Financial Results (rub2025 urd en mel interactif)

Universal Registration Document

2025

Annual Financial Report

L

MESSAGE FROM THE MANAGING PARTNERS 2 RUBIS AT A GLANCE 4

Presentation of the Group 7

GENERAL PRESENTATION 8

History 8

Strategy 9

New Sustainability Roadmap 16

Community & social engagement 18

Business model 20

Key figures 22

Stock market & shareholding

structure 24

OVERVIEW OF ACTIVITIES 26

Energy Distribution 26

Renewable Electricity Production 31

Activity report 35

Contents

2

statements by the Supervisory Board 43

3

Risk factors, internal

control and insurance 45

4

Sustainability Statement 75

Preamble 76

Summary sheets by ESRS 77

and verification of the disclosure requirements under Article 8

of Regulation (EU) 2020/852 256

This document is a translation into English of the Annual Financial Report/Universal Registration Document of the Company issued in French and is available on the website of the issuer.

This Universal Registration Document was filed on 28 April 2026 with the AMF (the French Financial Markets Authority, Autorité des marchés financiers) in its position as the competent authority in respect of Regulation (EU) 2017/1129, without prior approval, in accordance with Article 9 of said Regulation. The Universal Registration Document may be used for the purpose of a public offer of financial securities or the admission of financial securities to trading on a regulated market if it is supplemented by a securities note (note d'opération) and, where relevant, a summary and all amendments made to the Universal Registration Document. This set of documents is then approved by the AMF in accordance with Regulation (EU) 2017/1129. This document was prepared by the issuer and is binding upon its signatories. It may be consulted and downloaded from the website https://www.rubis.fr/en.

This document is a reproduction of the official version of the Universal Registration Document incorporating the 2025 Annual Financial Report, which was drawn up in ESEF format (European Single Electronic Format) and filed with the AMF, available on the websites of the Company and of the AMF.

5 Report of the Supervisory Board on

corporate governance 263

6 Information about the Company and its capital 355

and financial analysts 384

7 Financial statements 387

8 Additional Information 475

for the Annual Financial Report

and the management report 480

Glossary

THE GROUP OR RUBIS

These terms include the two divisions: Energy Distribution and Renewable Electricity Production, i.e., Rubis SCA,

Rubis Énergie, Rubis Renouvelables as well as their respective subsidiaries as presented in note 12 to the consolidated financial statements.

THE COMPANY OR RUBIS SCA

These terms refer to the holding company set up in the form of a Partnership Limited by Shares (Société en Commandite

par Actions), and whose shares are listed on Euronext Paris.

ENERGY DISTRIBUTION DIVISION OR RUBIS ÉNERGIE

These terms refer to Rubis Énergie SAS, a wholly-owned subsidiary of Rubis SCA, and its subsidiaries, whose two activities are Support & Services (trading-supply,

shipping and the Antilles refinery) and Retail & Marketing (the distribution of energy

and bitumen).

RENEWABLE ELECTRICITY PRODUCTION DIVISION OR RUBIS RENOUVELABLES

These terms refer to Rubis Renouvelables SAS, a wholly-owned subsidiary of Rubis SCA, which holds

a majority stake in Rubis Photosol SAS and a minority stake in HDF Energy.

PHOTOVOLTAIC ELECTRICITY PRODUCTION ACTIVITY OR RUBIS PHOTOSOL

These terms refer to Rubis Photosol SAS, a majority-owned subsidiary of Rubis Renouvelables, and its subsidiaries.

RUBIS TERMINAL

This term refers to the Storage business that was disposed of in 2024.

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‌MESSAGE

FROM THE MANAGING PARTNERS I

n a world where energy demand continues to rise in line with population growth, Rubis relies

on a unique model, built on strong local roots, a decentralised structure and a pragmatic

approach to the energy transition. This model enables us to address energy challenges in a practical matter, directly aligned with the realities of the 45 countries where we operate.

Wherever we operate, we actively contribute to economic and social development by ensuring a continuous energy supply and offering solutions adapted to local needs.

In 2025, Rubis once again posted record performances, illustrating the strength and relevance of its model. True to our mission - to provide essential, reliable energy tailored to local needs - we have consolidated our market positions whilst continuing the Group's gradual

transformation towards a product mix that meets consumer expectations.

Our organisation, built on a close connection with the field and the empowerment of our subsidiaries, is a key strength. It allows us to respond with agility to market developments and the specific needs of our customers, while ensuring exemplary operational execution.

In the Energy Distribution division, 2025 was marked

by sustained growth momentum. The bitumen business continues to grow, with entry into two new markets

in Africa (Angola and Libya), a recovery in demand for bitumen in Nigeria, and entry into the European market in early 2026.

In Europe, liquefied gases performed well, confirming their role as a competitive energy. In the Caribbean,

2 R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T

"Rubis is Looking to the future with

confidence, supported by a robust business modeL, a baLanced portfoLio of activities,

a strong hands-on cuLture and a cLear strategy focused on sustainabLe and responsibLe growth."

where economic development is driving energy demand - particularly in Guyana and Suriname -growth remains robust, with strong

momentum across all our market segments.

The operational excellence of our teams was also decisive. In Jamaica, faced with a hurricane

of exceptional intensity, in October 2025, our staff managed to secure the facilities, maintain supply continuity and provide rapid support to local communities. Their commitment reflects the culture of responsibility and solidarity that drives Rubis.

Our Renewable Electricity Production division is also on a sustained growth trajectory. Installed capacity continued to increase thanks to new start-ups

of operations, in particular at the site of the former Creil military base, whose first operating tranches mark an important step in the deployment of large-scale photovoltaic projects. The secured portfolio and project pipeline continue to grow, supported by disciplined development, increasing international diversification -particularly into Italy - and a gradual ramp-up

of hybrid and storage solutions.

This operating momentum reflects our long-term strategy: to strengthen our position in growth markets, roll out high value-added offerings and accelerate

the deployment of renewable energy, guided by market demand.

After the implementation of our Think Tomorrow 2022-2025 CSR Roadmap, Rubis is embarking

on a new sustainability trajectory, built collectively

with all our subsidiaries and in line with the expectations of our stakeholders and the characteristics of each

of our business lines.

With Think Tomorrow 2030, we are accelerating our transition to low-carbon energy and mobility solutions, adapted to the characteristics of each region.

This roadmap is based on four complementary pillars - Climate, Environment, Social and Society -

to reconcile performance, safety and positive impact, while strengthening our role as a trusted partner.

Finally, we would like to pay tribute to the commitment of the Group's employees. Their professionalism,

their sense of service and their ability to act in varied and sometimes demanding environments are the foundations of our performance and our ambition.

Rubis is looking to the future with confidence, supported by a robust business model, a balanced portfolio of activities, a strong hands-on culture and a clear strategy focused on sustainable and responsible growth.

We would also like to thank our shareholders

for their loyalty and their trust in our strategic vision.

