RUBIS: H1 2026 Results - Strong performance leading way to upgrade of 2026 guidance - NetDania News

  • RUBIS: H1 2026 Results - Strong performance leading way to upgrade of 2026 guidance

    المصدر: Nasdaq GlobeNewswire / 08 Sep 2026 01:00:00   America/New_York

     Paris, 08 September 2026, 7:00am

    • EBITDA at €434m, +18% yoy reflecting sustained demand, disciplined execution and optimised inventory management in a volatile and high oil price context, highlighting the Group's ability to consistently deliver strong results across challenging market conditions.
    • Net income Group share of €191m, +17% yoy in line with operational performance.
    • Cash flow generation – Adjusted cash flow from operating activities1 at €223m in H1 2026 (vs €276m in H1 2025) reflecting higher working capital requirements amid higher oil prices.
    • Corporate Net Financial Debt to EBITDA ratio2 of 1.3x at Jun-2026 vs 1.4x in H1 2025, confirming the robustness of Rubis balance sheet - Total Net Financial Debt3 of €1,466m.
    • 2026 EBITDA guidance upgraded to €775m to €825m (previously €740m-€790m) underpinned by strong first-half and confidence in the Group’s ability to capture market opportunities while continuing to drive the successful execution of its strategy.

    H1 2026 KEY FIGURES4

        
    (in million euros)H1 2026H1 2025Variation
    Revenue4,0683,275+24%
    EBITDA434369+18%
    Net income, Group share191163+17%
    EPS (diluted), in euros1.851.58+17%
    Adjusted Cash flow from operating activities1223276-19%
    Corporate Net Financial Debt (NFD)/EBITDA21.3x1.4x 
    NFD3/EBITDA2.0x2.1x 

    On 8 September 2026, Clarisse Gobin-Swiecznik, Jean-Christian Bergeron and Marc Jacquot, Managing Partners, commented: “Rubis delivered a strong first-half performance in a volatile and high oil price environment, driven by solid activity levels, disciplined execution and active commercial management. Across our Energy Distribution businesses and our diverse geographies, our deep local expertise and continued focus on high service levels supported market share gains. Photosol also reached a key milestone with the full commissioning of the Creil solar plant. These results reflect the strength of our diversified model and our ability to deliver consistently and effectively in complex market conditions. Building on this strong first half and our confidence in the Group’s operating trajectory, we are upgrading our 2026 EBITDA guidance.”

    H1 2026 FINANCIAL PERFORMANCE

    Consolidated financial statements as of 30 June 2026

    (in million euros)H1 2026H1 2025Variation
    Revenue4,0683,275+24%
    EBITDA434369+18%
    o/w Energy Distribution435379+15%
    o/w Renewable Electricity Production1510+42%
    EBIT307253+21%
    o/w Energy Distribution329281+17%
    o/w Renewable Electricity Production-5-6+21%
    Net income, Group share191163+17%
    EPS (diluted), in euros1.851.58 +17%
    Cash flow from operating activities159276-42%
    Adjusted Cash flow from operating activities(1)223276-19%
    Capital expenditure137164-17%
    o/w Energy Distribution7973+9%
    o/w Renewable Electricity Production5791-38%

    (1) Cash flow from operating activities excluding the payment of the fine related to the decision from French Competition Authority regarding Corsica amounting to €64m.

    H1 2026 saw a +18% increase in EBITDA to €434m, reflecting a high level of activity in all geographies, combined with efficient inventory management in a volatile oil environment. EBIT reached €307m (+21% yoy).

    At Group level, cost of net financial debt (including IFRS16 interest) reached €43m from €39m in H1 2025, driven by a higher debt at Photosol in line with its expanded operational capacity, and, more specifically, the start-up of Creil solar plant (200 MWp). Other financial items reached -€7m in H1, from -€2m in H1 2025, and mainly includes accounting effects from hyperinflation in Haiti.

    Profit before tax increased by +19% to €258m and Net income Group share rose by +17% to €191m. This improvement is in line with operating performance.

