MEDIA LIBRAIRY

PRESS RELEASE

RUBIS: Q3 & 9M trading update – Delivering consistent margin growth and operational strength

Paris, 04 November 2025, 5:45pm

  • Solid Q3 2025 performance, driven by higher volumes and margins across core energy distribution activities, amid lower oil prices.
  • Strong operational execution more than offset adverse EUR/USD effects, confirming the strength of Rubis’s diversified business model.
  • Energy Distribution: sustained volume growth in Retail & Marketing (+6%), with LPG unit margin increase in Europe and strong momentum in bitumen. Support & Services revenue lower than Q3 2024 (-17%), mostly driven by usual volatility related to the earnings profile of SARA refinery.
  • Renewable Electricity Production: Accelerating expansion with secured portfolio up +25% vs Sept-24 at 1.3GWp.
  • 2025 Guidance reaffirmed, reflecting strong operational execution, despite currency headwinds.

SALES BREAKDOWN BY SEGMENT AND BY REGION

As a reminder, in the Energy Distribution business, Rubis passes on changes in oil price to customers. Thus, key indicators to analyse performance are volume and unit margin (see tables below) rather than revenue.

  Q3 2025 Q3 2024 Q3 2025
vs Q3 2024
Volume distributed (in ‘000 m3) 1,581 1,494 +6%
       
Revenue (in €m)

Energy Distribution

 1,560 1,616 -3%
Retail & Marketing 1,345 1,358 -1%
Europe 197 208 -5%
Caribbean 556 544 +2%
Africa 592 607 -2%
Support & Services 215 258 -17%
Renewable Electricity Production 21 17 +24%
TOTAL 1,580 1,633 -3%

On 4 November 2025, Clarisse Gobin-Swiecznik, Managing Partner, commented: “Our performance this quarter once again demonstrates our ability to deliver growth in volumes and expand margins, in a challenging environment. What makes Rubis stand out is the strength of its diversified model – balancing risks across geographies and business lines and allowing us to seize commercial opportunities wherever they arise. Thanks to disciplined execution and the agility of our teams, we continue to deliver on our ambition and are well on track to achieve our 2025 EBITDA guidance.”

Q3 & 9M 2025 COMMERCIAL PERFORMANCE

1.   ENERGY DISTRIBUTION – RETAIL & MARKETING

Volume sold and gross margin by product in Q3 2025

  Volume (in ‘000 m3) Gross margin (in €m)
  Q3 2025 Q3 2024 Q3 2025 vs Q3 2024 Q3 2025 Q3 2024 Q3 2025 vs Q3 2024
LPG 312 304 +3% 74 70 +6%
Fuel 1,157 1,095 +6% 115 107 +7%
Bitumen 112 95 +17% 18 14 +33%
TOTAL 1,581 1,494 +6% 206 190 +9%

Volume sold and gross margin by region in Q3 2025

  Volume (in ‘000 m3) Gross margin (in €m)
  Q3 2025 Q3 2024 Q3 2025 vs Q3 2024 Q3 2025 Q3 2024 Q3 2025 vs Q3 2024
Europe 214 219 -3% 52 47 +9%
Caribbean 611 553 +10% 83 78 +7%
Africa 756 722 +5% 72 65 +11%
TOTAL 1,581 1,494 +6% 206 190 +9%

In line with the beginning of the year momentum, Q3 2025 was another quarter of volume growth, combined with an increase in unit margin on all products.

LPG demand was up 3% over the quarter. Similar to Q1, this performance was mainly driven by France and South Africa. All across Europe, autogas maintains its strong dynamics, as well as bulk in France. In South Africa, growth this quarter came from the bulk segment, benefiting from new customer wins. Unit margin grew by 4% in Q3 2025 vs Q3 2024, driven by Europe while the Caribbean and Africa remained overall stable.

