Rubis (RUI) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 delivered strong operating performance, with energy distribution achieving robust growth in volumes and margins across all geographies, supported by operational excellence and agility.

• Bitumen activities delivered standout results, with volumes up 44% and significant margin increases, especially following the launch in Europe and strong contributions from Nigeria and South Africa.

• Renewable electricity portfolio expanded, with Photosol's secured portfolio up 32% year-over-year to 1.5 GW, and the Creil PV project on track for full commissioning by end of Q2.

• No material or direct negative impact from the Middle East conflict; supply chains remain resilient due to diversified sourcing and geographical footprint.

Financial highlights

• Total retail & marketing volumes rose 12% year-over-year to 1,768,000 m³; gross margin up 13% to €247m, with all business lines contributing positively.

• Bitumen volumes increased 44% and gross margin 49% year-over-year.

• Renewable electricity assets in operation reached 666 MWp, up 24% year-over-year; Photosol renewable revenue grew 14% to €12m.

• Energy Distribution revenue rose 8% to €1,531m; total revenue increased by 6% year-over-year to €1,792m.

Outlook and guidance

• 2026 EBITDA guidance reaffirmed at €740–790m, assuming constant EUR/USD rate and unchanged hyperinflation impact.

• Caribbean expected to maintain strong momentum, especially in aviation and retail, with Haiti and Guyana recovering and Jamaica and Barbados growing.

• Africa's retail, bitumen, and lubricants segments seen as key growth drivers, with high volume growth but lower margins in European bitumen.

• Acceleration of renewable electricity development in Europe, with Photosol targeting a secured portfolio above 2.5 GWp and consolidated EBITDA of €50-55m by 2027.