Slide 1: Q1 2025 Trading update
Q1 2025 Trading update 5 MAY 2025
Slide 2: Q1 2025 Highlights
Q1 2025 Highlights Continued strong operating performance of Rubis’ diversified business model Energy Distribution Renewable Electricity Production Growing volume Photosol secured and margins portfolio +22% vs Mar-24 in all geographies No direct impact of trade 2025 guidance tariffs on the business
Slide 3: 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 3 (in '000 m ) vs Q1 vs Q1 vs Q1
Slide 4: 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 5: 2025 Guidance reaffirmed
2025 Guidance reaffirmed Renewed 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 ▪
Slide 6: Appendix
Appendix
Slide 7: Deploying a strict investment policy…
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]% ● Opportunistic a
Slide 8: Photosol portfolio as of March 2025
Photosol portfolio as of March 2025 Project pipeline 5.7 GW +5% vs Dec-24 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 Ready-to-Build Advanced development Development Early
Slide 9: Reminder: Photosol Day ambitions
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 emergency m
Slide 10: Stages of a photovoltaic project
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 Financing
Slide 11: Extra-financial ratings
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 Q1 2025 Trading Update 11
Slide 12: Financial calendar – Roadshows & Conferences
Financial calendar – Roadshows & Conferences • Roadshows post Q1 2025 trading update ▪ London: 06 | 05 | 25 ▪ Paris: 07 | 05 | 25 • Conferences ▪ Cape Town: Investec Pan Africa Conference (+site visits) - 14 & 15 | 05 | 25 ▪ Nice: SG Bernstein Nice Conference - 20 | 05 | 25 ▪ London: CIC ESN Europea
Slide 13: Next events
Next events Shareholders’ Meeting: 12 | 06 | 2025 Q2 & H1 2025 Trading update: 09 | 09 | 2025 Q3 2025 Trading update: 04 | 11 | 2025 Q4 & FY 2025 results: 12 | 03 | 2026 Photos credits: @ Gilles Dacquin © Rubis photo library DISCLAIMER This presentation does not constitute or form part of any offer