Slide 1: 2023 Half-Year Results
2023 Half-Year Results 07 SEPTEMBER 2023
Slide 2: Agenda
AGENDA 01 • Introduction 05 • Wrap-up & Outlook 02 • H1 2023 Highlights 06 • Q&A 03 • Rubis Photosol – One year later 07 • Appendix 04 • H1 2023 Financial Results 2023 Half-Year Results Introduction H1 2023 Highlights Rubis Photosol – One year later H1 2023 Financial Results Wrap-up & Outlook Q&A Ap
Slide 3: Introduction
01 Introduction JACQUES RIOU MANAGING PARTNER
Slide 4: Business Lines and Approach
01 Business Lines and Approach Historical businesses generate strong cash flow, most recent ones ensure long-term growth ENERGY DISTRIBUTION RENEWABLE ELECTRICITY BULK LIQUID STORAGE (JV) Steady development and improved profitability PRODUCTION Portfolio optimisation Accelerating development RETAIL
Slide 5: Market Outlook and Strategy
01 Market Outlook and Strategy A differentiated approach depending on products and geographies MID-TERM MARKET OUTLOOK AND RUBIS DIFFERENTIATED STRATEGY AFRICA CARRIBEAN EUROPE • LPG 3-6% p.a. • LPG 1-3% p.a. • LPG (3)-0% p.a. ▪ Transition energy ▪ Growth in line with tourism ▪ Slowly decreasing mar
Slide 6: Annual cashflow allocation mechanism for Rubis Group
01 Annual cashflow allocation mechanism for Rubis Group Financing investments with cashflow from existing activities while pursuing dividend growth Dividend Cash available for Energy 50% Capex Energy 200 growth capex Distribution leverage Distribution 40 add. Corp. debt 80 40 CASHFLOW FROM EXISTING
Slide 7: Rubis Photosol Updated Ambitions
01 Rubis Photosol Updated Ambitions Including Mobexi and International development OPERATING CAPACITY TO REACH EBITDA BY 2030 1 GW IN 2025 & 3.5 GW IN 2030 At least 3.5 GW 25% Photosol EBITDA Mobexi & International to exceed 25% contribution to Rubis Group France (unchanged) 1 GW 0.5 GW 2023 2025 20
Slide 8: H1 2023 Highlights
02 H1 2023 Highlights CLARISSE GOBIN-SWIECZNIK MANAGING PARTNER
Slide 9: H1 2023 Key Financial Figures
02 H1 2023 Key Financial Figures Solid operating performance partially offset by FX effects – Cash-flow generation maintained at a high level EBITDA (€M) NET INCOME CAPEX +30% 132 409 24 €171m 97 12 314 +8% vs H1 2022 (1) 108 85 +28% 300 234 H1 2022 H1 2023 Energy Distribution Renewable Electricity
Slide 10: H1 2023 Key Operating Figures
02 H1 2023 Key Operating Figures Solid performance of Energy Distribution – Promising developments in Renewable Electricity Production ENERGY DISTRIBUTION RENEWABLE ELECTRICITY PRODUCTION VOLUME +19% 394 Steady growth in volume LPG and bitumen +1.4% vs H1 2022 ~30% of volume, 330 +16% promoting ener
Slide 11: H1 2023 Energy Distribution Highlights
02 H1 2023 Energy Distribution Highlights EBIT up 32% - A diversified model proving its efficiency (in million euros) H1 2023 H1 2022 Var % ● Volume and gross margin Retail & Marketing ▪ LPG – Strong performance of bulk business in Kenya. Morocco and Volume ('000m3) 2,867 2,828 1% Portugal dynamic t
Slide 12: H1 2023 Rubis Terminal JV Highlights
02 H1 2023 Rubis Terminal JV Highlights Newly-commissioned capacities in ARA zone bring additional revenue OWNERSHIP KEY OPERATING FIGURES (in €m) +17% +17% 94% 45% 55% 130 112 Average utilisation 59 69 rate in H1 2023 Storage revenue EBITDA H1 2022 H1 2023 H1 2023 HIGHLIGHTS CONTRIBUTION TO RUBIS N
Slide 13: Rubis Photosol One year later
03 Rubis Photosol One year later ROBIN UCELLI RUBIS PHOTOSOL PRESIDENT 13
Slide 14: Photosol key developments
03 Photosol key developments Major milestones passed since the acquisition by Rubis STRONG DEVELOPMENT ON THE FRENCH MARKET INTERNATIONAL DEVELOPMENT ADDING GROWTH POTENTIAL TO THE ALREADY AMBITIOUS TARGETS ● Pipeline growth Assets in operation 3.8 GWp ● Italy +19% under development in France • Firs
Slide 15: Mobexi - Development and construction of solar agricultural warehouses
03 Mobexi - Development and construction of solar agricultural warehouses Photosol’s entry into the C&I market ● Market and expertise diversification for the Group ▪ Addressing the agricultural, public administrations and C&I market segment for solarization projects of 100kW to 3 MWp ▪ Photosol is n
Slide 16: Photosol portfolio as at June 2023
03 Photosol portfolio as at June 2023 Strong development achieved over a year, more growth to come Project pipeline 3.8GW - +11% vs June-22 2,300 2,318 2,123 6x pipeline to secured portfolio 1,528 1,369 1,165 Secured porfolio 641MW 383 394 330 151 89 63 96 57 57 In operation Under construction Ready
Slide 17: Photosol portfolio development since Dec-22
03 Photosol portfolio development since Dec-22 Strong development achieved over a year, more growth to come ASSETS IN OPERATION (MW) PROJECTS UNDER CONSTRUCTION (MW) RTB PROJECTS (MW) Gièvres – 8MW Thorenc – 3MW La Rochefoucauld – 5 MW Sauvigny - 50 MW Bessay 3 – 4 MW Saint Aubin – 14 MW Le Pal 1 –
Slide 18: Photosol – Recently-permitted project