The Managing Partners

Gilles Gobin, Jacques Riou, Clarisse Gobin-Swiecznik, Jean-Christian Bergeron and Marc Jacquot

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‌Serving the energies of today and tomorrow

Locally anchored in Africa, the Caribbean and Europe, Rubis markets a wide range of energy and mobility solutions. From LPG to bitumen, transport fuels to renewable electricity,

the Group operates in highly diversified markets by adapting to local needs. Rubis builds on the expertise and commitment of its 4,614 employees working in 45 countries to provide goods and services that meet the highest international standards. Since 1990, we have

combined vision, agility and financial rigour to build a sustainable growth model.

Our business lines

Energy Distribution

Renewable Electricity Production

€741M

EBITDA (+3%)

€735M

Cash flow from operations (+10%)

6.3 million m3

Volumes distributed

(+6%)

558 GWh

Photovoltaic electricity production (+21%)

€309M

Net income, Group share (+19%)(1)

4,614

Employees

"Through their daiLy commitments,

our teams work to strengthen the Group's position as a trusted partner in the communities we serve."

Clarisse Gobin-Swiecznik, Managing Partner

(1) When excluding 2024 capital gain from Rubis Terminal disposal.

4 R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T

Operating in 45 countries

Caribbean

48% of revenue

50% of EBITDA

30% of employees

Africa

39% of revenue

33% of EBITDA

45% of employees

Europe

13% of revenue

17% of EBITDA

25% of employees

LPG

Fuel

Bitumen Renewable electricity

Main sustainability objectives for 2030(1)

-20%

Reduction of CO2e emissions from our operations

100%

Percentage of sites located near sensitive areas, carrying out

a biodiversity assessment and deploying an associated action plan

5x

Share of low-carbon EBITDA in Group EBITDA

WeCare

Implement quality social protection for all our employees

(1) See details in chapter 4.

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‌1

Presentation of the Group

1

‌PRESENTATION OF THE GROUP

History

GENERAL PRESENTATION

History

A Group on the move

For more than 35 years, we have channelled our energy into serving regions and communities to meet the essential needs of our domestic, industrial and professional customers.

We operate in 45 countries, working closely on local issues to provide sustainable, reliable access to energy.

1990

Creation of Rubis.

2021

Acquisition of a stake

in HDF Energy.

First CSR Roadmap, Think Tomorrow 2022-2025.

1993

Acquisition

of Compagnie Parisienne des Asphaltes,

which would become Rubis Terminal.

Launch of the Bulk Liquid Storage business.

2017-2019

Launch of distribution activities in Haiti and East Africa.

1994

Acquisition of Vitogaz.

Launch of the Energy Distribution business in France, which would become Rubis Énergie.

2015

Acquisition of Eres, specialising in bitumen distribution, and creation

of the Support & Services activity, which includes trading-supply and shipping.

1995

IPO on the Paris Stock Exchange.

2010-2013

Launch of distribution activities in South Africa, Eastern Caribbean, Jamaica.

2000-2001

Launch of LPG distribution activities internationally, Europe and Morocco, then Madagascar.

2005-2008

Initial fuel distribution activities in the French Antilles, Bermuda and the Channel Islands.

2022

Acquisition of 80% of Photosol France and creation of the Renewable Electricity Production division

(Rubis Renouvelables).

2023

Development of Photosol's

activities internationally.

2024

Disposal of the Storage activity (Rubis Terminal).

Early 2026

Launch of the bitumen distribution activity

in Europe.

Second Sustainability Roadmap, Think Tomorrow 2030.

‌PRESENTATION OF THE GROUP

Strategy

1

Strategy

The energy sector is evolving in a context marked by structural changes, the effects of which vary greatly from one region of the world to another. These developments

are shaping an environment in which supply reliability, adaptation to local uses and investment discipline become key factors in value creation.

Major trends in the energy market

GROWING GLOBAL ENERGY DEMAND WITH CONTRASTING DYNAMICS

Driven by population growth, urbanisation and economic development, global demand for energy and mobility continues to grow. According to International Monetary Fund (IMF) forecasts, global GDP growth is expected to reach 3.3% in 2026 and 3.2% in 2027. According to the International Energy Agency (IEA) and OPEC, global demand for petroleum products is expected to increase by 0.7 to 1.4 million barrels per day in 2026. In the longer term, the IEA's STEPS(1) scenario forecasts global energy demand to grow by around 0.7% per year by 2035.

However, this trend masks very different realities across regions:

• in Africa and the Caribbean, the growth in transport, domestic energy and infrastructure needs remains strong. According to the IEA's STEPS scenario, demand for petroleum products in Africa could increase by around 30% by 2035;

• in Europe, the transition to more electrified and lower-carbon systems is accelerating, under the combined effect of public policies,

societal expectations and energy sovereignty issues. Energy demand is expected to decrease by just under 10% by 2035 according to the IEA's STEPS scenario.

(1) The Stated Policies Scenario (STEPS) represents the global and European energy outlooks based on current policies and commitments taken by governments.

1

PRESENTATION OF THE GROUP

Strategy

INCREASED CHALLENGES OF SAFETY, RESILIENCE AND VALUE CHAIN CONTROL

Geopolitical tensions, volatile commodity markets and the reconfiguration of global energy flows have brought the challenges of supply security and infrastructure resilience back to the forefront.

In this context, the ability to control value chains, secure logistics flows and operate assets as close as possible to consumer markets is a decisive competitive advantage.

A SHIFT IN CUSTOMER EXPECTATIONS TOWARDS MORE INTEGRATED

AND DISTINCT SOLUTIONS

Beyond energy itself, customers - both domestic and business - now expect more comprehensive

services tailored to their daily needs: quality of service, local presence, and reliability, as well as a diverse range of offerings focused on mobility, everyday services, high value-added solutions. Distribution networks

and customer touchpoints thus become key platforms for value creation.

A GRADUAL ENERGY TRANSITION,

GUIDED BY DEMAND AND LOCAL REALITIES

The decarbonisation of uses is progressing at heterogeneous rates depending on the region and sector. As the development of renewable electricity accelerates in Europe, the share of solar photovoltaic in the European Union's electricity production could increase from

around 11% in 2024 to nearly 25% by 2035 according to the IEA's STEPS scenario. In many developing regions, however, energy priorities remain linked to access to reliable and affordable solutions: in Africa, nearly

600 million people still live without access to electricity, or about 40% of the continent's population. In this context, other solutions - liquefied gases, biofuels, hybrid solutions - play an essential role in the transition of uses, particularly in developing economies. This transition

is based above all on mature technologies, robust business models and an ability to respond pragmatically to customer needs.

In this changing environment, Rubis's strategy draws on its proven strengths - on-the-ground presence, expertise in value chains, entrepreneurial spirit,

and financial discipline - to seize growth opportunities and create long-term value.

PRESENTATION OF THE GROUP

Strategy

1

Building on our strengths to create sustainable value

The Rubis Group relies on a unique model, which has made it successful for more than 35 years:

a strong entrepreneurial spirit, a highly decentralised organisation, control of logistics chains and rigorous investment discipline. This model forms the base

of a strategy aimed at supporting, pragmatically and gradually, the transformations underway

in the energy sector, in response to the concrete needs of customers and regions.

