Rubis presented its first-half 2026 results on September 8, 2026 and raised its full-year 2026 EBITDA guidance to €775-825 million from €740-790 million. The updated outlook assumes a constant euro/dollar exchange rate of 1.13 and a 2026 hyperinflation accounting effect equal to the 2025 effect. Shares rose 6% following the presentation and traded near their 52-week high, with the company cited at a 12x price-to-earnings ratio and a 6.2% dividend yield.
First-half EBITDA rose 18% to €434 million, an increase of €65 million year over year, with retail and marketing activities accounting for €59 million of the gain. Net income attributable to the group rose 17% to €191 million. Adjusted cash flow from operating activities was €223 million after excluding a €64 million payment related to a French Competition Authority fine regarding Corsica. Free cash flow was €75 million, lower year over year because of a €174 million adjusted change in working capital driven by higher oil prices. Capital expenditure totaled €137 million, comprising €57 million for energy distribution and €79 million for renewable electricity production, of which €30 million was financed through non-recourse project debt.
Consolidated net financial debt was €1.466 billion as of June 2026, equal to 2.0x EBITDA. Corporate net financial debt, excluding Photosol's non-recourse project financing, was €885 million, or 1.3x EBITDA, up 0.3x from December 2025 and down 0.2x from June 2025. Available capacity under the revolving credit facility was €333 million.
Energy distribution volumes rose 9% year over year, while gross margins expanded 16%. LPG distribution volumes increased 1% and gross margins rose 9%; fuel distribution volumes grew 6% and gross margins expanded 13%; bitumen volumes rose 44% and gross margins increased 54%. Regional EBITDA in Africa rose 33% to €122 million, supported by South Africa LPG, Morocco recovery and bitumen expansion in South Africa, Gabon and Angola. Caribbean EBITDA rose 12% to €124 million, supported by East Africa retail traffic, framework improvements, Haiti recovery, aviation fuel and East Africa lubricants. Europe EBITDA rose 25% to €78 million, driven by the North-West Europe bitumen platform ramp-up and autogas momentum in France and Spain. Rubis operates in 25 countries in Africa, 13 in the Caribbean and 7 in Europe.
Photosol's renewable electricity business reached €25 million of EBITDA, up 13% year over year. The company fully commissioned a 200 MWp Creil solar plant, described as the second-largest in France, and increased total assets in operation 32% to 799 MWp. Electricity production rose 37%, while the secured portfolio expanded 22% to 1.5 GWp, targeting more than 2.5 GWp by 2027. An 8 MWp project in Jamaica was signed in June 2026, and 44 MWp was under construction in Italy.
Rubis maintained an AA ESG rating from MSCI for the third consecutive year and improved its CDP climate rating to A- from B in 2024. The company also cited a track record of 34 consecutive years of dividend payments.
