07 per share (+2% vs 2024), marking the 30th consecutive year of dividend growth.

• Integrated model and operational excellence drove growth in volumes, margins, and cash flow.

Financial highlights

• EBITDA at €772m (+7% year-over-year at constant FX and hyperinflation), at the upper end of guidance.

• Net income Group share at €309m (+19% year-over-year, excluding 2024 RT equity gain); EPS (diluted, excl. RT gain) up 19% to €2.98.

• Record cash flow from operations at €735m (+10% year-over-year).

• Corporate net financial debt at €602m, leverage reduced to 0.9x EBITDA (down from 1.3x in 2024).

• Capital expenditure rose to €376m, driven by renewables (+132% yoy), with €159m financed through non-recourse debt.

Outlook and guidance

• 2026 Group EBITDA guidance set at €740–790m, assuming constant FX and similar hyperinflation impact as 2025.

• Caribbean expected to sustain strong momentum, with continued recovery in Haiti and growth in Jamaica, Guyana, and Barbados.

• Africa to benefit from margin uplift and volume growth, especially in bitumen.

• Europe to see continued LPG strength, gradual bitumen ramp-up, and acceleration in renewables.

• Renewable Electricity Production division to face higher development costs, weighing on 2026 EBITDA.