Earnings release
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1 PRESS RELEASE Paris, 08 September 2026, 7:00am H1 2026 RESULTS Strong performance leading way to upgrade of 2026 guidance • EBITDA at € 434m, + 18% yoy reflecting sustained demand, disciplined execution and optimised inventory management in a volatile and high oil price context, highlighting the Group's ability to consistently deliver strong results across challenging market conditions. • Net income Group share of €191m, +17% yoy in line with operational performance. • Cash flow generation – Adjusted cash flow from operati ng activities 1 at €223m in H1 2026 (vs €276m in H1 2025) reflecting higher working capital requirements amid higher oil prices. • Corporate Net Financial Debt to EBITDA ratio 2 of 1. 3x at Jun-2026 vs 1.4x in H1 2025 , confirming the robustness of Rubis balance sheet - Total Net Financial Debt3 of €1,466m. • 2026 EBITDA g uidance upgraded to €775m to € 825m (previously €740m -€790m) underpinned by strong first-half and confidence in the Group’s ability to capture market opportunities while continuing to drive the successful execution of its strategy. H1 2026 KEY FIGURES4 (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 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 202 6, approved the accounts for the first half -year 202 6; these accounts were examined by the Supervisory Board on 7 September 202 6. 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.
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2 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. Th ese results reflect the strength of our diversified model and our ability to deliver consistently and effectively in complex market conditions. B uilding 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 202 5, 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 202 5, and mainly includes accounting effects from hyperinflation in Haiti. Profit before tax increased by +19% to €2 58m and Net income Group share rose by +17% to €1 91m. 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 202 5, 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.
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3 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 the ir non-monetary assets and liabilities and the ir income statement to be restated to reflect the changes in the general purchasing power of the ir functional currency, leading to a gain or loss included in the net income. Moreover, the ir 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 m3) 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 m3) 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.
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4 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: o East Africa continued to benefit from sustained traffic growth and the progressive improvement of the pricing framework, supporting both volumes and profitability; o 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 mar gin, 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 1 8% 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 p rofitability through disciplined project executio n 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.
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5 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 . E BITDA 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.
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6 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 EBITDA 5 reached € 25m for H1 2026 vs €22m for H1 202 5 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 o Power EBITDA8: €80-85m o Secured EBITDA9: €150-200m 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.
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7 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: https://rubis.engagestream.euronext.com/2026_half_year_results 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 presse@rubis.fr Tel: +33 (0)1 45 01 87 44 investors@rubis.fr
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8 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.
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9 RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN Q2 Volume (in '000 m3) 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%
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10 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
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11 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
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12 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
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13 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)
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14 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)