    Taxes reached €64m in H1 2026 vs €50m in H1 2025, in line with the increase in profit before tax.

    Adjusted cash flow from operating activities at €223m, down by -19% from H1 2025, illustrates the higher oil price environment over the half year, leading to increased working capital. The €64m fine related to the decision from French Competition Authority regarding Corsica was recorded in the change in working capital, thereby impacting cash flow from operating activities. Rubis remains confident in its ability to successfully demonstrate that the decision is flawed both factually and legally. As a consequence, no provision was recorded.

    Capex reached €137m, of which €57m were dedicated to Renewable Electricity Production (down from €91m in H1 2025). The remaining €79m are split between maintenance and growth investments in the Energy Distribution business line.

    Impact of IAS 29: Hyperinflation (non-cash impacts)

    Rubis has applied IAS 29 in hyperinflationary countries (Haiti), as defined in IFRS. Application of IAS 29 in hyperinflationary countries requires their non-monetary assets and liabilities and their income statement to be restated to reflect the changes in the general purchasing power of their functional currency, leading to a gain or loss included in the net income. Moreover, their financial statements are converted into euros using the closing exchange rate of the relevant period.

    IAS 29: Impact on reported data (in million euros)H1 2026H1 2025Impact on growth rate
    EBITDA75 0.4%
    EBIT52 1.0%
    Net income Group share-6-8 1.9%

    H1 2026 COMMERCIAL PERFORMANCE

    1.   ENERGY DISTRIBUTION - RETAIL & MARKETING

    Volume sold and gross margin by product in H1 2026

      Volume (in '000 m3) Gross margin (in €m)
      H1 2026 H1 2025(1) H1 2026 vs
    H1 2025     		H1 2026 H1 2025(2) H1 2026 vs
    H1 2025
    LPG747 739 +1%178 164 +9%
    Fuel2,314 2,176 +6%249 220 +13%
    Bitumen415 288 +44%70 45 +54%
    TOTAL3,476 3,203 +9%497 429 +16%

    (1) Including unbranded LPG in Europe and Africa for 69,000 m3.
    (2) Including unbranded LPG in Europe and Africa for €3m.

    Volume sold and gross margin by region in H1 2026

      Volume (in '000 m3) Gross margin (in €m)
      H1 2026 H1 2025(1) H1 2026 vs
    H1 2025     		H1 2026 H1 2025(2) H1 2026 vs
    H1 2025
    Europe606 502 +21%137 122 +12%
    Caribbean1,318 1,196 +10%176 167 +6%
    Africa1,552 1,506 +3%184 140 +31%
    TOTAL3,476 3,203 +9%497 429 +16%

    (1) Including unbranded LPG in Europe and Africa for 69,000 m3.
    (2) Including unbranded LPG in Europe and Africa for €3m.

    Volume and gross margin continued to grow across all regions and product categories in H1 2026.

    LPG activity delivered profitable growth in the first half of 2026, supported by dynamic trends across several key markets. In Europe, growth in France and Spain largely offset softer demand in Portugal and Switzerland. France and Spain continued to benefit from strong momentum in autogas, supported by further market share gains, while Portugal saw sustained activity in the wholesale activity. In South Africa, profitability improved significantly supported by continued customer base growth across both packed and bulk segments in the context of a sharp increase in electricity costs. In Morocco, demand from ceramists progressively recovered after a challenging start to the year, while margins benefited from improved sourcing conditions, and disciplined commercial management in a context of product shortage. Overall, gross margin growth outpaced volume evolution across most geographies, reflecting a more profitable business mix and effective execution.

    As regards fuel:

    • The retail business (service stations representing 50% of fuel volume and 50% of H1 fuel gross margin) delivered strong volume growth across the network, supported by East Africa and the Caribbean. Total volume grew by +6% and gross margin by +7%. Key drivers included:
      • East Africa continued to benefit from sustained traffic growth and the progressive improvement of the pricing framework, supporting both volumes and profitability;
      • in the Caribbean, Guyana remained one of the main contributors to volume growth, although margins were under pressure in a context of high oil price while Haiti continued its recovery trajectory, supported by increased network activity and improving profitability.

