Rubis: Profit Up in First Half, 2026 EBITDA Target Raised
Rubis published interim results on September 8, 2026 showing increases across its main aggregates, driven by energy distribution activity levels and inventory management, amid a backdrop of elevated and volatile oil prices. The group raised its EBITDA target for the full 2026 financial year, while flagging increased working capital requirements that weighed on cash generation.
Revenue at €4.07 Billion and Group Net Income of €191 Million
In the first half of 2026, Rubis' revenue reached €4,068 million, up 24% from €3,275 million in the first half of 2025. EBITDA increased 18% to €434 million, compared to €369 million a year earlier. Recurring operating profit (EBIT) came in at €307 million, up 21%. Group net income reached €191 million, up 17%, with diluted earnings per share of €1.85 compared to €1.58 in the first half of 2025. By business segment, energy distribution generated EBITDA of €435 million (+15%) and renewable electricity production €15 million (+42%). The group noted the application of IAS 29 standard relating to hyperinflation in Haiti, with an impact on EBITDA of €7 million in the semester, compared to €5 million in the first half of 2025.
Working Capital Requirements Weigh on Operating Cash Flow
Cash generation evolved in the opposite direction to results. Adjusted operating cash flow came in at €223 million in the first half of 2026, declining 19% from €276 million in the first half of 2025. The group attributes this trend to higher oil prices during the period, which increased working capital requirements. Unadjusted operating cash flow stood at €159 million, this figure including payment of a €64 million fine related to the French Competition Authority's decision concerning Corsica. According to Rubis, no provision was recorded for this purpose, as the group believes it can demonstrate that the decision would be erroneous in fact and in law. The ratio of corporate net financial debt to EBITDA stood at 1.3x at end-June 2026, compared to 1.4x in the first half of 2025. Total net financial debt reached €1,466 million.
2026 EBITDA Target Raised to a Range of €775 to €825 Million
Rubis raised its EBITDA forecast for the 2026 financial year, now expected to range between €775 million and €825 million, compared to a previous range of €740 million to €790 million. The group attributes this upgrade to first-half performance and its ability to capitalize on market opportunities. For the second half, the group anticipates that elevated oil prices will weigh on demand at the global level, while expecting activity to remain stable in the Caribbean and Africa, as well as anticipating growth in bitumen in Europe, at lower margins. Photosol reached a milestone with the full commissioning of the Creil solar power plant (200 MWc). The subsidiary's operating assets increased 32% year-on-year to 799 MWc. The group specified that this target is set at a constant EUR/USD exchange rate of 1.13 and assuming an unchanged impact of IAS 29 hyperinflation compared to 2025.