In an environment marked by rapid energy, climate and geopolitical changes, Rubis favours a demand-driven approach, based on promising markets, mature

technologies and proven business models. This seamless transition enables the Group to strengthen the robustness of its business model whilst capitalising on the opportunities presented by local energy transitions.

Rubis' strategy

Rubis' strategy is based on three complementary areas, supported by cross-cutting levers written into the Group's DNA:

operational excellence, agile organisation and robust financial performance, guaranteeing sustainable value creation.

Area 1 Area 2 Area 3

Strengthen our positions

as an integrated distributor

in fast-growing markets

Deploy high value-added multi-service ecosystems in the heart

of our stations

Accelerate the deployment

of renewable energy, guided

by market demand

Operational excellence

Agile organisation

Robust financial performance

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PRESENTATION OF THE GROUP

Strategy

AREA 1

STRENGTHEN OUR POSITIONS

AS AN INTEGRATED DISTRIBUTOR IN HIGH-GROWTH MARKETS

In a context of structural increase in global energy demand, Rubis is continuing to develop its energy distribution and mobility activities in dynamic markets, particularly in Africa and the Caribbean. Population growth, urbanisation and the rise of middle classes are sustainably supporting the need for reliable and accessible energy infrastructure and services.

Firmly established in the heart of these regions, the Group relies on its proximity to customers,

the empowerment of its local teams and its logistical expertise to offer solutions tailored to specific needs - fuels, liquefied gases, bitumen or related services -whilst taking into account local economic, social

and environmental realities.

Control of the entire logistics chain, from supply to retail distribution, is a key differentiating factor. It enables Rubis to secure flows, ensure continuity of supply, optimise unit margins and respond

with agility to economic, regulatory and geopolitical developments, while strengthening operational

and HSE risk management.

This organic growth momentum is complemented by selective external growth transactions, targeting high-quality assets in markets with high barriers

to entry. Through these transactions, Rubis ensures that it quickly deploys its operational standards, its decentralised model and, where applicable, incorporates environmental and societal criteria

in the valuation of assets.

AREA 2

DEPLOY HIGH VALUE-ADDED MULTI-SERVICE ECOSYSTEMS

IN THE HEART OF OUR STATIONS

The Group's service station networks and commercial operations provide strategic networks and preferred points of contact with customers. Rubis intends

to strengthen their role by making them evolve into true multi-service ecosystems, creators of value, differentiation and proximity.

The development of non-fuel activities (convenience retail, restaurants, everyday services) responds

to changing consumer uses and expectations,

while improving the attractiveness of the sites, footfall and profitability by point of sale. This approach is based on targeted partnerships with key stakeholders and on precise adaptation to local circumstances.

12 R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T

PRESENTATION OF THE GROUP

Strategy

1

AREA 3

At the same time, Rubis is stepping up the development of high-margin businesses, such

as lubricants and services for business customers, by leveraging its network, its local presence

and distribution agreements with recognised international brands.

By capitalising on the ownership and control of

its infrastructure, the Group can roll out these offers with controlled capital intensity, while strengthening the value of its networks, the quality of the customer experience and the local economic contribution

of its activities.

ACCELERATE THE DEPLOYMENT OF RENEWABLE ENERGY, GUIDED BY MARKET DEMAND

To support the changing needs of customers and regions, Rubis is continuing to diversify its portfolio towards renewable energy, focusing on mature technologies and business models that offer satisfactory cash flow visibility.

In Europe, the Group aims to make Rubis Photosol a leading player in photovoltaic electricity

production, by relying on an integrated model covering the entire value chain, strict financial discipline and long-term contracts. In 2025, Rubis Photosol invested

€190 million and we have set ourselves an objective of more than 2.5 GWp of secured portfolio by 2027 (vs 1.4 GWp at the end of 2025). This strategy is part of the European energy transition dynamic, with

the European Union aiming for a 42.5% share of renewable energy in its energy mix by 2030.

The development of solar photovoltaics, storage and related solutions contributes both to energy sovereignty and the decarbonisation of uses.

Across all its operating regions, Rubis is also expanding its range of services to support its customers' energy transition: solar installations at commercial and industrial sites, hybrid solutions, biofuels, electric mobility and energy services tailored to local conditions. Liquefied gas, particularly in Africa,

is a key driver of the energy transition for domestic use, especially for cooking, by promoting access

to solutions that are cleaner and safer than traditional fuels (wood, coal and paraffin).

This diversification is guided by a pragmatic response to demand, aimed at strengthening the robustness

of the Group's business model and capturing new long-term growth drivers.

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OPERATIONAL EXCELLENCE

Operational excellence is a fundamental pillar of Rubis' strategy. It aims first and foremost to guarantee

the safety of the facilities, people and environments in which the Group operates. This priority is reflected

in structured training programmes, regular inspections, strengthened prevention measures and rigorous application of procedures. Rubis' Code of Ethics states that all employees are required to behave responsibly on site, to comply with safety and environmental protection rules and to ensure that they are respected by all stakeholders, including suppliers and service providers. Since 2015, the frequency rate of occupational accidents has thus decreased by 58% within the Group.

Operational excellence is also based on the continuous improvement of processes and the deployment of best practices across all activities. By relying on adapted technological tools, such as facility monitoring systems and predictive maintenance, Rubis improves the availability and performance of its assets, while optimising costs and profitability. In 2025, the Group invested €66 million in safety, maintenance and adaptation of its facilities, illustrating its constant commitment to reliability and risk control.

This operational reliability is the result of a deliberate strategic choice: controlling the entire value chain, from transport and storage infrastructure to distribution equipment. This integrated approach

enables the Group to secure its flows, ensure continuity of supply and maintain high service standards.

Rubis welcomes its customers at 1,167 service stations, offering a wide range of products and services that meet international standards. As a trusted partner

to governments, businesses and local communities, the Group applies this expertise to deliver energy solutions tailored to current and future needs,

and demonstrates its ability to establish a long-term presence in new markets.

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PRESENTATION OF THE GROUP

Strategy

Cross-functional levers

A strategy based on proven fundamentals

In an uncertain and changing

environment, Rubis relies on solid fundamentals - a strong local

presence, expertise in supply chains,

an entrepreneurial spirit and financial discipline - which enable it to

maintain its strategic flexibility,

seize opportunities and pursue a path of profitable and responsible growth.

By integrating climate, energy

and societal issues into its strategy,

Rubis confirms the robustness of its business model and its ability to create sustainable value for all

its stakeholders, whilst remaining true to its identity: that of a pragmatic,

committed energy provider deeply rooted in its local communities.

PRESENTATION OF THE GROUP

1

Strategy

AGILE ORGANISATION

Rubis' performance is based on a decentralised and agile organisation, designed to adapt to the diversity of the regional environments and markets in which the Group operates. Each subsidiary

has a large degree of operational autonomy, enabling it to define and implement a strategy tailored to local challenges, whilst operating within a structured Group framework. This organisation is a key factor in competitiveness within an energy sector characterised by rapid changes in demand, regulatory frameworks and technologies.