    Overall, retail gross margin performance reflects efficient commercial management, supportive supply conditions, and effective inventory management during a period of heightened oil price volatility.

    • The Commercial and Industrial business (C&I, representing 33% of fuel volume and 30% of H1 fuel gross margin) increased by +9% in volume. Margins increased by +19% yoy. Haiti was the main contributor to volume growth while Kenya saw a significant increase in its margin, benefiting from solid commercial momentum and strong customer activity. These positive trends more than offset pricing pressure in Guyana, which continued to weigh on profitability.
    • The aviation segment (representing 17% of fuel volume and 18% of fuel gross margin) was up +3% in volume, and +22% in gross margin. This segment maintained solid profitability during the first half. While the competitive environment remained challenging in Kenya, leading the Company to continue prioritising margin preservation over volumes, the Eastern Caribbean and the Bahamas continued to benefit from sustained airline activity and delivered a strong contribution to profitability. Overall, the segment recorded an improvement in unit margins and a stronger geographic mix.
    • The lubricants segment (representing 0.4% of fuel volume and 2.2% of fuel gross margin) was up +19% in volume and +15% in gross margin. This segment continued to establish itself as a new growth driver for the Group, expanding commercially and improving its product mix towards higher-value offerings, particularly in East Africa.

    Bitumen delivered another strong performance, with volumes increasing by +44% (+8% excluding Europe) and gross margin by +54% (+29% excluding Europe) during the first half. Growth was driven by the continued expansion of the business in Africa, notably in South Africa, Gabon and Angola, as well as by the progressive ramp-up of the Group’s new platform in North-West Europe. The segment strengthened profitability through disciplined project execution and optimised inventory management, while performance can vary between periods, reflecting the timing and execution of projects across its markets.

    2.   ENERGY DISTRIBUTION - SUPPORT & SERVICES

    The Support & Services activity recorded €534m of revenue (+10% yoy) in H1 2026.

    In the Caribbean, trading was dynamic with +10% yoy in volume.

    In Africa, bitumen shipping activity decreased due to higher in-house activity.

    SARA refinery and logistics operations present specific business models with stable earnings profile.

    3.   RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL

    Operational data H1 2026H1 2025Variation
    Assets in operation (MWp)799 607 +32%
    Electricity production (GWh)343 269 +28%
    Sales (in €m)37 31 +19%

    Over the 2026 first half, Photosol installed 166 MWp, leading its assets in operation to grow by +32% yoy at 799 MWp. These start-ups include the last tranches of the Creil solar plant, now fully operational. The secured portfolio increased by +22% yoy to 1.5 GWp. The pipeline reached 5.3 GWp down -6% yoy. Revenue for H1 2026 stood at €37m, up +19% vs H1 2025 reflecting portfolio expansion.

    H1 2026 OPERATING PERFORMANCE

    EBITDA breakdown

    (in million euros)H1 2026H1 2025Variation
    Europe7862+25%
    Caribbean124111+12%
    Africa12291+33%
    Retail & Marketing324265+22%
    Support & Services111114-2%
    Renewable Electricity Production1510+42%
    Holding-16-20-19%
    Total Group EBITDA434369+18%

    1.   ENERGY DISTRIBUTION - RETAIL & MARKETING

    Looking at the operating performance by region, the dynamics for the 2026 first half were as follows:

    • Europe continues to benefit from its strong LPG positioning, and its recent entry in the bitumen business. EBITDA increased by +25%, reflecting improved operating efficiency combined with a strong start to bitumen activities in Belgium. On a like-for-like basis, EBITDA growth in Europe reached +14%;
    • Caribbean region EBITDA reflects the strong level of activity combined with the positive effect from hyperinflation, resulting in a +12% increase;
    • lastly, in Africa, fuel operating conditions continued to improve in East Africa. Bitumen activities were particularly dynamic in Senegal, Cameroon, Liberia and Gabon, as well as South Africa. EBITDA increased by +33% yoy, reflecting increased transportation costs.

