Rubis Sca · EURONEXT:RUI
Rubis Sca — Q4 2024 Earnings Presentation
30 slides from Rubis Sca's earnings presentation, Mar 13, 2024
Slide 1: 2024 Full-Year Results
2024 Full-Year Results 13 MARCH 2025
Slide 2: Contents
2024 Full-Year Results Contents 01 • Introduction 05 • Wrap-up & Outlook 02 • FY 2024 Highlights 06 • Q&A - Appendix 03 • FY 2024 Financial Results 04 • Focus on Rubis Énergie 2024 Full-Year Results
Slide 3: Introduction
01 Introduction Jacques Riou Managing Partner
Slide 4: A leader in 3 regions with tailored energy solutions
01 A leader in 3 regions with tailored energy solutions AFRICA CARIBBEAN EUROPE Developing market Growing market Market focused on renewable 24 646 19 408 7 523 MW countries service stations countries service stations countries in operation Top 3 in most countries across all Top 3 in most countries
Slide 5: FY 2024 Highlights
01 FY 2024 Highlights Solid performance from a high comparable base Net Income Energy Distribution volume +5% yoy €342m growth Enabling responsible €XXm -3% investment vs FY 2023 in Photosol secured portfolio -4% ontransition Energy a comp. basis +22% yoy inside the €340-375m guidance range Corp. Ne
Slide 6: FY 2024 Highlights
02 FY 2024 Highlights Clarisse Gobin-Swiecznik Managing Partner
Slide 7: FY 2024 Key figures
02 FY 2024 Key figures Another year of strong cash-flow generation despite a volatile environment EBITDA CAPEX 283 248 €721m 206 165 -3% yoy (1) 77 82 in the high-end of the €675-725m guidance range FY 2023 FY 2024 Energy Distribution contributes to 97% of Group performance High level of activity in
Slide 8: FY 2024 Operating Highlights – Energy Distribution
02 FY 2024 Operating Highlights – Energy Distribution Diversified portfolio at play RETAIL & MARKETING SUPPORT & SERVICES Adjusted Gross margin(1) Adjusted(1) Volume (in '000 m3) (in €m) Unit margin (in '000 m3) FY 2024 FY 2023 FY 2024 vs FY 2024 FY 2023 FY 2024 vs FY 2024 vs EBITDA FY 2023 FY 2023
Slide 9: FY 2024 Operating Highlights – Renewable Electricity Production
02 FY 2024 Operating Highlights – Renewable Electricity Production Development in line with plan FY 2023 FY 2024 +23% 523 -2% 472 460 Secured portfolio Power EBITDA 1.1 GW €36m 435 +22% yoy Permits submitted in 2024 650MW Assets in operation (MWp) Electricity production (GWh) Weather-related 88MW ef
Slide 10: Further governance evolution
02 Further governance evolution Strengthening of the missions Proposal for the appointment of two new of the Supervisory Board Managing Partners Missions of the Supervisory Board now include: Preparation for the succession of Gilles Gobin and Jacques Riou from 1 October 2025: ● A prior opinion on im
Slide 11: FY 2024 Financial Results
03 FY 2024 Financial Results Marc Jacquot CFO
Slide 12: Operating performance
03 Operating performance Understanding the non-comparable items FY 2023 FY 2024 In million euros Operating 798 performance -3% yoy 9 -32 -11 24 742 -22 -5 723 721 -19 -21 Naira passthrough Compensation-related items "Comparable" EBITDA 2023 "Comparable" EBITDA 2024 Fees-M&A and strategy EBITDA 2024
Slide 13: Business Performance
03 Business Performance Continued strong performance in the Caribbean - Headwinds in Kenya EBIT BRIDGE - FY 2023 - FY 2024 (€M) EBIT 621 (reported) Non- comparable items ENERGY DISTRIBUTION RENEWABLE ELECTRICITY 58 PRODUCTION EBIT 564 (on a comparable basis) Including a €(7)m impact of Haiti 1 -43 -
Slide 14: Financial Results
03 Financial Results Income Statement (in million euros) FY 2024 FY 2023 Var % EBITDA 721 798 -10% o/w Energy Distribution 731 797 -8% o/w Renewable Electricity Production 26 29 -11% • Strong performance in the Caribbean • EBITDA and EBIT inflated for FX by €32m in 2023 EBIT 504 621 -19% o/w Energy
Slide 15: Net debt evolution
03 Net debt evolution Healthy balance sheet: maintaining corporate leverage at 1.4x – Strong Free Cash Flow In million euros Free Cash Flow5 367 1,360 €320m 1,292 431 -124 82 ● Net debt €1,292m 295 ▪ €431m non-recourse debt from 993 -697 Photosol SPV 248 861 − Mostly fixed rate (swapped) 168 -39 − 2
