Rubis seeks to become a public limited company with 11% of capital for general partners
The Rubis Supervisory Board unanimously issued a favorable opinion on this project presented by the Management, according to a statement published on October 19, 2026. The group presents it as a new stage in the succession and managerial transition process initiated by its two founders.
A public limited company with an Executive Board for the founders' succession
The project provides for the transformation of the group into a public limited company with an Executive Board and a Supervisory Board. According to the statement, this development "is in line with the Group's history". Following an in-depth review, the Supervisory Board deemed the proposal consistent with the social interest of Rubis and its shareholders.
For Marc-Olivier Laurent, Chairman of the Supervisory Board, this change "would allow the Group to simplify its governance structure, while preserving the stability and continuity that have accompanied its development since its creation". The general partners indicated that they would remain committed alongside the future management team "in the capacity of reference shareholders".
Jean-Christian Bergeron declared himself ready to "lead this new stage alongside Marc Jacquot and Fred Royer, in a spirit of collegiality".
12.7 million new shares as compensation for the rights of general partners
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The transformation would result in the elimination of specific rights attached to the status of general partner. In compensation, the general partners would receive 12,719,328 newly issued Rubis shares, representing approximately 12.3% of the capital before issuance and approximately 11.0% after. This compensation is within the range retained by Ledouble, an independent expert mandated by the Supervisory Board, whose report will be published no later than when the documentation for the General Meeting is made available.
The Supervisory Board would retain its current 11 members and would be expanded to include Jacques Riou and Clarisse Gobin-Swiecznik, with Marc-Olivier Laurent retaining the presidency.
The completion of the transaction remains subject to two conditions: obtaining a decision of non-intervention in a squeeze-out offer from the Financial Markets Authority, free from appeals, then approval by the General Meeting of shareholder partners. This would take place on December 9, 2026, subject to the AMF's decision.
SectorÉnergie›Stockage / terminaux (énergie et chimie)
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 4 068 millions d'euros
Quarterly revenue: 4 068 millions d'euros
Revenue growth: 24,2 %
EBITDA: 434,3 millions d'euros
EBITDA margin: 10,7 %
Net income: 191,4 millions d'euros
Free cash flow: 86 millions d'euros
1 466 millions d'euros
Guidance from the release
nous relevons notre guidance d'EBITDA 2026
Risks mentioned
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.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
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.