    2.   ENERGY DISTRIBUTION - SUPPORT & SERVICES

    The Support & Services business recorded EBITDA of €111m (stable overall at -2% yoy) in H1 2026.

    3.   RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL

    EBITDA reached €15m over H1 2026, up +42% from €10m in H1 2025. This variation is explained by the ongoing ramp-up of project development. Power EBITDA5 reached €25m for H1 2026 vs €22m for H1 2025 representing a +13% increase.

    BALANCE SHEET

    (in million euros)30/06/202631/12/2025Variation
    Net financial debt (NFD)1,4661,166+26%
    NFD/EBITDA 2.0x1.7x 
    Non-recourse project debt581564+3%
    Corporate net financial debt(1) (corporate NFD)885602+47%
    Corporate NFD/EBITDA1.3x0.9x 

    (1) Corporate net financial debt – excluding non-recourse debt – see Appendix for further detail.

    Rubis corporate net financial debt (corporate NFD) reached €885m at the end of June 2026, leading to a corporate NFD/EBITDA at 1.3x (up 0.3x vs end-2025 after dividend payment occurred, -0.2x vs Jun-2025).

    OUTLOOK – FY 2026 GUIDANCE UPGRADED

    The working assumptions used to establish the 2026 guidance remain unchanged.

    At global level, the Group expects the sustained high oil prices to weigh on demand over H2. However, at regional level, in the Caribbean, activity will remain supported by continued recovery in Haiti, tourism dynamism and the development of the Guyana and Suriname economies. In Africa, performance should continue to benefit from improving market conditions, as well as growing bitumen volumes across most geographies, while demand in Nigeria is expected to be softer in the second half. In Europe, the ramp-up of bitumen operations should continue to drive strong volume growth, albeit at lower margins, while LPG growth is expected to gradually normalise. Renewable electricity development is also expected to accelerate in the second half of the year.

    In this context, and considering the solid first half of the year and the Group’s successful execution of its strategy, Group EBITDA is now expected between €775m and €825m in 2026 at constant EUR/USD exchange rate (1.13) and assuming IAS 29 - hyperinflation impact unchanged vs 2025.

    Reminder: Photosol 2027 ambitions (unchanged)

    • Secured portfolio6 above 2.5 GWp
    • Consolidated EBITDA7: €50-55m, of which c. 10% EBITDA contribution from farm-down initiatives
      • Power EBITDA8: €80-85m
      • Secured EBITDA9: €150-200m

      

    NON-FINANCIAL RATING

    • MSCI: AA (reiterated in Dec-25)
    • Sustainalytics: 32.2 (from 29.2 previously)
    • ISS ESG: C+ (from C previously)
    • CDP: A- (from B previously)

    Webcast for investors and analysts
    Date: 08 September 2026, 9:30am
    Access to the audio webcast: https://rubis.engagestream.euronext.com/2026_half_year_results
    Speakers from Rubis:

    • Clarisse Gobin-Swiecznik, Managing Partner
    • Marc Jacquot, Managing Partner, Group CFO
    • Jean-Christian Bergeron, Managing Partner, CEO of Rubis Énergie

    Upcoming events
    Q3 & 9M 2026 trading update: 3 November 2026
    Q4 & FY 2026 Results: 11 March 2027

    Press Contact Analyst Contact
    RUBIS - Communication departmentRUBIS - Clémence Mignot-Dupeyrot, Head of IR
    Tel: +33 (0)1 44 17 95 95

    presse@rubis.fr    		Tel: +33 (0)1 45 01 87 44

    investors@rubis.fr

    appendix

    1.   H1 REVENUE BREAKDOWN

        
    Revenue (in €m) H1 2026 H1 2025 H1 2026
    vs H1 2025
    Energy distribution4,031 3,244 +24%
    Retail & Marketing3,497 2,759 +27%
    Europe488 407 +20%
    Caribbean1,321 1,136 +16%
    Africa1,687 1,216 +39%
    Support & Services534 485 +10%
    Renewable Electricity production37 30.9 +19%
    TOTAL4,068 3,275 +24%

