RUBIS: Q1 2026 Trading update - Strong performance underpinned by operating excellence

Q1 2026 COMMERCIAL PERFORMANCE

1.   ENERGY DISTRIBUTION - RETAIL & MARKETING

VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN Q1 2026

(1)   Including unbranded LPG in Europe and Africa for 16,000 m³.
(2)   Including unbranded LPG in Europe and Africa for €1m.

VOLUME SOLD AND GROSS MARGIN BY REGION IN Q1 2026

(1)   Including unbranded LPG in Europe and Africa for 16 ‘000m³
(2)   Including unbranded LPG in Europe and Africa for €1m

Following the strong momentum from 2025, Q1 2026 was another quarter of volume growth, combined with an increase in margins on all products and geographies.

LPG volumes increased over the first quarter. This growth was driven by sustained demand and continued commercial momentum overall, despite contrasted trends by geography. Europe delivered a steady performance, with a return to growth in Portugal partly offset by a slight decline in France and Spain, where volumes were marginally lower over the period, mainly reflecting a softer bulk environment. Autogas remained well oriented.

In Morocco, volumes were impacted by supply constraints, where difficult weather conditions temporarily disrupted maritime operations and limited product availability during the first part of the quarter. These effects eased progressively towards the end of the period but weighed on volume performance at the beginning of the year. South Africa continued to contribute positively, pursuing the strong momentum observed in 2025.

Gross margin increased with improved contributions from higher-margin markets and favourable commercial conditions partially offset by pricing pressure in Portugal.

As regards fuel:

• in the retail business (representing 49% of fuel volume and 49% of fuel gross margin in Q1 2026) volume grew by +9% vs Q1 2025. Gross margin increased by +2%, driven by:
  • strong momentum in East Africa. Zambia, Uganda and Rwanda recorded significant volume growth, reflecting the continued network expansion,
  • positive contribution from the Caribbean in a weaker EUR/USD context, with a sharp rebound in Haiti, where network volumes increased significantly;
• the Commercial and Industrial business (C&I, representing 34% of fuel volume and 30% of fuel gross margin in Q1 2026) increased by +21% in volume and by +19% in gross margin over the period, led by Haiti, and Kenya;
• the aviation segment (representing 17% of fuel volume and 19% of fuel gross margin in Q1 2026) saw increased margins in Q1 2026 at +12% despite a slight volume decline of -4%. In Kenya, this segment continued to be under pressure, as was the case all along 2025. This was more than offset by the performance in the Eastern Caribbean region, where demand was sustained and the pricing environment was favourable.
  
  

Bitumen volume was up +44% yoy, reflecting a good start in Europe and a +18% increase in Africa.

In Africa, volume growth was mainly driven by South Africa, Gabon and the newly consolidated countries Angola and Libya. In South Africa, volume growth was underpinned by improved logistics and the increased capacity in Durban depot. Margins improved in Nigeria, supported by a normalisation from a weak comparison base and the timing and mix of project execution. Gabon also delivered a strong contribution to margin progression during the quarter, reflecting higher volumes and improved project execution, in line with the ramp‑up in activity observed over the first three months.

In Europe, the first quarter marked the start‑up of bitumen operations, with initial volumes reflecting the planned progressive ramp‑up of the Group’s new European platform.

2.   ENERGY DISTRIBUTION - SUPPORT & SERVICES

The Support & Services activity recorded €249m of revenue (-7% yoy) in Q1 2026, reflecting a lower availability of vessels for trading to external clients, due to higher usage of the fleet for the Group’s own activity, notably in bitumen.

SARA refinery and logistics operations present specific business models with stable earnings profile.

3.   RENEWABLE ELECTRICITY PRODUCTION - PHOTOSOL

Over Q1 2026, Photosol commissioned 35 MWp, leading its assets in operation to grow by +24% yoy to 666 MWp. The secured portfolio increased by +22% to 1.5 GWp with 87 MWp new projects secured over Q1 2026. The pipeline reached 5.4 GWp (-5% yoy). Revenue for Q1 2026 stood at €12m, up 12% vs Q1 2025, benefiting from portfolio expansion.

OUTLOOK – FY 2026 GUIDANCE REAFFIRMED

The working assumptions used to establish the 2026 guidance remain unchanged.

Group EBITDA is expected between €740m to €790m in 2026 at constant EUR/USD exchange rate (1.13) and assuming IAS 29 - hyperinflation impact unchanged vs 2025.

Reminder: Photosol 2027 ambitions:

• Secured portfolio⁽¹⁾ above 2.5 GWp
• Consolidated EBITDA⁽²⁾: €50-55m, of which c. 10% EBITDA contribution from farm-down initiatives
  • Power EBITDA⁽³⁾: €80-85m
  • Secured EBITDA⁽⁴⁾: €150-200m

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: 5 May 2026, 9:30am
Link to register: https://rubis.engagestream.euronext.com/2026-05-05-q1/register
Participants from Rubis:

• Marc Jacquot, Managing Partner, Group CFO
• Jean-Christian Bergeron, Managing Partner, CEO of Rubis Énergie
• Clémence Mignot-Dupeyrot, Head of IR
  
  

Upcoming events
Shareholders’ Meeting: 10 June 2026
Q2 & H1 2026 results: 8 September 2026

(1) Includes ready-to-build, under construction and in operation capacities.
(2) EBITDA reported in Rubis Group consolidated financial statements.
(3) Aggregated EBITDA from operating PV through electricity sales.
(4) Illustrative EBITDA coming from secured portfolio.

Attachment

• RUBIS: Q1 2026 Trading update - Strong performance underpinned by operating excellence