Rubis Adr

Welcome to the Ruby 2025 half-year results presentation. For the first part of the conference, the participants will be in listen-only mode. During the questions and answers session, participants will be able to ask questions by filling in the form at the bottom of the live page or orally by clicking on the participation button in the player labeled as request to speak. Then you will be notified when to ask your question. Now I will hand the conference over to the speakers to begin today's conference. Please go ahead. Good evening, everyone.

I am Clémence Meunier-Perrault, Head of Investor Relations. I am here today for Euribus H1 2025 results. I am with Clarisse Goban-Zieznik, Managing Partner, and Marc Jacot, CFO. Clarisse will start the conference.

Ladies and gentlemen, good evening. To kick off this presentation of our H1 results, let me very quickly remind you what we do. Our business is about distributing energy while supporting mobility solutions. In Europe, we distribute and sell LPG and we also produce and sell photovoltaic power. In Africa, we distribute and sell bitumen to road contractors in West Africa and fuel and LPG in East Africa. In the Caribbean, we distribute and sell fuel and LPG. Those products reach a wide range of customers, both individuals and professionals, while the distribution is supported by a reliable and most of the time in-house logistics. For H1 2025, this diversified business model delivered a steady performance. In a global economic environment marked by uncertainty, Our results for the first half of 2025 stand out with growth in volumes and margins across all regions and product lines. Photosol continues to progress according to plan, on track towards 2027 objectives. Our group EBITDA grew by 3% and the net income group share by 26% driven by a strong operational performance, better FX management, and stable emerging currencies. Cash flow generation remains steady at 276 million euro for H1, which is a key highlight of this publication. All of this gives us confidence in reaching our full year guidance, even in a less favorable USA-Europe exchange rate environment in H2. The following slide highlights our balanced growth across product lines and geographies. It showcases the strengths of our commercial strategies, our agility, and seamless execution. Looking at our edge-front performance by business line, you can see that in retail and marketing, all products delivered both volume and margin growth. LPG was driven by a very strong commercial momentum in Europe. In fuel distribution, the expected pricing formula adjustment in Kenya took the first step in March. The second step implemented mid-July will show in our H2 performance. In bitumen distribution, demand in Nigeria is strongly picking up. The sharp decrease in unit margin is visible here. is surely a basis effect linked to the 2024 currency devaluation. We already mentioned it in Q1. Marc will elaborate further on this point. As for support and services, which covers supply to the distribution business and the SAVA machinery, performance remains overall stable. Finally, The renewable business is expanding as planned, with a sharp increase in both assets in operation and secured portfolio, in line with the roadmap we presented at last year's photosonding. In conclusion, these first half results are yet another demonstration of the group's ability to deliver consistent commercial and operating performance, cycle after cycle. And when you combine that resilience with discipline and proactive financial management, the outcome is clear, a strong and steady cash flow generation, fully in line with our historical standards.