03 Photosol – Recently-permitted project Sauvigny-les-bois ● Permit obtained in Apr-23 – Construction to start in 2024 ● 45-55 MWc – Estimated production 60 GWh – 60ha ● Agri-voltaism project – Sheep Farming ● Project IRR in line with investment criteria - Leverage [85-95]% - 20+yrs tenor ● Diversif
Slide 19: H1 2023 Financial Results
04 H1 2023 Financial Results BRUNO KRIEF CFO
Slide 20: Financial Results: Income Statement Highlights
04 Financial Results Income Statement Highlights H1 2023 H1 2022 Var % • Group EBITDA is inflated from FX pass-through in Nigeria (€25m) in H1 2023. EBITDA 409 314 +30% When adjusted for this effect, EBITDA increased by 22% yoy o/w Energy Distribution Retail & Marketing 300 234 +28% o/w Energy Distr
Slide 21: Business Performance
04 Business Performance Africa first contributor to EBIT growth – Strong performance in the Carribean and Support & Services EBIT BRIDGE - H1 2022 - H1 2023 (€M) ENERGY DISTRIBUTION RENEWABLE ELECTRICITY PRODUCTION 19 €62m increase, +34% yoy Retail & Marketing Support & Renewable Elec H1 2022 Africa
Slide 22: Financial Results: Net debt development
04 Financial Results Net debt development ● Net debt €1,446m ▪ €360m non-recourse debt from Photosol SPV (net €342m) − Mostly fixed rate (swapped) − 20 years maturity ▪ €1,104m corporate net debt − 2/3 fixed rate and 1/3 variable − 3.5 years average maturity NFD(1) Net non- Corp. NFD Op. CF(3) Chang
Slide 23: Wrap-up & Outlook
05 Wrap-up & Outlook CLARISSE GOBIN-SWIECZNIK MANAGING PARTNER
Slide 24: H1 2023 Key Take-aways
05 H1 2023 Key Take-aways Solid first-half illustrating the relevance of product and geographies diversification ● Solid operating performance partially offset by FX ● Publication of the first update and annual monitoring of effects: the Think Tomorrow 2022-2025 CSR Roadmap: ▪ EBITDA up 30% at €409m
Slide 25: 2023 outlook
05 2023 outlook Renewed confidence in the ability to distribute a growing dividend H2 MARKET OUTLOOK KPIS ● After the elections in Nigeria and the rainy season, Bitumen is Assuming no further deterioration of market conditions (FX, inflation, expected to gain momentum interest rates) ● LPG expected
Slide 26: Q&A
06 Q&A
Slide 27: Appendix
07 Appendix
Slide 28: Renewable Electricity Production
07 Renewable Electricity Production Photosol is one of the independent leaders in photovoltaic production in France. From the development of facilities to dismantling, including design, financing, operation and maintenance, Photosol is present throughout the whole value chain. The electricity produc
Slide 29: Overview of Rubis Photosol typical portfolio phasing in France
07 Overview of Rubis Photosol typical portfolio phasing in France A 3-4 year process requiring expertise 12-15 months 10-20 months 3 months 2-3 months 3-6 months 10-18 months Submission Authorisations file Permitted Connectable Land secured of the authorisations considered complete project to grid T
Slide 30: Photosol financial mechanics
07 Photosol financial mechanics A steady and predictable business model 1 SOLAR PLANT = 1 SPV STEADY AND SECURED TOPLINE COSTS –MOSTLY FIXED ● Electricity sales ● Operating expenses ▪ CRE(1) ▪ Lease, insurance, personnel costs, maintenance ([15-20]% of revenue) − 20 years, fixed price (20% indexed t
Slide 31: Renewable energies at France level
07 Renewable energies at France level Cumulated solar power installed (GW) 2019-2030 target: -5,5 MrCO2eq 48.1 43.6 39.1 34.6 30.1 25.6 21.1 16.4 13.9 11.3 9.6 7.8 8.6 6.8 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Source : SDES. 2023 data as of end-May. Perimeter : mainla
Slide 32: A proactive CSR approach
07 A proactive CSR approach Our progress for a positive impact Highlights on 3 key objectives of our CSR Roadmap (published in September 2021) Environment People Society Reducing our Providing a safe Contributing to a more OBJECTIVES environmental footprint and stimulating work virtuous society envi
Slide 33: Extra-financial ratings
07 Extra-financial ratings AA Performance: High 29.7 Performance: Medium Risk C- Performance: Average B Performance: Above average 2023 Half-Year Results 33 Introduction H1 2023 Highlights Rubis Photosol – One year later H1 2023 Financial Results Wrap-up & Outlook Q&A Appendix
Slide 34: Financial calendar – Roadshows & Conferences
07 Financial calendar – Roadshows & Conferences • Roadshows post H1 2023 results ▪ North America – 18-22 September (CM-CIC) ▪ Asia-Pacific – 14-17 November (HSBC) • Analyst & Investor field trip – Kenya ▪ 16-17 November • Conférences ▪ Kepler Autumn Conference – 12 September ▪ UBS Global Energy Tran
Slide 35: Next events
Next events Q3 & 9M 2023 Trading update: 07 | 11 | 2023 FY 2023 Results: 07 | 03 | 2024 Capital Markets Day: 2024 Photos credits: @ Gilles Dacquin © Rubis photo library DISCLAIMER This presentation does not constitute or form part of any offer or solicitation to purchase or to sell Rubis’ securities