As regards fuel:

  • The retail business (service stations representing 52% of Q3 fuel volume and 55% of fuel gross margin) performed well both in Africa and in the Caribbean. Total volume grew by 4% in Q3 2025 vs Q3 2024 and gross margin by 5% over the same period. This performance mainly comes from:
    • Jamaica continuing to perform well in terms of volume. Margins remain slightly tighter than in 2024 due to a less favourable supply context.
    • East Africa, Kenya, where the mid-July adjustment of the pricing formula shows in the gross margin, and Uganda, Rwanda and Zambia where volume growth was strong. This was further supported by the effective rebranding of service stations.
  • The Commercial and Industrial business (C&I, representing 32% of Q3 fuel volume and 28% of fuel gross margin) increased by 16% in volume in Q3 2025 vs Q3 2024, underpinned by a new contract win in Barbados for power generation. Margins increased by 27% over the same period mainly driven by the improved performance of the business in Haiti where the changes implemented in the supply chain (use of barges in particular) demonstrate their effectiveness.
  • The aviation segment (representing 16% of Q3 fuel volume and 14% of fuel gross margin) was down -8% in volume, and up +8% in gross margin, thereby improving unit margin by +17%. The pressure observed since the beginning of the year on the Kenyan aviation business continues. The decision to focus on margins led to an important decrease in volume (-17%) and improved unit margin (+30%). In the Caribbean region, the strong momentum since Q1 continued. Barbados and Guyana showed double-digit volume growth.

Bitumen delivered robust volume (17% yoy), underpinned by continued operating excellence. In Nigeria, demand for product continued over Q3. Angola entry into the perimeter also drove about half of volume growth. Gross margin increased by 33% in Q3 2025 from a low comparable base in Q3 2024.

2.   ENERGY DISTRIBUTION – SUPPORT & SERVICES

The Support & Services activity recorded €215m of revenue (-17% yoy) in Q3 2025.

Trading for third parties volume excluding crude deliveries was overall stable at -1% in Q3 2025 vs Q3 2024 and margins were up 3% over the same period.

In the Caribbean, trading was dynamic with +7% yoy in volume and +31% yoy in gross margin.

In Africa, bitumen shipping activity was lower in Q3 2025 vs Q3 2024 as a result of a few vessels dry-docks. Volume was down -33% and gross margin -42%.

SARA refinery and logistics operations present specific business models with stable earnings profile which can generate some volatility on revenue from quarter to quarter.

3.   RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL

Operational data Q3 2024 Q3 2025 Var %
Assets in operation (MWp) 513 633 +23%
Electricity production (GWh) 166 197 +19%
Sales (in €m) 17 21 +24%

Over Q3 2025, Photosol installed 26MWp, leading its assets in operation to grow by 23% yoy at 633 MWp. The secured portfolio increased by 25% to 1.3 GWp. The pipeline reached 5.8 GWp up +13% yoy. Revenue for Q3 2025 stood at €21m, up 24% vs Q3 2024 reflecting portfolio expansion.

OUTLOOK

Group EBITDA guidance is reaffirmed at €710m to €760m in 2025 (assuming IAS 29 – hyperinflation impact unchanged versus 2024).

As a reminder, the impacts of IAS 29 – hyperinflation accounting treatment on FY 2024 amounted to €24m on EBITDA, €22m on EBIT and -€10m on Net income Group Share.

Reminder: Photosol 2027 ambitions (unchanged)

  • Secured portfolio1 above 2.5 GWp
  • Consolidated EBITDA2: €50-55m, of which c.10% EBITDA contribution from farm-down initiatives
    • Power EBITDA3: €80-85m
    • Secured EBITDA4: €150-200m

NON-FINANCIAL RATING

  • MSCI: AA (reiterated in Dec-24)
  • Sustainalytics: 29.2 (from 30.7 previously)
  • ISS ESG: C (from C- previously)
  • CDP: B (reiterated in Feb-25)

Conference for investors and analysts
Date: 04 November 2025, 6:00pm
To access via the audio webcast: https://rubis.engagestream.companywebcast.com/2025-11-04-q3/register
Participants from Rubis:

