Slides
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Q3 & 9M 2025 Trading update 4 NOVEMBER 2025
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Q3 & 9M 2025 Trading update Q3 & 9M 2025 Highlights Delivering consistent growth and operational strength in Q3 2025 guidance reaffirmed Strong performance offsets adverse EUR/USD Energy Distribution Growing volume & unit margins on all products Renewable Electricity Production Secured portfolio +25% vs Sept-24 2
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Q3 & 9M 2025 Trading update 3 Strong volume growth and unit margins picking up -17% revenue yoy generated by usual volatility from SARA pricing mechanism Continued dynamic trading activity in the Caribbean RETAIL & MARKETING – Gross margin grows by +9% SUPPORT & SERVICES • LPG: Unit margins up in Europe, driven by strong performances in France and South Africa. • Fuel: Pricing formula adjustment in Kenya enforced mid-July, positively impacting the retail segment - C&I lifted by a major new power- generation contract in Barbados. • Bitumen: strong momentum continues in Nigeria – Newly-entered Angola strong contributor to growth. +23% Assets in operation +25% Secured portfolio RENEWABLE ELECTRICITY PRODUCTION Volume (in '000 m3) Gross margin (in €m) Unit margin (in '000 m3) Q3 2025 Q3 2024 Q3 2025 vs Q3 2024 Q3 2025 Q3 2024 Q3 2025 vs Q3 2024 Q3 2025 vs Q3 2024 LPG 312 304 +3% 74 70 +6% +4% Fuel 1,157 1,095 +6% 115 107 +7% +2% Bitumen 112 95 +17% 18 14 +33% +13% TOTAL 1,581 1,494 +6% 206 190 +9% +3%
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Q3 & 9M 2025 Trading update ● Global – weakening USD FX rate ● Europe ▪ Continued low single-digit growth in the LPG business ▪ Acceleration of renewable electricity development ● Africa ▪ Improving retail margins and volume ▪ Growing volume in bitumen ● Caribbean ▪ Activity in the region to stabilise at the current high level ● No further degradation of the safety and economic situation in Haiti ● Hyperinflation: ▪ accounting effect 2025 = accounting effect 2024 2025 Guidance reaffirmed 4(1) Assuming an indicative normalised €24m impact of hyperinflation. 2025 OUTLOOK ASSUMPTIONS GUIDANCE ● EBITDA €710-760m(1)
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Q&A 02
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Appendix 03
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Q3 & 9M 2025 Trading update 7 03 Rubis can count on 16 vessels for shipping operations, including 10 in full property, to serve the whole Group. Fuel: Increasing demand for mobility LPG: growing demand for transitional energy + CARIBBEAN Growing market Top 3 in most countries across all market segments 19 countries 408 service stations EUROPE Market focused on renewable Renewables: acceleration supported by government legislation initiatives LPG: low-carbon solution for rural areas 7 countries 523 MW in operation 500 filling stations in the LPG distribution network Bitumen : Strong need for infrastructure and mobility Fuel: growth in per-capita energy consumption LPG: growing demand for transitional energy AFRICA Developing market Top 3 in most countries across all market segments 24 countries 646 service stations A leader in 3 regions with tailored energy solutions 31%(1) 52%(1) 17%(1) (1) Percentage of the Group EBITDA excluding holding costs.
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Q3 & 9M 2025 Trading update 513 230 265 2.0 3.2 3.6 523 322 242 1.8 3.6 4.0 633 257 367 2.2 3.7 2.8 In operation Under construction Ready-to-Build Advanced development Development Early Stage Sept-24 Dec-24 Sept-25 8 03 Photosol portfolio as of Sept-2025 Secured porfolio 1.3 GW +25% vs Sept-24 Project pipeline 5.8 GW +13% vs Sept-24 Legend: Ready to Build - project fully permitted, land and interconnection secured.
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Q3 & 9M 2025 Trading update AFRICA • LPG ▪ Clean cooking • Fuel ▪ Need for mobility ▪ Growth in line with demography ▪ Increasing « middle-class » share of the population ▪ NFR: Higher attractiveness of retail service-stations • Bitumen ▪ Need for infrastructure ▪ Under-developped road network ▪ Management of the supply chain CARIBBEAN • LPG ▪ Growth in line with tourism ▪ Full management of the supply chain • Fuel ▪ Booming Guyana and Suriname economies ▪ Growth supported by tourism ▪ B2B opportunities in mining, powergen and bunkering ▪ NFR: Higher attractiveness of retail service-stations EUROPE • LPG ▪ Slowly decreasing market ▪ Solid profitability 9 03 Market mid-term trends and opportunities 2-4% p.a. 5-7% p.a. 4-6% p.a. 1-3% p.a. (3)-(1)% p.a. 2-4% p.a.
