RUBIS: H1 2026 Results - Strong Performance Leading Way To Upgrade Of 2026 Guidance
| (in million euros) | H1 2026 | H1 2025 | Variation |
| Revenue | 4,068 | 3,275 | +24% |
| EBITDA | 434 | 369 | +18% |
| Net income, Group share | 191 | 163 | +17% |
| EPS (diluted), in euros | 1.85 | 1.58 | +17% |
| Adjusted Cash flow from operating activities1 | 223 | 276 | -19% |
| Corporate Net Financial Debt (NFD)/EBITDA2 | 1.3x | 1.4x | |
| NFD3/EBITDA | 2.0x | 2.1x |
On 8 September 2026, Clarisse Gobin-Swiecznik, Jean-Christian Bergeron and Marc Jacquot, Managing Partners, commented:“Rubis delivered a strong first-half performance in a volatile and high oil price environment, driven by solid activity levels, disciplined execution and active commercial management. Across our Energy Distribution businesses and our diverse geographies, our deep local expertise and continued focus on high service levels supported market share gains. Photosol also reached a key milestone with the full commissioning of the Creil solar plant. These results reflect the strength of our diversified model and our ability to deliver consistently and effectively in complex market conditions. Building on this strong first half and our confidence in the Group's operating trajectory, we are upgrading our 2026 EBITDA guidance.”
H1 2026 FINANCIAL PERFORMANCE
Consolidated financial statements as of 30 June 2026
| (in million euros) | H1 2026 | H1 2025 | Variation |
| Revenue | 4,068 | 3,275 | +24% |
| EBITDA | 434 | 369 | +18% |
| o/w Energy Distribution | 435 | 379 | +15% |
| o/w Renewable Electricity Production | 15 | 10 | +42% |
| EBIT | 307 | 253 | +21% |
| o/w Energy Distribution | 329 | 281 | +17% |
| o/w Renewable Electricity Production | -5 | -6 | +21% |
| Net income, Group share | 191 | 163 | +17% |
| EPS (diluted), in euros | 1.85 | 1.58 | +17% |
| Cash flow from operating activities | 159 | 276 | -42% |
| Adjusted Cash flow from operating activities(1) | 223 | 276 | -19% |
| Capital expenditure | 137 | 164 | -17% |
| o/w Energy Distribution | 79 | 73 | +9% |
| o/w Renewable Electricity Production | 57 | 91 | -38% |
(1) Cash flow from operating activities excluding the payment of the fine related to the decision from French Competition Authority regarding Corsica amounting to €64m.
H1 2026 saw a +18% increase in EBITDA to €434m, reflecting a high level of activity in all geographies, combined with efficient inventory management in a volatile oil environment. EBIT reached €307m (+21% yoy).
At Group level, cost of net financial debt (including IFRS16 interest) reached €43m from €39m in H1 2025, driven by a higher debt at Photosol in line with its expanded operational capacity, and, more specifically, the start-up of Creil solar plant (200 MWp). Other financial items reached -€7m in H1, from -€2m in H1 2025, and mainly includes accounting effects from hyperinflation in Haiti.
Profit before tax increased by +19% to €258m and Net income Group share rose by +17% to €191m. This improvement is in line with operating performance.
Taxes reached €64m in H1 2026 vs €50m in H1 2025, in line with the increase in profit before tax.
Adjusted cash flow from operating activities at €223m, down by -19% from H1 2025, illustrates the higher oil price environment over the half year, leading to increased working capital. The €64m fine related to the decision from French Competition Authority regarding Corsica was recorded in the change in working capital, thereby impacting cash flow from operating activities. Rubis remains confident in its ability to successfully demonstrate that the decision is flawed both factually and legally. As a consequence, no provision was recorded.
Capex reached €137m, of which €57m were dedicated to Renewable Electricity Production (down from €91m in H1 2025). The remaining €79m are split between maintenance and growth investments in the Energy Distribution business line.