This model, proven for a long time in Rubis' historical activities, promotes team commitment, accountability and responsiveness. Nearly 99% of employees

are recruited locally, which strengthens the regional anchoring of activities and the in-depth understanding of markets. Rubis values diversity of skills and backgrounds, while ensuring that it offers all its employees working conditions and social standards aligned with international best practices.

Decentralisation comes with greater Group oversight of key issues, particularly in the areas of safety, ethics, compliance and risk management. It encourages

the sharing of best practices, operational innovation and the acceleration of decision-making processes, enabling the Group to effectively meet its customers' expectations and seize growth opportunities.

This combination of local autonomy and Group consistency contributes directly to the robustness of the model and to the long-term strengthening of Rubis' market positions.

ROBUST FINANCIAL PERFORMANCE

Rubis' strategy is based on robust and sustainable financial performance, as evidenced by the Group's main indicators over more than 30 years. This solidity

is reflected in a regular and attractive dividend policy, with an historic payout ratio of more than 60%

and a compound annual dividend per share growth rate of 6% over the last 10 years.

Beyond operational performance, Rubis' development is based on a disciplined approach to external growth, targeting value-creating acquisitions supported

by tangible assets, offering high visibility on long-term profitability. The acquisition of Photosol in 2022 illustrates this selective diversification strategy: by 2027, the Group expects to reach an EBITDA of around

€50 million to €55 million for this activity, within a controlled financial framework.

The Group's financial performance is based on strict investment discipline, attractive acquisition multiples and prudent debt management, aimed at preserving a strong balance sheet and high financial flexibility.

This approach enables Rubis to position itself favourably to capitalise, when the time is right, on targeted opportunities in the energy and mobility services sectors, particularly through selective acquisitions or partnerships requiring limited capital investment.

By combining profitability, risk management

and disciplined capital allocation, Rubis is positioning itself to meet the energy needs of today and tomorrow, to create sustainable value for all its stakeholders,

and to pursue a responsible growth trajectory.

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‌PRESENTATION OF THE GROUP

New Sustainability Roadmap

New Sustainability Roadmap

Think Tomorrow 2030

Rubis has published its new Sustainability Roadmap. Building on the progress made

between 2022 and 2025, the Group is setting new ambitions for 2030, thus consolidating its strategy for a sustainable future.

Launched in 2021 to consolidate all our commitments, our sustainability approach forms the common foundation that underpins our strategic decisions and day-to-day actions. Driven by our decentralised model, it combines agility with proximity to local communities, enabling us to tailor our solutions to local challenges whilst maintaining a global perspective. This approach,

which was already central to our previous Think Tomorrow 2022-2025 CSR Roadmap - whose achievements and lessons are detailed in chapter 4 - is being continued and expanded upon with our new 2030 objectives.

Faced with growing energy demand and contrasting challenges depending on the region, we remain determined to offer reliable and accessible energy

and mobility solutions. Our strategy takes into account the specific societal and environmental characteristics of each region where we operate, in order to respond

to them appropriately. In Europe, the outlook is shaped by the electrification of energy uses and the imperative of energy sovereignty. In Africa and the Caribbean, economic development is leading to a significant increase in mobility and energy needs. To meet

new expectations, we are expanding our offer with low-carbon solutions with high growth potential.

This pragmatic yet ambitious approach is a key driver of our business growth and long-term sustainability, fully supporting our mission: serving the energies

of today and tomorrow.

The safety of people and facilities remains at the heart of our approach. We continue to operate in an environmentally responsible manner, whilst paying greater attention to biodiversity. We are stepping up our actions to promote equal opportunities and employee training in the face of changes in our business lines, and we are strengthening our community investment by supporting local employment, across all our operations.

Achieving each of our targets for 2030 depends directly on the excellence and commitment of our teams, who, in their own way, create the conditions for strong performance. Through their daily efforts, they help to embed our commitments firmly within our business lines

and strengthen the Group's position as a trusted partner in the regions we serve.

This roadmap is based on four pillars: Climate, Environment, Social and Society.

With Think Tomorrow 2030, we are accelerating

our ambition for the Group's long-term value creation. Built with our teams in the field, this new roadmap embodies our multi-local model.

Four complementary pillars

ACT FOR THE ENERGY TRANSITION

Priorities

• Further develop our low-carbon activities.

  m

  a

• Reduce the carbon footprint of our operations.

  C

  l

  i

  ENSURE A PROTECTIVE WORK ENVIRONMENT

  THAT FOSTERS DEVELOPMENT

  Priorities

  S

• Ensure everyone's safety, every day.

  l

  a

  i

  c

  o

• Provide high-quality social protection to all our employees.

• Support the development of our teams to embed our sustainability approach.

• Make gender diversity a driver of performance and cohesion.

• Foster social dialogue.

  PRESERVE THE ENVIRONMENT ACROSS OUR OPERATIONS

  Priorities

• Reduce our environmental footprint.

• Manage our impacts on biodiversity.

  E

  n

  v

  i

  r

  o

  n

  m

  t

  e

• Develop our photovoltaic capacity while preserving local areas.

  e

  n

  t

  BE A TRUSTED PARTNER

  IN THE COMMUNITIES WE SERVE

  Priorities

  y

  t

  e

  i

  c

• Make energy more accessible and less carbon-intensive (cleaner cooking).

  o

  S

• Be a leader in ethics issues.

• Integrate and promote sustainability among our suppliers.

• Renew our support for communities.

  PRESENTATION OF THE GROUP

  New Sustainability Roadmap

  1

  
  
  
  
  
  
  

  16

  That's the number of objectives of Think Tomorrow 2030

  DIVERSIFY OUR ACTIVITIES WITH LOW-CARBON SOLUTIONS

  Increase the Group's share of low-carbon EBITDA fivefold by 2O3O

  In a context of climate change, demand for low-carbon energy and mobility solutions is growing rapidly. To continue to meet

  the needs of the regions where we operate, we are adapting our model to the challenges

  of the energy transition.

  CONTRIBUTE TO THE FIGHT AGAINST CLIMATE CHANGE BY REDUCING THE CO2e EMISSIONS RELATED TO OUR ACTIVITIES

  Reduce our operational emissions by 2O% by 2O3O (vs 2OL9)

  Our subsidiaries deploy decarbonisation levers tailored to their main sources of emissions. As part of this effort, Rubis Energy Kenya has, for example, demonstrated our ability to balance business growth with reducing

  our carbon footprint by cutting emissions from fuel transport (targeted scope 3A) by almost half, whilst distributing almost double the volume of energy products.

  Our climate strategy thus reflects our ability to support these transitions, aligning the robustness of our business model with

  the long-term sustainability of the regions we serve.

  That is why we are expanding

  our energy offerings by developing more sustainable alternatives

  to traditional fuels, such

  as biofuels and photovoltaic electricity, to help our customers reduce their carbon footprint.

