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08 SEPTEMBER 2026 2026 Half-Year Results
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2026 Half-Year Results • H1 2026 Highlights 2026 Half-Year Results Agenda 01 • H1 2026 Operations02 • H1 2026 Financial Results03 • Wrap-up & Outlook04 • Q&A05 • Appendix06
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H1 2026 Highlights Clarisse GOBIN-SWIECZNIK 01 Managing Partner
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2026 Half-Year Results ● All regions and activities showed solid growth: ▪ Energy distribution volume +9% yoy – gross margin +16% yoy ▪ Photosol secured portfolio +22% yoy to 1.5 GWp ● Optimised inventory management in a volatile and high oil price environment ● +18% in EBITDA to €434m ▪ +13% in Power EBITDA(1) to €25m ● +17% Net Income Group share to €191m ● Adjusted cash flow from operating activities(2) at €223m reflecting oil price increase 4 01 Strong H1, leading way to upgrade of 2026 guidance ● Solid H1 operating performance even in a high oil price context ● Corporate leverage at 1.3x despite higher working capital ● EBITDA Guidance range upgraded to €775-825m (from €740-790m) STRONG PERFORMANCE ACROSS THE BOARD DISCIPLINED EXECUTION 2026 GUIDANCE UPGRADE (1) Aggregated EBITDA from operating PV through electricity sales. (2) Cash flow from operating activities excluding the payment of the fine related to the decision from French Competition Authority regarding Corsica amounting to €64m.
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H1 2026 Operations Jean-Christian BERGERON 02 Managing Partner, CEO of Rubis Énergie
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2026 Half-Year Results 6 02 Profitable growth across all three distribution activities LPG Distribution Fuel Distribution Bitumen Distribution Europe and Africa mainly H1 2026: +1% vol & +9% gross margin Caribbean and Africa mainly H1 2026: +6% vol & +13% gross margin Africa mainly – Ramp-up in Europe H1 2026: +44% vol & +54% gross margin Europe Continued strong autogas momentum in France and Spain Sustained wholesale activity in Portugal Africa Improved business mix in South Africa Progressive recovery in Morocco: with better sourcing and disciplined commercial management Overall Gross margin growth outpaced volumes thanks to a more profitable mix Retail East Africa traffic growth and improving pricing framework Continued recovery in Haiti C&I Kenya and Haiti offsetting stronger pricing competition in Guyana Aviation Sustained airline activity in the Caribbean Lubricants Growing contribution on commercial development and a higher-value mix in East Africa Growth drivers Continued expansion in Africa, notably South Africa, Gabon and Angola Promising ramp-up of the new North-West Europe platform Profitability Improved unit margin mainly driven by a more profitable project mix, particularly in Nigeria despite lower demand
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2026 Half-Year Results 7 02 Renewable energies Photosol reached a key milestone – Rubis Énergie: new projects launched in Africa and the Caribbean A market driven by electrification and covered by Photosol H1 2026 Photosol performance Full commissioning of Creil solar plant – 2nd largest in France – 200 MWp +32% assets in operation at 799 MWp - +37% electricity production Secured portfolio 1.5 GWp, +22% yoy Power EBITDA €25m, +13% yoy International diversification – 44 MWp in construction in Italy Continued development of C&I activity across Africa and the Caribbean H1 highlight: Signing of an 8 MWp project in Jamaica in June 2026 Europe Africa & the Caribbean
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H1 2026 Financial Results Marc JACQUOT 03 Managing Partner, Group CFO
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2026 Half-Year Results 73 79 164 137 H1 2025 H1 2026 Energy Distribution Renewable Electricity Production financed w/ non-recourse debt CAPEX (IN €M) EBITDA Underpinned by strong demand and efficient inventory management €434M +18% YOY CORP NET FINANCIAL DEBT (1) FREE CASH FLOW(2) €885M 1.3X EBITDA(1) +0.3X vs Dec-2025 -0.2X vs June-2025 9 03 H1 2026 Key figures Strong operating performance, cash flow generation impacted by high oil prices (1) Net Financial Debt and LTM EBITDA excl. IFRS 16 lease obligations. (2) Free cash flow net of Photosol non-recourse financing = Cash flow before cost of net financial debt and tax + Capex, Net production of non-recourse debt + Adjusted change in working capital + Net financial interest paid. 57 financed w/ non-recourse debt 74 30 91 Net Income Group share in line with strong operating performance €191m +17% yoy 107 Total Capex excl. non- recourse debt financing 90 Total Capex excl. non- recourse debt financing€75m despite the €174M adj. change in working capital
