Paris, 09 September 2025, 5:45pm
- EBITDA at €369m, +3% yoy (flat on a comparable basis1) reflecting an overall stable level of activity in a volatile market environment
- Net income Group share of €163m, +26% yoy (+18% on a comparable basis) in a context of stable local currencies, after a H1 2024 severely hampered by FX losses
- Steady cash flow generation – cash flow from operations at €276m in H1 2025 after €286m in H1 2024
- Corporate Net Financial Debt to EBITDA ratio2 of 1.4x at Jun-2025, stable vs Dec-2024, attesting to the robustness of Rubis balance sheet – Total Net Financial Debt3 of €1,405m down from €1,491m in Jun-2024 (-6%)
- 2025 Guidance reiterated within an unfavourable EUR/USD context since June 2025 and assuming constant hyperinflation impact vs. 2024
H1 2025 KEY FIGURES4
| (in million euros) | H1 2025 | H1 2024 | Variation |
| Revenue | 3,275 | 3,339 | -2% |
| EBITDA | 369 | 358 | 3% |
| Net income, Group share | 163 | 130 | 26% |
| EPS (diluted), in euros | 1.58 | 1.25 | 26% |
| Cash flow from operations | 276 | 286 | -3% |
| Corporate NFD/EBITDA2 | 1.4x | 1.6x | |
| Net Financial Debt (NFD)/EBITDA3 | 2.1x | 2.1x |
On 9 September 2025, Clarisse Gobin-Swiecznik, Managing Partner, commented: “In the first half of 2025, Rubis delivered a robust performance in a market environment that remains volatile. The growth in both EBITDA and net income reflects the relevance of our diversified business model and growth strategy, making us strong amid macroeconomic and currency volatility. Steady cash flow generation underlines the soundness of our operations, enabling us to continue our disciplined investments. With a healthy balance sheet and a stable leverage ratio, we move into the second half of the year with confidence, reaffirming our 2025 guidance while remaining attentive to macroeconomic and geopolitical developments.”
H1 2025 FINANCIAL PERFORMANCE
CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2025
| (in million euros) | H1 2025 | H1 2024 | Variation |
| Revenue | 3,275 | 3,339 | -2% |
| EBITDA | 369 | 358 | 3% |
| o/w Energy Distribution | 379 | 371 | 2% |
| o/w Renewable Electricity Production | 10 | 11 | -5% |
| EBIT | 253 | 257 | -2% |
| o/w Energy Distribution | 281 | 284 | -1% |
| o/w Renewable Electricity Production | -6 | -3 | 106% |
| Net income, Group share | 163 | 130 | 26% |
| EPS (diluted), in euros | 1.58 | 1.25 | 26% |
| Cash flow from operating activities | 276 | 286 | -3% |
| Capital expenditure | 164 | 103 | 59% |
| o/w Energy Distribution | 73 | 68 | 7% |
| o/w Renewable Electricity Production | 91 | 35 | 163% |
H1 2025 saw a +3% increase in EBITDA to €369m (0% on a comparable basis). EBIT reached €253m (-2% yoy, -5% on a comparable basis), reflecting an overall stable level of activity in a volatile market environment. Product and geographical diversification proved efficient, driving volume growth.
At Group level, cost of net financial debt reached €32m from €44m in H1 2024, driven by decreasing interest rates, notably in Kenya despite a higher debt at Photosol in line with its expanded operational capacity. Other financial items reached -€2m in H1, from -€33m in H1 2024, reflecting more stable currencies and robust FX management since 2024, particularly in Kenya and Nigeria.
Profit before tax increased by 21% to €216m and Net income Group share rose by 26% to €163m. This improvement is mainly driven by the significant decrease in FX losses.
Taxes reached €50m in H1 2025 vs €45m in H1 2024, in line with the increase in profit before tax and include a OECD Global Minimum tax component of €13m.
The strong cash flow from operating activities at €276m, slightly down from H1 2024 (-3%), illustrates the strength of operations.
Capex reached €164m, of which €91m were dedicated to Renewable Electricity Production (up from €35m in H1 2024). The remaining €73m are split between maintenance (80%) and growth and energy transition investments (20%) in the Energy Distribution business line.
Impact of IAS 29: Hyperinflation (non-cash impacts)
Rubis has applied IAS 29 in hyperinflationary countries (Haiti, Suriname), as defined in IFRS. Application of IAS 29 in hyperinflationary countries requires their non-monetary assets and liabilities and their income statement to be restated to reflect the changes in the general purchasing power of their functional currency, leading to a gain or loss included in the net income. Moreover, their financial statements are converted into euros using the closing exchange rate of the relevant period.
