Rubis Adr

Welcome to the Ruby third quarter 2025 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. Now, I will hand the conference over to your host, Mark Jaco, managing partner and group CFO, to begin today's conference. Please go ahead.

Good evening, ladies and gentlemen. Thanks for joining us today for Rubis Q3 and 9 Months 2025 Trading Updates. I am Marc Giacco, Managing Partner and Chief Financial Officer of Rubis, and I'm joined today by Clémence Mignot-Duperrot, Head of Investor Relations. Together, we'll walk you through Rubis Financial Performance for the third quarter of 2025. I am on slide two. This third quarter was another one of robust operational performance delivered in a period of lower oil prices and adverse EURUSD environments. Before diving into the details, it's important to remind that revenue trends are not a meaningful indicator of previous performance, as they primarily reflect movement in all prices with no direct impact on our margins. What truly matters is our ability to manage inventories efficiently and capture value growth through disciplined pricing. And once again, this quarter, the group's solid operational execution more than offset the unfavorable impact of the weak U.S. dollar. From an operational standpoint, the energy distribution business delivered strong growth in both volumes and unit margins across all products. Volumes were up 6%, with overall unit margin increasing by 3%, leading to total margin increasing by 9% year-on-year. Let me highlight a few key drivers behind this solid performance, namely Bitumen, AT, and Euro. First, Bitumen. Bitumen volumes went up 17% year-on-year, As in the previous quarter, this growth was driven by strong demand in Nigeria, where betterment is increasingly preferred to concrete for road construction, and by the consolidation of our operations in Angola. Growth margin increased by 33% year-on-year, supported by volume growth and a more favorable normalized pricing context in Nigeria. The second one is Haiti. Activity in Haiti continued to recover across both retail and CNI segments. An additional supply cost was integrated into the pricing formula, leading to higher retail margins. On the CNI side, the initiatives we implemented to strengthen our supply mechanism and better manage risk have proven effective in supporting margins. And the third one is Europe. Our LPG operations in Europe were particularly dynamic this quarter when compared to last year with strong autogap demand in France and higher unit margins all across European markets. In renewable electricity production, our development is accelerating, in line with our plans, with the secure portfolio increasing by 25% compared to September 2024. During the quarter, we commissioned an additional 26 MW of capacity. Overall, those results confirm the strength of our diversified business model and position as well to deliver our 2025 objectives. Clemence, over to you for more details on the activity.

Thanks Marc, and hi everyone. Let's move on to slide 3. As you can see on this slide, for the retail and marketing part of our business, volume increased by 6% and gross margin by 9%. Looking at the global picture, product by product, starting with LPG, volume where 3% and gross margin of 6%. As previously mentioned, activity was particularly strong in France in autogas and that's also the case for Spain. In Switzerland, small bulk demand remained very dynamic in a favorable pricing environment. South Africa was also very strong on an upward trend supported by a cold winter. Margins were stable there. On the fuel side, Volumes were up 6% and gross margin up 7%. First, the retail activity. It was broadly stable in the Caribbean, with variations from one country to another, all of them offsetting each other. In Africa, volume growth was really strong in Uganda, Rwanda and Zambia, where we rebranded a few service stations. On the margin side, you might remember that Kenya benefited from a second pricing adjustment, for the pricing formula mid-July, and we fully benefited from it. In the CNI segment, volumes grew by 17% and margins by 26%, mainly driven by Barbados, where we signed a major contract to supply the island's power generation company. Haiti also contributed significantly. Mark already went through this. Demand was also quite strong in Guyana and Suriname this quarter. On the aviation side, volumes declined by 8%, but margins increased by 8% also. As we already mentioned last quarter, this is the result of a selective approach in Kenya, where the management decided not to bid on certain airline tenders which were not profitable enough. Activity in the Caribbean on the aviation side was still very dynamic. Bitumen, Mark already went through it, volumes of 17% and margins of 33%. Turning now to support and services, revenue was down 17% to €215 million over the quarter. This is mainly due to the earnings profile of the Sahara refinery, which generated some margin volatility, as is usually the case in Q3. Trading for third parties, on the other hand, was quite dynamic in the Caribbean in Q3-25. And in Africa, we had a few vessels under dry dock maintenance, which led to a lower bitumen shipping activity. For Photosol, the secured portfolio now reaches 1.3 gigawatts, up 25% compared to September 24, supported by the 26 megawatts which were commissioned in Q3, as Mark mentioned before. Revenue amounted to 21 million euros, up 19% from 17 million euros in Q3 last year, and this is in line with the evolution of the assets in operation. In terms of development, the total development pipeline, meaning excluding the secure portfolio, now stands at 5.8 gigawatts, of which around 15% related to projects outside of France.