    2.   Q2 FIGURES

    REVENUE BREAKDOWN

        
    Revenue (in €m) Q2 2026 Q2 2025 Q2 2026
    vs Q2 2025
    Energy distribution2,251 1,557 +45%
    Retail & Marketing1,965 1,338 +47%
    Europe258 193 +34%
    Caribbean733 551 +33%
    Africa975 594 +64%
    Support & Services285 219 +30%
    Renewable Electricity production25 20 +23%
    TOTAL2,275 1,577 +44%

    RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN Q2

      Volume (in '000 m3) Gross margin (in €m)
    (in '000 m3) Q2 2026 Q2 2025(1) Q2 2026 vs
    Q2 2025     		Q2 2026 Q2 2025(2) Q2 2026 vs
    Q2 2025
    LPG352 361 -3%86 79 +8%
    Fuel1,135 1,105 +3%127 107 +18%
    Bitumen221 154 +44%38 24 +58%
    TOTAL1,708 1,620 +5%250 210 +19%

    (1)   Including unbranded LPG in Europe and Africa for 37,000 m3.
    (2)   Including unbranded LPG in Europe and Africa for €1m.

    RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN Q2

      Volume (in '000 m3) Gross margin (in €m)
      Q2 2026 Q2 2025(1) Q2 2026 vs
    Q2 2025     		Q2 2026 Q2 2025(2) Q2 2026 vs Q2 2025
    Europe294 231 +27%66 57 +15%
    Caribbean644 611 +5%83 82 +1%
    Africa769 777 -1%101 71 +42%
    TOTAL1,708 1,620 +5%250 210 +19%

    (1)   Including unbranded LPG in Europe and Africa for 37,000 m3.
    (2)   Including unbranded LPG in Europe and Africa for €1m.

    3.   ADJUSTMENTS AND RECONCILIATIONS:

    COMPOSITION OF NET DEBT/EBITDA EXCLUDING IFRS 16

    (in million euros)30/06/202631/12/2025Variation
    Corporate net financial debt(1) (corporate NFD)885602+47%
    LTM EBITDA (a)806741+9%
    LTM Rental expenses IFRS 16 (b)7164+11%
    LTM EBITDA Photosol prod (c)4342+4%
    LTM EBITDA pre IFRS 16 & excl. Photosol prod (a)-(b)-(c)691635+9%
    Corporate NFD / LTM EBITDA pre IFRS 16 & excl. Photosol prod1.3x0.9x0.3x
    Non-recourse project debt581564+3%
    Total Net financial debt (NFD)1,4661,166+26%
    NFD/LTM EBITDA pre IFRS 162.0x1.7x0.3x

    (1)   Corporate net financial debt – excluding non-recourse debt.

    IAS 29 - HYPERINFLATION IMPACT

     H1 2026H1 2025Variation
    EBITDA (reported)434 369 +18%
    Hyperinflation-7 -5  
    EBITDA (excl. hyperinflation)427 365 +17%


     H1 2026H1 2025Variation
    EBIT (reported)307 253 +21%
    Hyperinflation-5 -2  
    EBIT (excl. hyperinflation)302 251 +20%


     H1 2026H1 2025Variation
    Net income Group share (reported)191 163 +17%
    Hyperinflation6 8  
    Net income Group share (excl. hyperinflation)198 172 +15%