  • Marc Jacquot, Managing Partner & Group CFO
  • Clémence Mignot-Dupeyrot, Head of IR

Upcoming events
Q4 & FY 2025 Results: 12 March 2026
Q1 2026 Trading update: 05 May 2026
Annual Shareholders’ meeting: 10 June 2026
Q2 & H1 2026 results: 08 September 2026

Press Contact Analyst Contact
RUBIS – Communication department RUBIS – 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.   9M REVENUE BREAKDOWN

Revenue (in €m) 9M 2025 9M 2024 9M 2025 vs 9M 2024
Energy Distribution 4,803 4,931 -3%
Retail & Marketing 4,103 4,186 -2%
Europe 604 612 -1%
Caribbean 1,692 1,758 -4%
Africa 1,808 1,817 -1%
Support & Services 700 745 -6%
Renewable Electricity Production 52 41 +26%
TOTAL 4,855 4,972 -2%

2.   9M FIGURES

RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN 9M 2025

  Volume (in ‘000 m3) Gross margin (in €m)
(in ‘000 m3) 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024
LPG 983 972 +1% 972 983 +3%
Fuel 3,333 3,258 +2% 3,258 3,333 +4%
Bitumen 400 324 +23% 324 400 +10%
TOTAL 4,716 4,554 +4% 4,554 4,716 +4%

RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN 9M 2025

  Volume (in ‘000 m3) Gross margin (in €m)
  9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024
Europe 687 677 +1% 677 687 +7%
Caribbean 1,807 1,757 +3% 1,757 1,807 +2%
Africa 2,222 2,120 +5% 2,120 2,222 +5%
TOTAL 4,716 4,554 +4% 4,554 4,716 +4%

1 Includes ready-to-build, under construction and in operation capacities.
2 EBITDA reported in Rubis Group consolidated financial statements.
3 Aggregated EBITDA from operating PV through electricity sales.
4 Illustrative EBITDA coming from secured portfolio.

Attachment

Contacts

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  • + 33 (0)1 44 17 95 95
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Last update: 13/11/2019

Rubis SCA (hereinafter referred to as “Rubis”) attaches great importance to the protection of your personal data (hereinafter referred to as “Personal Data”), which refers to any information relating to an individual, provided voluntarily by them or collected as part of their browsing on the website www.rubis.fr (hereinafter referred to as “the Website”).
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Last update: 6/11/2025

IDENTIFICATIONS

Website publisher: RUBIS SCA, hereinafter the “Company”

SCA with share capital of 129,005,313.75 euros

Registered office: 46, rue Boissière – 75116 Paris, France
784 393 530 RCS Paris

LEI code: 969500MGFIKUGLTC9742

VAT number: FR 81784393530

Tel: +33 (0)1 44 17 95 95

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Technical designer of the website: Agence TAKA (https://wearetaka.com/)

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Tel: +49 (0) 89 210298-0

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E-mail: contact@eqs.com

PURPOSE OF THE WEBSITE AND UPDATES

The purpose of the www.rubis.fr website is to provide all interested parties (hereinafter referred to as “users”) with information on the activities and results of the Company and the companies it directly or indirectly controls within the meaning of French law. The website, including this legal notice, may be updated at any time.

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The information and documents available on the website (including the texts, images, photographs, videos, sounds, databases, company names, logos, products and brands mentioned) are either the exclusive property of the Company or one of the companies it controls, or are subject to rights of use, reproduction and representation or copyrights. Any reproduction, representation or use is prohibited without the express authorisation of the Company. Copyright of images produced on the website:  
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In accordance with current regulations, you have the right to access, rectify, delete and object to your personal data.

In order to offer you a better service, Rubis compiles statistics and measures the audience for the Website. To enable statistical analysis, the Website provider uses the services of etracker GmbH, which installs cookies (small text files stored by the Internet browser on the user’s device). Data generated with etracker GmbH is processed and stored exclusively by etracker GmbH. Data is processed in accordance with Article 6 of the General Data Protection Regulation.

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