Rubis (RUI) Status Update summary

Strategic direction and business model

• Focus on accelerating core solar activities in France and expanding into Italy, Spain, Eastern Europe, and French overseas territories, with a strong emphasis on agrivoltaism and rooftop solar.

• Integrated model covers the full photovoltaic value chain, from development and construction to operation, maintenance, and asset optimization, including repowering and refinancing.

• Strategic partnerships, including with Rubis Energy and agricultural organizations, support B2B, international expansion, and project acceptability.

• Leadership in agrivoltaism, with 192 MW installed and proven expertise since 2008, enhances land access and project viability.

• Diversification and innovation in storage and digital solutions provide a competitive edge and mitigate market risks.

Financial outlook and guidance

• Targeting a secured solar portfolio above 2.5 GW (with a pipeline of 5–5.2 GW) by 2027, and 1 GW in operation, with secured EBITDA of €150–200m and power EBITDA of €80–85m by 2027–2029.

• 2024 consolidated EBITDA expected at €20m, with power EBITDA above €35m.

• Farm-downs (partial/full asset sales) to represent 10% of consolidated EBITDA by 2027, supporting self-financing and capital recycling.

• CapEx for 2024–2027 totals €1.1bn, with 80–90% financed by non-recourse project debt, and the remainder by equity and farm-downs.

• Project development is capital efficient, with most investment after permits are secured and development expenses stabilizing as platforms mature.

Market environment and risk management

• The French market offers long-term, inflation-indexed contracts with government backing, ensuring revenue stability and high success rates in CRE tenders.

• Solar is the most competitive renewable technology, with EU and national policies driving rapid capacity growth and energy transition.

• Diversification into mature (Italy, Spain) and emerging (Eastern Europe) markets balances growth and risk.

• Limited exposure to spot prices; revenues secured through 15–20 year PPAs, CRE tenders, and corporate PPAs, with an average weighted tariff of €96/MWh.

• Storage solutions and grid connection strategies enhance grid stability and mitigate supply-demand imbalances.