Rubis: volumes up 7% in the third quarter, Retail & Marketing gross margin up 10%
Rubis published its third-quarter activity on 3 November 2026. Volumes sold rise 7%, and the gross margin of the Retail & Marketing business increases 10%, to €228 million. These two increases do not come from the same regions.
In Europe, volumes increase 30% due to bitumen, while gross margin rises 3%. In Africa, volumes are almost stable (+1%), while gross margin gains 16%. The group also reaffirmed its EBITDA guidance for 2026.
European bitumen drives volumes, Africa drives gross margin
Bitumen accounts for most of the volume momentum. Volumes jump 82% year on year, to 203 thousand m³, with gross margin up 29%, to €23 million. Excluding Europe, volumes grow 15% and margin grows 11%.
This gap reflects the ramp-up of the North-West Europe platform, which is in line with forecasts according to the group. At its half-year results publication on 8 September 2026, Rubis had indicated that this development would support strong volume growth, although at lower margins.
In Africa, the trend is reversed. Volumes move from 779 to 787 thousand m³, while gross margin stands at €84 million, compared with €72 million. It benefits in particular from higher unit margins in East Africa following the adjustment of the fuel price formula.
The Caribbean shows a 6% increase in volumes and a 10% increase in gross margin, to €91 million.
Fuels drive the gross margin increase, Corsica weighs
Fuels remain the largest contributor, with a gross margin of €129 million, up 13%, on volumes growing 2%. In service stations, which represent 51% of fuel volumes, gross margin gains 15% on volumes up 1.3%, thanks to Haiti and Kenya.
This progression was partially offset by a sharp decline in Corsica, where price capping applied by a competitor weighed on both volumes and margins. In aviation, volumes decline 1%, but gross margin increases 25%, despite persistent pressures in Kenya.
LPG, the second product by gross margin with €76 million (+1%), shows stable volumes. Support & Services revenue rises 52%, to €327 million, driven by oil prices, while third-party trading volumes decline 7% with stable margins.
At Photosol, operating assets reach 805 MWp (+27%) and revenue reaches €29 million (+40%). The secured portfolio gains 20%, to 1.5 GWp, while projects under development decline 5%, to 5.6 GWp.
The subsidiary has completed the sale of 49% of its Creil solar farm to the Banque des Territoires.
Over nine months, gross margin rises 14%, guidance reaffirmed
Over the first nine months, gross margin reaches €725 million, up 14%, on volumes growing 8%.
The third quarter, at +10%, therefore falls short of the cumulative pace. The same observation applies to bitumen (+47% margin over nine months, compared with +29% in the quarter) and Africa (+26% versus +16%).
Quarterly revenue amounts to €2,275 million, up 44%, above the €2.16 billion expected by the only analyst covering the company. Rubis nevertheless recalls that it passes on oil price variations to its customers and favours volumes and unit margin as performance indicators.
The 2026 EBITDA guidance is reaffirmed between €775 million and €825 million, at a constant EUR/USD exchange rate (1.13) and with an unchanged impact of hyperinflation. This range frames the EBITDA target of €800 million, which represents the midpoint of the 2026 guidance.
On the governance front, the project to transform the company into a société anonyme with a Management Board and a Supervisory Board, announced on 19 October 2026, remains subject to a decision by the AMF and to a shareholder vote at the general meeting scheduled for 9 December 2026.
The quarter confirms a division of roles: European bitumen fuels volume growth, while fuels in Africa and the Caribbean drive gross margin growth.
