Slide 1: CIC Forum
CIC Forum| DECEMBER 2025
Slide 2: Contents
Contents 01 • Overview 04 • Governance 02 • Operating and Financial 05 • Sustainability Performance 03 • Ambitions 06 • Appendix December 2025
Slide 3: Overview
01 Overview
Slide 4: Introduction to Rubis
01 Introduction to Rubis Addressing fit-for-purpose demand with tailored energy solutions AFRICA CARIBBEAN EUROPE Developing market Fragmented market Mature market - Electrification 14 Fuel = 91% of 7 24 Fuel = 66% of 633 MW countries volume distributed countries countries volume distributed in oper
Slide 5: Introduction to Rubis
01 Introduction to Rubis A diversified Group offering a continuously growing performance 4 4 > 40 ~4,100 €342m 1.4x €2.03 countries across employees of FY 2024 Net Corporate Net 2024 Dividend 3 continents Income Financial Debt / EBITDA at Jun-25(1) (1) Debt excluding Photosol SPV Project non-recours
Slide 6: Market mid-term trends and opportunities
01 Market mid-term trends and opportunities A differentiated approach depending on products and geographies AFRICA CARIBBEAN EUROPE 2-4% p.a. 1-3% p.a. (3)-(1)% p.a. • LPG • LPG • LPG ▪ Clean cooking ▪ Growth in line with tourism ▪ Slowly decreasing market ▪ Full management of the supply chain ▪ Sol
Slide 7: Operating and Financial Performance
02 Operating and Financial Performance
Slide 8: H1 2025 Key figures
02 H1 2025 Key figures Steady operations, driving continued strong cash-flow generation Retail & Marketing NET INCOME CAPEX 164 EBITDA +3% at €265m in H1 25 103 €163m 91 35 Support & Services +26% vs H1 2024 68 73 H1 2024 H1 2025 Energy Dist ribution Renewable Elect ricity Production EBITDA stable a
Slide 9: A steady cash generation through cycles
02 A steady cash generation through cycles In million euros 409 389 363 ● Steady commercial 356 358 369 performance ● Operating excellence ● Strong cash flow conversion H2-22 H1-23 H2-23 H1-24 H2-24 H1-25 EBITDA Operating cash-flow Average OCF 9 December 2025
Slide 10: Q3 2025 Highlights
02 Q3 2025 Highlights Strong volume growth and unit margins picking up RETAIL & MARKETING – Gross margin grows by +9% SUPPORT & SERVICES Volume (in '000 m3) Gross margin (in €m) Unit margin -17% revenue yoy generated by usual volatility from SARA pricing mechanism 3 Q3 2025 vs Q3 2025 vs Q3 2025 vs
Slide 11: Photosol portfolio as of Sept-2025
02 Photosol portfolio as of Sept-2025 Project pipeline 5.8 GW +13% vs Sept-24 4.0 3.7 3.6 3.6 3.2 2.8 2.2 2.0 1.8 Secured porfolio 1.3 GW +25% vs Sept-24 633 513 523 322 367 230 257 265 242 In operation Under construction Ready-to-Build Advanced development Development Early Stage Sept-24 Dec-24 Sep
Slide 12: Ambitions
f | 03 Ambitions
Slide 13: 2025 Guidance reaffirmed
03 2025 Guidance reaffirmed Confidence in Group’s robustness through the cycle – Ability to generate strong cash flow 2025 OUTLOOK GUIDANCE ● Global – weakening USD FX rate ● Europe ● EBITDA €710-760m(1) ▪ Continued low single-digit growth in the LPG business ▪ Acceleration of renewable electricity
Slide 14: Reminder: Photosol Day ambitions
03 Reminder: Photosol Day ambitions 2022 2024 … 2027 Secured portfolio(1) 503 MW 1.1 GW … > 2.5 GW Consolidated EBITDA(2) €18M €26M … €50-55M of which c.10% EBITDA contribution from farm-down Power EBITDA(3) €22M €36M … €80-85M Secured EBITDA(4) €35M €75-80M … €150-200M (1) Includes ready to build,
Slide 15: Governance
[| Governance —-
Slide 16: Reminder: the Rubis Limited Partnership
04 Reminder: the Rubis Limited Partnership Rubis is a partnership limited by shares, governed by Articles L. 226-1 et seq. of the French Commercial Code Rubis shares are listed on the regulated market of Euronext (Compartment A) Audit and CSR Committee Limited Partners / Supervisory Board Shareholde
Slide 17: Reminder: Allocation of responsibilities in Limited Partnerships
04 Reminder: Allocation of responsibilities in Limited Partnerships A balanced and robust governance framework to create shareholder value Supervisory Board Independent body responsible for the continuous oversight of 1 Oversees the management of the company the management Represents and reports to
Slide 18: Respective roles of the Supervisory and Management Boards
04 Respective roles of the Supervisory and Management Boards Supervisory Board in charge of the continuous oversight of the Company’s management ● Supervises the company’s management ● Examines financial statements prepared by the Management Board ● Assesses the quality of financial information ● Pr
Slide 19: General Partners' statutory dividend
04 General Partners’ statutory dividend Strong alignment with shareholders' interest ● The General Partners receive a dividend for a financial year equal to 3% of the Total Shareholder Return, if positive, of Rubis’ shares (formula below) ● This dividend may in no case exceed 10% of the Group net in
Slide 20: Sustainability
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Slide 21: Our progress towards a positive impact
05 Our progress towards a positive impact 3 key pillars of our CSR Roadmap Environment People Society Reducing our environmental Providing a safe Contributing to a more Pillars footprint and stimulating working environment virtuous society Reduction of CO2 eq emissions Percentage of women Percentage
Slide 22: Extra-financial ratings
05 Extra-financial ratings 2022 2023 2024 Performance versus sector AA AA AA High Above 30,2 30,7 29,2 average C- C- C Medium Above B B B average 22 December 2025
Slide 23: Appendix
Appendix
Slide 24: Financial results
Financial results Income statement H1 2025 H1 2024 Var Var % EBITDA 369 358 11 3% o/w Energy Distribution Retail & Marketing 265 258 7 3% • Hyperinflation impact €5m o/w Energy Distribution Support & Services 114 114 0 0% o/w Renewable Electricity Production 10 11 -1 -5% o/w Rubis SCA Holding -20 -2
Slide 25: Net debt evolution
Net debt evolution Healthy balance sheet: stable corporate leverage at 1.4x In million euros Free Cash Flow(5) 230 1,405 494 €70m -22 -25 431 1,292 164 ● Net debt €1,405m -390 68 88 ▪ €494m non-recourse debt from 910 861 Photosol SPV − Mostly fixed rate (swapped) − 20 years maturity ▪ €910m corporat
Slide 26: Stages of a photovoltaic project
Stages of a photovoltaic project Under In Early stage Development Advanced development Ready to build construction operation ~ 7 years Permit Permit Permit Land application application Permit application obtained Connectable secured preparation submission considered complete to grid Tariff Financing
Slide 27: Thank you for your attention
Thank you for your attention Photos credits: DISCLAIMER This presentation does not constitute or form part of any offer or solicitation to purchase or to sell Rubis’ securities. Should you need more detailed information on Rubis, please consult the documents filed in France with the Autorité des mar