| IAS 29: Impact on reported data (in million euros) | H1 2025 | H1 2024 | Impact on growth rate |
| EBITDA | 5 | 2 | 0.8% |
| EBIT | 2 | 2 | 0.0% |
| Net income Group share | -8 | -5 | -1.8% |
H1 2025 COMMERCIAL PERFORMANCE
1. ENERGY DISTRIBUTION – RETAIL & MARKETING
Volume sold and gross margin by product in H1 2025
| Volume (in ‘000 m3) | Gross margin (in €m) | |||||
| (in ‘000 m3) | H1 2025 | H1 2024 | H1 2025 vs H1 2024 | H1 2025 | H1 2024 | H1 2025 vs H1 2024 |
| LPG | 670 | 660 | 2% | 161 | 158 | 2% |
| Fuel | 2,176 | 2,101 | 4% | 220 | 214 | 3% |
| Bitumen | 288 | 212 | 36% | 45 | 44 | 3% |
| TOTAL | 3,134 | 2,973 | 5% | 426 | 416 | 2% |
Volume sold and gross margin by region in H1 2025
| Volume (in ‘000 m3) | Gross margin (in €m) | |||||
| H1 2025 | H1 2024 | H1 2025 vs H1 2024 | H1 2025 | H1 2024 | H1 2025 vs H1 2024 | |
| Europe | 473 | 464 | 2% | 121 | 114 | 6% |
| Caribbean | 1,196 | 1,145 | 4% | 167 | 167 | 0% |
| Africa | 1,466 | 1,364 | 7% | 138 | 134 | 2% |
| TOTAL | 3,134 | 2,973 | 5% | 426 | 416 | 2% |
H1 2025 was another half-year of volume and gross margin increasing in all regions and products from an already high comparable basis.
LPG demand was slightly up over the first-half. Most of this performance was driven by France and South Africa. Autogas in Europe maintains its strong momentum, as well as the bulk segment in France, underpinned by strong commercial dynamics. In South Africa, both packed and bulk segments grew, benefitting from the cold winter, and new customer wins. Morocco resumed with volume growth over the second quarter, but margins remain under competitive pressure. Overall, gross margin grew in line with volume, thereby maintaining a stable unit margin.
As regards fuel:
- The retail business (service stations representing 50% of fuel volume and 53% of H1 fuel gross margin) performed particularly well in Africa. Total volume grew by 5% and gross margin by 8%. This strong achievement is explained by:
- Kenya, where a first step in the adjustment of the pricing formula took place mid-March 25. This led to an increase of unit margins by +3% over H1;
- Madagascar, where the market continued to be very dynamic, and the improving attractiveness of service stations and convenience stores boosts traffic;
- Jamaica continuing to perform well in terms of volume, although margins were a bit tighter due to a less favourable supply context this first-half.
- The Commercial and Industrial business (C&I, representing 29% of fuel volume and 25% of H1 fuel gross margin) increased by 8% in volume. Margins decreased by 8% yoy mainly explained by the intense pricing competition in Guyana ahead of September elections.
- The aviation segment (representing 17% of fuel volume and 16% of fuel gross margin) was down -9% in volume, and -2% in gross margin, thereby improving unit margin by +8%. This performance is two-fold. Kenya aviation business is under an increased pricing pressure. In this context, the Company arbitrates to the benefit of margins rather than volume. On the other hand, this first-half was dynamic in the Eastern Caribbean region, with a sustained pace in airlines frequencies.
Bitumen volume was up 36% yoy, mainly driven by Nigeria where demand for product resumed over the first-half and activity benefited from supply difficulties for one of Rubis competitors. Angola entry into the perimeter also drove volume growth. Gross margin increased by 3% yoy. The subsequent decrease in unit margin is a basis effect, driven by the H1 24 devaluation of Nigerian Naira, which inflated margins over that period.
2. ENERGY DISTRIBUTION – SUPPORT & SERVICES
The Support & Services activity recorded €485m of revenue (stable yoy) in H1 2025.
Trading for third parties volume excluding crude deliveries was up 16% and margins were up 9% vs H1 2024.
In the Caribbean, trading was dynamic with +14% yoy in volume and +18% yoy in gross margin.
In Africa, bitumen shipping activity improved over the first-half (volume +29% after a low H1 2024) with more numerous but shorter routes.
SARA refinery and logistics operations present specific business models with stable earnings profile.
3. RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL
| Operational data | H1 2025 | H1 2024 | Variation |
| Assets in operation (MWp) | 607 | 460 | 32% |
| Electricity production (GWh) | 269 | 221 | 22% |
| Sales (in €m) | 31 | 24 | 27% |
Over the first-half 2025, Photosol installed 84MWp, leading its assets in operation to grow by 32% yoy at 607 MWp. The secured portfolio increased by 25% to 1.2 GWp. The pipeline reached 5.7 GWp up +9% yoy. Revenue for H1 2025 stood at €31m, up 27% vs H1 2024 reflecting portfolio expansion.
H1 2025 OPERATING PERFORMANCE
EBITDA breakdown
| (in million euros) | H1 2025 | H1 2024 | Variation |
| Europe | 62 | 57 | 10% |
| Caribbean | 111 | 111 | 0% |
| Africa | 91 | 90 | 2% |
| Retail & Marketing | 265 | 258 | 3% |
| Support & Services | 114 | 114 | 0% |
| Renewable Electricity Production | 10 | 11 | -5% |
| Holding | -20 | -24 | -17% |
| Total Group EBITDA | 369 |