    4.   FINANCIAL STATEMENTS

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION

    ASSET (in thousands of euros)30/06/202631/12/2025
    Non-current assets  
    Intangible assets137,897127,411
    Goodwill1,746,2951,712,603
    Property, plant and equipment2,089,9102,008,723
    Property, plant and equipment – right-of-use assets298,918266,639
    Interests in joint ventures24,51025,647
    Other financial assets92,28296,405
    Deferred taxes33,33521,407
    Other non-current assets176,197109,047
    TOTAL NON-CURRENT ASSETS (I)4,599,3444,367,882
    Current assets  
    Inventory and work in progress891,400641,636
    Trade and other receivables1,093,444803,826
    Tax receivables25,91024,176
    Other current assets46,09831,081
    Cash and cash equivalents639,477756,787
    TOTAL CURRENT ASSETS (II)2,696,3292,257,506
    TOTAL ASSETS (I + II)7,295,6736,625,388


    EQUITY AND LIABILITIES (in thousands of euros)30/06/202631/12/2025
    Shareholders’ equity – Group share  
    Share capital129,261129,015
    Share premium1,532,5961,532,825
    Retained earnings1,167,6061,142,998
    TOTAL2,829,4632,804,838
    Non-controlling interests121,228115,000
    EQUITY (I)2,950,6912,919,838
    Non-current liabilities  
    Borrowings and financial debt 1,454,1201,536,788
    Lease liabilities263,297233,792
    Deposit/consignment160,684155,202
    Provisions for pensions and other employee benefit obligations49,78751,270
    Other provisions278,260248,189
    Deferred taxes67,93958,908
    Other non-current liabilities104,446105,870
    TOTAL NON-CURRENT LIABILITIES (II)2,378,5332,390,019
    Current liabilities  
    Borrowings and short-term bank borrowings (portion due in less than one year)651,436385,676
    Lease liabilities (portion due in less than one year)51,59346,920
    Trade and other payables1,169,015809,433
    Current tax liabilities71,11653,323
    Other current liabilities23,28920,179
    TOTAL CURRENT LIABILITIES (III)1,966,4491,315,531
    TOTAL EQUITY AND LIABILITIES (I + II + III)7,295,6736,625,388

    CONSOLIDATED INCOME STATEMENT

    (in thousands of euros)%
    2026/
    2025    		30/06/202630/06/2025
    NET REVENUE24%4,067,5233,274,585
    Consumed purchases (3,108,622)(2,407,831)
    External expenses (303,417)(274,624)
    Employee benefits expense (153,579)(150,566)
    Taxes (67,642)(72,109)
    EBITDA18%434,263369,455
    Other operating income 1,3071,316
    Net depreciation and provisions (123,984)(111,203)
    Other operating income and expenses (4,385)(6,320)
    CURRENT OPERATING INCOME21%307,201253,248
    Other non-recurring operating income and expenses (452)2,867
    OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT VENTURES20%306,749256,115
    Share of net income from joint ventures 713764
    OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES20%307,462256,879
    Income from cash and cash equivalents 5,8565,488
    Gross interest expense and cost of debt (39,994)(37,746)
    COST OF NET FINANCIAL DEBT6%(34,138)(32,258)
    Interest expense on lease liabilities (8,597)(7,185)
    Other finance income and expenses (7,052)(1,615)
    PROFIT (LOSS) BEFORE TAX19%257,675215,821
    Income tax (63,691)(49,549)
    NET INCOME17%193,984166,272
    NET INCOME, GROUP SHARE17%191,411163,454
    NET INCOME, NON-CONTROLLING INTERESTS-9%2,5732,818

