Slide 1: Q3 & 9M 2025 Trading update
Q3 & 9M 2025 Trading update 4 NOVEMBER 2025
Slide 2: Q3 & 9M 2025 Highlights
Q3 & 9M 2025 Highlights Delivering consistent growth and operational strength in Q3 Strong performance 2025 guidance offsets adverse EUR/USD reaffirmed Energy Distribution Renewable Electricity Production Growing volume & unit margins Secured portfolio +25% vs Sept-24 on all products Q3 & 9M 2025 Tr
Slide 3: Strong volume growth and unit margins picking up
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 (in '000 m ) Q3 2025 Q
Slide 4: 2025 Guidance reaffirmed
2025 Guidance reaffirmed 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 development ● Africa ▪ Improving retail margins and volume ASSUMPTIONS ▪ Growing volume in bi
Slide 5: Q&A
02 Q&A
Slide 6: Appendix
03 Appendix
Slide 7: A leader in regions with tailored energy solutions
03 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 8: Photosol portfolio as of Sept-2025
03 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 9: Market mid-term trends and opportunities
03 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 10: Annual cash-flow allocation mechanism for Rubis Group
03 Annual cash-flow allocation mechanism for Rubis Group Financing investments with cashflow from legacy activities while pursuing dividend growth Dividend 200 Energy Capex Energy Distribution add. Cash available for Distribution 50% Corp. debt growth capex 80 leverage 40 40 CASHFLOW Cash available
Slide 11: 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 of which one-off impact of €4m due to emergency measure of French govern
Slide 12: Stages of a photovoltaic project
03 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 13: Reminder: The Rubis Limited Partnership
03 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 14: Reminder: Allocation of responsibilities in Limited Partnerships
03 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 15: General Partners' statutory dividend
03 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 16: Reminder: Respective roles of the Supervisory and Management Boards
03 Reminder: 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 inform
Slide 17: Our progress towards a positive impact
03 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 18: Extra-financial ratings
03 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 18 Q3 & 9M 2025 Trading update
Slide 19: Financial calendar – Roadshows & Conferences
03 Financial calendar – Roadshows & Conferences • Roadshows post Q3 2025 results ▪ Paris: 5 | 11 | 25 - Bernstein ▪ Geneva: 27 | 11 | 25 – ODDO BHF • Conferences ▪ Paris: CIC Forum - 09 | 12 | 25 ▪ Lyon: ODDO BHF Forum – 08-09 | 01 | 26 Q3 & 9M 2025 Trading update 19
Slide 20: 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