Impact of IAS 29: Hyperinflation (non-cash impacts)
Rubis has applied IAS 29 in hyperinflationary countries (Haiti), as defined in IFRS. Application of IAS 29 in hyperinflationary countries requires their non-monetary assets and liabilities and their income statement to be restated to reflect the changes in the general purchasing power of their functional currency, leading to a gain or loss included in the net income. Moreover, their financial statements are converted into euros using the closing exchange rate of the relevant period.
| IAS 29: Impact on reported data (in million euros) | H1 2026 | H1 2025 | Impact on growth rate |
| EBITDA | 7 | 5 | 0.4% |
| EBIT | 5 | 2 | 1.0% |
| Net income Group share | -6 | -8 | 1.9% |
H1 2026 COMMERCIAL PERFORMANCE
1. ENERGY DISTRIBUTION - RETAIL & MARKETING
Volume sold and gross margin by product in H1 2026
| Volume (in '000 m 3 ) | Gross margin (in €m) | |||||
| H1 2026 | H1 2025 (1) | H1 2026 vs H1 2025 | H1 2026 | H1 2025 (2) | H1 2026 vs H1 2025 | |
| LPG | 747 | 739 | +1% | 178 | 164 | +9% |
| Fuel | 2,314 | 2,176 | +6% | 249 | 220 | +13% |
| Bitumen | 415 | 288 | +44% | 70 | 45 | +54% |
| TOTAL | 3,476 | 3,203 | +9% | 497 | 429 | +16% |
(1) Including unbranded LPG in Europe and Africa for 69,000 m3.
(2) Including unbranded LPG in Europe and Africa for €3m.
Volume sold and gross margin by region in H1 2026
| Volume (in '000 m 3 ) | Gross margin (in €m) | |||||
| H1 2026 | H1 2025 (1) | H1 2026 vs H1 2025 | H1 2026 | H1 2025 (2) | H1 2026 vs H1 2025 | |
| Europe | 606 | 502 | +21% | 137 | 122 | +12% |
| Caribbean | 1,318 | 1,196 | +10% | 176 | 167 | +6% |
| Africa | 1,552 | 1,506 | +3% | 184 | 140 | +31% |
| TOTAL | 3,476 | 3,203 | +9% | 497 | 429 | +16% |
(1) Including unbranded LPG in Europe and Africa for 69,000 m3.
(2) Including unbranded LPG in Europe and Africa for €3m.
Volume and gross margin continued to grow across all regions and product categories in H1 2026.
LPG activity delivered profitable growth in the first half of 2026, supported by dynamic trends across several key markets. In Europe, growth in France and Spain largely offset softer demand in Portugal and Switzerland. France and Spain continued to benefit from strong momentum in autogas, supported by further market share gains, while Portugal saw sustained activity in the wholesale activity. In South Africa, profitability improved significantly supported by continued customer base growth across both packed and bulk segments in the context of a sharp increase in electricity costs. In Morocco, demand from ceramists progressively recovered after a challenging start to the year, while margins benefited from improved sourcing conditions, and disciplined commercial management in a context of product shortage. Overall, gross margin growth outpaced volume evolution across most geographies, reflecting a more profitable business mix and effective execution.
As regards fuel:
- The retail business (service stations representing 50% of fuel volume and 50% of H1 fuel gross margin) delivered strong volume growth across the network, supported by East Africa and the Caribbean. Total volume grew by +6% and gross margin by +7%. Key drivers included:
- East Africa continued to benefit from sustained traffic growth and the progressive improvement of the pricing framework, supporting both volumes and profitability; in the Caribbean, Guyana remained one of the main contributors to volume growth, although margins were under pressure in a context of high oil price while Haiti continued its recovery trajectory, supported by increased network activity and improving profitability.
Overall, retail gross margin performance reflects efficient commercial management, supportive supply conditions, and effective inventory management during a period of heightened oil price volatility.
- The Commercial and Industrial business (C&I, representing 33% of fuel volume and 30% of H1 fuel gross margin) increased by +9% in volume. Margins increased by +19% yoy. Haiti was the main contributor to volume growth while Kenya saw a significant increase in its margin, benefiting from solid commercial momentum and strong customer activity. These positive trends more than offset pricing pressure in Guyana, which continued to weigh on profitability. The aviation segment (representing 17% of fuel volume and 18% of fuel gross margin) was up +3% in volume, and +22% in gross margin. This segment maintained solid profitability during the first half. While the competitive environment remained challenging in Kenya, leading the Company to continue prioritising margin preservation over volumes, the Eastern Caribbean and the Bahamas continued to benefit from sustained airline activity and delivered a strong contribution to profitability. Overall, the segment recorded an improvement in unit margins and a stronger geographic mix. The lubricants segment (representing 0.4% of fuel volume and 2.2% of fuel gross margin) was up +19% in volume and +15% in gross margin. This segment continued to establish itself as a new growth driver for the Group, expanding commercially and improving its product mix towards higher-value offerings, particularly in East Africa.