  ENSURE PEOPLE'S SAFETY ON A DAILY BASIS

  Reduce the accident rate of employees and service providers on site

  The safety of people is central to the Group's priorities and

  is a fundamental principle of its business conduct. The Group strives to prevent occupational risks

  and guarantee a safe working environment for all its employees and service providers working

  on site.

  FACILITATE ACCESS

  TO AFFORDABLE, LOWER-CARBON ENERGY FOR AS MANY PEOPLE AS POSSIBLE

  Providing cleaner cooking solutions to 3.7 million people in Africa by 2O3O

  In Madagascar, for example, 90% of households still cook with charcoal or firewood. This energy dependence is fuelling one of the most alarming deforestation crises in the world and accelerating the loss of biodiversity. Used mainly by women, these traditional fuels emit gases

  that are harmful to their health.

  OFFER HIGH-QUALITY SOCIAL PROTECTION TO ALL OUR EMPLOYEES

  Develop and implement a WeCare social policy by 2O3O

  Recognising the vital role our employees play in achieving our goals, we are committed to providing them with a safe, healthy and supportive working environment.

  As such, our Social pillar sets out objectives that go beyond local requirements across all regions. Our responsibility extends both to establishing a protective framework for everyone on our sites and to safeguarding the health of our employees, which is why developing appropriate prevention and social protection measures is one of our top priorities.

  
  
  

  To find out more about our Think Tomorrow 2030 Sustainability Roadmap and the detailed objectives, please refer to chapter 4, section 4.1.3.

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  1

  ‌PRESENTATION OF THE GROUP

  Community & social engagement

  Community & social engagement

  Acting to promote education and health

  The societal actions of the Group and its subsidiaries are based on two priorities:

  • education: provide better access to education and encourage training and entrepreneurship;

  • health: provide better access to health and hygiene and support research. With a view to establishing a local presence and contributing to the development of the regions in which it operates, Rubis and its subsidiaries support associations that work with the most vulnerable populations.

    Our objective is to promote access to education and healthcare for all.

    We have achieved the goal of our Think Tomorrow 2022-2025 CSR Roadmap: in 2025, 100% of the business units implemented targeted community investment responding to local needs in terms of education or health.

    At the same time, we provide ad hoc support, through exceptional donations, for emergency actions to help populations affected by natural disasters

    or humanitarian crises.

    In 2025

    €2.2 million donated by the Group

    Nearly 80 associations supported in Africa, Europe and the Caribbean 100% of Group business units committed to community investment Nearly 100,000 beneficiaries of our community investment

    1 exceptional donation in Jamaica for the rehabilitation of a hospital after Hurricane Melissa

    Our engagement through three initiatives

    Fighting student food insecurity in France

    As part of its community investment policy, the Group places a strong emphasis on community solidarity, particularly with regard to education and the inclusion of young people.

    In 2025, this commitment was illustrated by Rubis Énergie's active support for the StudHelp association, which fights against student food insecurity. In addition to financial support, and at the initiative of employees at the head office in La Défense, a collection

    of food and hygiene products was organised, mobilising the teams around a solidarity challenge. This logistical contribution distributed full kits to 30 students.

    Supporting underprivileged students in Jamaica

    Rubis Energy Jamaica has maintained a long-standing partnership with the Dunoon community in Kingston. In 2025, it provided final-year female students at Dunoon Technical

    High School with customised school kits tailored to their educational needs. These kits included essential resources to help them study

    and feel supported in their efforts to achieve their goals. More than just a donation, this gesture reflects Rubis' true commitment to empowering young people and investing in future generations.

    Promoting employability in vulnerable communities in Nigeria

    As part of its commitment to the development of local communities, Rubis Asphalt Nigeria set up a skills acquisition programme for young people in the Kwali community in 2025. The programme, which focuses on high-demand technical occupations, provides participants with practical and economically viable skills. A total of 20 participants, including nine women, acquired practical and theoretical knowledge in electrical installation, plumbing and piping and obtained

    a certificate, as well as tools to find a job or start their own business.

    18 R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T

    
    
    

    PRESENTATION OF THE GROUP

    Community & social engagement

    Launch of the Together programme towards training 1

    for employment

    Convinced that training and access to qualified work are essential levers of economic and social development, Rubis is launching

    its Together programme in 2026. Through this initiative, the Group

    is committed to supporting community projects that help train people to secure long-term employment, thereby contributing to local development and

    the reduction of inequality.

    As part of Think Tomorrow 2030, Rubis is committed to supporting at least 15 training projects

    for employment in all the Group's regions by 2030.

    Key figures since 2OLL

    56 emerging artists

    supported in France

    3 long-term artistic and cultural education projects developed in South Africa, Jamaica and Madagascar totalling over

    500 beneficiaries

    Over 200 artists

    and professionals invited to share and transmit their knowledge in France and internationally

    More than 50 events organised in collaboration with cultural institutions in France and abroad

    Rubis Mécénat

    ENDOWMENT FUND FOR COMMITTED ARTISTIC AND SOCIAL PROJECTS

    The Rubis Mécénat endowment fund, created by Rubis in 2011, carries out committed artistic and social projects with the aim of promoting contemporary creation, supporting emerging artists and empowering vulnerable youth through art.

    The fund is committed to highlighting contemporary art that is both ambitious and inclusive, supporting emerging artists through creative grants in partnership with cultural institutions in France.

    Recognising the importance of fostering new creative voices and the inequalities of access to artistic careers, the fund also supports emerging artists through a range of professional development

    and awareness-raising initiatives.

    Finally, driven by its belief in the social role of art, Rubis Mécénat develops arts and cultural education projects in certain countries where the Group operates, aiming to empower vulnerable young people and make a lasting contribution to their education and integration

    by using artistic practice as a means of empowerment and positive engagement.

    For more information on the Rubis Group's endowment fund, see https://www.rubismecenat.fr/en/.

    R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T 19

    
    
    

    1

    
    
    

    ‌PRESENTATION OF THE GROUP

    Business model

    Our ressources

    Business model

    
    
    

    OUR CHALLENGES: ENERGY TRANSITION

    HUMAN CAPITAL

• 4,614 employees in 45 countries

• Over 28% women

• Over 70 nationalities

  Our model

  Serving the energies of today and tomorrow

• Over 96% employees trained

• 35 Sustainability Advisors and 37 Compliance Advisors

  SOCIETAL CAPITAL

• Member of the UN Global Compact

• Over €2.2M donated to community investment and social engagement initiatives

Energy Distribution

Our strategy

• Strengthen our positions as an integrated distributor in high-growth markets

• Deploy high value-added multi-service ecosystems in the heart of our stations

• Accelerate the deployment of renewable energy, guided by market demand

  • Robust HSE policy supported by 34 Advisors

  • 44% local purchases

    Renewable Electricity Production

  • 22 agrivoltaic partnerships

  • €22.4M raised through crowdfunding since the projects were implemented

  • 69% local purchases

    INDUSTRIAL CAPITAL

    Energy Distribution

  • Logistics expertise

  • 87 industrial sites worldwide

  • 1,167 service stations in 22 countries

  • 10 fully-owned vessels

Renewable Electricity Production

ENERGY DISTRIBUTION

€6,473M

Revenue

€754M

EBITDA

€185M Capex (of which 0.3% taxonomy-aligned)

92.8% of employees

Revenue by region

• Support & Services

  SUPPLY

• Retail & Marketing

  PRODUCE

Supply Shipping

Refinery

Liquefied gases

Roof-top photovoltaic panels

Our levers

for action

• Operational excellence

• Agile organisation

• Robust financial performance

  Committees

  SOCIETAL CAPITAL

• €247M in taxes and duties

• 0 major industrial accidents

  
  
  

  For more information on how we deal with our strategy and our levers for action, see the Strategy section.

