Slides
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03 NOVEMBER 2026 2026 - Q3 & 9M Trading update
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2026 – Q3 & 9M Trading Update Strong Q3 2026 performance across the board Bitumen supporting volume growth Fuel margins improving Photosol secured portfolio +20% vs Sep-25 First farm-down of a flagship solar asset Proposal to convert the Group into a French limited company (Société Anonyme) 2026 Guidance reaffirmed Energy Distribution Renewable Energies 2
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2026 – Q3 & 9M Trading Update 3 Q3 2026 KPIs Energy Distribution – Retail & Marketing Volume (in '000 m3) Gross margin (in €m) Unit margin (in '000 m3) Q3 2026 Q3 2025 Q3 2026 vs Q3 2025 Q3 2026 Q3 2025 Q3 2026 vs Q3 2025 Q3 2026 vs Q3 2025 LPG 352 352 0% 76 75 1% 2% Fuel 1,182 1,158 2% 129 114 13% 11% Bitumen 203 112 82% 23 18 29% -29% TOTAL 1,737 1,622 7% 228 207 10% 3%
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2026 – Q3 & 9M Trading Update 4 Profitable growth across all three distribution activities LPG Distribution Fuel Distribution Bitumen Distribution Europe and Africa mainly Q3 2026: +0% vol. & +1% gross margin Caribbean and Africa mainly Q3 2026: +2% vol. & +13% gross margin Africa mainly – Ramp-up in Europe Q3 2026: +82% vol. & +29% gross margin Europe Strong autogas momentum in France and Spain Africa Robust performance in South Africa, Morocco and the Caribbean Overall Favourable business mix supports margin growth Retail Continued recovery in Haiti Improved pricing environment in East Africa Strong commercial momentum in Kenya C&I and Aviation Caribbean growth led by Haiti and Suriname Sustained tourism and aviation activity across the Caribbean Lubricants Strong development in East Africa Higher exports and premium product penetration Overall Gross margin growth significantly outpaced volumes Africa Sustained infrastructure demand across key markets Strong contribution from South Africa, Gabon, Cameroon and Angola Europe Continued ramp-up of the North-West Europe platform Supported by growing export activity Profitability Strong volume growth translated into higher gross margin
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2026 – Q3 & 9M Trading Update 5 Renewable energies Photosol reached another key milestone – Rubis Énergie: development in Africa and the Caribbean A market driven by electrification and covered by Photosol Q3 2026 Photosol performance First capital opening of a flagship solar asset: Creil solar plant – 2nd largest in France – 200 MWp +27% assets in operation at 805 MWp, +45% electricity production Secured portfolio 1.5 GWp, +20% yoy International diversification: >100 MWp secured portfolio in Italy Continued development of C&I activity across Africa and the Caribbean Europe Africa & the Caribbean
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2026 – Q3 & 9M Trading Update 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 6 2026 Outlook reaffirmed H2 2026 OUTLOOK ASSUMPTIONS ● Constant EUR/USD exchange rate i.e. 1.13 ● Hyperinflation: 2026 accounting effect = 2025 accounting effect GUIDANCE REAFFIRMED ● EBITDA €775-825m
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Photos credits: 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 Combined Shareholders Meeting: 09 | 12 | 2026 Q4 & FY 2026 Results: 11 | 03 | 2027