Bitumen delivered another strong performance, with volumes increasing by +44% (+8% excluding Europe) and gross margin by +54% (+29% excluding Europe) during the first half. Growth was driven by the continued expansion of the business in Africa, notably in South Africa, Gabon and Angola, as well as by the progressive ramp-up of the Group's new platform in North-West Europe. The segment strengthened profitability through disciplined project execution and optimised inventory management, while performance can vary between periods, reflecting the timing and execution of projects across its markets.
2. ENERGY DISTRIBUTION - SUPPORT & SERVICES
The Support & Services activity recorded €534m of revenue (+10% yoy) in H1 2026.
In the Caribbean, trading was dynamic with +10% yoy in volume.
In Africa, bitumen shipping activity decreased due to higher in-house activity.
SARA refinery and logistics operations present specific business models with stable earnings profile.
3. RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL
| Operational data | H1 2026 | H1 2025 | Variation |
| Assets in operation (MWp) | 799 | 607 | +32% |
| Electricity production (GWh) | 343 | 269 | +28% |
| Sales (in €m) | 37 | 31 | +19% |
Over the 2026 first half, Photosol installed 166 MWp, leading its assets in operation to grow by +32% yoy at 799 MWp. These start-ups include the last tranches of the Creil solar plant, now fully operational. The secured portfolio increased by +22% yoy to 1.5 GWp. The pipeline reached 5.3 GWp down -6% yoy. Revenue for H1 2026 stood at €37m, up +19% vs H1 2025 reflecting portfolio expansion.
H1 2026 OPERATING PERFORMANCE
EBITDA breakdown
| (in million euros) | H1 2026 | H1 2025 | Variation |
| Europe | 78 | 62 | +25% |
| Caribbean | 124 | 111 | +12% |
| Africa | 122 | 91 | +33% |
| Retail & Marketing | 324 | 265 | +22% |
| Support & Services | 111 | 114 | -2% |
| Renewable Electricity Production | 15 | 10 | +42% |
| Holding | -16 | -20 | -19% |
| Total Group EBITDA | 434 | 369 | +18% |
1. ENERGY DISTRIBUTION - RETAIL & MARKETING
Looking at the operating performance by region, the dynamics for the 2026 first half were as follows:
- Europe continues to benefit from its strong LPG positioning, and its recent entry in the bitumen business. EBITDA increased by +25%, reflecting improved operating efficiency combined with a strong start to bitumen activities in Belgium. On a like-for-like basis, EBITDA growth in Europe reached +14%; Caribbean region EBITDA reflects the strong level of activity combined with the positive effect from hyperinflation, resulting in a +12% increase; lastly, in Africa, fuel operating conditions continued to improve in East Africa. Bitumen activities were particularly dynamic in Senegal, Cameroon, Liberia and Gabon, as well as South Africa. EBITDA increased by +33% yoy, reflecting increased transportation costs.
2. ENERGY DISTRIBUTION - SUPPORT & SERVICES
The Support & Services business recorded EBITDA of €111m (stable overall at -2% yoy) in H1 2026.
3. RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL
EBITDA reached €15m over H1 2026, up +42% from €10m in H1 2025. This variation is explained by the ongoing ramp-up of project development. Power EBITDA5 reached €25m for H1 2026 vs €22m for H1 2025 representing a +13% increase.
BALANCE SHEET
| (in million euros) | 30/06/2026 | 31/12/2025 | Variation |
| Net financial debt (NFD) | 1,466 | 1,166 | +26% |
| NFD/EBITDA | 2.0x | 1.7x | |
| Non-recourse project debt | 581 | 564 | +3% |
| Corporate net financial debt(1) (corporate NFD) | 885 | 602 | +47% |
| Corporate NFD/EBITDA | 1.3x | 0.9x |
(1) Corporate net financial debt – excluding non-recourse debt – see Appendix for further detail.
Rubis corporate net financial debt (corporate NFD) reached €885m at the end of June 2026, leading to a corporate NFD/EBITDA at 1.3x (up 0.3x vs end-2025 after dividend payment occurred, -0.2x vs Jun-2025).
