Rubis Sca · EURONEXT:RUI
Rubis Sca — Rubis — ODDO BHF Forum January 2026
27 slides from Rubis Sca's conference presentation, January 2026
Slide 1: ODDO BHF Forum January 2026
ODDO BHF" | Forum JANUARY 2026
Slide 2: Contents
Contents 01 • Overview 04 • Governance 02 • Operating and Financial 05 • Sustainability Performance 03 • Ambitions 06 • Appendix ODDO BHF Forum January 2026
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 ~4,400 €342m(1) 1.4x €2.03 countries across employees of FY 2024 Net Corporate Net 2024 dividend 3 continents Income Financial Debt / Group share EBITDA at Jun-25(2) (1) Including €83m net capital gain
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 NET INCOME CAPEX Retail & Marketing Group share 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 Distribution Renewable Electricity Production EBITD
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 ODDO BHF Forum 9 January 2026
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
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 ▪ Continued low single-digit growth in the LPG business ● EBITDA €710-760m(1) ▪ 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
04 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
a Pa) i= we) © = (0) J ) =] i”)
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 2023 2024 2025 Performance versus sector AA AA * High Above 30,7 29,2 * average C C C Medium Above B B A- average * Awaiting rating. ODDO BHF Forum 22 January 2026
Slide 23: Appendix
Appendix
Slide 24: Financial results
06 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
Slide 25: Net debt evolution
06 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 corpo
Slide 26: Stages of a photovoltaic project
06 Stages of a photovoltaic project Under In Early stage Development Advanced development Ready to build construction operation ~ 7 years Permit Permit Permit application Permit application Land application obtained Connectable secured preparation submission considered complete to grid Tariff Financ
Slide 27: Next events
Next events Q4 & FY 2025 Results: 12 | 03 | 2026 Q1 2026 Trading Update: 05 | 05 | 2026 Annual Shareholders’ Meeting: 10 | 06 | 2026 Q2 & H1 2026 Results: 08 | 09 | 2026 Photos credits: @ Gilles Dacquin © Rubis photo library DISCLAIMER This presentation does not constitute or form part of any offer