Rubis Adr

Welcome to the Ruby 2025 full year results presentation. For the first part of the conference call, participants will be in listen-only mode. However, during the questions and answers session, participants are able to ask questions. Now, I will hand the conference over to the speakers to begin today's conference. Please go ahead.

Welcome to the presentation of Ruby 2025 results. Thank you for being with us today. I am and I'm very pleased to be joined today by managing partner and CEO of Trubis Energy, managing partner and group CFO and sustainability compliance and risk officer. I will be doing the presentation with the key highlights of the year. Jean-Christian will then share the operational highlights. Marc will go into financial performance in more detail. Jean-Christian and I will then present Ruby's long-term ambitions. And Sophie will conclude with our renewed sustainability roadmap. So let's start with the key highlights of the year. 2025 has been another record year for Ruby's, despite the depreciation of the Eurodollar. Against this backdrop, our performance reflects the strengths of our integrity model, our strong competitive positions, and the quality of execution across all regions and activities. It is also and notably the result of the engagement and operational excellence of our teams. Among the key figures, we can highlight first strong performance across the board, with volumes and margins growing, while Photoshop continues to expand its secure portfolio. Second, operational strengths that more than offset the weak USD, leading to a VTA in the upper range of our guidance, a 90% increase in net income group share, and record cash flow generation. And finally, these results reinforce our solid foundations and fuel our growth ambitions, enabling us to propose a growing dividend of 2.07 euro per share. This strong financial performance gives us confidence as we move into the next phase of our development. Moving to slide five, Let me explain how our integrity model continues to deliver. We continue to extend our end-to-end energy and mobility services. By being present to boost the value chain, we reinforce our integrity model, increase resilience, and create multiple recurring sources of revenue. Customer proximity and operational rigor allows us to adapt quickly to evolving demand across our geographies, delivering flexible and tailored solutions. Operational excellence is not only a driver of performance, but a key enabler of margin stability and cash generation. So strict capital discipline, efficient working capital management, and a selective investment approach Adr Adr Adr Adr Adr Adr Adr Adr Adr Adr Adr This growth strategy allows us to expand while maintaining a strong balance sheet. When you combine that overarching excellence with disciplined and proactive financial management, the outcome is very clear, a strong and steady cash flow generation fully in line with our historical standards. This integrated platform ultimately reinforces our fundamentals year after year. First, we deliver consistent operating performance. Across different macro environments, we have maintained stable earnings and strong cash flows. Second, this performance is supported by a solid financial structure and freedom of technical allocation. giving a strong flexibility to invest while maintaining balance sheet strength. This discipline ensures that growth remains value-operative. And finally, this translates directly into sustainable and borrowing shareholder returns. It is our 30th consecutive year of dividend of 2% year-on-year. So I will now hand over to Jean-Christian that will go deeper in the operational overview of 2025.

Thank you, Clarisse. When we talk about our legacy business, we refer to LPG, fuel and regional. So let me start on the LPG. Even though Europe is generally seen as a mature market, or even sometimes a declining market, we still deliver globally strong performance. Adr Adr Adr Adr Adr the reliable energy alternative, especially as they look for practical ways to reduce the carbon footprint of their operations without compromising on performance. And this is exactly where this brings strong expertise. Our customers recognize the value we provide. Moving to Alarica. main drivers of our performance. At the same time, we have strong ambitions in East Africa. It is still a developing market with a number of structural challenges, but also significant growth opportunities. And that is precisely why in 2026, we created a dedicated LPG business line for Africa. The LPG market across the continent is expanding rapidly, and we believe Rubis is well positioned to play a much larger role. Now, turning to fuel. Here as well, we saw strong growth with volumes of 4% and margins have fired. Our key regions remain Africa and the Caribbean. In East Africa, Kenya continues to be the main market. showed a clear improvement, many thanks to the adjustments of the pricing formula. Aviation, however, remained more challenging, with a very tight margins on airline tenders, and our decision not to renew some low profitability contracts. So, make it short, we lost the volumes in Kenya, but it was our decision. In the Caribbean, IT delivered strong growth, driven both by the significant expansion of the market and by the optimization of logistics, where we introduced, as you know, barges alongside trucks to supply the market more efficiently. So finally, Guyana and Suriname also performed very, very well, as we see, and we see significant potential in both markets for the coming years. Let me now highlight our Bitumen business, which was one of the strongest contributors to Ruby's growth in 2025. Maybe just as a reminder, Bitumen is a product that comes from the oil refining process. It plays a critical role in infrastructure development as it is primarily used Adr Adr Adr Adr Adr Adr Adr in this business is our ability to control the entire logistic chain. Over the years, we have built a fully integrated model from sourcing the product in the Mediterranean region to delivering it directly to our customers. Now, this includes five dedicated bitumen tankers. You may know that that includes the two largest bitumen vessels in the world. We have also import terminals and a multimodal to supply our customers exactly where and when they need the fuel. Among these tankers, by the way, we have just scrapped one of them, which was quite old, and replaced it with a new one, which was under construction since 2030. This new vessel called VQ Ocean is now fully operated. This integration gives us significant economies of scale, but also the flexibility for polymer-modified vitamins, or even delivered as turnkey solutions, with the strong technical support that the teams are providing to our customers. Over the past few years, we have also expanded our footprint, entering several new markets, including Cameroon, Gabon, Liberia, South Africa, Angola and Libya. In 2025, a number of factors supported the strong momentum of the business, including a strong rebound in demand in Nigeria, the consolidation of Angola, and as I said before, our entry into Libya. And last but not least, we increased the capacity, the storage capacity in South Africa. During 2025, we also signed a five-year lease agreement for a 60,000 tons storage capacity in Antwerp, Belgium, which now enables us to address the European market starting from January 2026. All of this means that today the business is very well positioned with strong profitability and significant growth potential for the coming years. So now let me turn to our In Europe, Photosol continued to perform in line with our expectations. The portfolio of assets in operation grew by around 31% in the year and electricity production increased at the same pace. We also commissioned the first phases of the CAIL mega solar farm, one of the key projects in our pipeline. Science is expected to be fully operational during the first half of 2020. We also continue to expand internationally with the launch of construction of two solar projects in Italy, representing the total capacity of 38 MW. Outside Europe, within Ruvis Energy, more and more of our CNI customers are asking us to support them We are also developing renewable solutions mainly through rooftop solar projects. For instance, in 2025, three main projects were commissioned and are now in operation, two in Jamaica and one in Kenya, representing around 3.5 megawatts of installed capacity. These three projects Adr Adr Adr Adr Adr