OUTLOOK – FY 2026 GUIDANCE UPGRADED
The working assumptions used to establish the 2026 guidance remain unchanged.
At global level, the Group expects the sustained high oil prices to weigh on demand over H2. However, at regional level, in the Caribbean, activity will remain supported by continued recovery in Haiti, tourism dynamism and the development of the Guyana and Suriname economies. In Africa, performance should continue to benefit from improving market conditions, as well as growing bitumen volumes across most geographies, while demand in Nigeria is expected to be softer in the second half. In Europe, the ramp-up of bitumen operations should continue to drive strong volume growth, albeit at lower margins, while LPG growth is expected to gradually normalise. Renewable electricity development is also expected to accelerate in the second half of the year.
In this context, and considering the solid first half of the year and the Group's successful execution of its strategy, Group EBITDA is now expected between €775m and €825m in 2026 at constant EUR/USD exchange rate (1.13) and assuming IAS 29 - hyperinflation impact unchanged vs 2025.
Reminder: Photosol 2027 ambitions (unchanged)
- Secured portfolio6 above 2.5 GWp Consolidated EBITDA7: €50-55m, of which c. 10% EBITDA contribution from farm-down initiatives
- Power EBITDA8: €80-85m Secured EBITDA9: €150-200m
NON-FINANCIAL RATING
- MSCI: AA (reiterated in Dec-25) Sustainalytics: 32.2 (from 29.2 previously) ISS ESG: C+ (from C previously) CDP: A- (from B previously)
Webcast for investors and analysts
Date: 08 September 2026, 9:30am
Access to the audio webcast:
Speakers from Rubis:
- Clarisse Gobin-Swiecznik, Managing Partner Marc Jacquot, Managing Partner, Group CFO Jean-Christian Bergeron, Managing Partner, CEO of Rubis Énergie
Upcoming events
Q3 & 9M 2026 trading update: 3 November 2026
Q4 & FY 2026 Results: 11 March 2027
| Press Contact | Analyst Contact |
| RUBIS - Communication department | RUBIS - Clémence Mignot-Dupeyrot, Head of IR |
| Tel: +33 (0)1 44 17 95 95 ... | Tel: +33 (0)1 45 01 87 44 ... |
appendix
1. H1 REVENUE BREAKDOWN
| Revenue (in €m) | H1 2026 | H1 2025 | H1 2026 vs H1 2025 |
| Energy distribution | 4,031 | 3,244 | +24% |
| Retail & Marketing | 3,497 | 2,759 | +27% |
| Europe | 488 | 407 | +20% |
| Caribbean | 1,321 | 1,136 | +16% |
| Africa | 1,687 | 1,216 | +39% |
| Support & Services | 534 | 485 | +10% |
| Renewable Electricity production | 37 | 30.9 | +19% |
| TOTAL | 4,068 | 3,275 | +24% |
2. Q2 FIGURES
REVENUE BREAKDOWN
| Revenue (in €m) | Q2 2026 | Q2 2025 | Q2 2026 vs Q2 2025 |
| Energy distribution | 2,251 | 1,557 | +45% |
| Retail & Marketing | 1,965 | 1,338 | +47% |
| Europe | 258 | 193 | +34% |
| Caribbean | 733 | 551 | +33% |
| Africa | 975 | 594 | +64% |
| Support & Services | 285 | 219 | +30% |
| Renewable Electricity production | 25 | 20 | +23% |
| TOTAL | 2,275 | 1,577 | +44% |
RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN Q2
| Volume (in '000 m3) | Gross margin (in €m) | |||||
| (in '000 m3) | Q2 2026 | Q2 2025 (1) | Q2 2026 vs Q2 2025 | Q2 2026 | Q2 2025 (2) | Q2 2026 vs Q2 2025 |
| LPG | 352 | 361 | -3% | 86 | 79 | +8% |
| Fuel | 1,135 | 1,105 | +3% | 127 | 107 | +18% |
| Bitumen | 221 | 154 | +44% | 38 | 24 | +58% |
| TOTAL | 1,708 | 1,620 | +5% | 250 | 210 | +19% |
(1) Including unbranded LPG in Europe and Africa for 37,000 m3.
(2) Including unbranded LPG in Europe and Africa for €1m.
RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN Q2
| Volume (in '000 m 3 ) | Gross margin (in €m) | |||||
| Q2 2026 | Q2 2025 (1) | Q2 2026 vs Q2 2025 | Q2 2026 | Q2 2025 (2) | Q2 2026 vs Q2 2025 | |
| Europe | 294 | 231 | +27% | 66 | 57 | +15% |
| Caribbean | 644 | 611 | +5% | 83 | 82 | +1% |
| Africa | 769 | 777 | -1% | 101 | 71 | +42% |
| TOTAL | 1,708 | 1,620 | +5% | 250 | 210 | +19% |
(1) Including unbranded LPG in Europe and Africa for 37,000 m3.
(2) Including unbranded LPG in Europe and Africa for €1m.
3. ADJUSTMENTS AND RECONCILIATIONS:
COMPOSITION OF NET DEBT/EBITDA EXCLUDING IFRS 16
| (in million euros) | 30/06/2026 | 31/12/2025 | Variation |
| Corporate net financial debt(1) (corporate NFD) | 885 | 602 | +47% |
| LTM EBITDA (a) | 806 | 741 | +9% |
| LTM Rental expenses IFRS 16 (b) | 71 | 64 | +11% |
| LTM EBITDA Photosol prod (c) | 43 | 42 | +4% |
| LTM EBITDA pre IFRS 16 & excl. Photosol prod (a)-(b)-(c) | 691 | 635 | +9% |
| Corporate NFD / LTM EBITDA pre IFRS 16 & excl. Photosol prod | 1.3x | 0.9x | 0.3x |
| Non-recourse project debt | 581 | 564 | +3% |
| Total Net financial debt (NFD) | 1,466 | 1,166 | +26% |
| NFD/LTM EBITDA pre IFRS 16 | 2.0x | 1.7x | 0.3x |
(1) Corporate net financial debt – excluding non-recourse debt.
IAS 29 - HYPERINFLATION IMPACT
| H1 2026 | H1 2025 | Variation | |
| EBITDA (reported) | 434 | 369 | +18% |
| Hyperinflation | -7 | -5 | |
| EBITDA (excl. hyperinflation) | 427 | 365 | +17% |
| H1 2026 | H1 2025 | Variation | |
| EBIT (reported) | 307 | 253 | +21% |
| Hyperinflation | -5 | -2 | |
| EBIT (excl. hyperinflation) | 302 | 251 | +20% |
| H1 2026 | H1 2025 | Variation | |
| Net income Group share (reported) | 191 | 163 | +17% |
| Hyperinflation | 6 | 8 | |
| Net income Group share (excl. hyperinflation) | 198 | 172 | +15% |
4. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| ASSET (in thousands of euros) | 30/06/2026 | 31/12/2025 |
| Non-current assets | ||
| Intangible assets | 137,897 | 127,411 |
| Goodwill | 1,746,295 | 1,712,603 |
| Property, plant and equipment | 2,089,910 | 2,008,723 |
| Property, plant and equipment – right-of-use assets | 298,918 | 266,639 |
| Interests in joint ventures | 24,510 | 25,647 |
| Other financial assets | 92,282 | 96,405 |
| Deferred taxes | 33,335 | 21,407 |
| Other non-current assets | 176,197 | 109,047 |
| TOTAL NON-CURRENT ASSETS (I) | 4,599,344 | 4,367,882 |
| Current assets | ||
| Inventory and work in progress | 891,400 | 641,636 |
| Trade and other receivables | 1,093,444 | 803,826 |
| Tax receivables | 25,910 | 24,176 |
| Other current assets | 46,098 | 31,081 |
| Cash and cash equivalents | 639,477 | 756,787 |
| TOTAL CURRENT ASSETS (II) | 2,696,329 | 2,257,506 |
| TOTAL ASSETS (I + II) | 7,295,673 | 6,625,388 |
| EQUITY AND LIABILITIES (in thousands of euros) | 30/06/2026 | 31/12/2025 |
| Shareholders' equity – Group share | ||
| Share capital | 129,261 | 129,015 |
| Share premium | 1,532,596 | 1,532,825 |
| Retained earnings | 1,167,606 | 1,142,998 |
| TOTAL | 2,829,463 | 2,804,838 |
| Non-controlling interests | 121,228 | 115,000 |
| EQUITY (I) | 2,950,691 | 2,919,838 |
| Non-current liabilities | ||
| Borrowings and financial debt | 1,454,120 | 1,536,788 |
| Lease liabilities | 263,297 | 233,792 |
| Deposit/consignment | 160,684 | 155,202 |
| Provisions for pensions and other employee benefit obligations | 49,787 | 51,270 |
| Other provisions | 278,260 | 248,189 |
| Deferred taxes | 67,939 | 58,908 |
| Other non-current liabilities | 104,446 | 105,870 |
| TOTAL NON-CURRENT LIABILITIES (II) | 2,378,533 | 2,390,019 |
| Current liabilities | ||
