Rubis Sca · EURONEXT:RUI
Rubis Sca — FY2025 Earnings Presentation
38 slides from Rubis Sca's earnings presentation, Mar 12, 2026
Slide 1: 2025 Full-Year Results
2025 Full-Year Results 12 MARCH 2026
Slide 2: Contents
2025 Full-Year Results Contents 01 • FY 2025 Highlights 05 • Focus on New Sustainability Roadmap 02 • FY 2025 Operations 06 • Wrap-up & Outlook 03 • FY 2025 Financial Results 07 • Q&A 04 • Ambitions 08 • Appendix 2025 Full-Year Results
Slide 3: FY 2025 Highlights
01 FY 2025 Highlights Clarisse Gobin-Swiecznik Managing Partner
Slide 4: Delivering another record year despite unfavourable EUR/USD effect
01 Delivering another record year despite unfavourable EUR/USD effect STRONG OPERATIONAL PERFORMANCE SOLID FOUNDATIONS PERFORMANCE MORE THAN OFFSETS FUELING FUTURE GROWTH ACROSS THE BOARD WEAK USD AMBITIONS ● Increase in all regions and all ● EBITDA in the upper part of the ● Highly cash generative
Slide 5: Fueling consistent performance through our integrated platform
01 Fueling consistent performance through our integrated platform ● Extending end-to-end In million euros energy and mobility 798 services 721 741 669 ● Delivering operational excellence and addressing customer demand ● Maximising cash flow conversion ● Seizing growth FY 22 FY 23 FY 24 FY 25 opportu
Slide 6: Reinforcing fundamentals in 2025 through disciplined execution
01 Reinforcing fundamentals in 2025 through disciplined execution Consistent operating Healthy balance sheet 30th consecutive year delivery and disciplined capital of dividend growth allocation Consistent earnings and cash Strong financial flexibility Proposed dividend increase to generation through
Slide 7: FY 2025 Operations
02 FY 2025 Operations Jean-Christian Bergeron CEO of Rubis Énergie & Managing Partner
Slide 8: Legacy businesses generate growth and strong cash flow
02 Legacy businesses generate growth and strong cash flow LPG Distribution Fuel Distribution Europe and Africa mainly Caribbean and Africa mainly FY 2025: +2% vol & +3% gross margin FY 2025: +4% vol & +5% gross margin Europe Performance driven by autogas and C&I in France Africa and Spain Strong gro
Slide 9: Positive dynamics in bitumen distribution
02 Positive dynamics in bitumen distribution Key Strengths • End-to-end supply chain ensuring secure and reliable delivery (5 owned vessels, >500 kt distributed) • Operational excellence: Just-in-time delivery of quality-certified bitumen directly to customers’ asphalt clients • Geographical diversi
Slide 10: Renewable energies
02 Renewable energies Photosol roadmap on track– Rubis Énergie: First projects in operation in Africa and the Caribbean Europe A market driven by electrification and covered by Photosol 2025 Photosol performance +21% assets in operation - +21% electricity production Secured portfolio 1.4 GWp, +30% y
Slide 11: FY 2025 Financial Results
03 FY 2025 Financial Results Marc Jacquot Group CFO & Managing Partner
Slide 12: FY 2025 Key figures
03 FY 2025 Key figures Another year of solid operating performance generating strong cash-flow EBITDA CAPEX at constant EUR/USD CORP NET FINANCIAL DEBT 376 and hyperinflation (in €m) €602m €772m 0.9x EBITDA (3) 159 financed w/ non-recourse debt +7% yoy (1) -0.4x vs Dec-2024 248 190 financed w/ 82 64
Slide 13: Business Performance
03 Business Performance Strong performance in Africa and the Caribbean despite EUR/USD effect EBITDA BRIDGE - FY 2024 - FY 2025 (€m) ENERGY DISTRIBUTION RENEWABLE ELECTRICITY PRODUCTION 6 1 741 18 -3 0 -1 721 Retail & Marketing Focus on Caribbean EBITDA (€m) 232 15 231 -17 FY 24 Var. Hyperinfl. Op.
