Rubis: 30th Consecutive Dividend Increase, Net Income Jumps 19%
Energy group Rubis has delivered a 30th consecutive dividend increase, driven by a 19% increase in net income to 309 million euros in 2025. A strong operational performance contrasts with a 2% decline in revenue, revealing the challenges of a group caught between the weak dollar and the integration of new bitumen activities.
Steady Growth Amidst Economic Headwinds
Rubis confirms its status as a leader in energy distribution with a Group net income up 19% to 309 million euros in 2025, excluding capital gains realized in 2024. EBITDA stands at 741 million euros, in the upper part of the guidance range of 710 to 760 million euros, showing a 3% increase in reported value. At constant exchange rates and stable hyperinflation, growth would reach 7%, highlighting the extent of macroeconomic headwinds absorbed by the group. Operational cash flow surged by 10% to 735 million euros, reflecting an improvement in financial results and operational performance. These figures demonstrate a 'rigorous execution' of the strategy, according to management, in a context marked by the weakness of the US dollar and geopolitical uncertainty.
Revenue Decline Contrasts with Volume Growth
The 2025 paradox lies in the revenue drop to 6,534 million euros, down 2% year-on-year. However, sales volumes increased by 6% to 6,350 thousand m³ in energy distribution, with gains in all key segments: LPG +2%, fuels +4%, and a spectacular +28% in bitumen. In Africa, volumes increased by 5% while gross margins rose by 8%. In the Caribbean, the momentum remains strong despite a 1% drop in EBITDA due to exchange rate effects and hyperinflation. This gap between volumes and revenue reveals the devastating impact of the EUR/USD rate on the valuation of activities, particularly in dollarized zones. The Photosol division, for its part, recorded a 21% increase in installed capacity to 633 MWc, with revenue up 26% to 62 million euros.
Robust Financial Structure Supports Dividend Growth
Rubis' financial structure has remarkably consolidated. Corporate net financial debt fell by 30% to 602 million euros, with a debt-to-EBITDA ratio improving from 0.4x to 0.9x. This solidity allows the group to propose a 2% increase in the dividend to 2.07 euros per share, marking the 30th consecutive year of growth. However, the outlook for 2026 reflects increased caution: Group EBITDA is expected between 740 and 790 million euros, a narrow range suggesting anemic growth. Management cites the acceleration of development costs at Photosol as a burden on results, while the integration of new bitumen assets in Europe (Antwerp terminal since January 2026 with 60,000 tonnes of capacity) is expected to gradually ramp up. Rubis also displays its long-term ambitions through its 'Think Tomorrow 2030' roadmap aiming for a fivefold increase in its low-carbon portfolio, but the path to these goals remains strewn with execution challenges.
