Rubis SCA lifted its full-year 2026 EBITDA outlook to EUR 775 million–EUR 825 million after reporting first-half results that beat prior expectations, sending shares up 6.2%.
Half-year EBITDA rose 18% year-over-year to EUR 434 million, an increase of EUR 65 million, with retail and marketing contributing EUR 59 million of the gain. Net income attributable to the group rose 17% to EUR 191 million, while profit before tax climbed 19%. EBIT reached EUR 307 million, up 21% or EUR 54 million.
Performance was broadly distributed across regions. EBITDA in Africa jumped 33% to EUR 122 million, Caribbean operations rose 12% to EUR 124 million on a 10% volume increase, and Europe grew 25% to EUR 78 million.
At the segment level, energy distribution volumes rose 9% with gross margin up 16%. LPG volumes were flat year-over-year but gross margin expanded 9%. Fuel sales volumes grew 6% with gross margin up 13%. Lubricant sales surged 20%, and bitumen volumes jumped 44% alongside a 54% gross margin improvement.
Renewable energies remained a bright spot. Assets in operation increased 32%, with electricity production up 28%. Photosol’s secured portfolio reached 1.5 GWp, up 22%, and forward power EBITDA grew 13% to EUR 25 million. The 200 MWp Creil solar plant in France, the second-largest in the country, entered operation during the period. An additional 44 MWp is under construction in Italy.
Cash flow came in below last year’s pace. Adjusted free cash flow, net of Photosol non-recourse financing and excluding the Corsica fine, stood at EUR 75 million, a decline of EUR 69 million from the prior year. Operating cash flow was EUR 223 million, with adjusted working capital requirements at EUR 173 million.
Leverage remained modest. Corporate leverage stood at 1.3 times EBITDA, while corporate net financial debt totalled EUR 885 million, equivalent to 2.0 times EBITDA. An undrawn revolving credit facility of EUR 333 million remained available.
For 2026, Rubis expects normative annual capital expenditures between EUR 180 million and EUR 200 million, with net CapEx reaching EUR 90 million in the first half. Management reaffirmed confidence in its Photosol 2027 EBITDA target.
The stock closed at $35.72, up $2.09 or 6.21% from the previous close of $33.63, trading roughly 96% of its 52-week high of $37.08. Rubis pays a 6.2% dividend yield, maintaining payments for 34 consecutive years. Its market capitalisation stands at $4.27 billion with a P/E ratio of 12.
On foreign exchange, management cited a rule of thumb that a one-cent move in EUR/USD translates to approximately EUR 3 million in EBITDA variation. About 40% of group EBITDA is exposed to the euro and 60% to the dollar.
