Rubis (RUI) H1 2025 earnings summary

Executive summary

• EBITDA rose 3% year-over-year to €369m, with net income Group share up 26% to €163m, reflecting robust performance and effective FX management in a volatile market.

• Revenue declined 2% to €3,275m, while cash flow from operations remained strong at €276m, slightly down from €286m in H1 2024.

• Corporate Net Financial Debt/EBITDA ratio held steady at 1.4x, with total net financial debt at €1,405m.

• Diversified business model and disciplined investments supported steady performance despite global economic uncertainty.

• Guidance for 2025 is reiterated, targeting Group EBITDA of €710m–€760m, assuming stable hyperinflation impact.

Financial highlights

• EBITDA: €369m (+3% yoy); Net income Group share: €163m (+26% yoy); EBIT: €253m (–2% yoy); EPS (diluted): €1.58 (+26% yoy).

• Cash flow from operations: €276m (–3% yoy); Capex: €164m (+59% yoy), with €91m dedicated to Renewable Electricity Production.

• Power EBITDA from renewables reached €22m, up 38% year-over-year.

• Cost of net financial debt decreased to €32m from €44m, driven by lower interest rates and improved FX management.

• Taxes increased to €50m, including €13m from OECD Global Minimum tax.

Outlook and guidance

• 2025 EBITDA guidance maintained at €710m–€760m, assuming unchanged hyperinflation impact.

• Caribbean and European regions expected to continue growth; African fuel and bitumen demand recovery to persist.

• Renewable Electricity Production development costs to weigh on H2 EBITDA but support future growth.

• Photosol 2027 ambitions unchanged: secured portfolio above 2.5 GWp, targeted EBITDA €50–55m, power EBITDA €80–85m.

• Guidance assumes similar hyperinflation impacts as 2024, with positive EBITDA effect of €25m and EBIT effect of €22m.