Slide 14: Financial results
03 Financial results Income statement FY 2025 FY 2024 Var Var % EBITDA 741 721 20 3% o/w Energy Distribution Retail & Marketing 531 508 22 4% • Hyperinflation impact +€8m in 2025 vs +€24m in 2024 o/w Energy Distribution Support & Services 224 223 1 0% o/w Renewable Electricity Production 23 26 -3 -1
Slide 15: Net debt evolution
03 Net debt evolution Healthy balance sheet: decreasing corporate leverage at 0.9x – Strong free cash flow In million euros Free Cash Flow5 431 1,292 net of Photosol non-recourse financing €440m 234 12 1,166 -92 376 861 -784 ● €602m o/w €159m financed 217 corporate net 161 through non-recourse 602 d
Slide 16: Ambitions
04 Ambitions Clarisse Gobin-Swiecznik & Jean-Christian Bergeron
Slide 17: A leading distributor of energy and mobility solutions
04 A leading distributor of energy and mobility solutions, Rubis has strong positions in Africa, the Caribbean and Western Europe and clear competitive advantages Advancing Mastering the whole Building on-the- Capturing sustainability and value chain for a ground expertise and opportunities across d
Slide 18: Capturing key trends on Rubis' key markets
04 Capturing key trends on Rubis’ key markets Caribbean Africa Europe ▪ Growing tourism driving increase in ▪ LPG market fragmented and in need ▪ Electrification on the rise energy demand and airline traffic of better standards growth ▪ Political support for renewable ▪ Mobility on the rise supporti
Slide 19: Leveraging strong legacy positions to unlock new growth drivers
04 Leveraging strong legacy positions to unlock new growth drivers Fuel Smaller positions in Europe Strong business in Non-Fuel Retail Lubricants the Caribbean and Expanding our Africa BtoC offer Driving value and Significant growth through strong differentiation by headroom in high- service-station
Slide 20: Financial discipline supporting growth ambition
04 Financial discipline supporting growth ambition Maintain strong organic Seize external growth Uphold financial discipline growth opportunities Investing in value-accretive Delivering volume-driven growth businesses that complement and Combining strong returns, tight risk fueled by market share ga
Slide 21: Sustainability roadmap supporting strategic ambitions across geographies
04 Sustainability roadmap supporting strategic ambitions across geographies ● Local accountability ● Measurable impact ● Long-term consistency 2025 Full-Year Results 21
Slide 22: Focus on New Sustainability Roadmap
05 Focus on New Sustainability Roadmap Sophie Pierson Group Chief Sustainability, Compliance & Risk Officer 22
Slide 23: Sustainability is part of our operational excellence
05 Sustainability is part of our operational excellence By implementing a sound sustainability approach, Rubis is… More relevant to its A more attractive More efficient customers employer More attractive by providing Cost reduction & risk management Helping our clients achieve their opportunities &
Slide 24: A renewed sustainability roadmap rooted in our multi-local model
05 A renewed sustainability roadmap rooted in our multi-local model Supporting the energy transition while Limiting our environmental footprint reducing the carbon footprint of our and preserving biodiversity around operations our sites Strengthening our contribution to Providing a safe, inclusive a
Slide 25: Think Tomorrow 2030: bringing concrete impact
05 Think Tomorrow 2030: bringing concrete impact Focus on four key commitments within our 16-initiative roadmap Climate Environment Social Society x5 100% We Care 3.7 Million 10Biodiversity assessment on Providing high-quality social People have access to cleaner Low-carbon EBITDA(1) sites and solar
Slide 26: Wrap-up & Outlook
06 Wrap-up & Outlook
Slide 27: FY 2025 Key Take-aways
06 FY 2025 Key Take-aways Portfolio diversification driving performance CONTINUED HIGH LEVEL OF HIGH CASHFLOW, HEALTHY AND ACTIVITY ACROSS THE BOARD STABLE BALANCE SHEET €2.07 PER SHARE PROPOSED EBITDA AT €772M DIVIDEND RECORD CASH FLOW FROM at constant hyperinflation and EUR/USD exchange rate OPERA
Slide 28: 2026 Outlook
06 2026 Outlook Renewed confidence in Group’s ability to generate strong cash flow through the cycle 2026 OUTLOOK GUIDANCE ● Caribbean ▪ Continued recovery of Haiti operations, as per the second half of 2025 ▪ Growth driven by Jamaica, Guyana and Barbados – Product mix leading ● EBITDA €740-790m to
Slide 29: Q&A
Q&A ES FY A Bo
Slide 30: Appendix
08 Appendix
Slide 31: Rubis footprint
08 Rubis footprint Addressing fit-for-purpose demand with tailored energy solutions AFRICA CARIBBEAN EUROPE Developing market Fragmented market Mature market - Electrification 14 Fuel = 94% of 7 21 Fuel = 63% of 633 MWp countries volume distributed countries countries volume distributed in operation
Slide 32: FY 2025 Energy Distribution
08 FY 2025 Energy Distribution (in million euros) FY 2025 FY 2024 Var % Retail & Marketing Volume ('000m3) 6,350 6,018 6% o/w Europe 932 925 1% o/w Carribean 2,458 2,267 8% o/w Africa 2,960 2,826 5% Adj Gross margin 861 815 6% o/w Europe 234 220 6% o/w Carribean 340 328 3% o/w Africa 288 267 8% EBIT
Slide 33: Photosol portfolio as of December 2025
08 Photosol portfolio as of December 2025 110 MWp commissioned in 2025 - Strong pipeline Project pipeline In MWp for the Secured portfolio – GWp for the pipeline 5.7 GWp 4.0 3.6 3.2 2.5 2.5 1.8 Secured porfolio 1.4 GWp (+30% yoy) 633 523 513 322 267 242 In operation Under construction Ready-to-Build
Slide 34: Reminder: Photosol Day ambitions
08 Reminder: Photosol Day ambitions 2022 2023 2024 … 2027 Secured portfolio(1) 503 MWp 893 MWp 1 GWp … > 2.5 GWp 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 emer
Slide 35: Stages of a photovoltaic project
08 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 Financ
Slide 36: Extra-financial ratings
08 Extra-financial ratings 2023 2024 2025 Performance versus sector AA AA AA High Below average – 30,7 29,2 35 Claim opened on 2025 rating C C C+ Medium Above B B A- average 2025 Full-Year Results 36
Slide 37: Financial calendar – Roadshows & Conferences
08 Financial calendar – Roadshows & Conferences • Roadshows post FY 2025 results ▪ Paris: 12 | 03 | 26 (Kepler Cheuvreux) ▪ London: 18 | 03 | 26 – 24-25 | 03 | 26 ▪ Dublin: 26 | 03 | 26 • Conferences ▪ London: UBS Global Energy Transition Conference – 18 | 03 | 26 ▪ London: Jefferies Pan-European Mi
Slide 38: Next events
Next events Q1 2026 Trading update: 05 | 05 | 2026 Shareholders’ Meeting: 10 | 06 | 2026 Q2 & H1 2026 Trading update: 08 | 09 | 2026 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 sel