| Borrowings and short-term bank borrowings (portion due in less than one year) | 651,436 | 385,676 |
| Lease liabilities (portion due in less than one year) | 51,593 | 46,920 |
| Trade and other payables | 1,169,015 | 809,433 |
| Current tax liabilities | 71,116 | 53,323 |
| Other current liabilities | 23,289 | 20,179 |
| TOTAL CURRENT LIABILITIES (III) | 1,966,449 | 1,315,531 |
| TOTAL EQUITY AND LIABILITIES (I + II + III) | 7,295,673 | 6,625,388 |
CONSOLIDATED INCOME STATEMENT
| (in thousands of euros) | % 2026/ 2025 | 30/06/2026 | 30/06/2025 |
| NET REVENUE | 24% | 4,067,523 | 3,274,585 |
| Consumed purchases | (3,108,622) | (2,407,831) | |
| External expenses | (303,417) | (274,624) | |
| Employee benefits expense | (153,579) | (150,566) | |
| Taxes | (67,642) | (72,109) | |
| EBITDA | 18% | 434,263 | 369,455 |
| Other operating income | 1,307 | 1,316 | |
| Net depreciation and provisions | (123,984) | (111,203) | |
| Other operating income and expenses | (4,385) | (6,320) | |
| CURRENT OPERATING INCOME | 21% | 307,201 | 253,248 |
| Other non-recurring operating income and expenses | (452) | 2,867 | |
| OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT VENTURES | 20% | 306,749 | 256,115 |
| Share of net income from joint ventures | 713 | 764 | |
| OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES | 20% | 307,462 | 256,879 |
| Income from cash and cash equivalents | 5,856 | 5,488 | |
| Gross interest expense and cost of debt | (39,994) | (37,746) | |
| COST OF NET FINANCIAL DEBT | 6% | (34,138) | (32,258) |
| Interest expense on lease liabilities | (8,597) | (7,185) | |
| Other finance income and expenses | (7,052) | (1,615) | |
| PROFIT (LOSS) BEFORE TAX | 19% | 257,675 | 215,821 |
| Income tax | (63,691) | (49,549) | |
| NET INCOME | 17% | 193,984 | 166,272 |
| NET INCOME, GROUP SHARE | 17% | 191,411 | 163,454 |
| NET INCOME, NON-CONTROLLING INTERESTS | -9% | 2,573 | 2,818 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| (in thousands of euros) | 30/06/2026 | 31/12/2025 | 30/06/2025 |
| TOTAL CONSOLIDATED NET INCOME | 193,984 | 311,185 | 166,272 |
| Adjustments: | |||
| Elimination of income of joint ventures | (713) | (1,743) | (764) |
| Elimination of depreciation and provisions | 142,563 | 292,353 | 131,899 |
| Elimination of profit and loss from disposals | 654 | (5,156) | (6,367) |
| Elimination of dividend earnings | (1,555) | (1,163) | (1,160) |
| Other income and expenditure with no impact on cash (1) | 8,373 | 18,695 | 11,509 |
| CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX | 343,306 | 614,171 | 301,389 |
| Elimination of income tax expenses | 63,691 | 91,650 | 49,549 |
| Elimination of the cost of net financial debt and interest expense on lease liabilities | 42,745 | 77,915 | 39,443 |
| CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX | 449,742 | 783,736 | 390,381 |
| Impact of change in working capital* | (237,367) | 33,978 | (67,805) |
| Tax paid | (53,345) | (82,919) | (46,337) |
| CASH FLOWS RELATED TO OPERATING ACTIVITIES | 159,030 | 734,795 | 276,239 |
| Impact of changes to consolidation scope (cash acquired - cash disposed) | 111 | 5,527 | 5,084 |
| Acquisition of financial assets: Energy Distribution division | (11,077) | (10,110) | |
| Acquisition of financial assets: Renewable Energies division | (2,292) | (3,205) | (873) |
| Disposal of financial assets: Energy Distribution division | 596 | ||
| Disposal of financial assets: Rubis Terminal division | 91,514 | 39,526 | |
| Acquisition of property, plant and equipment and intangible assets | (136,628) | (376,105) | (164,028) |
| Change in loans and advances granted | 498 | 46,899 | 39,601 |