  RENEWABLE ELECTRICITY PRODUCTION

  SUPPLY

€62M

Revenue

€23M EBITDA

€190M Capex (of which 98.8% taxonomy-aligned)

6.6% of employees

Revenue by region

Electricity

Customers

PUBLIC AND PRIVATE SECTOR COMPANIES

of secured portfolio

99% 1%

Ground-mounted parks

Roof-tops

For more information about the value chain, see chapter 4,

section 4.1.3.1.3.

were subject to a prior environmental impact assessment

FINANCIAL CAPITAL

(1) Including outsourced shipping and road transport, business travel and upstream electricity (53% of scope 3A).

(2) Amount proposed to the Shareholders' Meeting of 10 June 2026.

(3) Outside the Photosol scope.

R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T 21

1

‌PRESENTATION OF THE GROUP

Key figures

Key figures

4,614

employees

45

countries

+106,000

hours of training provided

250,000

people supplied with renewable electricity in France

6.3

million m3

of products distributed

558

GWh of photovoltaic electricity produced

"Our teams once again deLivered soLid operationaL performance, Leading to a 19%(1)

increase in net income, Group share."

Marc Jacquot, Managing Partner

(1) When excluding 2024 capital gain from Rubis Terminal disposal.

PRESENTATION OF THE GROUP

1

Key figures

Financial performance

Revenue

(in millions of euros)

EBITDA

(in millions of euros)

Capital expenditure

(in millions of euros)

6,630

6,644 6,534

798

721 741

283

248

376

2023 2024 2025

2023 2024 2025

2023 2024 2025

EBIT

(in millions of euros)

Net income,

Group share

(in millions of euros)

Net debt/ EBITDA ratio

621

354

1.4x

1.4x

504

309

487

259 (1)

0.9x

2023 2024 2025

2023 2024 2025

2023 2024 2025

(1)

When excluding 2024 capital gain from Rubis Terminal disposal.

R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T

23

1

‌PRESENTATION OF THE GROUP

Stock market & shareholding structure

Stock market & shareholding structure

3.09

3.42 3.30

2.98

Dividend and earnings per share

2.03

2.32

2.84

2.63

1.75

2.72

1.80

2.86

1.86

2.55

1.92

1.98 2.03 2.07*

1.15

0.76

1.19

0.84

1.46

0.92

1.49

0.98

1.52

1.03

1.21

1.34

1.50

1.59

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Dividend per share (in euros) Diluted earnings per share (in euros)

* Amount proposed to the Shareholders' Meeting of 10 June 2026.

2026 Agenda

Thursday, 12 March

2025 annual results

Tuesday, 5 May

First quarter 2026 trading update

Wednesday, 10 June

Shareholders' Meeting

Tuesday, 16 June

Ex-dividend date and shares quoted ex-dividend

Thursday, 18 June

Cash payment of the dividend

Tuesday, 8 September

2026 second quarter activity and half-year results

Tuesday, 3 November

2026 third quarter and first nine months trading update

Thursday, 11 March 2027

2026 annual results

PRESENTATION OF THE GROUP

Stock market & shareholding structure

1

Rubis shareholders

(as of 20/04/2026)

Free float 64.30%

Compagnie nationale de navigation/ Molis shareholder grouping(1) 9.36%

BlackRock Inc. 6.06%

Plantations des Terres Rouges 6.00%

Groupe Industriel Marcel Dassault 5.70%

Supervisory Board(2) 3.58%

General Partners and Managing Partners 2.29%

FCP Rubis Avenir 2.28%

Treasury shares(3) 0.43%

(1) Shareholder grouping comprising the Compagnie nationale de navigation, its Chairman, Patrick Molis, Jade Molis, Agathe Molis, Victoire Molis and Charles Gravatte. Of the 9,675,538 shares held by the Compagnie nationale de navigation/Molis shareholder grouping, 4,127,900 shares (approximately 4% of the share capital) are held through forward financial contracts with UBS Group AG. UBS Group AG declared that it had crossed upwards, on 12 September 2025, the threshold of 5% of the share capital and voting rights and held, on that date, 5,261,028 Rubis shares, i.e. 5.09% of the Company's share capital and voting rights (see paragraph "Threshold crossings declared during the 2025 financial year" in chapter 6, section 6.2.3).

(2) Excluding the direct and indirect ownership of Patrick Molis (member of the Supervisory Board and shareholder directly or indirectly holding at least 5% of the share capital). Including Patrick Molis and Compagnie nationale de navigation (company controlled by Patrick Molis), the Supervisory Board holds 9.25% of the share capital.

(3) Including the 400,000 shares bought back between 21 January and 27 February 2026 as part of the share buyback programme with a view to selling them to employees which was ongoing as of the date of this document.

Breakdown of institutional shareholding by region

(as of 31/12/2025)

United States 47%

France 17%

Germany 13%

United Kingdom 9%

Rest of Europe 7%

Switzerland 4%

Rest of the world 3%

1

‌PRESENTATION OF THE GROUP

Energy Distribution

OVERVIEW OF ACTIVITIES

Energy Distribution

Our Energy Distribution division places customers at the heart of its strategy. In a constantly changing sector, we are adapting our offerings and services to meet the specific requirements of each customer segment, whether retail customers or professionals in the transport, hotel, poultry farming and other industries. We are developing more flexible energy solutions and continuously improving the customer experience, thanks in particular to new technologies.

Our mastery of the supply chain enables us to guarantee a reliable and efficient service, ensuring a continuous distribution of energy. This expertise helps us optimise our flows, anticipate demand and secure supply, whatever the market conditions.

Retail & Marketing

This business line consists of two activities:

Retail & Marketing: distribution of energy solutions, in particular fuels, liquefied gases

and bitumen, development of low-carbon offers;

Support & Services: logistics including trading-supply, shipping and refining (SARA).

Rubis manages the entire supply chain:

product purchase - a key player in raw materials markets;

transport - use of fully-owned and time-chartered vessels;

storage - owning import terminals in its locations;

distribution - cylinder filling plants (liquefied gas), network of 1,167 service stations, refuelling operations in more than 20 airports.

This activity benefits from both geographic and product segment diversification, ensuring stable and resilient performance, little affected by geopolitics and economic cycles.

For several years now, we have diversified our offerings around three key themes to meet the challenges of the energy transition. Firstly, we have enriched our mobility-related services, by proposing solutions adapted to new modes of transport

and the changing needs of our customers.