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Q3 & 9M 2025 Trading update 10 03 Annual cash-flow allocation mechanism for Rubis Group Financing investments with cashflow from legacy activities while pursuing dividend growth Cash available for growth capex 100 Dividend 200 Investment & Maintenance Capex 150 Capex Renewable Electricity Production 400 Capex Energy Distribution 80 CASHFLOW FROM EXISTING ACTIVITIES 450 Energy Distribution add. Corp. debt 40 External debt at Photosol level Up to 340 Notes: In €m. Working Capital Requirement may vary from one year to another but is estimated at zero on a long-term basis. Cash available for growth capex 40 Cash available for growth capex 60 50% leverage 85% leverage
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Q3 & 9M 2025 Trading update (1) Includes ready to build, under construction and in operation capacities. (2) EBITDA reported in Rubis Group consolidated accounts. (3) Aggregated EBITDA from operating PV through electricity sales. (4) Illustrative EBITDA coming from secured portfolio. 11 Reminder: Photosol Day ambitions 2022 2024 … 2027 Secured portfolio(1) 503 MW 1.1 GW … > 2.5 GW Consolidated EBITDA(2) €18M €26M … €50-55M Power EBITDA(3) €22M €36M … €80-85M Secured EBITDA(4) €35M €75-80M … €150-200M of which one-off impact of €4m due to emergency measure of French government of which c.10% EBITDA contribution from farm-down 03
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Q3 & 9M 2025 Trading updateProcess timeline for an illustrative project in France. COD means Commercial Operation Date. 12 Stages of a photovoltaic project In operation >30y asset life Power EBITDA generation Ready to build Under construction Connectable to grid Tariff Financing COD ENGINEERING CONSTRUCTION ~12-18 months Success rate: c.100% PROCUREMENT GRID CONNECTION ~3 years SECURED Success rate: c.40% DEVELOPMENT ~4 years Permit obtainedPermit application considered completeLand secured Permit application submission Permit application preparation Advanced development Development Early stage LAND PROSPECTION ~6 months 3 months Grid connection application Potential grid upgrade and plant interconnection ~ 7 years 03
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Q3 & 9M 2025 Trading update 13 03 Reminder: the Rubis Limited Partnership Rubis is a partnership limited by shares, governed by Articles L. 226-1 et seq. of the French Commercial Code Rubis shares are listed on the regulated market of Euronext (Compartment A) Agena SAS Supervisory BoardLimited Partners / Shareholders Audit and CSR Committee Compensation, Appointments and Governance Committee Management Board Group Management Committee • Gilles Gobin • Jacques Riou • Clarisse Gobin-Swiecznik • Jean-Christian Bergeron • Marc Jacquot • Bruno Krief • Eva Chauvet • Sophie Pierson • Anne Zentar GR Partenaires Sorgema SARL Gilles Gobin Jacques Riou Chairman Magerco SAS Co-Manager Agena SAS Co-Manager Gilles Gobin Co-Manager Clarisse Gobin Co-Manager Gilles Gobin Jacques Riou General Partners: (unlimited joint and several personal liability for corporate debts) • Gilles Gobin • Sorgema • GR Partenaires Limited Partners shall approve at an ordinary shareholders' meeting the appointment of Managing Partners who are not General Partners Jean-Christian Bergeron Marc Jacquot The General Partners shall be responsible for the appointment of any new Managing Partner
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Q3 & 9M 2025 Trading update 14 03 Reminder: Allocation of responsibilities in Limited Partnerships A balanced and robust governance framework to create shareholder value General Partners Have unlimited liability from their personal assets Stable management focused on long term value creation Careful and responsible approach in the management and administration of the Company Independent body responsible for the continuous oversight of the management1 2 3 Supervisory Board Oversees the management of the company Represents and reports to the shareholders (limited partners) Robust and balanced governance ensuring alignment of interests between the shareholders and the General Partners Management Board Determines and ensures the implementation of the strategy
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Q3 & 9M 2025 Trading update 15 03 General Partners’ statutory dividend Strong alignment with shareholders' interest Average of the opening prices of the last 20 trading days of the Relevant Financial Year The highest among the averages of the opening prices of the last 20 trading days of the 3 financial years preceding the Relevant Financial Year (( Number of outstanding shares)3% FY2019 €22,356,940 FY2020 No dividend FY2021 No dividend FY2022 No dividend FY2023 No dividend Statutory dividend paid to the General Partners since FY2019 At the end of the Relevant Financial Year less the number of shares held by the Company for cancellation at the end of the Relevant Financial Year Recent share price Historical share price ● The General Partners receive a dividend for a financial year equal to 3% of the Total Shareholder Return, if positive, of Rubis’ shares (formula below) ● This dividend may in no case exceed 10% of the Group net income for the Relevant Financial Year, nor the distributable profit ● Half of this dividend is blocked by the General Partners in the form of Rubis shares for three years Convergence of interests strengthened by the introduction of a benchmark price (high water mark) in the calculation of the TSR Cumulative dividend Paid by Rubis to its Limited Partners between the financial year during which the Reference Price was determined and the end of the Relevant Financial Year ) FY2024 €11,278,793