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2026 Half-Year Results 30 13 16 -3 4 4 369 434 H1 2025 Africa Carribean Europe Support & Services Renewable Electricity … Holding H1 2026 10 03 Business performance Strong demand – seamless execution – efficient inventory management - EBITDA +18% yoy €59m increase, +22% yoy Retail & Marketing RENEWABLE ELECTRICITY PRODUCTION ENERGY DISTRIBUTION EBITDA BRIDGE – H1 2025 – H1 2026 (€M) H1 2025 Africa Caribbean Europe Support & Services Renewable Elec. Prod. Holding H1 2026 EBITDA (€m) 369 122 124 78 111 15 -16 434 Change yoy +33% +12% +25% -2% +42% -19% +18% Including contribution from new bitumen activity
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2026 Half-Year Results 11 03 Financial results Income statement H1 2026 H1 2025 Var Var % EBITDA 434 369 65 +18% • Hyperinflation (Haiti) impact €7mo/w Energy Distribution - Retail & Marketing 324 265 59 +22% o/w Energy Distribution - Support & Services 111 114 -3 -2% o/w Renewable Electricity Production 15 10 4 +42% o/w Rubis SCA Holding -16 -20 4 -19% EBIT 307 253 54 +21% o/w Energy Distribution - Retail & Marketing 248 195 52 +27% • Hyperinflation (Haiti) impact €5m o/w Energy Distribution - Support & Services 81 86 -4 -5% o/w Renewable Electricity Production -5 -6 1 -21% • Increased amortisation reflecting higher assets in operation o/w Rubis SCA Holding -17 -22 5 -23% Share of net income from associates 1 1 0 -7% Non-recurring income & expenses 0 3 -3 -116% Cost of Net Financial Debt (incl. IFRS 16 interest) -43 -39 -3 +8% • New plants commissioned at Photosol Other finance income and expenses -7 -2 -5 +337% • Mostly hyperinflation in Haiti Profit before Tax 258 216 42 +19% Taxes -64 -50 -14 +29% Tax rate 25% 23% Minority interest 3 3 0 -9% Net income Group share 191 163 28 +17% • Hyperinflation (Haiti) impact -€6m
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2026 Half-Year Results 564 96 174 137 253 91 -581 602 1,166 -450 1,466 885 12 03 Net debt evolution Healthy balance sheet – Change in WC impacted by high oil prices - Stable corporate leverage at 1.3x Corp. NFD(1) as of Dec-25 Non-recourse project debt as of Dec-25 NFD as of Dec-25 Op. CF(2) Tax & interest paid Adjusted Change in WC(3) CAPEX Dividend Other NFD as of Jun-26 Non- recourse project debt as of Jun-26 Corp. NFD(1) as of Jun-26 0.9x cNFD/ EBITDA(1) 1.7x NFD/ EBITDA(1) 2.0x NFD/ EBITDA(1) 1.3x cNFD/ EBITDA(1) In million euros Free Cash Flow(4) net of Photosol non-recourse financing €75m (1) Net financial debt and EBITDA excluding IFRS 16 – leases obligations. (1) Operating Cash flow = Cash flow before cost of net financial debt and tax. (3) Adjusted change in WC excluding the payment of the fine related to the sanction from French Competition Authority for Corsica. (4) Free cash flow net of Photosol non-recourse financing = Cash flow before cost of net financial debt and tax + Capex, Net production of non-recourse debt + Adjusted change in working capital + Net financial interest paid. (5) Revolving Credit Facility. o/w €30m financed through non- recourse debt ● €333m available RCF(6) Including payment of ADLC fine for Corsica case for €64m 30
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Wrap-up & Outlook Clarisse GOBIN-SWIECZNIK and Jean-Christian BERGERON 04 Managing Partners
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2026 Half-Year Results H1 2026 Key Take-aways 14 04 EBITDA AT €434M +18% yoy STRONG DEMAND, ROBUST PERFORMANCE AND OPTIMISED INVENTORY MANAGEMENT NET INCOME GROUP SHARE AT €191M +17% yoy CASH FLOW FROM OPERATIONS AT 159M€ IN A HIGHLY VOLATILE CONTEXT ROBUST CASH FLOW, HEALTHY AND STABLE BALANCE SHEET 1.3X CORPORATE NET FINANCIAL DEBT/EBITDA(1) VS 1.4X AT END JUN-25 STRONG H1 2026 DRIVEN BY SOLID ACTIVITY LEVELS, DISCIPLINED EXECUTION AND ACTIVE COMMERCIAL MANAGEMENT Strong delivery in a volatile and high oil price environment demonstrating execution capabilities (1) Excluding IFRS16 – lease obligations.
