Rubis (RUI) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with strong performance across all regions and business lines despite unfavorable EUR/USD exchange rates and geopolitical uncertainty.

• Integrated model and operational excellence drove volume and margin growth, supporting robust cash generation and a growing dividend for the 30th consecutive year.

• Continued expansion in renewables and bitumen, with Photosol operational portfolio up 21% and new market entries in Africa and Europe.

• Maintained disciplined capital allocation and a strong balance sheet, enabling flexibility for growth and shareholder returns.

• Energy Distribution volumes and gross margin both up 6% year-over-year; Photosol secured portfolio up 30% year-over-year.

Financial highlights

• EBITDA reached €772m (+7% year-over-year at constant FX and hyperinflation), at the upper end of guidance.

• Net income Group share up 19% year-over-year to €309m, excluding 2024's Rubis Terminal sale gain.

• Record operating cash flow of €735m, up 10% from prior year.

• Dividend increased for the 30th consecutive year to €2.07 per share (+2% vs 2024).

• Capital expenditure rose 52% to €376m, driven by renewable electricity investments (+132% yoy).

Outlook and guidance

• 2026 Group EBITDA guidance set at €740–790m, assuming constant FX and similar hyperinflation impact as 2025.

• Caribbean expected to sustain strong momentum; Africa to benefit from margin uplift and volume growth; Europe to see continued LPG strength and gradual bitumen ramp-up.

• Renewable Electricity Production division to face higher development costs, weighing on 2026 EBITDA.