In the first quarter of 2026, Rubis Group recorded a 12% increase in distributed volumes and a 6% rise in revenue to €1.79 billion, driven by energy distribution. Despite geopolitical tensions in the Middle East, the company observed no significant impact on its operations and confirmed its 2026 targets, with an expected EBITDA between €740 million and €790 million.
Sustained Increase in Volumes and Margins in Energy Distribution
The Retail & Marketing branch generated €1.53 billion in revenue, up 8% from Q1 2025, supported by a 12% increase in volumes to 1.768 billion m³. The bitumen segment recorded the highest growth with a 44% increase in volumes and a 49% increase in gross margin, reflecting a strong start in Europe and an 18% rise in Africa. Fuel volumes increased by 10%, while LPG volumes grew by 5%. Geographically, Africa saw a 15% growth in revenue to €712 million, the Caribbean progressed by 1% to €588 million, and Europe by 7% to €231 million. The consolidated gross margin of Retail & Marketing was set at €247 million, up 13%, with growth observed across all products and regions.
Acceleration in Renewable Electricity Production, Support & Services in Decline
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The subsidiary Photosol commissioned 35 MWc in the first quarter, bringing its operational assets to 666 MWc, a 24% increase over one year. Its secured portfolio grew by 22% to 1.5 GWc with 87 MWc of new projects secured during the quarter. Electricity production increased by 14% to 116 GWh and revenue grew by 12% to €12 million. The Support & Services segment recorded external revenue of €249 million, down 7% year-on-year. This contraction reflects a lower availability of ships for trading with external clients, resulting from increased use of the fleet for the group's own activities, especially in bitumen.
The group has confirmed its unchanged 2026 targets, aiming for an EBITDA between €740 million and €790 million with a constant EUR/USD exchange rate of 1.13 and assuming an unchanged impact from IAS 29 (hyperinflation) compared to 2025. Regarding Photosol, Rubis maintains its 2027 ambitions with a secured portfolio beyond 2.5 GWc and a consolidated EBITDA of €50 to €55 million. Although the geopolitical context in the Middle East led to limited precautionary purchases at the end of the quarter, Rubis suffered no significant impact on its operations. The absence of operational activities in the region and the group's geographical diversification, combined with regionalized sourcing contracts, have ensured the continuity of supplies and preserved the group's ability to serve its customers.
Au niveau mondial, le Groupe anticipe que le maintien de prix du pétrole élevés pèsera sur la demande au second semestre
La demande au Nigéria devrait être plus modérée au second semestre
En Europe, la montée en puissance des activités bitume devrait continuer de soutenir une forte croissance des volumes, quoique à des marges plus faibles
Opportunities identified
Photosol a franchi une étape clé avec la mise en service complète du parc solaire de Creil
Les développements dans la production d'électricité renouvelable devraient s'accélérer au second semestre
En Afrique, la performance devrait continuer de bénéficier de l'amélioration des conditions de marché et de la croissance des volumes de bitume
Outlook / guidance
Expected EBITDA: 800 millions d'euros
Management commentary: l'EBITDA du Groupe est désormais attendu entre 775 M€ et 825 M€ en 2026, à taux de change EUR/USD constant (1,13) et en supposant un impact IAS 29 - hyperinflation inchangé par rapport à 2025.
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Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