| Disposal of property, plant and equipment and intangible assets | 2,282 | 5,636 | 4,112 |
| (Acquisition)/disposal of other financial assets | 26 | (35) | (22) |
| Dividends received | 3,256 | 2,941 | 2,755 |
| CASH FLOWS RELATED TO INVESTING ACTIVITIES | (132,151) | (237,905) | (83,955) |
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
| (in thousands of euros) | 30/06/2026 | 31/12/2025 | 30/06/2025 |
| Capital increase | 17 | 297 | |
| Share buyback (capital decrease) | (5,170) | ||
| (Acquisition)/disposal of treasury shares | (674) | 1,629 | 414 |
| Borrowings issued | 489,674 | 1,493,394 | 531,665 |
| Borrowings repaid | (312,620) | (1,514,615) | (541,163) |
| Repayment of lease liabilities | (30,284) | (48,407) | (23,384) |
| Net interest paid (2) | (42,189) | (78,378) | (42,437) |
| Dividends payable | (244,844) | (220,714) | (220,713) |
| Dividends payable to non-controlling interests | (8,467) | (12,897) | (9,152) |
| Acquisition of financial assets: Renewable Energies division | (1,224) | (6,796) | (6,256) |
| Other cash flows from financing operations | (4,036) | (2,396) | (1,402) |
| CASH FLOWS RELATED TO FINANCING ACTIVITIES | (154,647) | (394,053) | (312,428) |
| Impact of exchange rate changes | 10,458 | (22,423) | (26,501) |
| Impact of change in accounting policies | |||
| CHANGE IN CASH AND CASH EQUIVALENTS | (117,310) | 80,414 | (146,645) |
| Cash flows from continuing operations | |||
| Opening cash and cash equivalents (3) | 756,787 | 676,373 | 676,373 |
| Change in cash and cash equivalents | (117,310) | 80,414 | (146,645) |
| Closing cash and cash equivalents (3) | 639,477 | 756,787 | 529,728 |
| Financial debt excluding lease liabilities | (2,105,556) | (1,922,464) | (1,934,228) |
| Cash and cash equivalents net of financial debt | (1,466,079) | (1,165,677) | (1,404,500) |
(1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), etc.
(2) Net financial interest paid includes the impacts related to restatements of leases (IFRS 16).
(3) Cash and cash equivalents net of bank overdrafts.
| (*) Breakdown of the impact of change in working capital: | |
| Impact of change in inventories and work in progress | (236,773) |
| Impact of change in trade and other receivables | (334,711) |
| Impact of change in trade and other payables | 334,117 |
| Impact of change in working capital | (237,367) |
1 Cash flow from operating activities excluding the payment of the fine related to the decision from French Competition Authority (17 November 2025) regarding Corsica amounting to €64m.
2 Ratio excluding IFRS 16 – lease obligations. Debt excluding Photosol SPV project non-recourse debt; EBITDA excl. Photosol prod.
3 Debt excluding IFRS 16 – lease obligations and including Photosol SPV project non-recourse debt.
4 The Management Board, which met on 4 September 2026, approved the accounts for the first half-year 2026; these accounts were examined by the Supervisory Board on 7 September 2026. The Statutory Auditors have carried out a limited review of these financial statements, and their report on the interim financial information will be issued on 8 September 2026.
5 Aggregated EBITDA from operating PV through electricity sales.
6 Includes ready-to-build, under construction and in operation capacities.
7 EBITDA reported in Rubis Group consolidated financial statements.
8 Aggregated EBITDA from operating PV through electricity sales.
9 Illustrative EBITDA coming from secured portfolio.
Attachment
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RUBIS: H1 2026 Results - Strong performance leading way to upgrade of 2026 guidance
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