    CONSOLIDATED STATEMENT OF CASH FLOWS

    (in thousands of euros)30/06/202631/12/202530/06/2025
    TOTAL CONSOLIDATED NET INCOME 193,984311,185166,272
    Adjustments:   
    Elimination of income of joint ventures(713)(1,743)(764)
    Elimination of depreciation and provisions142,563292,353131,899
    Elimination of profit and loss from disposals654(5,156)(6,367)
    Elimination of dividend earnings(1,555)(1,163)(1,160)
    Other income and expenditure with no impact on cash (1)8,37318,69511,509
    CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX343,306614,171301,389
    Elimination of income tax expenses63,69191,65049,549
    Elimination of the cost of net financial debt and interest expense on lease liabilities42,74577,91539,443
    CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX449,742783,736390,381
    Impact of change in working capital*(237,367)33,978(67,805)
    Tax paid(53,345)(82,919)(46,337)
    CASH FLOWS RELATED TO OPERATING ACTIVITIES159,030734,795276,239
    Impact of changes to consolidation scope (cash acquired - cash disposed)1115,5275,084
    Acquisition of financial assets: Energy Distribution division (11,077)(10,110)
    Acquisition of financial assets: Renewable Energies division(2,292)(3,205)(873)
    Disposal of financial assets: Energy Distribution division596  
    Disposal of financial assets: Rubis Terminal division 91,51439,526
    Acquisition of property, plant and equipment and intangible assets(136,628)(376,105)(164,028)
    Change in loans and advances granted49846,89939,601
    Disposal of property, plant and equipment and intangible assets2,2825,6364,112
    (Acquisition)/disposal of other financial assets26(35)(22)
    Dividends received3,2562,9412,755
    CASH FLOWS RELATED TO INVESTING ACTIVITIES(132,151)(237,905)(83,955)

    CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

    (in thousands of euros)30/06/202631/12/202530/06/2025
    Capital increase17297 
    Share buyback (capital decrease) (5,170) 
    (Acquisition)/disposal of treasury shares(674)1,629414
    Borrowings issued489,6741,493,394531,665
    Borrowings repaid(312,620)(1,514,615)(541,163)
    Repayment of lease liabilities(30,284)(48,407)(23,384)
    Net interest paid (2)(42,189)(78,378)(42,437)
    Dividends payable(244,844)(220,714)(220,713)
    Dividends payable to non-controlling interests(8,467)(12,897)(9,152)
    Acquisition of financial assets: Renewable Energies division(1,224)(6,796)(6,256)
    Other cash flows from financing operations(4,036)(2,396)(1,402)
    CASH FLOWS RELATED TO FINANCING ACTIVITIES(154,647)(394,053)(312,428)
    Impact of exchange rate changes10,458(22,423)(26,501)
    Impact of change in accounting policies   
    CHANGE IN CASH AND CASH EQUIVALENTS(117,310)80,414(146,645)
    Cash flows from continuing operations   
    Opening cash and cash equivalents (3)756,787676,373676,373
    Change in cash and cash equivalents(117,310)80,414(146,645)
    Closing cash and cash equivalents (3)639,477756,787529,728
    Financial debt excluding lease liabilities(2,105,556)(1,922,464)(1,934,228)
    Cash and cash equivalents net of financial debt(1,466,079)(1,165,677)(1,404,500)

    (1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), etc.
    (2) Net financial interest paid includes the impacts related to restatements of leases (IFRS 16).
    (3) Cash and cash equivalents net of bank overdrafts.

    (*) Breakdown of the impact of change in working capital: 
    Impact of change in inventories and work in progress(236,773)
    Impact of change in trade and other receivables(334,711)
    Impact of change in trade and other payables334,117
    Impact of change in working capital(237,367)


    1 Cash flow from operating activities excluding the payment of the fine related to the decision from French Competition Authority (17 November 2025) regarding Corsica amounting to €64m.
    2 Ratio excluding IFRS 16 – lease obligations. Debt excluding Photosol SPV project non-recourse debt; EBITDA excl. Photosol prod.
    3 Debt excluding IFRS 16 – lease obligations and including Photosol SPV project non-recourse debt.
    4 The Management Board, which met on 4 September 2026, approved the accounts for the first half-year 2026; these accounts were examined by the Supervisory Board on 7 September 2026. The Statutory Auditors have carried out a limited review of these financial statements, and their report on the interim financial information will be issued on 8 September 2026.
    5 Aggregated EBITDA from operating PV through electricity sales.
    6 Includes ready-to-build, under construction and in operation capacities.
    7 EBITDA reported in Rubis Group consolidated financial statements.
    8 Aggregated EBITDA from operating PV through electricity sales.
    9 Illustrative EBITDA coming from secured portfolio.

    Attachment


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