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2026 Half-Year Results The Group expects the sustained high oil prices to weigh on demand ● The Caribbean ▪ Continued recovery of Haiti operations ▪ Growth driven by tourism and development of Guyana and Suriname economies ● Africa ▪ Continued improvement of market conditions ▪ Growing volume in bitumen in most geographies ▪ Softer demand expected in Nigeria in H2 2026 ● Europe ▪ Continued ramp-up of bitumen operations – high volume growth with lower margins ▪ Slow erosion of growth in the LPG business ▪ Acceleration of renewable electricity development 15 04 2026 Updated Outlook Strong H1 2026 enabling guidance upgrade H2 2026 OUTLOOK ASSUMPTIONS ● Constant EUR/USD exchange rate i.e. 1.13 ● Hyperinflation: ▪ 2026 accounting effect = 2025 accounting effect UPDATED GUIDANCE ● EBITDA €775-825m (from €740-790m)
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Q&A 05
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Appendix 06
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2026 Half-Year Results Fuel = 63% of volume distributed 18 Rubis can count on 20 vessels for shipping operations, including 10 in full property, to serve the whole Group. Fuel: Increasing demand for mobility LPG: growing demand for transition energy CARIBBEAN Fragmented market Top 3 in most countries across all market segments 13 countries EUROPE Mature market - Electrification Renewables: acceleration supported by government legislation initiatives LPG: low-carbon solution for rural areas Bitumen : Strong need for infrastructure Fuel: growth in per-capita energy consumption LPG: growing demand for transition energy AFRICA Developing market Top 3 in most countries across all market segments 25 countries Rubis footprint Addressing fit-for-purpose demand with tailored energy solutions 7 countries 199 MWp in operation ≈ 600 partner service stations distributing autogas 56%(1) 9%(1)34%(1) (1) As a percentage of Group EBITDA as of 31/12/2025 excluding holding costs. Fuel = 94% of volume distributed 06 + Bitumen : Market entry in 2026
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2026 Half-Year Results 607 290 340 1.9 3.7 3.3 633 267 513 2.5 3.2 2.5 799 135 581 2.5 2.8 2.0 In operation Under construction Ready-to-Build Advanced development Development Early stage Jun-25 Dec-25 Jun-26 19 06 Photosol portfolio as of June 2026 Secured porfolio 1.5 GWp +22% vs Jun-25 Project pipeline 5.3 GWp -6% vs Jun-25 Legend: Ready to Build - project fully permitted, land and interconnection secured.
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2026 Half-Year Results 06 Energy Distribution operating performance 20 (in million euros) H1 2026 H1 2025 Var % Var Retail & Marketing Volume ('000m3) 3,476 3,203 +9% 273 o/w Europe 606 502 +21% 104 o/w Carribean 1,318 1,196 +10% 122 o/w Africa 1,552 1,506 +3% 46 Gross margin 497 429 +16% 68 o/w Europe 137 122 +12% 14 o/w Carribean 176 167 +6% 9 o/w Africa 184 140 +31% 44 EBIT 247 195 +27% 52 o/w Europe 50 40 +26% 11 o/w Carribean 101 84 +21% 17 o/w Africa 96 72 +34% 24 Support & Services EBIT 81 86 -5% -4 o/w SARA 16 21 -24% -5 o/w Fuel trading shipping 28 36 -23% -8 o/w Bitumen trading shipping 28 20 +44% 9 o/w Logistics Indian Ocean 8 8 +3% 0 TOTAL EBIT Energy Distribution 329 281 +17% 48
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2026 Half-Year Results 06 Extra-financial ratings 21 Rubis 2026 Rating scale + to - Performance versus sector For the third consecutive year, Rubis has received an AA MSCI ESG rating, placing it among the leaders in its industry in terms of environmental, social, and governance management. AA 32.2 C+ AAA to CCC A- 0 to 40+ A+ to D- Rubis’ overall exposure is high and slightly below the subsector average. The company's overall management of material ESG issues is strong and above the subsector average. A to F Rubis outperforms its industry competitors in the areas of human rights protection, business integrity, and climate protection. Rubis received an “A-” rating for Climate, an improvement over the “B” rating received in 2024. This rating reflects the growing maturity of Rubis’ governance practices, as well as the quality and consistency of its disclosures.
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2026 Half-Year Results (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. 22 Reminder: Photosol Day ambitions 2022 2023 2024 … 2027 Secured portfolio(1) 503 MWp 893 MWp 1 GWp … > 2.5 GWp Consolidated EBITDA(2) €18M €29M €18-20M … €50-55M Power EBITDA(3) €22M €34M €35-37M … €80-85M Secured EBITDA(4) €35M €65M €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 06
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2026 Half-Year ResultsProcess timeline for an illustrative project in France. COD = Commercial Operation Date. 23 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 06
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2026 Half-Year Results 24 06 Financial calendar – Roadshows & Conferences • Roadshows post H1 2026 results ▪ Paris: 08 | 09 | 26 (CM-CIC) ▪ US (Chicago – NYC – Boston): 14-18 | 09 | 26 (CM-CIC) ▪ Asia (HK – Tokyo – Singapore): 25-29 | 09 | 26 (Mizuho) • Field trip ▪ South Africa (Cape Town): 7-9 | 10 | 26 • Conferences ▪ London: Kepler Cheuvreux Energy Services Conference – 07 | 10 | 26
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Photos credits: Rubis – Serving the energies of today and tomorrow 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. Next events @ Gilles Dacquin © Rubis photo library Q3 2026 Trading update: 03 | 11 | 2026 Q4 & FY 2026 results: 11 | 03 | 2027