Next, we have broadened our biofuels offering. These fuels, from renewable raw materials such as plant oils, agricultural residue or organic waste, represent a more environmentally-friendly alternative to traditional fossil fuels. Lastly, we have introduced solar or hybrid offerings that integrate a share

of solar electricity, to propose energy solutions that are both high-performance and sustainable to our customers.

PRESENTATION OF THE GROUP

1

Energy Distribution

Africa

Rubis distributes fuels and liquefied gas (network of 656 service stations) as well as bitumen. The Group's African entities are in the top 3(1) in most countries, across all market segments.

In the distribution of fuels and liquefied gas, the main competitors in this region

are TotalEnergies, Vivo Energy, OLA and local independent players. In bitumen distribution, Rubis is the leader in all its markets, and competition is local.

Growth levers

Development of offerings in service stations

To adapt to consumers' new expectations, our service stations are becoming ecosystems offering convenience stores, restaurant services,

car washing, etc.

We are partnering with renowned players to provide the best services and increase footfall as well

as the volumes and margins of the service stations.

Promoting liquefied gas as a transition energy

Liquefied gas represents a transitional alternative for a third of the world's population, who cook with wood, paraffin or coal.

The use of this fuel is being promoted by the International Energy Agency and the governments of South Africa, Madagascar and Kenya, which are investing in dedicated infrastructure (storage depots in particular) and setting an example

by launching programmes to refurbish administrative facilities in favour of liquefied gas.

Deployment

of a solar offering The Group offers its professional customers

solarisation of their assets through its subsidiary Rubisol. The objective is to develop rooftop facilities, shades

and ground-based facilities to provide our customers with decarbonised electricity under long-term contracts. For example, nearly 500 kWp were installed on the roof

of a pharmaceutical company in Nairobi, Kenya.

Expansion of the bitumen activity

The need for road infrastructure continues

to grow in the region. Present in three countries when it entered this sector (in 2015, with the acquisition of Eres), the Group now operates

in 10 countries, with over 100,000 tonnes of storage capacity

to guarantee a reliable supply to its customers.

Breakdown of volumes distributed by product segment

Service stations

Bitumen

LPG

C&I (fuels excluding service stations and aviation)

Aviation

(1) Rubis estimates.

47%

38%

18%

17%

14%

11%

of volumes

33%

of gross margin

2,093

employees

LPG



Fuel Bitumen

1

PRESENTATION OF THE GROUP

Energy Distribution

Caribbean

Rubis distributes fuels and liquefied gas in 19 territories (424 service stations) and controls the entire supply chain. The Group is in the top 3(1) in most countries, across all market segments. The main competitors in this region are Parkland (Sol) and TotalEnergies, as well as independent local players.

Growth levers

Reinforcement of our offering in high-growth markets

To meet the needs of businesses,

Rubis continues to develop its commercial activity in high-potential markets, such as Suriname and Guyana.

Development of offers in service stations

Rubis is expanding its service station offer to include convenience stores, restaurant services, car washing, etc.

The Group has also deployed a new charging point offering

in the French Antilles, to support

the development of electric mobility.

Deployment of a solar offering

In collaboration with the Renewable Electricity Production division

in the French Antilles or in partnership with Soleco Energy in the English-speaking Caribbean, the Group offers solar installations for professional customers. The objective is to develop both rooftop and ground-mounted facilities to facilitate our customers' energy transition. For example,

we installed more than 650 kWp

in Montego Bay in Jamaica to provide photovoltaic electricity to a hotel resort.

38%

of volumes

39%

of gross margin

889

employees

LPG

Fuel

Breakdown of volumes distributed by product segment

40%

39%

15%

6%

Service stations

C&I (fuel excluding service stations and aviation)

Aviation

LPG

(1) Rubis estimates.

PRESENTATION OF THE GROUP

1

Energy Distribution

Europe

In Europe, Rubis mainly distributes liquefied gas to residential (nearly two-thirds) and professional customers. This segment represents 74% of the region's volumes.

In Corsica and the Channel Islands, Rubis distributes fuels through a network

of 87 service stations, and offers aviation and marine fuels. In its operations, the Group is in the top 3(1) in the market, faced with competitors such as Cepsa, DCC, Galp, Repsol, SHV and UGI.

Growth levers

Development of autogas The Group distributes autogas in France, Spain, Switzerland

and Portugal. This alternative to

conventional fuels produces less CO2 and almost no particles.

The market is continuing to grow with volumes up by 6.5% compared with 2024(2).

Supply of biofuels

Rubis distributes biofuels, such

as RD100 HVO (biofuel made from residues and waste that reduces CO2 emissions by 90% compared to the use of conventional diesel) or EcoHeat100, a 100% renewable household fuel.

Bitumen

With its product expertise, the Group is establishing itself in Europe in the dynamic bitumen distribution market. Through a storage platform based in Antwerp, the Group is ideally located to supply Belgium, Germany, France and the Netherlands.

15%

of volumes

27%

of gross margin

817

employees

74%

16% 8%

Breakdown of volumes distributed by product segment

1%

LPG

Fuel

Bitumen (3)

LPG

Bitumen

(1) Rubis estimates.

(2) Source CPDP (Comité professionnel du pétrole - Professional Oil Committee).

(3) Since 1 January 2026.

C&I (fuel excluding service stations and aviation)

Aviation

1

PRESENTATION OF THE GROUP

Energy Distribution

"Support & Services brings together suppLy and shipping activities for products marketed by the Group and SARA's refining and storage activity."

Support & Services

SUPPLY AND SHIPPING

20

vessels

Rubis has 20 vessels to handle its shipping operations. Ten of these are owned

by the Group (five bitumen tankers, three fuel tankers and two liquefied gas vessels). The others are time-chartered.

In this context, in order to meet the United Nations decarbonisation targets and the CO2 emissions reduction targets set out in the Think Tomorrow 2030 Sustainability Roadmap, the Group is implementing initiatives to promote responsible, transparent and efficient shipping.

REFINING AND STORAGE

483

employees

The refinery of the Antilles (SARA), 71%-owned by the Group, is located in Martinique and exclusively supplies fuel to the three French departments in the Caribbean region. The retail prices for products and the profitability of SARA are regulated by the public authorities through a decree. It has a production capacity of 800,000 tonnes per year and produces a full range of products complying with European environmental standards: fuels for land, air and maritime mobility, liquefied gas, etc. SARA wants to go further

and is positioning itself as both a producer and supplier of low-carbon fuels, such as hydrogen and biofuels.

‌PRESENTATION OF THE GROUP

Renewable Electricity Production

1

Renewable Electricity Production

This division consists of the Photovoltaic Electricity Production activity and

a 17.2% stake in HDF Energy, an international group specialising in hydrogen-electricity.

Photovoltaic Electricity Production activity

Rubis is one of the main independent producers of photovoltaic electricity in France with 633 MWp of capacity in operation (including 93 large

ground-mounted photovoltaic parks) and 267 MWp under construction. From the development of projects to dismantling, including design, financing, operation and maintenance, we operate throughout the whole value chain thereby mastering the complete life cycle of our installations.

