Rubis Sca · EURONEXT:RUI
Rubis Sca — Rubis — Portzamparc Mid & Small Caps Conference June 2025
30 slides from Rubis Sca's conference presentation, June 2025
Slide 1: Portzamparc Mid & Small Caps Conference June 2025
Portzamparc Mid & Small Caps Conference JUNE 2025
Slide 2: Contents
Contents 01 • Overview 04 • Governance 02 • Operating and Financial 05 • Sustainability Performance 03 • Ambitions 06 • Appendix June 2025
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 GENERATE 24 646 19 408 7 523 MW countries service stations territories service stations countries in operation Top 3 i
Slide 5: Introduction to Rubis
01 Introduction to Rubis A diversified Group offering a continuously growing performance 4 4 > 40 ~4,100 €342m 1.4x €2.03 countries across employees of FY 2024 Net Corporate Net 2024 Dividend 3 continents Income Financial Debt / EBITDA +2.5% at Dec-24(1) Vs. 2023 CAGR means Compound Annual Growth Ra
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: FY 2024 Key Take-aways
02 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 DIVIDEND EBITDA AT €721M CASH FLOW FROM OPERATIONS UP 29TH YEAR OF CONSECUTIVE -3% YOY ON A
Slide 9: Q1 2025 Energy Distribution Highlights
Q1 2025 Energy Distribution Highlights Strong performance in the retail fuel distribution segment – Bitumen country diversification bears fruit RETAIL & MARKETING SUPPORT & SERVICES Gross margin Unit Volume (in '000 m3) (in €m) margin Q1 2025 Q1 2025 Q1 2025 Revenue (in '000 m3) vs Q1 vs Q1 €266m vs
Slide 10: Q1 2025 Photosol Highlights
Q1 2025 Photosol Highlights Continued roll-out of the plan +19% 535 450 ● Secured portfolio at 1.1 GWp, +22% vs Mar-24 and +5% vs Dec-24 +26% ● Revenue at €11m up 28% vs Q1 2024 reflecting new 102 81 plants commissioned and higher load factor Assets in operation (MWp) Electricity production (GWh) Q1
Slide 11: Photosol portfolio as of March 2025
Photosol portfolio as of March 2025 Project pipeline 5.7 GW +5% vs Dec-24 In MW for the Secured portfolio – GW for the Pipeline Pipeline 4.0 3.8 >5x 3.6 3.4 3.1 secured portfolio 2.9 1.8 1.8 1.6 Secured porfolio 1.1 GW +5% vs Dec-24 523 535 450 410 322 337 268 242 75 In operation Under construction
Slide 12: Ambitions
03 Ambitions
Slide 13: 2025 Outlook
03 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 14: Photosol 2027 ambitions
03 Photosol 2027 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 emergency measure
Slide 15: Building upon a favorable funding environment
03 Building upon a favorable funding environment Cumulative construction capex by technology (2024-2027) Min 80-90% Non- c.€1bn recourse project debt Ground c.€1.1bn mounted Rooftop c.93% c.7% Cumulative construction capex by country (2024-2027) c.€1.1bn c.98% Max 10-20% Equity c.2% 2-3% Cumulative
Slide 16: Photosol: Where we stand…
03 Photosol: Where we stand… An international pipeline powered by strategic agreements with local partners SECURED PORTFOLIO BY TECHNOLOGY POLAND Apr-24 Rooftop <1% Entry date FRANCE 992 MW 948 MW Ground-mounted >99% ITALY SECURED PORTFOLIO BY GEOGRAPHY Jul-23 44 MW Entry date 96% SPAIN 992 MW Jan-2
Slide 17: …where we are heading for (by 2027)
03 …where we are heading for (by 2027) A diversified and established portfolio with a strong local presence in Europe SECURED PORTFOLIO BY TECHNOLOGY Rooftop c.2% FRANCE EASTERN EUROPE >2.5 GW c.2.2 GW H2-2024 c.150 MW Entry date Ground-mounted ITALY c.98% SECURED PORTFOLIO BY GEOGRAPHY c.100 MW Eas
Slide 18: Governance
Governance EA FY & Ro
Slide 19: Rubis Limited Partnership
04 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 Shareholders Compensatio
Slide 20: Allocation of responsibilities in Limited Partnerships
04 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 the shareh
Slide 21: Recent governance evolution
04 Recent governance evolution Strengthening of the missions Appointment of two new Managing Partners of the Supervisory Board 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 important and strate
Slide 22: Sustainability
05 Sustainability
Slide 23: Extra-financial ratings
05 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 June 2025 23
Slide 24: Appendix
Appendix
Slide 25: Financial Results
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 Dis
Slide 26: Net debt evolution
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 ● Net debt €1,292m 295 82 €431m non-recourse debt from 993 -697 Photosol SPV 248 861 − Mostly fixed rate (swapped) 168 -39 − 20 y
Slide 27: Life of a solar project
Life of a solar 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 Financing COD LAND
Slide 28: Annual cashflow allocation mechanism for Rubis Group
Annual cashflow 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 CASH FLOW Cash available for
Slide 29: General Partners' statutory dividend
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 incom
Slide 30: Thank you for your attention
Thank you for your attention Photos credits: DISCLAIMER This presentation does not constitute or form part of any offer or solicitation to purchase or to sell Rubis’ securities. Should you need more detailed information on Rubis, please consult the documents filed in France with the Autorité des mar
Rubis — Portzamparc Mid & Small Caps Conference June 2025 on 6ix