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Q3 & 9M 2025 Trading update 16 03 Reminder: Respective roles of the Supervisory and Management Boards Supervisory Board in charge of the continuous oversight of the Company’s management ● Supervises the company’s management ● Examines financial statements prepared by the Management Board ● Assesses the quality of financial information ● Prepares annually a report to the shareholders on the control of the Company’s management ● Gives prior opinion on important and strategic operations ● Is informed, on a yearly basis on the Group's strategy and budget ● Is informed at least once a year of the succession plan of the Managing Partners ● Is informed on the succession plan for the top management of the Group's branches and Rubis’ Management Committee. ● Assesses the composition and functioning of the Supervisory Board ● Provides a consultative opinion on the compensation policy applicable to the Managing Partners and reviews the compliance of their annual compensation with such policy ● Authorizes related parties' transactions ● Defends the interests of the shareholders and supports the dialogue with them ● Monitors sustainability reporting ● Manages Rubis pursuant to its corporate interests and in the best interest of its shareholders ● Develops and implements the company’s strategy ● Prepares the statutory and consolidated financial accounts ● Informs the Supervisory Board regularly and comprehensively on Rubis operations Supervisory Board Management Board
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Q3 & 9M 2025 Trading update(1) The data provided are indicators and targets for illustrative purposes. For a complete overview, please refer to chapiter 4 Universal Registration Document 2024. (2) Management Committees of Rubis Énergie and its subsidiaries and Rubis Photosol. 17 03 Our progress towards a positive impact 3 key pillars of our CSR Roadmap Percentage of women in Management bodies 30% Average portion of women in the Management Committees(2) by 2025 Reduction of CO2 eq emissions from our activities -20% By 2030 (2019 baseline, scopes 1 and 2) Percentage of employees made aware of ethics and anti-corruption rules • Percentage of employees made aware of ethics and anti-corruption: 99% 100% of employees made aware of ethics and anti-corruption rules every year KPI(1) Target(1) 2024 achievement & 2025 initiatives(1) • 2024: formalisation of the decarbonization plan for the main emitting assets and associated financial impact • 2025: consolidation and implementation of decarbonization levers (low-carbon energies, electrification, energy efficiency) • Percentage of employees receiving training: 92.4% • 4,043 employees benefited from 98,477 hours of training and 1,911 employees were trained in the changes affecting our businesses (energy transition, sustainability, new technologies, AI, etc.) Contributing to a more virtuous society Providing a safe and stimulating working environment Reducing our environmental footprint SocietyPeopleEnvironment Pillars
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Q3 & 9M 2025 Trading update 18 03 Extra-financial ratings 202420232022 Performance versus sector High Above average Medium Above average AA AA AA 30,2 30,7 29,2 C- C- C B B B
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Q3 & 9M 2025 Trading update • Roadshows post Q3 2025 results ▪ Paris: 5 | 11 | 25 - Bernstein ▪ Geneva: 27 | 11 | 25 – ODDO BHF • Conferences ▪ Paris: CIC Forum - 09 | 12 | 25 ▪ Lyon: ODDO BHF Forum – 08-09 | 01 | 26 Financial calendar – Roadshows & Conferences 19 03
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Rubis – DISCLAIMER This presentation does not constitute or form part of any offer or solicitation to purchase or to sell Rubis’ securities. Should you need more detailed information on Rubis, please consult the documents filed in France with the Autorité des marchés financiers, which are also available on Rubis’ website (Rubis – Serving the energies of today and tomorrow). This presentation may contain a number of forward-looking statements. Although Rubis considers that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements. Photos credits: Next events @ Gilles Dacquin © Rubis photo library Q4 & FY 2025 results: 12 | 03 | 2026 Q1 2026 Trading update: 05 | 05 | 2026 Annual Shareholders’ meeting: 10 | 06 | 2026 Q2 & H1 2026 results: 08 | 09 | 2026