Rubis, a French energy distribution and renewable power company, presented its first-half 2026 financial results on September 8, 2026, highlighting a 18% year-over-year increase in EBITDA to €434 million. Net income attributable to shareholders rose 17% to €191 million, while adjusted cash flow from operating activities reached €223 million, excluding a €64 million fine related to a French Competition Authority decision. Corporate net financial debt stood at €885 million, reflecting a leverage ratio of 1.3x EBITDA (excluding IFRS 16 lease obligations), up 0.3x from December 2025 but down 0.2x from June 2025. Total net financial debt, including non-recourse project financing, was €1.47 billion, equating to a 2.0x EBITDA ratio. Free cash flow was €75 million, after a €174 million adjustment in working capital. Capital expenditure totaled €137 million, down from €164 million in the prior year, with €79 million allocated to renewable energy projects and €57 million to energy distribution. Revolving credit facility capacity remained at €333 million in available capacity.
The company’s stock price rose 6.2% to $35.72, approaching its 52-week high of $37.08. The price-to-earnings ratio stood at 12, while the dividend yield remained at 6.2%, sustained over 34 consecutive years. Energy distribution volumes increased 9% year-over-year, with gross margins expanding 16%. Fuel distribution volumes grew 6%, lubricants sales up 20%, and LPG volumes rose 1%. Notably, bitumen volumes surged 44%, with gross margins expanding 54%. Regional EBITDA contributions showed strong performance in Africa (up 33% to €122 million, accounting for 63% of fuel volumes across 25 countries and 34% of group EBITDA in 2025) and the Caribbean (up 12% to €124 million, with fuel representing 94% of volumes across 13 countries and 56% of group EBITDA). European contributions rose 25% to €78 million.
The renewable energy division, Photosol, expanded its secured portfolio to 1.5 gigawatts peak, up 22% year-over-year. Power EBITDA grew 13% to €25 million, with assets in operation reaching 799 MWp, a 32% increase. The company completed the Creil solar plant in France, the country’s second-largest solar installation at 200 MWp. International progress included 44 MWp under construction in Italy and an 8 MWp commercial and industrial project signed in Jamaica in June 2026. Full-year 2026 EBITDA guidance was upgraded to €775–825 million, up from the previous range of €740–790 million, reflecting strong operational momentum across its business segments.
Guidance assumptions included a constant EUR/USD exchange rate of 1.13 and hyperinflation accounting effects in Haiti expected to mirror 2025 levels.