Slide 16: Focus on Rubis Énergie
04 Focus on Rubis Énergie Jean-Christian Bergeron CEO, Rubis Énergie 16
Slide 17: Market mid-term trends and opportunities
04 Market mid-term trends and opportunities 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 ▪ Solid profitability • Fuel 4-6% p.a. ▪ Need for mobility • Fuel 2-4
Slide 18: Rubis Énergie: a strategy based on 6 priorities
04 Rubis Énergie: a strategy based on 6 priorities Sustain strong organic growth Focus on selective external growth leveraging our strengths Improve operating efficiency Group-wise Develop new, value-creating, low-carbon activities to complement our existing businesses Further decarbonise our activi
Slide 19: Wrap-up & Outlook
05 Wrap-up & Outlook Clarisse Gobin-Swiecznik Managing Partner
Slide 20: FY 2024 Key Take-aways
05 FY 2024 Key Take-aways Diversified portfolio proving efficient CONTINUED HIGH LEVEL OF ACTIVITY IN THE CARIBBEAN HIGH CASHFLOW, HEALTHY AND SUPPORTING GROUP STABLE BALANCE SHEET PERFORMANCE €2.03 PER SHARE PROPOSED DIVIDEND EBITDA AT €721M CASH FLOW FROM OPERATIONS UP -3% YOY ON A COMPARABLE BASI
Slide 21: 2025 Outlook
05 2025 Outlook Confidence in Group’s robustness through the cycle – Ability to generate strong cash flow 2025 OUTLOOK GUIDANCE ● By geography ▪ Europe − Continued low single-digit growth in the LPG business ● EBITDA €710-760m(1) − Acceleration of renewable electricity development ▪ Africa − Improvi
Slide 22: Q&A - Appendix
06 Q&A - Appendix
Slide 23: Deploying a strict investment policy
06 Deploying a strict investment policy… …. to ensure sustainable returns and transition ENERGY DISTRIBUTION RENEWABLE ELECTRICITY PRODUCTION ● Bolt-on acquisitions in locations complementary to our ● Project IRR [7-9]% unlevered existing network ● Non-recourse debt financing [80-90]% ● Opportunisti
Slide 24: Photosol portfolio as of December 2024
06 Photosol portfolio as of December 2024 Creil plant now under construction – 88 MW commissioned in 2024 - Strong pipeline In MW for the Secured portfolio – GW for the Pipeline Project pipeline 5.4 GW 4.0 Pipeline > 5x 3.6 3.2 secured portfolio 2.9 1.8 Secured porfolio 1.4 1.1 GW (+22% yoy) 523 435
Slide 25: Reminder: Photosol Day ambitions
06 Reminder: Photosol Day ambitions 2022 2023 2024 … 2027 Secured portfolio(1) 503 MW 893 MW 1 GW … > 2.5 GW Consolidated EBITDA(2) €18M €29M €18-20M … €50-55M of which c.10% EBITDA contribution from farm-down Power EBITDA(3) €22M €34M €35-37M … €80-85M of which one-off impact of €4m due to emergenc
Slide 26: Ensure project success early
06 Ensure project success early 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: FY 2024 Energy Distribution
06 FY 2024 Energy Distribution (in million euros) FY 2024 FY 2023 Var % Retail & Marketing Volume ('000m3) 6,018 5,718 5% o/w Europe 925 876 6% o/w Carribean 2,267 2,219 2% o/w Africa 2,826 2,623 8% Adj Gross margin 815 806 1% o/w Europe 220 208 6% o/w Carribean 328 306 7% o/w Africa 267 291 -8% EBI
Slide 28: Extra-financial ratings
06 Extra-financial ratings 2022 2023 2024 Performance versus Oil & Gas sector AA AA AA High Above 30,2 29,2 29,2 average C- C C Medium Above B B B average 2024 Full-Year Results 28
Slide 29: Financial calendar – Roadshows & Conferences
06 Financial calendar – Roadshows & Conferences • Roadshows post FY 2024 results ▪ Paris: 14 | 03 | 25 (CM-CIC) • Conferences ▪ Hong Kong: HSBC Global Investment Summit – 25 | 03 | 25 ▪ London: Jefferies Pan-European Mid-Cap Conference – 26 | 03 | 25 ▪ London: UBS Global Energy Transition Conference
Slide 30: Next events
Next events Q1 2025 Trading update: 05 | 05 | 2025 Shareholders’ Meeting: 12 | 06 | 2025 Q2 & H1 2025 Trading update: 09 | 09 | 2025 Q3 2025 Trading update: 04 | 11 | 2025 Photos credits: @ Gilles Dacquin © Rubis photo library DISCLAIMER This presentation does not constitute or form part of any offe