The Group mainly focuses on large ground-mounted or canopy installations, with recognised know-how

in the field of agrivoltaics. We have deliberately focused on less-competitive strategic locations and the development of complex projects to differentiate ourselves from the major groups present in this market; a strategy very similar to that developed for the Energy Distribution division.

The electricity produced is mainly sold through long-term contracts obtained through the calls for tenders mechanism of the French Energy Regulation Commission (CRE). We are also positioning ourselves on the Corporate Power Purchase Agreement (CPPA) market, long-term contracts with corporates.

In France, our main competitors are subsidiaries

of multinationals such as Engie, TotalEnergies, EDF ENR or the Mulliez Group (Voltalia), as well as independent producers such as Neoen or Tenergie.

In 2025, the Group accelerated its international development. In Italy, it launched the construction

of its first agrivoltaic projects and secured new projects through national calls for tender, building a diversified portfolio. We are continuing our expansion in Eastern Europe, consolidating our growth strategy and our positioning as a recognised developer and photovoltaic operator.

1

PRESENTATION OF THE GROUP

Renewable Electricity Production

Growth levers

International diversification

Building on our strong base in France, we have put

in place a strategy aimed at becoming a major player in photovoltaic electricity production in Europe, an area where demand for renewable electricity is growing.

We are also studying the French overseas departments and the Caribbean, both for the large ground-mounted park segment and small installations for our professional customers, in partnership with our Energy Distribution division.

"At the European LeveL,

we heLp shape the photovoLtaic sector by participating in the work of Leading industry organisations

and in initiatives aimed

at enhancing the sustainabiLity and resiLience

of the energy system."

Small photovoltaic installations

In addition to large-scale solar farms, the Group

is continuing to diversify into the segment of smaller-scale installations (ranging from 100 kWp to 1 MWp), particularly on large roof-tops -such as agricultural sheds, industrial and commercial buildings- as well as on car park canopies.

Battery storage

We are expanding our product portfolio with solutions that combine self-consumption and battery storage. We are working to secure permits for stand-alone and hybrid storage projects -combining solar power generation with batteries- to help enhance

the flexibility and resilience of the power grid.

32 R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T

PRESENTATION OF THE GROUP

Renewable Electricity Production

1

Photovoltaic electricity

1.4 GWp

of capacity in operation,

under construction and awarded

5.7 GWp

of projects

under development

304

employees

Hydrogen-Electricity

As part of its acquisition of a stake in HDF Energy, Rubis entered into

an industrial and financial agreement

that provides in particular for an investment priority in the projects developed in Africa, the Caribbean and Europe.

The Group is a shareholder in two Renewstable® plants in French Guiana and Barbados. Each of these plants will produce more than 50 MWh per year with a stable continuous capacity of 10 to 13 MW during the day and 3 MW at night. The electricity produced will

be used to supply the public electricity grid.

To ensure stable electricity production, even at night or in low sunshine, these plants will store energy

in hydrogen form. To achieve this, the surplus electricity from the photovoltaic panels will be used to produce hydrogen thanks to an electrolyser. This hydrogen will

be stored, then reconverted into electricity via a fuel cell.

R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T 33

34 R U B I S - 2 0 2 5 U N I V E R S A L R E G I S T R A T I O N D O C U M E N T

2

‌

Activity report

statements by the Supervisory Board 43

2

‌ACTIVITY REPORT‌

Activity report for the 2025 financial year

In a context marked by an unfavourable euro/dollar exchange rate, Rubis delivered robust performance in 2025, reflecting its solid operating fundamentals.

Following a record year in 2024, growth in volumes and margins continued in the Retail & Marketing activity in 2025 across all geographic regions and product segments, while the Support & Services activity remained robust.

The Renewable Electricity Production division, driven by deployments in the photovoltaic sector, accelerated its development in accordance with the Photosol Day announcements in September 2024, increasing its portfolio of secured projects by 30% to 1.4 GWp.

CONSOLIDATED RESULTS AS OF 31 DECEMBER 2025

* Cash flow before cost of net financial debt and tax.

FINANCIAL STRUCTURE AS OF 31 DECEMBER 2025

The Group's net debt to EBITDA ratio at the end of the financial year improved to 1.7x (excluding IFRS 16) compared with

1.9x at the end of December 2024.

1. Excluding lease obligations.

2. Excluding lease obligations and non-recourse debt at Photosol SPVs level.

ACTIVITY REPORT

Activity report for the 2025 financial year

2

ANALYSIS OF CHANGES IN THE NET FINANCIAL POSITION SINCE THE BEGINNING OF THE YEAR

Operating cash flow increased by 12% (€784 million compared with €697million in 2024), reflecting good quality results and limited foreign exchange losses in 2025.

The €34 million in cash flow generated by changes in working capital is primarily attributable to lower inventory levels at financial year-end and lower oil prices, while capital

expenditures in the Renewable Electricity Production division totalled €190 million, in line with the announced investment plan. These capital expenditures are explained by the conversion of the project pipeline into assets in operation.

2

‌ACTIVITY REPORT

Activity report for the 2025 financial year

Energy Distribution division

The Energy Distribution division includes, on the one hand, the Retail & Marketing activity of fuel distribution (service station networks, commercial heating oil, aviation and marine fuel and lubricants), liquified gas and bitumen in the three regions (Europe, Caribbean, Africa), and on the other hand, the Support & Services activity, bringing together the activities upstream of Retail & Marketing: refining, supply, trading, shipping and logistics.

PRICES OF PETROLEUM PRODUCTS (ULSD) AND THE FOREIGN EXCHANGE MARKET IN 2025

ULSD prices were down by around 8% on average over 2025 compared with 2024. The Group thus evolved in a downward price environment.

Generally speaking, Rubis is positioned in markets that enable it to transfer price volatility to the end customer (mechanism of free or regulated prices) and thus maintain relative stability of its margins over a long period.

The Group benefited from the stability of the Nigerian naira and the Kenyan shilling, which, combined with the implementation of strict natural hedging, eliminated foreign exchange losses. Nevertheless, the Group's performance for 2025 was negatively impacted by the translational effect related to the depreciation of the dollar compared to the euro.

% 120

100

80

60

40

542

54%

1,002

103%

765

687

€ 1,200

1,000

800

606

20 451

15%

359

22%

438

24%

528

9% 7%

493

22%

-2%

-4% 0%

600

0

-20

-40

-60

-6%

-21%

-30%

1% 2%

-2%

321

-39%

-5%

-24%

-10%

400

-12%

200

0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

SUMMARY OF SALES VOLUMES IN THE 2025 FINANCIAL YEAR

In 2025, the Retail & Marketing activity sold more than 6 million m3 over the period (volumes up by 6%). There was strong volume growth in the Caribbean (+8%), driven by fuel distribution, and volume growth in Africa (+5%), with a strong recovery in bitumen (+28%), while the aviation segment in Kenya decreased (-22%).